Filing Flows › Victoria's Secret (VSXY) › Q2 FY27 › vs Q2 FY26
Victoria's Secret (VSXY) Q2 FY27 vs Q2 FY26 (year over year)
Victoria's Secret's revenue rose $152M (+10%) from $1.5B in Q2 FY26 to $1.6B in Q2 FY27. Gross margin 47.1% against 35.6% (+11.5 pts).
Victoria's Secret, Q2 FY27: revenue $1.6B (+10% year over year), operating margin 16.0%, net earnings $183M, operating cash flow $402M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q2 FY27 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 47.1% | 35.6% | +11.5 pts |
| Operating margin | 16.0% | 2.8% | +13.1 pts |
| Net margin | 11.4% | 1.1% | +10.3 pts |
| Free cash flow margin | 20.4% | 6.0% | +14.3 pts |
Every line
| Line | Q2 FY27 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $152M | +10% |
| Gross profit | $759M | $519M | $240M | +46% |
| Cost of revenue | $852M | $940M | −$88.0M | -9% |
| Operating profit | $257M | $41.0M | $216M | +527% |
| Operating expenses | $502M | $478M | $24.0M | +5% |
| Pre-tax earnings | $248M | $24.0M | $224M | +933% |
| Other expense, net | $9.0M | $17.0M | −$8.0M | -47% |
| Sales & marketing | $94.0M | $84.0M | $10.0M | +12% |
| General & admin | $408M | $394M | $14.0M | +4% |
| Net earnings | $183M | $16.0M | $167M | 11× |
| Minority interests | $5.0M | $2.0M | $3.0M | +150% |
| Income tax | $60.0M | $6.0M | $54.0M | +900% |
| Depreciation & amortization | $51.0M | $63.0M | −$12.0M | -19% |
| Share-based compensation | $16.0M | $15.0M | $1.0M | +7% |
| Working capital & other | $152M | $62.0M | $90.0M | +145% |
| Operating cash flow | $402M | $156M | $246M | +158% |
| Free cash flow (OCF − capex) | $328M | $88.0M | $240M | +273% |
| Capital expenditures | $74.0M | $68.0M | $6.0M | +9% |
Questions
How much did Victoria's Secret's revenue grow year over year in Q2 FY27?
Victoria's Secret's revenue rose $152M (+10%) from $1.5B in Q2 FY26 to $1.6B in Q2 FY27. Gross margin 47.1% against 35.6% (+11.5 pts).