Victoria's Secret & Co.

victoriassecretandco.com

What Do They Do?

Sells women’s intimate apparel, clothing and beauty products through Victoria’s Secret, PINK and Adore Me to shoppers in stores and online.

How Do They Make Money?

Shoppers buy merchandise, with sales counted when they receive it; franchise and license partners generate royalties when they sell merchandise, while wholesale and sourcing sales count when goods pass to partners.

FY2025 revenue

Who Are Their Customers?

Consumers shop in company-operated stores and digital channels; international customers also shop through partner-operated stores and websites, while franchise, license and wholesale partners sell the products.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −13% vs FY2024 ($310M, 5%)

Net income, FY2025

2% of revenue

▼ −2% vs FY2024 ($165M, 3%)

Free cash flow, FY2025

5% of revenue

▲ +26% vs FY2024 ($247M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +10%; vs $1.5B in Q2 FY2025
Net income: ▲ +1044%; vs $16M in Q2 FY2025

Sep 3, 2026 Raised full-year sales and adjusted operating income guidance Raised 2026 net sales outlook to $7.100 billion to $7.180 billion and adjusted operating income outlook to $560 million to $590 million.
Jun 2, 2026 Raised full-year sales and adjusted operating income guidance Lifted fiscal 2026 net sales outlook to $7.030 billion to $7.130 billion and adjusted operating income outlook to $550 million to $580 million.

Flat. Revenue was $6.6B in FY2025, about the same as the $6.8B of FY2021.

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