Research Reports

Enterprise revenue of $9.4B, up 1.6% YoY (prepared)
Domestic revenue $8.7B, +0.9% YoY; comparable sales +1.1% (prepared)
International revenue $740M, +11.3% YoY; comparable sales +7.6% (prepared)
Enterprise comparable sales growth 1.6%, highest in 3 years (CEO)
Domestic comparable sales growth driven by gaming, computing, mobile phones; partially offset by home theater, appliances, tablets, drones (prepared)
Gaming growth largely due to Switch 2 launch (CEO)
Computing: sixth consecutive quarter of sales growth, highest Q2 laptop unit sales in 15 years (CEO)
Online sales 33% of domestic sales, grew YoY for third consecutive quarter (CEO)
Domestic adjusted SG&A +$19M, driven by compensation, medical claims, lapping favorable legal settlement, tech investments; partially offset by reduced Best Buy Health expenses (CFO)
Restructuring charges of $114M in Q2 FY26 (CFO)
Q2 adjusted operating income rate 3.9%, 30 bps better than expected (CFO)
Adjusted diluted EPS $1.28, down 4% YoY (CFO)
YTD shareholder returns: $568M (dividends $403M, repurchases $165M); FY26 repurchases expected ~$300M (CFO)
Enterprise RPO/backlog not stated
Free cash flow not stated

Official Guidance (FY26, enterprise):

Revenue: $41.1B – $41.9B (prepared)
Comparable sales: down 1% to up 1% (prepared)
Adjusted operating income rate: ~4.2% (prepared)
Adjusted effective income tax rate: ~25% (prepared)
Adjusted diluted EPS: $6.15 – $6.30 (prepared)
CapEx: ~$700M (prepared)
Q3 comparable sales growth expected similar to Q2; adjusted operating income rate ~flat to prior year 3.7% (CFO)

Mgmt Quotes:

“We delivered comparable sales growth of 1.6%, our highest in 3 years.” (CEO)
“Our model really shines when there is innovation.” (CEO)
“We are pleased with our Q2 execution and financial results.” (CEO)
“At this point, we do believe we are trending toward the higher end of our sales range.” (CFO)
“We delivered better-than-expected results for the second quarter.” (CEO)

Metric	Value	Speaker/Context
Enterprise Revenue	$9.4B	(prepared)
Comparable Sales Growth (Enterprise)	+1.6%	(prepared)
Domestic Revenue	$8.7B	(prepared)
Domestic Comparable Sales Growth	+1.1%	(prepared)
International Revenue	$740M	(prepared)
International Comparable Sales Growth	+7.6%	(prepared)
Adjusted Operating Income Rate (Enterprise)	3.9%	(prepared)
Adjusted Diluted EPS	$1.28	(prepared)
Domestic Gross Profit Rate	23.4% (down 10 bps YoY)	(prepared)
International Gross Profit Rate	21.8% (down 210 bps YoY)	(prepared)
Enterprise Adjusted Operating Income Rate Guidance	~4.2%	(CFO)
FY26 Revenue Guidance	$41.1B – $41.9B	(CFO)
FY26 Comparable Sales Guidance	-1% to +1%	(CFO)
FY26 Adjusted Diluted EPS Guidance	$6.15 – $6.30	(CFO)
FY26 CapEx Guidance	~$700M	(CFO)
YTD Shareholder Returns	$568M	(CFO)
Restructuring Charges (Q2 FY26)	$114M	(CFO)

Topic: 市场占有率趋势与Q3同店销售指引
Key points:
- Q2整体市场份额持平（flattish）；排除娱乐类别后，其余业务同比下滑低个位数。
- Q3截至8月中旬同店销售增长低个位数，主要受游戏、移动计算（含iPad）和手机支撑。
- Q3整体同店预计与Q2相似，游戏增幅略低于Q2但计算类表现改善。
Mgmt stance: 中性偏正面，因份额企稳且Q3开局符合预期。

Topic: 供应商支持投资（劳动力+20%）及对销售的带动
Key points:
- 供应商劳动力支持同比增长20%，投资还涉及实体空间更新、培训、数字体验、供应链及逆向物流。
- 支持形式涵盖店内劳动、独家陈列、广告、会员、线上店铺等。
Mgmt stance: 看涨，管理层强调这是区别于竞争对手的独特优势，并感谢供应商深度合作。

Topic: 关税影响、消费者弹性与游戏（含Switch 2）前景
Key points:
- 公司直接进口仅占销售额2-3%，Q2关税影响不重大。
- 缓解策略包括制造灵活性、成本谈判、国别多元化、品类调整，仅必要时调价。
- Q3同店维持低个位数增长，游戏（Switch+新款PC掌机）预计继续增长，Q4游戏也将保持强势。
- 消费者在非促销期可能趋于谨慎，但整体指引反映该节奏。
Mgmt stance: 中性偏谨慎，承认促销促销日增和消费者等待现象，但整体指引稳健。

Topic: Switch 2 launch performance & computing momentum
Key points:
- Switch 2 launch was a “significant part” of the Q2 sales beat; gaming expected to continue growing in Q3/Q4, with any additional upside already reflected in guidance.
- Computing had 6 consecutive quarters of growth; Q2 laptop volume was the highest in 15 years.
- Three drivers: Windows 10 end-of-life support, Intel-based MacBook upgrades (3–8 years old), and AI features (CoPilot+ PC assortment now 120 models in stores).
Mgmt stance: Bullish – management sees continued acceleration in computing due to structural upgrade cycles and AI innovation.

Topic: Verizon/AT&T carrier expansion & restructuring charges
Key points:
- Carrier model expansion (not structural change) drove mobile phone sales growth in Q1 and Q2 after years of declines; expected to continue in back half, baked into higher-end guidance range.
- Restructuring charge in Q2 reflects resource reallocation to strategic areas; no material additional restructuring charges expected for the rest of the year.
Mgmt stance: Neutral – cautious on restructuring (one-time charge, no further material charges), but bullish on mobile momentum from carrier expansion.

Topic: Tariff exposure & upgrade cycle / rate tailwinds
Key points:
- BBY is importer of record on only 2%–3% of sales; current sourcing split: U.S. + Mexico 25% (0% tariffs), China 30%–35% (down from 55% in March; half at 30% tariffs, half at 20%), other countries (Vietnam, India, South Korea, Taiwan) ~40% at varying levels.
- Blended effective tariff rate ~16% (vs. 12%–13% previously); vendor cost adjustments are “materially less” than blended rate due to supply chain mitigation.
- Upgrade cycles vary by category: computing already seeing replacement cycle; gaming launch-dependent (Switch 2); TVs/appliances on 6–8 year cycles, not yet large replacement.
- Rate tailwinds most correlated with appliances (housing turnover/remodeling); BBY expects to benefit from broader assortment and dedicated labor when housing improves.
Mgmt stance: Neutral – cautious on tariff impact (mitigation ongoing, but effective rate still elevated); bullish on long-term upgrade cycles and potential housing-driven appliance demand.