v3.26.1
Segment Information
 6 Months Ended
Aug. 01, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s segments are based on the financial information the Company’s Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, uses to evaluate performance and allocate resources. The Company has one reportable segment. The CODM assesses performance of the Company’s single reportable segment and decides how to allocate resources based on Net Income Attributable to Victoria’s Secret & Co. as reported on the Consolidated Statements of Income.
The following table provides the Company’s segment information for the second quarter and year-to-date 2026 and 2025:
Second QuarterYear-to-Date
2026202520262025
(in millions)
Net Sales$1,611 $1,459 $3,170 $2,812 
Costs of Goods Sold(509)(610)(1,142)(1,168)
Buying and Occupancy Expenses(343)(330)(684)(651)
General, Administrative and Store Operating Expenses (a)(408)(394)(811)(751)
Advertising and Marketing Expenses(94)(84)(200)(181)
Operating Income$257 $41 $333 $61 
Interest Expense(15)(18)(30)(35)
Provision for Income Taxes(60)(6)(67)(9)
Other Items (b)1 (1)(5)(3)
Net Income Attributable to Victoria’s Secret & Co.
$183 $16 $231 $14 
_______________
(a)Excludes Advertising and Marketing Expenses.
(b)Other Items includes net income attributable to noncontrolling interest, interest income and other miscellaneous expense items.
The Company derives revenue primarily from its sale of women’s intimate and other apparel and beauty products. For additional information on other sources of revenue, see Note 2, “Revenue Recognition.”
The following table provides Net Sales by geographic location for the second quarter and year-to-date 2026 and 2025:
Second QuarterYear-to-Date
2026202520262025
(in millions)
U.S. (a)$1,295 $1,179 $2,534 $2,292 
Outside of the U.S. (b)316 280 636 520 
Total Net Sales$1,611 $1,459 $3,170 $2,812 
_______________
(a)Includes U.S. territories.
(b)Includes sales from Company-operated stores outside of the U.S., consolidated China Joint Venture sales, royalties associated with franchise partners’ sales, wholesale sales, and net sales shipped internationally for direct channels operated by the Company. Certain of these sales are subject to the impact of fluctuations in foreign currency.
The following table provides long-lived assets, excluding deferred tax assets, equity method investments, goodwill, trade names, and other intangible assets, by geographic location as of August 1, 2026, January 31, 2026 and August 2, 2025:
August 1,
2026		January 31,
2026		August 2,
2025
(in millions)
U.S. (a)$2,291 $2,211 $2,258 
Outside of the U.S.191 188 160 
Total Long-lived Assets$2,482 $2,399 $2,418 
_______________
(a)Includes U.S. territories.
As the Company is one reportable segment, for additional information on assets, capital expenditures, depreciation and amortization of long-lived assets and other significant non-cash transactions, see Item 1. Financial Statements.