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Best Buy Co. Inc. (BBY+3.28%) has submitted its Form 10-K filing for the fiscal year ended February 1, 2025.
The company reported total revenue of $41.5 billion, a decrease from $43.5 billion in the previous year. This decline was attributed to a 2.3% decrease in comparable sales and the absence of an extra fiscal week that occurred in fiscal 2024.
Gross profit for the year was $9.4 billion, with a gross profit margin of 22.6%, an increase from 22.1% in the prior year. The increase was primarily due to improved performance in the services category.
Operating income was reported at $1.3 billion, representing 3.0% of revenue. This was a decrease from $1.6 billion or 3.6% of revenue in the previous year, impacted by a $475 million goodwill impairment charge related to the Best Buy Health reporting unit.
Net earnings were $927 million, down from $1.2 billion in the prior year. Diluted earnings per share were $4.28, compared to $5.68 in the previous year.
The Domestic segment revenue decreased by 4.6% to $38.2 billion, driven by declines in appliance and home theater sales. The International segment revenue decreased by 1.9% to $3.3 billion, impacted by foreign exchange rates.
Best Buy's cash and cash equivalents increased to $1.6 billion from $1.4 billion the previous year. The company generated $2.1 billion in cash from operating activities, up from $1.5 billion in the prior year.
Capital expenditures for the year were $706 million, primarily focused on e-commerce and information technology improvements.
The company repurchased 5.8 million shares at a cost of $500 million and paid $807 million in dividends during the fiscal year.
Best Buy's strategic priorities for fiscal 2026 include enhancing omni-channel capabilities, investing in new growth initiatives such as the Best Buy Marketplace, and continuing operational efficiency efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Best Buy Co. Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.