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Best Buy (BBY) FY2026 results: revenue $41.7 billion, up 0.4% on the year

Best Buy Co., Inc. (BBY) reported revenue of $41.7 billion for fiscal 2026, the year ended 31 January 2026, up 0.4% on the year before. Net income was $1.1 billion, up 15.3%, and diluted earnings per share $5.04. The figures are the company's own, from the 10-K it filed with the SEC on 18 March 2026.

Revenue
$41.7 billion
+0.4% on the year
FY2019FY2026
Operating margin
3.3%
3.0% a year earlier
FY2019FY2026
Net income
$1.1 billion
+15.3% on the year
FY2019FY2026
Diluted EPS
$5.04
+17.8% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 9 new.

  • Comparable sales declined 0.8%: Enterprise comparable sales fell 0.8% in the quarter, against a 0.5% rise a year earlier, and rose 0.5% for the full year against a 2.3% decline. Quarterly revenue was $13.81 billion, against $13.95 billion.
  • Diluted EPS rose; adjusted EPS edged up: Diluted EPS was $2.56 against $0.54, and adjusted diluted EPS was $2.61 against $2.58. Full-year diluted EPS was $5.04 against $4.28, and adjusted diluted EPS $6.43 against $6.37.
  • Domestic revenue down 1.1%: Domestic revenue of $12.58 billion fell 1.1%, mainly on the 0.8% comparable decline. Home theater and appliances were the largest weighted drags, partly offset by computing and mobile phones.
  • Market share at least flat: Company data sources showed overall market share at least flat in the quarter, while Enterprise comparable sales declined 0.8%.
  • Domestic gross rate held flat: Domestic gross profit rate was 20.9%, approximately flat. Growth in Best Buy Ads and Marketplace was largely offset by lower product margin rates.
Read the Q4 FY2026 earnings call summary

From this 10-K

Best Buy was incorporated in Minnesota in 1966 and sells technology products and services in the United States and Canada, serving customers online, in its stores and in their homes. It reports two segments. Domestic covers operations across the United States plus the Best Buy Health business, carrying brands including Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Insignia, Lively, Jitterbug, My Best Buy, Pacific Kitchen and Home, TechLiquidators and Yardbird. International covers Canada under Best Buy, Best Buy Ads, Best Buy Business, Best Buy Express, Best Buy Marketplace, Best Buy Mobile, Geek Squad, Insignia and TechLiquidators. The financial year ends in late January or early February.

Best Buy Co., Inc., the 10-K for 2026

Best Buy was incorporated in Minnesota in 1966 and sells technology products and services in the United States and Canada, serving customers online, in its stores and in their homes. It reports two segments. Domestic covers operations across the United States plus the Best Buy Health business, carrying brands including Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Insignia, Lively, Jitterbug, My Best Buy, Pacific Kitchen and Home, TechLiquidators and Yardbird. International covers Canada under Best Buy, Best Buy Ads, Best Buy Business, Best Buy Express, Best Buy Marketplace, Best Buy Mobile, Geek Squad, Insignia and TechLiquidators. The financial year ends in late January or early February.

How it is run

Each segment has its own leadership team and both run an omnichannel platform. Merchandise and service development, pricing and promotions, procurement and supply chain, online and mobile app operations, marketing and labour deployment are managed centrally, with support functions such as human resources, finance, information technology and real estate run mainly from head office. Field operations support retail, services and in-home teams from head office and regional locations. Store procedures for inventory management, asset protection, transaction processing, customer relations, administration, sales and services, staff training and merchandise display are largely standardised, with some local flexibility, while decisions on store locations, format, category assortment and fulfilment sit with corporate teams advised by regional leadership.

What it sells

Both segments report six revenue categories. Computing and Mobile Phones covers desktops, notebooks and peripherals, mobile phones including carrier commissions, networking, tablets and wearables. Consumer Electronics covers digital imaging, health and fitness products, home theatre including televisions and soundbars, portable audio and smart home. Appliances covers large appliances such as dishwashers, laundry, ovens and refrigerators and small appliances such as blenders, coffee makers, vacuums and personal care. Entertainment covers drones, gaming hardware, peripherals and software, augmented reality glasses, toys, virtual reality and other software. Services covers advertising, delivery, health-related services, installation, marketplace commissions, memberships, repair, set-up, technical support and warranty work. Other covers baby, food and beverage and outdoor living.

Stores, distribution and suppliers

There were 1,068 stores at the end of fiscal 2026 across the two segments, and the company also runs vendor store-within-a-store concepts, while continuing to look at optimising space, renegotiating leases and selectively opening or closing locations. Online customers can take delivery, collect from a store, including curbside pickup at most stores, or use an alternative pickup point, and ship-from-store adds further delivery options; most merchandise is shipped from manufacturers to the company's distribution centres. In fiscal 2026 the 20 largest suppliers accounted for approximately 80% of merchandise purchased, with Apple, Samsung, HP, LG and Sony representing approximately 55%, and the company generally has no long-term written contracts requiring vendors to keep supplying it. Inventory is managed by watching consumer demand and product life cycles, adjusting receipts and pricing, and using vendor agreements covering reimbursement for markdowns or sales incentives and return privileges on certain products. A global sourcing operation designs, develops, tests and contract-manufactures the exclusive brands.

Strategy, competition and seasons

The multi-year strategy is to strengthen the company's position as an omnichannel destination for technology while scaling new profit streams. Priorities include bringing products to life through artificial intelligence platforms, partnering with platform providers on agentic shopping, strengthening customer recognition and personalisation, increasing use of the Best Buy app and lifting digital conversion in categories such as major appliances and home theatre, alongside improving the store experience and using store space more effectively with vendors. Best Buy Ads, the retail media network that has mainly served merchandise vendors, is being grown towards advertising agencies and demand-side platforms, and Best Buy Marketplace launched in the Domestic segment during fiscal 2026. Competitors are primarily multi-channel retailers, e-commerce businesses, technology service providers, store-based retailers, vendors and mobile network carriers selling directly to customers. The business is seasonal, with a large proportion of revenue and earnings in the fiscal fourth quarter, which includes most of the holiday shopping season, and working capital needs rise in the months before it as inventory is bought ahead of expected sales.

People

At the end of fiscal 2026 the company employed approximately 82,000 people in the United States and Canada.

From Best Buy's annual report on Form 10-K for the year ended 31 January 2026. The filing

Written from the 10-K filed 18 March 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue41,69141,52843,452+0.4%
Cost of revenue32,31832,14333,849+0.5%
Gross profit9,3739,3859,603-0.1%
Gross margin22.5%22.6%22.1%
Selling, general and administrative7,6237,6517,876-0.4%
Operating income1,3891,2621,574+10.1%
Operating margin3.3%3.0%3.6%
Interest expense47.051.052.0-7.8%
Pre-tax income1,4041,2951,621+8.4%
Income tax337372381-9.4%
Effective tax rate24.0%28.7%23.5%
Net income1,0699271,241+15.3%
Net margin2.6%2.2%2.9%
Diluted EPS$5.04$4.28$5.68+17.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow1,9622,0981,470-6.5%
Capital expenditure704706795-0.3%
Free cash flow1,2581,392675-9.6%
Free cash flow margin3.0%3.4%1.6%
Cash from investing-730-704-781
Cash from financing-1,083-1,309-1,144
Depreciation and amortisation831866923-4.0%
Share-based compensation1391391450.0%
Buybacks273500340-45.4%
Dividends paid801807801-0.7%
Dividend per share$3.80$3.76$3.68+1.1%
Diluted shares, weighted212m217m218m-2.1%
Shares outstanding at period end209m211m215m-1.1%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity2,9642,8083,053+5.6%
Debt1,1761,1541,165+1.9%
Operating lease liabilities2,3342,2822,199+2.3%
Finance lease liabilities21.015.021.0+40.0%
Other liabilities8,1758,5238,529-4.1%
Total liabilities and equity14,67014,78214,967-0.8%
Fixed assets1,9862,1222,260-6.4%
Goodwill7909081,383-13.0%
Cash and equivalents1,7381,5781,447+10.1%
Receivables1,0431,044939-0.1%
Inventory5,2305,0854,958+2.9%
Other assets3,8834,0453,980-4.0%
Total assets14,67014,78214,967-0.8%

10-K for the year ended 31 January 2026, filed 18 March 2026: the filing.