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Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide. The company offers bras, panties, lingerie, casual sleepwear, apparel, lounge, sport, and swim products, as well as prestige fragrances and body care products; and accessories and beauty products under the Victoria's Secret, PINK, and Adore Me brands. It provides its products through its retail stores; websites, such as VictoriasSecret.com, PINK.com, AdoreMe.com, and DailyLook.com; and other digital channels. The company also operates stores under the franchise, license, and wholesale arrangements. Victoria's Secret & Co. was incorporated in 2021 and is based in Reynoldsburg, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $6.6B | $516M | $161M | $312M | 18.8% | 5.2% | -2.4% |
| 2025 | $6.2B | $565M | $165M | $247M | 25.8% | 0.8% | 51.4% |
| 2024 | $6.2B | $530M | $109M | $133M | 26.1% | -2.6% | -68.7% |
| 2023 | $6.3B | $751M | $348M | $273M | 90.9% | - | - |
| 2022 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,344 | 6,182 | 6,230 | 6,553 |
| Cost Of Revenue | - | 4,086 | 3,940 | 3,946 | 4,169 |
| Gross Profit | - | 2,258 | 2,242 | 2,284 | 2,384 |
| Operating Expense | - | 1,780 | 1,996 | 1,974 | 2,113 |
| Operating Income | - | 478 | 246 | 310 | 271 |
| EBITDA | - | 751 | 530 | 565 | 516 |
| EBIT | - | 477 | 246 | 307 | 278 |
| Pretax Income | - | 417 | 147 | 221 | 208 |
| Tax Provision | - | 79 | 31 | 52 | 19 |
| Net Income | - | 348 | 109 | 165 | 161 |
| Net Income Common Stockholders | - | 348 | 109 | 165 | 161 |
| Total Expenses | - | 5,866 | 5,936 | 5,920 | 6,282 |
| Interest Expense | - | 60 | 99 | 86 | 70 |
| Selling General And Administration | - | 1,780 | 1,996 | 1,974 | 2,113 |
| Normalized EBITDA | - | 751 | 530 | 565 | 516 |
| Normalized Income | - | 348 | 109 | 165 | 161 |
| Market Cap | 4,247.05 | 4,247.05 | 4,247.05 | 4,247.05 | 4,247.05 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Victoria's Secret & Co.this co. | VSCO | $4.2B | 26.38↑ premium | 4.96 | 18.8% | 12.74 |
| Frontdoor, Inc. | FTDR | $4.5B | 16.91 | 17.82 | 105.4% | 9.76 |
| Reynolds Consumer Products Inc. | REYN | $4.4B | 14.74 | 1.97 | 13.4% | 9.48 |
| Cavco Industries, Inc. | CVCO | $4.4B | 24.49 | 3.93 | 16.1% | 16.73 |
| Group 1 Automotive, Inc. | GPI |
| - |
| - |
| - |
| - |
| - |
| - |
| $4.2B |
| 12.46 |
| 1.45 |
| 11.7% |
| 11.56 |
| Tri Pointe Homes, Inc. | TPH | $4.1B | 16.56 | 1.20 | 7.3% | 12.93 |
| Shake Shack Inc. | SHAK | $4.1B | 96.19 | 8.37 | 8.7% | 26.91 |
| Kontoor Brands, Inc. | KTB | $4.0B | 17.77 | 7.16 | 40.3% | 12.97 |
| Asbury Automotive Group, Inc. | ABG | $4.0B | 7.96 | 1.01 | 12.6% | 9.75 |
| Peer Median | - | 16.73 | 2.95 | 13.0% | 12.25 | |