Victoria's Secret (VSXY) Q2 FY2026 earnings: revenue $1.6 billion, up 10.4% on the year

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

What management said

Guidance figures: 2 raised, 2 new.

Net sales increased 10% to $1.611 billion: Net sales reached $1.611 billion in Q2 2026, up 10% versus $1.459 billion in Q2 2025, near the high-end of guidance range of $1.590-$1.615 billion, driven by growth across Victoria's Secret, PINK and Beauty.
Comparable sales up 9%, fourth positive quarter: Total comparable sales increased 9% for Q2 2026 versus 4% in Q2 2025, marking the fourth consecutive quarter of positive comps and demonstrating sustained customer engagement across channels.
Market share gains from brand execution: Management attributed market share gains to improvements in product innovation, brand identity, storytelling and execution working together across all three brands and customer file growing.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Revenue	1,611	1,560	1,459	+10.4%
Cost of revenue	509	634	610	-16.6%
Gross profit	759	585	519	+46.2%
Gross margin	47.1%	37.5%	35.6%
Selling, general and administrative	502	509	478	+5.0%
Operating income	257	76.0	41.0	+526.8%
Operating margin	16.0%	4.9%	2.8%
Interest expense	15.0	15.0	18.0	-16.7%
Income tax	60.0	7.0	6.0	+900.0%
Net income	183	48.0	16.0	+1043.8%
Net margin	11.4%	3.1%	1.1%
Diluted EPS	$2.18	$0.56	$0.20	+990.0%

$ million except per share.

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. 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.

Cash flow and capital returned

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Operating cash flow	402	-137	156	+157.7%
Capital expenditure	74.0	54.0	68.0	+8.8%
Free cash flow	328	-191	88.0	+272.7%
Free cash flow margin	20.4%	-12.2%	6.0%
Cash from investing	-74.0	-54.0	-68.0	n/a
Cash from financing	-15.0	-121	-39.0	n/a
Depreciation and amortisation	51.0	54.0	61.0	-16.4%
Share-based compensation	16.0	13.0	15.0	+6.7%
Buybacks	0.0	100	0.0	n/a
Dividends paid	0.0	7.0	0.0	n/a
Diluted shares, weighted	84m	85m	82m	+2.4%
Shares outstanding at period end	80m	79m	80m	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2026	Q1 FY2026	Q2 FY2025	Change on the year
Shareholders' equity	990	790	680	+45.6%
Non-controlling interest	61.0	55.0	30.0	+103.3%
Debt	975	990	1,052	-7.3%
Operating lease liabilities	1,642	1,597	1,564	+5.0%
Other liabilities	1,487	1,338	1,429	+4.1%
Total liabilities and equity	5,155	4,770	4,755	+8.4%
Fixed assets	760	736	777	-2.2%
Goodwill	367	367	367	+0.0%
Cash and equivalents	522	207	188	+177.7%
Receivables	171	185	166	+3.0%
Inventory	1,146	1,098	1,058	+8.3%
Other assets	2,189	2,177	2,199	-0.5%
Total assets	5,155	4,770	4,755	+8.4%

Questions

What was Victoria's Secret's revenue in Q2 FY2026?

Victoria's Secret (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.

How much did Victoria's Secret earn in Q2 FY2026?

Net income for Q2 FY2026 was $183 million, up 1043.8% on the year, and diluted earnings per share $2.18.

When did Victoria's Secret report Q2 FY2026 results?

Victoria's Secret filed its 10-Q for the quarter ended 1 August 2026 with the SEC on 4 September 2026.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,265	2,083	1,359	1,417	1,347	2,107	1,353	1,459	1,472	2,269	1,560	1,611
Cost of revenue	838	1,257	858	916	879	1,293	558	610	605	2,396	634	509
Gross profit	427	826	501	501	468	814	474	519	536	855	585	759
Gross margin	34%	40%	37%	35%	35%	39%	35%	36%	36%	38%	38%	47%
SG&A	494	567	475	439	515	545	454	478	555	626	509	502
Operating income	-67.0	259	26.0	62.0	-47.0	269	20.0	41.0	-19.0	229	76.0	257
Operating margin	-5%	12%	2%	4%	-3%	13%	1%	3%	-1%	10%	5%	16%
Interest expense	26.0	27.0	22.0	21.0	22.0	21.0	17.0	18.0	18.0	17.0	15.0	15.0
Net income	-71.0	180	-4.0	32.0	-56.0	193	-2.0	16.0	-37.0	184	48.0	183
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	-181	589	-116	115	-248	674	-150	156	-180	673	-137	402
Capital expenditure	80.0	32.0	39.0	60.0	51.0	28.0	43.0	68.0	52.0	24.0	54.0	74.0
Free cash flow	-261	557	-155	55.0	-299	646	-193	88.0	-232	649	-191	328
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	100	0.0
Dividends paid	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	7.0	0.0
Shares outstanding	77m	78m	78m	78m	79m	79m	80m	80m	80m	80m	79m	80m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Source

10-Q for the period ended 1 August 2026, filed 4 September 2026, accession 0001856437-26-000021: the filing on EDGAR. All of Victoria's Secret & Co.'s filings: EDGAR company page.

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