VSCO

MKT CAP:$4B

Victoria's Secret & Co.

Market Cap

$4B

Consumer Cyclical·Apparel - Retail·🇺🇸 United States·NYSE

Consumer Cyc.·Apparel - Retail·🇺🇸·NYSE

Stock Price

$52.62-$0.74 (-1.39%)

Apr 22, 2026

Company Details

Victoria's Secret & Co. operates as a specialty retailer of women's intimate, personal care, and beauty products worldwide. The company offers bras, panties, lingerie, sleepwear, loungewear, and athletic attire and swimwear, as well as frag...

CEO

Kevin Wynk

IPO Date

Jul 21, 2021

Website

www.victoriassecretandco.com

Key Metrics TTM

Revenue

$7.2B

+17.3% YoY

Net Income

$284M

EPS (Diluted)

$3.30

Free Cash Flow

$764M

Revenue / Share

$83.81

Gross Margin

37.1%

Operating Margin

6.0%

Net Margin

3.9%

FCF Margin

10.6%

P/S

0.6x

P/E

14.9x

Earnings Reports

Q4 2025

Mar 20, 2026

$2.3B+7.8%EPS $2.14

Q3 2025

Dec 5, 2025

$1.5B+9.3%EPS -$0.46

FY 2024

Mar 21, 2025

$6.2B+0.8%EPS $2.04

Q4 2024

Mar 21, 2025

$2.1B+1.1%EPS $2.33

Q3 2024

Dec 9, 2024

$1.3B+6.5%EPS -$0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$2.1B	$901M	$388M
Q1 21	$1.6B	$672M	$226M
Q2 21	$1.6B	$670M	$203M
Q3 21	$1.4B	$565M	$108M
Q4 21	$2.2B	$853M	$334M
Q2 22	$1.5B	$535M	$98M
Q3 22	$1.3B	$457M	$43M
Q4 22	$2.0B	$744M	$244M
Q2 23	$1.4B	$487M	$26M
Q3 23	$1.3B	$427M	-$67M
Q4 23	$2.1B	$826M	$259M
Q1 24	$1.4B	$501M	$26M
Q3 24	$1.3B	$468M	-$47M
Q4 24	$2.1B	$813M	$268M
Q3 25	$1.5B	$536M	-$19M
Q4 25	$2.3B	$855M	$229M

Valuation

Quarter	P/S	P/E
Q4 20	0.8x	—
Q1 21	0.7x	10.6x
Q2 21	0.6x	5.6x
Q3 21	0.6x	6.2x
Q4 21	0.6x	6.6x
Q2 22	0.6x	7.8x
Q3 22	0.7x	10.2x
Q4 22	0.6x	8.3x
Q2 23	0.7x	15.9x
Q3 23	0.7x	33.9x
Q4 23	0.6x	15.0x
Q1 24	0.7x	40.4x
Q3 24	0.7x	84.8x
Q4 24	0.6x	13.5x
Q3 25	0.7x	44.0x
Q4 25	0.6x	14.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$613M	$597M
Q1 21	$102M	$83M
Q2 21	$287M	$240M
Q3 21	-$11M	-$62M
Q4 21	$473M	$421M
Q2 22	$95M	$58M
Q3 22	-$228M	-$295M
Q4 22	$716M	$677M
Q2 23	$89M	$0
Q3 23	-$181M	-$261M
Q4 23	$589M	$557M
Q1 24	-$116M	-$155M
Q3 24	-$248M	-$299M
Q4 24	$674M	$646M
Q3 25	-$180M	-$232M
Q4 25	$673M	$649M

Capital Expenditures

Quarter	CapEx
Q4 20	$16M
Q1 21	$19M
Q2 21	$47M
Q3 21	$51M
Q4 21	$52M
Q2 22	$37M
Q3 22	$67M
Q4 22	$39M
Q2 23	$89M
Q3 23	$80M
Q4 23	$32M
Q1 24	$39M
Q3 24	$51M
Q4 24	$28M
Q3 25	$52M
Q4 25	$24M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+73.8%	+4.8%
Q2 21	+51.4%	+7.8%
Q3 21	+6.5%	+8.7%
Q4 21	+3.6%	+7.6%
Q2 22	-2.1%	+7.2%
Q3 22	-18.3%	-9.6%
Q4 22	+40.2%	+33.3%
Q2 23	-34.4%	-23.9%
Q3 23	-16.8%	-6.4%
Q4 23	+58.0%	+43.1%
Q1 24	-32.8%	-25.0%
Q3 24	-5.6%	-0.5%
Q4 24	+66.5%	+38.0%
Q3 25	-29.3%	-18.3%
Q4 25	+67.0%	+53.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$5M	0.2%
Q1 21	$7M	0.5%
Q2 21	$7M	0.4%
Q3 21	$4M	0.3%
Q4 21	$9M	0.4%
Q2 22	$8M	0.5%
Q3 22	$12M	0.9%
Q4 22	$10M	0.5%
Q2 23	$13M	0.9%
Q3 23	$14M	1.1%
Q4 23	$15M	0.7%
Q1 24	$16M	1.2%
Q3 24	$13M	1.0%
Q4 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 20	$513M	—	—
Q1 21	$446M	—	—
Q2 21	$467M	—	—
Q3 21	$457M	—	—
Q4 21	$185M	$334M	—
Q2 22	$437M	—	—
Q3 22	$414M	—	—
Q4 22	$500M	—	—
Q2 23	$461M	—	—
Q3 23	$494M	—	—
Q4 23	$567M	—	—
Q1 24	$475M	—	—
Q3 24	$515M	—	—
Q4 24	$545M	$743.3K	—
Q3 25	$555M	—	—
Q4 25	—	—	$626M

Revenue Segments

Quarter	Reportable Segment
Q3 25	$1.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$204M	$0	$204M
Q2 22	$201M	$0	$201M
Q3 22	$126M	$0	$126M
Q4 22	$427M	$0	$427M
Q1 23	$132M	$0	$132M
Q2 23	$131M	$0	$131M
Q3 23	$124M	$0	$124M
Q4 23	$270M	$0	$270M
Q1 24	$105M	$0	$105M
Q2 24	$169M	$0	$169M
Q3 24	$161M	$0	$161M
Q4 24	$227M	$0	$227M
Q1 25	$138M	$0	$138M
Q2 25	$188M	$0	$188M
Q3 25	$249M	$0	$249M
Q4 25	$518M	$0	$518M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	92M	0.0%	—
Q1 21	92M	0.0%	-1.0%
Q2 21	88M	-3.9%	-3.9%
Q3 21	92M	+4.5%	+0.5%
Q4 21	91M	-1.0%	-0.5%
Q2 22	84M	-7.5%	-8.0%
Q3 22	83M	-1.5%	-5.7%
Q4 22	82M	-0.8%	-10.5%
Q2 23	77M	-6.4%	-15.5%
Q3 23	77M	0.0%	-8.7%
Q4 23	79M	+2.5%	-4.9%
Q1 24	78M	-1.2%	-5.2%
Q3 24	79M	+1.3%	+2.6%
Q4 24	83M	+5.3%	+8.0%
Q3 25	81M	-2.6%	+2.6%
Q4 25	86M	+6.0%	+10.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$64.0K	34K
Q2 22	$44.7K	34K
Q3 22	$38.8K	34K
Q4 22	$65.2K	31K
Q2 23	$46.0K	31K
Q3 23	$40.8K	31K
Q4 23	$67.2K	31K
Q1 24	$45.3K	30K
Q3 24	$44.9K	30K
Q4 24	$70.2K	30K
Q3 25	$47.5K	31K
Q4 25	$73.2K	31K

Revenue / Employee