Victoria's Secret & Co.

Victoria's Secret & Co. offers women's bras, panties, lingerie, sleepwear, loungewear, sportswear and swimwear, plus fragrances and body care. Its brands are Victoria's Secret, a glamorous label for lingerie and beauty; PINK, a playful lifestyle brand for young women; and Adore Me, an online-first lingerie brand. It also owns DailyLook, a subscription styling service. It calls itself the world's largest intimate apparel company.

Most sales come straight from shoppers. In the fiscal year ended January 31, 2026, net sales were about $6.55 billion. Stores in the U.S. and Canada brought in $3.54 billion, or 54%. Websites, apps and online marketplaces added $2.04 billion, or 31%. At year-end, it and a China joint venture (a business it co-owns with a partner) ran 858 stores in the U.S., Canada and China, down from 882 a year earlier.

International sales were $967 million, or 15%. They include stores and websites in China plus income from partners running 562 stores in about 70 countries. Franchise and license partners, who pay to operate under its brands, send royalties of roughly a low-double-digit to low-teens percentage of their sales. Wholesale partners purchase goods at a discount to the retail price. The U.S. supplied about 82% of total sales.

• In Q2 FY2027 (ended Aug 1, 2026), revenue was $1.61B, up 10.4% from a year earlier, and net income was $183.0M (+1043.8%).
• For fiscal 2026, revenue was $6.55B (+5.2% year over year; +3.9% a year from FY2021 to FY2026) with a 2.5% net margin.

• Over FY2022–FY2026: $625.0M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -9.7% from Sep 3, 2021 to Aug 28, 2026.

Rank among 1514 US companies

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($323K) and 10 sales ($213.0M), 3 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

1. The brands must stay fashionable. Sales depend on Victoria's Secret and PINK keeping up with trends and protecting their reputation. The company's "Path to Potential" growth plan, built around bras, PINK, beauty and marketing, may not work as hoped.
2. Tariffs squeeze already thin profit margins. The company says tariffs have significantly hit its costs, and competition limits price increases. It kept only about 4 cents of operating profit per dollar of sales in the year ended January 31, 2026.
3. Fewer shoppers in stores would hurt. Stores in the U.S. and Canada produced 54% of sales in the year ended January 31, 2026, so results depend on shopper visits and on keeping good locations on acceptable terms.
4. Overseas partners can harm the brands. Partners ran 562 stores in about 70 countries at January 31, 2026. If they fall short of the company's standards, the brands' reputation and results could suffer. Currency swings also affect overseas sales.
5. Debt exceeds cash on hand. As of August 1, 2026, debt totaled about $975 million against $522 million of cash and investments. Debt terms can restrict the business, and a credit-rating cut could raise interest costs.
6. Turnover in leadership and the board. The company warns that turnover in leadership or other key roles may hurt performance. It reported executive or board changes in May, August and October 2026.

• Oct 9, 2026 Executive or board change
• Sep 3, 2026 Quarterly results released; Investor presentation or announcement
• Aug 20, 2026 Executive or board change
• Jun 15, 2026 Shareholder vote results
• Jun 2, 2026 Quarterly results released; Investor presentation or announcement
• May 21, 2026 Other company announcement
• May 11, 2026 Executive or board change
• Mar 5, 2026 Quarterly results released; Investor presentation or announcement
• Dec 5, 2025 Quarterly results released; Investor presentation or announcement

Victoria's Secret & Co. pays no dividend and paid none in the five fiscal years through January 31, 2026. For income investors, that means no cash payments; any return must come from the share price. The company returned cash through buybacks (repurchases of its own stock) instead: $625 million over those five years, but none in the last two. The share count fell 9.7%, from 88.4 million in September 2021 to 79.8 million in August 2026. Free cash flow, the cash left after running and investing in the business, was $312 million in the year ended January 31, 2026.

The price record available does not reach back to the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, so it cannot show how the shares fared in those downturns. In the shorter record through October 28, 2026, the deepest fall from a peak was about 27%. Single stocks carry more risk than diversified funds.