Victoria's Secret & Co. (VSXY) Q2 FY2026 earnings

Reported results

• Net sales increased 10% to $1.611 billion in Q2 2026 from $1.459 billion in Q2 2025, near the high-end of guidance range of $1.590 billion to $1.615 billion
• GAAP operating income was $257 million in Q2 2026 compared to $41 million in Q2 2025
• Adjusted operating income was $124 million in Q2 2026, exceeding guidance range of $90 million to $100 million, compared to $55 million in Q2 2025
• GAAP net income attributable to Victoria’s Secret & Co. was $183 million, or $2.18 per diluted share, in Q2 2026 compared to $16 million, or $0.20 per diluted share, in Q2 2025
• Adjusted net income attributable to Victoria’s Secret & Co. was $80 million, or $0.95 per diluted share, in Q2 2026, exceeding guidance range of $0.65 to $0.75 per diluted share, compared to $27 million, or $0.33 per diluted share, in Q2 2025
• Comparable sales increased 9% in Q2 2026; company received IEEPA tariff refunds of over $140 million, representing over 95% of IEEPA tariffs paid

Guidance

• Full year 2026 net sales guidance raised to range of $7.100 billion to $7.180 billion, up from prior guidance of $7.030 billion to $7.130 billion
• Full year 2026 adjusted operating income guidance raised to range of $560 million to $590 million, up from prior guidance of $550 million to $580 million
• Q3 2026 net sales forecast of $1.570 billion to $1.600 billion compared to Q3 2025 net sales of $1.472 billion
• Q3 2026 operating income expected in range of $10 million to $20 million compared to Q3 2025 adjusted operating income of $0 million

Notes

Q2 2026 results exclude $140.3 million pre-tax income ($105.3 million net of tax benefit) related to IEEPA tariff refund recoveries, included in adjusted results. Results also exclude $3.2 million pre-tax expense related to organizational restructuring and other one-time items. Year-to-date results include 26 weeks ended August 1, 2026 and August 2, 2025. Prior year Q2 and year-to-date 2025 adjusted results exclude $6.3 million and $12.6 million amortization of intangible assets, respectively.

Price and volatility reaction

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-03 (8-K, Item 2.02). Read the original filing on sec.gov.