Victoria's Secret & Co.VSCOEarnings & Financial Report
Victoria's Secret is an American lingerie, clothing and beauty retailer. Founded in 1977 by Stanford graduate student Roy Raymond and his wife Gaye, the company's five lingerie stores were sold to Les Wexner in 1982. Wexner rapidly expanded into American shopping malls, expanding the company into 350 stores nationally with sales of $1 billion by the early 1990s, when Victoria's Secret became the largest lingerie retailer in the United States.
Revenue
$1.5B
Gross Profit
$519.0M
Operating Profit
$41.0M
Net Profit
$16.0M
Gross Margin
35.6%
Operating Margin
2.8%
Net Margin
1.1%
YoY Growth
3.0%
EPS
$0.20
Victoria's Secret & Co. Q2 FY2026 Financial Summary
Victoria's Secret & Co. reported revenue of $1.5B (up 3.0% YoY) for Q2 FY2026, with a net profit of $16.0M (down 50.0% YoY) (1.1% margin). Cost of goods sold was $940.0M, operating expenses totaled $478.0M.
Key Financial Metrics
| Total Revenue | $1.5B |
|---|---|
| Net Profit | $16.0M |
| Gross Margin | 35.6% |
| Operating Margin | 2.8% |
| Report Period | Q2 FY2026 |
Revenue Breakdown
Victoria's Secret & Co. Q2 FY2026 revenue of $1.5B breaks down across 4 segments, led by Sales Channel North America Stores at $825.0M (56.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Sales Channel North America Stores | $825.0M | 56.5% |
| Sales Channel Directly To Consumer | $406.0M | 27.8% |
| Sales Channel International | $228.0M | 15.6% |
| Sales Channel Loyalty And Private Label Credit Card | $18.0M | 1.2% |
Victoria's Secret & Co. Revenue by Segment — Quarterly Trend
Victoria's Secret & Co. revenue by segment across the last 4 reported quarters, showing how each business line (such as Sales Channel North America Stores and Sales Channel Directly To Consumer) has evolved quarter over quarter.
| Segment | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 |
|---|---|---|---|---|
| Sales Channel North America Stores | $778.0M | $825.0M | $721.0M | $1.2B |
| Sales Channel Directly To Consumer | $429.0M | $406.0M | $433.0M | $774.0M |
| Sales Channel International | $265.0M | $228.0M | $199.0M | — |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | $18.0M | — | — |
Victoria's Secret & Co. Annual Revenue by Year
Victoria's Secret & Co. annual revenue history includes year-by-year totals (for example, 2025 revenue was $6.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $6.2B |
| 2024 | $6.2B |
| 2023 | $6.3B |
Victoria's Secret & Co. Quarterly Revenue & Net Profit History
Victoria's Secret & Co. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q3 FY2026 | $1.5B | +9.3% | $-37.0M | -2.5% |
| Q2 FY2026 | $1.5B | +3.0% | $16.0M | 1.1% |
| Q1 FY2026 | $1.4B | -0.4% | $-2.0M | -0.1% |
| Q4 FY2025 | $2.1B | +1.2% | $193.0M | 9.2% |
| Q3 FY2025 | $1.3B | +0.0% | $-56.0M | -4.2% |
| Q2 FY2025 | $1.4B | +12.0% | $32.0M | 2.3% |
| Q1 FY2025 | $1.4B | -4.8% | $-4.0M | -0.3% |
| Q4 FY2024 | $2.1B | +48.0% | $180.0M | 8.6% |
Income Statement
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.08B | $1.36B | $1.42B | $1.35B | $2.11B | $1.35B | $1.46B | $1.47B |
| YoY Growth | 48.0% | -4.8% | 12.0% | 0.0% | 1.2% | -0.4% | 3.0% | 9.3% |
Balance Sheet
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.60B | $4.38B | $4.63B | $4.92B | $4.53B | $4.58B | $4.75B | $5.13B |
| Liabilities | $4.16B | $3.94B | $4.14B | $4.47B | $3.87B | $3.91B | $4.04B | $4.45B |
| Equity | $417.0M | $423.0M | $472.0M | $429.0M | $640.0M | $645.0M | $680.0M | $653.0M |
Cash Flow
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $589.0M | $-116.0M | $115.0M | $-248.0M | $674.0M | $-150.0M | $156.0M | $-180.0M |