Victoria's Secret (VSXY)
Market Price (10/2/2026): $88.53 | Market Cap: $7.1 BilSector: Consumer Discretionary | Industry: Apparel Retail
Victoria's Secret (VSXY)
Market Price (10/2/2026): $88.53Market Cap: $7.1 BilSector: Consumer DiscretionaryIndustry: Apparel Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 7.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Direct-to-Consumer Brands, and Experiential Retail. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Stock price has recently run up significantly12M Rtn12 month market price return is 202% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 84% Key risksVSXY key risks include [1] a vulnerable financial position due to high debt and poor cash flow coverage and [2] uncertain consumer reception of its significant brand repositioning toward inclusivity. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%, FCF Yield is 7.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 10% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Direct-to-Consumer Brands, and Experiential Retail. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 202% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 84% |
| Key risksVSXY key risks include [1] a vulnerable financial position due to high debt and poor cash flow coverage and [2] uncertain consumer reception of its significant brand repositioning toward inclusivity. |
Qualitative Assessment
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Updated on 10/1/2026
Victoria's Secret (VSXY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Victoria's Secret & Co. reported stronger-than-expected financial results for fiscal Q2 2026, which ended on August 1, 2026, and were announced on September 3, 2026. The company's adjusted earnings per share (EPS) of $0.95 significantly surpassed analysts' consensus estimates of $0.76 by $0.19.
2. Following its robust Q2 2026 performance, Victoria's Secret & Co. raised its full-year fiscal 2026 guidance. The company now anticipates net sales to be in the range of $7.10 billion to $7.18 billion, an increase from its prior guidance of $7.03 billion to $7.13 billion. Additionally, the outlook for adjusted operating income for fiscal 2026 was raised to a range of $560 million to $590 million, up from the previous $550 million to $580 million.
Show more
Victoria's Secret (VSXY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Victoria's Secret & Co. reported stronger-than-expected financial results for fiscal Q2 2026, which ended on August 1, 2026, and were announced on September 3, 2026. The company's adjusted earnings per share (EPS) of $0.95 significantly surpassed analysts' consensus estimates of $0.76 by $0.19.
2. Following its robust Q2 2026 performance, Victoria's Secret & Co. raised its full-year fiscal 2026 guidance. The company now anticipates net sales to be in the range of $7.10 billion to $7.18 billion, an increase from its prior guidance of $7.03 billion to $7.13 billion. Additionally, the outlook for adjusted operating income for fiscal 2026 was raised to a range of $560 million to $590 million, up from the previous $550 million to $580 million.
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Updated on 10/1/2026
Victoria's Secret (VSXY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Victoria's Secret & Co. reported stronger-than-expected financial results for fiscal Q2 2026, which ended on August 1, 2026, and were announced on September 3, 2026. The company's adjusted earnings per share (EPS) of $0.95 significantly surpassed analysts' consensus estimates of $0.76 by $0.19.
2. Following its robust Q2 2026 performance, Victoria's Secret & Co. raised its full-year fiscal 2026 guidance. The company now anticipates net sales to be in the range of $7.10 billion to $7.18 billion, an increase from its prior guidance of $7.03 billion to $7.13 billion. Additionally, the outlook for adjusted operating income for fiscal 2026 was raised to a range of $560 million to $590 million, up from the previous $550 million to $580 million.
3. The company demonstrated significant improvements in profitability and the successful execution of its "Path to Potential" strategy during fiscal Q2 2026. Adjusted operating income more than doubled, increasing by 125% year-over-year to $124 million, exceeding the company's own guidance. This enhanced profitability was primarily driven by higher regular-price selling and reduced promotional activities, which led to an expansion of the adjusted gross margin by 320 basis points to 38.8%.
4. Victoria's Secret & Co. experienced broad-based growth across its key segments and international markets in fiscal Q2 2026. Net sales increased by 10% year-over-year to $1.61 billion, with positive contributions observed across the Victoria's Secret, PINK, Beauty, and international businesses.
Show less
Victoria's Secret (VSXY) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Victoria's Secret & Co. reported stronger-than-expected financial results for fiscal Q2 2026, which ended on August 1, 2026, and were announced on September 3, 2026. The company's adjusted earnings per share (EPS) of $0.95 significantly surpassed analysts' consensus estimates of $0.76 by $0.19.
2. Following its robust Q2 2026 performance, Victoria's Secret & Co. raised its full-year fiscal 2026 guidance. The company now anticipates net sales to be in the range of $7.10 billion to $7.18 billion, an increase from its prior guidance of $7.03 billion to $7.13 billion. Additionally, the outlook for adjusted operating income for fiscal 2026 was raised to a range of $560 million to $590 million, up from the previous $550 million to $580 million.
3. The company demonstrated significant improvements in profitability and the successful execution of its "Path to Potential" strategy during fiscal Q2 2026. Adjusted operating income more than doubled, increasing by 125% year-over-year to $124 million, exceeding the company's own guidance. This enhanced profitability was primarily driven by higher regular-price selling and reduced promotional activities, which led to an expansion of the adjusted gross margin by 320 basis points to 38.8%.
4. Victoria's Secret & Co. experienced broad-based growth across its key segments and international markets in fiscal Q2 2026. Net sales increased by 10% year-over-year to $1.61 billion, with positive contributions observed across the Victoria's Secret, PINK, Beauty, and international businesses.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 6.0% change in VSXY stock from 6/30/2026 to 10/1/2026 was primarily driven by a 75.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.48 | 88.51 | 6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,760 | 6,912 | 2.2% |
| Net Income Margin (%) | 3.1% | 5.5% | 75.2% |
| P/E Multiple | 32.0 | 18.7 | -41.5% |
| Shares Outstanding (Mil) | 81 | 80 | 1.2% |
| Cumulative Contribution | 6.0% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| VSXY | 6.0% | |
| Market (SPY) | 2.3% | 14.0% |
| Sector (XLY) | -7.2% | 21.0% |
Fundamental Drivers
The 90.9% change in VSXY stock from 3/31/2026 to 10/1/2026 was primarily driven by a 122.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.36 | 88.51 | 90.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,553 | 6,912 | 5.5% |
| Net Income Margin (%) | 2.5% | 5.5% | 122.6% |
| P/E Multiple | 23.0 | 18.7 | -18.7% |
| Shares Outstanding (Mil) | 80 | 80 | 0.0% |
| Cumulative Contribution | 90.9% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| VSXY | 90.9% | |
| Market (SPY) | 17.8% | 13.0% |
| Sector (XLY) | 0.0% | 16.4% |
Fundamental Drivers
The 226.1% change in VSXY stock from 9/30/2025 to 10/1/2026 was primarily driven by a 126.9% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.14 | 88.51 | 226.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,265 | 6,912 | 10.3% |
| Net Income Margin (%) | 2.4% | 5.5% | 126.9% |
| P/E Multiple | 14.4 | 18.7 | 30.3% |
| Shares Outstanding (Mil) | 80 | 80 | 0.0% |
| Cumulative Contribution | 226.1% |
Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| VSXY | 226.1% | |
| Market (SPY) | 15.6% | 24.7% |
| Sector (XLY) | -8.6% | 26.9% |
Fundamental Drivers
The 430.6% change in VSXY stock from 9/30/2023 to 10/1/2026 was primarily driven by a 187.3% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.68 | 88.51 | 430.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,173 | 6,912 | 12.0% |
| Net Income Margin (%) | 3.2% | 5.5% | 71.4% |
| P/E Multiple | 6.5 | 18.7 | 187.3% |
| Shares Outstanding (Mil) | 77 | 80 | -3.7% |
| Cumulative Contribution | 430.6% |
Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| VSXY | 430.6% | |
| Market (SPY) | 84.9% | 32.0% |
| Sector (XLY) | 38.3% | 34.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VSXY Return | 31% | -36% | -26% | 56% | 31% | 63% | 108% |
| Peers Return | 46% | -30% | 27% | 6% | 17% | -12% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| VSXY Win Rate | 67% | 33% | 33% | 67% | 67% | 78% | |
| Peers Win Rate | 70% | 33% | 53% | 42% | 53% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| VSXY Max Drawdown | - | -57% | -69% | -48% | -64% | -36% | |
| Peers Max Drawdown | -33% | -51% | -48% | -32% | -42% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GCO, ZUMZ, GAP, AEO, BKE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)
How Low Can It Go
| Event | VSXY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.5% | -18.8% |
| % Gain to Breakeven | 102.0% | 23.1% |
| Time to Breakeven | 188 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.7% | -7.8% |
| % Gain to Breakeven | 15.8% | 8.5% |
| Time to Breakeven | 6 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.4% | -6.7% |
| % Gain to Breakeven | 146.2% | 7.1% |
| Time to Breakeven | 528 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.3% | -24.5% |
| % Gain to Breakeven | 109.5% | 32.4% |
| Time to Breakeven | 1255 days | 427 days |
In The Past
Victoria's Secret's stock fell -50.5% during the 2025 US Tariff Shock. Such a loss loss requires a 102.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | VSXY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.5% | -18.8% |
| % Gain to Breakeven | 102.0% | 23.1% |
| Time to Breakeven | 188 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.1% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -59.4% | -6.7% |
| % Gain to Breakeven | 146.2% | 7.1% |
| Time to Breakeven | 528 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.3% | -24.5% |
| % Gain to Breakeven | 109.5% | 32.4% |
| Time to Breakeven | 1255 days | 427 days |
In The Past
Victoria's Secret's stock fell -50.5% during the 2025 US Tariff Shock. Such a loss loss requires a 102.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Victoria's Secret (VSXY)
Victoria's Secret & Co. (VSXY) operates as a global specialty retailer specializing in women's intimate apparel, personal care, and beauty products. Founded in 2021 and headquartered in Reynoldsburg, Ohio, the company maintains a significant international presence with approximately 1,400 retail stores as of early 2022, serving customers worldwide under its prominent Victoria's Secret and PINK brands.
The company offers a comprehensive range of products, including core intimate wear such as bras, panties, and lingerie. Its offerings extend to sleepwear, loungewear, athletic attire, and swimwear, catering to various aspects of women's wardrobes. Beyond apparel, Victoria's Secret also features a substantial beauty segment, providing fragrances, body care products, and various accessories.
Victoria's Secret primarily serves women globally, targeting a broad demographic with its diverse brand portfolio. The Victoria's Secret brand typically appeals to customers seeking sophisticated and sensual intimate wear and beauty products, while the PINK brand focuses on a younger, more casual demographic with its apparel and personal care items. This dual-brand strategy enables VSXY to capture a wide array of preferences within the women's apparel and beauty markets across its international footprint.
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Here are a few analogies to describe Victoria's Secret:
Bath & Body Works for women's lingerie and beauty products.
Lululemon for intimate apparel and beauty.
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- Bras: Undergarments designed for breast support and shaping.
- Panties: Undergarments worn on the lower body.
- Lingerie: Lightweight, often decorative, intimate apparel.
- Sleepwear: Clothing specifically designed for sleeping, such as pajamas and nightgowns.
- Loungewear: Comfortable clothing suitable for relaxing at home.
- Athletic Attire and Swimwear: Clothing designed for sports activities and swimming.
- Fragrances: Perfumes, body mists, and other scented products.
- Body Care Products: Lotions, washes, and other items for skin care.
- Accessories: Complementary items such as bags or small decorative pieces.
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Victoria's Secret (VSXY) sells primarily to individuals through its extensive network of retail stores and online channels. The company serves the following categories of customers:
- Adult Women: This category encompasses customers who are seeking sophisticated, fashionable, and alluring intimate apparel, sleepwear, loungewear, fragrances, and beauty products. These customers are typically targeted by the core Victoria's Secret brand, valuing style, quality, and often a sense of luxury or sensuality in their purchases.
- Young Adults and College-Aged Women: This category primarily includes customers who are looking for comfortable, trendy, and casual intimate apparel, loungewear, and athletic wear. These individuals are the core demographic for the PINK brand, emphasizing comfort, affordability, and items that align with current youth fashion and lifestyle trends.
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Here is the management team for Victoria's Secret & Co. (VSXY):
Hillary Super, Chief Executive Officer
Hillary Super has served as CEO of Victoria's Secret & Co. since 2023, where she leads the company's strategic growth initiatives and brand revitalization. Prior to her current role, she was CEO and board member of Savage X Fenty. She also served as the Global CEO of Anthropologie Group, successfully leading the turnaround of its women's apparel and accessories business. Her extensive career includes key merchandising and operational leadership positions at prominent retail companies such as Gap, Old Navy, American Eagle Outfitters, and Guess?.
Scott Sekella, Chief Financial and Operating Officer
Scott Sekella assumed the role of Chief Financial and Operating Officer at Victoria's Secret & Co. in August 2025, having initially joined as Chief Financial Officer in January 2025. He is responsible for the company's financial strategy, performance management, and profitability improvements. Before joining Victoria's Secret, Sekella was the Chief Financial Officer of JOANN Inc. from 2022 to 2024. He also held financial leadership roles at Under Armour and Crocs, and previously served as Senior Vice President-Finance & Operations at Freshology, Inc.
Melinda (Mel) McAfee, Chief Legal and Compliance Officer
Melinda McAfee oversees Victoria's Secret & Co.'s human resources and legal affairs, having joined as Chief Legal Officer in May 2021 and adding Chief Human Resources Officer duties in October 2022. She leads governance, employment, privacy, regulatory compliance, and the comprehensive legal strategy for the company. Prior to Victoria's Secret, she was Senior Vice President, General Counsel and Corporate Secretary of EXPRESS, Inc. Her background also includes over a decade as in-house counsel for Abercrombie & Fitch Co. and a partnership at Vorys, Sater, Seymour and Pease, LLP, specializing in Labor & Employment.
Elizabeth Preis, Chief Marketing and Customer Officer
Elizabeth Preis is the Chief Marketing and Customer Officer of Victoria's Secret & Co., bringing over 25 years of experience in guiding iconic consumer brands. She is known for her ability to blend consumer insight with compelling creative to build strong brand connections. Her previous roles include Global CMO at Anthropologie and leadership positions at Estée Lauder, J. Crew, and Saks Fifth Avenue.
Lucrecia Borgonovo, Chief People Officer
Lucrecia Borgonovo serves as the Chief People Officer at Victoria's Secret & Co., leveraging more than 20 years of global experience in talent, leadership, culture, and organizational effectiveness. She previously held the role of Chief Talent and Organizational Effectiveness Officer at Mastercard, where she was responsible for enterprise-wide talent and culture strategies supporting large-scale transformation and growth. Borgonovo also held leadership positions in human resources at Nike and Bristol-Myers Squibb.
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Here are the key risks to Victoria's Secret & Co. (VSXY):
- Financial Health and Debt Coverage: Victoria's Secret faces a major risk due to its debt not being well covered by operating cash flow, with an operating cash flow to total debt ratio of 18%. The company also has a high debt-to-equity ratio of 312.7%. This indicates a potential vulnerability in its financial stability and ability to manage its debt obligations effectively.
- Brand Repositioning and Consumer Perception: Victoria's Secret is undergoing a significant rebranding effort to embrace inclusivity and move away from its traditional "Angels" image. The key risk lies in whether this rebranding will successfully resonate with a broader customer base without alienating its existing clientele. There is a concern that the shift could be perceived as inauthentic or "inclusivity washing," which could hinder sales growth and market acceptance.
- Supply Chain Disruptions and Tariffs: The company is exposed to risks related to its global supply chain, including the ability to source materials, produce, and distribute merchandise worldwide. The fashion industry, including Victoria's Secret, is particularly vulnerable to factors like tariffs and retaliatory measures, which have been cited as a primary hurdle in 2026. Fluctuations in freight, product input, and energy costs, as well as geopolitical conflicts, also pose ongoing threats to its supply chain and profitability.
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The rapid rise of digitally native, direct-to-consumer (DTC) intimate apparel and loungewear brands that prioritize inclusivity, body positivity, and comfort over traditional beauty standards. These brands, often leveraging social media and influencer marketing, directly challenge Victoria's Secret's legacy brand image and its historically brick-and-mortar heavy distribution model by offering alternatives that resonate more strongly with evolving consumer values and preferences for a more diverse and authentic representation of women. This shift in market demand and the success of these nimble, digitally-focused competitors represent a fundamental disruption to the traditional intimate apparel retail landscape.
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The addressable markets for Victoria's Secret's main products and services are as follows:
Intimate Apparel (Bras, Panties, Lingerie, Sleepwear, Loungewear, Athletic Attire, and Swimwear)
- Global Market: The global intimate apparel market was valued at approximately USD 98.7 billion in 2025 and is projected to grow to USD 163.4 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.8% from 2026 to 2034.
- U.S. Market: The U.S. lingerie market size was estimated at USD 17.95 billion in 2025 and is projected to reach USD 31.40 billion by 2033, growing at a CAGR of 7.2% from 2025 to 2033.
Personal Care and Beauty Products (Fragrances and Body Care Products)
- Global Market: The global beauty and personal care products market is estimated at USD 651.42 billion in 2026 and is set to exceed USD 1.16 trillion by 2035, registering over 6.5% CAGR between 2026 and 2035.
- U.S. Market: The U.S. beauty and personal care products market was estimated at USD 117.05 billion in 2026 and is expected to reach USD 196.33 billion by 2033, growing at a CAGR of 7.7% from 2026 to 2033.
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Victoria's Secret & Co. (VSXY) is focusing on several key strategies to drive future revenue growth over the next 2-3 years:
- International Expansion: The company is actively pursuing growth in international markets through both company-owned and partner-operated stores. This expansion targets high-growth markets in the Middle East, India, Latin America, and Asia, with recent plans to open standalone stores in Germany. International revenue has already shown significant growth, with a 44.9% year-over-year increase in Q1 2026. Victoria's Secret also leverages social commerce, as seen with successful livestreaming events in China.
- Product Innovation and Diversification: A core driver is the acceleration of product innovation, particularly in its bra department, to improve fit, comfort, and introduce new designs such as the Body by Victoria FlexFactor. Beyond lingerie, the company is diversifying its offerings to include beauty, sleepwear, loungewear, and athletic attire, and expanding existing lines with a broader range of sizes and styles to emphasize inclusivity.
- Enhanced Digital Engagement and E-commerce Capabilities: Victoria's Secret is prioritizing digital growth, with a target of 40% e-commerce penetration by 2026. This involves leveraging AI for personalized customer experiences, integrating technology from its Adore Me acquisition to improve customer acquisition and lifetime value, and implementing smartphone 3D scanning to enhance fit accuracy and reduce returns. Increased app downloads also contribute to digital traffic.
- Brand Rejuvenation and Refocusing: The company is undergoing a significant brand transformation, repositioning itself around inclusivity, modern womanhood, and creating distinct identities for its Victoria's Secret and PINK brands. A shift away from heavy promotions towards full-price selling, described as a "promo-detox," is building a healthier, brand-led business. The return of a more inclusive Victoria's Secret Fashion Show is also part of this strategy to build brand relevance and trust.
- Optimizing Retail Footprint: Victoria's Secret is strategically growing and optimizing its retail footprint. This includes opening new stores and converting traditional flagship locations to smaller, off-mall formats that have demonstrated higher sales per square foot. This approach aims to improve unit economics and reduce operating costs.
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## Capital Allocation Decisions for Victoria's Secret (VSXY)
### Share Repurchases
* Victoria's Secret's Board of Directors approved a share repurchase program in March 2024, authorizing the repurchase of up to $250 million of the company's common stock.
* During the first quarter of 2026, the company repurchased 2.2 million shares for $100 million at an average price of $45.27 per share.
* As of May 2, 2026, $150 million remained authorized for purchase under the existing $250 million share repurchase program.
### Outbound Investments
* In December 2022, Victoria's Secret acquired Adore Me. This acquisition involved financial impacts related to purchase accounting items, including changes in the estimated fair value of contingent consideration and amortization of acquired intangible assets in 2023 and 2024.
### Capital Expenditures
* Victoria's Secret & Co. has been noted for having "low capital intensity."
* For fiscal year 2023, the company generated $850 million in free cash flow, partially driven by an inventory reduction of $1.1 billion.
* The company reported operating cash flows of $425 million in fiscal year 2024, ending the year with $227 million in cash and cash equivalents and no outstanding borrowings on its ABL Facility.
Peer Outperformance in Apparel Retail
VSXY has trailed 56% of its 9 Apparel Retail peers over 5Y. Apparel Retail ranks 2nd of 21 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Apparel Retail constituents that VSXY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 9 industry peers · 201.6% return
3Y
100%
of 9 industry peers · 449.8% return
5Y
44%
of 9 industry peers · 62.2% return
No Apparel Retail peer with a comparable growth profile has beaten VSXY by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Apparel Retail is VSXY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 8 | -17.9% | 94.3% | 109.4% | CVSA 229% · PRDO 214% · UTI 173% |
| Apparel Retail ← | 10 | 8.5% | 109.3% | 69.9% | ANF 252% · URBN 159% · ROST 123% |
| Homebuilding | 15 | -12.7% | 33.2% | 43.9% | GRBK 219% · PHM 164% · TOL 160% |
| Automotive Retail | 13 | -17.7% | 12.4% | 34.0% | MUSA 211% · PAG 125% · ORLY 111% |
| Broadline Retail | 6 | 17.5% | 52.3% | 33.7% | EBAY 65% · AMZN 51% · OLLI 47% |
| Automobile Manufacturers | 4 | -6.9% | 30.5% | 27.5% | GM 56% · TSLA 37% · F 18% |
| Specialty Stores | 7 | -1.4% | 40.3% | 22.9% | SIG 37% · FIVE 27% · ASO 24% |
| Footwear | 4 | 7.3% | 44.7% | 5.3% | DECK 31% · SHOO 26% · CROX -16% |
| Hotels, Resorts & Cruise Lines | 17 | 7.0% | 32.6% | -1.9% | RCL 202% · MAR 137% · HLT 132% |
| Home Improvement Retail | 3 | -26.8% | -5.9% | -2.8% | LOW -1% · HD -3% · FND -61% |
| Casinos & Gaming | 10 | -19.5% | -14.3% | -2.9% | MCRI 86% · RRR 15% · RSI 5% |
| Restaurants | 16 | -11.8% | 12.3% | -8.2% | EAT 272% · CAKE 146% · TXRH 80% |
| Specialized Consumer Services | 7 | -19.6% | 13.1% | -10.7% | HRB 96% · FTDR 79% · SCI 37% |
| Other Specialty Retail | 5 | -39.8% | -12.7% | -13.6% | WINA 60% · ULTA 46% · TSCO -14% |
| Automotive Parts & Equipment | 15 | -7.6% | -21.0% | -13.7% | BWA 68% · ALV 52% · DAN 33% |
| Home Furnishings | 4 | -6.8% | 25.4% | -14.5% | SGI 42% · LZB 1% · MHK -30% |
| Distributors | 4 | -14.9% | -26.9% | -15.1% | ARMK 123% · GPC 19% · LKQ -49% |
| Leisure Products | 8 | -4.5% | -11.6% | -32.9% | GOLF 85% · HAS 24% · MAT -20% |
| Apparel, Accessories & Luxury Goods | 12 | -1.3% | -2.9% | -42.3% | TPR 256% · RL 248% · KTB 48% |
| Computer & Electronics Retail | 3 | -12.9% | 46.9% | -45.5% | BBY 5% · GME -45% · UPBD -63% |
| Leisure Facilities | 3 | -41.3% | 48.0% | -47.0% | OSW 124% · PRKS -47% · PLNT -50% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Victoria's Secret Stock 6-Day Losing Spree: Stock Falls 16% | 08/19/2026 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.73 |
| Mkt Cap | 7.6 |
| Rev LTM | 11,119 |
| Op Inc LTM | 1,114 |
| FCF LTM | 756 |
| FCF 3Y Avg | 650 |
| CFO LTM | 1,146 |
| CFO 3Y Avg | 988 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 68.5% |
| Op Inc Chg 3Y Avg | 70.5% |
| Op Mgn LTM | 9.4% |
| Op Mgn 3Y Avg | 7.0% |
| QoQ Delta Op Mgn LTM | 2.8% |
| CFO/Rev LTM | 10.5% |
| CFO/Rev 3Y Avg | 8.8% |
| FCF/Rev LTM | 7.1% |
| FCF/Rev 3Y Avg | 5.7% |
Price Behavior
Price Behavior
| Market Price | $88.51 | |
| Market Cap ($ Bil) | 7.1 | |
| First Trading Date | 07/21/2021 | |
| Distance from 52W High | -11.5% | |
| 50 Days | 200 Days | |
| DMA Price | $85.19 | $66.25 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 3.9% | 33.6% |
| 3M | 1YR | |
| Volatility | 52.8% | 75.2% |
| Downside Capture | 62.15 | 135.35 |
| Upside Capture | 130.83 | 243.43 |
| Correlation (SPY) | 13.8% | 24.9% |
VSXY Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.01 | 0.44 | 0.69 | 0.89 | 1.44 | 1.47 |
| Up Beta | 2.62 | -0.72 | -1.57 | -0.99 | 0.47 | 1.61 |
| Down Beta | -0.04 | 1.49 | 1.45 | 0.09 | 0.75 | 0.94 |
| Up Capture | -37% | 58% | 136% | 287% | 570% | 887% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 22 | 34 | 67 | 130 | 384 |
| Down Capture | -46% | 75% | 112% | 112% | 122% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 20 | 30 | 59 | 122 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSXY | |
|---|---|---|---|---|
| VSXY | 227.7% | 75.5% | 1.85 | - |
| Sector ETF (XLY) | -8.7% | 19.4% | -0.59 | 26.9% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | 24.7% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | 5.0% |
| Commodities (DBC) | 43.7% | 20.8% | 1.64 | -13.9% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | 15.6% |
| Bitcoin (BTCUSD) | -27.0% | 44.5% | -0.58 | -0.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSXY | |
|---|---|---|---|---|
| VSXY | 7.4% | 65.9% | 0.37 | - |
| Sector ETF (XLY) | 4.2% | 24.1% | 0.13 | 41.1% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 39.2% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | 2.2% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 4.8% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 31.2% |
| Bitcoin (BTCUSD) | 13.2% | 52.3% | 0.43 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VSXY | |
|---|---|---|---|---|
| VSXY | 7.6% | 66.9% | 0.48 | - |
| Sector ETF (XLY) | 11.7% | 22.2% | 0.48 | 39.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 38.2% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 1.5% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 3.9% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 30.0% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/3/2026 | -13.2% | -13.5% | |
| 6/2/2026 | 47.4% | 40.4% | 43.1% |
| 3/5/2026 | -12.2% | -24.7% | -23.3% |
| 12/5/2025 | 18.0% | 26.9% | 46.6% |
| 8/28/2025 | -0.5% | 12.7% | 15.2% |
| 6/11/2025 | -5.4% | -17.2% | -14.6% |
| 3/5/2025 | -8.2% | -22.6% | -33.0% |
| 12/5/2024 | 11.6% | 8.8% | -9.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 5 |
| # Negative | 13 | 14 | 15 |
| Median Positive | 13.0% | 10.9% | 15.2% |
| Median Negative | -6.3% | -13.7% | -14.6% |
| Max Positive | 47.4% | 40.4% | 46.6% |
| Max Negative | -29.7% | -24.7% | -33.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/3/2026 | -13.2% | -13.5% | |
| 6/2/2026 | 47.4% | 40.4% | 43.1% |
| 3/5/2026 | -12.2% | -24.7% | -23.3% |
| 12/5/2025 | 18.0% | 26.9% | 46.6% |
| 8/28/2025 | -0.5% | 12.7% | 15.2% |
| 6/11/2025 | -5.4% | -17.2% | -14.6% |
| 3/5/2025 | -8.2% | -22.6% | -33.0% |
| 12/5/2024 | 11.6% | 8.8% | -9.0% |
| 8/28/2024 | -3.7% | -4.4% | 4.7% |
| 6/5/2024 | -6.5% | -20.8% | -21.3% |
| 3/6/2024 | -29.7% | -24.2% | -27.9% |
| 11/29/2023 | 14.3% | 10.9% | 12.6% |
| 8/30/2023 | 6.9% | 0.5% | -7.0% |
| 5/31/2023 | -8.7% | -7.8% | -14.6% |
| 3/2/2023 | -5.2% | -13.9% | -9.5% |
| 11/30/2022 | -6.3% | -2.7% | -22.2% |
| 8/24/2022 | -2.0% | -12.8% | -21.7% |
| 5/31/2022 | 8.9% | -5.0% | -32.1% |
| 3/2/2022 | 1.8% | -15.6% | -5.5% |
| 11/17/2021 | 14.7% | 9.9% | -1.9% |
| 8/18/2021 | -3.5% | -2.4% | -13.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 5 |
| # Negative | 13 | 14 | 15 |
| Median Positive | 13.0% | 10.9% | 15.2% |
| Median Negative | -6.3% | -13.7% | -14.6% |
| Max Positive | 47.4% | 40.4% | 46.6% |
| Max Negative | -29.7% | -24.7% | -33.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/04/2026 | 10-Q |
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/20/2026 | 10-K |
| 10/31/2025 | 12/05/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 06/12/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/07/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/01/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 12/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/04/2026 | 10-Q |
| 04/30/2026 | 06/05/2026 | 10-Q |
| 01/31/2026 | 03/20/2026 | 10-K |
| 10/31/2025 | 12/05/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 06/12/2025 | 10-Q |
| 01/31/2025 | 03/21/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/07/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/01/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-Q |
| 04/30/2023 | 06/02/2023 | 10-Q |
| 01/31/2023 | 03/17/2023 | 10-K |
| 10/31/2022 | 12/02/2022 | 10-Q |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 03/18/2022 | 10-K |
| 10/31/2021 | 12/03/2021 | 10-Q |
| 07/31/2021 | 09/10/2021 | 10-Q |
| 04/30/2021 | 07/09/2021 | 10-12B/A |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 9/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Sales | Reported | 1.57 Bil | 1.58 Bil | 1.60 Bil | -1.1% | Lower New | Guidance: 1.60 Bil for Q2 2026 | |
| Q3 2026 Operating Income | Reported | 10.00 Mil | 15.00 Mil | 20.00 Mil | -84.2% | Lower New | Guidance: 95.00 Mil for Q2 2026 | |
| 2026 Net Sales | Reported | 7.10 Bil | 7.14 Bil | 7.18 Bil | 0.8% | Raised | Guidance: 7.08 Bil for 2026 | |
| 2026 Adjusted Operating Income | Reported | 560.00 Mil | 575.00 Mil | 590.00 Mil | 1.8% | Raised | Guidance: 565.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 6/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Sales | Reported | 1.59 Bil | 1.60 Bil | 1.61 Bil | 6.3% | Higher New | Guidance: 1.51 Bil for Q1 2026 | |
| Q2 2026 Operating Income | Reported | 90.00 Mil | 95.00 Mil | 100.00 Mil | 156.8% | Higher New | Guidance: 37.00 Mil for Q1 2026 | |
| 2026 Net Sales | Reported | 7.03 Bil | 7.08 Bil | 7.13 Bil | 2.6% | Raised | Guidance: 6.90 Bil for 2026 | |
| 2026 Adjusted Operating Income | Reported | 550.00 Mil | 565.00 Mil | 580.00 Mil | 27.0% | Raised | Guidance: 445.00 Mil for 2026 | |
Q4 2025 Earnings Reported 3/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 1.49 Bil | 1.51 Bil | 1.52 Bil | -31.0% | Lower New | Guidance: 2.19 Bil for Q4 2025 | |
| Q1 2026 Operating Income | Reported | 32.00 Mil | 37.00 Mil | 42.00 Mil | -86.7% | Lower New | Guidance: 277.50 Mil for Q4 2025 | |
| 2026 Revenue | Reported | 6.85 Bil | 6.90 Bil | 6.95 Bil | 6.7% | Higher New | Guidance: 6.46 Bil for 2025 | |
| 2026 Operating Income | Reported | 430.00 Mil | 445.00 Mil | 460.00 Mil | 22.8% | Higher New | Guidance: 362.50 Mil for 2025 | |
Q3 2025 Earnings Reported 12/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Sales | Reported | 2.17 Bil | 2.19 Bil | 2.20 Bil | ||||
| Q4 2025 Adjusted Operating Income | Reported | 265.00 Mil | 277.50 Mil | 290.00 Mil | ||||
| Q4 2025 Adjusted Net Income per Diluted Share | Reported | 2.2 | 2.33 | 2.45 | ||||
| 2025 Net Sales | Reported | 6.45 Bil | 6.46 Bil | 6.48 Bil | 1.5% | Raised | Guidance: 6.37 Bil for 2025 | |
| 2025 Adjusted Operating Income | Reported | 350.00 Mil | 362.50 Mil | 375.00 Mil | 22.9% | Raised | Guidance: 295.00 Mil for 2025 | |
| 2025 Adjusted Net Income per Diluted Share | Reported | 2.4 | 2.53 | 2.65 | ||||
Insider Activity
Updated 7/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bbrc, International Pte Ltd | See Footnote 2 | Sell | 7292026 | 89.15 | 798,920 | 71,224,319 | 696,323,628 | Form | |
| 2 | Bbrc, International Pte Ltd | See Footnote 1 | Sell | 7242026 | 88.89 | 289,479 | 25,731,788 | 765,302,988 | Form | |
| 3 | Bbrc, International Pte Ltd | See Footnote 1 | Sell | 6302026 | 88.50 | 276,171 | 24,441,134 | 787,564,155 | Form | |
| 4 | Bbrc, International Pte Ltd | See Footnote 3 | Sell | 6042026 | 80.03 | 27,758 | 2,221,473 | 734,291,336 | Form | |
| 5 | Bbrc, International Pte Ltd | See Footnote 3 | Sell | 6042026 | 80.11 | 1,107,672 | 88,735,604 | 737,249,045 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bbrc, International Pte Ltd | See Footnote 2 | Sell | 7292026 | 89.15 | 798,920 | 71,224,319 | 696,323,628 | Form | |
| 2 | Bbrc, International Pte Ltd | See Footnote 1 | Sell | 7242026 | 88.89 | 289,479 | 25,731,788 | 765,302,988 | Form | |
| 3 | Bbrc, International Pte Ltd | See Footnote 1 | Sell | 6302026 | 88.50 | 276,171 | 24,441,134 | 787,564,155 | Form | |
| 4 | Bbrc, International Pte Ltd | See Footnote 3 | Sell | 6042026 | 80.03 | 27,758 | 2,221,473 | 734,291,336 | Form | |
| 5 | Bbrc, International Pte Ltd | See Footnote 3 | Sell | 6042026 | 80.11 | 1,107,672 | 88,735,604 | 737,249,045 | Form | |
| 6 | Sheehan, Anne | Direct | Buy | 4032026 | 45.86 | 4,842 | 222,054 | 1,571,209 | Form | |
| 7 | James, Donna | Direct | Buy | 4032026 | 46.23 | 2,175 | 100,550 | 2,916,974 | Form |
Victoria's Secret — Investor Video Playlist
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Episode 1: Angels Among Us | Victoria’s Secret
Leadership
Victoria's Secret CEO: Entering back half of the year with tons of momentum despite revenue miss
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Our Roman Empire? Perfecting the Push-Up.
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Strength, softness, and everything in between. This is motherhood. Created with Spread the Jelly.
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This season, the Bombshell Bronze Eau de Parfum is stealing the show. And so is Angel Reese.
Products & Services
Welcome to the Grand Soirée, made from sparkle, shine, and these event-ready pieces.
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Apparel Retail Resources |
| Apparel News |
| Just Style |
| Sourcing Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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