What is Victoria's Secret & Co.'s operating income?

Victoria's Secret & Co.'s total operating income in 2025 was $271 million, based on the following breakdown: Total Gross Profit: $2.38 billion Total Operating Expenses: $2.11 billion

Victoria's Secret & Co. (VSXY) Financials

$79.38 +0.50 (+0.63%)

As of 03:58 PM Eastern

Compare

Annual Income Statements for Victoria's Secret & Co.

This table shows Victoria's Secret & Co.'s income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-897	-72	646	348	109	165	161
Consolidated Net Income / (Loss)	-897	-72	646	338	116	169	189
Net Income / (Loss) Continuing Operations	-897	-72	646	338	116	169	189
Total Pre-Tax Income	-899	-106	843	417	147	221	208
Total Operating Income	-892	-101	870	478	246	310	271
Total Gross Profit	2,063	1,571	2,760	2,258	2,242	2,284	2,384
Total Revenue	7,509	5,413	6,785	6,344	6,182	6,230	6,553
Operating Revenue	7,509	5,413	6,785	6,344	6,182	6,230	6,553
Total Cost of Revenue	5,446	3,842	4,025	4,086	3,940	3,946	4,169
Operating Cost of Revenue	5,446	3,842	4,025	4,086	3,940	3,946	4,169
Total Operating Expenses	2,955	1,672	1,890	1,780	1,996	1,974	2,113
Selling, General & Admin Expense	2,235	1,672	1,890	1,780	1,996	1,974	2,113
Total Other Income / (Expense), net	-7.00	-5.00	-27	-61	-99	-89	-63
Interest Expense	8.00	6.00	27	60	99	86	70
Other Income / (Expense), net	1.00	1.00	0.00	-1.00	0.00	-3.00	7.00
Income Tax Expense	-2.00	-34	197	79	31	52	19
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	-10	7.00	4.00	28
Basic Earnings per Share	($10.16)	($0.82)	$7.34	$4.24	$1.41	$2.11	$2.00
Weighted Average Basic Shares Outstanding	-	-	84.31M	77.75M	77.58M	78.89M	80.47M
Diluted Earnings per Share	($10.16)	($0.82)	$7.18	$4.14	$1.39	$2.05	$1.93
Weighted Average Diluted Shares Outstanding	-	-	84.31M	77.75M	77.58M	78.89M	80.47M
Weighted Average Basic & Diluted Shares Outstanding	-	-	84.31M	77.75M	77.58M	78.89M	80.47M

This table shows Victoria's Secret & Co.'s income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026
Net Income / (Loss) Attributable to Common Shareholders	-71	180	-4.00	32	-56	193	-2.00	16	-37	184	48
Consolidated Net Income / (Loss)	-71	184	-3.00	32	-55	195	3.00	18	-31	199	57
Net Income / (Loss) Continuing Operations	-71	184	-3.00	32	-55	195	3.00	18	-31	199	57
Total Pre-Tax Income	-93	232	5.00	41	-70	245	6.00	24	-37	215	64
Total Operating Income	-67	259	26	62	-47	269	20	41	-19	229	76
Total Gross Profit	427	826	501	501	468	814	474	519	536	855	585
Total Revenue	1,265	2,083	1,359	1,417	1,347	2,107	1,353	1,459	1,472	2,269	1,560
Operating Revenue	1,265	2,083	1,359	1,417	1,347	2,107	1,353	1,459	1,472	2,269	1,560
Total Cost of Revenue	838	1,257	858	916	879	1,293	879	940	936	1,414	975
Operating Cost of Revenue	838	1,257	858	916	879	1,293	879	940	936	1,414	975
Total Operating Expenses	494	567	475	439	515	545	454	478	555	626	509
Selling, General & Admin Expense	494	567	475	439	515	545	454	478	555	626	509
Total Other Income / (Expense), net	-26	-27	-21	-21	-23	-24	-14	-17	-18	-14	-12
Interest Expense	26	27	22	21	22	21	17	18	18	17	15
Other Income / (Expense), net	0.00	-	1.00	0.00	-1.00	-3.00	3.00	1.00	0.00	3.00	3.00
Income Tax Expense	-22	48	8.00	9.00	-15	50	3.00	6.00	-6.00	16	7.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	4.00	1.00	0.00	1.00	2.00	5.00	2.00	6.00	15	9.00
Basic Earnings per Share	($0.92)	$2.34	($0.05)	$0.41	($0.71)	$2.46	($0.02)	$0.20	($0.46)	$2.28	$0.59
Weighted Average Basic Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M
Diluted Earnings per Share	($0.92)	$2.32	($0.05)	$0.40	($0.71)	$2.41	($0.02)	$0.20	($0.46)	$2.21	$0.56
Weighted Average Diluted Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M
Weighted Average Basic & Diluted Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M

This table details how cash moves in and out of Victoria's Secret & Co.'s business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Change in Cash & Equivalents	-124	90	155	-63	-157	-43	291
Net Cash From Operating Activities	315	674	851	437	389	425	499
Net Cash From Continuing Operating Activities	315	674	851	437	389	425	500
Net Income / (Loss) Continuing Operations	-897	-72	646	338	116	169	189
Consolidated Net Income / (Loss)	-897	-72	646	338	116	169	189
Depreciation Expense	411	326	303	274	284	258	238
Amortization Expense	-	-	0.00	0.00	29	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	1,021	186	33	48	56	33	175
Changes in Operating Assets and Liabilities, net	-220	234	-131	-223	-96	-35	-102
Net Cash From Investing Activities	-243	-123	-169	-555	-254	-153	-184
Net Cash From Continuing Investing Activities	-243	-123	-169	-555	-254	-153	-184
Purchase of Property, Plant & Equipment	-225	-127	-169	-164	-256	-178	-187
Acquisitions	-	0.00	0.00	-387	1.00	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	0.00	0.00	25	0.00
Other Investing Activities, net	-18	4.00	0.00	-4.00	1.00	0.00	3.00
Net Cash From Financing Activities	-192	-465	-527	58	-291	-315	-24
Net Cash From Continuing Financing Activities	-192	-465	-527	58	-291	-315	-24
Repayment of Debt	-162	-189	975	-5.00	-622	-609	-554
Repurchase of Common Equity	0.00	0.00	-250	-250	-125	0.00	0.00
Issuance of Debt	167	34	0.00	295	465	460	545
Other Financing Activities, net	-197	-310	-1,252	-37	-9.00	-166	-15
Effect of Exchange Rate Changes	-4.00	-	0.00	-3.00	-1.00	0.00	0.00

This table details how cash moves in and out of Victoria's Secret & Co.'s business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026
Net Change in Cash & Equivalents	-7.00	146	-165	64	-8.00	66	-89	50	61	269	-311
Net Cash From Operating Activities	-181	589	-116	115	-248	674	-150	156	-180	673	-137
Net Cash From Continuing Operating Activities	-181	589	-116	115	-248	674	-150	156	-180	674	-137
Net Income / (Loss) Continuing Operations	-71	184	-3.00	33	-55	194	3.00	18	-32	200	57
Consolidated Net Income / (Loss)	-71	184	-3.00	33	-55	194	3.00	18	-32	200	57
Depreciation Expense	71	68	65	64	63	66	62	63	60	53	54
Non-Cash Adjustments To Reconcile Net Income	14	15	16	10	13	-6.00	14	15	12	134	13
Changes in Operating Assets and Liabilities, net	-202	315	-194	8.00	-269	420	-229	60	-220	287	-261
Net Cash From Investing Activities	-80	-31	-39	-44	-50	-20	-43	-68	-52	-21	-54
Net Cash From Continuing Investing Activities	-80	-31	-39	-44	-50	-20	-43	-68	-52	-21	-54
Purchase of Property, Plant & Equipment	-80	-32	-39	-60	-51	-28	-43	-68	-52	-24	-54
Net Cash From Financing Activities	255	-413	-10	-7.00	289	-587	106	-39	293	-384	-121
Net Cash From Continuing Financing Activities	255	-413	-10	-7.00	289	-587	106	-39	293	-384	-121
Repayment of Debt	-34	-471	-77	-61	-25	-446	-44	-125	-5.00	-380	-41
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-100
Payment of Dividends	-	-	-	-	-	-	0.00	-	-	-	-7.00
Issuance of Debt	290	60	90	55	315	-	160	85	300	-	55
Other Financing Activities, net	-1.00	-2.00	-23	-1.00	-1.00	-141	-10	1.00	-2.00	-4.00	-28
Effect of Exchange Rate Changes	-1.00	1.00	0.00	-	1.00	-	-2.00	1.00	-	1.00	1.00

This table presents Victoria's Secret & Co.'s assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Total Assets	4,229	4,344	4,711	4,600	4,532	5,013
Total Current Assets	1,239	1,691	1,737	1,533	1,441	1,883
Cash & Equivalents	335	490	427	270	227	518
Accounts Receivable	121	162	141	152	159	186
Inventories, net	701	949	1,052	985	955	1,071
Other Current Assets	82	90	117	126	100	108
Plant, Property, & Equipment, net	1,078	957	846	843	774	731
Total Noncurrent Assets	1,912	1,696	2,128	2,224	2,317	2,399
Goodwill	-	0.00	365	367	367	367
Intangible Assets	246	246	426	400	376	246
Noncurrent Deferred & Refundable Income Taxes	20	17	18	20	22	65
Other Noncurrent Operating Assets	1,646	1,433	1,319	1,437	1,552	1,721
Total Liabilities & Shareholders' Equity	4,229	4,344	4,711	4,600	4,532	5,013
Total Liabilities	3,338	4,087	4,310	4,162	3,868	4,103
Total Current Liabilities	1,556	1,698	1,579	1,614	1,375	1,507
Short-Term Debt	0.00	4.00	4.00	4.00	4.00	4.00
Accounts Payable	338	538	481	513	419	493
Accrued Expenses	782	714	737	810	633	673
Current Deferred & Payable Income Tax Liabilities	15	102	47	20	32	42
Other Current Liabilities	421	340	310	267	287	295
Total Noncurrent Liabilities	1,782	2,389	2,731	2,548	2,493	2,596
Long-Term Debt	97	978	1,271	1,120	973	971
Noncurrent Deferred & Payable Income Tax Liabilities	19	58	53	37	11	5.00
Other Noncurrent Operating Liabilities	1,666	1,353	1,407	1,391	1,509	1,620
Total Equity & Noncontrolling Interests	891	257	401	438	664	910
Total Preferred & Common Equity	891	257	383	417	640	856
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	891	257	383	417	640	856
Common Stock	0.00	126	196	239	298	346
Retained Earnings	0.00	126	186	178	343	504
Accumulated Other Comprehensive Income / (Loss)	4.00	5.00	1.00	0.00	-1.00	6.00
Noncontrolling Interest	-	0.00	18	21	24	54

This table presents Victoria's Secret & Co.'s assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	10/29/2022	4/29/2023	7/29/2023	10/28/2023	5/4/2024	8/3/2024	11/2/2024	5/3/2025	8/2/2025	11/1/2025	5/2/2026
Total Assets	4,142	4,405	4,525	4,687	4,384	4,635	4,921	4,580	4,755	5,134	4,770
Total Current Assets	1,709	1,435	1,478	1,636	1,393	1,488	1,786	1,455	1,539	1,945	1,626
Cash & Equivalents	126	132	131	124	105	169	161	138	188	249	207
Accounts Receivable	184	126	140	139	152	158	163	153	166	190	185
Inventories, net	1,242	1,041	1,040	1,211	987	1,019	1,290	1,043	1,058	1,377	1,098
Other Current Assets	157	136	167	162	149	142	172	121	127	129	136
Plant, Property, & Equipment, net	855	834	855	871	805	810	806	763	777	766	736
Total Noncurrent Assets	1,578	2,136	2,192	2,180	2,186	2,337	2,329	2,362	2,439	2,423	2,408
Goodwill	0.00	368	365	365	367	367	367	367	367	367	367
Intangible Assets	246	420	413	407	394	388	381	369	363	357	246
Noncurrent Deferred & Refundable Income Taxes	20	16	16	15	20	19	19	23	22	22	54
Other Noncurrent Operating Assets	1,312	1,332	1,398	1,393	1,405	1,563	1,562	1,603	1,687	1,677	1,741
Total Liabilities & Shareholders' Equity	4,142	4,405	4,525	4,687	4,384	4,635	4,921	4,580	4,755	5,134	4,770
Total Liabilities	3,890	4,118	4,225	4,449	3,939	4,141	4,468	3,907	4,045	4,445	3,925
Total Current Liabilities	1,332	1,369	1,407	1,368	1,435	1,494	1,526	1,256	1,345	1,491	1,286
Short-Term Debt	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00
Accounts Payable	397	388	529	449	412	475	464	423	480	546	412
Accrued Expenses	618	649	578	625	755	752	801	543	600	646	573
Current Deferred & Payable Income Tax Liabilities	8.00	30	3.00	2.00	18	6.00	5.00	26	3.00	11	33
Other Current Liabilities	305	298	293	288	246	257	252	260	258	284	264
Total Noncurrent Liabilities	2,558	2,749	2,818	3,081	2,504	2,647	2,942	2,651	2,700	2,954	2,639
Long-Term Debt	1,244	1,271	1,270	1,530	1,119	1,119	1,414	1,078	1,048	1,347	986
Noncurrent Deferred & Payable Income Tax Liabilities	59	62	61	60	42	40	38	16	14	13	5.00
Other Noncurrent Operating Liabilities	1,255	1,416	1,487	1,491	1,343	1,488	1,490	1,557	1,638	1,594	1,648
Total Equity & Noncontrolling Interests	252	287	300	238	445	494	453	673	710	689	845
Total Preferred & Common Equity	235	265	279	220	423	472	429	645	680	653	790
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	235	265	279	220	423	472	429	645	680	653	790
Common Stock	188	174	211	224	249	266	279	303	321	331	323
Retained Earnings	47	92	68	-3.00	174	206	150	341	357	320	461
Accumulated Other Comprehensive Income / (Loss)	0.00	-1.00	0.00	-1.00	0.00	0.00	0.00	1.00	2.00	2.00	6.00
Noncontrolling Interest	17	22	21	18	22	22	24	28	30	36	55

This table displays calculated financial ratios and metrics derived from Victoria's Secret & Co.'s official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	80,268,924.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	80,268,924.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	2.01
Growth Metrics	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-624	-71	667	387	194	237	246
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	23.12%	12.43%	14.45%	13.06%
Earnings before Interest and Taxes (EBIT)	-891	-100	870	477	246	307	278
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-480	226	1,173	751	559	565	516
Valuation Ratios	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-724	571	-113	151	115	293
Efficiency Ratios	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	653	749	1,249	1,292	1,414	1,367
Increase / (Decrease) in Invested Capital	0.00	653	96	500	43	122	-47
Book Value per Share	$0.00	$0.00	$2.90	$4.74	$5.39	$8.14	$10.66
Tangible Book Value per Share	$0.00	$0.00	$0.12	($5.05)	($4.52)	($1.31)	$3.03
Total Capital	0.00	988	1,239	1,676	1,562	1,641	1,885
Total Debt	0.00	97	982	1,275	1,124	977	975
Total Long-Term Debt	0.00	97	978	1,271	1,120	973	971
Net Debt	0.00	-238	492	848	854	750	457
Capital Expenditures (CapEx)	225	127	169	164	256	153	187
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-652	-493	-265	-347	-157	-138
Debt-free Net Working Capital (DFNWC)	0.00	-317	-3.00	162	-77	70	380
Net Working Capital (NWC)	0.00	-317	-7.00	158	-81	66	376
Net Nonoperating Expense (NNE)	273	1.30	21	49	78	68	57
Net Nonoperating Obligations (NNO)	0.00	-238	492	848	854	750	457
Total Depreciation and Amortization (D&A)	411	326	303	274	313	258	238
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$7.34	$4.24	$1.41	$2.11	$2.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	84.31M	77.75M	77.58M	78.89M	80.47M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$7.18	$4.14	$1.39	$2.05	$1.93
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	84.31M	77.75M	77.58M	78.89M	80.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	84.31M	77.75M	77.58M	78.89M	80.47M
Normalized Net Operating Profit after Tax (NOPAT)	-120	-71	667	387	194	237	246
Debt Service Ratios	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Victoria's Secret & Co.'s official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026	5/2/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	80,268,924.00	80,467,012.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	80,268,924.00	80,467,012.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.29	0.60
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.02%	3.07%	-3.41%	-0.70%	6.48%	1.15%	-0.44%	2.96%	9.28%	-	15.30%
EBITDA Growth	-90.27%	7.05%	-16.36%	21.15%	36.36%	-0.60%	-7.61%	-16.67%	173.33%	-	56.47%
EBIT Growth	-248.89%	5.28%	-3.57%	138.46%	28.36%	2.70%	-14.81%	-32.26%	60.42%	-	243.48%
NOPAT Growth	-248.73%	10.43%	-183.57%	472.23%	29.85%	4.23%	164.10%	-36.45%	59.57%	-	576.88%
Net Income Growth	-422.73%	6.36%	-175.00%	3,300.00%	22.54%	5.98%	200.00%	-43.75%	43.64%	-	1,800.00%
EPS Growth	-417.24%	11.00%	-600.00%	2,100.00%	22.83%	3.88%	60.00%	-50.00%	35.21%	-	2,900.00%
Operating Cash Flow Growth	20.61%	-17.74%	-7.41%	29.21%	-37.02%	14.43%	-29.31%	35.65%	27.42%	-	8.67%
Free Cash Flow Firm Growth	26.98%	151.73%	87.32%	110.66%	70.43%	-43.29%	-196.30%	-319.52%	0.63%	-	139.37%
Invested Capital Growth	19.94%	3.44%	2.31%	0.35%	3.76%	9.44%	10.53%	8.70%	4.74%	-	0.68%
Revenue Q/Q Growth	-11.35%	64.66%	-34.76%	4.27%	-4.94%	56.42%	-35.79%	7.83%	0.89%	-	-31.25%
EBITDA Q/Q Growth	-89.42%	2,936.36%	-72.46%	36.96%	-88.10%	2,113.33%	-74.40%	23.53%	-60.95%	-	-53.33%
EBIT Q/Q Growth	-357.69%	486.57%	-89.58%	129.63%	-177.42%	654.17%	-91.35%	82.61%	-145.24%	-	-65.95%
NOPAT Q/Q Growth	-260.77%	537.98%	-107.59%	410.19%	-167.99%	750.77%	-95.33%	207.50%	-143.25%	-	-68.07%
Net Income Q/Q Growth	-7,000.00%	359.15%	-101.63%	1,166.67%	-271.88%	454.55%	-98.46%	500.00%	-272.22%	-	-71.36%
EPS Q/Q Growth	-4,500.00%	352.17%	-102.16%	900.00%	-277.50%	439.44%	-100.83%	1,100.00%	-330.00%	-	-74.66%
Operating Cash Flow Q/Q Growth	-303.37%	425.41%	-119.69%	199.14%	-315.65%	371.77%	-122.26%	204.00%	-215.38%	-	-120.36%
Free Cash Flow Firm Q/Q Growth	21.15%	150.61%	-129.92%	189.28%	-318.71%	197.05%	-256.35%	33.85%	1.00%	-	-78.11%
Invested Capital Q/Q Growth	14.21%	-21.60%	13.24%	-1.03%	18.09%	-17.31%	14.36%	-2.66%	13.79%	-	19.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.75%	39.65%	36.87%	35.36%	34.74%	38.63%	35.03%	35.57%	36.41%	-	37.50%
EBITDA Margin	0.87%	16.03%	6.77%	8.89%	1.11%	15.76%	6.28%	7.20%	2.79%	-	8.53%
Operating Margin	-5.30%	12.43%	1.91%	4.38%	-3.49%	12.77%	1.48%	2.81%	-1.29%	-	4.87%
EBIT Margin	-5.30%	12.43%	1.99%	4.38%	-3.56%	12.62%	1.70%	2.88%	-1.29%	-	5.06%
Profit (Net Income) Margin	-5.61%	8.83%	-0.22%	2.26%	-4.08%	9.25%	0.22%	1.23%	-2.11%	-	3.65%
Tax Burden Percent	76.34%	79.31%	-60.00%	78.05%	78.57%	79.59%	50.00%	75.00%	83.78%	-	89.06%
Interest Burden Percent	138.81%	89.58%	18.52%	66.13%	145.83%	92.11%	26.09%	57.14%	194.74%	-	81.01%
Effective Tax Rate	0.00%	20.69%	160.00%	21.95%	0.00%	20.41%	50.00%	25.00%	0.00%	-	10.94%
Return on Invested Capital (ROIC)	-15.02%	47.98%	-4.87%	14.47%	-9.03%	46.79%	2.99%	8.74%	-3.30%	-	18.08%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.92%	45.47%	-3.70%	12.90%	-10.69%	44.41%	2.27%	7.34%	-4.80%	-	16.84%
Return on Net Nonoperating Assets (RNNOA)	-87.43%	92.24%	-10.93%	34.08%	-41.24%	64.64%	3.99%	11.08%	-9.91%	-	19.16%
Return on Equity (ROE)	-102.45%	140.22%	-15.80%	48.55%	-50.27%	111.43%	6.98%	19.82%	-13.21%	-	37.24%
Cash Return on Invested Capital (CROIC)	-6.80%	11.89%	10.31%	14.52%	9.88%	8.50%	5.56%	6.37%	9.18%	-	17.73%
Operating Return on Assets (OROA)	-7.34%	16.51%	2.77%	5.85%	-4.60%	17.23%	2.36%	3.84%	-1.64%	-	7.32%
Return on Assets (ROA)	-7.78%	11.73%	-0.31%	3.02%	-5.27%	12.63%	0.31%	1.65%	-2.68%	-	5.28%
Return on Common Equity (ROCE)	-95.13%	133.70%	-14.85%	45.92%	-47.21%	106.88%	6.67%	18.96%	-12.52%	-	35.20%
Return on Equity Simple (ROE_SIMPLE)	47.73%	0.00%	25.77%	30.08%	36.83%	0.00%	27.13%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-47	205	-16	48	-33	214	10	31	-13	212	68
NOPAT Margin	-3.71%	9.86%	-1.15%	3.42%	-2.44%	10.16%	0.74%	2.11%	-0.90%	-	4.34%
Net Nonoperating Expense Percent (NNEP)	1.90%	2.52%	-1.17%	1.56%	1.66%	2.38%	0.71%	1.40%	1.50%	-	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	13.15%	-	-	-	13.05%	0.57%	1.75%	-0.65%	11.24%	3.69%
Cost of Revenue to Revenue	66.25%	60.35%	63.13%	64.64%	65.26%	61.37%	64.97%	64.43%	63.59%	-	62.50%
SG&A Expenses to Revenue	39.05%	27.22%	34.95%	30.98%	38.23%	25.87%	33.56%	32.76%	37.70%	-	32.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	39.05%	27.22%	34.95%	30.98%	38.23%	25.87%	33.56%	32.76%	37.70%	-	32.63%
Earnings before Interest and Taxes (EBIT)	-67	259	27	62	-48	266	23	42	-19	232	79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	334	92	126	15	332	85	105	41	285	133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.51	5.02	3.22	2.68	5.77	4.47	2.40	2.20	4.33	-	5.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	23.80
Price to Revenue (P/Rev)	0.23	0.34	0.22	0.21	0.40	0.46	0.25	0.24	0.44	-	0.62
Price to Earnings (P/E)	14.03	19.20	13.09	9.24	16.28	17.33	9.25	9.90	16.62	-	19.97
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	7.13%	5.21%	7.64%	10.82%	6.14%	5.77%	10.81%	10.10%	6.02%	-	5.01%
Enterprise Value to Invested Capital (EV/IC)	1.73	2.30	1.64	1.55	2.20	2.57	1.56	1.52	2.21	-	3.10
Enterprise Value to Revenue (EV/Rev)	0.47	0.48	0.39	0.37	0.61	0.58	0.40	0.38	0.62	-	0.75
Enterprise Value to EBITDA (EV/EBITDA)	5.32	5.31	4.44	3.98	6.62	6.43	4.51	4.45	7.04	-	8.96
Enterprise Value to EBIT (EV/EBIT)	12.27	12.06	9.80	7.98	12.52	11.83	8.31	8.44	12.70	-	15.12
Enterprise Value to NOPAT (EV/NOPAT)	16.69	15.29	13.18	10.43	16.48	15.32	10.51	10.75	16.40	-	16.91
Enterprise Value to Operating Cash Flow (EV/OCF)	5.54	7.63	6.30	5.51	11.05	8.55	6.44	5.53	7.93	-	9.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	19.64	16.10	10.68	22.64	31.57	29.40	24.82	24.66	-	17.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.45	2.57	2.52	2.27	3.13	1.47	1.61	1.48	1.96	-	1.17
Long-Term Debt to Equity	6.43	2.56	2.51	2.27	3.12	1.47	1.60	1.48	1.96	-	1.17
Financial Leverage	5.17	2.03	2.95	2.64	3.86	1.46	1.75	1.51	2.07	-	1.14
Leverage Ratio	18.02	11.10	12.01	11.54	13.90	8.29	8.02	7.80	8.80	-	6.16
Compound Leverage Factor	25.01	9.94	2.22	7.63	20.28	7.63	2.09	4.46	17.15	-	4.99
Debt to Total Capital	86.57%	71.96%	71.62%	69.45%	75.79%	59.54%	61.65%	59.70%	66.23%	-	53.95%
Short-Term Debt to Total Capital	0.23%	0.26%	0.26%	0.25%	0.21%	0.24%	0.23%	0.23%	0.20%	-	0.22%
Long-Term Debt to Total Capital	86.34%	71.70%	71.36%	69.20%	75.57%	59.29%	61.42%	59.48%	66.03%	-	53.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	1.02%	1.34%	1.40%	1.36%	1.28%	1.46%	1.60%	1.70%	1.76%	-	3.00%
Common Equity to Total Capital	12.42%	26.70%	26.98%	29.19%	22.93%	39.00%	36.75%	38.59%	32.01%	-	43.05%
Debt to EBITDA	2.86	2.01	2.08	1.99	2.50	1.73	1.94	1.96	2.40	-	1.76
Net Debt to EBITDA	2.63	1.53	1.88	1.69	2.22	1.33	1.69	1.61	1.96	-	1.39
Long-Term Debt to EBITDA	2.85	2.00	2.07	1.99	2.49	1.72	1.93	1.95	2.39	-	1.75
Debt to NOPAT	8.96	5.79	6.16	5.23	6.22	4.12	4.52	4.73	5.59	-	3.31
Net Debt to NOPAT	8.23	4.40	5.59	4.44	5.52	3.16	3.94	3.89	4.56	-	2.62
Long-Term Debt to NOPAT	8.93	5.77	6.14	5.21	6.20	4.10	4.50	4.72	5.57	-	3.30
Altman Z-Score	1.52	1.86	1.67	1.61	1.67	2.14	1.77	1.72	1.81	-	2.34
Noncontrolling Interest Sharing Ratio	7.14%	4.65%	6.01%	5.42%	6.08%	4.08%	4.47%	4.32%	5.25%	-	5.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	0.95	0.97	1.00	1.17	1.05	1.16	1.14	1.30	-	1.26
Quick Ratio	0.19	0.26	0.18	0.22	0.21	0.28	0.23	0.26	0.29	-	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-321	162	-49	43	-95	92	-144	-95	-94	259	57
Operating Cash Flow to CapEx	-226.25%	1,840.63%	-297.44%	191.67%	-486.27%	3,547.37%	-348.84%	229.41%	-346.15%	-	-253.70%
Free Cash Flow to Firm to Interest Expense	-12.34	6.02	-2.21	2.07	-4.31	4.39	-8.47	-5.29	-5.24	-	3.78
Operating Cash Flow to Interest Expense	-6.96	21.81	-5.27	5.48	-11.27	32.10	-8.82	8.67	-10.00	-	-9.13
Operating Cash Flow Less CapEx to Interest Expense	-10.04	20.63	-7.05	2.62	-13.59	31.19	-11.35	4.89	-12.89	-	-12.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.39	1.33	1.40	1.34	1.29	1.36	1.39	1.33	1.27	-	1.45
Accounts Receivable Turnover	37.89	42.20	44.13	41.10	41.10	40.06	40.81	38.68	36.21	-	40.00
Inventory Turnover	3.23	3.87	3.84	3.76	3.13	4.07	3.91	3.84	3.04	-	3.98
Fixed Asset Turnover	7.09	7.32	7.49	7.36	7.40	7.71	7.94	7.90	8.13	-	9.02
Accounts Payable Turnover	9.36	7.93	9.73	7.71	8.57	8.47	9.50	8.36	8.02	-	10.22
Days Sales Outstanding (DSO)	9.63	8.65	8.27	8.88	8.88	9.11	8.94	9.44	10.08	-	9.13
Days Inventory Outstanding (DIO)	113.05	94.35	95.07	97.12	116.73	89.72	93.39	94.98	120.24	-	91.61
Days Payable Outstanding (DPO)	38.99	46.04	37.50	47.36	42.61	43.10	38.41	43.67	45.53	-	35.73
Cash Conversion Cycle (CCC)	83.69	56.96	65.84	58.64	83.00	55.73	63.92	60.74	84.78	-	65.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,648	1,292	1,463	1,448	1,710	1,414	1,617	1,574	1,791	1,367	1,628
Invested Capital Turnover	4.05	4.87	4.24	4.24	3.70	4.60	4.04	4.15	3.65	-	4.17
Increase / (Decrease) in Invested Capital	274	43	33	5.00	62	122	154	126	81	-47	11
Enterprise Value (EV)	2,859	2,967	2,401	2,242	3,755	3,633	2,517	2,389	3,964	-	5,051
Market Capitalization	1,431	2,092	1,361	1,266	2,474	2,859	1,545	1,495	2,826	-	4,213
Book Value per Share	$2.85	$5.39	$5.45	$6.03	$5.46	$8.14	$8.18	$8.52	$8.15	$10.66	$9.82
Tangible Book Value per Share	($7.14)	($4.52)	($4.36)	($3.61)	($4.06)	($1.31)	($1.15)	($0.63)	($0.89)	$3.03	$2.20
Total Capital	1,772	1,562	1,568	1,617	1,871	1,641	1,755	1,762	2,040	1,885	1,835
Total Debt	1,534	1,124	1,123	1,123	1,418	977	1,082	1,052	1,351	975	990
Total Long-Term Debt	1,530	1,120	1,119	1,119	1,414	973	1,078	1,048	1,347	971	986
Net Debt	1,410	854	1,018	954	1,257	750	944	864	1,102	457	783
Capital Expenditures (CapEx)	80	32	39	60	51	19	43	68	52	24	54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	148	-347	-143	-171	103	-157	65	10	209	-138	137
Debt-free Net Working Capital (DFNWC)	272	-77	-38	-2.00	264	70	203	198	458	380	344
Net Working Capital (NWC)	268	-81	-42	-6.00	260	66	199	194	454	376	340
Net Nonoperating Expense (NNE)	24	21	-13	16	22	19	7.00	13	18	13	11
Net Nonoperating Obligations (NNO)	1,410	854	1,018	954	1,257	750	944	864	1,102	457	783
Total Depreciation and Amortization (D&A)	78	75	65	64	63	66	62	63	60	53	54
Debt-free, Cash-free Net Working Capital to Revenue	2.42%	-5.61%	-2.33%	-2.79%	1.66%	-2.52%	1.04%	0.16%	3.27%	-	2.03%
Debt-free Net Working Capital to Revenue	4.44%	-1.25%	-0.62%	-0.03%	4.25%	1.12%	3.26%	3.16%	7.17%	-	5.09%
Net Working Capital to Revenue	4.38%	-1.31%	-0.68%	-0.10%	4.19%	1.06%	3.20%	3.10%	7.10%	-	5.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.92)	$2.34	($0.05)	$0.41	($0.71)	$2.46	($0.02)	$0.20	($0.46)	$2.28	$0.59
Adjusted Weighted Average Basic Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M
Adjusted Diluted Earnings per Share	($0.92)	$2.32	($0.05)	$0.40	($0.71)	$2.41	($0.02)	$0.20	($0.46)	$2.21	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.43M	77.58M	78.30M	78.53M	78.62M	78.89M	79.85M	80.16M	80.27M	80.47M	79.49M
Normalized Net Operating Profit after Tax (NOPAT)	-47	205	18	48	-33	214	10	31	-13	212	68
Normalized NOPAT Margin	-3.71%	9.86%	1.34%	3.42%	-2.44%	10.16%	0.74%	2.11%	-0.90%	-	4.34%
Pre Tax Income Margin	-7.35%	11.14%	0.37%	2.89%	-5.20%	11.63%	0.44%	1.65%	-2.51%	-	4.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.58	9.59	1.23	2.95	-2.18	12.67	1.35	2.33	-1.06	-	5.27
NOPAT to Interest Expense	-1.80	7.61	-0.71	2.30	-1.50	10.20	0.59	1.71	-0.74	-	4.51
EBIT Less CapEx to Interest Expense	-5.65	8.41	-0.55	0.10	-4.50	11.76	-1.18	-1.44	-3.94	-	1.67
NOPAT Less CapEx to Interest Expense	-4.88	6.42	-2.48	-0.55	-3.81	9.29	-1.94	-2.07	-3.63	-	0.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	153.33%	107.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	41.15%

Financials Breakdown Chart

Key Financial Trends

Q4 2025 operating revenue rose to $2.269B, up from $2.083B in Q4 2024 (about +9%), signaling stronger top‑line demand.
Q4 2025 operating income remained robust at $229M, sustaining profitability as revenue grows.
Free cash flow in Q4 2025 was strong: about $650M (CFO $674M less capex $24M), providing cushion for debt management or returns to shareholders.
2025 debt actions show liquidity flexibility, including $300M of debt issued in Q3 2025 and $85M in Q2 2025, expanding near‑term liquidity headroom.
Inventories rose to roughly $1.38B by Q3 2025, up from earlier periods, signaling a planned stock build to support demand or mix changes.
Gross margin averaged about 37.7% in Q4 2025 (855M gross profit on 2.269B revenue), slightly below the ~39% level seen in Q4 2024.
Selling, General & Admin (SG&A) expenses rose to $626M in Q4 2025, indicating a higher expense base relative to revenue growth.
Total liabilities remained elevated at about $4.445B as of Q3 2025, with long‑term debt near $1.347B, signaling ongoing leverage and debt service obligations.
Net income attributable to common shareholders declined year over year, to $184M in Q4 2025 from $193M in Q4 2024.
Diluted earnings per share fell to $2.21 in Q4 2025 from $2.46 in Q4 2024, reflecting earnings‑per‑share pressure despite positive net income.

06/15/26 03:24 PM ETAI Generated. May Contain Errors.

Victoria's Secret & Co. Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Victoria's Secret & Co.'s financial year ends in January. Their financial year 2026 ended on January 31, 2026.

Victoria's Secret & Co.'s net income appears to be on an upward trend, with a most recent value of $189 million in 2025, falling from -$897 million in 2019. The previous period was $169 million in 2024. See Victoria's Secret & Co.'s forecast for analyst expectations on what's next for the company.

Victoria's Secret & Co.'s total operating income in 2025 was $271 million, based on the following breakdown:

Total Gross Profit: $2.38 billion
Total Operating Expenses: $2.11 billion

Over the last 6 years, Victoria's Secret & Co.'s total revenue changed from $7.51 billion in 2019 to $6.55 billion in 2025, a change of -12.7%.

Victoria's Secret & Co.'s total liabilities were at $4.10 billion at the end of 2025, a 6.1% increase from 2024, and a 22.9% increase since 2020.

In the past 5 years, Victoria's Secret & Co.'s cash and equivalents has ranged from $227 million in 2024 to $518 million in 2025, and is currently $518 million as of their latest financial filing in 2025.

Over the last 6 years, Victoria's Secret & Co.'s book value per share changed from 0.00 in 2019 to 10.66 in 2025, a change of 1,066.4%.

Related Companies

Financial statements for NYSE:VSXY last updated on 6/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Victoria's Secret & Co. (VSXY) Financials

Financials Breakdown Chart

Key Financial Trends

Victoria's Secret & Co. Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Victoria's Secret & Co. (VSXY) Financials

Annual Income Statements for Victoria's Secret & Co.

Quarterly Income Statements for Victoria's Secret & Co.

Annual Cash Flow Statements for Victoria's Secret & Co.

Quarterly Cash Flow Statements for Victoria's Secret & Co.

Annual Balance Sheets for Victoria's Secret & Co.

Quarterly Balance Sheets for Victoria's Secret & Co.

Annual Metrics And Ratios for Victoria's Secret & Co.

Quarterly Metrics And Ratios for Victoria's Secret & Co.

Financials Breakdown Chart

Key Financial Trends

Victoria's Secret & Co. Financials - Frequently Asked Questions

When does Victoria's Secret & Co.'s fiscal year end?

How has Victoria's Secret & Co.'s net income changed over the last 6 years?

What is Victoria's Secret & Co.'s operating income?

How has Victoria's Secret & Co.'s revenue changed over the last 6 years?

How much debt does Victoria's Secret & Co. have?

How much cash does Victoria's Secret & Co. have?

How has Victoria's Secret & Co.'s book value per share changed over the last 6 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools