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Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
VICTORIA'S SECRET & CO.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.
CAGR -0.9% (FY2022 to FY2026)
CAGR -3.6% (FY2022 to FY2026)
CAGR -25.3% (FY2022 to FY2026)
CAGR -29.3% (FY2022 to FY2026)
Change vs FY2022: -430 bps
Change vs FY2022: -869 bps
Change vs FY2022: -706 bps
Profitability profile tracked across FY2022 through FY2026.
Side-by-side read of gross, operating, and net margin.
Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.
FY2026 versus FY2025
FY2026 versus FY2025
FY2026 versus FY2025
FY2026 versus FY2025
Negative values are highlighted to make slowdowns obvious.
The most direct way to see whether the business is accelerating or rolling over.
Compounded annual growth across FY2022 to FY2026.
Compounded annual growth across FY2022 to FY2026.
Compounded annual growth across FY2022 to FY2026.
Compounded annual growth across FY2022 to FY2026.
Over the analyzed five-year period, Victoria’s Secret & Co. experienced notable fluctuations across key financial metrics. Revenue peaked at USD 6,785 million in 2022 but then declined by about 6.5% to USD 6,344 million in 2023, before modest rebounds in 2025 and 2026 – reaching USD 6,553 million – suggesting a volatile top-line performance. Gross profit followed a similar pattern; a peak of USD 2,760 million in 2022 was followed by an approximate 18% decline to around USD 2,258 million in 2023, with only gradual recovery in subsequent years. Such declines could signal tightening margins, perhaps influenced by rising costs or pricing pressures within the competitive lingerie and intimate apparel sector. The operating income and net income figures reveal sharper swings, with 2022 demonstrating strong performance — operating income of USD 870 million and net income of USD 646 million — which then plummeted to USD 478 million and USD 348 million respectively in 2023. This represents nearly a 45% drop in operating income, and the net income saw an even steeper decline in the following year (down roughly 68% in 2024 to USD 109 million), before recovering marginally in 2025 and 2026. These significant year-over-year declines, exceeding the 20% threshold, suggest that the company faced notable operational or market challenges post-2022. Overall, while there are signs of recovery in recent years, the sustained underperformance in operating and net margins raises caution regarding the sustainability of profitability, underscoring the need for strategic efforts to stabilize and improve operational efficiency in a competitive market.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.