UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41850 BED BATH & BEYOND, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Currency Markets - The Reserve Bank of India (RBI) is actively intervening in currency markets to defend the Indian Rupee (INR) at the critical 91 per dollar level, likely selling U.S. dollars in both spot and non-deliverable forward markets [2][3] - Market sentiment remains fragile due to high oil prices and persistent capital outflows, with analysts suggesting that the RBI is prioritizing volatility management [3] Corporate Shifts - Panasonic (PCRFY) has officially exited the U.S. television market, transferring its sales operations to Chinese rival Skyworth Group, reflecting the increasing dominance of Chinese manufacturers in the low-to-mid-range television market [4] - Piper Sandler has lowered its outlook for Beyond, Inc. (BYON), cutting its target price to $8 from $10 as the company navigates a complex restructuring, including the acquisition of Kirkland's Home assets and a shift towards a nationwide franchise model [5] China Economic Developments - China's fixed-income market is experiencing unprecedented demand, with 3-year government bonds yielding 1.32% and 10-year bonds at 1.75%, indicating investor flight to safety and expectations of further monetary easing by the People's Bank of China [6] - The National Immigration Administration reported 17.8 million cross-border trips during the Spring Festival, a 14.1% year-on-year increase, signaling a robust recovery in international tourism [7] Geopolitical Developments - Over 4 million citizens have returned to Afghanistan over the past year, driven by intensified deportation campaigns in neighboring Iran and Pakistan, raising concerns about the humanitarian situation as the country struggles with food insecurity [8][10]

Bed Bath & Beyond, Inc. Reports Eighth Consecutive Quarter of Measurable Improvement Toward Profitability The Company delivered its eighth consecutive quarter of measurable improvement toward profitability, reflecting continued margin expansion, disciplined cost management and consistent progress across key operating metrics. The Company has successfully built the base of its business through disciplined retail execution. We are building the first Everything Home Company designed to make homeownership and l ...

Financial Performance - For the three months ended September 30, 2025, net revenue was $257,187, a decrease of 17.4% compared to $311,428 for the same period in 2024[17]. - Gross profit for the three months ended September 30, 2025, was $65,163, slightly down from $65,975 in the prior year, resulting in a gross margin of 25.4%[17]. - The operating loss for the three months ended September 30, 2025, was $12,452, an improvement from a loss of $45,201 in the same period of 2024[17]. - Consolidated net loss for the three months ended September 30, 2025, was $4,521, compared to a net loss of $61,030 for the same period in 2024[20]. - Consolidated net loss for the nine months ended September 30, 2025, was $63,746, a significant improvement from a loss of $177,536 in the same period of 2024, representing a reduction of approximately 64%[27]. - Revenue for the nine months ended September 30, 2025, was $771.2 million, a decrease of $320.6 million, or 29% compared to $1,091.8 million for the same period in 2024[111]. - Gross profit for the nine months ended September 30, 2025, was $190.3 million, or 24.7% of revenue, a decrease of $30 million, or 14%, from $220.5 million, or 20.2% of revenue, for the same period in 2024[117]. Cash Flow and Liquidity - Net cash used in operating activities decreased to $50,212 for the nine months ended September 30, 2025, compared to $152,625 for the same period in 2024, indicating improved cash flow management[27]. - The company reported a net cash increase of $8,324 for the nine months ended September 30, 2025, contrasting with a net decrease of $161,252 in the same period of 2024[27]. - The company’s cash, cash equivalents, and restricted cash at the end of the period totaled $194,417, up from $141,497 at the end of the same period in 2024[27]. - The company reported a $24.2 million favorable change in other income (expense), net for the three months ended September 30, 2025, primarily due to a decrease in loss recognized from equity method securities[133]. - The company experienced a loss from operating activities of $63.7 million for the nine months ended September 30, 2025[150]. Assets and Liabilities - Total current assets increased to $231,803 as of September 30, 2025, from $227,507 as of December 31, 2024[15]. - Total liabilities decreased to $211,436 as of September 30, 2025, from $239,222 as of December 31, 2024[15]. - The company reported an accumulated deficit of $804,212 as of September 30, 2025, compared to $740,466 as of December 31, 2024[15]. - Total stockholders' equity increased to $202,940 as of September 30, 2025, from $162,732 as of December 31, 2024[15]. - The company has contractual obligations totaling $8.5 million as of September 30, 2025, with $1.3 million due within one year[156]. Stock and Equity - The weighted average shares of common stock outstanding for the three months ended September 30, 2025, was 60,333, compared to 45,771 for the same period in 2024[17]. - The Company issued 8,100 shares of common stock through offerings during the three months ended September 30, 2025[23]. - The Company repurchased $4.9 million of its common stock during the three months ended September 30, 2025, at an average price of $8.59 per share[73]. - For the nine months ended September 30, 2025, the Company sold 12,432,021 shares of its common stock, recognizing $101.7 million in proceeds, net of offering costs[72]. - The company could issue up to 6,884,341 shares of common stock related to the Warrant Distribution, representing a 10.0% increase in shares outstanding, which may exert downward pressure on stock price[189]. Expenses and Cost Management - Sales and marketing expenses decreased by $15.7 million, or 30%, to $36.1 million, or 14.0% of revenue for the three months ended September 30, 2025[102]. - Technology expenses decreased by $7.1 million for the three months ended September 30, 2025, primarily due to a reduction in staff-related expenses of $4.9 million[103]. - General and administrative expenses decreased by $5.6 million for the three months ended September 30, 2025, mainly due to a $4.4 million reduction in staff-related expenses[104]. - Customer service and merchant fees for the three months ended September 30, 2025, were $8.9 million, a decrease of $3.6 million, or 28.6%, compared to $12.4 million for the same period in 2024[129]. - Technology expenses for the nine months ended September 30, 2025, were $70.6 million, a decrease of $14.6 million, or 17.3%, compared to $84.6 million for the same period in 2024[124]. Corporate Changes and Strategy - The company has undergone a corporate name change from Beyond, Inc. to Bed Bath & Beyond, Inc. and changed its ticker symbol from "BYON" to "BBBY" in August 2025[30]. - The company is actively evaluating opportunities for acquisitions and investments in complementary businesses, which may impact future liquidity[143]. - The company has undergone significant changes, including a name change from Overstock.com, Inc. to Bed Bath & Beyond, Inc., and the acquisition of the Bed Bath & Beyond and Zulily brands, which may lead to customer confusion and increased marketing costs[176]. Risks and Market Conditions - The company sources a large percentage of its products from China, and increased tariffs or trade barriers could adversely affect product prices and consumer demand, impacting sales volume[175]. - The company has experienced declines in its rankings in Google's natural search engine, which has led to increased reliance on more expensive marketing channels[177]. - The trading price of the company's common stock has shown significant volatility, with a range between $3.68 and $12.11 per share in 2025 to date[184]. - The company is subject to risks associated with future offerings that could reduce the market price of its common stock[198]. Tax and Regulatory Matters - The effective tax rate for the three months ended September 30, 2025, was (5.4)%, compared to (0.3)% for the same period in 2024[138]. - The company maintains a valuation allowance against its deferred tax assets for the U.S. jurisdiction due to a cumulative loss position over a three-year period generated by its retail operations[139]. - Accrued tax contingencies amounted to $3.8 million as of September 30, 2025, with potential for additional assessments from tax authorities[157].

Financial Performance - Net loss narrowed to $4.5 million, a 93% improvement year-over-year, while Adjusted EBITDA loss improved 85% to $4.9 million[2] - Consolidated net loss improved by $57 million year-over-year, with a diluted net loss per share of $0.07[11] - Consolidated net loss for the nine months ended September 30, 2025, was $63,746 thousand, a significant improvement from a net loss of $177,536 thousand in the same period of 2024[18] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(26,242) thousand, compared to $(116,132) thousand in 2024[30] - Free cash flow for the nine months ended September 30, 2025, was $(55,461) thousand, an improvement from $(163,954) thousand in 2024[30] - Net cash used in operating activities for the nine months ended September 30, 2025, was $(50,212) thousand, compared to $(152,625) thousand in 2024[30] Revenue and Customer Metrics - Net revenue for Q3 2025 was $257 million, a decrease of 17.4% year-over-year, but a 13.2% decrease when excluding the impact from the exit from Canada[11] - Net revenue for the three months ending September 30, 2025, was $257 million, a decrease from $296 million in the same period of 2024[27] - Active customers decreased to 4,151 thousand as of September 30, 2025, down from 5,961 thousand in 2024[23] - Last twelve months (LTM) net revenue per active customer increased to $259 from $248 year-over-year[23] - Total orders delivered in the three months ended September 30, 2025, were 1,254 thousand, compared to 1,569 thousand in 2024[23] - Average order value rose to $205 in the three months ended September 30, 2025, up from $199 in 2024[23] Cost Management and Efficiency - Gross margin improved by 420 basis points to 25.3%, and sales & marketing expenses decreased by 260 basis points to 14% of revenue[3] - Operating expenses decreased by $13 million year-over-year, with total operating expenses at $77.6 million for Q3 2025[11] - The company expects year-over-year revenue trends to turn positive in 2026, supported by an additional $20 million in operating expense efficiencies[5] Strategic Investments and Future Plans - The company raised $113 million through its at-the-market offering to strengthen the balance sheet and pursue new strategic investments[6] - The company invested an additional $3 million in GrainChain and purchased Kirkland's intellectual property for $10 million[6] - The company aims to become the 'Everything Home' company, focusing on home-centric technology and products[4] Impact of Market Changes - The company discontinued sales through its Canadian website on July 4, 2025, impacting revenue comparisons[27]

Group 1: Company Performance - Beyond (BYON) has returned approximately 85.2% year-to-date, significantly outperforming the Retail-Wholesale sector, which has averaged a return of 8.8% [4] - The Zacks Consensus Estimate for BYON's full-year earnings has increased by 21.9% over the past three months, indicating improved analyst sentiment and a stronger earnings outlook [3] - Beyond is currently ranked 2 (Buy) in the Zacks Rank system, which emphasizes earnings estimates and revisions [3] Group 2: Industry Context - Beyond belongs to the Internet - Commerce industry, which includes 36 companies and currently ranks 152 in the Zacks Industry Rank [6] - The average return for the Internet - Commerce industry so far this year is 12.9%, indicating that Beyond is also outperforming its industry peers [6] - Another stock in the Retail-Wholesale sector, Prosus N.V. Sponsored ADR (PROSY), has also shown strong performance with a year-to-date increase of 56.2% [4][5] Group 3: Sector Overview - The Retail-Wholesale group is currently ranked 10 within the Zacks Sector Rank, which evaluates 16 different sector groups [2] - Investors should continue to monitor Beyond and Prosus N.V. Sponsored ADR for potential sustained strong performance in the Retail-Wholesale sector [7]

Core Insights - Bed Bath & Beyond has reintroduced its iconic 20% coupon, now under the new brand Bed Bath & Beyond Home, following the closure of its stores in 2023 [1][6] - The coupon can only be used once, cannot be combined with other offers, and is not applicable to past purchases [2] - The reopening coincides with the launch of the first Bed Bath & Beyond Home store in Nashville, Tennessee, under The Brand House Collective, which includes multiple retail brands [3][12] Company Developments - The reopening of physical stores marks Bed Bath & Beyond's return to brick-and-mortar retail after filing for Chapter 11 bankruptcy in 2023 [6][9] - Beyond Inc., previously known as Overstock.com, acquired Bed Bath & Beyond's intellectual property, including its brand name and domain rights [9] - Kirkland's Inc. has made a $25 million investment deal with Beyond, becoming the exclusive operator for new smaller format Bed Bath & Beyond locations [12][13] Customer Engagement - Customers are encouraged to bring in old coupons to the new store, and fresh coupons are distributed at the entrance [8] - The acceptance of Bed Bath & Beyond coupons at other retailers like Big Lots and The Container Store occurred during the company's bankruptcy phase [4][11]

Group 1 - The company Bed Bath & Beyond has rebranded and opened a new chain called Bed Bath & Beyond Home, with the first store converted in Brentwood, Tennessee, and plans to convert another 75 stores by 2026 [2] - Bed Bath & Beyond has a long history, having opened its first store in 1971 and going public in 1992, but faced significant challenges after missing the e-commerce trend, leading to its first annual loss in 2019 [3][4] - The company filed for bankruptcy in 2023, with Overstock.com acquiring its intellectual property and rebranding the business to Beyond Inc. [4] Group 2 - Beyond Inc. initially attempted to launch the Bed Bath brand as an online store and mobile app, and later partnered with Kirkland's to develop Bed Bath & Beyond Home stores [5] - The CEO of The Brand House Collective emphasized the merging of home decor and furnishings to create a sense of community and engagement, marking a fresh start for the brand [6]

Group 1 - Beyond, Inc. (NYSE: BYON) has experienced significant stock declines, with 52-week losses exceeding 20% despite a rebound from April lows [1] - The company's long-term performance chart indicates ongoing challenges, suggesting a need for strategic reassessment [1] Group 2 - The article emphasizes the importance of transparency and integrity in investment analysis, reflecting the author's core values [1]

Group 1 - Beyond (BYON) shares have increased by 18.9% over the past four weeks, closing at $8.95, with a mean price target of $14.08 indicating a potential upside of 57.3% [1] - The average price targets range from a low of $5.00 to a high of $36.00, with a standard deviation of $11.06, suggesting variability in analyst estimates [2] - Analysts have shown a strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for BYON's current year earnings has risen by 17.5% over the past month, with two estimates increasing and no negative revisions [12] - BYON holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]