Filing Flows › Victoria's Secret (VSXY) › Q4 FY26
Victoria's Secret (VSXY) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Mar 20, 2026
Victoria's Secret (VSXY) reported revenue of $2.3B for the fourth quarter fiscal 2026 (Q4 FY26), +8% from a year earlier and +54% from the quarter before. Operating margin was 10.1%, net earnings $184M (8.1% of revenue).
Victoria's Secret, Q4 FY26: revenue $2.3B (+8% year over year), operating margin 10.1%, net earnings $184M, operating cash flow $673M. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +54% | +8% |
| Gross profit | $855M | +60% | +5% |
| Operating profit | $229M | — | -15% |
| Net earnings | $184M | — | -5% |
| Operating cash flow | $673M | — | -0.1% |
| Free cash flow | $649M | — | +0.5% |
What changed
Revenue was $2.3B in Q4 FY26, up 8% year over year and up 54% from the previous quarter.
Gross margin was 37.7%, down 0.9 points from Q4 FY25. Operating profit was $0.23B, a 10.1% margin (down 2.6 points year over year). Operating profit fell $0.04B even though revenue rose $0.16B versus Q4 FY25, so costs grew faster than sales. Operating expenses grew 15% against revenue growth of 8%. Net earnings were $0.18B, down 5% year over year. The effective tax rate was 7.0%.
Operating cash flow was $0.67B (roughly flat year over year), 336% of net income including minority interests. Non-cash charges added back $0.05B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.41B. Capital expenditures of $0.02B left free cash flow of $0.65B.
Questions
What was Victoria's Secret's revenue in the fourth quarter fiscal 2026?
Victoria's Secret (VSXY) reported revenue of $2.3B for the fourth quarter fiscal 2026 (Q4 FY26), +8% from a year earlier and +54% from the quarter before.
Was Victoria's Secret profitable in the fourth quarter fiscal 2026?
Operating profit was $229M (10.1% of revenue) and net earnings $184M.
Source: Victoria's Secret 10-K on SEC EDGAR.