
Victoria's Secret (VSCO) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Jul 2025Income Metrics
Revenue
1.5B
Gross Profit
519.0M
35.57%
Operating Income
41.0M
2.81%
Net Income
18.0M
1.23%
EPS (Diluted)
$0.20
Balance Sheet Metrics
Total Assets
4.6B
Total Liabilities
3.9B
Shareholders Equity
673.0M
Debt to Equity
5.81
Cash Flow Metrics
Operating Cash Flow
-143.0M
Free Cash Flow
-193.0M
Revenue & Profitability Trend
Victoria's Secret Income Statement From 2021 to 2025
Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
---|---|---|---|---|---|
Revenue | 6.2B | 6.2B | 6.3B | 6.8B | 5.4B |
Cost of Goods Sold | 3.9B | 3.9B | 4.1B | 4.0B | 3.8B |
Gross Profit | 2.3B | 2.2B | 2.3B | 2.8B | 1.6B |
Gross Margin % | 36.7% | 36.3% | 35.6% | 40.7% | 29.0% |
Operating Expenses | |||||
Research & Development | - | - | - | - | - |
Selling, General & Administrative | 2.0B | 2.0B | 1.8B | 1.9B | 1.7B |
Other Operating Expenses | - | - | - | - | - |
Total Operating Expenses | 2.0B | 2.0B | 1.8B | 1.9B | 1.7B |
Operating Income | 310.0M | 246.0M | 478.0M | 870.0M | -101.0M |
Operating Margin % | 5.0% | 4.0% | 7.5% | 12.8% | -1.9% |
Non-Operating Items | |||||
Interest Income | - | - | - | - | - |
Interest Expense | 86.0M | 99.0M | 60.0M | 27.0M | 6.0M |
Other Non-Operating Income | -3.0M | - | -1.0M | - | 1.0M |
Pre-tax Income | 221.0M | 147.0M | 417.0M | 843.0M | -106.0M |
Income Tax | 52.0M | 31.0M | 79.0M | 197.0M | -34.0M |
Effective Tax Rate % | 23.5% | 21.1% | 18.9% | 23.4% | 0.0% |
Net Income | 169.0M | 116.0M | 338.0M | 646.0M | -72.0M |
Net Margin % | 2.7% | 1.9% | 5.3% | 9.5% | -1.3% |
Key Metrics | |||||
EBITDA | 565.0M | 530.0M | 751.0M | 1.2B | 226.0M |
EPS (Basic) | $2.05 | $1.41 | $4.24 | $7.60 | $-0.79 |
EPS (Diluted) | $2.05 | $1.39 | $4.14 | $7.18 | $-0.79 |
Basic Shares Outstanding | 80726000 | 78000000 | 82000000 | 85000000 | 91582866 |
Diluted Shares Outstanding | 80726000 | 78000000 | 82000000 | 85000000 | 91582866 |
Income Statement Trend
Victoria's Secret Balance Sheet From 2021 to 2025
Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
---|---|---|---|---|---|
Assets | |||||
Current Assets | |||||
Cash & Equivalents | 227.0M | 270.0M | 427.0M | 490.0M | 335.0M |
Short-term Investments | - | - | - | - | - |
Accounts Receivable | 159.0M | 152.0M | 141.0M | 162.0M | 121.0M |
Inventory | 955.0M | 985.0M | 1.1B | 949.0M | 701.0M |
Other Current Assets | 100.0M | 126.0M | 117.0M | 90.0M | 82.0M |
Total Current Assets | 1.4B | 1.5B | 1.7B | 1.7B | 1.2B |
Non-Current Assets | |||||
Property, Plant & Equipment | 1.5B | 1.4B | 1.2B | 1.4B | 1.6B |
Goodwill | 1.1B | 1.1B | 1.2B | 246.0M | 246.0M |
Intangible Assets | 376.0M | 400.0M | 426.0M | 246.0M | 246.0M |
Long-term Investments | - | - | - | - | - |
Other Non-Current Assets | 93.0M | 106.0M | 105.0M | 81.0M | 76.0M |
Total Non-Current Assets | 3.1B | 3.1B | 3.0B | 2.7B | 3.0B |
Total Assets | 4.5B | 4.6B | 4.7B | 4.3B | 4.2B |
Liabilities | |||||
Current Liabilities | |||||
Accounts Payable | 419.0M | 513.0M | 481.0M | 538.0M | 338.0M |
Short-term Debt | 291.0M | 271.0M | 314.0M | 344.0M | 421.0M |
Current Portion of Long-term Debt | - | - | - | - | - |
Other Current Liabilities | 94.0M | 94.0M | 118.0M | 113.0M | 119.0M |
Total Current Liabilities | 1.4B | 1.6B | 1.6B | 1.7B | 1.6B |
Non-Current Liabilities | |||||
Long-term Debt | 2.4B | 2.4B | 2.5B | 2.3B | 1.6B |
Deferred Tax Liabilities | 11.0M | 37.0M | 53.0M | 58.0M | 19.0M |
Other Non-Current Liabilities | 75.0M | 79.0M | 206.0M | 39.0M | 113.0M |
Total Non-Current Liabilities | 2.5B | 2.5B | 2.7B | 2.4B | 1.8B |
Total Liabilities | 3.9B | 4.2B | 4.3B | 4.1B | 3.3B |
Equity | |||||
Common Stock | 1.0M | 1.0M | 1.0M | 1.0M | 0 |
Retained Earnings | 343.0M | 178.0M | 186.0M | 126.0M | 0 |
Treasury Stock | - | - | - | - | - |
Other Equity | - | - | - | - | - |
Total Shareholders Equity | 664.0M | 438.0M | 401.0M | 257.0M | 891.0M |
Key Metrics | |||||
Total Debt | 2.7B | 2.7B | 2.8B | 2.6B | 2.1B |
Working Capital | 66.0M | -81.0M | 158.0M | -7.0M | -317.0M |
Balance Sheet Composition
Victoria's Secret Cash Flow Statement From 2021 to 2025
Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
---|---|---|---|---|---|
Operating Activities | |||||
Net Income | 169.0M | 116.0M | 338.0M | 646.0M | -72.0M |
Depreciation & Amortization | 258.0M | 284.0M | 274.0M | 303.0M | 326.0M |
Stock-Based Compensation | 60.0M | 56.0M | 48.0M | 33.0M | 25.0M |
Working Capital Changes | -20.0M | -54.0M | -128.0M | -251.0M | 298.0M |
Operating Cash Flow | 399.0M | 415.0M | 504.0M | 732.0M | 474.0M |
Investing Activities | |||||
Capital Expenditures | - | - | - | - | - |
Acquisitions | 0 | 1.0M | -387.0M | 0 | 0 |
Investment Purchases | - | - | - | - | - |
Investment Sales | - | - | - | - | - |
Investing Cash Flow | 25.0M | 2.0M | -391.0M | 0 | 4.0M |
Financing Activities | |||||
Share Repurchases | 0 | -125.0M | -250.0M | -250.0M | 0 |
Dividends Paid | - | - | - | - | - |
Debt Issuance | 460.0M | 0 | 0 | 982.0M | 131.0M |
Debt Repayment | -609.0M | -619.0M | -4.0M | -1.0M | -189.0M |
Financing Cash Flow | -320.0M | -294.0M | 53.0M | -532.0M | -465.0M |
Free Cash Flow | 247.0M | 133.0M | 273.0M | 682.0M | 547.0M |
Net Change in Cash | 104.0M | 123.0M | 166.0M | 200.0M | 13.0M |
Cash Flow Trend
Victoria's Secret Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
15.47
Forward P/E
13.04
Price to Book
3.42
Price to Sales
0.37
PEG Ratio
-0.31
Profitability Ratios
Profit Margin
2.41%
Operating Margin
3.36%
Return on Equity
26.58%
Return on Assets
4.13%
Financial Health
Current Ratio
1.14
Debt to Equity
404.79
Beta
2.31
Per Share Data
EPS (TTM)
$1.88
Book Value per Share
$8.50
Revenue per Share
$78.31
Peer Financial Comparison
Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
---|---|---|---|---|---|---|
vsco | 2.3B | 15.47 | 3.42 | 26.58% | 2.41% | 404.79 |
Tjx Companies | 157.3B | 32.19 | 17.74 | 59.76% | 8.59% | 147.99 |
Ross Stores | 49.6B | 24.27 | 8.67 | 37.98% | 9.60% | 88.41 |
Gap | 8.0B | 13.64 | 2.80 | 19.34% | 38.79% | 1.88 |
Gap | 8.0B | 9.31 | 2.33 | 28.07% | 5.86% | 162.89 |
Urban Outfitters | 6.5B | 14.28 | 2.53 | 19.72% | 8.15% | 45.74 |
Financial data is updated regularly. All figures are in the company's reporting currency.