VSCO (Victoria's Secret & Co.) Stock Financials & Earnings | Market Cap Arena

VSCO (Victoria's Secret & Co.) Stock Financials & Earnings | Market Cap Arena

VSCOVictoria's Secret & Co.

Mkt Cap$4B

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

Revenue (TTM)$6.4B

Net Income (TTM)$171M

EPS (TTM)$2.04

Free Cash Flow (TTM)$309M

Gross Margin36.7%

Op. Margin4.9%

Net Margin2.7%

FCF Margin4.8%

P/S Ratio (TTM)0.6x

P/E Ratio (TTM)22.8x

YoY Rev Growth+3.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$2.0B	$744M	$244M
Q1 23	$1.4B	$502M	$28M
Q2 23	$1.4B	$487M	$26M
Q3 23	$1.3B	$427M	-$67M
Q4 23	$2.1B	$826M	$259M
Q1 24	$1.4B	$501M	$26M
Q2 24	$1.4B	$501M	$62M
Q3 24	$1.3B	$468M	-$47M
Q4 24	$2.1B	$813M	$268M
Q1 25	$1.4B	$474M	$20M
Q2 25	$1.5B	$519M	$41M
Q3 25	$1.5B	$536M	-$19M

Valuation

Quarter	P/S	P/E
Q4 22	0.6x	11.2x
Q1 23	0.6x	14.5x
Q2 23	0.6x	19.7x
Q3 23	0.6x	38.1x
Q4 23	0.6x	35.3x
Q1 24	0.6x	37.0x
Q2 24	0.6x	28.1x
Q3 24	0.6x	25.4x
Q4 24	0.6x	23.5x
Q1 25	0.6x	23.2x
Q2 25	0.6x	25.6x
Q3 25	0.6x	22.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$716M	$677M
Q1 23	-$108M	-$163M
Q2 23	$89M	$0
Q3 23	-$181M	-$261M
Q4 23	$589M	$557M
Q1 24	-$116M	-$155M
Q2 24	$115M	$55M
Q3 24	-$248M	-$299M
Q4 24	$674M	$646M
Q1 25	-$150M	-$193M
Q2 25	$156M	$88M
Q3 25	-$180M	-$232M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$39M
Q1 23	$55M
Q2 23	$89M
Q3 23	$80M
Q4 23	$32M
Q1 24	$39M
Q2 24	$60M
Q3 24	$51M
Q4 24	$28M
Q1 25	$43M
Q2 25	$68M
Q3 25	$52M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-7.1%	-3.5%
Q1 23	-5.2%	-0.8%
Q2 23	-6.2%	-1.5%
Q3 23	-4.0%	+4.5%
Q4 23	+3.1%	+2.6%
Q1 24	-3.4%	-3.3%
Q2 24	-0.7%	-3.3%
Q3 24	+6.5%	+4.7%
Q4 24	+1.1%	+0.8%
Q1 25	-0.4%	+0.0%
Q2 25	+3.0%	+4.6%
Q3 25	+9.3%	+7.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$10M	0.5%
Q1 23	$14M	1.0%
Q2 23	$13M	0.9%
Q3 23	$14M	1.1%
Q4 23	$15M	0.7%
Q1 24	$16M	1.2%
Q2 24	$16M	1.1%
Q3 24	$13M	1.0%
Q4 24	$0	0.0%
Q1 25	$14M	1.0%
Q2 25	$15M	1.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$500M	—
Q1 23	$474M	—
Q2 23	$461M	—
Q3 23	$494M	—
Q4 23	$567M	—
Q1 24	$475M	—
Q2 24	$439M	—
Q3 24	$515M	—
Q4 24	$545M	$743K
Q1 25	$454M	—
Q2 25	$478M	—
Q3 25	$555M	—

Revenue Segments

Quarter	Reportable Segment
Q2 25	$1.5B
Q3 25	$1.5B

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	82M	-0.8%
Q1 23	80M	-2.8%
Q2 23	77M	-3.8%
Q3 23	77M	+0.0%
Q4 23	79M	+2.5%
Q1 24	78M	-1.2%
Q2 24	80M	+2.6%
Q3 24	79M	-1.3%
Q4 24	83M	+5.3%
Q1 25	79M	-5.0%
Q2 25	82M	+4.1%
Q3 25	81M	-1.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	$200K	34K
FY 22	$205K	31K
FY 23	$199K	31K
FY 24	$208K	30K