Short answer
Victoria's Secret & Co. (VSCO) filed its fiscal 2025 10-K annual report with the SEC on Mar 21, 2025. It reported revenue of $6.2B (+0.8% year over year) and net income of $165M.
- Top risk flagged: Regulatory risk from U.S. tariff increases: 10%-25% tariffs imposed on imports from China, Mexico, Canada in early 2025 impacting sourcing costs
FY2025 key financial metrics · XBRL
- Revenue
- $6.2B
- +0.8% YoY
- Net income
- $165M
- +51.4% YoY
- Operating margin
- 5.0%
- +1.0 pp YoY
- Gross margin
- 36.7%
- +0.4 pp YoY
- EPS (diluted)
- $2.05
- +47.5% YoY
- ROE
- 25.8%
- −0.4 pp YoY
- Operating cash flow
- $425M
- +9.3% YoY
Source: XBRL data from the Victoria's Secret & Co. (VSCO) FY2025 10-K on SEC EDGAR. USD.
Victoria's Secret & Co. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Specialty retailer of women's intimate apparel and beauty products under Victoria's Secret, PINK, Adore Me brands
- Acquisition of digital-native intimates brand AdoreMe completed December 30, 2022, expanding digital presence
- Over 880 stores in U.S., Canada, China plus 500+ franchise stores in ~70 countries worldwide
- Operates single business segment combining brick-and-mortar and e-commerce platforms
- Merchandise sourcing and production integrated for company and international partners
Management Discussion & Analysis
- Adjusted operating income $373M in 2024 vs $327M in 2023, up $46M YoY
- Adjusted net income $218M in 2024 vs $178M in 2023, net income margin improvement implied
- Reported net income per diluted share $2.05 vs $1.39, adjusted EPS $2.69 vs $2.27 in 2023
- Adore Me acquisition-related charges lowered by $41M pre-tax to $9M in 2024 from $50M in 2023
- No explicit segment data, cash flow or forward guidance provided in this excerpt
Risk Factors
- Regulatory risk from U.S. tariff increases: 10%-25% tariffs imposed on imports from China, Mexico, Canada in early 2025 impacting sourcing costs
- Geopolitical threat from ongoing conflicts in Europe and Middle East causing supply chain disruptions and inflationary pressures
- Operational vulnerability in seasonal inventory buildup risking markdowns if pre-holiday sales targets are missed
- Competitive risk from digital retail disruption impacting physical store traffic in malls, increasing need to innovate online
- Financial risk from leadership turnover potentially disrupting execution of strategic growth plan and operational continuity
Generated from the filing text; verify against the original. How to read a 10-K
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