Stocks VSXY Financial statements
Financial statementsVictoria's Secret & Co. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Victoria's Secret & Co. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2021 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 7,509 | 5,413 | 6,785 | 6,344 | 6,182 | 6,230 | 6,553 |
| Cost of revenue | 5,446 | 3,842 | 4,025 | 4,086 | 3,940 | 3,946 | 4,169 |
| Gross profit | 2,063 | 1,571 | 2,760 | 2,258 | 2,242 | 2,284 | 2,384 |
| Selling, general and administrative | 2,235 | 1,672 | 1,890 | 1,780 | 1,996 | 1,974 | 2,113 |
| Operating income | -892 | -101 | 870 | 478 | 246 | 310 | 271 |
| Interest expense | 8 | 6 | 27 | 60 | 99 | 86 | 70 |
| Other non-operating income | 1 | 1 | 0 | -1 | 0 | -3 | 7 |
| Pre-tax income | -899 | -106 | 843 | 417 | 147 | 221 | 208 |
| Income tax | -2 | -34 | 197 | 79 | 31 | 52 | 19 |
| Net income to minority interests | 0 | 0 | -10 | 7 | 4 | 28 | |
| Net income | -897 | -72 | 646 | 348 | 109 | 165 | 161 |
| EBITDA | -481 | 225 | 1,173 | 752 | 530 | 568 | 509 |
| EPS, basic | -10.16 | -0.82 | 7.34 | 4.24 | 1.41 | 2.11 | 2.00 |
| EPS, diluted | -10.16 | -0.82 | 7.18 | 4.14 | 1.39 | 2.05 | 1.93 |
| Shares, basic (weighted) | 88 | 88 | 88 | 82 | 78 | 79 | 80 |
| Shares, diluted (weighted) | 88 | 88 | 90 | 84 | 79 | 81 | 83 |
Balance sheet
| FY2021 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 245 | 335 | 490 | 427 | 270 | 227 | 518 |
| Receivables | 121 | 162 | 141 | 152 | 159 | 186 | |
| Inventory | 701 | 949 | 1,052 | 985 | 955 | 1,071 | |
| Other current assets | 82 | 90 | 117 | 126 | 100 | 108 | |
| Total current assets | 1,239 | 1,691 | 1,737 | 1,533 | 1,441 | 1,883 | |
| Property, plant and equipment | 1,078 | 957 | 846 | 843 | 774 | 731 | |
| Lease right-of-use assets | 1,590 | 1,369 | 1,232 | 1,351 | 1,481 | 1,631 | |
| Goodwill | 0 | 365 | 367 | 367 | 367 | ||
| Intangible assets | 180 | 155 | 130 | ||||
| Other non-current assets | 56 | 64 | 87 | 86 | 71 | 90 | |
| Total assets | 4,229 | 4,344 | 4,711 | 4,600 | 4,532 | 5,013 | |
| Accounts payable | 338 | 538 | 481 | 513 | 419 | 493 | |
| Accrued liabilities | 782 | 714 | 737 | 810 | 633 | 673 | |
| Short-term debt | 0 | 4 | 4 | 4 | 4 | 4 | |
| Total current liabilities | 1,556 | 1,698 | 1,579 | 1,614 | 1,375 | 1,507 | |
| Long-term debt | 97 | 978 | 1,271 | 1,120 | 973 | 971 | |
| Lease liabilities | 1,553 | 1,314 | 1,201 | 1,312 | 1,434 | 1,576 | |
| Other non-current liabilities | 113 | 39 | 206 | 79 | 75 | 44 | |
| Total liabilities | 3,338 | 4,087 | 4,310 | 4,162 | 3,868 | 4,103 | |
| Total debt | 97 | 982 | 1,275 | 1,124 | 977 | 975 | |
| Paid-in capital | 0 | 125 | 195 | 238 | 297 | 345 | |
| Retained earnings | 0 | 126 | 186 | 178 | 343 | 504 | |
| Treasury stock | 0 | 0 | |||||
| Other comprehensive income | -29 | 4 | 5 | 1 | 0 | -1 | 6 |
| Shareholders' equity | 891 | 257 | 383 | 417 | 640 | 856 | |
| Minority interests | 0 | 0 | 18 | 21 | 24 | 54 | |
| Total equity | 1,314 | 891 | 257 | 401 | 438 | 664 | 910 |
| Total liabilities and equity | 4,229 | 4,344 | 4,711 | 4,600 | 4,532 | 5,013 | |
| Shares outstanding | 0 | 85 | 80 | 78 | 79 | 80 |
Cash flow statement
| FY2021 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -897 | -72 | 646 | 338 | 116 | 169 | 189 |
| Depreciation and amortization | 411 | 326 | 303 | 274 | 284 | 258 | 238 |
| Stock-based compensation | 38 | 25 | 33 | 48 | 56 | 60 | 55 |
| Deferred income tax | -30 | -64 | 1 | -28 | -16 | -29 | -49 |
| Change in receivables | 14 | 36 | -21 | 22 | -13 | -8 | -24 |
| Change in inventory | 20 | 141 | -247 | 0 | 36 | 29 | -112 |
| Change in payables | -118 | 49 | 173 | -163 | -11 | -78 | 114 |
| Cash from operations | 315 | 674 | 851 | 437 | 389 | 425 | 499 |
| Capital expenditures | -225 | -127 | -169 | -164 | -256 | -178 | -187 |
| Acquisitions | 0 | 0 | -369 | 1 | 0 | 0 | |
| Cash from investing | -243 | -123 | -169 | -555 | -254 | -153 | -184 |
| Debt repaid | 0 | 0 | -1 | -4 | -4 | -4 | -4 |
| Stock issued | 0 | 0 | 5 | 5 | 3 | 5 | 4 |
| Share buybacks | 0 | 0 | -250 | -250 | -125 | 0 | 0 |
| Cash from financing | -192 | -465 | -527 | 58 | -291 | -315 | -24 |
| Exchange rate effect | -4 | 4 | 0 | -3 | -1 | 0 | 0 |
| Net change in cash | -124 | 90 | 155 | -63 | -157 | -43 | 291 |
| Free cash flow | 90 | 547 | 682 | 273 | 133 | 247 | 312 |
| Interest paid | 0 | 18 | 52 | 87 | 77 | 66 | |
| Income taxes paid | 115 | 59 | 56 | 161 | 74 | 54 | 87 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 39.6% | Gross profit / revenue. |
| Operating margin | 7.9% | Operating income / revenue. |
| EBITDA margin | 10.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Net margin | 5.5% | Net income / revenue. |
| FCF margin | 8.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 11.0% | Cash from operations / revenue. |
| Return on equity (ROE) | 38.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 7.3% | Net income / average total assets. |
| Return on invested capital (ROIC) | 29.7% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 31.7% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.0% | Capital expenditures / revenue. |
| D&A / revenue | 3.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 5.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 1.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 3.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 4.4% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 1.8% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 8.7% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -12.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -17.2% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -10.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | -12.2% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 17.7% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -2.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -22.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | -5.9% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -22.5% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 17.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 4.5% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -5.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 26.3% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 4.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -10.6% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 33.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 30.7% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -0.8% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 10.6% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 2.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 3.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 2.5% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -0.4% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.36x | Current assets / current liabilities. |
| Quick ratio | 0.48x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.36x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.98x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 18.9% | Total debt / total assets. |
| Liabilities / assets | 79.6% | Total liabilities / total assets. |
| Net debt | $453.0M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 0.60x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 8.35x | Operating income / interest expense. |
| Working capital | $519.0M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 7.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $623.0M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.34x | Revenue / average total assets. |
| Fixed asset turnover | 9.09x | Revenue / average property, plant and equipment. |
| Inventory turnover | 3.62x | Cost of revenue / average inventory. |
| Days inventory | 101 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 40.4x | Revenue / average receivables. |
| Days sales outstanding | 9 days | 365 x average receivables / revenue. |
| Days payables | 43 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 67 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 146.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 26.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $4.50 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $82.29 | Revenue / diluted weighted shares. |
| FCF per share | $6.60 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $9.02 | Cash from operations / diluted weighted shares. |
| Book value per share | $12.38 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $7.79 | Tangible book value / shares outstanding. |
| Cash per share | $6.53 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $6.59B | Share price x shares outstanding. |
| Enterprise value | $7.04B | Market cap + total debt - cash - short-term investments. |
| P/E | 17.4x | Market cap / net income. Only when net income is positive. |
| P/S | 0.95x | Market cap / revenue. |
| P/B | 6.66x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 10.6x | Market cap / tangible book value, when positive. |
| P/FCF | 11.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 8.69x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.02x | Enterprise value / revenue. |
| EV/EBIT | 13.0x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 9.39x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 12.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.4% | Free cash flow / market cap. |
| Earnings yield | 5.7% | Net income / market cap (the inverse of P/E). |
What was Victoria's Secret & Co.'s revenue in fiscal 2025?
Victoria's Secret & Co. reported revenue of $6.55B for fiscal 2025, 5.2% higher than the year before.
Was Victoria's Secret & Co. profitable in fiscal 2025?
Yes. Net income was $161.0M, a net margin of 2.5%.
How much free cash flow did Victoria's Secret & Co. generate in fiscal 2025?
Cash from operations of $499.0M minus capital expenditures of $187.0M left free cash flow of $312.0M.