Selected Financial Data
since 2005
Income Statement
Best Buy Co. Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income (loss) | Net earnings (loss) |
|---|---|---|---|
| Jan 29, 2022 | 51,761) | 3,039) | 2,454) |
| Jan 30, 2021 | 47,262) | 2,391) | 1,798) |
| Feb 1, 2020 | 43,638) | 2,009) | 1,541) |
| Feb 2, 2019 | 42,879) | 1,900) | 1,464) |
| Feb 3, 2018 | 42,151) | 1,843) | 1,000) |
| Jan 28, 2017 | 39,403) | 1,854) | 1,228) |
| Jan 30, 2016 | 39,528) | 1,375) | 897) |
| Jan 31, 2015 | 40,339) | 1,450) | 1,233) |
| Feb 1, 2014 | 42,410) | 1,140) | 532) |
| Feb 2, 2013 | 45,085) | (125) | (441) |
| Mar 3, 2012 | 50,705) | 1,085) | (1,231) |
| Feb 26, 2011 | 50,272) | 2,114) | 1,277) |
| Feb 27, 2010 | 49,694) | 2,235) | 1,317) |
| Feb 28, 2009 | 45,015) | 1,870) | 1,003) |
| Mar 1, 2008 | 40,023) | 2,161) | 1,407) |
| Mar 3, 2007 | 35,934) | 1,999) | 1,377) |
| Feb 25, 2006 | 30,848) | 1,644) | 1,140) |
| Feb 26, 2005 | 27,433) | 1,442) | 984) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-KT (reporting date: 2013-02-02), 10-K (reporting date: 2012-03-03), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The financial performance from 2005 to 2022 is characterized by three distinct phases: a period of aggressive expansion, a significant mid-term contraction and volatility period, and a subsequent recovery leading to record-high revenue and profitability.
- Revenue Trends
- A consistent upward trajectory is observed between 2005 and 2012, with revenue increasing from 27,433 million to a peak of 50,705 million. Following this peak, a period of contraction occurred between 2013 and 2017, where revenue declined to a low of 39,403 million. A recovery phase began in 2018, culminating in the highest recorded revenue of 51,761 million by January 2022.
- Operating Income Dynamics
- Operating income grew steadily from 1,442 million in 2005 to 2,161 million in 2008. However, a period of instability followed, resulting in a significant drop to 1,085 million in 2012 and a transition to an operating loss of 125 million in 2013. From 2014 onward, operating income demonstrated a consistent recovery, ending the period at a peak of 3,039 million in 2022.
- Net Earnings and Profitability
- Net earnings remained positive from 2005 through 2011, peaking at 1,407 million in 2008. The company experienced severe profitability distress in 2012 and 2013, posting net losses of 1,231 million and 441 million, respectively. Profitability was restored in 2014 with 532 million in net earnings, followed by a strong growth trend that reached 2,454 million by 2022.
- Comparative Performance Analysis
- The period between 2012 and 2013 represents a critical inflection point where both operating and net margins collapsed despite revenue remaining relatively high compared to 2005 levels. The subsequent recovery phase from 2018 to 2022 is notable because the company achieved higher operating and net earnings than during its initial growth phase, suggesting a more efficient cost structure or higher-margin revenue streams in the latter years.
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Balance Sheet: Assets
Best Buy Co. Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jan 29, 2022 | 10,539) | 17,504) |
| Jan 30, 2021 | 12,540) | 19,067) |
| Feb 1, 2020 | 8,857) | 15,591) |
| Feb 2, 2019 | 8,870) | 12,901) |
| Feb 3, 2018 | 9,829) | 13,049) |
| Jan 28, 2017 | 10,516) | 13,856) |
| Jan 30, 2016 | 9,886) | 13,519) |
| Jan 31, 2015 | 11,729) | 15,256) |
| Feb 1, 2014 | 10,485) | 14,013) |
| Feb 2, 2013 | 12,047) | 16,787) |
| Mar 3, 2012 | 10,297) | 16,005) |
| Feb 26, 2011 | 10,473) | 17,849) |
| Feb 27, 2010 | 10,566) | 18,302) |
| Feb 28, 2009 | 8,192) | 15,826) |
| Mar 1, 2008 | 7,342) | 12,758) |
| Mar 3, 2007 | 9,081) | 13,570) |
| Feb 25, 2006 | 7,985) | 11,864) |
| Feb 26, 2005 | 6,903) | 10,294) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-KT (reporting date: 2013-02-02), 10-K (reporting date: 2012-03-03), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The asset base demonstrates a long-term pattern of growth followed by a period of contraction and a significant recent spike. Total assets increased from 10,294 million US dollars in 2005 to a peak of 18,302 million US dollars by 2010, representing a substantial expansion of the company's resource base during the first five years of the period.
- Total Asset Trends
- Following the 2010 peak, total assets entered a general downward trend, reaching a low of 12,901 million US dollars in 2019. This period of contraction was interrupted by brief recoveries, most notably in 2015. However, a sharp reversal occurred between 2020 and 2021, where total assets surged to a historical high of 19,067 million US dollars before correcting to 17,504 million US dollars in 2022.
- Current Asset Volatility
- Current assets exhibited similar volatility to total assets but with distinct fluctuations. Growth was steady from 2005 through 2013, peaking at 12,047 million US dollars. A subsequent decline was observed, with current assets falling to 8,857 million US dollars by 2020. A rapid increase to 12,540 million US dollars in 2021 suggests a significant short-term accumulation of liquid assets or inventory, followed by a reduction to 10,539 million US dollars in 2022.
- Asset Composition and Liquidity
- The proportion of current assets relative to total assets remained high throughout the analyzed period, typically ranging between 57% and 71%. The highest relative concentration of current assets was observed in 2013, where current assets comprised approximately 71% of the total asset base. This indicates a consistent corporate strategy of maintaining high liquidity or significant inventory levels relative to long-term investments.
- Recent Fiscal Anomalies
- The 2021 fiscal year stands out as a significant outlier. The simultaneous spike in both current and total assets suggests a major expansion in working capital or a strategic increase in cash and inventory positions. The subsequent decline in 2022 suggests a normalization of the balance sheet following the 2021 peak.
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Balance Sheet: Liabilities and Stockholders’ Equity
Best Buy Co. Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Best Buy Co., Inc. shareholders’ equity | |
|---|---|---|---|
| Jan 29, 2022 | 10,674) | 1,229) | 3,020) |
| Jan 30, 2021 | 10,521) | 1,377) | 4,587) |
| Feb 1, 2020 | 8,060) | 1,271) | 3,479) |
| Feb 2, 2019 | 7,513) | 1,388) | 3,306) |
| Feb 3, 2018 | 7,817) | 1,355) | 3,612) |
| Jan 28, 2017 | 7,122) | 1,365) | 4,709) |
| Jan 30, 2016 | 6,925) | 1,734) | 4,378) |
| Jan 31, 2015 | 7,777) | 1,621) | 4,995) |
| Feb 1, 2014 | 7,436) | 1,657) | 3,986) |
| Feb 2, 2013 | 10,810) | 2,296) | 3,061) |
| Mar 3, 2012 | 8,855) | 2,208) | 3,745) |
| Feb 26, 2011 | 8,663) | 1,709) | 6,602) |
| Feb 27, 2010 | 8,978) | 1,802) | 6,320) |
| Feb 28, 2009 | 8,435) | 1,963) | 4,643) |
| Mar 1, 2008 | 6,769) | 816) | 4,484) |
| Mar 3, 2007 | 6,301) | 650) | 6,201) |
| Feb 25, 2006 | 6,056) | 596) | 5,257) |
| Feb 26, 2005 | 4,959) | 600) | 4,449) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-KT (reporting date: 2013-02-02), 10-K (reporting date: 2012-03-03), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The financial trajectory of the company's liabilities and equity from 2005 to 2022 is characterized by significant volatility in short-term obligations and a general erosion of shareholders' equity over the long term.
- Current Liabilities Trends
- Current liabilities exhibited a consistent upward trend from 2005, rising from 4,959 million to a peak of 10,810 million in 2013. Following this peak, a period of contraction occurred between 2014 and 2017, with obligations dipping as low as 6,925 million. However, a secondary surge is observed starting in 2020, with current liabilities climbing back to 10,674 million by 2022, indicating a return to high levels of short-term funding requirements.
- Total Debt Evolution
- Debt levels remained relatively low and stable between 2005 and 2008. A sharp increase occurred in 2009, with total debt jumping to 1,963 million, peaking later in 2013 at 2,296 million. From 2014 onward, a gradual deleveraging process is evident, as total debt decreased steadily to 1,229 million by 2022, suggesting a strategic shift toward reducing long-term borrowing.
- Shareholders' Equity Dynamics
- Equity levels demonstrate a pattern of instability. An initial growth phase peaked in 2011 at 6,602 million, followed by a sharp decline to 3,061 million by 2013. While a recovery occurred by 2015, reaching 4,995 million, the subsequent years show a general downward trend. By 2022, shareholders' equity fell to 3,020 million, the lowest point in the analyzed period, reflecting a substantial reduction in the company's net book value.
- Solvency and Capital Structure Observations
- The relationship between liabilities and equity has shifted markedly. In the earlier years of the period, equity often balanced or exceeded total debt. However, by 2022, the convergence of rising current liabilities and declining shareholders' equity suggests a weakened equity cushion and an increased reliance on short-term liabilities to fund operations.
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Cash Flow Statement
Best Buy Co. Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash (used in) provided by investing activities | Cash provided by (used in) financing activities |
|---|---|---|---|
| Jan 29, 2022 | 3,252) | (1,372) | (4,297) |
| Jan 30, 2021 | 4,927) | (788) | (876) |
| Feb 1, 2020 | 2,565) | (895) | (1,498) |
| Feb 2, 2019 | 2,408) | 508) | (2,018) |
| Feb 3, 2018 | 2,141) | (1,002) | (2,297) |
| Jan 28, 2017 | 2,545) | (887) | (1,404) |
| Jan 30, 2016 | 1,322) | (419) | (1,515) |
| Jan 31, 2015 | 1,935) | (1,712) | (223) |
| Feb 1, 2014 | 1,094) | (517) | 319) |
| Feb 2, 2013 | 1,454) | (538) | (211) |
| Mar 3, 2012 | 3,293) | (724) | (2,478) |
| Feb 26, 2011 | 1,190) | (569) | (1,357) |
| Feb 27, 2010 | 2,206) | (540) | (348) |
| Feb 28, 2009 | 1,877) | (3,573) | 737) |
| Mar 1, 2008 | 2,025) | 1,464) | (3,378) |
| Mar 3, 2007 | 1,762) | (780) | (513) |
| Feb 25, 2006 | 1,695) | (754) | (641) |
| Feb 26, 2005 | 1,841) | (1,166) | (459) |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-KT (reporting date: 2013-02-02), 10-K (reporting date: 2012-03-03), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
The cash flow profile demonstrates a consistent ability to generate positive cash from operations over the analyzed period. While operating cash flows have fluctuated, there is a general upward trajectory, culminating in a significant peak in 2021. The interaction between operating, investing, and financing activities reveals a strategy centered on utilizing operational gains to fund capital expenditures and return value to shareholders.
- Operating Activities
- Cash provided by operating activities remained relatively stable between 2005 and 2010, generally ranging from 1.6 billion to 2.2 billion US$. A notable contraction occurred in 2011, where cash flow dropped to 1.19 billion US$, followed by a sharp recovery to 3.29 billion US$ in 2012. Between 2013 and 2020, the figures fluctuated between 1.09 billion and 2.57 billion US$. The most significant surge occurred in 2021, reaching a peak of 4.93 billion US$, before moderating to 3.25 billion US$ in 2022.
- Investing Activities
- Investing activities were predominantly negative, indicating consistent capital outflows for investments or asset acquisitions. A significant outlier occurred in 2008, with a positive cash inflow of 1.46 billion US$, and another smaller inflow of 508 million US$ in 2019. The largest single investment outflow was recorded in 2009, totaling 3.57 billion US$. In most other years, outflows remained within a range of 400 million to 1.7 billion US$, reflecting steady capital expenditure.
- Financing Activities
- Financing activities were characterized by persistent net outflows, suggesting a focus on debt reduction, dividend payments, or share repurchases. Two major outflow events are observed: 3.38 billion US$ in 2008 and 4.30 billion US$ in 2022. Positive financing cash flows were rare, occurring only in 2009 (737 million US$) and 2014 (319 million US$), which indicate periods of external borrowing or equity issuance.
- Integrated Cash Flow Analysis
- The period of 2008-2009 shows a distinct shift, where a large inflow from investing activities and a large outflow in financing activities in 2008 were followed by a massive investment outflow and a financing inflow in 2009. This suggests a period of significant balance sheet restructuring. In the latter part of the timeline, particularly in 2021 and 2022, the company leveraged exceptionally high operating cash flows to facilitate one of its largest financing outflows in the reported history, indicating a strong capacity for capital distribution during this period.
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Per Share Data
Best Buy Co. Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jan 29, 2022 | 9.94 | 9.84 | 2.80 |
| Jan 30, 2021 | 6.93 | 6.84 | 2.20 |
| Feb 1, 2020 | 5.82 | 5.75 | 2.00 |
| Feb 2, 2019 | 5.30 | 5.20 | 1.80 |
| Feb 3, 2018 | 3.33 | 3.26 | 1.36 |
| Jan 28, 2017 | 3.86 | 3.81 | 1.57 |
| Jan 30, 2016 | 2.59 | 2.56 | 1.43 |
| Jan 31, 2015 | 3.53 | 3.49 | 0.72 |
| Feb 1, 2014 | 1.56 | 1.53 | 0.68 |
| Feb 2, 2013 | -1.30 | -1.30 | 0.66 |
| Mar 3, 2012 | -3.36 | -3.36 | 0.62 |
| Feb 26, 2011 | 3.14 | 3.08 | 0.58 |
| Feb 27, 2010 | 3.16 | 3.10 | 0.56 |
| Feb 28, 2009 | 2.43 | 2.39 | 0.54 |
| Mar 1, 2008 | 3.20 | 3.12 | 0.46 |
| Mar 3, 2007 | 2.86 | 2.79 | 0.36 |
| Feb 25, 2006 | 2.33 | 2.27 | 0.31 |
| Feb 26, 2005 | 2.01 | 1.96 | 0.28 |
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-KT (reporting date: 2013-02-02), 10-K (reporting date: 2012-03-03), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial trajectory from 2005 to 2022 is characterized by an initial growth phase, a period of significant volatility and losses, and a subsequent era of robust earnings expansion.
- Earnings Per Share Performance
- Basic and diluted earnings per share exhibited a steady climb from 2005 through 2008, with basic EPS rising from 2.01 to 3.20. A contraction occurred in 2009, followed by a brief stabilization in 2010 and 2011. A severe downturn was observed in 2012 and 2013, where basic EPS plummeted to -3.36 and -1.30, respectively, indicating substantial net losses. A strong recovery began in 2014, with earnings accelerating significantly over the following eight years to reach a peak of 9.94 basic EPS in 2022.
- Dividend Distribution Trends
- Dividend per share demonstrated a consistent upward trend for the majority of the observed period. Starting at 0.28 in 2005, payments grew steadily through 2016. Notably, dividend distributions remained resilient during the earnings troughs of 2012 and 2013, continuing to increase from 0.62 to 0.66. After a slight reduction in 2018 to 1.36, dividends entered a phase of rapid growth, reaching 2.80 by 2022.
- Comparative Analysis of Basic and Diluted EPS
- The variance between basic and diluted earnings per share remained minimal throughout the entire period. This narrow gap suggests that dilutive securities had a negligible impact on the earnings attributable to common shareholders, maintaining a high level of consistency between the two metrics.
- Earnings-to-Dividend Correlation
- While earnings experienced extreme volatility—specifically the sharp decline between 2012 and 2013—the dividend policy remained largely decoupled from short-term earnings fluctuations. The steady increase in dividends during periods of negative EPS suggests a strategic commitment to shareholder returns despite temporary operational losses.
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