Best Buy Co., Inc. retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products. The company's stores also offer appliances, such as dishwashers, laundry, ovens, refrigerators, blenders, coffee makers, and vacuums; entertainment products consisting of drones, peripherals, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products; and other products, such as baby, food and beverage, luggage, outdoor living, and sporting goods. In addition, it provides consultation, delivery, design, health-related, installation, memberships, repair, set-up, technical support, and warranty-related services. The company offers its products through stores and websites under the Best Buy, Best Buy Ads, Best Buy Business, Best Buy Health, CST, Current Health, Geek Squad, Lively, Magnolia, Best Buy Mobile, Pacific Kitchen, Home, and Yardbird, as well as domain names bestbuy.com, currenthealth.com, lively.com, yardbird.com, and bestbuy.ca. As of January 30, 2022, it had 1,144 stores. The company was formerly known as Sound of Music, Inc. The company was incorporated in 1966 and is headquartered in Richfield, Minnesota.
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Here are 1-3 brief analogies for Best Buy (BBY):
- The Target or Walmart for consumer electronics and home appliances.
- The brick-and-mortar Amazon for electronics.
- The Home Depot for electronics and appliances.
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Consumer Electronics: Best Buy sells a wide range of new consumer electronics, including televisions, computers, mobile phones, home appliances, and gaming systems.
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Geek Squad Services: Provides tech support, installation, setup, repair, and protection plans for various electronics, both in-store and in-home.
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Home Delivery & Installation: Offers professional delivery, setup, and installation services for large appliances, televisions, and home theater systems.
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Membership Programs: Provides tiered membership options (e.g., My Best Buy Plus, My Best Buy Totaltech) offering benefits like exclusive pricing, extended return windows, free shipping, and dedicated tech support.
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Best Buy (symbol: BBY) primarily sells to **individuals** (consumers). Below are up to three categories of customers that it serves:
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Best Buy (symbol: BBY) primarily sells to individuals (consumers). Below are up to three categories of customers that it serves:
- Everyday Consumers: This broad category includes individuals and families seeking a wide range of electronics for daily life, such as new smartphones, laptops for work or school, televisions, small kitchen appliances, and basic home electronics. They often prioritize convenience, competitive pricing, and accessible product information.
- Tech Enthusiasts & Gamers: This segment consists of customers passionate about technology, actively seeking the latest innovations, high-performance components (e.g., gaming PCs, premium audio equipment), specialized gaming accessories, smart home devices, and cutting-edge photography or video gear. They often value in-depth product knowledge and expert recommendations.
- Homeowners & Appliance Shoppers: These customers are typically looking for larger, more significant purchases like major kitchen appliances (refrigerators, ovens, dishwashers), laundry machines, or comprehensive home theater systems. They often require delivery, installation services (like Best Buy's Geek Squad), and may value financing options and the ability to view products in a showroom environment.
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Corie Barry, Chief Executive Officer
Corie Barry joined Best Buy in 1999 as a financial analyst and has held various financial and operational leadership roles, including Chief Financial Officer (2016-2019) and Chief Strategic Growth Officer, before becoming CEO in June 2019. Prior to joining Best Buy, she worked as an auditor at Deloitte & Touche for two years. Barry also serves on the board of directors for Domino's Pizza.
Matt Bilunas, SEVP, Chief Financial and Strategy Officer
Matt Bilunas was appointed CFO in July 2019. He has over 13 years of experience with Best Buy, serving in various finance leadership positions such as Vice President of Enterprise and Merchandise Finance, Director of Territory Finance, Senior Director of Enterprise Finance, and Vice President of E-commerce and Marketing Finance. His responsibilities have included strategic planning, annual budgeting, monthly forecasting, and capital planning.
Jason Bonfig, SEVP, Chief Customer, Product and Fulfillment Officer
Jason Bonfig has served as a merchant at Best Buy for 20 years, overseeing all aspects of merchandising, product category management, and e-commerce for Best Buy's U.S. business, including demand planning, buying, pricing, and promotional planning. He also leads the company's Exclusive Brands private-label team.
Deborah Di Sanzo, President of Best Buy Health
Deborah Di Sanzo leads Best Buy's health technology business, focusing on enabling care at home. This includes integrated technology, personalized caring centers, technical services, logistics, supply chain, and omnichannel experiences.
Mark Irvin, Chief Supply Chain Officer
Mark Irvin is responsible for Best Buy's supply chain operations. He joined Best Buy in August 2013.
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The increasing strategic emphasis and investment by major consumer electronics manufacturers in their direct-to-consumer (DTC) sales channels. This includes sophisticated online storefronts, exclusive product launches and bundles, and dedicated physical retail locations (e.g., Apple Stores, Samsung Experience Stores, Google Stores). These direct channels increasingly offer competitive pricing, unique promotions, and integrated service and support, challenging Best Buy's role as the primary sales and service intermediary by capturing a greater share of consumer purchases directly from the source.
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Best Buy (BBY) operates primarily in the United States and Canada, with its main addressable markets spanning several key product and service categories.
U.S. Addressable Markets for Best Buy's Main Products and Services:
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Consumer Electronics: The U.S. consumer electronics market generated an estimated revenue of USD 200.36 billion in 2024 and is projected to reach USD 261.93 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.6% from 2025 to 2030. Another estimate values the U.S. consumer electronics market at USD 185.8 billion in 2024. The market for consumer electronics stores in the U.S. was approximately USD 156.6 billion in 2024 and is expected to reach USD 158.6 billion in 2025.
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Home Appliances: The U.S. home appliances market was valued at USD 90.65 billion in 2024 and is expected to reach USD 181.68 billion by 2034, with a CAGR of 7.20% during the forecast period of 2025-2034. Another report states the U.S. home appliance market size was USD 129.83 billion in 2024, projected to grow to USD 204.99 billion by 2032 at a CAGR of 6.01% from 2025-2032. The U.S. household appliances market was estimated at USD 99.34 billion in 2024 and is expected to grow at a CAGR of 3.8% from 2025 to 2030.
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Technology Services: The United States IT services market size is estimated at USD 490.86 billion in 2025 and is expected to reach USD 671.57 billion by 2030, growing at a CAGR of 6.47% during the forecast period. Another source projects the U.S. IT services market to advance to USD 691.57 billion by 2030 with a CAGR of 7.10%. In 2023, the U.S. IT services market was valued at USD 405.7 billion and is projected to grow to USD 695.6 billion by 2030 at a CAGR of 7.9% from 2024 to 2030.
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Computing Devices: The U.S. personal computers market generated a revenue of USD 30.5 billion in 2024 and is expected to reach USD 47.1 billion by 2030, with a CAGR of 8% from 2025 to 2030. The broader U.S. IT devices market, which includes mobile devices, surpassed USD 450.77 billion in 2024 and is predicted to reach approximately USD 1,159.5 billion by 2034, registering a CAGR of 9.9% from 2025 to 2034. The overall U.S. technology market, which segments by technology into laptops, desktop computers, tablets, monitors, printers, and scanners, was valued at USD 390.94 billion in 2024 and is projected to reach USD 722.89 billion by 2032 with a CAGR of 7.99% from 2025 to 2032.
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Entertainment Products: The U.S. movie and entertainment market generated a revenue of USD 29.92 billion in 2023 and is expected to reach USD 47.68 billion by 2030, growing at a CAGR of 6.9% from 2024 to 2030. The North American entertainment content and goods market was valued at USD 73.8 billion in 2024. The U.S. online entertainment market was estimated at USD 32.79 billion in 2024 and is anticipated to be worth around USD 111.12 billion by 2034, with a CAGR of 12.96% from 2025 to 2034.
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Best Buy (BBY) is focusing on several key drivers to fuel future revenue growth over the next two to three years:
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Omnichannel Experience Enhancements and Digital Transformation: Best Buy is strategically investing in evolving its digital solutions and integrating its unique in-store elements, such as the Geek Squad, into digital platforms to create a seamless omnichannel customer experience. This includes personalizing the app interface, streamlining online and in-home services, and leveraging physical stores as service and fulfillment centers.
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Launch and Scaling of New Profit Streams: The company is actively pursuing new revenue streams, notably through the planned launch of a third-party online marketplace in the U.S. by mid-2025, which mirrors the success of its Canadian counterpart. This initiative aims to expand product assortment and introduce new categories, contributing to increased profit and unit share. Best Buy is also expanding its Best Buy Ads business, creating new opportunities for advertisers and driving traffic.
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Growth in Key Product Categories Driven by Technology Innovation and Refresh Cycles: Best Buy anticipates revenue growth from specific product categories, including gaming, computing, and mobile phones, which have shown recent strength. Upcoming technology refresh cycles, such as the end of Windows 10 support and advancements in AI-powered features in computing, are expected to stimulate demand. Additionally, the launch of new innovative products, like the Nintendo Switch 2, has historically contributed to sales increases.
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Expansion of Best Buy Health: Best Buy Health is a significant strategic initiative focused on providing age-in-place home health technology and services. This includes solutions addressing age-related needs, fitness technology, and prescription fulfillment, representing a new market segment for revenue generation.
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Development of Tiered Membership Programs: To enhance customer loyalty and recurring revenue, Best Buy has revamped its membership offerings into three tiers: My Best Buy, My Best Buy Plus, and My Best Buy Total. These programs offer varying levels of benefits, including free shipping, exclusive pricing, extended return windows, product access, protection plans, and support, driving customer engagement and service-related income.
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Share Repurchases
- Best Buy repurchased approximately $500 million of its shares in fiscal 2025.
- In fiscal 2024, the company's share repurchases amounted to approximately $339 million.
- The company expects to spend approximately $300 million on share repurchases during fiscal 2026.
Outbound Investments
- In fiscal 2022, Best Buy acquired Current Health Ltd. and Two Peaks, LLC d/b/a Yardbird Furniture.
- The company has invested up to $10 million with Brown Venture Group, a venture capital firm focusing on Black, Latino, and Indigenous technology startups.
Capital Expenditures
- Best Buy incurred $706 million in capital expenditures for fiscal 2025.
- Capital expenditures are expected to be between $700 million and $750 million for fiscal 2026.
- The primary focus of capital expenditures includes optimizing the store fleet, enhancing supply chain systems and processes, and investing in digital transformation, customer experience improvements, and new initiatives like Best Buy Marketplace and Best Buy Ads.
