InsiderClue
Stocks · Consumer discretionary · Retail-Women's Clothing Stores

Victoria's Secret & Co.

VSXY Clue Score48
United States Fiscal year ends January CIK 0001856437
$82.87 -4.32% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $82.87 +64.33% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 21 Jul 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue7,509.0Operating income−892.0Net income−897.0EPS, diluted−10.16Fiscal year 2021Revenue5,413.0 −27.9%Operating income−101.0Net income−72.0EPS, diluted−0.82Fiscal year 2022Revenue6,785.0 +25.3%Operating income870.0Net income646.0EPS, diluted7.18Fiscal year 2023Revenue6,344.0 −6.5%Operating income478.0Net income348.0 −46.1%EPS, diluted4.14 −42.3%Fiscal year 2024Revenue6,182.0 −2.6%Operating income246.0Net income109.0 −68.7%EPS, diluted1.39 −66.4%Fiscal year 2025Revenue6,230.0 +0.8%Operating income310.0Net income165.0 +51.4%EPS, diluted2.05 +47.5%Fiscal year 2026Revenue6,553.0 +5.2%Operating income271.0Net income161.0 −2.4%EPS, diluted1.93 −5.9%
FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 7,509.0 5,413.0 6,785.0 6,344.0 6,182.0 6,230.0 6,553.0
Growth −27.9% +25.3% −6.5% −2.6% +0.8% +5.2%
Operating income −892.0 −101.0 870.0 478.0 246.0 310.0 271.0
Net income −897.0 −72.0 646.0 348.0 109.0 165.0 161.0
Growth −46.1% −68.7% +51.4% −2.4%
EPS, diluted −10.16 −0.82 7.18 4.14 1.39 2.05 1.93
Growth −42.3% −66.4% +47.5% −5.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin27.5%Operating margin−11.9%Net margin−11.9%Free cash flow margin1.2%Fiscal year 2021Gross margin29.0%Operating margin−1.9%Net margin−1.3%Free cash flow margin10.1%Fiscal year 2022Gross margin40.7%Operating margin12.8%Net margin9.5%Free cash flow margin10.1%Fiscal year 2023Gross margin35.6%Operating margin7.5%Net margin5.5%Free cash flow margin4.3%Fiscal year 2024Gross margin36.3%Operating margin4.0%Net margin1.8%Free cash flow margin2.2%Fiscal year 2025Gross margin36.7%Operating margin5.0%Net margin2.6%Free cash flow margin4.0%Fiscal year 2026Gross margin36.4%Operating margin4.1%Net margin2.5%Free cash flow margin4.8%
FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 27.5% 29.0% 40.7% 35.6% 36.3% 36.7% 36.4%
Operating margin −11.9% −1.9% 12.8% 7.5% 4.0% 5.0% 4.1%
Net margin −11.9% −1.3% 9.5% 5.5% 1.8% 2.6% 2.5%
Free cash flow margin 1.2% 10.1% 10.1% 4.3% 2.2% 4.0% 4.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow315.0Capital expenditure−225.0Free cash flow90.0Buybacks0.0Fiscal year 2021Operating cash flow674.0Capital expenditure−127.0Free cash flow547.0 +507.8%Buybacks0.0Fiscal year 2022Operating cash flow851.0Capital expenditure−169.0Free cash flow682.0 +24.7%Buybacks−250.0Fiscal year 2023Operating cash flow437.0Capital expenditure−164.0Free cash flow273.0 −60.0%Buybacks−250.0Fiscal year 2024Operating cash flow389.0Capital expenditure−256.0Free cash flow133.0 −51.3%Buybacks−125.0Fiscal year 2025Operating cash flow425.0Capital expenditure−178.0Free cash flow247.0 +85.7%Buybacks0.0Fiscal year 2026Operating cash flow499.0Capital expenditure−187.0Free cash flow312.0 +26.3%Buybacks0.0
FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 315.0 674.0 851.0 437.0 389.0 425.0 499.0
Capital expenditure −225.0 −127.0 −169.0 −164.0 −256.0 −178.0 −187.0
Free cash flow 90.0 547.0 682.0 273.0 133.0 247.0 312.0
Growth +507.8% +24.7% −60.0% −51.3% +85.7% +26.3%
Buybacks 0.0 0.0 −250.0 −250.0 −125.0 0.0 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash245.0Shareholders’ equity1,314.0Fiscal year 2021Cash335.0Total debt97.0Net cash (debt)238.0Shareholders’ equity891.0Debt to equity0.11Fiscal year 2022Cash490.0Total debt982.0Net cash (debt)−492.0Shareholders’ equity257.0Debt to equity3.82Fiscal year 2023Cash427.0Total debt1,275.0Net cash (debt)−848.0Shareholders’ equity383.0Debt to equity3.33Fiscal year 2024Cash270.0Total debt1,124.0Net cash (debt)−854.0Shareholders’ equity417.0Debt to equity2.70Fiscal year 2025Cash227.0Total debt977.0Net cash (debt)−750.0Shareholders’ equity640.0Debt to equity1.53Fiscal year 2026Cash518.0Total debt975.0Net cash (debt)−457.0Shareholders’ equity856.0Debt to equity1.14
FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 245.0 335.0 490.0 427.0 270.0 227.0 518.0
Total debt n/a 97.0 982.0 1,275.0 1,124.0 977.0 975.0
Net cash (debt) n/a 238.0 −492.0 −848.0 −854.0 −750.0 −457.0
Shareholders’ equity 1,314.0 891.0 257.0 383.0 417.0 640.0 856.0
Debt to equity n/a 0.11 3.82 3.33 2.70 1.53 1.14

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending January, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 1 Feb 2020 FY2021 30 Jan 2021 FY2022 29 Jan 2022 FY2023 28 Jan 2023 FY2024 3 Feb 2024 FY2025 1 Feb 2025 FY2026 31 Jan 2026
Revenue and profit
7,509.0 5,413.0 6,785.0 6,344.0 6,182.0 6,230.0 6,553.0
Growth −27.9% +25.3% −6.5% −2.6% +0.8% +5.2%
5,446.0 3,842.0 4,025.0 4,086.0 3,940.0 3,946.0 4,169.0
2,063.0 1,571.0 2,760.0 2,258.0 2,242.0 2,284.0 2,384.0
Growth −23.8% +75.7% −18.2% −0.7% +1.9% +4.4%
2,235.0 1,672.0 1,890.0 1,780.0 1,996.0 1,974.0 2,113.0
−892.0 −101.0 870.0 478.0 246.0 310.0 271.0
Growth −45.1% −48.5% +26.0% −12.6%
−899.0 −106.0 843.0 417.0 147.0 221.0 208.0
−2.0 −34.0 197.0 79.0 31.0 52.0 19.0
−897.0 −72.0 646.0 348.0 109.0 165.0 161.0
Growth −46.1% −68.7% +51.4% −2.4%
Per share
−10.16 −0.82 7.34 4.24 1.41 2.11 2.00
−10.16 −0.82 7.18 4.14 1.39 2.05 1.93
Growth −42.3% −66.4% +47.5% −5.9%
88.0 88.0 88.0 82.0 78.0 79.0 80.0
88.0 88.0 90.0 84.0 79.0 81.0 83.0
Growth +0.0% +2.3% −6.7% −6.0% +2.5% +2.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.9% a year over five years.
  • The diluted share count fell 5.7% in five years, so buybacks did some of the work per share.
  • Operating margin is up 6.0 points on five years ago, at 4.1%.
  • A net loss in 2 of 7 years on file.