NYSE$VSCO
Victoria's Secret & Co. · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Victoria's Secret Q4 2025 Earnings Report
Victoria's Secret & Co. delivered an exceptional fourth quarter, exceeding top- and bottom-line guidance with net sales of $2.270 billion and comparable sales growth of 8%. Despite GAAP operating income being impacted by one-time charges including an Adore Me asset impairment, adjusted results showed significant growth, with adjusted EPS of $2.77 beating the high end of the company's guidance.
- Net sales of $2.270 billion increased 8% year-over-year, exceeding the guidance range of $2.170 billion to $2.200 billion.
- Total comparable sales increased 8% in the fourth quarter, driven by enthusiastic customer response to product and marketing.
- Adjusted operating income reached $316 million, significantly outperforming the guidance range of $265 million to $290 million.
- The company initiated a strategic review of DailyLook, a non-core asset, to focus on its core Victoria's Secret and PINK brands.
Headline financials
Revenue & EPS history
Victoria's Secret · Revenue · Quarterly
$2.27B
Revenue by segment
Victoria's Secret · $1.35B total across 3 segments · Q1 2025
- Stores – North America$721M—53.3%
- Direct$433M—32.0%
- International$199M—14.7%
Forward guidance
The company expects continued growth in fiscal 2026, forecasting net sales between $6.850 billion and $6.950 billion.
Tailwinds
- Q1 2026 net sales forecasted to grow to $1.490B - $1.525B.
- Full year 2026 operating income expected to increase to $430M - $460M.
- Clear brand vision and faster, more agile operating model.
- Strong pipeline of product and brand moments ahead.
- Position of strength entering the new fiscal year.
Headwinds
- Ongoing uncertainty in the global trade environment.
- Potential for continued tariff pressures.
- Highly competitive nature of the retail industry.
- Risks related to global shipping and transportation disruptions.
- Sensitivity to general economic conditions and inflation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-1.0%
Avg return
Earnings day
-4.8%
Avg return
5 days after
-9.7%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+20.7%
Q3 2023
Best reaction
-32.4%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -12.8% | -20.5% | -23.3% | |
| Q3 2025 | +17.0% | +25.1% | +28.4% | |
| Q2 2025 | -0.5% | -1.7% | +15.2% | |
| Q1 2025 | +4.4% | +4.7% | -4.2% | |
| Q1 2027 | -5.5% | -16.1% | -13.8% | |
| Q4 2024 | -8.2% | -26.8% | -23.7% | |
| Q3 2024 | +9.4% | +6.2% | -4.6% | |
| Q2 2024 | -3.1% | -5.1% | +5.3% | |
| Q1 2024 | -5.4% | -18.0% | -22.6% | |
| Q4 2023 | -32.4% | -28.6% | -30.7% | |
| Q3 2023 | +20.7% | +21.7% | +18.9% | |
| Q2 2023 | +7.3% | +10.8% | -6.7% | |
| Q1 2023 | -12.8% | -13.3% | -18.5% | |
| Q4 2022 | -7.2% | -10.0% | -11.4% | |
| Q3 2022 | -5.2% | -4.6% | -21.3% | |
| Q2 2022 | -1.9% | -7.4% | -21.7% | |
| Q1 2022 | +5.2% | -2.7% | -34.5% | |
| Q1 2021 | -2.1% | -4.2% | -5.5% | |
| Q4 2021 | +8.6% | -16.9% | -1.5% | |
| Q3 2021 | +12.2% | +14.1% | -4.1% | |
| Q4 2020 | -5.0% | -4.2% | -18.2% | |
| Q2 2021 | -3.7% | -8.0% | -13.9% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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