Form 8-K

8-K — BEST BUY CO INC

Accession: 0000764478-26-000037

Filed: 2026-08-27

Period: 2026-08-27

CIK: 0000764478

SIC: 5731 (RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bby-20260827.htm (Primary)

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8-K

8-K (Primary)

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0000764478False00007644782026-08-272026-08-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 27, 2026

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota 1-9595 41-0907483

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

7601 Penn Avenue South

Richfield, Minnesota

55423

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (612) 291-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of exchange on which registered

Common Stock, $0.10 par value per share BBY New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On August 27, 2026, Best Buy Co., Inc. (“Best Buy” or the “registrant”) issued a news release announcing its results of operations for the second quarter ended August 1, 2026.

The registrant is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) today, August 27, 2026. The earnings conference call is expected to be available live on the registrant’s website at https://investors.bestbuy.com.

The news release issued on August 27, 2026, is furnished as Exhibit 99 to this Current Report on Form 8-K, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that Section unless the registrant specifically incorporates it by reference in a document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

The following are furnished as Exhibits to this Current Report on Form 8-K.

Exhibit No. Description of Exhibit

News release issued August 27, 2026 (furnished pursuant to Item 2.02). Any internet address provided in this release is for information purposes only and is not intended to be a hyperlink. Accordingly, no information at any internet address is included herein.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BEST BUY CO., INC.

(Registrant)

Date: August 27, 2026

By: /s/ MATHEW R. WATSON

Mathew R. Watson

Senior Vice President, Finance – Controller and Chief Accounting Officer

EX-99

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Document

Exhibit 99

Best Buy Reports Second Quarter Results

Comparable Sales Increased 4.1%

Diluted EPS Increased 70% to $1.48

Adjusted Diluted EPS Increased 15% to $1.47

Raises FY27 Comparable Sales Guidance to 1.9% to 3.0%

Raises FY27 Adjusted Diluted EPS Guidance to $6.70 to $6.90

MINNEAPOLIS, August 27, 2026 -- Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week second quarter ended August 1, 2026 (“Q2 FY27”), as compared to the 13-week second quarter ended August 2, 2025 (“Q2 FY26”).

Q2 FY27 Q2 FY26

Revenue ($ in millions)

Enterprise $ 9,779 $ 9,438

Domestic segment $ 9,070 $ 8,698

International segment $ 709 $ 740

Enterprise comparable sales % change1

4.1 % 1.6 %

Domestic comparable sales % change1

4.5 % 1.1 %

Domestic comparable online sales % change1

5.1 % 5.1 %

International comparable sales % change1

(1.8) % 7.6 %

Operating Income

Operating income as a % of revenue 4.3 % 2.7 %

Adjusted operating income as a % of revenue 4.3 % 3.9 %

Diluted Earnings per Share ("EPS")

Diluted EPS $ 1.48 $ 0.87

Adjusted diluted EPS $ 1.47 $ 1.28

For GAAP to non-GAAP reconciliations of the consolidated adjusted measures used throughout this release, please refer to the attached supporting schedule.

“We are very pleased to report we outperformed expectations in the second quarter with comparable sales growth of 4.1% and a higher-than-expected adjusted operating income rate,” said Corie Barry, Best Buy CEO. “We drove growth across almost all our major product categories as well as continued strong performance in our Best Buy Ads and Marketplace initiatives.”

Barry continued, “As I wrap up my remaining months with Best Buy, I’m reflecting on the dedication of our teams and the investments we’ve made, and I’m proud of the way we’ve evolved our business. Together, we have built a stronger, more resilient Best Buy, strengthened our position as a trusted partner in our customers’ lives and carved out a unique role at the intersection of technology, services and human connection.”

“The strength of our Q2 results reflects both the deliberate actions we have taken to position the business for growth and a healthy demand environment for our category,” said Jason Bonfig, Best Buy Chief Customer, Product and Fulfillment Officer, and incoming CEO (effective November 1, 2026). “Over the past several years, we have invested in areas that matter most to customers, including elevating specialty expertise in our stores, partnering closely with our vendors to bring innovation to market, and improving fulfillment speed and execution across our supply chain.”

“We are raising our annual financial guidance due to the strong first half performance and our momentum as we enter the second half of the year,” continued Bonfig. “I want to extend my appreciation to our employees across the company for their commitment to our customers and for the strong execution of our strategy.”

FY27 Financial Guidance

The company’s FY27 financial guidance is as follows:

•Revenue of $42.3 billion to $42.8 billion, compared to prior guidance of $41.2 billion to $42.1 billion

•Comparable sales % change1 of 1.9% to 3.0%, compared to prior guidance of (1.0%) to 1.0%

•Adjusted operating income rate2 of 4.4% to 4.5%, compared to prior guidance of 4.3% to 4.4%

•Adjusted effective income tax rate2 of approximately 25.5%, which is unchanged

•Adjusted diluted EPS2 of $6.70 to $6.90, compared to prior guidance of $6.30 to $6.60

•Capital expenditures of approximately $750 million, which is unchanged

The company expects Q3 FY27 comparable sales to be in the range of 1.0% to 3.0% and adjusted operating income rate to be in the range of 4.1% to 4.2%.

Domestic Segment Q2 FY27 Results

Domestic Revenue

Domestic revenue of $9.07 billion increased 4.3% versus last year, primarily driven by comparable sales growth of 4.5%.

From a category perspective, the company generated comparable sales growth across most of its categories, with the largest drivers on a weighted basis being computing, home theater, and a collection of emerging categories such as AI glasses and trading cards. These drivers were partially offset by a decline in the traditional gaming category.

Domestic online revenue of $3.00 billion increased 5.1% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was 33.1% versus 32.8% last year.

Domestic Gross Profit Rate

Domestic gross profit rate was 24.0% versus 23.4% last year. The higher gross profit rate was primarily driven by growth in Marketplace and Best Buy Ads, and IEEPA tariff refunds of approximately $34 million. The previous items were partially offset by lower product margin rates.

Domestic Adjusted Selling, General and Administrative Expenses (“SG&A”)

Domestic adjusted SG&A was $1.78 billion, or 19.6% of revenue, versus $1.68 billion, or 19.3% of revenue, last year. Adjusted SG&A increased primarily due to: (1) higher compensation expense, including incentive compensation; (2) higher expenses related to the company's Marketplace and Best Buy Ads initiatives; and (3) higher advertising expense. The previous items were partially offset by lower Best Buy Health expense.

International Segment Q2 FY27 Results

International Revenue

International revenue of $709 million decreased 4.2% versus last year. The revenue decrease was primarily driven by a comparable sales decline of 1.8% and the negative impact of foreign exchange rates.

International Gross Profit Rate

International gross profit rate was 22.3% versus 21.8% last year. The higher gross profit rate was primarily due to improved product margin rates.

International Adjusted SG&A

International adjusted SG&A was $145 million, or 20.5% of revenue, versus $143 million, or 19.3% of revenue, last year. The higher adjusted SG&A was primarily driven by higher advertising and depreciation expense, which was partially offset by the favorable impact of foreign exchange rates.

Restructuring Charges

The company incurred a $6 million reduction to restructuring charges versus $114 million of restructuring charges last year. The prior year charges were primarily associated with a restructuring initiative intended to redirect resources for better alignment with changing customer behaviors and the company’s strategy that commenced in Q2 FY26.

Share Repurchases and Dividends

In Q2 FY27, the company returned a total of $239 million to shareholders through dividends of $203 million and share repurchases of $36 million. On a year-to-date basis, the company has returned a total of $441 million to shareholders through dividends of $405 million and share repurchases of $36 million. The company expects to spend approximately $300 million on share repurchases during FY27.

Today, the company announced its board of directors has authorized the payment of a regular quarterly cash dividend of $0.96 per common share. The regular quarterly dividend is payable on October 8, 2026, to shareholders of record as of the close of business on September 17, 2026.

Conference Call

Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) on August 27, 2026. A webcast of the call is expected to be available at www.investors.bestbuy.com, both live and after the call.

Notes:

(1) The method of calculating comparable sales varies across the retail industry. As a result, our method of calculating comparable sales may not be the same as other retailers’ methods. For additional information on comparable sales, please see our most recent Annual Report on Form 10-K, and our subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”), and available at www.investors.bestbuy.com.

(2) A reconciliation of the projected adjusted operating income rate, adjusted effective income tax rate, and adjusted diluted EPS, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; price-fixing settlements; goodwill and acquired intangible asset impairments; certain long-lived asset impairments; gains and losses on disposals of subsidiaries and certain investments; amortization of definite-lived intangible assets associated with acquisitions; certain acquisition-related costs; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

Forward-Looking and Cautionary Statements:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by the fact that they use words such as “anticipate,” “appear,” “approximate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “project,” “seek,” “should,” “would,” and other words and terms of similar meaning or the negatives thereof. Such statements reflect our current views and estimates with respect to future market conditions, company performance and financial results, operational investments, business prospects, our operating model, new strategies and growth initiatives, the competitive environment, consumer behavior and other events. These statements involve a number of judgments and are subject to certain risks and uncertainties, many of which are outside the control of the Company, that could cause actual results to differ materially from the potential results discussed in such forward-looking statements. Readers should review Item 1A, Risk Factors, of our most recent Annual Report on Form 10-K, and any updated information in subsequent Quarterly Reports on Form 10-Q, for a description of important factors that could cause our actual results to differ materially from those contemplated by the forward-looking statements made in this release. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: macroeconomic pressures in the markets in which we operate (including but not limited to real GDP growth, inflation, recession, consumer confidence, employment levels, effects of the government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends); geopolitical pressures (including issues related to trade routes, political instability and divisiveness, the potential implementation of more restrictive trade policies, tariff increases and/or volatility, the realignment of alliances or the renegotiation of existing trade agreements); catastrophic events, health crises and pandemics; susceptibility of the products we sell to technological advancements, product life cycle fluctuations and changes in consumer preferences; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers, in the provision of delivery speed and options and with the strategic use of artificial intelligence); our ability to attract and retain qualified employees and changes in market compensation rates; our focus on services as a strategic priority; our reliance on key vendors and mobile network carriers (including product availability); our ability to maintain positive brand perception and recognition; our ability to effectively identify, manage and execute enterprise-wide strategies, such as strategic ventures, alliances or acquisitions; our ability to effectively manage our infrastructure, real estate portfolio and market segmentation strategy; interruptions and other factors affecting our supply chain (impacting our stores or other aspects of our operations); our utilization of third-party vendors for certain aspects of our operations; risks associated with the products we sell, including those products sold on our Marketplace platforms and products under our exclusive brand labels; our reliance on our information technology systems, internet and telecommunications access and capabilities; our ability to prevent or effectively respond to a cyber-attack, privacy or security breach; statutory, regulatory and legal developments (including statutes and/or regulations related to tax or privacy); evolving corporate governance and public disclosure regulations and expectations (including, but not limited to, cybersecurity and corporate responsibility and sustainability matters); risks arising from our international activities (including fluctuations in foreign currency exchange rates); failure to meet any financial performance guidance or other forward-looking statements; failure to effectively manage our costs; our dependence on cash flows and net earnings generated during the fourth fiscal quarter; economic or regulatory developments that might affect our ability to provide attractive promotional financing; constraints in the banking and capital markets; and changes in our credit ratings. We caution that the foregoing list of important factors is not complete. Any forward-looking statements speak only as of the date they are made and we assume no obligation to update any forward-looking statement that we may make.

Investor Contact: Media Contact:

Mollie O'Brien Carly Charlson

mollie.obrien@bestbuy.com carly.charlson@bestbuy.com

BEST BUY CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(Unaudited and subject to reclassification)

Three Months Ended Six Months Ended

August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025

Revenue $ 9,779 $ 9,438 $ 18,715 $ 18,205

Cost of sales 7,441 7,244 14,275 13,962

Gross profit 2,338 2,194 4,440 4,243

Gross profit % 23.9 % 23.2 % 23.7 % 23.3 %

Selling, general and administrative expenses 1,923 1,829 3,664 3,550

SG&A % 19.7 % 19.4 % 19.6 % 19.5 %

Restructuring charges (6) 114 (15) 223

Operating income 421 251 791 470

Operating income % 4.3 % 2.7 % 4.2 % 2.6 %

Other income (expense):

Loss on disposal of subsidiaries — (4) — (4)

Investment income and other 20 18 39 33

Interest expense (11) (12) (22) (24)

Earnings before income tax expense and equity in loss of affiliates 430 253 808 475

Income tax expense 116 68 218 87

Effective tax rate 27.1 % 26.8 % 27.0 % 18.3 %

Equity in loss of affiliates 1 1 1 —

Net earnings $ 315 $ 186 $ 591 $ 388

Basic earnings per share $ 1.49 $ 0.88 $ 2.80 $ 1.83

Diluted earnings per share $ 1.48 $ 0.87 $ 2.79 $ 1.82

Weighted-average common shares outstanding:

Basic 211.3 211.5 210.8 211.8

Diluted 212.7 212.0 212.1 212.5

BEST BUY CO., INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

(Unaudited and subject to reclassification)

August 1, 2026 August 2, 2025

Assets

Current assets

Cash and cash equivalents $ 2,255 $ 1,456

Receivables, net 922 917

Merchandise inventories 6,296 5,816

Other current assets 508 688

Total current assets 9,981 8,877

Property and equipment, net 1,990 2,046

Operating lease assets 2,882 2,816

Goodwill 790 908

Other assets 464 606

Total assets $ 16,107 $ 15,253

Liabilities and equity

Current liabilities

Accounts payable $ 6,026 $ 5,682

Unredeemed gift card liabilities 216 230

Deferred revenue 912 889

Accrued compensation and related expenses 394 448

Accrued liabilities 763 684

Current portion of operating lease liabilities 614 610

Current portion of long-term debt 11 10

Total current liabilities 8,936 8,553

Long-term operating lease liabilities 2,350 2,292

Long-term debt 1,158 1,164

Long-term liabilities 480 528

Equity 3,183 2,716

Total liabilities and equity $ 16,107 $ 15,253

BEST BUY CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

(Unaudited and subject to reclassification)

Six Months Ended

August 1, 2026 August 2, 2025

Operating activities

Net earnings $ 591 $ 388

Adjustments to reconcile net earnings to total cash provided by operating activities:

Depreciation and amortization 389 422

Restructuring charges (15) 223

Stock-based compensation 74 75

Deferred income taxes 15 45

Loss on disposal of subsidiaries — 4

Other, net 1 4

Changes in operating assets and liabilities:

Receivables 119 123

Merchandise inventories (1,079) (717)

Other assets 19 (24)

Accounts payable 1,259 693

Income taxes (3) (167)

Other liabilities (74) (286)

Total cash provided by operating activities 1,296 783

Investing activities

Additions to property and equipment (344) (341)

Disposal of subsidiary — (27)

Other, net 5 (1)

Total cash used in investing activities (339) (369)

Financing activities

Repurchase of common stock (36) (165)

Dividends paid (405) (403)

Other, net (2) (6)

Total cash used in financing activities (443) (574)

Effect of exchange rate changes on cash and cash equivalents (3) 5

Increase (decrease) in cash, cash equivalents and restricted cash 511 (155)

Cash, cash equivalents and restricted cash at beginning of period 2,023 1,868

Cash, cash equivalents and restricted cash at end of period $ 2,534 $ 1,713

BEST BUY CO., INC.

SEGMENT AND REVENUE CATEGORY INFORMATION

($ in millions)

(Unaudited and subject to reclassification)

Three Months Ended Six Months Ended

August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025

Domestic Segment

Revenue $ 9,070 $ 8,698 $ 17,319 $ 16,825

Comparable sales % change 4.5 % 1.1 % 3.2 % 0.2 %

Comparable online sales % change 5.1 % 5.1 % 3.4 % 3.7 %

Gross profit $ 2,180 $ 2,033 $ 4,134 $ 3,941

Gross profit as a % of revenue 24.0 % 23.4 % 23.9 % 23.4 %

Adjusted SG&A1

$ 1,776 $ 1,682 $ 3,372 $ 3,261

Adjusted SG&A as a % of revenue2

19.6 % 19.3 % 19.5 % 19.4 %

Adjusted operating income1

$ 404 $ 351 $ 762 $ 680

Adjusted operating income as a % of revenue3

4.5 % 4.0 % 4.4 % 4.0 %

International Segment

Revenue $ 709 $ 740 $ 1,396 $ 1,380

Comparable sales % change (1.8) % 7.6 % 1.3 % 3.5 %

Gross profit $ 158 $ 161 $ 306 $ 302

Gross profit as a % of revenue 22.3 % 21.8 % 21.9 % 21.9 %

Adjusted SG&A1

$ 145 $ 143 $ 288 $ 280

Adjusted SG&A as a % of revenue2

20.5 % 19.3 % 20.6 % 20.3 %

Adjusted operating income1

$ 13 $ 18 $ 18 $ 22

Adjusted operating income as a % of revenue3

1.8 % 2.4 % 1.3 % 1.6 %

(1)Represents segment Adjusted SG&A and segment Adjusted operating income as reported in accordance with Accounting Standards Codification 280, Segment Reporting.

(2)Segment Adjusted SG&A as a % of revenue is calculated as segment Adjusted SG&A divided by segment Revenue.

(3)Segment Adjusted operating income as a % of revenue is calculated as segment Adjusted operating income divided by segment Revenue.

Revenue Mix Comparable Sales

Three Months Ended Three Months Ended

August 1, 2026

August 2, 20251

August 1, 2026

August 2, 20251

Domestic Segment

Computing and Mobile Phones 46 % 44 % 6.8 % 3.8 %

Consumer Electronics 27 % 27 % 5.6 % (5.2) %

Appliances 12 % 12 % 0.2 % (9.2) %

Services 9 % 9 % 6.4 % 3.7 %

Entertainment 6 % 7 % (6.3) % 39.3 %

Other — % 1 % (21.1) % (18.4) %

Total 100 % 100 % 4.5 % 1.1 %

International Segment

Computing and Mobile Phones 47 % 46 % 2.1 % 9.1 %

Consumer Electronics 28 % 26 % 2.5 % 0.9 %

Appliances 10 % 11 % (9.9) % (6.1) %

Services 7 % 7 % 0.2 % 10.7 %

Entertainment 7 % 9 % (25.2) % 57.5 %

Other 1 % 1 % (5.9) % (7.1) %

Total 100 % 100 % (1.8) % 7.6 %

(1)Beginning in Q1 FY27, the company reclassified certain amounts within its revenue categories to better align with management's current view of the business. The reclassification primarily relates to credit card revenue and digital content revenue (including digital gaming, software and subscriptions) that were previously included in various product revenue categories and, following the reclassification, are now included within services revenue. To ensure its financial results are comparable, the company has recast revenue, revenue mix and comparable sales by revenue category for FY25 and FY26, as well as for each quarter within such fiscal years, to conform with this reclassification. Refer to Exhibit 99.2 in the company's Current Report on Form 8-K filed on May 28, 2026, for additional information.

BEST BUY CO., INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

($ in millions, except per share amounts)

(Unaudited and subject to reclassification)

The following information provides reconciliations of the most comparable consolidated financial measures presented in accordance with accounting principles generally accepted in the U.S. (GAAP financial measures) to presented consolidated adjusted financial measures (non-GAAP financial measures). The company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance. For these reasons, internal management reporting also includes non-GAAP financial measures. Generally, presented non-GAAP financial measures include adjustments for items such as restructuring charges, goodwill and acquired intangible asset impairments, certain long-lived asset impairments, price-fixing settlements, gains and losses on disposals of subsidiaries and certain investments, amortization of definite-lived intangible assets associated with acquisitions, certain acquisition-related costs and the tax effect of all such items. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered in addition to, and not superior to or as a substitute for, the GAAP financial measures presented in this earnings release and the company’s financial statements and other publicly filed reports. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

Three Months Ended Six Months Ended

August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025

SG&A $ 1,923 $ 1,829 $ 3,664 $ 3,550

% of revenue 19.7 % 19.4 % 19.6 % 19.5 %

Intangible asset amortization1

(2) (4) (4) (9)

Adjusted SG&A $ 1,921 $ 1,825 $ 3,660 $ 3,541

% of revenue 19.6 % 19.3 % 19.6 % 19.5 %

Operating income $ 421 $ 251 $ 791 $ 470

% of revenue 4.3 % 2.7 % 4.2 % 2.6 %

Intangible asset amortization1

2 4 4 9

Restructuring charges2

(6) 114 (15) 223

Adjusted operating income $ 417 $ 369 $ 780 $ 702

% of revenue 4.3 % 3.9 % 4.2 % 3.9 %

Effective tax rate 27.1 % 26.8 % 27.0 % 18.3 %

Intangible asset amortization1

- % - % - % 0.2 %

Restructuring charges2

- % 0.9 % - % 8.7 %

Loss on disposal of subsidiaries3

- % 0.1 % - % 0.2 %

Adjusted effective tax rate 27.1 % 27.8 % 27.0 % 27.4 %

Three Months Ended Three Months Ended

August 1, 2026 August 2, 2025

Pretax Earnings

Net of Tax4

Per Share Pretax Earnings

Net of Tax4

Per Share

Diluted EPS $ 1.48 $ 0.87

Intangible asset amortization1

$ 2 $ 1 0.01 $ 4 $ 3 0.01

Restructuring charges2

(6) (5) (0.02) 114 80 0.39

Loss on disposal of subsidiaries3

— — — 4 2 0.01

Adjusted diluted EPS $ 1.47 $ 1.28

Six Months Ended Six Months Ended

August 1, 2026 August 2, 2025

Pretax Earnings

Net of Tax4

Per Share Pretax Earnings

Net of Tax4

Per Share

Diluted EPS $ 2.79 $ 1.82

Intangible asset amortization1

$ 4 $ 3 0.01 $ 9 $ 7 0.03

Restructuring charges2

(15) (12) (0.05) 223 119 0.57

Loss on disposal of subsidiaries3

— — — 4 2 0.01

Adjusted diluted EPS $ 2.75 $ 2.43

(1)Represents the non-cash amortization of definite-lived intangible assets associated with acquisitions, including customer relationships and tradenames.

(2)Amounts for the three and six months ended August 1, 2026, primarily relate to subsequent adjustments to previously planned organizational changes. Amounts for the three and six months ended August 2, 2025, primarily relate to charges from a labor and store optimization restructuring initiative that commenced in Q2 FY26 and a restructuring initiative within the company’s Best Buy Health business that commenced in Q1 FY26.

(3)Primarily represents the loss on disposal of a component of our Best Buy Health business.

(4)The non-GAAP adjustments primarily relate to the U.S. As such, the forecasted annual income tax on the U.S. non-GAAP adjustments is calculated using the statutory tax rate of 24.5%, adjusted for tax benefits discrete to the period.

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v3.26.1

Cover

Aug. 27, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 27, 2026

Entity Registrant Name

BEST BUY CO., INC.

Entity Incorporation, State or Country Code

Entity File Number

1-9595

Entity Tax Identification Number

41-0907483

Entity Address, Address Line One

7601 Penn Avenue South

Entity Address, City or Town

Richfield

Entity Address, State or Province

Entity Address, Postal Zip Code

55423

City Area Code

612

Local Phone Number

291-1000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, $0.10 par value per share

Trading Symbol

BBY

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0000764478

Amendment Flag

false

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Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

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-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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