10-K · March 20, 2026
Victoria’s Secret & Co. positions itself as the world’s largest intimate-apparel company and is pursuing a ‘Path to Potential’ plan focused on four priorities: supercharging bra authority, recommitting to PINK, growing…
Earnings analysis · 10-Q
VSCO earnings analysis
Filed June 5, 2026 · Our reading of the company's report
The latest report
Victoria's Secret reported a strong Q1 2026 with revenue of $1.560 billion, up 15% from the prior year, and a notable EPS of $0.56, significantly higher than the loss of $0.02 in Q1 2025. The company raised its…
Read full summary
Victoria's Secret reported a strong Q1 2026 with revenue of $1.560 billion, up 15% from the prior year, and a notable EPS of $0.56, significantly higher than the loss of $0.02 in Q1 2025. The company raised its full-year revenue guidance to between $7.030 and $7.130 billion, reflecting confidence in continued growth stemming from increases in both domestic and international sales channels.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.56
What stood out
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15% Revenue Growth YoY
Net sales increased to $1.560 billion from $1.353 billion in Q1 2025.
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Significant EPS Improvement
EPS rose to $0.56, compared to a loss of $0.02 in Q1 2025.
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Operating Income Surge
Operating income increased to $76 million from $20 million in Q1 2025.
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International Channel Growth
International sales increased 45%, reaching $288 million.
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Raized Full-Year Revenue Guidance
Full-year net sales forecast raised to $7.030-$7.130 billion from previous guidance.
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Improvement in Gross Margin
Gross margin improved to 37.5% from 35.1% in Q1 2025.
What to watch
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Tariff Impact
Estimated tariffs negatively impacted operating income by approximately $14 million in Q1 2026.
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Increased Labor Costs
Higher general, administrative, and store operating expenses increased by $55 million, primarily due to labor costs.
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Proxy Contest Risks
Ongoing proxy contest may lead to increased costs and potential impact on governance.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · September 5, 2025
Victoria’s Secret & Co. reported Q2 net sales of $1,459 million (up $42 million vs. Q2 2024’s $1,417 million) but operating income and net income declined year-over-year. Gross margin was 35.6% (gross profit $519…
10-K · March 21, 2025
Victoria's Secret & Co. positions itself as a market leader in intimate apparel with two flagship brands (Victoria’s Secret and PINK) complemented by a digital-first asset (Adore Me) and an expanding international…
10-Q · December 9, 2024
Victoria's Secret & Co. reported third-quarter net sales of $1,347 million, up $82 million (+6.5%) versus Q3 2023, with gross profit rising to $468 million. Operating loss narrowed to $(47) million from $(67) million a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.