Victoria's Secret & Co. VSXY
Victoria's Secret & Co. (together with its subsidiaries unless the context otherwise requires, "we", "us", "our" or the "Company") is a specialty retailer of women's intimates and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names. We have approximately 860 stores in the United States ("U.S."), Canada and China, as well as our own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, we have more than 560 stores in approximately 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving us and our international partners. We operate as a single segment designed to seamlessly serve customers worldwide through stores and digital channels.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.55B | $6.23B | $6.18B | $6.34B | $6.79B | $5.41B | $7.51B | — |
| Cost of revenue | $4.17B | $3.95B | $3.94B | $4.09B | $4.03B | $3.84B | $5.45B | — |
| Gross profit | $2.38B | $2.28B | $2.24B | $2.26B | $2.76B | $1.57B | $2.06B | — |
| SG&A | $2.11B | $1.97B | $2.00B | $1.78B | $1.89B | $1.67B | $2.23B | — |
| Operating income | $271.0M | $310.0M | $246.0M | $478.0M | $870.0M | -$101.0M | -$892.0M | — |
| Interest expense | $70.0M | $86.0M | $99.0M | $60.0M | $27.0M | $6.0M | $8.0M | — |
| Pre-tax income | $208.0M | $221.0M | $147.0M | $417.0M | $843.0M | -$106.0M | -$899.0M | — |
| Income tax | $19.0M | $52.0M | $31.0M | $79.0M | $197.0M | $34.0M | $2.0M | — |
| Net income | $189.0M | $169.0M | $116.0M | $338.0M | $646.0M | -$72.0M | -$897.0M | — |
| EPS, basic | 2.00 | 2.11 | 1.41 | 4.24 | 7.34 | -0.82 | -10.16 | — |
| EPS, diluted | 1.93 | 2.05 | 1.39 | 4.14 | 7.18 | -0.82 | -10.16 | — |
| Shares, diluted (wtd. avg.) | $83.0M | $81.0M | $79.0M | $84.0M | $90.0M | $88.0M | $88.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $518.0M | $227.0M | $270.0M | $427.0M | $490.0M | $335.0M | $245.0M | $369.0M |
| Receivables | $186.0M | $159.0M | $152.0M | $141.0M | $162.0M | $121.0M | — | — |
| Inventory | $1.07B | $955.0M | $985.0M | $1.05B | $949.0M | $701.0M | — | — |
| Total current assets | $1.88B | $1.44B | $1.53B | $1.74B | $1.69B | $1.24B | — | — |
| Property, plant and equipment | $731.0M | $774.0M | $843.0M | $846.0M | $957.0M | $1.08B | — | — |
| Goodwill | $367.0M | $367.0M | $367.0M | $365.0M | $0 | — | — | — |
| Other intangibles | — | $130.0M | $155.0M | $180.0M | — | — | — | — |
| Total assets | $5.01B | $4.53B | $4.60B | $4.71B | $4.34B | $4.23B | — | — |
| Accounts payable | $493.0M | $419.0M | $513.0M | $481.0M | $538.0M | $338.0M | — | — |
| Short-term debt | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $0 | — | — |
| Total current liabilities | $1.51B | $1.38B | $1.61B | $1.58B | $1.70B | $1.56B | — | — |
| Long-term debt | $971.0M | $973.0M | $1.12B | $1.27B | $978.0M | $97.0M | — | — |
| Total liabilities | $4.10B | $3.87B | $4.16B | $4.31B | $4.09B | $3.34B | — | — |
| Retained earnings | $504.0M | $343.0M | $178.0M | $186.0M | $126.0M | $0 | — | — |
| Total equity | $856.0M | $640.0M | $438.0M | $401.0M | $257.0M | $891.0M | $1.31B | $2.38B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $499.0M | $425.0M | $389.0M | $437.0M | $851.0M | $674.0M | $315.0M | — |
| Depreciation and amortisation | $238.0M | $258.0M | $284.0M | $274.0M | $303.0M | $326.0M | $411.0M | — |
| Stock-based compensation | $55.0M | $60.0M | $56.0M | $48.0M | $33.0M | $25.0M | $38.0M | — |
| Capital expenditure | $187.0M | $178.0M | $256.0M | $164.0M | $169.0M | $127.0M | $225.0M | — |
| Investing cash flow | -$184.0M | -$153.0M | -$254.0M | -$555.0M | -$169.0M | -$123.0M | -$243.0M | — |
| Financing cash flow | -$24.0M | -$315.0M | -$291.0M | $58.0M | -$527.0M | -$465.0M | -$192.0M | — |
| Buybacks | $0 | $0 | $125.0M | $250.0M | $250.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-201438.