Victoria's Secret & Co.VSCO

Victoria's Secret & Co. Segments Disclosure

10-KFiled Mar 20, 20262 min read
Segment Information
The Company’s segments are based on the financial information the Company’s Chief Operating Decision Maker (“CODM”), who is the CEO, uses to evaluate performance and allocate resources. The Company has one reportable segment. The CODM assesses performance for 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 2025, 2024 and 2023:
202520242023
(in millions)
Net Sales$6,553 $6,230 $6,182 
Costs of Goods Sold(2,812)(2,591)(2,564)
Buying and Occupancy Expenses(1,357)(1,355)(1,376)
General, Administrative and Store Operating Expenses (a)(1,668)(1,545)(1,542)
Advertising and Marketing Expenses(445)(429)(454)
Operating Income$271 $310 $246 
Interest Expense(70)(86)(99)
Provision for Income Taxes(19)(52)(31)
Other Items (b)(21)(7)(7)
Net Income Attributable to Victoria’s Secret & Co.
$161 $165 $109 
_______________
(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 2025, 2024 and 2023:
202520242023
(in millions)
U.S. (a)$5,391 $5,252 $5,272 
Outside of the U.S. (b)1,162 978 910 
Total Net Sales$6,553 $6,230 $6,182 
_______________
(a)Includes U.S. territories.
(b)Includes sales from Company-operated stores outside of the U.S., royalty revenue from franchise and license arrangements, wholesale revenues and direct sales shipped internationally. 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 January 31, 2026 and February 1, 2025:
January 31,
2026		February 1,
2025
(in millions)
U.S. (a)$2,211 $2,136 
Outside of the U.S.188 143 
Total Long-lived Assets$2,399 $2,279 
_______________
(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 the financial statements and related notes included in Item 8. Financial Statements and Supplementary Data.

Historical Timeline

Fiscal YearFiled
2026Mar 20, 2026Showing above
2025Mar 21, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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