Victorias Secret & Co.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | $161.0M | $165.0M | $109.0M | $348.0M | $646.0M | $-72.0M | $-897.0M |
| Depreciation & Amortization | $238.0M | $258.0M | $284.0M | $274.0M | $303.0M | — | — |
| Depreciation | $212.0M | $226.0M | $259.0M | $274.0M | $303.0M | $326.0M | $411.0M |
| Amortization | $19.0M | $25.0M | $25.0M | $0 | $0 | $0 | — |
| Stock-Based Compensation | $55.0M | $60.0M | $56.0M | $48.0M | $33.0M | $25.0M | $38.0M |
| Net Cash from Operating Activities | $499.0M | $425.0M | $389.0M | $437.0M | $851.0M | $674.0M | $315.0M |
| Investing Activities | |||||||
| Capital Expenditures | $187.0M | $178.0M | $256.0M | $164.0M | $169.0M | $127.0M | $225.0M |
| Business Acquisitions | $0 | $0 | $-1.0M | $369.0M | $0 | $0 | — |
| Net Cash from Investing Activities | $-184.0M | $-153.0M | $-254.0M | $-555.0M | $-169.0M | $-123.0M | $-243.0M |
| Financing Activities | |||||||
| Dividends Paid | — | — | — | — | — | — | — |
| Stock Repurchases | $0 | $0 | $125.0M | $250.0M | $250.0M | $0 | $0 |
| Net Cash from Financing Activities | $-24.0M | $-315.0M | $-291.0M | $58.0M | $-527.0M | $-465.0M | $-192.0M |
| Net Change in Cash | $291.0M | $-43.0M | $-157.0M | $-63.0M | $155.0M | $90.0M | $-124.0M |
| Free Cash Flow | $312.0M | $247.0M | $133.0M | $273.0M | $682.0M | $547.0M | $90.0M |