Best Buy Files Q2 2025 10-Q

TL;DR

**BBY Q2 2025 10-Q FILED. FINANCIALS ARE IN.**

AI Summary

Best Buy Co Inc. filed its 10-Q for the period ending August 3, 2024. The filing covers financial performance and operational updates for the second quarter of fiscal year 2025. Key financial data and balance sheet information as of August 3, 2024, and previous periods are detailed.

Why It Matters

This filing provides investors with the latest financial health and performance data for Best Buy, crucial for understanding the company's current standing and future prospects in the consumer electronics retail market.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the retail sector is subject to economic fluctuations and competitive pressures.

Key Numbers

• Q2 2025 — Fiscal Quarter (Reporting period for this 10-Q filing.)
• August 3, 2024 — As of Date (The date through which financial information is reported.)

Key Players & Entities

• BEST BUY CO INC (company) — Filer
• 0000764478-24-000035 (filing_id) — Accession Number
• 20240803 (date) — Period of Report
• 55423 (zip_code) — Business Address Zip

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value per share BBY New York St

Filing Documents

• bby-20240803x10q.htm (10-Q) — 4547KB
• bby-20240803xex10_1.htm (EX-10.1) — 121KB
• bby-20240803xex31_1.htm (EX-31.1) — 17KB
• bby-20240803xex31_2.htm (EX-31.2) — 17KB
• bby-20240803xex32_1.htm (EX-32.1) — 9KB
• bby-20240803xex32_2.htm (EX-32.2) — 10KB
• bby-20240803x10qg001.jpg (GRAPHIC) — 34KB
• bby-20240803xex10_1g001.jpg (GRAPHIC) — 3KB
• 0000764478-24-000035.txt ( ) — 14855KB
• bby-20240803.xsd (EX-101.SCH) — 35KB
• bby-20240803_cal.xml (EX-101.CAL) — 45KB
• bby-20240803_def.xml (EX-101.DEF) — 153KB
• bby-20240803_lab.xml (EX-101.LAB) — 369KB
• bby-20240803_pre.xml (EX-101.PRE) — 295KB
• bby-20240803x10q_htm.xml (XML) — 3747KB

— Financial Information

Part I — Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 a) Condensed Consolidated Balance Sheets as of August 3, 2024, February 3, 2024, and July 29, 2023 3 b) Condensed Consolidated Statements of Earnings for the three and six months ended August 3, 2024, and July 29, 2023 4 c) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended August 3, 2024, and July 29, 2023 5 d) Condensed Consolidated Statements of Cash Flows for the six months ended August 3, 2024, and July 29, 2023 6 e) Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended August 3, 2024, and July 29, 2023 7 f) Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

— Other Information

Part II — Other Information 24 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 5. Other Information 25 Item 6. Exhibits 25

Signatures

Signatures 26 WEBSITE AND SOCIAL MEDIA DISCLOSURE We disclose information to the public concerning Best Buy, Best Buy's products, content and services and other items through our websites in order to achieve broad, non-exclusionary distribution of information to the public. Some of the information distributed through this channel may be considered material information. Investors and others are encouraged to review the information we make public in the locations below.* This list may be updated from time to time. For information concerning Best Buy and its products, content and services, please visit: https://bestbuy.com. For information provided to the investment community, including news releases, events and presentations, and filings with the SEC, please visit: https://investors.bestbuy.com . For the latest information from Best Buy, including press releases, please visit: https://corporate.bestbuy.com/archive/. * These corporate websites, and the contents thereof, are not incorporated by reference into this Quarterly Report on Form 10-Q nor deemed filed with the SEC. 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consol idated Balance Sheets $ in millions, except per share amounts (unaudited) August 3, 2024 February 3, 2024 July 29, 2023 Assets Current assets Cash and cash equivalents $ 1,387 $ 1,447 $ 1,093 Receivables, net 871 939 856 Merchandise inventories 5,706 4,958 5,651 Other current assets 598 553 704 Total current assets 8,562 7,897 8,304 Property and equipment, net 2,183 2,260 2,305 Operating lease assets 2,860 2,758 2,813 Goodwill 1,383 1,383 1,383 Other assets 636 669 513 Total assets $ 15,624 $ 14,967 $ 15,318 Liabilities and equity Current liabilities Accounts payable $ 5,542 $ 4,637 $ 5,471 Unredeemed gift card liabilities 243 253 250 Deferred revenue 940 1,000 996 Accrued compensation and related expenses 347 486 377 Accrued liabilities 756 902 709 Current portion of operating lease liabilities 610 618 615 Current portion of long-term debt 13 13 15 Total current liabilities 8,451 7,909 8,433 Long-term operating lease liabilities 2,316 2,199 2,254 Long-term debt 1,157 1,152 1,145 Long-term liabilities 593 654 651 Contingencies (Note 10) Equity Best Buy Co., Inc. Shareholders' Equity Preferred stock, $ 1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none - - - Common stock, $ 0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 215.0 million, 215.4 million and 217.9 million shares, respectively 22 22 22 Additional paid-in capital - 31 - Retained earnings 2,775 2,683 2,491 Accumulated other comprehensive income 310 317 322 Total equity 3,107 3,053 2,835 Total liabilities and equity $ 15,624 $ 14,967 $ 15,318 NOTE: The Consolidated Balance Sheet as of February 3, 2024, has been condensed from the audited consolid

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View this 10-Q filing on SEC EDGAR