Victoria's Secret & Co. balance sheet

At the end of fiscal 2026, Victoria's Secret & Co. had total assets of $5.01bn, total liabilities of $4.10bn and shareholders' equity of $856m. It held $518m in cash against $975m of debt: net debt of $457m.

Balance sheet

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

Victoria's Secret & Co.: balance sheet, annual
Fiscal year	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Feb 2024	2025Feb 2025	2026Jan 2026	LTMAug 2026
Cash and equivalents	245	335	490	427	270	227	518	522
Receivables	—	121	162	141	152	159	186	171
Inventory	—	701	949	1,052	985	955	1,071	1,146
Total current assets	—	1,239	1,691	1,737	1,533	1,441	1,883	1,962
Goodwill	—	—	0	365	367	367	367	367
Total assets	—	4,229	4,344	4,711	4,600	4,532	5,013	5,155
Accounts payable	—	338	538	481	513	419	493	489
Total current liabilities	—	1,556	1,698	1,579	1,614	1,375	1,507	1,443
Short-term debt	—	0	4	4	4	4	4	4
Long-term debt	—	97	978	1,271	1,120	973	971	971
Total debt	0	97	982	1,275	1,124	977	975	975
Total liabilities	—	3,338	4,087	4,310	4,162	3,868	4,103	4,104
Shareholders' equity	1,314	891	257	383	417	640	856	990
Net debt (negative = net cash)	−245	−238	492	848	854	750	457	453
Shares outstanding	—	—	85m	80m	78m	79m	80m	80m

US$ millions unless shown otherwise. Fiscal quarters.

Victoria's Secret & Co.: balance sheet, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Aug 2026
Receivables	163	159	153	166	190	186	185	171
Inventory	1,290	955	1,043	1,058	1,377	1,071	1,098	1,146
Total current assets	1,786	1,441	1,455	1,539	1,945	1,883	1,626	1,962
Goodwill	367	367	367	367	367	367	367	367
Total assets	4,921	4,532	4,580	4,755	5,134	5,013	4,770	5,155
Accounts payable	464	419	423	480	546	493	412	489
Total current liabilities	1,526	1,375	1,256	1,345	1,491	1,507	1,286	1,443
Short-term debt	4	4	4	4	4	4	4	4
Long-term debt	1,414	973	1,078	1,048	1,347	971	986	971
Total debt	1,418	977	1,082	1,052	1,351	975	990	975
Total liabilities	4,468	3,868	3,907	4,045	4,445	4,103	3,925	4,104
Shareholders' equity	429	640	645	680	653	856	790	990
Shares outstanding	79m	79m	80m	80m	80m	80m	79m	80m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Victoria's Secret & Co.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Victoria's Secret & Co.