What changed in this filing

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Item 1. Business

2026-03-18 compared with 2025-03-19 · 38 added, 37 removed, 134 unchanged (36% of the section changed)

11 unchanged sentences

The Domestic segment is comprised of our operations in all states, districts and territories of the U.S.

and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Current Health, Geek Squad, Imagine That, Insignia, Lively, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird;

and the domain names bestbuy.com, currenthealth.com, lively.com, techliquidators.com and yardbird.com.

Our International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Express, Best Buy Mobile, Geek Squad and TechLiquidators and the domain names bestbuy.ca and techliquidators.ca.

and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Imagine That, Insignia, Lively, Jitterbug, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird;

and the domain names bestbuy.com, lively.com, techliquidators.com and yardbird.com.

Our International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Express, Best Buy Marketplace, Best Buy Mobile, Geek Squad, Insignia and TechLiquidators and the domain names bestbuy.ca and techliquidators.ca.

Our Domestic and International segments are managed by leadership teams responsible for all areas of the business.

6 unchanged sentences

While day-to-day operations of our stores are led by store management, more strategic decisions regarding, for example, store locations, format, category assortment and fulfillment strategy, are led by our corporate teams with input from market or regional leadership.

Our Best Buy Health business has a dedicated leadership team that manages the day-to-day affairs of all aspects of its business, while receiving support from certain Best Buy enterprise capabilities.

Merchandise and Services

4 unchanged sentences

• Appliances - large appliances (including dishwashers, laundry, ovens and refrigerators) and small appliances (including blenders, coffee makers, vacuums and personal care);

 Entertainment - drones, gaming (including hardware, peripherals and software), movies, toys, virtual reality and other software;

 Services - delivery, health-related services, installation, memberships, repair, set-up, technical support and warranty-related services;

• Entertainment - drones, gaming (including hardware, peripherals and software, as well as augmented reality glasses), toys, virtual reality and other software;

• Services - advertising, delivery, health-related services, installation, marketplace commissions, memberships, repair, set-up, technical support, warranty-related services;

• Other - other product offerings, including baby, food and beverage and outdoor living.

5 unchanged sentences

Our Domestic and International segments purchase merchandise from a variety of suppliers.

In fiscal 2025, our 20 largest suppliers accounted for approximately 80% of the merchandise we purchased, with five suppliers – Apple, Samsung, HP, Sony and LG – representing approximately 55% of total merchandise purchased.

In fiscal 2026, our 20 largest suppliers accounted for approximately 80% of the merchandise we purchased, with five suppliers – Apple, Samsung, HP, LG and Sony – representing approximately 55% of total merchandise purchased.

We generally do not have long-term written contracts with our vendors that would require them to continue supplying us with merchandise or that secure any of the key terms of our arrangements.

9 unchanged sentences

Intellectual Property

We own or have the right to use valuable intellectual property such as trademarks, service marks and trade names, including, but not limited to, Best Buy, Best Buy Ads, Best Buy Essentials, Best Buy Express, Best Buy Health, Best Buy Marketplace, Current Health, Geek Squad, Imagine That, Insignia, Jitterbug, Lively, Magnolia, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, Pacific Sales, Rocketfish , TechLiquidators , Yardbird and our Yellow Tag logo.

We own or have the right to use valuable intellectual property such as trademarks, service marks and trade names, including, but not limited to, Best Buy, Best Buy Ads , Best Buy Business, Best Buy Essentials, Best Buy Express, Best Buy Health, Best Buy Marketplace, Geek Squad, Imagine That, Insignia, Jitterbug, Lively, Magnolia, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, Pacific Sales, Rocketfish, TechLiquidators , Yardbird and our Yellow Tag logo.

We have secured domestic and international trademark and service mark registrations for many of our brands.

31 unchanged sentences

• We monitor our water consumption across our business to identify and manage programs that lessen our dependence on water.

 To reduce waste and maximize resource efficiency, we continue our efforts to build a more sustainable supply chain by focusing on certifying our supply chain locations as TRUE zero waste .

Our focus on sustainable products centers on helping our customers reduce their impact on the environment through the products we sell.

We do this by providing a variety of energy-efficient products for our customers.

We also support the circular economy by keeping consumer products in use for as long as possible through our repair and trade-in services.

• To reduce waste and maximize resource efficiency, we continue to develop a more sustainable supply chain by certifying our supply chain locations under the TRUE zero waste program.

Our focus on sustainable products centers on energy efficiency.

By assorting and promoting a broad range of energy-efficient electronics and appliances, we help customers reduce their environmental impact and energy costs throughout the life of the product.

We support the circular economy by keeping consumer products in use for as long as possible through our repair and trade-in services.

We put materials back into the manufacturing process when products reach the end of their lives through our electronics and appliance recycling program.

In fiscal 2025, we continued to evolve our industry-leading e-waste recycling program and found additional ways to incentivize recycling.

Since launching our nationwide e-waste recycling program in 2008, we have continued to expand our industry leading efforts, and in fiscal 2026, we introduced new financial incentives, continued convenient mail-back options and enhanced home haul-away services to make recycling easier and more rewarding.

Human Rights and Responsible Sourcing

We are committed to respecting human rights through our alignment with the United Nations Guiding Principles on Business and Human Rights.

Further, across all the products and services we procure, we seek to mitigate risk and enhance our partnership with suppliers and create value for all stakeholders through our Responsible Sourcing Program.

Further, across the products and services we procure, we seek to mitigate risk and enhance our partnership with suppliers and create value for all stakeholders through our Responsible Sourcing Program.

We are active members of the Responsible Business Alliance, as are many of the major brands we sell, which allows us to partner across initiatives and increase our impact.

1 unchanged sentence

Social Impact

We are committed to helping teens build brighter futures and increasing access to technology for the tech-reliant careers of the future.

We believe our employee volunteer programs, like Geek Squad Academy, help to spark excitement and interest in technology for young learners while engaging our employees’ unique technical expertise.

Best Buy also serves as a fiscal sponsor of the Best Buy Foundation™, whose signature Best Buy Teen Tech Center® program consists of a network of youth-centered community hubs where teens can engage with the latest technology, learn career skills, and interact with safe and supportive mentors.

As of February 1, 2025, the Best Buy Foundation™ supported a network of 68 Best Buy Teen Tech Center ® locations across the U.S.

We are committed to helping young people build brighter futures by preparing them to enter quality tech-reliant careers of the future.

We are refreshing our community commitments to focus on creating economic opportunity for young people as they chart their path from education to employment.

This includes working with a community of like-minded employers moving beyond traditional hiring models, valuing skills over credentials to build a dynamic, resilient workforce.

Similarly, our employee volunteer programs, like Geek Squad Academy, spark excitement and interest in technology for young learners while engaging our employees’ unique technical expertise.

Best Buy serves as a fiscal sponsor of the Best Buy Foundation™, whose Best Buy Teen Tech Center® program consists of a network of youth-centered community hubs where young people can connect with the latest technology, learn career skills and engage with supportive mentors in safe environments to ensure young people are prepared for the demands of today's economy.

Human Capital Management

3 unchanged sentences

Inclusion and Belonging

We believe in an inclusive work environment with a culture of belonging where everyone feels valued, can thrive and has equal opportunities at all levels in the organization.

At the core of this environment are our company values, which were founded decades ago and focus, in part, on what it means to unleash the power of our people, as individuals, so everyone can learn, grow and be the best version of themselves.

We believe in a culture of belonging where everyone feels valued, can thrive and has equal opportunities at all levels in the organization.

At the core of this inclusive environment are our company values, which were founded decades ago.

One of our values – unleash the power of our people – emphasizes that everyone can learn, grow and be the best version of themselves.

We believe that creating this environment is the right thing to do and has been key to our long-term business success.

4 unchanged sentences

Prioritizing foundational and leadership skill development helps to meet employees where they are at, which creates a more adaptable and resilient workforce and enhances our competitive advantage.

Additionally, we believe by investing in employee training and development we can create a better employee environment and increase productivity, retention and innovation that ultimately improves our overall company performance and brings value to stakeholders.

We believe that by investing in employee training and development, we can create a better employee environment and increase productivity, retention and innovation that ultimately improves our overall company performance and brings value to stakeholders.

With the continued goal of creating learning opportunities that are tailored to the unique work of each role and a focus on solving the most important problems in our business, we expanded our variety of training experiences in fiscal 2026.

This included new learning campaigns, leadership programs and expanded side-by-side trainings to support employee growth alongside their peers and leaders in condensed training formats.

Examples of enhancements in fiscal 2025 include:

Examples of enhancements include:

• We evolved our leadership development offerings to grow and transform Best Buy for its future.

These offerings included unique programs such as an enterprise-wide manager development program, a skill development program for our senior store leaders and several emerging talent programs including an officer readiness program.

 We expanded our learning campaigns, reaching thousands of employees for new products to include a closer partnership with our vendors, more exposure for our employees and in-depth training in artificial intelligence to help customers with the products they use.

 We enhanced our portfolio of risk, compliance and safety microlearning courses to enable employees to continuously develop safe, secure and ethical behaviors to protect the company.

This included the LEAD Leadership Development program designed for corporate, supply chain and retail leaders, and expanding the Leadership Essentials program to build core leadership capabilities that help employees grow and succeed in leadership roles.

• We continued to invest in career growth and development for our employees through the Best Buy Altitude program, allowing leaders to develop their leadership skills and prepare for their next role, creating a talent bench behind high impact roles.

• We supported strategic business teams through focused functional learning by delivering structured onboarding, building training for new processes and systems, and providing targeted leadership development to enable growth and cultural transformation.

• We hosted a “Culture Weekend” with trained onboarding captains to train and prepare our seasonal workforce, while simultaneously helping foster a sense of belonging, connect staff and celebrate our company culture and values.

• We enhanced our portfolio of risk, compliance and safety training and awareness initiatives to enable employees to continuously develop safe, secure and ethical behaviors to protect the company.

Employee Benefits

1 unchanged sentence

physical, mental, financial and work-life.

We believe our ability to deliver on our purpose of enriching our customers’ lives depends on ensuring our employees are living happy and healthy lives — both while at work and outside of work.

We believe our ability to deliver on our purpose of enriching our customers’ lives through technology depends on ensuring our employees are living happy and healthy lives — both while at work and outside of work.

In fiscal 2026, we introduced the following benefits to our employees:

 A well-being sabbatical for employees with five or more years of service that provides them an opportunity to take four weeks off (once every three years) to focus on their well-being.

 Additional paid time off each year in recognition of tenure for full-time employees with 20 or more years of service, plus additional tiers for part-time employees at three and six years.

 Five floating holidays and two fixed company holidays (Thanksgiving and Christmas Day) in place of seven fixed holidays for U.S.

employees, to give flexibility for employees to celebrate what is meaningful to them.

• A Recognition Program providing peer-to-peer and leader recognition called Applause, allowing employees to be recognized for behaviors based on our company values.

• Enhanced Years of Service recognition, introducing new award options for completing 30 years of service, a lifetime employee discount after 35 years and a fully-paid sabbatical after 40 years.

• No Cost-No Debt College Degrees program for eligible full-time and part-time employees to supplement our existing tuition assistance and tuition discount programs.

• New features of our Employee Assistance Program, including Well-being Assessments, Well-being Coaching and an increased number of covered counseling sessions.

Additionally, in fiscal 2026, we continued our focus on:

• Caregiver support, including:

o Access to Joshin, a support system for employees and their loved ones with a focus on disabilities and neurodivergence;

o Personalized help in a time of great need through Wellthy, a program that helps with emergency housing, healthcare, substance abuse, complex eldercare issues and other moments of crisis;

o Pay continuation (paid leave) and caregiver pay so employees can care for themselves and their loved ones;

o Parental leave for U.S.

employees that provides eligible birth parents 100% pay for 10 weeks and eligible non-birth parents 100% pay for four weeks;

• Access to Joshin, a support system for employees and their loved ones with a focus on disabilities and neurodivergence;

• Personalized help in a time of great need through Wellthy, a program that helps with emergency housing, healthcare, substance abuse, complex eldercare issues and other moments of crisis;

• Pay continuation (paid leave) and caregiver pay so employees can care for themselves and their loved ones;

• Parental leave for U.S.

employees that provides eligible birth parents 100% pay for up to 10 weeks and eligible non-birth parents 100% pay for up to four weeks;

• Up to $2,500 in financial assistance to employees experiencing personal hardship through the HOPE Fund – Helping Our People in Emergencies – in partnership with the Richard M.

1 unchanged sentence

• Mental health support, including our commitment to raise awareness by equipping employees with training to notice issues in themselves or others, and then find help.

 Tuition assistance, including the expansion of our partnership schools that give eligible employees the opportunity to earn a degree with no out-of-pocket costs.

The Compensation and Human Resources Committee of our Board oversees risks related to our human capital management through its regular review of our practices, policies and programs, which includes overall employee wellness and engagement in these areas, employee benefit plan compliance, leadership succession planning and wage, retention and hiring programs.

28 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business