Revenue Recognition

12 Months Ended

Jan. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $137 million as of January 31, 2026 and $112 million as of February 1, 2025. Accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, merchandise credits, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $257 million as of January 31, 2026 and $269 million as of February 1, 2025. The Company recognized $135 million as revenue in 2025 from amounts recorded as deferred revenue at the beginning of the period. As of January 31, 2026, the Company recorded deferred revenue of $248 million within Accrued Expenses and Other, and $9 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for 2025, 2024 and 2023:

	2025		2024		2023
	(in millions)
Stores — North America	$	3,544	$	3,428	$	3,480
Direct	2,042		2,042		2,015
International (a)	967		760		687
Total Net Sales	$	6,553	$	6,230	$	6,182

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(a)Results include consolidated joint venture sales in China, royalties associated with franchise partner sales, wholesale sales, and beginning in the third quarter of 2025 direct sales in the European Union. Prior to the third quarter of 2025, direct sales in the European Union are reported in the Direct channel. Direct sales in the European Union reported in the International channel were $44 million in 2025.

The Company has a Victoria’s Secret and PINK multi-tender loyalty program, a co-branded credit card and a U.S. private label credit card through which customers can earn points on purchases of Victoria’s Secret and PINK product and through the co-branded credit card can earn points on purchases outside of the Company. A third-party financing company is the sole owner of the credit card accounts and underwrites the credit issued under the credit card programs. Revenue earned in connection with the Company’s credit card arrangements with the third-party is primarily recognized based on credit card sales and usage.

The Company recognized Net Sales of $80 million, $75 million and $95 million for 2025, 2024 and 2023, respectively, related to revenue earned in connection with its credit card arrangements.