Logo

VSCO

Victoria's Secret & Co.

VSCO

Victoria's Secret & Co. • NYSE
$41.33 ▲ 2.84% (+1.14)
Market Cap $3.31 B
52w High $48.73
52w Low $13.76
Dividend Yield 0%
P/E 21.98
Volume 1.25M
Outstanding Shares 80.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.459B ▲ $478M ▲ $16.228M ▲ 1.112% ▲ $0.21 ▲ $105.08M ▲
Q1-2025 $1.353B ▼ $454M ▼ $-2M ▼ -0.148% ▼ $-0.025 ▼ $85M ▼
Q4-2024 $2.106B ▲ $545.747M ▲ $193.412M ▲ 9.186% ▲ $2.33 ▲ $330.69M ▲
Q3-2024 $1.347B ▼ $515M ▲ $-56M ▼ -4.157% ▼ $-0.71 ▼ $15M ▼
Q2-2024 $1.417B $439M $32M 2.258% $0.41 $126M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $188M ▲ $4.755B ▲ $4.045B ▲ $680M ▲
Q1-2025 $138M ▼ $4.58B ▲ $3.907B ▲ $645M ▲
Q4-2024 $227M ▲ $4.532B ▼ $3.868B ▼ $640M ▲
Q3-2024 $161M ▼ $4.921B ▲ $4.468B ▲ $429M ▼
Q2-2024 $169M $4.635B $4.141B $472M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $18M ▲ $156M ▲ $-68M ▼ $-39M ▼ $50M ▲ $88M ▲
Q1-2025 $3M ▼ $-150M ▼ $-43M ▼ $106M ▲ $-89M ▼ $-193M ▼
Q4-2024 $194M ▲ $674M ▲ $-20M ▲ $-587M ▼ $66M ▲ $646M ▲
Q3-2024 $-56M ▼ $-248M ▼ $-50M ▼ $289M ▲ $-8M ▼ $-299M ▼
Q2-2024 $33M $115M $-44M $-7M $64M $55M

Five-Year Company Overview

Income Statement

Income Statement Sales have been broadly stable over the last few years, but the business is clearly past the post‑pandemic peak it saw shortly after the spin‑off. Profitability is positive at every level — operating profit, EBITDA, and net income — but margins have narrowed compared with the early surge, suggesting more promotional activity, higher costs, or tougher competition. The pattern is of a mature retailer: steady revenue, decent but pressured margins, and earnings that remain in the black but are well below the initial post‑IPO highs, leaving less room for error if demand softens or execution slips.

Balance Sheet

Balance Sheet The balance sheet shows a company that carries a meaningful amount of debt relative to its equity and cash, but with overall assets broadly stable. Cash on hand has drifted down from earlier levels, which slightly reduces its financial cushion, while debt has stayed high and fairly constant. Equity has been rebuilding from a very thin base right after the separation, which is a positive sign, but leverage is still notable, meaning the company remains sensitive to interest costs and needs to keep profits and cash flows healthy to comfortably service its obligations.

Cash Flow

Cash Flow The business consistently generates cash from operations, which is a key strength and indicates that reported profits are backed by real cash inflows. Free cash flow has been positive each year, but it has trended down from the unusually strong levels seen a few years ago, pointing to a more normal, but still solid, cash‑generating profile. Investment spending on stores and technology has stayed fairly modest, so most operating cash can, in principle, go toward debt service, buybacks, or other strategic uses, as long as current cash flow levels are maintained in a more competitive environment.

Competitive Edge

Competitive Edge Victoria’s Secret still benefits from very strong name recognition, a large global store network, and an established supply chain — all of which many newer rivals lack. However, its historic brand image became misaligned with shifting consumer preferences toward comfort, diversity, and authenticity, which opened the door for digital‑native and inclusive brands to capture share. The company is actively repositioning itself, but competition remains intense and nimble, especially online, so its long‑term advantage now depends less on its legacy image and more on how convincingly it can evolve and use its scale to deliver a more modern, inclusive experience across channels.

Innovation and R&D

Innovation and R&D The company is leaning heavily into digital innovation rather than traditional product R&D, with a major push into AI‑driven personalization and a deep partnership with Google Cloud. It is rolling out tools like AI chatbots, image‑based search, and data‑driven merchandising, while integrating the more modern, tech‑savvy Adore Me platform into its broader ecosystem. At the same time, it is trying to reinvent the brand around inclusivity — shifting marketing, broadening size and product ranges, and upgrading in‑store and app experiences — but success will depend on whether consumers view these changes as authentic and sustained, not just cosmetic. The opportunity is meaningful if executed well, yet the turnaround is still in progress and carries execution risk.

Summary

Victoria’s Secret & Co. looks like a mature retailer in the middle of a strategic transformation: revenues are stable but not growing strongly, profits are positive but slimmer than at the post‑IPO peak, and cash generation is solid yet no longer exceptional. The balance sheet is serviceable but leveraged, which heightens the importance of maintaining steady cash flow in a cyclical, fashion‑sensitive category. Its enduring strengths are brand awareness, store footprint, and operational scale, while its main challenges are intense competition and the need to fully realign its image with modern consumer values. The company is betting on technology, AI‑enabled personalization, and a more inclusive brand message to rebuild its moat; the key uncertainty is how quickly and how deeply these efforts will translate into durable customer loyalty and renewed growth.

NEWS

November 14, 2025 · 7:00 AM UTC

Victoria's Secret & Co. Invites You to Listen to the Third Quarter 2025 Earnings Call Webcast

Read more

November 4, 2025 · 2:02 PM UTC

Victoria's Secret & Co. Board Comments on BBRC Letter

Read more

November 4, 2025 · 8:15 AM UTC

BBRC Releases Letter to Victoria's Secret's Board of Directors

Read more