BBY

EX-99.1

2 bby-fy27q1xexx991.htm

EX-99.1

Document

Exhibit 99.1

Best Buy Reports First Quarter Results

Comparable Sales Increased 2.0%

Diluted EPS Increased 38% to $1.31

Adjusted Diluted EPS Increased 11% to $1.28

Reiterates FY27 Adjusted Diluted EPS Guidance of $6.30 to $6.60

MINNEAPOLIS, May 28, 2026 -- Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter ended May 2, 2026 (“Q1 FY27”), as compared to the 13-week first quarter ended May 3, 2025 (“Q1 FY26”).

Q1 FY27Q1 FY26

Revenue ($ in millions)

Enterprise$8,936 $8,767

Domestic segment$8,249 $8,127

International segment$687 $640

Enterprise comparable sales % change1 2.0 %(0.7)%

Domestic comparable sales % change1 1.8 %(0.7)%

Domestic comparable online sales % change1 1.4 %2.1 %

International comparable sales % change1 4.7 %(0.7)%

Operating Income

Operating income as a % of revenue4.1%2.5%

Adjusted operating income as a % of revenue4.1%3.8%

Diluted Earnings per Share ("EPS")

Diluted EPS$1.31 $0.95

Adjusted diluted EPS$1.28 $1.15

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

“Today we are pleased to report better-than-expected results for the first quarter,” said Corie Barry, Best Buy CEO. “Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives. We also drove operating income rate expansion and EPS growth.”

Barry continued, “Thanks to our incredibly dedicated employees, we are delivering on our strategy to strengthen our position in retail as a leading omni-channel destination for technology while at the same time scaling new profit streams like Best Buy Ads and Marketplace that we expect to provide considerable benefit over time.”

“With this momentum, I believe it is the right time to transition the leadership of Best Buy, and step down as CEO later this year,” continued Barry. “With his unmatched experience and focus on the customer, I know Jason Bonfig is the right person to take Best Buy into its next phase, which is outlined by his four priorities.”

“I look forward to working closely with our teams to build on the progress we are making, specifically focusing on four areas to grow our business: (1) advancing Best Buy as a Retail, Media and Advertising, and Technology company; (2) expanding and growing our reach; (3) elevating the Best Buy experience; and (4) being a human-

powered, customer-focused company,” said Jason Bonfig, Best Buy Chief Customer, Product and Fulfillment Officer and incoming CEO (effective November 1, 2026).

FY27 Financial Guidance

“We are pleased with our first quarter results and are maintaining our guidance for the year,” said Matt Bilunas, Best Buy CFO. “Comparable sales have started strong in May, with month-to-date growth up high single digits. Our comparable sales outlook for the full quarter is approximately 1.0% growth as we start to lap last year’s very successful gaming launch in June. We expect our Q2 adjusted operating income rate to be approximately 3.9%, which is flat to last year.”

The company is reiterating the following full-year FY27 financial guidance provided on March 3, 2026:

•Revenue of $41.2 billion to $42.1 billion

•Comparable sales % change1 of (1.0%) to 1.0%

•Adjusted operating income rate2 of 4.3% to 4.4%

•Adjusted effective income tax rate2 of approximately 25.5%

•Adjusted diluted EPS2 of $6.30 to $6.60

•Capital expenditures of approximately $750 million

Domestic Segment Q1 FY27 Results

Domestic Revenue

Domestic revenue of $8.25 billion increased 1.5% versus last year, primarily driven by comparable sales growth of 1.8%.

From a category perspective, the largest drivers of the comparable sales growth on a weighted basis were gaming, computing, mobile phones and services. These drivers were partially offset by a decline in appliances.

Domestic online revenue of $2.62 billion increased 1.4% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was flat to last year at 31.7%.

Domestic Gross Profit Rate

Domestic gross profit rate was 23.7% versus 23.5% last year. The higher gross profit rate included growth in Marketplace and Best Buy Ads, and improved financial performance from the company's traditional services offerings. The previous items were largely offset by lower product margin rates.

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

Domestic adjusted SG&A was $1.60 billion, or 19.3% of revenue, versus $1.58 billion, or 19.4% of revenue, last year. Adjusted SG&A increased primarily due to higher expenses related to the company's Marketplace and Best Buy Ads initiatives and lapping a favorable indirect tax settlement received in Q1 FY26. The previous items were partially offset by lower Best Buy Health expense.

bby-202603030000764478False00007644782026-03-032026-03-03

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) March 3, 2026

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota1-959541-0907483 (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 classTrading symbolName of exchange on which registered Common Stock, $0.10 par value per shareBBYNew 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 March 3, 2026, Best Buy Co., Inc. (“Best Buy” or the “registrant”) issued a news release announcing its results of operations for the fourth quarter ended January 31, 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, March 3, 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 March 3, 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 99 News release issued March 3, 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.

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

2

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: March 3, 2026 By:/s/ MATHEW R. WATSON Mathew R. Watson Senior Vice President, Finance – Controller and Chief Accounting Officer

3

bby-202511250000764478False00007644782025-11-252025-11-25

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) November 25, 2025

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota1-959541-0907483 (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 classTrading symbolName of exchange on which registered Common Stock, $0.10 par value per shareBBYNew 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 November 25, 2025, Best Buy Co., Inc. (“Best Buy” or the “registrant”) issued a news release announcing its results of operations for the third quarter ended November 1, 2025. The registrant is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) today, November 25, 2025. 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 November 25, 2025, 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 99 News release issued November 25, 2025 (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.

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

2

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: November 25, 2025 By:/s/ MATHEW R. WATSON Mathew R. Watson Senior Vice President, Finance – Controller and Chief Accounting Officer

3