Victoria's Secret & Co. income statement
In fiscal 2026, Victoria's Secret & Co. reported revenue of $6.55bn, up 5.2% on the year before, operating income of $271m (a 4.1% margin) and net income of $161m, or $1.93 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2020Feb 2020 | 2021Jan 2021 | 2022Jan 2022 | 2023Jan 2023 | 2024Feb 2024 | 2025Feb 2025 | 2026Jan 2026 | LTMAug 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,509 | 5,413 | 6,785 | 6,344 | 6,182 | 6,230 | 6,553 | 6,912 |
| Cost of revenue | 5,446 | 3,842 | 4,025 | 4,086 | 3,940 | 3,946 | 4,169 | 4,144 |
| Gross profit | 2,063 | 1,571 | 2,760 | 2,258 | 2,242 | 2,284 | 2,384 | 2,735 |
| Selling, general and administrative | 2,235 | 1,672 | 1,890 | 1,780 | 1,996 | 1,974 | 2,113 | 2,192 |
| Operating income | −892 | −101 | 870 | 478 | 246 | 310 | 271 | 543 |
| Interest expense | 8 | 6 | 27 | 60 | 99 | 86 | 70 | 65 |
| Income before tax | −899 | −106 | 843 | 417 | 147 | 221 | 208 | — |
| Income tax | −2 | −34 | 197 | 79 | 31 | 52 | 19 | 76 |
| 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 |
| Diluted shares (average) | 88m | 88m | 90m | 84m | 79m | 81m | 83m | 85m |
| EBITDA | −481 | 225 | 1,173 | 752 | 530 | 568 | 509 | 750 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,347 | 2,106 | 1,353 | 1,459 | 1,472 | 2,269 | 1,560 | 1,611 |
| Cost of revenue | 550 | 2,273 | 558 | 610 | 605 | 2,396 | 634 | 509 |
| Gross profit | 468 | 813 | 474 | 519 | 536 | 855 | 585 | 759 |
| Selling, general and administrative | 515 | 545 | 454 | 478 | 555 | 626 | 509 | 502 |
| Operating income | −47 | 268 | 20 | 41 | −19 | 229 | 76 | 257 |
| Interest expense | 22 | 20 | 17 | 18 | 18 | 17 | 15 | 15 |
| Income tax | −15 | 50 | 3 | 6 | −6 | 15 | 7 | 60 |
| Net income | −56 | 193 | −2 | 16 | −37 | 184 | 48 | 183 |
| Diluted EPS | −$0.71 | $2.41 | −$0.02 | $0.20 | −$0.46 | $2.21 | $0.56 | $2.18 |
| EBITDA | 8 | 334 | 82 | 96 | 32 | 282 | 130 | 306 |
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