Victorias Secret & Co. · NYSE:VSCO
Victorias Secret & — Q4 2025 Earnings Presentation
20 slides from Victorias Secret &'s earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter Earnings
Fourth Quarter Earnings March 5, 2026
Slide 2: Path to Potential
Path to Potential STRATEGIES Evolve Our Brand Supercharge Our Recommit Fuel Growth Projection & GTM Bra Authority to PINK in Beauty Strategy ENABLERS 2
Slide 3: Q4 2025 Results - Exceeding Expectations
Q4 2025 Results - Exceeding Expectations Broad based +8% outperformance Comparable Sales Across Brands, Channels and Geographies 39.4% $518M Adjusted Gross Profit Rate Higher than guidance Ending Cash Balance $316M $2.77 Adjusted Operating Income, Adjusted EPS, higher than higher than guidance guida
Slide 4: FY 2025 Results: VSCO Back in Growth Mode
FY 2025 Results: VSCO Back in Growth Mode – 1st time since spin Broad based +5% outperformance Comparable Sales Across Brands, Channels and Geographies 37.0% $244M Adjusted Gross Profit Rate, Adjusted Free Cash Flow despite $85M tariff pressure $403M $3.00 Adjusted Operating Income Adjusted EPS, hig
Slide 5: Adjusted Consolidated Statements of Income - Thirteen Weeks
Adjusted1 Consolidated Statements of Income Thirteen Weeks Ended January 31, 2026 & February 1, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $2,269.8 $2,105.5 $164.3 8% Comparable Store Sales 7% 3% Comparable Sales 8% 5% Gross
Slide 6: Adjusted Consolidated Statements of Income - Fifty-Two Weeks
Adjusted1 Consolidated Statements of Income Fifty-Two Weeks Ended January 31, 2026 & February 1, 2025 (Unaudited – In millions except per share amounts) Increase % Increase 2025 2024 (Decrease) (Decrease) Net Sales $6,553.4 $6,229.6 $323.8 5% Comparable Store Sales 4% (2%) Comparable Sales 5% 0% Gro
Slide 7: Consolidated Balance Sheets
Consolidated Balance Sheets (Unaudited – In thousands) January 31, 2026 February 1, 2025 ASSETS Current Assets Cash and Cash Equivalents $517,565 $226,591 Accounts Receivable, Net 186,379 159,192 Inventories 1,071,167 954,630 Other 107,439 100,808 Total Current Assets 1,882,550 1,441,221 Property an
Slide 8: 2026 Outlook
2026 Outlook (As of March 5, 2026) First Quarter Full Year Approximately $1.490 billion to $1.525 Approximately $6.850 billion to $6.950 Net Sales billion billion Approximately 35.5%, compared to Q1 Gross Margin Rate - 2025 adjusted rate of 35.2% Approximately 33% compared to Q1 2025 SG&A Expense Ra
Slide 9: Store Count & Selling Sq Ft – 2025 Actuals
Store Count & Selling Sq Ft – 2025 Actuals Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 782 15 (31) 53 766 (16) (2%) Selling Sq Ft 000's 5,398 85 (140) (39) 5,304 (94) (2%) Canada Store Count 24 1 (1
Slide 10: Store Count & Selling Sq Ft – 2026 Forecast
Store Count & Selling Sq Ft – 2026 Forecast Total Beginning of Year New Stores Closures Reconstructions and End of Year Increase / (Decrease) Change in SSF Company-Operated U.S. Store Count 766 19 (10 to 20) 43 to 45 765 to 775 (1) to 9 0% to 1% Selling Sq Ft 000's 5,304 105 (40 to 104) (9) 5,296 to
Slide 11: Appendix
APPENDIX 11
Slide 12: Consolidated Statements of Income
Consolidated Statements of Income Thirteen Weeks Ended January 31, 2026 and February 1, 2025 (Unaudited – In thousands, except per share amounts) 2025 2024 Net Sales $2,269,804 $2,105,501 Costs of Goods Sold, Buying and Occupancy (1,414,809) (1,292,068) Gross Profit 854,995 813,433 General, Administ
Slide 13: Consolidated Statements of Income
Consolidated Statements of Income Fifty-Two Weeks Ended January 31, 2026 and Ended February 1, 2025 (Unaudited – In thousands, except per share amounts) 2025 2024 Net Sales $6,553,409 $6,229,560 Costs of Goods Sold, Buying and Occupancy (4,169,030) (3,945,159) Gross Profit 2,384,379 2,284,401 Genera
Slide 14: Selected Data
Selected Data Fifty-Two Weeks Ended January 31, 2026 and February 1, 2025 (Unaudited – In thousands, except per share amounts) Capital Expenditures 2025 2024 First Quarter $42,793 $38,521 Second Quarter 68,680 60,772 Spring Season $111,473 $99,293 Third Quarter 51,929 50,537 Fourth Quarter 24,068 27
Slide 15: Non-GAAP Financial Information
Non-GAAP Financial Information Fifty-Two Weeks Ending January 30, 2027 Forecast & Ended January 31, 2026 (Unaudited – In millions) In addition to our results provided in accordance with GAAP, provided below are non-GAAP financial measures that present operating income, net income attributable to Vic
Slide 16: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Fourth Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported to Adjusted Gross Profit Reported Gross Profit - GAAP $854,995 $813,433 $2,384,379 $2,284,401 % Net Sales 37.7% 38.6% 36.4% 36.7% Adore Me Lon
Slide 17: Non-GAAP Financial Information
Non-GAAP Financial Information (Unaudited – In thousands except per share amounts) Fourth Quarter Year-to-Date 2025 2024 2025 2024 Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co. Reported Net Income Attributable to Victoria's Secret & Co. - GAAP $183,634 $19
Slide 18: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items: a) In the fourth quarter and year-to-date 2025, we recognized pre-tax expense of $119.6 million ($90.3 million net of tax expense of $29.3 million), $116.2 million included in general, administrative and store operating exp
Slide 19: Non-GAAP Financial Information
Non-GAAP Financial Information Adjusted results exclude the following items, continued: • Year-to-date 2025, we recognized pre-tax expense of $5.9 million ($5.5 million net of tax expense of $0.4 million), included in general, administrative and store operating expense, related to the financial impa
Slide 20: Forward Looking Statements
Forward Looking Statements • Safe Harbor Statement Under the Private Securities Litigation • our dependence on traffic to our stores and the availability of • our geographic concentration of production and distribution Reform Act of 1995 suitable store locations on satisfactory terms; facilities in