Filing Flows › Victoria's Secret (VSXY) › Q3 FY26
Victoria's Secret (VSXY) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Dec 5, 2025
Victoria's Secret (VSXY) reported revenue of $1.5B for the third quarter fiscal 2026 (Q3 FY26), +9% from a year earlier and +0.9% from the quarter before. Operating margin was -1.3%, net loss $31.0M (2.1% of revenue).
Victoria's Secret, Q3 FY26: revenue $1.5B (+9% year over year), operating margin -1.3%, net loss $31.0M, operating cash flow −$180M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +0.9% | +9% |
| Operating profit | −$19.0M | -146% | — |
| Net earnings | −$31.0M | -294% | — |
| Operating cash flow | −$180M | -215% | — |
What changed
Revenue was $1.5B in Q3 FY26, up 9% year over year and up 1% from the previous quarter.
Gross margin was 36.4%, up 1.7 points from a year earlier. Operating costs exceeded revenue by $0.02B, an operating margin of -1.3%. Operating expenses grew 8% against revenue growth of 9%. The fastest-growing cost line was Sales & marketing (+12%). The quarter ended with a net loss of $0.03B, after a profit of $0.02B the previous quarter. Net interest and other expense of $0.02B was the main reason.
Operating cash flow was −$0.18B. Non-cash charges added back $0.06B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.22B. Capital expenditures of $0.05B exceeded it, leaving free cash flow of −$0.23B.
Questions
What was Victoria's Secret's revenue in the third quarter fiscal 2026?
Victoria's Secret (VSXY) reported revenue of $1.5B for the third quarter fiscal 2026 (Q3 FY26), +9% from a year earlier and +0.9% from the quarter before.
Was Victoria's Secret profitable in the third quarter fiscal 2026?
Operating loss was $19.0M (-1.3% of revenue) and net loss $31.0M.
Source: Victoria's Secret 10-Q on SEC EDGAR.