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Victoria's Secret cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$328M in Q2 FY27 · $554M over twelve months

Operating cash flow$402M
Capital spending−$74.0M
Free cash flow+$328M
Cash / net income2.1×
Cash conversion cycle130 days

Analysis

In Q2 FY27, Victoria's Secret generated $402M of operating cash flow and spent $74.0M on capital projects, leaving free cash flow of $328M.

Over the twelve months to Aug 1, 2026, operating cash flow was $758M; the largest uses were net borrowing (+) / repaid (−) ($434M), capital spending ($204M), buybacks ($100M); besides operations, cash came from other financing ($336M), shares issued ($6.0M); the cash balance rose by $334M.

Operating cash flow was $402M against net income of $188M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: payables +$118M, depreciation & amortization +$51.0M, inventory −$50.0M.

Its cash conversion cycle was 130 days (receivables 10 + inventory 201 − payables 81).

Free cash flow

Victoria's Secret: free cash flow by quarterVictoria's Secret: free cash flow by quarter−$299MQ3 FY25$646MQ4 FY25−$193MQ1 FY26$88.0MQ2 FY26−$232MQ3 FY26$649MQ4 FY26−$191MQ1 FY27$328MQ2 FY27
Operating cash flow less capital spending.
Victoria's Secret: operating cash flow against capital spendingVictoria's Secret: operating cash flow against capital spendingOperating cash flowCapital spending−$248M$51.0MQ3 FY25$674M$28.0MQ4 FY25−$150M$43.0MQ1 FY26$156M$68.0MQ2 FY26−$180M$52.0MQ3 FY26$673M$24.0MQ4 FY26−$137M$54.0MQ1 FY27$402M$74.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $402M, Capital spending $74.0M.

Capital allocation, year by year

Victoria's Secret: where the cash came from (up) and went (down), by fiscal yearVictoria's Secret: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $851MFY22: Net borrowing −$1.0MFY22: Shares issued $5.0MFY22: Capital spending −$169MFY22: Buybacks −$250M$856MFY22FY23: Operating cash flow $437MFY23: Net borrowing −$4.0MFY23: Shares issued $5.0MFY23: Capital spending −$164MFY23: Acquisitions −$369MFY23: Buybacks −$250M$442MFY23FY24: Operating cash flow $389MFY24: Net borrowing −$619MFY24: Shares issued $3.0MFY24: Capital spending −$256MFY24: Acquisitions $1.0MFY24: Buybacks −$125M$393MFY24FY25: Operating cash flow $425MFY25: Net borrowing −$609MFY25: Shares issued $5.0MFY25: Capital spending −$178M$430MFY25FY26: Operating cash flow $499MFY26: Net borrowing −$549MFY26: Shares issued $4.0MFY26: Capital spending −$187M$503MFY26
Over these 5 years operating cash flow totalled $2.6B; the largest uses were net borrowing ($1.8B) and capital spending ($954M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$522M
Debt$975M
Net debt$453M
Due within a year$4.0M

Victoria's Secret funds itself: free cash flow was $554M over the last twelve months, and $522M of cash and investments stands against $975M of debt ($4.0M due within a year, 130.5× covered by cash).

Victoria's Secret: debt maturities by year (FY26)Victoria's Secret: debt maturities by year (FY26)$4.0MYear 1$4.0MYear 2$375MYear 3$600MYear 4
Principal due in each year as disclosed in the annual report, against $522M of cash and investments now.

Where the cash came from and went

Victoria's Secret: sources (+) and uses (−) of cash, Q2 FY27Victoria's Secret: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$402MCash drawn (+) / kept (−)−$315MCapital spending−$74.0MNet borrowing (+) / repaid (−)−$15.0MExchange rates$2.0M
Victoria's Secret: sources (+) and uses (−) of cash, TTM to Q2 FY27Victoria's Secret: sources (+) and uses (−) of cash, 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 profit to cash

Victoria's Secret: net income to operating cash flow, Q2 FY27Victoria's Secret: net income to operating cash flow, Q2 FY27Net income$188MDepreciation & amortization$51.0MStock-based pay$16.0MDeferred taxes$2.0MReceivables$13.0MInventory−$50.0MPayables$118MIncome taxes payable$19.0MOther operating capital$45.0MOperating cash flow$402M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY271020181130
Q1 FY271115665102
Q4 FY268462034
Q3 FY261118377117
Q2 FY26101576799
Q1 FY261016369105
Q4 FY257451834
Q3 FY251119178124

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$402M−$74.0M——−$15.0M—−$315M$328M
Q1 FY27−$137M−$54.0M−$100M−$7.0M−$41.0M—$311M−$191M
Q4 FY26$673M−$24.0M——−$376M$2.0M−$269M$649M
Q3 FY26−$180M−$52.0M——−$1.0M$1.0M−$61.0M−$232M
Q2 FY26$156M−$68.0M——−$116M—−$50.0M$88.0M
Q1 FY26−$150M−$43.0M——−$56.0M—$89.0M−$193M
Q4 FY25$674M−$28.0M——−$441M$5.0M−$66.0M$646M
Q3 FY25−$248M−$51.0M——−$21.0M—$8.0M−$299M

Victoria's Secret: income statement and cash flow

Victoria's Secret, Q2 FY27: revenue $1.6B (+10% year over year), operating margin 16.0%. The chart follows the revenue to costs, profit and cash.

Victoria's Secret: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.