Filing Flows › Victoria's Secret (VSXY) › Q2 FY26
Victoria's Secret (VSXY) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 5, 2025
Victoria's Secret (VSXY) reported revenue of $1.5B for the second quarter fiscal 2026 (Q2 FY26), +3% from a year earlier and +8% from the quarter before. Operating margin was 2.8%, net earnings $16.0M (1.1% of revenue).
Victoria's Secret, Q2 FY26: revenue $1.5B (+3% year over year), operating margin 2.8%, net earnings $16.0M, operating cash flow $156M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +8% | +3% |
| Gross profit | $519M | +9% | +4% |
| Operating profit | $41.0M | +105% | -34% |
| Net earnings | $16.0M | — | -50% |
| Operating cash flow | $156M | — | +36% |
| Free cash flow | $88.0M | — | +60% |
What changed
Revenue was $1.5B in Q2 FY26, up 3% year over year and up 8% from the previous quarter.
Gross margin was 35.6%, up 0.2 points from a year earlier. Operating profit was $0.04B, a 2.8% margin (down 1.6 points year over year). Operating profit fell $0.02B even though revenue rose $0.04B versus a year earlier, so costs grew faster than sales. Operating expenses grew 9% against revenue growth of 3%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $0.02B, down 50% year over year. The effective tax rate was 25.0%.
Operating cash flow was $0.16B (up 36% year over year), 867% of net income including minority interests. Non-cash charges added back $0.06B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.07B left free cash flow of $0.09B.
Questions
What was Victoria's Secret's revenue in the second quarter fiscal 2026?
Victoria's Secret (VSXY) reported revenue of $1.5B for the second quarter fiscal 2026 (Q2 FY26), +3% from a year earlier and +8% from the quarter before.
Was Victoria's Secret profitable in the second quarter fiscal 2026?
Operating profit was $41.0M (2.8% of revenue) and net earnings $16.0M.
Source: Victoria's Secret 10-Q on SEC EDGAR.