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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 |
| Operating 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 |
| Selling General And Administration | - | 1,780 | 1,996 | 1,974 | 2,113 |
| Total Expenses | - | 5,866 | 5,936 | 5,920 | 6,282 |
| Operating Income | - | 478 | 246 | 310 | 271 |
| Total Operating Income As Reported | - | 478 | 246 | 310 | 271 |
| EBITDA | - | 751 | 530 | 565 | 516 |
| Normalized EBITDA | - | 751 | 530 | 565 | 516 |
| EBIT | - | 477 | 246 | 307 | 278 |
| Interest Expense | - | 60 | 99 | 86 | 70 |
| Net Interest Income | - | -60 | -99 | -86 | -70 |
| Other Non Operating Income Expenses | - | -1 | - | -3 | 7 |
| Other Income Expense | - | -1 | - | -3 | 7 |
| Interest Expense Non Operating | - | 60 | 99 | 86 | 70 |
| Net Non Operating Interest Income Expense | - | -60 | -99 | -86 | -70 |
| Pretax Income | - | 417 | 147 | 221 | 208 |
| Tax Provision | - | 79 | 31 | 52 | 19 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 338 | 116 | 169 | 189 |
| Net Income From Continuing And Discontinued Operation | - | 348 | 109 | 165 | 161 |
| Net Income From Continuing Operation Net Minority Interest | - | 348 | 109 | 165 | 161 |
| Net Income | - | 348 | 109 | 165 | 161 |
| Net Income Common Stockholders | - | 348 | 109 | 165 | 161 |
| Net Income Including Noncontrolling Interests | - | 338 | 116 | 169 | 189 |
| Normalized Income | - | 348 | 109 | 165 | 161 |
| Diluted NI Availto Com Stockholders | - | 348 | 109 | 165 | 161 |
| Basic Average Shares | - | 80 | 78.55 | 80.73 | 80 |
| Diluted Average Shares | - | 84.07 | 78.56 | 80.73 | 83 |
| Reconciled Depreciation | - | 274 | 284 | 258 | 238 |
| Reconciled Cost Of Revenue | - | 4,086 | 3,940 | 3,946 | 4,169 |
| Total Unusual Items | 0 | - | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | - | - | - | - |
| Minority Interests | - | 10 | -7 | -4 | -28 |
| Special Income Charges | 0 | - | - | - | - |
| Impairment Of Capital Assets | 0 | - | - | - | - |
| General And Administrative Expense | - | 1,780 | 1,996 | 1,974 | 2,113 |
| Other Gand A | - | 1,780 | 1,996 | 1,974 | 2,113 |
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 | $4.3B | 26.79↑ premium | 5.04 | 18.8% | 12.87 |
| Reynolds Consumer Products Inc. | REYN | $4.6B | 15.18 | 2.03 | 13.4% | 9.69 |
| Meritage Homes Corporation | MTH | $4.6B | 10.06 | 0.88 | 8.7% | 9.30 |
| Frontdoor, Inc. | FTDR | $4.4B | 17.41 | 18.34 | 105.4% | 10.01 |
| Cavco Industries, Inc. | CVCO |
| - |
| - |
| - |
| - |
| - |
| - |
| $4.2B |
| 22.19 |
| 3.83 |
| 17.3% |
| 14.93 |
| Champion Homes, Inc. | SKY | $4.1B | 19.79 | 2.60 | 13.2% | 10.97 |
| Tri Pointe Homes, Inc. | TPH | $4.0B | 16.58 | 1.21 | 7.3% | 12.94 |
| Dana Incorporated | DAN | $4.0B | 46.72 | 4.73 | 10.1% | 13.87 |
| OPENLANE, Inc. | OPLN | $3.9B | - | 3.12 | -8.3% | 14.29 |
| Peer Median | - | 17.41 | 2.86 | 11.6% | 11.96 | |