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Apparel retail · Consumer Cyclical · Fiscal year ends Jan 30
Victoria's Secret reported revenue of $6.6B in the fiscal year ended Jan 2026, up 5.2% from the year before. Operating income was $271M, an operating margin of 4.1%, and net income was $161M. Operating cash flow of $499M less capital expenditure of $187M left free cash flow of $312M. Net debt was $457M.
Ranks among the 9 apparel retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 6,785 | 6,344 | 6,182 | 6,230 | 6,553 |
| Cost of revenue | 4,025 | 4,086 | 3,940 | 3,946 | 4,169 |
| Gross profit | 2,760 | 2,258 | 2,242 | 2,284 | 2,384 |
| Selling, general & admin | 1,890 | 1,780 | 1,996 | 1,974 | 2,113 |
| Operating income | 870 | 478 | 246 | 310 | 271 |
| Interest expense | 27.0 | 60.0 | 99.0 | 86.0 | 70.0 |
| Pre-tax income | 843 | 417 | 147 | 221 | 208 |
| Income tax | 197 | 79.0 | 31.0 | 52.0 | 19.0 |
| Net income | 646 | 348 | 109 | 165 | 161 |
| Diluted EPS | 7.18 | 4.14 | 1.39 | 2.05 | 1.93 |
| Diluted shares | 90.0 | 84.0 | 79.0 | 81.0 | 83.0 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 490 | 427 | 270 | 227 | 518 |
| Receivables | 162 | 141 | 152 | 159 | 186 |
| Inventory | 949 | 1,052 | 985 | 955 | 1,071 |
| Current assets | 1,691 | 1,737 | 1,533 | 1,441 | 1,883 |
| Net PP&E | 957 | 846 | 843 | 774 | 731 |
| Goodwill | 0.0 | 365 | 367 | 367 | 367 |
| Total assets | 4,344 | 4,711 | 4,600 | 4,532 | 5,013 |
| Payables | 538 | 481 | 513 | 419 | 493 |
| Deferred revenue | 258 | 309 | 310 | 269 | 257 |
| Current liabilities | 1,698 | 1,579 | 1,614 | 1,375 | 1,507 |
| Short-term debt | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Long-term debt | 978 | 1,271 | 1,120 | 973 | 971 |
| Total liabilities | 4,087 | 4,310 | 4,162 | 3,868 | 4,103 |
| Shareholders' equity | 257 | 383 | 417 | 640 | 856 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 851 | 437 | 389 | 425 | 499 |
| Capital expenditure | 169 | 164 | 256 | 178 | 187 |
| Free cash flow | 682 | 273 | 133 | 247 | 312 |
| Depreciation & amortisation | 303 | 274 | 284 | 258 | 238 |
| Stock-based compensation | 33.0 | 48.0 | 56.0 | 60.0 | 55.0 |
| Acquisitions | 0.0 | 369 | −1.0 | 0.0 | 0.0 |
| Share buybacks | 250 | 250 | 125 | 0.0 | 0.0 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.5% | −2.6% | 0.8% | 5.2% |
| Operating income growth (YoY) | – | −45.1% | −48.5% | 26.0% | −12.6% |
| EPS growth (YoY) | – | −42.3% | −66.4% | 47.5% | −5.9% |
| Gross margin | 40.7% | 35.6% | 36.3% | 36.7% | 36.4% |
| Operating margin | 12.8% | 7.5% | 4.0% | 5.0% | 4.1% |
| Net margin | 9.5% | 5.5% | 1.8% | 2.6% | 2.5% |
| Return on equityBlank when equity is negative | 251.4% | 90.9% | 26.1% | 25.8% | 18.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 32.9% | 15.3% | 8.2% | 9.8% | 7.7% |
| Free cash flow margin | 10.1% | 4.3% | 2.2% | 4.0% | 4.8% |
| Cash conversion (CFO ÷ net income) | 1.32x | 1.26x | 3.57x | 2.58x | 3.10x |
| Receivable days | 9 | 8 | 9 | 9 | 10 |
| Inventory days | 86 | 94 | 91 | 88 | 94 |
| Payable days | 49 | 43 | 48 | 39 | 43 |
| Interest cover | 32.2x | 7.97x | 2.48x | 3.60x | 3.87x |
| Debt ÷ equity | 3.82x | 3.33x | 2.70x | 1.53x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 492 | 848 | 854 | 750 | 457 |
| Current ratio | 1.00x | 1.10x | 0.95x | 1.05x | 1.25x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.