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Victoria's Secret & Co. cash flow statement

In fiscal 2026, Victoria's Secret & Co.'s operations generated $499m of cash; it spent $187m on capital projects, leaving free cash flow of $312m.

Cash flow statement

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

Fiscal year2020Feb 20202021Jan 20212022Jan 20222023Jan 20232024Feb 20242025Feb 20252026Jan 2026LTMAug 2026
Cash from operations315674851437389425499758
Depreciation and amortisation411326303274284258238207
Stock-based pay3825334856605555
Capital spending225127169164256178187204
Free cash flow90547682273133247312554
Free cash flow after stock pay5252264922577187257499
Share buybacks0025025012500—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.