BEYOND, INC.
For the period ended Jun 30, 2025. Filed Jul 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 29, 2025
NXH$1.66-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-29.
0001130713-25-000041
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-29.
0001130713-25-000057
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 94 current paragraphs.
52 unchanged; 30 reworded; 12 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Bed Bath & Beyond's strategic priorities include curating stylish, high-quality assortments to make product selection intuitive and affordable, in addition to enhancing offerings with trusted aspirational brands. Our goal is to transform the customer experience by building trust, creating life-stage experiences, and consistently delivering inspiration, quality, and value.
Current report
General and administrative expenses decreased $4.4 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to a reduction in staff-related expenses and third-party vendor costs.
Current report
Customer service and merchant fees decreased $5.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to decreased order volume and decreased outsourced labor.
Current report
The 34.1% decrease in net revenue for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a 40% decrease in orders delivered. The decrease was partially offset by a 10% increase in average order value. The decrease in orders delivered was driven by a decline in website visits influenced in part by a shift in consumer spending preferences and macroeconomic factors impacting consumer sentiment and the home furnishings industry as well as a reduction in overall sales and marketing spend as we focus on improving more efficient traffic channels and refine our assortment. The increase in average order value was largely driven by orders mixing into categories with higher average unit retail price.
Current report
Gross profit for the six months ended June 30, 2025 decreased 19.0% compared to the same period in 2024, primarily due to a decrease in revenue. Gross margin increased to 24.3% for the six months ended June 30, 2025, compared to 19.8% for the same period in 2024, primarily due to merchandising actions as well as a reduction in carrier costs and return costs.
Current report
The 320 basis point decrease in sales and marketing expenses as a percent of net revenue for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to decreased performance marketing expense, brand advertising and improvements in return on advertising spend ("ROAS") and email marketing channel effectiveness.
Current report
The $7.0 million decrease in technology expenses for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a reduction in staff-related expenses.
Current report
The $10.6 million decrease in general and administrative expenses for the six months ended June 30, 2025, as compared to the same period in 2024 was primarily due to a reduction in staff-related expenses and third-party vendor costs.
Current report
The $10.3 million decrease in customer service and merchant fees for the six months ended June 30, 2025, as compared to the same period in 2024 was primarily due to decreased order volume and decreased outsourced labor.
Current report
Other income (expense), net
Current report
The $4.3 million unfavorable change in other income (expense), net for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily attributable to a $4.8 million decrease in gains recognized on the sale of intangible assets.
Current report
On July 4, 2025, the reconciliation bill, or One Big Beautiful Bill Act (the "OBBBA") was signed into law, which includes a broad range of tax reform provisions that may affect the Company's financial results. The OBBBA allows an elective deduction for domestic Research and Development (R&D), a reinstatement of elective 100% first-year bonus depreciation, and a more favorable tax rate on Foreign-derived Deduction Eligible Income, among other provisions. The OBBBA is not currently expected to materially impact the Company's effective tax rate or cash flows in the current fiscal year.
Removed paragraphs (4)
Previous report
Bed Bath & Beyond's strategic priorities include assortment curation to elevate product quality levels and improve ease of selection, as well as the addition of aspirational brands to elevate the curated shopping experience. Our goal is to elevate our website and customer engagement by fostering emotional connections, building trust, and delivering compelling, value-driven experiences.
Previous report
General and administrative expenses decreased $6.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to a reduction in staff-related expenses.
Previous report
Customer service and merchant fees decreased $4.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to decreased order volume.
Previous report
Other expense, net
Reworded paragraphs (30)
Previous wording
We are an e-commerce affinity marketing company that owns or has ownership interests in various retail brands with the aim of offering a comprehensive array of products and services that enable its customers the ability to unlock their homes' potential while supporting their families and all of life's milestones. In addition, we also offer an increasing number of add-on services across our platforms, including warranties, shipping insurance, installation services, and access to home loans. We will also be expanding our global loyalty program, Beyond +, to encompass all affiliated entities across our cooperative in order to incentivize customer retention within our growing ecosystem. We currently own Overstock, Bed Bath & Beyond, and buybuy BABY. As used herein, "Beyond," "the Company," "we," "our" and similar terms include Beyond, Inc. and its controlled subsidiaries, unless the context indicates otherwise.
Current wording
Beyond, Inc. is an ecommerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. In addition, we also offer an increasing number of add-on services across our platforms, including warranties, shipping insurance, and installation services. We will also be expanding our loyalty program, Beyond +, to encompass all affiliated entities across our cooperative in order to incentivize customer retention within our growing ecosystem. We currently own Overstock, Bed Bath & Beyond, and buybuy BABY. As used herein, "Beyond," "the Company," "we," "our" and similar terms include Beyond, Inc. and its controlled subsidiaries, unless the context indicates otherwise.
Previous wording
Through our Bed Bath & Beyond brand, we aim to provide an extensive array of home-related products tailored specifically for our target customers - consumers who seek comprehensive support throughout their shopping journey, aspiring to discover quality, stylish products at competitive prices that align with their budget requirements. We regularly refresh our product assortment to reflect the evolving preferences of our customers and aim to stay aligned with current trends. The mission of this brand is to achieve category-leading ownership of four distinct rooms of the home: the bedroom, the bathroom, the kitchen, and the patio, and our goal is for our assortment to include not only core legacy categories like bedding and kitchenware, but also adjacent categories like bedroom and outdoor furniture and rugs. Furniture across all rooms continues to play a critical role in our strategy, as we expand our presence in both essential and style-driven home furnishing categories. Leveraging an asset-light supply chain, we offer direct shipping to customers from both our suppliers and our leased warehouse.
Current wording
Through the Bed Bath & Beyond brand, we aim to provide an extensive array of home-related products tailored specifically for our target customers - consumers who seek comprehensive support throughout their shopping journey, aspiring to discover quality, stylish products at competitive prices that align with their budget requirements. We regularly refresh our product assortment to reflect the evolving preferences of our customers and aim to stay aligned with current trends. The mission of this brand is to achieve category-leading ownership of four distinct rooms of the home: the bedroom, the bathroom, the kitchen, and the patio, and our goal is for the assortment to include not only core legacy categories like bedding and kitchenware, but also adjacent categories like bedroom and outdoor furniture and rugs. Furniture across all rooms continues to play a critical role in our strategy. Leveraging an asset-light supply chain, direct shipping is offered to customers from both our suppliers and third-party logistics providers.
Previous wording
Through our Overstock brand, we aim to provide a wide array of quality goods at discounted prices, and a treasure hunt-like experience for our target customers - consumers who are highly engaged, very accustomed to purchasing online, and actively seeking great deals. The mission of this brand is to delight our customers by offering them deals on products they will love. Our product assortment includes home categories such as indoor and outdoor furniture, rugs, décor, and lighting, as well as lifestyle categories such as jewelry and watches, apparel and accessories, sports and outdoor, and beauty and wellness.
Current wording
Through the Overstock brand, we aim to provide a wide array of quality goods at discounted prices, and a treasure hunt-like experience for our target customers - consumers who are highly engaged, very accustomed to purchasing online, and actively seeking great deals. The mission of this brand is to delight our customers by offering deals on products they will love. Our product assortment includes home categories such as indoor and outdoor furniture, rugs, décor, and lighting, as well as lifestyle categories such as jewelry and watches, apparel and accessories, and designer shoes and handbags.
Previous wording
Our recent buybuy BABY acquisition allows us to reunite two traditionally related brands, Bed Bath & Beyond and buybuy BABY, and support our customers through key life stage shopping moments.
Current wording
The recent buybuy BABY acquisition allows us to reunite two traditionally related brands, Bed Bath & Beyond and buybuy BABY, and support our customers through key life stage shopping moments.
Previous wording
Revenue decreased 39.4% for the three months ended March 31, 2025, compared to the same period in 2024. This decrease was primarily due to a 46% decrease in orders delivered. The decrease was partially offset by a 12% increase in average order value. The decrease in orders delivered was driven by a decline in website visits influenced in part by a shift in consumer spending preferences and macroeconomic factors impacting consumer sentiment and the home furnishings industry as well as a reduction in overall sales and marketing spend as we focus on reducing spend by improving more efficient traffic channels. The increase in average order value was largely driven by the seasonality of orders mixing into categories with higher average unit retail price.
Current wording
Revenue decreased 29.1% for the three months ended June 30, 2025, compared to the same period in 2024. This decrease was primarily due to a 34% decrease in orders delivered. The decrease was partially offset by a 7% increase in average order value. The decrease in orders delivered was driven by a decline in website visits influenced in part by a shift in consumer spending preferences and macroeconomic factors impacting consumer sentiment and the home furnishings industry as well as a reduction in overall sales and marketing spend as we focus on improving more efficient traffic channels and refine our assortment. The increase in average order value was largely driven by the seasonality of orders mixing into categories with higher average unit retail price.
Previous wording
Gross profit decreased 21.8% for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to a decrease in revenue. Gross margin increased to 25.1% for the three months ended March 31, 2025, compared to 19.5% for the same period in 2024, primarily driven by merchandising actions and a reduction in carrier costs.
Current wording
Gross profit decreased 16.5% for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to a decrease in revenue. Gross margin increased to 23.7% for the three months ended June 30, 2025, compared to 20.1% for the same period in 2024, primarily driven by merchandising actions as well as a reduction in carrier costs and return costs.
Previous wording
Sales and marketing expenses as a percent of revenue decreased from 17.8% for the three months ended March 31, 2024 to 13.5% for the three months ended March 31, 2025, primarily due to decreased performance marketing expense and brand advertising.
Current wording
Sales and marketing expenses as a percent of revenue decreased from 16.7% for the three months ended June 30, 2024 to 13.5% for the three months ended June 30, 2025, primarily due to decreased performance marketing expense, brand advertising and improvements in return on advertising spend ("ROAS") and email marketing channel effectiveness.
Previous wording
Technology expenses totaled $26.7 million for the three months ended March 31, 2025, a $2.9 million decrease compared to the three months ended March 31, 2024, primarily due to a reduction in staff-related expenses.
Current wording
Technology expenses totaled $23.2 million for the three months ended June 30, 2025, a $4.1 million decrease compared to the three months ended June 30, 2024, primarily due to a reduction in staff-related expenses.
Previous wording
Our consolidated cash and cash equivalents balance decreased from $159.2 million as of December 31, 2024, to $114.6 million as of March 31, 2025.
Current wording
Our consolidated cash and cash equivalents balance decreased from $159.2 million as of December 31, 2024, to $120.6 million as of June 30, 2025.
Previous wording
Comparisons of Three Months Ended March 31, 2025 to Three Months Ended March 31, 2024
Current wording
Comparisons of Three Months Ended June 30, 2025 to Three Months Ended June 30, 2024, and Six Months Ended June 30, 2025 to Six Months Ended June 30, 2024
Previous wording
The 39.4% decrease in net revenue for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a 46% decrease in orders delivered. The decrease was partially offset by a 12% increase in average order value. The decrease in orders delivered was driven by a decline in website visits influenced in part by a shift in consumer spending preferences and macroeconomic factors impacting consumer sentiment and the home furnishings industry as well as a reduction in overall sales and marketing spend as we focus on reducing spend by improving more efficient traffic channels. The increase in average order value was largely driven by the seasonality of orders mixing into categories with higher average unit retail price.
Current wording
The 29.1% decrease in net revenue for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a 34% decrease in orders delivered. The decrease was partially offset by a 7% increase in average order value. The decrease in orders delivered was driven by a decline in website visits influenced in part by a shift in consumer spending preferences and macroeconomic factors impacting consumer sentiment and the home furnishings industry as well as a reduction in overall sales and marketing spend as we focus on improving more efficient traffic channels and refine our assortment. The increase in average order value was largely driven by the seasonality of orders mixing into categories with higher average unit retail price.
Previous wording
International net revenues were less than 7% of total net revenues for each of the three months ended March 31, 2025 and 2024.
Current wording
International net revenues were less than 6% of total net revenues for each of the three and six months ended June 30, 2025 and 2024.
Previous wording
Gross margins for the past five quarterly periods and fiscal year ending 2024 were:
Current wording
Gross margins for the past six quarterly periods and fiscal year ending 2024 were:
Previous wording
Gross profit for the three months ended March 31, 2025 decreased 21.8% compared to the same period in 2024, primarily due to a decrease in revenue. Gross margin increased to 25.1% for the three months ended March 31, 2025, compared to 19.5% for the same period in 2024, primarily driven by merchandising actions and a reduction in carrier costs.
Current wording
Gross profit for the three months ended June 30, 2025 decreased 16.5% compared to the same period in 2024, primarily due to a decrease in revenue. Gross margin increased to 23.7% for the three months ended June 30, 2025, compared to 20.1% for the same period in 2024, primarily driven by merchandising actions as well as a reduction in carrier costs and return costs.
Previous wording
The 430 basis point decrease in sales and marketing expenses as a percent of net revenue for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to decreased performance marketing expense and brand advertising.
Current wording
The 370 basis point decrease in sales and marketing expenses as a percent of net revenue for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to decreased performance marketing expense and brand advertising and improvements in the performance of owned marketing channels.
Previous wording
The $2.9 million decrease in technology expenses for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a reduction in staff-related expenses.
Current wording
The $4.1 million decrease in technology expenses for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a reduction in staff-related expenses.
Previous wording
The $6.1 million decrease in general and administrative expenses for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a reduction in staff-related expenses.
Current wording
The $4.4 million decrease in general and administrative expenses for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to a reduction in staff-related expenses and third-party vendor costs.
Previous wording
The $4.6 million decrease in customer service and merchant fees for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to decreased order volume.
Current wording
The $5.7 million decrease in customer service and merchant fees for the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to decreased order volume and decreased outsourced labor.
Previous wording
The $1.9 million decrease in other expense, net for the three months ended March 31, 2025 as compared to the same period in 2024, was primarily due to a $1.4 million decrease in loss recognized from our equity method securities.
Current wording
The $2.4 million unfavorable change in other income (expense), net for the six months ended June 30, 2025, as compared to the same period in 2024, was primarily attributable to a $4.5 million decrease in gains recognized on the sale of intangible assets, partially offset by a $2.6 million decrease in loss recognized from our equity method securities.
Previous wording
Our provision for income tax for the three months ended March 31, 2025 and 2024 was $194,000 and $329,000, respectively. The effective tax rate for the three months ended March 31, 2025 and 2024 was (0.5)% and (0.4)%, respectively. Our tax provision and rate differs from the statutory federal income tax rate of 21% primarily due to year-to-date losses on our retail operations for which tax benefits are limited.
Current wording
Our provision for income tax for the three months ended June 30, 2025 and 2024 was $287,000 and $117,000, respectively. The effective tax rate for the three months ended June 30, 2025 and 2024 was (1.5)% and (0.3)%, respectively. Our provision for income tax for the six months ended June 30, 2025 and 2024 was $481,000 and $446,000, respectively. The effective tax rate for the six months ended June 30, 2025 and 2024 was (0.8)% and (0.4)%, respectively. Our tax provision and rate differs from the statutory federal income tax rate of 21% primarily due to year-to-date losses on our retail operations for which tax benefits are limited.
Previous wording
Our principal sources of liquidity are existing cash and cash equivalents and accounts receivable, net. At March 31, 2025, we had $114.6 million of cash and cash equivalents and $18.1 million of accounts receivable, net of allowance for credit losses.
Current wording
Our principal sources of liquidity are existing cash and cash equivalents and accounts receivable, net. At June 30, 2025, we had $120.6 million of cash and cash equivalents and $23.3 million of accounts receivable, net of allowance for credit losses.
Previous wording
On April 3, 2025, the Company entered into a standby letter of credit agreement with BMO Bank N.A. in an initial amount of $5.0 million, expiring on April 3, 2026. The letter of credit was issued in favor of one of the Company's payment processors as a financial guarantee in connection with ongoing payment processing operations. In accordance with the terms of the agreement with the Company's payment processor, the letter of credit is expected to be increased by $3.0 million, 30 days following the initial issuance, and further increased by an additional $3.0 million, 60 days following the initial issuance. Upon completion of these scheduled increases, the total letter of credit is expected to be valued at $11.0 million.
Current wording
During the second quarter of 2025, the Company entered into a standby letter of credit agreement with BMO Bank N.A. valued at $6.5 million. The letter of credit was issued in favor of one of the Company's payment processors as a financial guarantee in connection with ongoing payment processing operations.
Previous wording
We entered into a Sales Agreement dated June 10, 2024 with JonesTrading, under which have conducted and may in the future conduct "at the market" public offerings of our common stock. Under the Sales Agreement, JonesTrading, acting as our sales agent or principal, may offer our common stock in the market on a daily basis or otherwise as we request from time to time. At March 31, 2025, we had $136.3 million available under our "at the market" sales program. We have no obligation to sell additional shares under the Sales Agreement, but we may do so from time to time. Under the agreement, we will pay JonesTrading up to a 2% sales commission on all sales. For the three months ended March 31, 2025, we sold 3,486,895 shares of our common stock pursuant to the Sales Agreement and have recognized $19.5 million in proceeds, net of $398,000 of offering costs, including commissions paid to JonesTrading.
Current wording
We entered into a Sales Agreement dated June 10, 2024 with JonesTrading, under which we have conducted and may in the future conduct "at the market" public offerings of our common stock. Under the Sales Agreement, JonesTrading, acting as our sales agent or principal, may offer our common stock in the market on a daily basis or otherwise as we request from time to time. At June 30, 2025, we had $131.4 million available under our "at the market" sales program. We have no obligation to sell additional shares under the Sales Agreement, but we may do so from time to time. Under the agreement, we will pay JonesTrading up to a 2% sales commission on all sales. For the six months ended June 30, 2025, we sold 4,331,713 shares of our common stock pursuant to the Sales Agreement and have recognized $24.2 million in proceeds, net of $495,000 of offering costs, including commissions paid to JonesTrading.
Previous wording
The $34.6 million of net cash used in operating activities during the three months ended March 31, 2024 was primarily due to loss from operating activities adjusted for non-cash items of $46.0 million offset by cash provided by changes in operating assets and liabilities of $11.4 million.
Current wording
The $35.1 million of net cash used in operating activities during the six months ended June 30, 2025, was primarily due to loss from operating activities adjusted for non-cash items of $25.3 million and cash used by changes in operating assets and liabilities of $9.8 million.
Previous wording
The $50.9 million of net cash used in operating activities during the three months ended March 31, 2025 was primarily due to loss from operating activities adjusted for non-cash items of $16.3 million and cash used by changes in operating assets and liabilities of $34.6 million with $15.0 million used for the purchase of inventory and the remainder primarily due to timing of partner and marketing payments.
Current wording
The $110.5 million of net cash used in operating activities during the six months ended June 30, 2024, was primarily due to loss from operating activities adjusted for non-cash items of $80.8 million and cash used by changes in operating assets and liabilities of $29.7 million.
Previous wording
For the three months ended March 31, 2025, investing activities resulted in a net cash outflow of $13.1 million, primarily due to $8.0 million for purchases of equity securities, $5.2 million for purchases of intangible assets, and $1.2 million of expenditures for property and equipment, offset by $1.3 million of proceeds received from the sale of intangible assets.
Current wording
For the six months ended June 30, 2025, investing activities resulted in a net cash outflow of $20.2 million, primarily due to $8.0 million for purchases of equity securities, $5.2 million for disbursement of notes receivable to Kirkland's, $5.2 million for purchases of intangible assets, and $3.0 million of expenditures for property and equipment, offset by $1.3 million of proceeds received from the sale of intangible assets.
Previous wording
For the three months ended March 31, 2024, investing activities resulted in a net cash outflow of $9.1 million, primarily due to $5.7 million for purchases of intangible assets and $3.4 million of expenditures for property and equipment.
Current wording
For the six months ended June 30, 2024, investing activities resulted in a net cash outflow of $3.3 million, primarily due to $8.0 million of expenditures for property and equipment and $6.2 million for purchases of intangible assets, offset by $10.3 million of proceeds received from the sale of intangible assets.
Previous wording
For the three months ended March 31, 2025, financing activities resulted in a net cash inflow of $19.5 million, primarily due to $19.5 million in net proceeds from the sales of our common stock pursuant to our "at the market" public offering, net of offering costs.
Current wording
For the six months ended June 30, 2025, financing activities resulted in a net cash inflow of $16.7 million, primarily due to $24.2 million in net proceeds from the sales of our common stock pursuant to our "at the market" public offering, net of offering costs, offset by $6.5 million payments on short-term debt.
Previous wording
For the three months ended March 31, 2024, financing activities resulted in a net cash outflow of $2.5 million, primarily due to $3.2 million for payment of taxes withheld upon vesting of employee stock awards.
Current wording
For the six months ended June 30, 2024, financing activities resulted in a net cash outflow of $2.6 million, primarily due to $3.3 million for payment of taxes withheld upon vesting of employee stock awards.
Previous wording
We are involved in various tax matters, the outcomes of which are uncertain. As of March 31, 2025, accrued tax contingencies were $3.7 million. Changes in federal, foreign, state, and local tax laws may increase our tax contingencies. The timing of the resolution of income tax contingencies is highly uncertain, and the amounts ultimately paid, if any, upon resolution of issues raised by the taxing authorities may differ from the amounts accrued. It is reasonably possible that within the next 12 months we will receive additional assessments by various tax authorities. These assessments may or may not result in changes to our contingencies related to positions on prior years' tax filings.
Current wording
We are involved in various tax matters, the outcomes of which are uncertain. As of June 30, 2025, accrued tax contingencies were $3.8 million. Changes in federal, foreign, state, and local tax laws may increase our tax contingencies. The timing of the resolution of income tax contingencies is highly uncertain, and the amounts ultimately paid, if any, upon resolution of issues raised by the taxing authorities may differ from the amounts accrued. It is reasonably possible that within the next 12 months we will receive additional assessments by various tax authorities. These assessments may or may not result in changes to our contingencies related to positions on prior years' tax filings.