---
schema_version: "secwatch.filing_event.v1"
accession: "0000764478-22-000041"
form_type: "8-K"
ticker: "BBY"
cik: "0000764478"
company_name: "BEST BUY CO INC"
filed_at: "2022-11-22T23:59:59+00:00"
generated_at: "2026-06-21T14:30:35.102463+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Best Buy Q3 revenue falls 11% to $10.6B, EPS $1.22; raises FY23 guidance, resumes buybacks

## Summary
- GAAP diluted EPS of $1.22 (down from $2.00); non-GAAP diluted EPS of $1.38 (down from $2.08).
- Enterprise comparable sales declined 10.4% (Domestic -10.5%, International -9.3%).
- Raises FY23 outlook: expects comparable sales decline of ~10% and non-GAAP operating income rate slightly above 4.0%.
- Resumes share repurchases; expects ~$1B in buybacks in FY23; declares quarterly dividend of $0.88/share payable Jan 3, 2023.
- Merchandise inventories $7.3B, down 14.7% YoY; restructuring costs of $26M in Q3.

## SEC filing metadata
- accession: 0000764478-22-000041
- form_type: 8-K
- ticker: BBY
- cik: 0000764478
- company_name: BEST BUY CO INC
- filed_at: 2022-11-22T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/0000764478-22-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/bby-20221122x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764478-22-000041
- JSON: https://secwatch.observer/filing/0000764478-22-000041.json
- Plain text: https://secwatch.observer/filing/0000764478-22-000041.txt

## Key facts
- Earnings Releases
  BEST BUY CO INC updated its FY23 guidance (raised).
  - Period: FY23
  - Guidance: raised
  - Result: guidance update
  source text: “We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged,” said Matt Bilunas, Best Buy CFO. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate 2 to be slightly higher than 4.0%.”
  evidence_url: https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/0000764478-22-000041-index.htm
- Earnings Releases
  BEST BUY CO INC reported Q3 FY23 ended October 29, 2022 results: revenue Enterprise $ 10,587, EPS GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08.
  - Period: Q3 FY23 ended October 29, 2022
  - Revenue: Enterprise $ 10,587
  - EPS: GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08
  - Result: reported results
  source text: Q3 FY23 Q3 FY22 Revenue ($ in millions) Enterprise $ 10,587 $ 11,910 Domestic segment $ 9,800 $ 10,985 International segment $ 787 $ 925 Enterprise comparable sales % change 1 (10.4) % 1.6 % Domestic comparable sales % change 1 (10.5) % 2.0 % Domestic comparable online sales % change 1 (11.6) % (10.1) % International comparable sales % change 1 (9.3) % (3.0) % Operating Income GAAP operating income as a % of revenue 3.4 % 5.6 % Non-GAAP operating income as a % of revenue 3.9 % 5.8 % Diluted Earnings per Share ("EPS") GAAP diluted EPS $ 1.22 $ 2.00 Non-GAAP diluted EPS $ 1.38 $ 2.08
  evidence_url: https://www.sec.gov/Archives/edgar/data/764478/000076447822000041/0000764478-22-000041-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.