Best Buy (BBY) Q3 2026 earnings

Best buy It raised its full-year forecast on Tuesday, beating Wall Street’s quarterly sales forecasts and customers turning to the retailer to upgrade tech devices and spend on new computers, gaming consoles and smartphones.

The consumer electronics retailer said it now expects revenue of $41.65 billion to $41.95 billion for the full year, higher than its previous range of $41.1 billion to $41.9 billion. It expects adjusted earnings per share to be between $6.25 and $6.35, compared to its prior range of $6.15 to $6.30.

Best Buy said it expects full-year comparable sales, a measure that tracks sales online and in stores open at least 14 months, to range from a 0.5% rise to a 1.2% increase, compared with its previous forecast of a 1% decline and 1% rise.

In the company’s press release, CEO Corey Barry said Best Buy saw “better than expected sales” for the quarter due to strong results in computing, gaming and mobile. She said sales have grown through her website and stores.

“We are demonstrating the unique strength of our model as customers need to upgrade or replace their consumer electronics and new products and innovations come to market,” Barry said.

She said the quarterly results “position us well for an exciting holiday season.”

Here’s what the retailer did for the three-month period ending Nov. 1 compared to what Wall Street was expecting, according to a survey of analysts by LSEG:

• Earnings per share: $1.40 revised vs. $1.31 expected
• profit: $9.67 billion compared to $9.59 billion expected

Best Buy has been waiting for some of the key catalysts that tend to drive its business, such as higher housing turnover that leads to appliance purchases, technology innovations that spark demand for appliances and expert advice, and a growing willingness on the part of inflation-weary consumers to spend money on discretionary items.

Some of these tech innovations appear to be gaining momentum with sales of the Nintendo Switch 2, new iPhones, and AI-enabled laptops. The company described these merchandise categories as strengths in the most recent three-month period.

Best Buy’s net income for the fiscal third quarter fell to $140 million, or 66 cents per share, from net income of $273 million, or $1.26 per share, in the same period last year.

Revenues rose from $9.45 billion in the same quarter last year.

Best Buy’s comparable sales rose 2.7% year over year. In the United States, the measure jumped 2.4%, as shoppers bought computers, gaming systems and mobile phones, but fewer consoles and home theaters.

Best Buy’s annual revenue has declined over the past three years. With the updated guidance, the company expects annual revenue to be slightly higher than last year’s total of $41.53 billion.

As of Monday’s close, Best Buy shares were down about 12% so far this year. This compares to a 14% gain for the S&P 500 over the same period.

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