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Victoria's Secret Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Dec, 2025
Executive summary
Net sales for Q3 2025 rose 9% year-over-year to $1.472 billion, surpassing guidance, with growth across all brands and channels, including North America, direct, and international, and notable gains in the U.S. intimates market share and customer acquisition.
International sales surged 34%, led by China and partner sourcing, with Black Friday turnout at its highest since the spinoff.
Operating and net losses narrowed significantly compared to Q3 2024, with adjusted results outperforming guidance and adjusted EPS at ($0.27) versus guidance of ($0.55)–($0.75).
The Victoria's Secret fashion show and collaborations generated significant cultural and commercial impact, boosting brand engagement, new customer acquisition, and product sell-through.
Security incident in Q2 2025 impacted sales and income but was resolved without material disruption; leadership restructuring and Adore Me acquisition costs were recognized.
Financial highlights
Q3 2025 net sales were $1.472 billion, up 9% year-over-year, with comparable sales growth of 8% and gross profit rising to $536 million; adjusted gross margin expanded by 170 basis points to 36.5%.
Adjusted operating income was breakeven, outperforming guidance; adjusted net loss per share was $0.27, better than guidance and last year's $0.50 loss.
Year-to-date net sales reached $4.284 billion, up 4% year-over-year; adjusted net income for the period was $12.5 million, up from $1.1 million.
Cash balance at quarter-end was $249 million, with $1.35 billion in long-term debt and $358 million available under the ABL Facility.
Interest expense decreased to $18 million in Q3 2025 from $22 million in Q3 2024; effective tax rate for Q3 2025 was 16.0%.
Outlook and guidance
Raised full-year 2025 net sales outlook to $6.45–$6.48 billion, with adjusted operating income guidance increased to $350–$375 million and adjusted EPS now expected at $2.40–$2.65.
Fourth quarter net sales forecasted at $2.17–$2.2 billion, with adjusted EPS of $2.20–$2.45.
Adjusted gross margin rate for Q4 projected at 37.0%–38.0%, below prior year’s 39.7%.
Capital expenditures for 2025 expected at $200 million, focused on stores, customer experience, technology, and logistics.
Adjusted free cash flow forecasted at $170–$210 million for fiscal 2025.
Breakdown International sales growth drivers
Future of reduced promotional strategy impact
Strategy behind store footprint changes
New customer profile and acquisition drivers?
Path to low double-digit operating margin?
PINK apparel mix target and intimates growth drivers?
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Next Victoria's Secret earnings date
Q4 20264 Mar, 2026
Next Victoria's Secret earnings date
Q4 20264 Mar, 2026
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Frequently asked questions
Victoria’s Secret & Co. is a specialty retailer of lingerie, personal care, and beauty products. The company operates under brands such as Victoria's Secret and PINK through retail stores, online channels, and international franchises. The company is headquartered in Reynoldsburg, Ohio, and its shares are listed on the NYSE.
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