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Stock research / United States / VSXY · Retail-Women'S Clothing Stores · NYSE

Victoria's Secret & Co. (VSXY)

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Victoria's Secret & Co. (VSXY) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 1 August 2026, up 10.4% on the same quarter a year earlier. Net income was $183 million, up 1043.8% on the year, and diluted earnings per share $2.18. The figures are the company's own, from the 10-Q it filed with the SEC on 4 September 2026.

Revenue$1.6 billionup 10.4%
Net income$183 millionup 1043.8%
Diluted EPS$2.18
QuarterQ2 FY2026ended 1 August 2026

Victoria's Secret (VSXY) in brief

Victoria's Secret (VSXY) reported revenue of $6.6 billion for fiscal 2025, the year ended 31 January 2026, up 5.2% on the year before.
Read moreNet income was $161 million and diluted earnings per share $1.93. Revenue was $6.2 billion in fiscal 2024, $6.2 billion in fiscal 2023, $6.3 billion in fiscal 2022 and $6.8 billion in fiscal 2021. Net income in the same years was $165 million, $109 million, $348 million and $646 million. Over the twelve months to 1 August 2026, Victoria's Secret reported revenue of $6.9 billion and net income of $378 million. Revenue grew 3.9% a year, compounded, over the five years to fiscal 2025. Victoria's Secret had 80 million shares outstanding at the latest filed count. At 1 August 2026 it carried $975 million of debt and $522 million of cash. At the close of 9 October 2026 the market cap of Victoria's Secret was $6.6 billion, 18.4 times its earnings over the last twelve months.

Ratios

From the filings

ROE38.2%
ROCE27.6%
Operating margin7.9%
Net margin5.5%
FCF margin8.0%
Interest cover8.35
Debt to equity0.98
Cash conversion2.01
Share count, 1 year0.0%
Sales CAGR, 3 years1.1%
Profit CAGR, 3 years-22.7%
EPS, TTM$4.49

At the close of 9 October 2026

Price$82.78
Market cap$6.6 billion
Stock P/E18.44
Price to book6.69
EV / EBITDA9.33
Dividend yieldn/a
Market cap / sales0.96
52-week high$99.97
52-week low$28.25
Price, 1 year179.8%
Price CAGR, 3 years71.7%
Price CAGR, 5 years9.7%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Victoria's Secret & Co. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
VSXYgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on VSXY

Filings28 in twelve months: 9 current reports (8-K), about 4 results of operations; 4 regulation FD disclosure; 3 officer or director change; 1 shareholder vote; 1 other events
Planned insider sales2 Form 144 notices in twelve months, $751,124; latest 5 October 2026
Options tapeput/call 0.76 by open interest at the 9 October 2026 close; the straddle prices a 6.3% move to 16 October 2026
13F holders8 of the followed funds hold it; largest FMR LLC; 5 Schedule 13D or 13G filings in twelve months
Insider trading9 sales and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest10.2 million shares short, 5.97 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,2652,0831,3591,4171,3472,1071,3531,4591,4722,2691,5601,611
Cost of revenue8381,2578589168791,2935586106052,396634509
Gross profit427826501501468814474519536855585759
Gross margin34%40%37%35%35%39%35%36%36%38%38%47%
SG&A494567475439515545454478555626509502
Operating income-67.025926.062.0-47.026920.041.0-19.022976.0257
Operating margin-5%12%2%4%-3%13%1%3%-1%10%5%16%
Interest expense26.027.022.021.022.021.017.018.018.017.015.015.0
Net income-71.0180-4.032.0-56.0193-2.016.0-37.018448.0183
Net margin-6%9%-0%2%-4%9%-0%1%-3%8%3%11%
Diluted EPS-$0.92$2.32-$0.05$0.40-$0.71$2.41-$0.02$0.20-$0.46$2.21$0.56$2.18
Operating cash flow-181589-116115-248674-150156-180673-137402
Capital expenditure80.032.039.060.051.028.043.068.052.024.054.074.0
Free cash flow-261557-15555.0-299646-19388.0-232649-191328
Buybacks0.00.00.00.00.00.00.00.0n/an/a1000.0
Dividends paidn/an/an/an/an/an/a0.00.0n/an/a7.00.0
Shares outstanding77m78m78m78m79m79m80m80m80m80m79m80m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Revenue7,5095,4136,7856,3446,1826,2306,5536,912
Cost of revenue5,4463,8424,0254,0863,9403,9464,1694,144
Gross profit2,0631,5712,7602,2582,2422,2842,3842,735
Gross margin27.5%29.0%40.7%35.6%36.3%36.7%36.4%39.6%
Selling, general and administrative2,2351,6721,8901,7801,9961,9742,1132,192
Operating income-892-101870478246310271543
Operating margin-11.9%-1.9%12.8%7.5%4.0%5.0%4.1%7.9%
Interest expense8.06.027.060.099.086.070.065.0
Pre-tax income-899-106843417147221208n/a
Income tax-2.0-34.019779.031.052.019.077.0
Effective tax raten/an/a23.4%18.9%21.1%23.5%9.1%n/a
Net income-897-72.0646348109165161378
Net margin-11.9%-1.3%9.5%5.5%1.8%2.6%2.5%5.5%
Diluted EPS-$10.16-$0.82$7.18$4.14$1.39$2.05$1.93$4.49
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2024FY2025FY2026Share
latest year
United States5,2725,2525,39182.3%
Non-US9109781,16217.7%
United StatesNon-US
6,182FY20246,230FY20256,553FY2026

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow315674851437389425499758
Capital expenditure225127169164256178187204
Free cash flow90.0547682273133247312554
Free cash flow margin1.2%10.1%10.1%4.3%2.2%4.0%4.8%8.0%
Cash from investing-243-123-169-555-254-153-184-201
Cash from financing-192-465-52758.0-291-315-24.0-227
Depreciation and amortisationn/a326303274284258238215
Share-based compensation38.025.033.048.056.060.055.055.0
Buybacks0.00.02502501250.00.0n/a
Diluted shares, weighted88m88m90m84m79m81m83m84m
Shares outstanding at period endn/a085m80m78m79m80m80m
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020 †FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,314891257383417640856990
Non-controlling interestn/a0.00.018.021.024.054.061.0
Debtn/a97.09821,2751,124977975975
Operating lease liabilitiesn/a1,5531,3141,2011,3121,4341,5761,642
Other liabilitiesn/a1,6881,7911,8341,7261,4571,5521,487
Total liabilities and equityn/a4,2294,3444,7114,6004,5325,0135,155
Owned
Fixed assetsn/a1,078957846843774731760
Goodwilln/an/a0.0365367367367367
Intangible assetsn/an/an/a180155130n/an/a
Cash and equivalents245335490427270227518522
Receivablesn/a121162141152159186171
Inventoryn/a7019491,0529859551,0711,146
Other assetsn/a1,9941,7861,7001,8281,9202,1402,189
Total assetsn/a4,2294,3444,7114,6004,5325,0135,155
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a3.9%1.1%10.3%
Profit growth, compoundedn/an/a-22.7%150.3%
Return on equity, averagen/a82.6%23.6%18.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Victoria's Secret's revenue in fiscal 2025?

Victoria's Secret (VSXY) reported revenue of $6.6 billion for fiscal 2025, the year ended 31 January 2026, up 5.2% on the year before.

How much did Victoria's Secret earn in fiscal 2025?

Net income was $161 million for fiscal 2025, and diluted earnings per share $1.93.

What is Victoria's Secret's P/E ratio?

At the close of 9 October 2026, Victoria's Secret traded at 18.4 times its earnings over the twelve months to 1 August 2026.

What is Victoria's Secret's market cap?

The market cap of Victoria's Secret was $6.6 billion at the close of 9 October 2026.

How much debt does Victoria's Secret have?

At 1 August 2026 Victoria's Secret carried $975 million of debt and $522 million of cash.

Peers: Retail

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
GAP Inc. GAP$8.2 billion6.9331.6%11.0%1.1%0.382.8%
Chewy, Inc. CHWY$7.8 billion28.7373.9%2.5%5.9%1.60n/a
Carmax Inc. KMX$7.5 billion25.664.6%n/a4.8%2.76n/a
Urban Outfitters Inc. URBN$7.0 billion12.8419.9%11.3%11.0%0.00n/a
Victoria's Secret & Co. VSXY$6.6 billion18.4438.2%7.9%10.3%0.98n/a
Lithia Motors Inc. LAD$6.4 billion9.6211.2%4.1%2.1%1.800.8%
Sprouts Farmers Market, Inc. SFM$6.1 billion12.4833.5%7.4%7.2%0.07n/a
Abercrombie & Fitch Co. ANF$6.1 billion12.2139.6%13.7%4.7%0.000.0%
Albertsons Companies, Inc. ACI$5.9 billion152.504.1%0.7%2.7%5.224.9%
Macy's, Inc. M$5.9 billion8.3015.2%5.0%0.3%0.493.2%
Autonation, Inc. AN$5.2 billion7.2934.3%4.8%-0.1%1.58n/a
Pricesmart Inc. PSMT$5.2 billion32.4111.5%4.5%10.2%0.130.7%
All 67 in Retail
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Amazon.com Inc. AMZN$2.83 trillion21.1124.5%12.1%15.8%0.24n/a
Walmart Inc. WMT$883.5 billion40.2022.5%4.4%6.2%0.410.8%
Costco Wholesale Corp. COST$419.7 billion45.6125.8%3.9%10.1%0.110.6%
Home Depot, Inc. HD$290.2 billion20.3585.6%12.4%2.5%2.643.2%
TJX Companies Inc. TJX$152.8 billion25.6557.0%n/a7.7%0.181.2%
CVS Health Corp. CVS$110.1 billion22.806.1%2.0%7.4%0.753.1%
Lowe's Companies Inc. LOW$104.3 billion15.72n/a11.4%8.2%n/a2.6%
Sherwin Williams Co. SHW$77.5 billion29.4369.7%n/a5.8%3.131.0%
ROSS Stores, Inc. ROST$71.1 billion26.9339.4%13.7%14.0%0.150.7%
O'Reilly Automotive, Inc. ORLY$70.6 billion27.54n/a19.6%8.5%n/an/a
Target Corp. TGT$69.8 billion15.9624.6%5.6%2.0%0.803.0%
Fastenal Co. FAST$58.2 billion43.0133.2%20.3%12.5%0.031.8%
Autozone Inc. AZO$48.0 billion20.21n/a18.0%5.7%n/an/a
Carvana Co. CVNA$47.2 billion36.8838.9%8.9%54.0%1.21n/a
JD.com, Inc. JD *$37.2 billion14.088.7%0.2%13.0%0.333.9%
Kroger Co. KR$36.4 billion33.5018.6%1.4%1.6%2.632.3%
Williams Sonoma Inc. WSM$28.5 billion24.7555.1%19.2%2.2%0.001.2%
Dollar General Corp. DG$28.1 billion16.5518.3%5.6%4.8%0.491.9%
Copart Inc. CPRT$25.3 billion17.6316.3%35.4%0.4%0.00n/a
Ulta Beauty, Inc. ULTA$24.4 billion20.7945.8%12.5%11.2%0.130.0%
Caseys General Stores Inc. CASY$23.9 billion31.1218.9%8.3%13.8%0.570.2%
Dollar Tree, Inc. DLTR$22.3 billion14.4847.1%11.0%8.2%0.86n/a
Best Buy Co., Inc. BBY$18.3 billion14.4840.0%4.1%1.4%0.364.4%
CDW Corp. CDW$17.8 billion17.0944.2%7.1%7.4%1.971.8%
Tractor Supply Co. TSCO$17.6 billion17.5538.5%8.5%4.0%0.822.8%
Burlington Stores, Inc. BURL$17.4 billion24.8535.7%7.7%10.9%0.95n/a
Penske Automotive Group, Inc. PAG$12.9 billion14.4615.6%n/a0.6%0.892.6%
BJ's Wholesale Club Holdings, Inc. BJ$12.5 billion21.5627.1%3.8%9.1%0.18n/a
Dick'S Sporting Goods, Inc. DKS$12.3 billion14.6714.7%5.5%53.5%0.333.5%
GameStop Corp. GME$11.9 billion17.5014.5%13.5%-7.7%0.680.4%
Five Below, Inc. FIVE$11.8 billion19.2925.0%14.7%25.6%0.000.0%
Murphy USA Inc. MUSA$9.7 billion16.0878.9%4.3%10.3%2.770.4%
FirstCash Holdings, Inc. FCFS$9.3 billion24.3916.7%12.8%21.6%1.010.7%
GAP Inc. GAP$8.2 billion6.9331.6%11.0%1.1%0.382.8%
Chewy, Inc. CHWY$7.8 billion28.7373.9%2.5%5.9%1.60n/a
Carmax Inc. KMX$7.5 billion25.664.6%n/a4.8%2.76n/a
Urban Outfitters Inc. URBN$7.0 billion12.8419.9%11.3%11.0%0.00n/a
Victoria's Secret & Co. VSXY$6.6 billion18.4438.2%7.9%10.3%0.98n/a
Lithia Motors Inc. LAD$6.4 billion9.6211.2%4.1%2.1%1.800.8%
Sprouts Farmers Market, Inc. SFM$6.1 billion12.4833.5%7.4%7.2%0.07n/a
Abercrombie & Fitch Co. ANF$6.1 billion12.2139.6%13.7%4.7%0.000.0%
Albertsons Companies, Inc. ACI$5.9 billion152.504.1%0.7%2.7%5.224.9%
Macy's, Inc. M$5.9 billion8.3015.2%5.0%0.3%0.493.2%
Autonation, Inc. AN$5.2 billion7.2934.3%4.8%-0.1%1.58n/a
Pricesmart Inc. PSMT$5.2 billion32.4111.5%4.5%10.2%0.130.7%
Ollie's Bargain Outlet Holdings, Inc. OLLI$5.1 billion19.0614.4%12.3%14.4%0.001.2%
Floor & Decor Holdings, Inc. FND$4.9 billion21.169.3%6.4%2.4%0.08n/a
Insight Enterprises Inc. NSIT$4.8 billion23.9613.1%4.6%2.7%0.92n/a
Openlane, Inc. OPLN$4.5 billionn/a12.8%11.5%11.8%1.540.0%
Signet Jewelers Ltd. SIG$4.1 billion12.1219.3%6.8%0.6%0.001.3%
Boot Barn Holdings, Inc. BOOT$3.6 billion15.1817.9%13.6%17.6%0.00n/a
Rush Enterprises Inc. \Tx\ RUSHA$3.6 billion13.4111.4%5.1%-5.9%0.531.7%
Bath & Body Works, Inc. BBWI$3.5 billion4.52n/a16.7%-2.2%n/a4.6%
Academy Sports & Outdoors, Inc. ASO$3.3 billion8.9218.2%9.6%3.7%0.230.2%
American Eagle Outfitters Inc. AEO$3.0 billion9.4119.1%7.8%9.2%0.032.8%
Asbury Automotive Group Inc. ABG$3.0 billion6.2713.0%4.4%4.1%0.77n/a
Group 1 Automotive Inc. GPI$2.8 billion9.679.8%3.1%0.8%1.140.9%
Ezcorp Inc. EZPW$2.7 billion16.1313.6%13.9%28.6%0.45n/a
Advance Auto Parts Inc. AAP$2.5 billion30.883.7%2.7%-1.3%1.502.4%
Kohls Corp. KSS$2.3 billion8.886.5%3.8%-2.9%0.322.5%
Buckle Inc. BKE$2.3 billion10.1845.2%20.8%6.2%0.0010.0%
RH RH$2.2 billion20.8292.7%10.0%3.3%19.69n/a
Sonic Automotive Inc. SAH$1.9 billion9.6520.7%3.3%5.3%1.710.4%
Sally Beauty Holdings, Inc. SBH$1.5 billion8.2822.1%8.4%1.1%0.94n/a
Grocery Outlet Holding Corp. GO$1.2 billionn/a-46.7%-7.9%5.1%0.62n/a
Marinemax Inc. HZO$1.2 billion373.930.4%3.0%-5.4%0.35n/a
Winmark Corp. WINA$1.0 billion26.50n/a62.3%3.8%n/a1.1%
No other company here shares its SEC industry code (Retail-Women'S Clothing Stores); these are the names nearest in size in its wider industry, Retail, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q1 August 20264 September 2026EDGAR
10-Q2 May 20265 June 2026EDGAR
10-K31 January 202620 March 2026EDGAR
10-Q1 November 20255 December 2025EDGAR
10-Q2 August 20255 September 2025EDGAR
10-Q3 May 202512 June 2025EDGAR
10-K1 February 202521 March 2025EDGAR
10-Q2 November 20249 December 2024EDGAR
10-Q3 August 20246 September 2024EDGAR
10-Q4 May 20247 June 2024EDGAR

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