Victorias Secret & Co. (VSXY) SEC Filings & Earnings Calls
EquiReason read 20 Victorias Secret & Co. SEC filings in the last 12 months. Latest: 8-K on 2026-10-09 — Chief Legal and Compliance Officer Melinda McAfee to depart by March 31, 2027; transition and separation agreement signed; successor search initiated..
Source: SEC EDGAR filings · figures as of 2026-08-01 · read by EquiReason
- Market cap
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- 20.2
- Dividend yield
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- 3 Dec, in 40 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
9 Oct 20268-K · 5.02Chief Legal and Compliance Officer Melinda McAfee to depart by March 31, 2027; transition and separation agreement signed; successor search initiated.open
Risks flagged
Key legal officer departure could disrupt compliance and legal oversight during transition.
“Chief Legal and Compliance Officer leaving; successor not yet appointed.”
4 Sep 202610-QVictoria's Secret reported a massive earnings beat driven by IEEPA tariff refunds and strong revenue growth.earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q2-2026 | $1.61B | +10% y/y |
| Gross Profit · Q2-2026 | $759M | +46% y/y |
| Operating Income · Q2-2026 | $257M | +527% y/y |
| Net Income Attributable to Victoria's Secret & Co. · Q2-2026 | $183M | +1044% y/y |
| Diluted EPS · Q2-2026 | $2.18 | +990% y/y |
| Stores – North America Sales · Stores – North America · Q2-2026 | $898M | +9% y/y |
| Direct Sales · Direct · Q2-2026 | $439M | +8% y/y |
| International Sales · International · Q2-2026 | $274M | +20% y/y |
| Cash and Cash Equivalents · 2026-08-01 | $522M | +178% y/y |
| Inventories · 2026-08-01 | $1.15B | +8% y/y |
Risks flagged
IEEPA Tariff Refund Uncertainty
“As of August 1, 2026, the Company did not record a receivable related to any potential future IEEPA tariff refunds as the amount and timing of any future recoveries remains uncertain.” · word for word
Restructuring Execution Risk
“Pre-tax severance, relocation and other expenses related to these activities of $5 million are included in the second quarter of 2026 Consolidated Statement of Income” · word for word
3 Sep 20268-K · 2.02, 7.01Victoria's Secret reports Q2 net sales $1.611B (+10% YoY), operating income $257M, raises FY2026 net sales guidance to $7.100-$7.180B and adjusted operating income to $560-$590M. Strong performance and market share gains.open
Figures in the filing · each found in the filing text
| Net Sales · Q2-2026 | $1.61B | +10% y/y |
| Operating Income · Q2-2026 | $257M | +527% y/y |
| Adjusted Operating Income · Q2-2026 | $124M | +125% y/y |
| Diluted EPS · Q2-2026 | $2.18 | +990% y/y |
| Adjusted Diluted EPS · Q2-2026 | $0.95 | +188% y/y |
| Comparable Sales · Q2-2026 | 9.0% |
Guidance
FY2026 net sales $7.100-$7.180B, adjusted operating income $560-$590M
Raised full year guidance on strong first-half performance and momentum.
Risks flagged
Tariff uncertainty remains despite refunds; ongoing geopolitical risks.
“Navigating ongoing tariff uncertainty.” · word for word
29 Jul 2026SC 13D/AActivist investor Brett Blundy reduced his beneficial ownership in Victoria's Secret & Co. from 11.6% to 9.8% through open market sales.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-07-28 | 9.8% |
Risks flagged
Activist investor reducing stake
“On July 28, 2026, BBFIT sold 718,007 shares of Common Stock in open market transactions at prices ranging from $88.50 to $89.50 inclusive (a weighted average price of $89.08), 79,122 shares of Common Stock in open market transactions at prices ranging from $89.51 to $90.50 inclusive (a weighted average price of $89.76) and 1,791 shares of Common Stock in ope” · word for word
5 Jun 202610-QVictoria's Secret reported strong Q1 2026 results with 15% revenue growth, significant operating margin expansion, and a $100M share repurchase, partially offset by tariff headwinds.earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q1-2026 | $1.56B | +15% y/y |
| Operating Income · Q1-2026 | $76M | +280% y/y |
| Operating Income Rate · Q1-2026 | 4.9% | |
| Net Income (Loss) Attributable to Victoria's Secret & Co. · Q1-2026 | $48M | |
| Capital Expenditures · Q1-2026 | $54M | +26% y/y |
| Share Repurchases · Q1-2026 | $100M |
Risks flagged
Tariff escalation risk
“We estimate tariffs, net of mitigation efforts, negatively impacted operating income by an incremental approximately $14 million in the first quarter of 2026 compared to the first quarter of 2025.” · word for word
Proxy contest / shareholder activism
“Subsequent to the end of the first quarter of 2026, BBRC International PTE Limited (“BBRC”) and its Chairman Brett Blundy initiated a proxy contest seeking to withhold votes against directors nominated for re-election at the Company’s upcoming 2026 Annual Meeting of Shareholders.” · word for word
4 Jun 2026SC 13D/AActivist investor Brett Blundy sold over 1.1 million shares of Victoria's Secret & Co. in open market transactions, maintaining an 11.6% stake.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-06-02 | 11.6% |
Risks flagged
Activist investor selling shares
“On June 2, 2026, BBFIT sold 1,107,672 shares of Common Stock in open market transactions at prices ranging from $80.00 to $80.69 per share (a weighted-average price of $80.11 per share). On June 4, 2026, BBFIT sold 27,758 shares of Common Stock in open market transactions at prices ranging from $80.00 to $80.19 per share (a weighted-average price of $80.03 p” · word for word
2 Jun 20268-K · 2.02, 7.01Net Sales $1.56B (+15% y/y); Operating Income $76M (+280% y/y); Adjusted Operating Income $80M (+150% y/y); Guidance: FY2026 net sales guidance raised to $7.030-$7.130B from $6.850-$6.950B; adjusted operating income guidance raised to $550-earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q1-2026 | $1.56B | +15% y/y |
| Operating Income · Q1-2026 | $76M | +280% y/y |
| Adjusted Operating Income · Q1-2026 | $80M | +150% y/y |
| Net Income · Q1-2026 | $48M | |
| Diluted EPS · Q1-2026 | $0.56 | |
| Adjusted Diluted EPS · Q1-2026 | $0.60 | |
| Total Comparable Sales · Q1-2026 | 13.0% |
Guidance
FY2026 net sales guidance raised to $7.030-$7.130B from $6.850-$6.950B; adjusted operating income guidance raised to $550-$580M from $430-$460M
Strong Q1 beat and significant full-year guidance raise driven by broad-based demand and margin improvement.
Risks flagged
Tariff headwinds mentioned but managed
“Despite tariff headwinds, gross margin improved.”
11 May 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Proxy contest risk
“BBRC launched proxy contest on May 4, 2026; director departure attributed to time required for contest.”
4 May 2026SC 13D/AActivist investor with 13% stake launches campaign to vote against two directors at Victoria's Secret annual meeting.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage · 2026-05-04 | 13.0% |
Risks flagged
Activist board challenge
“the Reporting Persons have initiated a campaign seeking to hold Mmes. James and Naficy accountable” · word for word
1 May 2026DEF 14AVictoria's Secret reported strong FY2025 results: net sales +5% to $6.553B, adjusted operating income +8% to $403M, adjusted EPS +12% to $3.00, exceeding guidance, driven by successful Path to Potential strategy.earningsopen
Figures in the filing · each found in the filing text
| Net Sales · FY2026 | $6.55B | +5% y/y |
| Comparable Sales · FY2026 | 5.0% | |
| Adjusted Operating Income · FY2026 | $403M | +8% y/y |
| Adjusted Net Income Per Diluted Share · FY2026 | $3.00 | +12% y/y |
| Operating Income (GAAP) · FY2026 | $271M | -13% y/y |
| Net Income (GAAP) · FY2026 | $161M | -2% y/y |
| Free Cash Flow · FY2026 | $312M | +26% y/y |
| Cash and Cash Equivalents · FY2026 | $518M | +128% y/y |
| Gross Profit (GAAP) · FY2026 | $2.38B | +4% y/y |
| Adjusted Gross Profit · FY2026 | $2.43B | +5% y/y |
Guidance
FY2025 results exceeded top- and bottom-line guidance; no specific FY2026 numeric guidance provided
Management expresses confidence in sustained profitable growth and momentum, but no specific numeric guidance for FY2026 is provided in the proxy statement.
Risks flagged
Tariff Exposure
“despite net tariff pressure of approximately $85 million in 2025” · word for word
Supply Chain Concentration
“our geographic concentration of production and distribution facilities in Southeast Asia and central Ohio” · word for word
Consumer Spending Sensitivity
“general economic conditions, inflation and changes in consumer confidence and consumer spending patterns” · word for word
20 Mar 202610-KAnnual 10-K filing with quantified tariff impact of $85M on operating income and store count decline.earningsopen
Figures in the filing · each found in the filing text
| Net Sales - North American Stores · North American Stores · FY2025 | $3.54B | |
| Net Sales - Digital · Digital · FY2025 | $2.04B | |
| Net Sales - International · International · FY2025 | $967M | |
| Company-Operated Stores · FY2025 | 858 | -3% y/y |
| International Partner Stores · International · FY2025 | 562 | +11% y/y |
| Tariff Impact on Operating Income · FY2025 | $85M |
Risks flagged
Tariff cost pressure
“We estimate tariffs, net of mitigation efforts, negatively impacted our operating income during fiscal 2025 by approximately $85 million” · word for word
Consumer discretionary spending sensitivity
“Our sales are impacted by discretionary spending by consumers, which tend to be adversely impacted by unfavorable local, regional, national or global economic conditions.” · word for word
Leadership turnover risk
“Changes and turnover in company leadership or other key positions may have an adverse impact on our performance.” · word for word
5 Mar 20268-K · 2.02, 7.01Net sales $2.27B (+8% y/y); Comparable sales 8; Adjusted operating income $316M (+6% y/y); Guidance: FY2026 net sales guidance $6.85-6.95B vs FY2025 $6.553B; operating income $430-460M vs adjusted $403Mearningsopen
Figures in the filing · each found in the filing text
| Net sales · Q4-2025 | $2.27B | +8% y/y |
| Comparable sales · Q4-2025 | 8.0% | |
| Adjusted operating income · Q4-2025 | $316M | +6% y/y |
| Adjusted net income per diluted share · Q4-2025 | $2.77 | +7% y/y |
| Net sales · FY2025 | $6.55B | +5% y/y |
| Comparable sales · FY2025 | 5.0% | |
| Adjusted operating income · FY2025 | $403M | +8% y/y |
| Adjusted net income per diluted share · FY2025 | $3.00 | +12% y/y |
Guidance
FY2026 net sales guidance $6.85-6.95B vs FY2025 $6.553B; operating income $430-460M vs adjusted $403M
Q4 and FY results beat guidance; FY2026 guidance initiated with higher sales and operating income.
Risks flagged
Tariff pressure of approximately $85 million in FY2025, but managed through disciplined execution.
“despite approximately $85 million of tariff pressure” · word for word
5 Dec 20258-K · 2.02, 7.01Net Sales $1.47B (+9% y/y); Comparable Sales 8; Adjusted Operating Income $0.00; Guidance: FY2025 net sales raised to $6.45-6.48B; adjusted operating income $350-375M; adjusted EPS $2.40-2.65earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q3-2025 | $1.47B | +9% y/y |
| Comparable Sales · Q3-2025 | 8.0% | |
| Adjusted Operating Income · Q3-2025 | $0.00 | |
| Adjusted Net Loss Per Diluted Share · Q3-2025 | $-0.27 | |
| Net Sales · FY2025 | $6.46B | |
| Net Tariff Impact · FY2025 | $90M |
Guidance
FY2025 net sales raised to $6.45-6.48B; adjusted operating income $350-375M; adjusted EPS $2.40-2.65
Strong Q3 beat and raised full-year guidance across all metrics, driven by demand acceleration and margin expansion.
Risks flagged
Tariff impact remains a headwind but lower than previously expected.
“Estimated net tariff impact of approximately $90 million for fiscal year 2025, compared to prior guidance of $100 million.” · word for word
5 Dec 202510-QQ3 FY2025 results: net sales +9.3% YoY, gross margin +190bps, operating loss narrowed, net loss improved but remains negative.earningsopen
Figures in the filing · each found in the filing text
| Net Sales · Q3-2025 | $1.47B | +9% y/y |
| Net Sales YTD · YTD-2025 | $4.28B | +4% y/y |
| Gross Profit · Q3-2025 | $536M | +15% y/y |
| Gross Margin · Q3-2025 | 36.4% | |
| Operating Income (Loss) · Q3-2025 | $-19M | |
| Net Loss Attributable to VS&Co · Q3-2025 | $-37M | |
| Net Loss Per Diluted Share · Q3-2025 | $-0.46 | |
| Cash and Cash Equivalents · 2025-11-01 | $249M | +55% y/y |
| Inventories · 2025-11-01 | $1.38B | +7% y/y |
| Long-term Debt · 2025-11-01 | $1.35B | -5% y/y |
Risks flagged
Negative operating cash flow
“Net Cash Used for Operating Activities ... Year-to-Date 2025 $(174) ... 2024 $(249)”
High inventory levels
“Inventories ... November 1, 2025 $1,377 ... February 1, 2025 $955 ... November 2, 2024 $1,290”
Net loss position
“Net Loss Attributable to Victoria’s Secret & Co. ... Third Quarter 2025 $(37) ... 2024 $(56)” · word for word
Restructuring execution risk
“Pre-tax severance, relocation and other expenses related to these activities of $9 million ... are included in the third quarter of 2025” · word for word
Contingent consideration dispute
“The Company is disputing the determination by the neutral accountant.” · word for word
Victorias Secret & Co. — questions
- What did Victorias Secret & Co. file recently?
- 20 SEC filings in the last 12 months. Latest: 8-K on 2026-10-09 — Chief Legal and Compliance Officer Melinda McAfee to depart by March 31, 2027; transition and separation agreement signed; successor search initiated.
Every figure on this page comes from Victorias Secret & Co.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.