Segment Information

3 Months Ended

May 02, 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 (Loss) Attributable to Victoria’s Secret & Co. as reported on the Consolidated Statements of Income (Loss).

The following table provides the Company’s segment information for the first quarter of 2026 and 2025:

	First Quarter
	2026		2025
	(in millions)
Net Sales	$	1,560	$	1,353
Costs of Goods Sold	(634)		(558)
Buying and Occupancy Expenses	(341)		(321)
General, Administrative and Store Operating Expenses (a)	(403)		(356)
Advertising and Marketing Expenses	(106)		(98)
Operating Income	$	76	$	20
Interest Expense	(15)		(17)
Provision for Income Taxes	(7)		(3)
Other Items (b)	(6)		(2)
Net Income (Loss) Attributable to Victoria’s Secret & Co.	$	48	$	(2)

_______________

(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 first quarter of 2026 and 2025:

	First Quarter
	2026		2025
	(in millions)
U.S. (a)	$	1,240	$	1,113
Outside of the U.S. (b)	320		240
Total Net Sales	$	1,560	$	1,353

_______________

(a)Includes U.S. territories.

(b)Includes sales from Company-operated stores outside of the U.S., consolidated joint venture sales in China, 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 May 2, 2026, January 31, 2026 and May 3, 2025:

	May 2, 2026		January 31, 2026		May 3, 2025
	(in millions)
U.S. (a)	$	2,238	$	2,211	$	2,158
Outside of the U.S.	185		188		164
Total Long-lived Assets	$	2,423	$	2,399	$	2,322

_______________

(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.