Filing Flows › Victoria's Secret (VSXY) › Q1 FY26
Victoria's Secret (VSXY) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jun 12, 2025
Victoria's Secret (VSXY) reported revenue of $1.4B for the first quarter fiscal 2026 (Q1 FY26), -0.4% from a year earlier and -36% from the quarter before. Operating margin was 1.5%, net earnings $3.0M (0.2% of revenue).
Victoria's Secret, Q1 FY26: revenue $1.4B (-0.4% year over year), operating margin 1.5%, net earnings $3.0M, operating cash flow −$150M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | -36% | -0.4% |
| Gross profit | $474M | -42% | -5% |
| Operating profit | $20.0M | -93% | -23% |
| Net earnings | $3.0M | -98% | — |
| Operating cash flow | −$150M | -122% | — |
What changed
Revenue was $1.4B in Q1 FY26, roughly flat year over year and down 36% from the previous quarter.
Gross margin was 35.0%, down 1.8 points from a year earlier. Operating profit was $0.02B, a 1.5% margin (down 0.4 points year over year). Operating expenses fell 4% while revenue was flat. Net earnings were −$2.0M. The effective tax rate was 50.0%.
Operating cash flow was −$0.15B. Non-cash charges added back $0.06B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.23B. Capital expenditures of $0.04B exceeded it, leaving free cash flow of −$0.19B.
Questions
What was Victoria's Secret's revenue in the first quarter fiscal 2026?
Victoria's Secret (VSXY) reported revenue of $1.4B for the first quarter fiscal 2026 (Q1 FY26), -0.4% from a year earlier and -36% from the quarter before.
Was Victoria's Secret profitable in the first quarter fiscal 2026?
Operating profit was $20.0M (1.5% of revenue) and net earnings $3.0M.
Source: Victoria's Secret 10-Q on SEC EDGAR.