NYSE : VSXY
Victoria's Secret & Co. — Financial statements
United States
Last price 94.14 USD (Oct 30, 2026, 9:59 AM EDT) · Market cap 7.51B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Victoria's Secret & Co. (VSXY) reported revenue of 6.91B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 6.91B | 6.55B | 6.23B | 6.18B | 6.34B | 6.79B |
| Cost of Revenue | 4.30B | 4.16B | 3.95B | 3.94B | 4.07B | 4.03B |
| Gross Profit | 2.61B | 2.39B | 2.28B | 2.25B | 2.27B | 2.76B |
| Selling, General & Admin | 2.09B | 1.99B | 1.93B | 1.96B | 1.74B | 1.89B |
| Amortization of Goodwill & Intangibles | 6.00M | 19.00M | 25.00M | 25.00M | ||
| Operating Expenses | 2.09B | 2.01B | 1.96B | 1.99B | 1.74B | 1.89B |
| Operating Income | 517.00M | 384.00M | 327.00M | 257.00M | 528.00M | 870.00M |
| Interest Expense | -65.00M | -70.00M | -86.00M | -99.00M | -60.00M | -27.00M |
| Other Non Operating Income (Expenses) | 8.00M | 7.00M | -3.00M | -1.00M | ||
| EBT Excluding Unusual Items | 460.00M | 321.00M | 238.00M | 158.00M | 467.00M | 843.00M |
| Merger & Restructuring Charges | -59.00M | -62.00M | -17.00M | -11.00M | -50.00M | |
| Asset Writedown | -120.00M | -120.00M | ||||
| Legal Settlements | 69.00M | 69.00M | ||||
| Pretax Income | 490.00M | 208.00M | 221.00M | 147.00M | 417.00M | 843.00M |
| Income Tax Expense | 77.00M | 19.00M | 52.00M | 31.00M | 79.00M | 197.00M |
| Earnings From Continuing Operations | 413.00M | 189.00M | 169.00M | 116.00M | 338.00M | 646.00M |
| Minority Interest in Earnings | -35.00M | -28.00M | -4.00M | -7.00M | 10.00M | |
| Net Income | 378.00M | 161.00M | 165.00M | 109.00M | 348.00M | 646.00M |
| Net Income to Common | 378.00M | 161.00M | 165.00M | 109.00M | 348.00M | 646.00M |
| Shares Outstanding (Basic) | 80.00M | 80.00M | 79.00M | 78.00M | 82.00M | 88.00M |
| Shares Outstanding (Diluted) | 84.50M | 83.00M | 81.00M | 79.00M | 84.00M | 90.00M |
| EPS (Basic) | 4.72 | 2.01 | 2.09 | 1.40 | 4.24 | 7.34 |
| EPS (Diluted) | 4.47 | 1.93 | 2.05 | 1.39 | 4.14 | 7.18 |
| Free Cash Flow | 554.00M | 312.00M | 247.00M | 133.00M | 273.00M | 682.00M |
| Free Cash Flow Per Share | 6.56 | 3.76 | 3.05 | 1.68 | 3.25 | 7.58 |
| Gross Margin | 37.75% | 36.49% | 36.66% | 36.31% | 35.81% | 40.68% |
| Operating Margin | 7.48% | 5.86% | 5.25% | 4.16% | 8.32% | 12.82% |
| Profit Margin | 5.47% | 2.46% | 2.65% | 1.76% | 5.49% | 9.52% |
| Free Cash Flow Margin | 8.02% | 4.76% | 3.96% | 2.15% | 4.30% | 10.05% |
| EBITDA | 735.00M | 622.00M | 585.00M | 541.00M | 802.00M | 1.17B |
| EBITDA Margin | 10.63% | 9.49% | 9.39% | 8.75% | 12.64% | 17.29% |
| D&A For EBITDA | 218.00M | 238.00M | 258.00M | 284.00M | 274.00M | 303.00M |
| EBIT | 517.00M | 384.00M | 327.00M | 257.00M | 528.00M | 870.00M |
| EBIT Margin | 7.48% | 5.86% | 5.25% | 4.16% | 8.32% | 12.82% |
| Effective Tax Rate | 15.71% | 9.13% | 23.53% | 21.09% | 18.95% | 23.37% |
| Advertising Expenses | 429.00M | 454.00M | 344.00M | 334.00M |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 522.00M | 518.00M | 227.00M | 270.00M | 427.00M | 490.00M |
| Cash & Short-Term Investments | 522.00M | 518.00M | 227.00M | 270.00M | 427.00M | 490.00M |
| Receivables | 171.00M | 186.00M | 159.00M | 152.00M | 141.00M | 162.00M |
| Inventory | 1.15B | 1.07B | 955.00M | 985.00M | 1.05B | 949.00M |
| Other Current Assets | 123.00M | 108.00M | 100.00M | 126.00M | 117.00M | 90.00M |
| Total Current Assets | 1.96B | 1.88B | 1.44B | 1.53B | 1.74B | 1.69B |
| Property, Plant & Equipment | 2.44B | 2.36B | 2.25B | 2.19B | 2.08B | 2.33B |
| Long-Term Investments | 45.00M | 53.00M | 47.00M | 60.00M | 56.00M | 35.00M |
| Goodwill | 367.00M | 367.00M | 367.00M | 367.00M | 365.00M | |
| Other Intangible Assets | 246.00M | 246.00M | 376.00M | 400.00M | 426.00M | 246.00M |
| Long-Term Deferred Tax Assets | 53.00M | 65.00M | 22.00M | 20.00M | 18.00M | 17.00M |
| Other Long-Term Assets | 37.00M | 37.00M | 24.00M | 26.00M | 31.00M | 29.00M |
| Total Assets | 5.16B | 5.01B | 4.53B | 4.60B | 4.71B | 4.34B |
| Accounts Payable | 489.00M | 493.00M | 419.00M | 513.00M | 481.00M | 538.00M |
| Accrued Expenses | 308.00M | 314.00M | 280.00M | 255.00M | 276.00M | 328.00M |
| Current Portion of Long-Term Debt | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M |
| Current Portion of Leases | 282.00M | 295.00M | 287.00M | 267.00M | 310.00M | 340.00M |
| Current Income Taxes Payable | 54.00M | 42.00M | 32.00M | 20.00M | 47.00M | 102.00M |
| Current Unearned Revenue | 204.00M | 248.00M | 256.00M | 295.00M | 291.00M | 250.00M |
| Other Current Liabilities | 102.00M | 111.00M | 97.00M | 260.00M | 170.00M | 136.00M |
| Total Current Liabilities | 1.44B | 1.51B | 1.38B | 1.61B | 1.58B | 1.70B |
| Long-Term Debt | 971.00M | 971.00M | 973.00M | 1.12B | 1.27B | 978.00M |
| Long-Term Leases | 1.64B | 1.58B | 1.43B | 1.31B | 1.20B | 1.31B |
| Long-Term Unearned Revenue | 7.00M | 9.00M | ||||
| Long-Term Deferred Tax Liabilities | 5.00M | 5.00M | 11.00M | 37.00M | 53.00M | 58.00M |
| Other Long-Term Liabilities | 36.00M | 35.00M | 75.00M | 79.00M | 206.00M | 39.00M |
| Total Liabilities | 4.10B | 4.10B | 3.87B | 4.16B | 4.31B | 4.09B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 341.00M | 345.00M | 297.00M | 238.00M | 195.00M | 125.00M |
| Retained Earnings | 644.00M | 504.00M | 343.00M | 178.00M | 186.00M | 126.00M |
| Comprehensive Income & Other | 4.00M | 6.00M | -1.00M | 1.00M | 5.00M | |
| Total Common Equity | 990.00M | 856.00M | 640.00M | 417.00M | 383.00M | 257.00M |
| Minority Interest | 61.00M | 54.00M | 24.00M | 21.00M | 18.00M | |
| Shareholders' Equity | 1.05B | 910.00M | 664.00M | 438.00M | 401.00M | 257.00M |
| Total Liabilities & Equity | 5.16B | 5.01B | 4.53B | 4.60B | 4.71B | 4.34B |
| Total Debt | 2.90B | 2.85B | 2.70B | 2.70B | 2.79B | 2.64B |
| Net Cash (Debt) | -2.38B | -2.33B | -2.47B | -2.43B | -2.36B | -2.15B |
| Net Cash Per Share | -28.13 | -28.05 | -30.51 | -30.80 | -28.08 | -23.84 |
| Filing Date Shares Outstanding | 79.76M | 80.47M | 78.89M | 77.58M | 77.75M | 84.31M |
| Total Common Shares Outstanding | 80.00M | 80.00M | 79.00M | 78.00M | 80.00M | 85.00M |
| Working Capital | 519.00M | 376.00M | 66.00M | -81.00M | 158.00M | -7.00M |
| Book Value Per Share | 12.38 | 10.70 | 8.10 | 5.35 | 4.79 | 3.02 |
| Tangible Book Value | 377.00M | 243.00M | -103.00M | -350.00M | -408.00M | 11.00M |
| Tangible Book Value Per Share | 4.71 | 3.04 | -1.30 | -4.49 | -5.10 | 0.13 |
| Land | 27.00M | 28.00M | 28.00M | 28.00M | 27.00M | |
| Buildings | 209.00M | 219.00M | 218.00M | 219.00M | 211.00M | |
| Machinery | 2.00B | 2.23B | 2.31B | 2.39B | 2.41B | |
| Construction In Progress | 31.00M | 27.00M | 26.00M | 57.00M | 78.00M | |
| Leasehold Improvements | 997.00M | 1.00B | 1.04B | 1.02B | 1.07B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 378.00M | 161.00M | 165.00M | 109.00M | 348.00M | 646.00M |
| Depreciation & Amortization | 218.00M | 238.00M | 258.00M | 284.00M | 274.00M | 303.00M |
| Loss (Gain) From Sale of Assets | -7.00M | |||||
| Asset Writedown & Restructuring Costs | 120.00M | 120.00M | ||||
| Loss (Gain) From Sale of Investments | 19.00M | |||||
| Stock-Based Compensation | 55.00M | 55.00M | 60.00M | 56.00M | 48.00M | 33.00M |
| Other Operating Activities | -5.00M | -22.00M | -64.00M | 20.00M | -38.00M | 1.00M |
| Change in Accounts Receivable | -5.00M | -24.00M | -8.00M | -13.00M | 22.00M | -21.00M |
| Change in Inventory | -88.00M | -112.00M | 29.00M | 36.00M | -247.00M | |
| Change in Accounts Payable | 32.00M | 114.00M | -78.00M | -11.00M | -163.00M | 173.00M |
| Change in Income Taxes | 63.00M | 15.00M | 14.00M | -26.00M | -67.00M | 119.00M |
| Change in Other Net Operating Assets | -10.00M | -46.00M | 37.00M | -66.00M | 13.00M | -156.00M |
| Operating Cash Flow | 758.00M | 499.00M | 425.00M | 389.00M | 437.00M | 851.00M |
| Capital Expenditures | -204.00M | -187.00M | -178.00M | -256.00M | -164.00M | -169.00M |
| Sale of Property, Plant & Equipment | 25.00M | |||||
| Cash Acquisitions | 1.00M | -369.00M | ||||
| Investment in Securities | -18.00M | |||||
| Other Investing Activities | 3.00M | 3.00M | 1.00M | -4.00M | ||
| Investing Cash Flow | -201.00M | -184.00M | -153.00M | -254.00M | -555.00M | -169.00M |
| Long-Term Debt Issued | 545.00M | 460.00M | 465.00M | 295.00M | 982.00M | |
| Long-Term Debt Repaid | -549.00M | -609.00M | -619.00M | -4.00M | -1.00M | |
| Net Debt Issued (Repaid) | -79.00M | -4.00M | -149.00M | -154.00M | 291.00M | 981.00M |
| Issuance of Common Stock | 6.00M | 4.00M | 5.00M | 3.00M | 5.00M | 5.00M |
| Repurchase of Common Stock | -135.00M | -15.00M | -10.00M | -137.00M | -292.00M | -254.00M |
| Other Financing Activities | -19.00M | -9.00M | -161.00M | -3.00M | 54.00M | -1.26B |
| Financing Cash Flow | -227.00M | -24.00M | -315.00M | -291.00M | 58.00M | -527.00M |
| Foreign Exchange Rate Adjustments | 4.00M | -1.00M | -3.00M | |||
| Net Cash Flow | 334.00M | 291.00M | -43.00M | -157.00M | -63.00M | 155.00M |
| Free Cash Flow | 554.00M | 312.00M | 247.00M | 133.00M | 273.00M | 682.00M |
| Free Cash Flow Margin | 8.02% | 4.76% | 3.96% | 2.15% | 4.30% | 10.05% |
| Free Cash Flow Per Share | 6.56 | 3.76 | 3.05 | 1.68 | 3.25 | 7.58 |
| Levered Free Cash Flow | 336.50M | 275.25M | 80.62M | 307.75M | 252.50M | 615.88M |
| Unlevered Free Cash Flow | 377.12M | 319.00M | 134.38M | 369.62M | 290.00M | 632.75M |
| Cash Interest Paid | 63.00M | 66.00M | 77.00M | 87.00M | 52.00M | |
| Cash Income Tax Paid | 88.00M | 87.00M | 54.00M | 74.00M | 161.00M | |
| Change in Working Capital | -8.00M | -53.00M | -6.00M | -80.00M | -195.00M | -132.00M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.71B | 4.38B | 2.86B | 2.09B | 3.16B | 4.94B |
| Enterprise Value | 10.08B | 7.35B | 5.82B | 5.09B | 5.81B | 7.30B |
| Last Close Price | 96.62 | 54.51 | 36.36 | 27.02 | 39.10 | 55.71 |
| PE Ratio | 21.63 | 27.18 | 17.32 | 19.20 | 9.08 | 7.64 |
| Forward PE | 19.29 | 19.41 | 13.75 | 11.13 | 8.75 | 8.64 |
| PS Ratio | 1.12 | 0.67 | 0.46 | 0.34 | 0.50 | 0.73 |
| PB Ratio | 7.81 | 4.81 | 4.30 | 4.78 | 7.88 | 19.20 |
| P/TBV Ratio | 20.44 | 18.01 | 448.68 | |||
| P/FCF Ratio | 13.91 | 14.02 | 11.57 | 15.73 | 11.58 | 7.24 |
| P/OCF Ratio | 10.17 | 8.77 | 6.73 | 5.38 | 7.23 | 5.80 |
| PEG Ratio | 0.61 | 2.11 | 1.52 | 2.14 | 4.41 | 0.72 |
| EV/Sales Ratio | 1.46 | 1.12 | 0.93 | 0.82 | 0.92 | 1.08 |
| EV/EBITDA Ratio | 13.72 | 11.81 | 9.95 | 9.40 | 7.25 | 6.22 |
| EV/EBIT Ratio | 19.50 | 19.14 | 17.80 | 19.80 | 11.01 | 8.39 |
| EV/FCF Ratio | 18.20 | 23.55 | 23.56 | 38.25 | 21.29 | 10.70 |
| Debt / Equity Ratio | 2.76 | 3.13 | 4.06 | 6.17 | 6.95 | 10.26 |
| Debt / EBITDA Ratio | 2.28 | 2.48 | 2.46 | 2.60 | 2.18 | 1.61 |
| Debt / FCF Ratio | 5.23 | 9.12 | 10.92 | 20.32 | 10.21 | 3.87 |
| Net Debt / Equity Ratio | 2.26 | 2.56 | 3.72 | 5.55 | 5.88 | 8.35 |
| Net Debt / EBITDA Ratio | 3.23 | 3.74 | 4.22 | 4.50 | 2.94 | 1.83 |
| Net Debt / FCF Ratio | 4.29 | 7.46 | 10.00 | 18.29 | 8.64 | 3.15 |
| Asset Turnover | 1.40 | 1.37 | 1.36 | 1.33 | 1.40 | 1.58 |
| Inventory Turnover | 3.90 | 4.11 | 4.07 | 3.87 | 4.07 | 4.88 |
| Quick Ratio | 0.48 | 0.47 | 0.28 | 0.26 | 0.36 | 0.38 |
| Current Ratio | 1.36 | 1.25 | 1.05 | 0.95 | 1.10 | 1.00 |
| Return on Equity (ROE) | 46.91% | 24.02% | 30.67% | 27.65% | 102.74% | 112.54% |
| Return on Assets (ROA) | 6.52% | 5.03% | 4.48% | 3.45% | 7.29% | 12.68% |
| Return on Invested Capital (ROIC) | 12.60% | 10.95% | 8.33% | 7.20% | 16.58% | 26.51% |
| Return on Capital Employed (ROCE) | 13.90% | 11.00% | 10.40% | 8.60% | 16.90% | 32.90% |
| Earnings Yield | 4.62% | 3.68% | 5.77% | 5.21% | 11.01% | 13.09% |
| FCF Yield | 7.19% | 7.13% | 8.64% | 6.36% | 8.64% | 13.82% |
| Buyback Yield / Dilution | -2.42% | -2.47% | -2.53% | 5.95% | 6.67% | -2.27% |