Victoria's Secret & Co. (VSXY) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 1, 2026 and Victoria's Secret & Co. published the results on September 3, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Victoria's Secret & Co. reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Victoria's Secret & Co.'s fiscal year ends on the Saturday closest to January 31. The company calls this quarter the second quarter of 2026; it is the thirteen weeks ended August 1, 2026.
• GAAP results include over $140 million of IEEPA tariff refunds received in the quarter. Adjusted results exclude them, which is why adjusted EPS ($0.95) is far below GAAP EPS ($2.18).
• Since Q3 2025, direct sales in the European Union are reported in the International channel, not Direct. They were $22 million in Q2 2026.

Source: Victoria's Secret & Co. Q2 2026 results, September 3, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How Victoria's Secret & Co. splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• Victoria's Secret & Co.'s Stores - North America revenue was $898 million in Q2 fiscal 2026, up 9% from $825 million in Q2 fiscal 2025, 56% of total revenue.
• Victoria's Secret & Co.'s Direct revenue was $439 million in Q2 fiscal 2026, up 8% from $407 million in Q2 fiscal 2025, 27% of total revenue.
• Victoria's Secret & Co.'s International revenue was $273 million in Q2 fiscal 2026, up 20% from $228 million in Q2 fiscal 2025, 17% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2026 release, Victoria's Secret & Co. said:

“The Company is forecasting net sales for the third quarter of 2026 to be in the range of $1.570 billion to $1.600 billion compared to net sales of $1.472 billion for the third quarter of 2025.”

“At this forecasted level of net sales, operating income for the third quarter of 2026 is expected to be in the range of $10 million to $20 million compared to adjusted operating income of $0 million for the third quarter of 2025.”

“The Company is now forecasting fiscal year 2026 net sales to be in the range of $7.100 billion to $7.180 billion, an increase compared to the previously communicated guidance range of $7.030 billion to $7.130 billion, and compared to net sales of $6.553 billion in fiscal year 2025.”

“At this forecasted level of net sales, the Company is now forecasting adjusted operating income for fiscal year 2026 to be in the range of $560 million to $590 million, an increase compared to previously communicated guidance range of $550 million to $580 million, and compared to fiscal year 2025 adjusted operating income of $403 million.”

Source: Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026.

This is the company's own guidance as of Sep 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VSXY forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and net income per diluted share attributable to Victoria's Secret & Co., each as first reported in that quarter's release.

Victoria's Secret & Co.'s next report is expected around December 3, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Sep 3, 2026

Victoria's Secret & Co. reported net sales of $1,610.7 million in the second quarter of 2026, up 10.4% from $1,459.1 million. North American stores brought in $897.9 million, the direct channel (its websites and apps) $439.4 million, and International $273.4 million. Comparable sales across stores and direct rose 9%, and comparable store sales 7%. (Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

Victoria's Secret & Co. sells intimates, apparel and beauty under the Victoria's Secret, PINK and Adore Me brands and reports a single segment. Its products include bras, panties, lingerie, sleepwear, apparel, sport and swim, plus prestige fragrances and body care. (Victoria's Secret & Co. Form 10-K, fiscal 2025, Mar 20, 2026; Victoria's Secret & Co. Form 10-Q, Q2 2026, Sep 4, 2026)

The 10-Q says North American store sales rose 9% on higher average unit retail and traffic, partly offset by fewer units per transaction, and direct sales rose 8% on higher traffic and average unit retail. The year-ago quarter was depressed: the company estimates that closing its websites after the May 2025 security incident cost about $20 million of second quarter 2025 sales. (Victoria's Secret & Co. Form 10-Q, Q2 2026, Sep 4, 2026)

International grew fastest, up 20%. That channel includes the consolidated joint venture in China, royalties on franchise partners' sales, wholesale and, since Q3 2025, direct sales in the European Union ($22 million in the quarter). At August 1, 2026 Victoria's Secret & Co. had 788 company-operated stores in the U.S. and Canada, 61 China joint venture stores and 578 partner-operated stores, 1,430 in total. (Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

Victoria's Secret & Co.'s GAAP net income per diluted share was $2.18 in the second quarter of 2026, against $0.20, while adjusted EPS was $0.95, against $0.33. The gap is IEEPA tariff refund recoveries: $140.3 million of pre-tax income in the quarter, $134.5 million of it in costs of goods sold, which cut $1.25 off EPS in the adjusted figures. Restructuring and other one-time items of $3.2 million went the other way. (Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

The refunds lifted the gross profit rate to 47.1% from 35.6%. The 10-Q also credits higher regular-priced selling, less promotional activity and leverage on buying and occupancy costs. Adjusted operating income was $124 million, above the $90 million to $100 million guidance range, against $55 million a year earlier. (Victoria's Secret & Co. Form 10-Q, Q2 2026, Sep 4, 2026; Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

The effective tax rate was 24.1%, against 25.7%. Weighted average diluted shares were 84,152 thousand, against 82,205 thousand. Victoria's Secret & Co. bought back 2,208 thousand shares for $100 million earlier in fiscal 2026 but none in the second quarter, leaving $150 million of its authorization. (Victoria's Secret & Co. Form 10-Q, Q2 2026, Sep 4, 2026; Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Victoria's Secret & Co. gives quarterly and full-year guidance in its release. For the third quarter of 2026 it forecast net sales of $1.570 billion to $1.600 billion, against $1.472 billion a year earlier, and operating income of $10 million to $20 million. (Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

It raised its fiscal 2026 forecast to net sales of $7.100 billion to $7.180 billion, from $7.030 billion to $7.130 billion, and adjusted operating income of $560 million to $590 million, from $550 million to $580 million. Its reconciliation puts forecast fiscal 2026 adjusted EPS at $4.45 to $4.70 and GAAP EPS at $5.64 to $5.89, the difference again being the tariff refunds. (Victoria's Secret & Co. Q2 2026 release, Sep 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Victoria's Secret & Co., collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Victoria's Secret & Co.'s own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VSXY is on is VSXY a buy or a sell?, what analysts expect next is on the VSXY forecast, and what the company does is on the Victoria's Secret & Co. (VSXY) stock page.

Every number on this page can be traced to a document Victoria's Secret & Co. published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.