Victoria's Secret & Co. VSXY

Consumer discretionary SIC 5621 - Retail-Women's Clothing Stores NAICS Retail Trade › Clothing, Clothing Accessories, Shoe, and Jewelry Retailers › Clothing and Clothing Accessories Retailers derived NYSE

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.

Last close 90.82 2026-10-23
Market cap $7.24B 2026-08-01 share count
52-week range 71.72 - 102.46

Valuation FY2025 figures against the last close

P/S1.1x
P/E47.1x
P/FCF23.2x
EV/EBITDA15.1x
Dividend yield—
Diluted EPS1.93

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Non-US
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 5.4B (82.3%) 82% United States Non-US, FY2025: 1.2B (17.7%) 18% Non-US FY2024 United States, FY2024: 5.3B (84.3%) 84% Non-US, FY2024: 978M (15.7%) 16% FY2023 United States, FY2023: 5.3B (85.3%) 85% Non-US, FY2023: 910M (14.7%) 15%
Region FY2025FY2024FY2023
United States $5.39B $5.25B $5.27B
Non-US $1.16B $978.0M $910.0M

As the company reported it, from the “Segment Information - Schedule of revenue by geographic area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 2.002.111.414.247.34-0.82-10.16—
EPS, diluted 1.932.051.394.147.18-0.82-10.16—
Shares, diluted (wtd. avg.) 83.0M81.0M79.0M84.0M90.0M88.0M88.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2.5B 0 2.5B 5B 7.5B 10B Revenue, FY2019: 7.5B Gross profit, FY2019: 2.1B Net income, FY2019: -897M Revenue, FY2020: 5.4B Gross profit, FY2020: 1.6B Net income, FY2020: -72M Revenue, FY2021: 6.8B Gross profit, FY2021: 2.8B Net income, FY2021: 646M Revenue, FY2022: 6.3B Gross profit, FY2022: 2.3B Net income, FY2022: 338M Revenue, FY2023: 6.2B Gross profit, FY2023: 2.2B Net income, FY2023: 116M Revenue, FY2024: 6.2B Gross profit, FY2024: 2.3B Net income, FY2024: 169M Revenue, FY2025: 6.6B Gross profit, FY2025: 2.4B Net income, FY2025: 189M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $7.51B $5.41B $6.79B $6.34B $6.18B $6.23B $6.55B
Gross profit — $2.06B $1.57B $2.76B $2.26B $2.24B $2.28B $2.38B
Net income — -$897.0M -$72.0M $646.0M $338.0M $116.0M $169.0M $189.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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