undamentalytics Newsletter
Sign in

Victoria's Secret & Co. (VSXY) stock

Add to watchlist

Add holding +

NYSE: VSXY NYSE Apparel Retail Next results ~December 3, 2026

C+ Fundamentals grade

Victoria's Secret & Co. is a US-listed company in the apparel retail industry. Its financial year ends in January.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$92

Cash-flow model

Base case. Range ~$68–$120 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 9% above our base value.

Price used: $100.53, November 3, 2026

Victoria's Secret & Co. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling3 purchases and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds222 adding, 194 cuttingOf 68 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Victoria's Secret & files

Where Victoria's Secret & Co. stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $6.91bn, up 10.3% on a year earlier, faster than the 8.6% growth a quarter earlier. Free-cash-flow margin rose to 8.0% from 3.9% a year earlier. Operating margin widened to 7.9% from 4.5%. The diluted share count is up 4.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $89.19 a share, against a share price of $95.19. At that price, our model says the market is pricing in about 8.1% a year of cash-flow growth for five years, faster than the 0.4% a year revenue growth it has delivered.

Source: 10-Q filed September 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 3, 2026 (estimated)

Victoria's Secret & Co.'s trailing-twelve-month revenue grew 10.3% year on year, with a free-cash-flow margin of 8.0%.

Our discounted-cash-flow model values the business at ~$92 per share in the base case (~$68–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 128.9% while net income grew 150.3%: a 21pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.4 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 4.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 1.2 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 18.8% ranks 10 of 13 apparel retail companies we cover (median 11.6%).
  • Heavily shorted. 17.5% of the shares available to trade are sold short (4.7 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 4, 2026
Earnings per share
$0.95 against an average estimate of $0.77: beat by 22.7%
Revenue
$1.61bn, up 10.4% on a year earlier
Share reaction
-10.9% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Next report
December 3, 2026; average EPS estimate $0.00

Victoria's Secret &'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+8.9%
  • 1 month+9.6%
  • This year+81.9%
  • 1 year+179.2%
  • 5 years+94.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.9B
Operating margin
7.9%
Net margin
5.5%
EPS (TTM, diluted)
$4.45

Growth

Revenue growth
+10.3%
Change in growth rate
+1.7 pts
Share count change
+4.0%

Cash

Free cash flow (TTM)
$554M
FCF margin
8.0%
Stock pay % of revenue
0.8%

Earnings

Last results
September 3, 2026
Next results (est.)
December 4, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership

    Victoria's Secret chief legal officer to leave in March 2027

    Victoria's Secret & Co. said Melinda McAfee, its Chief Legal and Compliance Officer, will depart effective March 31, 2027. The company signed a transition agreement on October 7, 2026, which keeps her in her current role until a successor is appointed. She will then serve in a non-executive capacity until her departure date.

    SEC 8-KRead source ↗
  2. Results
  3. Leadership
  4. Insider trade
  5. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Victoria's Secret & Co. valuation models and calculator

What the price is pricing in

The share price implies about 8.3% a year of cash-flow growth for five years.That is faster than the 0.4% a year revenue growth Victoria's Secret & has delivered.

  • Priced in8.3%
  • Last 12 months10.3%
  • 3 years a year3.8%
  • 5 years a year0.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($100.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$92
Price used
$100.53close November 3, 2026
Implied change
▼ 8%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Victoria's Secret & Co.'s free cash flow after stock-based pay with after-tax interest added back ($361M, FY2027 Q2 TTM), growing 6.8% and 6.5% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$68–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Victoria's Secret & Co.'s free cash flow after stock-based pay ( $361M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Victoria's Secret & Co. as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.37 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$92 ~$68–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$75 ~$59–$99 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$39 ~$35–$44 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$75 ~$39–$92 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Victoria's Secret & Co. with Apparel Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▲ +96%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $59$82$113$153$206$275
8.5% $43$60$82$112$149$198
10% $34$47$64$87$115$152

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$55.71$39.10$27.02$36.36$54.51$98.55
Market value$5.0bn$3.3bn$2.1bn$2.9bn$4.5bn$8.4bn
+ Net debt (− = net cash)−$490m−$427m−$270m−$227m−$518m$453m
Enterprise value$4.5bn$2.9bn$1.9bn$2.7bn$4.0bn$8.8bn
Multiples
Price / sales 0.7x0.5x0.3x0.5x0.7x1.2x
Price / earnings 7.8x9.4x19.6x17.8x28.1x22.2x
Price / free cash flow 7.4x12.0x16.0x11.9x14.5x15.1x
EV / EBITDA 3.9x3.8x3.5x4.8x7.9x11.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Victoria's Secret &'s competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.7% of total assets over 6 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.1%, moving by 2.0 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median 6.7%; its worst year was 4.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 6 of 6 years, at a median 3.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (57 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 3, 2026, before the open. Analysts expect revenue of $1.6bn and EPS of $0.00 (range −$0.05 to $0.08) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.73 +58% $7.2bn +10%
Next $5.65 +19% $7.6bn +5%

Next year's EPS estimate has moved +3.4% in 90 days, across 13 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.77 $0.95 +22.7%
Apr 2026 $0.32 $0.60 +90.1%
Jan 2026 $2.53 $2.77 +9.7%
Oct 2025 −$0.59 −$0.27 +54.0%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Victoria's Secret & Co.'s revenue by +6.8% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.7%, weight 68%) and the company's own record (+7.1%, weight 32%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy754%
Hold646%
Sell00%

Monthly trend

  1. Oct 202643613
  2. Sep 202633612
  3. Aug 202633511
  4. Jul 202633511

Counts of recommendations published by analysts covering Victoria's Secret & Co., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.5%
of tradable shares
Days to cover
4.66
at average volume
Short interest, 1 month
+7%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
10.4%
of shares
Employees
30,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +179.6%

$35.25 on October 31, 2025 to $98.55

ThenNowEffect
Revenue (last 12 months) $6.3bn $6.9bn +10.3%
Net margin 2.4% 5.5% +126.9%
P/E multiple 19.1x 22.2x +16.1%
Share count 82m 85m −3.8%

Biggest factor: net margin.

Last 3 years +403.3%

$19.58 on November 3, 2023 to $98.55

ThenNowEffect
Revenue (last 12 months) $6.2bn $6.9bn +12.0%
Net margin 3.2% 5.5% +71.4%
P/E multiple 8.0x 22.2x +177.0%
Share count 81m 85m −5.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
VSXY−36%−26%+56%+31%+82%
Industry peers (median)−43%+11%+9%+6%−8%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
VSXY33%33%67%67%82%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
VSXY−57%−69%−48%−65%−36%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 21, 2021: 81% from August 13, 2021 to October 5, 2023. Getting back needed a 423% gain, reached on June 2, 2026, 971 days after the low.

Price behaviour

52-week range
$33.79 – $99.97
From 52-week high
−1.4%
vs 50-day average
+15.0%
vs 200-day average
+41.0%
Volatility (1 year)
75%
Beta vs S&P 500
1.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±14.4%
After a week
6 up, 6 down
typical move ±18.8%
After a month
6 up, 6 down
typical move ±20.1%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −10.9% +0.7% −10.8% +5.4%
June 2, 2026 +45.4% −0.6% +38.0% +41.3%
March 5, 2026 −22.1% −1.9% −25.1% −19.6%
December 5, 2025 +21.8% −0.1% +31.1% +46.6%
August 28, 2025 +1.1% −0.2% +15.2% +16.3%
June 11, 2025 −10.8% +0.1% −17.1% −14.6%
June 3, 2025 −1.7% +0.5% +6.6% −1.2%
March 5, 2025 −12.8% −0.7% −26.5% −36.4%
December 5, 2024 +9.4% 0.0% +6.6% −10.8%
August 28, 2024 −3.1% −0.6% −3.8% +5.3%
August 14, 2024 +27.8% +2.0% +24.5% +23.3%
June 5, 2024 −5.4% +1.2% −19.9% −20.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Victoria's Secret & Co.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.28× the last 60 days’ realised volatility .
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

VSXY Victoria's Secret & Co. Grade C+ $98.74

Own 100 shares, sell the $120 call expiring December 18, 2026 (46 days) for $2.80 a share — $280 per contract.

Previous session · Bid $2.80, ask $3.60, quoted Mon 2 Nov, 17:39 New York time with VSXY at $98.74. Option prices move with the shares: check the live chain at your broker before trading.

  • If VSXY ends below $120: you keep your shares and the $280 — 2.8% extra on the position, 22.5% a year at that pace.
  • If it ends above $120: your shares are sold at $120, a total return of 24.4% including the premium — at or above our value of ~$92.
$2.4k $0 −$1.9k Our value $92.00 Break-even $95.94 Price $98.74
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$280
Annualised
22.5%
Break-even
$95.94
Max gain
$2,406
Chance of selling
~26%

Results are expected around December 4, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $85.00 put and sell the $120 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.70 a share ($170 per contract of 100 shares).
  • Worst case at expiry: -15.6%, if the shares fall below $85.00 (-13.9% from today).
  • Best case at expiry: +19.8%, if the shares rise above $120 (+21.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $92.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Victoria's Secret & Co. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Victoria's Secret & Co.
$6B $6.2B $6.4B $6.6B $6.8B $7B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $6.1B Revenue (TTM), FY24 Q4: $6.2B Revenue (TTM), FY25 Q1: $6.1B Revenue (TTM), FY25 Q2: $6.1B Revenue (TTM), FY25 Q3: $6.2B Revenue (TTM), FY25 Q4: $6.2B Revenue (TTM), FY26 Q1: $6.2B Revenue (TTM), FY26 Q2: $6.3B Revenue (TTM), FY26 Q3: $6.4B Revenue (TTM), FY26 Q4: $6.6B Revenue (TTM), FY27 Q1: $6.8B Revenue (TTM), FY27 Q2: $6.9B $6.9B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $6.1B
FY24 Q4 $6.2B
FY25 Q1 $6.1B
FY25 Q2 $6.1B
FY25 Q3 $6.2B
FY25 Q4 $6.2B
FY26 Q1 $6.2B
FY26 Q2 $6.3B
FY26 Q3 $6.4B
FY26 Q4 $6.6B
FY27 Q1 $6.8B
FY27 Q2 $6.9B
Revenue growth, TTM YoY Victoria's Secret & Co.
-10% -5% 0% 5% 10% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -5.8% Revenue growth, TTM YoY, FY24 Q4: -2.6% Revenue growth, TTM YoY, FY25 Q1: -2.1% Revenue growth, TTM YoY, FY25 Q2: -0.8% Revenue growth, TTM YoY, FY25 Q3: 1.4% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 1.5% Revenue growth, TTM YoY, FY26 Q2: 2.3% Revenue growth, TTM YoY, FY26 Q3: 3.0% Revenue growth, TTM YoY, FY26 Q4: 5.2% Revenue growth, TTM YoY, FY27 Q1: 8.6% Revenue growth, TTM YoY, FY27 Q2: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -5.8%
FY24 Q4 -2.6%
FY25 Q1 -2.1%
FY25 Q2 -0.8%
FY25 Q3 1.4%
FY25 Q4 0.8%
FY26 Q1 1.5%
FY26 Q2 2.3%
FY26 Q3 3.0%
FY26 Q4 5.2%
FY27 Q1 8.6%
FY27 Q2 10.3%
Operating margin (TTM) Victoria's Secret & Co.
2% 4% 6% 8% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 3.8% Operating margin (TTM), FY24 Q4: 4.0% Operating margin (TTM), FY25 Q1: 4.0% Operating margin (TTM), FY25 Q2: 4.6% Operating margin (TTM), FY25 Q3: 4.8% Operating margin (TTM), FY25 Q4: 5.0% Operating margin (TTM), FY26 Q1: 4.9% Operating margin (TTM), FY26 Q2: 4.5% Operating margin (TTM), FY26 Q3: 4.9% Operating margin (TTM), FY26 Q4: 4.1% Operating margin (TTM), FY27 Q1: 4.8% Operating margin (TTM), FY27 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 3.8%
FY24 Q4 4.0%
FY25 Q1 4.0%
FY25 Q2 4.6%
FY25 Q3 4.8%
FY25 Q4 5.0%
FY26 Q1 4.9%
FY26 Q2 4.5%
FY26 Q3 4.9%
FY26 Q4 4.1%
FY27 Q1 4.8%
FY27 Q2 7.9%
FCF margin (TTM) Victoria's Secret & Co.
0% 5% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: 2.2% FCF margin (TTM), FY25 Q1: 2.3% FCF margin (TTM), FY25 Q2: 3.2% FCF margin (TTM), FY25 Q3: 2.5% FCF margin (TTM), FY25 Q4: 4.0% FCF margin (TTM), FY26 Q1: 3.4% FCF margin (TTM), FY26 Q2: 3.9% FCF margin (TTM), FY26 Q3: 4.8% FCF margin (TTM), FY26 Q4: 4.8% FCF margin (TTM), FY27 Q1: 4.6% FCF margin (TTM), FY27 Q2: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 4.1%
FY24 Q4 2.2%
FY25 Q1 2.3%
FY25 Q2 3.2%
FY25 Q3 2.5%
FY25 Q4 4.0%
FY26 Q1 3.4%
FY26 Q2 3.9%
FY26 Q3 4.8%
FY26 Q4 4.8%
FY27 Q1 4.6%
FY27 Q2 8.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Victoria's Secret & took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $6.6B
  2. Cost of revenue $4.2B · 63.6%
  3. Gross profit $2.4B · 36.4%
  4. Selling, general and admin $2.1B · 32.2%
  5. Operating income $271M · 4.1%
  6. Interest and other $91M · 1.4%
  7. Net income $161M · 2.5%

Shares of revenue. Source: Victoria's Secret &'s 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 7,509 5,413 6,785 6,344 6,182 6,230 6,553 6,912
Gross profit 2,063 1,571 2,760 2,258 2,242 2,284 2,384 2,735
EBITDA −481 225 1,173 752 530 568 509 750
Operating income −892 −101 870 478 246 310 271 543
Net income −897 −72 646 348 109 165 161 378
Diluted EPS −$10.16 −$0.82 $7.18 $4.14 $1.39 $2.05 $1.93 $4.45
Growth (year on year)
Revenue — −27.9% +25.3% −6.5% −2.6% +0.8% +5.2% +10.3%
EBITDA — — +421.3% −35.9% −29.5% +7.2% −10.4% +44.2%
Operating income — — — −45.1% −48.5% +26.0% −12.6% +92.6%
Net income — — — −46.1% −68.7% — −2.4% +150.3%
Diluted EPS — — — −42.3% −66.4% — −5.9% +140.8%
Margins
Gross margin 27.5% 29.0% 40.7% 35.6% 36.3% 36.7% 36.4% 39.6%
EBITDA margin −6.4% 4.2% 17.3% 11.9% 8.6% 9.1% 7.8% 10.9%
Operating margin −11.9% −1.9% 12.8% 7.5% 4.0% 5.0% 4.1% 7.9%
Net margin −11.9% −1.3% 9.5% 5.5% 1.8% 2.6% 2.5% 5.5%
Free-cash-flow margin 1.2% 10.1% 10.1% 4.3% 2.2% 4.0% 4.8% 8.0%
Cash flow
Cash from operations 315 674 851 437 389 425 499 758
Capital spending 225 127 169 164 256 178 187 204
Free cash flow 90 547 682 273 133 247 312 554
Stock-based pay 38 25 33 48 56 60 55 55
Free cash flow after stock pay 52 522 649 225 77 187 257 499
Balance sheet
Cash 245 335 490 427 270 227 518 522
Total debt 0 — — — — — — 975
Net debt (negative = net cash) −245 −335 −490 −427 −270 −227 −518 453
Diluted shares 88m 88m 90m 84m 79m 81m 83m 85m
Returned to shareholders
Buybacks 0 0 250 250 125 0 0 —
Total returned 0 0 250 250 125 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · August 1, 2026
What it owns · $5.2bn
Short-term assets $2.0bnLonger-term assets $3.2bn
What it owes, and who funded it · $5.1bn
Short-term liabilities $1.4bnLonger-term liabilities $2.7bnShareholders' equity $990m
  • Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.0bn short-term assets against $2.7bn of longer-dated liabilities.
  • More cash than debt $522m of cash against $975m of debt.
  • Debt below 40% of shareholders' equity Debt is 98% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 381% to 98% over five years.
  • A year's operating cash flow covers at least 20% of debt $758m of operating cash flow against $975m of debt.
  • Operating profit covers interest at least five times over Operating income of $543m against $65m of interest.

From Victoria's Secret & Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$125M
Diluted share count
+4.0%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
31.7%
of revenue
Days sales outstanding
9 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in apparel retail
Last 12 months unless stated VSXY URBN AEO ANF BURL GAP Median
Revenue, last 12 months $6.9bn $6.5bn $5.7bn $5.3bn $12.2bn $15.3bn $1.1bn
Revenue growth, last 12 months 10.3% 11.0% 9.2% 4.7% 10.9% 1.1% 4.2%
Revenue growth, 3-year average 3.8% 9.4% 4.6% 11.5% 10.3% 0.5% 0.9%
Revenue growth, latest quarter 10.4% 10.4% 7.5% 4.8% 11.0% −2.0% 4.4%
Gross margin 39.6% 37.5% 40.5% 64.7% 44.6% 43.3% 40.1%
Operating margin 7.9% 11.3% 7.8% 13.7% — 11.0% 2.0%
Operating margin, 3-year average 5.6% 9.4% 6.2% 14.2% — 8.3% 0.2%
Net margin 5.5% 8.8% 5.9% 10.0% 5.8% 8.1% 1.5%
Cash from operations / revenue 11.0% 11.1% 10.4% 15.3% 11.6% 10.0% 4.9%
Free-cash-flow margin 8.0% 4.6% 6.0% 10.6% 3.4% 6.2% 2.9%
Free-cash-flow margin, 3-year average 5.0% 5.3% 4.8% 9.7% 1.4% 6.4% 1.7%
Stock pay / revenue 0.8% 0.5% 0.7% 0.7% 1.0% 1.1% 0.7%
Change in share count 4.0% −3.9% −5.7% −9.8% −0.4% −1.0% −0.3%

Median of all 28 companies we cover in apparel retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

28 apparel retail companies
Measure Company Peer median Rank
Revenue growth Growth 10.3% 4.7% 8 of 28
Change in growth rate Growth +1.7pp -0.2pp 7 of 28
Gross margin Profitability 39.6% 40.5% 14 of 26
Operating margin Profitability 7.9% 1.9% 8 of 25
Net margin Profitability 5.5% 1.7% 11 of 28
Free-cash-flow margin Cash generation 8.0% 3.0% 7 of 28
Stock pay as % of revenue Cash generation 0.8% 0.7% 15 of 26
Long-term debt as % of assets Balance sheet 18.8% 11.6% 10 of 13
Change in share count Balance sheet 4.0% -0.3% 21 of 27
Days sales outstanding Balance sheet 9 days 6 days 9 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Geography
Region Revenue Share YoY
United States $5.4B 82.3% ▲ 2.6%
Outside the US $1.2B 17.7% ▲ 18.8%

From Victoria's Secret & Co.'s 10-K filed March 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.1B
Institutions reporting
432
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
99 / 53

Top buyers and sellers, Q2 2026: 222 institutions bought and 194 sold ; the biggest buyer was FMR LLC (+3.2M shares) and the biggest seller Dme Capital Management, LP (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $994M 11.9M 14.0% ▲ 0.4%
FMR LLC $788M 9.4M 11.1% ▲ 51.8%
Bbfit Investments Pte Ltd $743M 8.9M 10.5% ▼ 13.7%
Vanguard Portfolio Management LLC $411M 4.9M 5.8% ▲ 6.0%
Vanguard Capital Management LLC $298M 3.6M 4.2% ▼ 0.3%
State Street Corp $256M 3.1M 3.6% ▲ 1.9%
Goldman Sachs Group Inc $176M 2.1M 2.5% ▲ 15.2%
Geode Capital Management, LLC $176M 2.1M 2.5% ▲ 3.8%
Arrowstreet Capital, Limited Partnership $164M 2.0M 2.3% ▲ 46.1%
Dimensional Fund Advisors LP $162M 1.9M 2.3% ▼ 0.1%
Fuller & Thaler Asset Management, Inc. $143M 1.7M 2.0% ▲ 3.3%
T. Rowe Price Investment Management, Inc. $116M 1.4M 1.6% ▲ 4.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Victoria's Secret & Co.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $351,634 3 trades by 2 insiders, last 12 months Insider sales History → $213M 10 trades by 2 insiders · 0% under pre-set plans
Net ▼ $213M net selling
Insider Date Trade Shares Price Value
Mcafee Melinda R. Chief Legal & Compliance Ofcr October 26, 2026 Sell pre-set plan 2,500 $95.00 $237,500
Mcafee Melinda R. Chief Legal & Compliance Ofcr October 5, 2026 Sell pre-set plan 3,100 $91.31 $283,061
Mcafee Melinda R. Chief Legal & Compliance Ofcr October 5, 2026 Sell pre-set plan 1,400 $90.64 $126,896
Bbrc International Pte Ltd 10% owner July 28, 2026 Sell 1,791 $90.60 $162,265
Bbrc International Pte Ltd 10% owner July 28, 2026 Sell 718,007 $89.08 $64M
Bbrc International Pte Ltd 10% owner July 28, 2026 Sell 79,122 $89.76 $7.1M
Bbrc International Pte Ltd 10% owner July 22, 2026 Sell 289,479 $88.89 $25.7M
Bbrc International Pte Ltd 10% owner June 26, 2026 Sell 276,171 $88.50 $24.4M
Bbrc International Pte Ltd 10% owner June 4, 2026 Sell 27,758 $80.03 $2.2M
Bbrc International Pte Ltd 10% owner June 2, 2026 Sell 1,107,672 $80.11 $88.7M
James Donna Director April 2, 2026 Buy 2,175 $46.23 $100,550
Sheehan Anne Director April 2, 2026 Buy 4,842 $45.86 $222,054

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 4, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • June 2, 2026
  • March 5, 2026
  • December 5, 2025
  • August 28, 2025
  • June 11, 2025

Recent SEC filings

Data status

When each part of this page on Victoria's Secret & Co. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Victoria's Secret & Co. in brief

What does Victoria's Secret & Co. do?
Victoria's Secret & Co. is a US-listed company in the apparel retail industry. Its financial year ends in January.
What is Victoria's Secret & Co.'s stock ticker?
Victoria's Secret & Co. trades under the ticker VSXY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Victoria's Secret & Co.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Victoria's Secret & Co. reported revenue of $6.9B, 10.3% higher than a year earlier, according to its SEC filings.
What is Victoria's Secret & Co.'s free cash flow?
Victoria's Secret & Co.'s free-cash-flow margin is 8.0% of revenue over the trailing twelve months, ranking 7 of the 28 apparel retail companies we cover.
What is Victoria's Secret & Co.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Victoria's Secret & Co.'s free cash flow after stock-based pay gives ~$92 per share in the base case, and ~$68–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Victoria's Secret & Co.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Bbfit Investments Pte Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Victoria's Secret & Co. buying back stock, and does it pay a dividend?
Victoria's Secret & Co. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 4.0% over the year.
What is Victoria's Secret & Co.'s market cap?
On November 2, 2026, Victoria's Secret & Co.'s market capitalisation was about $8.4B, with a price-to-earnings ratio of 22.2 and net debt of $453M. Market figures come from third-party market data and may be delayed.
How much debt does Victoria's Secret & Co. have?
Victoria's Secret & Co.'s debt-to-equity ratio is 98.5%, from its latest balance sheet (380.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Victoria's Secret & Co.'s competitors?
In our Apparel Retail peer group, the companies closest to Victoria's Secret & Co. are Urban Outfitters Inc, American Eagle Outfitters Inc, Abercrombie & Fitch Co, Burlington Stores, Inc. and GAP Inc. The side-by-side comparison below sets their revenue, margins and growth against Victoria's Secret & Co.'s.
Are insiders buying or selling Victoria's Secret & Co. stock?
Over the last 12 months, Victoria's Secret & Co.'s directors and officers reported 3 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is Victoria's Secret & Co.'s next earnings date?
Around December 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Victoria's Secret & Co. announces its own schedule.