Victoria's Secret & Co. (VSXY) Financial statements
Victoria's Secret & Co. reported revenue of $6.6B in fiscal 2026, down 2.2% a year over 6 years.
Key figures
Net income was $161M and the operating margin 4.1%, against -11.9% in 2020. Free cash flow was $312M. The diluted share count fell 6% over the period (buybacks).
- Revenue, FY2026
- $6.6B+5.2% on 2025
- Net income
- $161M-2.4% on 2025
- Operating margin
- 4.1%
- Free cash flow
- $312M+26.3% on 2025
Revenue and free cash flow
Fiscal years, from Victoria's Secret & Co.'s 10-K filings.
Victoria's Secret & Co. revenue and free cash flow
FY2020–FY2026Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Victoria's Secret & Co. margins
FY2020–FY2026Financial statements
Fiscal 2020–2026.
Victoria's Secret & Co. income statement, fiscal 2020–2026
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Revenue | $7.5B | $5.4B | $6.8B | $6.3B | $6.2B | $6.2B | $6.6B |
| Cost of revenue | $5.4B | $3.8B | $4.0B | $4.1B | $3.9B | $3.9B | $4.2B |
| Gross profit | $2.1B | $1.6B | $2.8B | $2.3B | $2.2B | $2.3B | $2.4B |
| Selling, general and admin | $2.2B | $1.7B | $1.9B | $1.8B | $2.0B | $2.0B | $2.1B |
| Operating income | -$892M | -$101M | $870M | $478M | $246M | $310M | $271M |
| Interest expense | $8M | $6M | $27M | $60M | $99M | $86M | $70M |
| Pre-tax income | -$899M | -$106M | $843M | $417M | $147M | $221M | $208M |
| Income tax | -$2M | -$34M | $197M | $79M | $31M | $52M | $19M |
| Net income | -$897M | -$72M | $646M | $348M | $109M | $165M | $161M |
| EPS (diluted) | -$10.16 | -$0.82 | $7.18 | $4.14 | $1.39 | $2.05 | $1.93 |
| Diluted shares | 88M | 88M | 90M | 84M | 79M | 81M | 83M |
| Gross margin | 27.5% | 29.0% | 40.7% | 35.6% | 36.3% | 36.7% | 36.4% |
| Operating margin | -11.9% | -1.9% | 12.8% | 7.5% | 4.0% | 5.0% | 4.1% |
| Net margin | -11.9% | -1.3% | 9.5% | 5.5% | 1.8% | 2.6% | 2.5% |
Victoria's Secret & Co. balance sheet, fiscal 2020–2026
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $245M | $335M | $490M | $427M | $270M | $227M | $518M |
| Receivables | — | $121M | $162M | $141M | $152M | $159M | $186M |
| Inventory | — | $701M | $949M | $1.1B | $985M | $955M | $1.1B |
| Total current assets | — | $1.2B | $1.7B | $1.7B | $1.5B | $1.4B | $1.9B |
| Property, plant and equipment | — | $1.1B | $957M | $846M | $843M | $774M | $731M |
| Goodwill | — | — | $0 | $365M | $367M | $367M | $367M |
| Total assets | — | $4.2B | $4.3B | $4.7B | $4.6B | $4.5B | $5.0B |
| Total current liabilities | — | $1.6B | $1.7B | $1.6B | $1.6B | $1.4B | $1.5B |
| Long-term debt | — | $0 | $978M | $1.3B | $1.1B | $973M | $971M |
| Total liabilities | — | $3.3B | $4.1B | $4.3B | $4.2B | $3.9B | $4.1B |
| Shareholders' equity | $1.3B | $891M | $257M | $383M | $417M | $640M | $856M |
| Net debt | -$245M | -$335M | $492M | $848M | $854M | $750M | $457M |
Victoria's Secret & Co. cash flow, fiscal 2020–2026
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $315M | $674M | $851M | $437M | $389M | $425M | $499M |
| Capital spending | $225M | $127M | $169M | $164M | $256M | $178M | $187M |
| Free cash flow | $90M | $547M | $682M | $273M | $133M | $247M | $312M |
| Stock-based compensation | $38M | $25M | $33M | $48M | $56M | $60M | $55M |
| Share buybacks (net) | $0 | $0 | -$250M | -$250M | -$125M | $0 | $0 |
| Net borrowing | $0 | $0 | -$1M | -$4M | -$4M | -$4M | -$4M |
| Free cash flow margin | 1.2% | 10.1% | 10.1% | 4.3% | 2.2% | 4.0% | 4.8% |
How Victoria's Secret & Co. compares
Victoria's Secret & Co.'s operating margin is higher than 57% of Consumer Cyclical companies and 50% of the 2,820 companies with an operating margin figure.
| Higher than | Consumer Cyclical | All stocks |
|---|---|---|
| Operating margin | 57% | 50% |
| Net margin | 58% | 47% |
| Gross margin | 54% | 48% |
| Revenue growth | 69% | 55% |
| ROE | 87% | 93% |
| P/E | 65% | 62% |
Questions about Victoria's Secret & Co.
What was Victoria's Secret & Co.'s revenue in 2026?
$6.6B in fiscal 2026, from its 10-K filing.
How much free cash flow does Victoria's Secret & Co. generate?
$312M in fiscal 2026 (operating cash flow minus capital spending).
From Victoria's Secret & Co.'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.