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Fiscal 2025 Annual Report
A message from CEO Corie Barry Dear fellow shareholders, I am pleased to highlight the progress Best Buy has made during fiscal 2025 and share our plans for the year ahead. First, I want to extend my gratitude to our incredible team of more than 80,000 employees, whose remarkable creativity, commitment and enthusiasm continue to fuel Best Buy. Despite facing a volatile business environment, our employees remained steadfast in their focus on serving our customers. Their disciplined operational execution and deep commitment to creating inspiring experiences for consumers, helped Best Buy achieve positive comparable sales in the fourth quarter of the fiscal year. It was the first quarter of positive comparable sales growth since the third quarter of fiscal year 2022. This significant achievement underscores the team s talent and resilience. We also launched our bold, new branding and, in partnership with our vendors, made strategic investments in both our digital business and our instore experiences. By emphasizing personalization and igniting elements of discovery, these investments have elevated customer experiences across all touchpoints. Our My Best Buy membership program had higher engagement across all three tiers and ended the year with nearly 8 million paid members. My Best Buy not only provides value to members but also serves as a source of growth for our rich, first-party data. Our data, in turn, fuels other major initiatives, like our retail media network, Best Buy Ads. We continued to build and scale new profit streams, setting the stage, we believe, for accelerated growth. We expect fiscal 2026 will be pivotal for Best Buy Ads, and we anticipate that the rollout of our U.S. Marketplace will provide further growth opportunities and better experiences for our customers in our core business. In addition, we returned $1.3 billion to shareholders through share repurchases and dividends. We continued to demonstrate our commitment to being a premium dividend payer and increased our quarterly dividend to $0.95 per share in fiscal 2026. We are incredibly proud of the fact that we have raised our quarterly dividend for 12 consecutive years. As we stay focused on optimizing our business and unique position in the market, I strongly believe that the true key to success lies in the passion and talent of our people. Our ongoing efforts in onboarding, training and fostering a stable and engaging culture led to remarkable achievements, and I am truly energized by the results. In fiscal 2025, we had the lowest employee turnover in six years and achieved record high employee engagement scores.
Our dedication to each team member is grounded in the company s values and amplified by our commitment to a culture of belonging. One of our core values is unleashing the power of our people not just one, but all of our employees. We fundamentally believe that creating a vibrant culture generates better business outcomes and creates a place where every employee can bring their best qualities, driving long-term value creation. Priorities for the year ahead As we enter fiscal 2026, we are excited to build on the momentum from this past year. Technology is part of everything we do, from routine tasks to discovering innovative ways to unlock potential. This is where Best Buy s unique approach truly shines. As the leading specialty consumer electronics retailer offering a full range of products, services, and expert guidance, we don t just help customers make the most of their technology we inspire them to explore the possibilities they never imagined. This unique combination is what empowers us to bring our vision to life: to humanize and personalize technology solutions for every stage of life. As we look ahead, we believe there are exciting opportunities for the consumer electronics industry. This is supported by three key trends: 1. Drive omnichannel experience improvements that resonate with our customers. 2. Launch and scale incremental profit streams, including Best Buy Marketplace and Best Buy Ads. 3. Drive operational effectiveness and efficiency to fund strategic investments and offset pressures. Of course, these priorities are intertwined and work seamlessly together, as a great customer experience drives the level of opportunity to generate incremental profit streams. This interconnected progress will carry us further forward, with an eye toward even greater momentum in the long-term. I am incredibly proud of and inspired by the progress and momentum this adaptable team has created together. They have done so in ways that have been core to Best Buy since our founding in 1966, and that s by carefully and thoughtfully balancing the needs of our teams, customers, vendor partners, communities and shareholders. Our future is full of opportunity, and I look forward to our many possibilities ahead. Thank you, shareholders, for your continued support of this extraordinary company. Respectfully, 1. The pandemic drove incremental growth, creating a larger install base of technology products in consumers homes. 2. Continued demand is driven by natural upgrade and replacement cycles, fueled by both necessity and the desire for improved performance. Corie Barry Barry, CEO CEO, Best Buy Co., Inc. 3. Innovation is the cornerstone of this industry and is becoming more purposeful and impactful, focusing on enhancements that are meaningful to customers. With that in mind, our focus for the year is to strengthen our position in retail as the leading omnichannel destination for technology, while at the same time building and scaling new profit streams that we believe will drive robust returns in the future. We have set three priorities to achieve this. This report contains forward-looking statements. Please refer to CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 in the accompanying Annual Report on Form 10-K for further information.
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BBY Shareholder/Stockholder Letter Transcript:

Fiscal 2025
Annual Report


A message from
CEO Corie Barry
Dear fellow
shareholders,
I am pleased to highlight the progress Best Buy has
made during fiscal 2025 and share our plans for the
year ahead.
First, I want to extend my gratitude to our incredible
team of more than 80,000 employees, whose
remarkable creativity, commitment and enthusiasm
continue to fuel Best Buy.
Despite facing a volatile business environment, our
employees remained steadfast in their focus on
serving our customers. Their disciplined operational
execution and deep commitment to creating
inspiring experiences for consumers, helped Best
Buy achieve positive comparable sales in the fourth
quarter of the fiscal year. It was the first quarter
of positive comparable sales growth since the
third quarter of fiscal year 2022. This significant
achievement underscores the team   s talent and
resilience.
We also launched our bold, new branding and,
in partnership with our vendors, made strategic
investments in both our digital business and our instore experiences. By emphasizing personalization
and igniting elements of discovery, these
investments have elevated customer experiences
across all touchpoints.
Our My Best Buy membership program had higher
engagement across all three tiers and ended the year
with nearly 8 million paid members. My Best Buy not
only provides value to members but also serves as
a source of growth for our rich, first-party data. Our
data, in turn, fuels other major initiatives, like our
retail media network, Best Buy Ads.
We continued to build and scale new profit streams,
setting the stage, we believe, for accelerated growth.
We expect fiscal 2026 will be pivotal for Best Buy
Ads, and we anticipate that the rollout of our U.S.
Marketplace will provide further growth opportunities
    and better experiences for our customers     in our
core business.
In addition, we returned $1.3 billion to shareholders
through share repurchases and dividends. We
continued to demonstrate our commitment to
being a premium dividend payer and increased our
quarterly dividend to $0.95 per share in fiscal 2026.
We are incredibly proud of the fact that we have
raised our quarterly dividend for 12 consecutive
years.
As we stay focused on optimizing our business and
unique position in the market, I strongly believe that
the true key to success lies in the passion and talent
of our people. Our ongoing efforts in onboarding,
training and fostering a stable and engaging culture
led to remarkable achievements, and I am truly
energized by the results. In fiscal 2025, we had the
lowest employee turnover in six years and achieved
record high employee engagement scores.

Our dedication to each team member is grounded
in the company   s values and amplified by our
commitment to a culture of belonging. One of
our core values is unleashing the power of our
people     not just one, but all of our employees. We
fundamentally believe that creating a vibrant culture
generates better business outcomes and creates
a place where every employee can bring their best
qualities, driving long-term value creation.
Priorities for the year ahead
As we enter fiscal 2026, we are excited to build on
the momentum from this past year.
Technology is part of everything we do, from routine
tasks to discovering innovative ways to unlock
potential. This is where Best Buy   s unique approach
truly shines. As the leading specialty consumer
electronics retailer offering a full range of products,
services, and expert guidance, we don   t just help
customers make the most of their technology    
we inspire them to explore the possibilities they
never imagined. This unique combination is what
empowers us to bring our vision to life: to humanize
and personalize technology solutions for every stage
of life.
As we look ahead, we believe there are exciting
opportunities for the consumer electronics industry.
This is supported by three key trends:
1. Drive omnichannel experience improvements that
resonate with our customers.
2. Launch and scale incremental profit streams,
including Best Buy Marketplace and Best Buy Ads.
3. Drive operational effectiveness and efficiency to
fund strategic investments and offset pressures.
Of course, these priorities are intertwined and work
seamlessly together, as a great customer experience
drives the level of opportunity to generate
incremental profit streams. This interconnected
progress will carry us further forward, with an eye
toward even greater momentum in the long-term.
I am incredibly proud of and inspired by the progress
and momentum this adaptable team has created
together. They have done so in ways that have been
core to Best Buy since our founding in 1966, and
that   s by carefully and thoughtfully balancing the
needs of our teams, customers, vendor partners,
communities and shareholders. Our future is full
of opportunity, and I look forward to our many
possibilities ahead.
Thank you, shareholders, for your continued support
of this extraordinary company.
Respectfully,
1. The pandemic drove incremental growth, creating
a larger install base of technology products in
consumers    homes.
2. Continued demand is driven by natural upgrade
and replacement cycles, fueled by both necessity
and the desire for improved performance.
Corie Barry
Barry, CEO
CEO,
Best Buy Co., Inc.
3. Innovation is the cornerstone of this industry and
is becoming more purposeful and impactful,
focusing on enhancements that are meaningful to
customers.
With that in mind, our focus for the year is to
strengthen our position in retail as the leading omnichannel destination for technology, while at the same
time building and scaling new profit streams that we
believe will drive robust returns in the future. We have
set three priorities to achieve this.
This report contains forward-looking statements. Please refer to
   CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995    in the accompanying Annual Report
on Form 10-K for further information.



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