Specialty retailer focused on intimate apparel, beauty, and lifestyle products under the Victoria's Secret and Pink brands.
Profile & Fundamentals
Victoria's Secret: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Victoria's Secret Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
Company Profile & Ownership
Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide. The company offers bras, panties, lingerie, casual sleepwear, apparel, lounge, sport, and swim products, as well as prestige fragrances and body care products; and accessories and beauty products under the Victoria's Secret, PINK, and Adore Me brands. It provides its products through its retail stores; websites, such as VictoriasSecret.com, PINK.com, AdoreMe.com, and DailyLook.com; and other digital channels. The company also operates stores under the franchise, license, and wholesale arrangements. Victoria's Secret & Co. was incorporated in 2021 and is based in Reynoldsburg, Ohio.
Company profile record
Victoria's Secret & Co
Common Stock · Consumer Discretionary · Apparel Retail
Company
- Company / asset
- Victoria's Secret & Co
- Security type
- Common Stock
- Sector
- Consumer Discretionary
- Industry
- Apparel Retail
- HQ
- 🇺🇸 United States
- Head office
- 4 Limited Parkway East, Reynoldsburg, OH, United States, 43068
Leadership & scale
- Chief executive
- Ms. Hillary Super
- CEO year born
- 1973
- Full-time employees
- 30K
- Fiscal year end
- January
- IPO date
- 2021-07-21
Fundamentals snapshot
- Market Cap
- USD 7.2B
- P/E
- 19.0x
- Revenue (Q3 26)
- USD 1.6B
- Profit (Q3 26)
- USD 183.0M
- Dividend Yield
- --
- Revenue (FY 26)
- USD 6.6B
- Shares in public float
- 70.9M
- Insider ownership
- 10.46%
Reporting & identifiers
- Symbol
- VSXY.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US9264001028
- Asset ID
- equity_f76a49bf-a51d-5907-b65d-d03722366bc5
Ownership
Shares Outstanding
Latest: 84.2M | Max: 92.0M | Min: 77.0M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
84.27%
70.9M latest reported shares
Insider Ownership
10.46%
Latest reported insider stake
Short Float
0.16%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2020-01-01 | 88,000,000 |
| 2021-01-01 | 92,000,000 |
| 2022-01-01 | 83,000,000 |
| 2023-01-01 | 77,000,000 |
| 2024-01-01 | 79,000,000 |
| 2025-01-01 | 81,191,300 |
| 2026-01-01 | 84,152,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 11,855,174 | 14.86% | 2026-03-31 |
| BBFIT INVESTMENTS PTE Ltd. | 8,898,930 | 11.16% | 2026-06-30 |
| FMR Inc | 6,215,279 | 7.79% | 2026-03-31 |
| iShares Core S&P Small-Cap ETF | 4,838,534 | 6.07% | 2026-08-31 |
| Vanguard Portfolio Management, LLC | 4,648,809 | 5.83% | 2026-03-31 |
| Fidelity Blue Chip Growth | 3,658,679 | 4.59% | 2026-07-31 |
| Vanguard Capital Management, LLC | 3,582,535 | 4.49% | 2026-03-31 |
| State Street Corp | 3,007,931 | 3.77% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 2,524,618 | 3.17% | 2026-08-31 |
| Geode Capital Management, LLC | 2,029,813 | 2.54% | 2026-03-31 |
| Dimensional Fund Advisors, Inc. | 1,942,411 | 2.44% | 2026-06-30 |
| The Goldman Sachs Group Inc | 1,829,710 | 2.29% | 2026-03-31 |
| Vanguard Small Cap Index | 1,827,556 | 2.29% | 2026-08-31 |
| iShares Russell 2000 ETF | 1,801,871 | 2.26% | 2026-08-31 |
| Fuller & Thaler Asset Management Inc | 1,658,221 | 2.08% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Victoria's Secret engineered a genuine financial turnaround across fiscal 2026, lifting trailing twelve-month revenue to $6.91 billion alongside $378 million in net income. Core product lines, particularly bras and fragrances, delivered mid-teens sales growth as customers responded enthusiastically to revitalized marketing and inclusive sizing. This merchandise renewal ended years of post-spinoff stagnation. However, reported headline profits conceal a major distortion. Second-quarter net income was bolstered by a non-recurring tariff refund exceeding $135 million following Supreme Court litigation. Stripping away this one-time legal windfall reveals underlying operating profit of approximately $124 million for the quarter. Moving forward, earnings will reflect sustainable operating performance rather than temporary windfalls.
Victoria's Secret engineered a genuine financial turnaround across fiscal 2026, lifting trailing twelve-month revenue to $6.91 billion alongside $378 million in net income. Core product lines, particularly bras and fragrances, delivered mid-teens sales growth as customers responded enthusiastically to revitalized marketing and inclusive sizing. This merchandise renewal ended years of post-spinoff stagnation. However, reported headline profits conceal a major distortion. Second-quarter net income was bolstered by a non-recurring tariff refund exceeding $135 million following Supreme Court litigation. Stripping away this one-time legal windfall reveals underlying operating profit of approximately $124 million for the quarter. Moving forward, earnings will reflect sustainable operating performance rather than temporary windfalls.
Revenue, Net Income, and Free Cash Flow
Latest: USD 6.6B | Max: USD 8.1B | Min: USD -897.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 28x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have rebounded significantly, with adjusted gross margins reaching 38.8% in second-quarter fiscal 2026. This improvement was driven by disciplined merchandising that eliminated chronic clearance markdowns and established strong full-price selling. Operating margins expanded on a trailing basis, reflecting healthy cost leverage as comparable store sales accelerated across primary physical and digital channels. Sustaining double-digit operating margins over the long term is unlikely due to ongoing industry headwinds. Newly enacted Section 301 replacement tariffs will increase landed textile costs across Asian supply chains, while high-profile marketing campaigns elevate overhead expenses. As these factors take hold, normalized operating margins are expected to stabilize near a sustainable 7.5% to 8.0%. Target prices are excluded.
Profitability margins have rebounded significantly, with adjusted gross margins reaching 38.8% in second-quarter fiscal 2026. This improvement was driven by disciplined merchandising that eliminated chronic clearance markdowns and established strong full-price selling. Operating margins expanded on a trailing basis, reflecting healthy cost leverage as comparable store sales accelerated across primary physical and digital channels. Sustaining double-digit operating margins over the long term is unlikely due to ongoing industry headwinds. Newly enacted Section 301 replacement tariffs will increase landed textile costs across Asian supply chains, while high-profile marketing campaigns elevate overhead expenses. As these factors take hold, normalized operating margins are expected to stabilize near a sustainable 7.5% to 8.0%. Target prices are excluded.
Profitability Margins
Latest: 36.4% | Max: 40.7% | Min: -11.9%
Latest Profitability Ratios as of 2026-01-31
Gross Margin
36.4%
Gross profit / revenue
Operating Margin
4.1%
Operating income / revenue
Net Margin
2.5%
Net income / revenue
FCF Margin
4.8%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-01-31 | 8,103,000,000 | 251,000,000 | 357,000,000 |
| 2020-01-31 | 7,509,000,000 | -897,000,000 | 90,000,000 |
| 2021-01-31 | 5,413,000,000 | -72,000,000 | 547,000,000 |
| 2022-01-31 | 6,785,000,000 | 646,000,000 | 682,000,000 |
| 2023-01-31 | 6,344,000,000 | 348,000,000 | 273,000,000 |
| 2024-01-31 | 6,182,000,000 | 109,000,000 | 133,000,000 |
| 2025-01-31 | 6,230,000,000 | 165,000,000 | 247,000,000 |
| 2026-01-31 | 6,553,000,000 | 161,000,000 | 312,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2026-01-31 | 28.49 | Trailing four quarters |
| 2025-01-31 | 17.89 | Trailing four quarters |
| 2024-01-31 | 18.71 | Trailing four quarters |
| 2023-01-31 | 9.33 | Annual net income |
| 2022-01-31 | 7.17 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-01-31 | 33.19 | 4.94 | 3.1 | 4.41 |
| 2020-01-31 | 27.47 | -11.88 | -11.95 | 1.2 |
| 2021-01-31 | 29.02 | -1.87 | -1.33 | 10.11 |
| 2022-01-31 | 40.68 | 12.82 | 9.52 | 10.05 |
| 2023-01-31 | 35.59 | 7.53 | 5.49 | 4.3 |
| 2024-01-31 | 36.27 | 3.98 | 1.76 | 2.15 |
| 2025-01-31 | 36.66 | 4.98 | 2.65 | 3.96 |
| 2026-01-31 | 36.38 | 4.14 | 2.46 | 4.76 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.