Best Buy reported stronger-than-expected results for the fiscal second quarter on Thursday and increased its annual outlook, indicating that the company’s recovery is gaining more momentum.
The company reported a 4.1% increase in comparable sales during the second quarter, surpassing its earlier forecast of 1%, and achieved a “higher-than-expected” adjusted operating income rate. Best Buy attributed this growth to all major categories, with computing performing particularly strongly and contributing to the overall strength.
Earnings Highlights:
- Earnings per share: $1.47 adjusted vs. $1.38 expected
- Revenue: $9.78 billion vs. $9.59 billion expected
Best Buy reported net income of $315 million, or $1.48 per share, compared with $186 million, or 87 cents per share, a year earlier. Adjusting for one-time items, Best Buy posted adjusted earnings of $1.47 per share.
Revenue increased by 3.6%, reaching $9.44 billion compared to the same period last year.
The company also said its gross profit rate for the quarter included a $34 million benefit from tariff refunds.
The earnings marked the last quarter of reporting under current CEO Corie Barry. Bonfig will take over the reins of the company on Nov. 1.
“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 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. 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,” Bonfig said.,
Best Buy also raised its full fiscal-year financial guidance. The company now forecasts revenue between $42.3 billion and $42.8 billion, up from the previous estimate of $41.2 billion to $42.1 billion. It also expects comparable sales to grow by 1.9% to 3%, compared to earlier expectations of a 1% decline to 1% growth.
Best Buy shares rose 3% following the announcement.
By CEO NA Editorial Staff
