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Victoria's Secret (VSXY) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 4, 2026 · Victoria's Secret (VSXY) Q2 FY27 earnings results →

Q2 FY27 Revenue up 10% year over year to $1.6B · 11¢ of every $1 of revenue kept as net profit · operating margin 16.0%

Victoria's Secret made $1.6B in Q2 FY27 (+10% Y/Y). Operating margin 16.0%, net earnings $183M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 4, 2026.

Revenue$1.6B
Year over year+10%
Operating margin16.0%
Net earnings$183M
Operating cash flow$402M

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Victoria's Secret Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $1.6B in Q2 FY27, up 10% year over year and up 3% from the previous quarter.

Gross margin was 47.1%, up 11.5 points from Q2 FY26. Operating profit was $0.26B, a 16.0% margin (up 13.1 points year over year). Of the extra revenue versus Q2 FY26, 142% reached operating profit, above the 3% margin then. Operating expenses grew 5% against revenue growth of 10%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $0.18B, up 1044% year over year. The effective tax rate was 24.2%.

Operating cash flow was $0.40B (up 158% year over year), 214% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.15B. Capital expenditures of $0.07B left free cash flow of $0.33B.

Quarterly history

Victoria's Secret revenue by quarterVictoria's Secret revenue by quarter$2.1BQ4 FY25$1.4BQ1 FY26$1.5BQ2 FY26$1.5BQ3 FY26$2.3BQ4 FY26$1.6BQ1 FY27$1.6BQ2 FY27
Victoria's Secret net earnings by quarterVictoria's Secret net earnings by quarter$193MQ4 FY25$3.0MQ1 FY26$16.0MQ2 FY26−$31.0MQ3 FY26$184MQ4 FY26$48.0MQ1 FY27$183MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 4, 2026$1.6B+10%16.0%$183M$402M
Q1 FY2710-QJun 5, 2026$1.6B+15%4.9%$48.0M−$137M
Q4 FY2610-KMar 20, 2026$2.3B+8%10.1%$184M$673M
Q3 FY2610-QDec 5, 2025$1.5B+9%-1.3%−$31.0M−$180M
Q2 FY2610-QSep 5, 2025$1.5B+3%2.8%$16.0M$156M
Q1 FY2610-QJun 12, 2025$1.4B-0.4%1.5%$3.0M−$150M
Q4 FY2510-KMar 21, 2025$2.1B+1%12.7%$193M$674M

Charts

Victoria's Secret: revenue growth, year over year and quarter over quarterVictoria's Secret: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q4 FY250%-36%Q1 FY26+3%+8%Q2 FY26+9%+1%Q3 FY26+8%+54%Q4 FY26+15%-31%Q1 FY27+10%+3%Q2 FY27
Latest (Q2 FY27): Y/Y +10%, Q/Q +3%.
Victoria's Secret: where the cash came from (+) and went (−), TTM to Q2 FY27Victoria's Secret: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$758MNet borrowing (+) / repaid (−)−$434MOther financing$336MCash drawn (+) / kept (−)−$334MCapital spending−$204MBuybacks−$100MTaxes on employees’ shares−$35.0MShares issued$6.0MExchange rates$4.0MOther investing$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Victoria's Secret: profit against cash, quarter by quarterVictoria's Secret: profit against cash, quarter by quarterNet incomeOperating cash flow−$55.0M−$248MQ3 FY25$194M$674MQ4 FY25$3.0M−$150MQ1 FY26$18.0M$156MQ2 FY26−$31.0M−$180MQ3 FY26$200M$673MQ4 FY26$57.0M−$137MQ1 FY27$188M$402MQ2 FY27
Latest (Q2 FY27): Net income $188M, Operating cash flow $402M.
Victoria's Secret: diluted shares by fiscal yearVictoria's Secret: diluted shares by fiscal year88MFY2190MFY2284MFY2379MFY2481MFY2583MFY26
-5.7% since FY21: buybacks shrank the count.
Victoria's Secret: long-term debt falling due (FY26)Victoria's Secret: long-term debt falling due (FY26)$4.0M2027$4.0M2028$375M2029$600M2030
Cash $518M, short-term investments —, long-term debt — at 2026-01-31.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Victoria's Secret

Victoria’s Secret & Co. (together with its subsidiaries unless the context otherwise requires, “we”, “us”, “our” or the “Company”) is a specialty retailer of women’s intimates and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. We have approximately 860 stores in the United States (“U.S.”), Canada and China, as well as our own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, we have more than 560 stores in approximately 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving us and our international partners. We operate as a single segment designed to seamlessly serve customers worldwide through stores and digital channels.

In its own words, from its 10-K, filed Mar 20, 2026.

Victoria's Secret against its Retail-Women's Clothing Stores peers

The largest companies of the same SEC industry, each at its latest quarter.

CompanyQuarterRevenueY/YOp. margin
VSXY Victoria's SecretQ2 FY27$1.6B+10%16.0%
CATO CatoQ2 FY27$166M-6%-0.4%

Source: Victoria's Secret 10-Q on SEC EDGAR · CIK 1856437 · Retail-Women's Clothing Stores

Guidance and outlook

Victoria's Secret Revenue: guidance against what was reportedVictoria's Secret Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 FY25FY25$6.2BQ1 FY26$1.4BQ2 FY26$1.5BQ3 FY26$1.5BFY26$6.6BQ4 FY26$2.3BFY27
Met or beat 6 of 6 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns VSXY and who is buying

Largest holders of VSXY (13F)Largest holders of VSXY (13F)BlackRock$994MFMR LLC$788MBbfit Investments PTE$743MVanguard Group$474MVanguard Portfolio Management LLC$411MVanguard Capital Management LLC$298MState Street$256MGoldman Sachs Group$176MGeode Capital Management, LLC$176MArrowstreet Capital, Limited Part…$164M
Funds' net buying of VSXY by quarter (13F)Funds' net buying of VSXY by quarter (13F)$170M2024-09$6.7M2024-12−$4.1M2025-03−$8.1M2025-06−$18.6M2025-09$122M2025-12−$1.6M2026-03$105M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VSXY

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Victoria's Secret（VSXY）财报

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