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How Victoria's Secret (VSXY) makes money
Victoria's Secret (VSXY) made $1.6B of revenue in the second quarter fiscal 2027 (Q2 FY27), +10% from a year earlier. Of every dollar of revenue, 47¢ was left as gross profit, 16¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q2 FY27 | % of revenue |
|---|---|---|
| Revenue | $1.6B | 100.0% |
| Cost of revenue | $852M | 52.9% |
| Gross profit | $759M | 47.1% |
| Operating expenses | $502M | 31.2% |
| Operating profit | $257M | 16.0% |
| Income tax | $60.0M | 3.7% |
| Net earnings | $183M | 11.4% |
| Operating cash flow | $402M | 25.0% |
| Free cash flow | $328M | 20.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 FY27 | $1.6B | +10% |
| Q1 FY27 | $1.6B | +15% |
| Q4 FY26 | $2.3B | +8% |
| Q3 FY26 | $1.5B | +9% |
| Q2 FY26 | $1.5B | +3% |
| Q1 FY26 | $1.4B | -0.4% |
| Q4 FY25 | $2.1B | +1% |
From Victoria's Secret's 10-Q filed Sep 4, 2026 (on EDGAR).
Questions
How does Victoria's Secret make money?
Victoria's Secret (VSXY) made $1.6B of revenue in the second quarter fiscal 2027 (Q2 FY27), +10% from a year earlier. Of every dollar of revenue, 47¢ was left as gross profit, 16¢ was left as operating profit, 11¢ was left as net earnings.
What is Victoria's Secret's profit margin?
Net earnings were $183M, 11.4% of revenue, in the second quarter fiscal 2027; the operating margin was 16.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.