0001856437-26-000004 | 10-K | XBRL Viewer

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Comprehensive Income (Loss) - Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 664	$ 438	$ 401
Total Other Comprehensive Income (Loss), Net of Tax	9	(2)	(3)
Ending Balance	910	664	438
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1)	0	1
Other Comprehensive Income Before Reclassifications	7	(1)	(1)
Tax Effect	0	0	0
Total Other Comprehensive Income (Loss), Net of Tax	7	(1)	(1)
Ending Balance	6	(1)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1)	0	1
Other Comprehensive Income Before Reclassifications	7	(1)	(1)
Tax Effect	0	0	0
Total Other Comprehensive Income (Loss), Net of Tax	7	(1)	(1)
Ending Balance	$ 6	$ (1)	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Depreciable Life Range of Property Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Property, Plant and Equipment [Line Items]
Net Sales	$ 6,553	$ 6,230	$ 6,182
Sales Channel, Directly
Property, Plant and Equipment [Line Items]
Net Sales	2,042	$ 2,042	$ 2,015
European Union \| Sales Channel, Directly
Property, Plant and Equipment [Line Items]
Net Sales	$ 44
Software, including software developed for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Software, including software developed for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	5 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life range	10 years
Non-store related building and site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life range	15 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Depreciable life range	20 years
Buildings
Property, Plant and Equipment [Line Items]
Depreciable life range	30 years

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies

Description of Business

Victoria’s Secret & Co. is a specialty retailer of women’s intimates and other apparel and beauty products marketed under the Victoria’s Secret, PINK and Adore Me brand names. The Company has approximately 860 stores in the U.S., Canada and China as well as its own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, the Company has more than 560 stores in approximately 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving the Company and its international partners. The Company operates as a single segment designed to serve customers worldwide seamlessly through stores and digital channels.

In 2025 and 2024, the Company implemented certain restructuring actions to continue to restructure its executive leadership team and organizational structure. For additional information, see Note 4, “Restructuring Activities.”

Fiscal Year

The Company’s fiscal year ends on the Saturday nearest to January 31. As used herein, “2025” and “2024” refer to the fifty-two-week periods ended January 31, 2026 and February 1, 2025, respectively, and “2023” refers to the fifty-three-week period ended February 3, 2024.

Basis of Consolidation

The Consolidated Financial Statements have been prepared in conformity with GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. The Company has a joint venture to operate Victoria’s Secret stores and the related online business in China. The Company owns 51% and has control over the joint venture, thus, the joint venture’s assets, liabilities and results of operations are consolidated in the Company’s consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents include cash on hand, demand deposits with financial institutions, credit and debit card receivables and highly liquid investments with original maturities of 90 days or less. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

Concentration of Credit Risk

The Company maintains cash and cash equivalents with various major financial institutions. The Company monitors the relative credit standing of financial institutions with whom the Company transacts and limits the amount of credit exposure with any one entity. The Company’s investment portfolio is primarily comprised of money market funds and bank deposits.

The Company also periodically reviews the relative credit standing of franchise, license and wholesale partners and other entities to which the Company grants credit terms in the normal course of business. The Company determines the required allowance for expected credit losses using information such as customer credit history and financial condition. Amounts are charged against the allowance when it is determined that expected credit losses may occur.

Inventories

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

The Company records valuation adjustments to its inventories if the cost of inventory on hand exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future demand and market conditions and analysis of historical experience.

The Company also records inventory loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory. These estimates are based on management’s analysis of historical results, operating trends and consumer behavior.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media or in the store.

Property and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

When a decision has been made to dispose of property and equipment prior to the end of the previously estimated useful life, depreciation estimates are revised to reflect the use of the asset over the shortened estimated useful life. The Company’s cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in net income. Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend useful lives are capitalized.

Long-lived store assets, which include leasehold improvements, store related assets and operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Store assets are grouped at the lowest level for which they are largely independent of other assets or asset groups. If the estimated undiscounted future cash flows related to the asset group are less than the carrying value, the Company recognizes a loss equal to the difference between the carrying value and the estimated fair value, determined by the estimated discounted future cash flows of the asset group. For operating lease assets, the Company determines the fair value of the assets by comparing the contractual rent payments to estimated market rental rates. An individual asset within an asset group is not impaired below its estimated fair value. The fair value of long-lived store assets is determined using Level 3 inputs within the fair value hierarchy.

Leases and Leasehold Improvements

The Company leases retail space, office space, warehouse facilities, storage space, equipment and certain other items under operating leases. A substantial portion of the Company’s leases are operating leases for its stores, which generally have an initial term of 10 years. Annual store rent consists of a fixed minimum amount and/or variable rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally also require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. Certain leases contain predetermined fixed escalations of minimum rentals or require periodic adjustments of minimum rentals, depending on an index or rate. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

At the date of control of the leased asset, the Company recognizes an asset for the right to use the leased asset and a liability based on the present value of the unpaid fixed lease payments. Operating lease costs are recognized on a straight-line basis as lease expense over the lease term. Variable lease payments associated with the Company’s leases are recognized upon occurrence of the event or circumstance on which the payments are assessed. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term.

For leases entered into or reassessed after the adoption of ASC 842, Leases, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

The Company’s store leases often include options to extend the initial term or to terminate the lease prior to the end of the initial term. The exercise of these options is typically at the sole discretion of the Company. These options are included in determining the initial lease term at lease commencement if the Company is reasonably certain to exercise the option. Additionally, the Company may operate stores for a period of time on a month-to-month basis after the expiration of the lease term.

The Company also has leasehold improvements which are amortized over the shorter of their estimated useful lives or the period from the date the assets are placed in service to the end of the initial lease term. Leasehold improvements made after the inception of the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured.

Intangible Assets

Assets and liabilities acquired in business combinations are accounted for using the acquisition method and recorded at their respective fair values. Goodwill represents the excess of consideration paid over the net assets acquired and is assigned to a reporting unit. A reporting unit is an operating segment as defined in ASC 350, Intangibles - Goodwill and Other, or a business one level below an operating segment.

Goodwill is reviewed for impairment at the reporting unit level each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that each reporting unit’s fair value is less than its carrying value (including goodwill), or to proceed directly to the quantitative assessment which requires a comparison of the reporting unit’s fair value to its carrying value (including goodwill). If the Company determines that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment charge equal to the difference, not to exceed the total amount of goodwill allocated to the reporting unit. The estimated fair value of a reporting unit is determined using Level 3 inputs in accordance with ASC 820, Fair Value Measurement, and is developed using a weighting of the discounted cash flow approach and the comparable public company approach.

The Victoria’s Secret trade name is an intangible asset with an indefinite life. Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company has the option to either first perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired, or to proceed directly to the quantitative assessment which requires a comparison of the fair value of the intangible asset to its carrying value. To determine if the fair value of the asset is less than its carrying amount, the Company will estimate the fair value, usually determined by the relief from royalty method under the income approach, and compare that value with its carrying amount. If the carrying value of the trade name exceeds its fair value, the Company recognizes an impairment charge equal to the difference.

The Company’s definite-lived intangible assets, which include customer relationships, developed technology and the Adore Me trade name are amortized over their useful lives and are evaluated for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired.

Foreign Currency Translation

The functional currency of the Company’s foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect as of the balance sheet date, while revenues and expenses are translated at the average exchange rates for the period. The Company’s resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Accumulated foreign currency translation adjustments are reclassified to net income when realized upon sale or upon complete, or substantially complete, liquidation of the investment in the foreign entity.

Supplier Finance Programs

The Company has agreements with designated third-party financial institutions to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations of the Company. Participating suppliers may finance one or more payment obligations of the Company prior to their scheduled due dates and receive a discounted payment from participating financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements.

Amounts payable to financial institutions relating to suppliers participating in these programs are recorded in Accounts Payable in the Consolidated Balance Sheets. The following table provides a rollforward of these obligations for 2025 and 2024:


	2025		2024
	(in millions)
Obligations outstanding, beginning of year	$	181	$	183
Payment obligations financed during the year	1,149		1,067
Financed payment obligations paid during the year	(1,093)		(1,069)
Obligations outstanding, end of year	$	237	$	181

Fixed and Contingent Payments

As a result of the Adore Me transaction in December 2022, the Company agreed to pay further cash consideration, which included a minimum fixed payment along with consideration for potential additional payments based on the achievement of specified strategic objectives and EBITDA and net revenue goals within the two-year period following closing of the transaction.

During 2024, the Company made payments totaling $200 million, which included a fixed payment of $100 million and payments totaling $100 million relating to the achievement of specified strategic objectives. These payments made during 2024 were comprised of $161 million classified as financing cash outflows and $39 million classified as operating cash outflows in the Consolidated Statement of Cash Flows. The amount classified as operating cash outflows was subject to the continued employment of a certain Adore Me employee (“Contingent Compensation Payments”) and was recognized as compensation expense within General, Administrative and Store Operating Expenses in the Consolidated Statements of Income as it was earned.

During 2025, the Company made payments totaling $5 million related to the contingent payment based on Adore Me’s EBITDA and net revenue results compared to specified targets applicable to the two-year period following the close of the transaction. The payments made during 2025 were comprised of $4 million classified as financing cash outflows and $1 million of Contingent Compensation Payments classified as operating cash outflows in the Consolidated Statement of Cash Flows. The Contingent Compensation Payments were recognized as compensation expense within General, Administrative and Store Operating Expenses in the Consolidated Statements of Income as they were earned.

Fair Value

The authoritative guidance included in ASC 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. This authoritative guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1—Quoted market prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The Company estimates the fair value of financial instruments, property and equipment, goodwill, trade names, other intangible assets and contingent consideration in accordance with the provisions of ASC 820. The recorded amounts for cash and cash equivalents, accounts receivable, prepaid expenses, other current assets and current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are also recognized for realizable operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the Consolidated Statement of Income in the period that includes the enactment date. The Company treats the global intangible low-taxed income provision as a current period expense. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized.

In determining the Company’s provision for income taxes, the Company considers permanent differences between book and tax income and statutory income tax rates. The Company’s effective income tax rate is affected by items including changes in tax law, the tax jurisdiction of new stores or business ventures and the level of earnings.

The Company follows a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and for which actual outcomes may differ from forecasted outcomes. The Company’s policy is to include interest and penalties related to uncertain tax positions in income tax expense.

The Company’s income tax returns, like those of most companies, are periodically audited by domestic and foreign tax authorities. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income among various tax jurisdictions. At any one time, multiple tax years are subject to audit by various tax authorities. A number of years may elapse before a particular matter for which the Company has established an accrual is audited and fully resolved or clarified. The Company adjusts its tax contingencies accrual and income tax provision in the period in which matters are effectively settled with tax authorities at amounts different from its established accrual, when the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. The Company includes its tax contingencies accrual, including accrued penalties and interest, in Other Long-term Liabilities on the Consolidated Balance Sheets unless the liability is expected to be paid within one year. Changes to the tax contingencies accrual, including accrued penalties and interest, are included in Provision for Income Taxes on the Consolidated Statements of Income.

Self-Insurance

The Company is self-insured for medical, workers’ compensation, property, general liability and automobile liability up to certain stop-loss limits. Such costs are accrued based on known claims and an estimate of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates.

Equity Method Investments

The Company accounts for investments in unconsolidated entities where it exercises significant influence, but does not have control, using the equity method. Under the equity method of accounting, the Company recognizes its share of the investee's net income or loss. Losses are only recognized to the extent the Company has positive carrying value related to the investee. Carrying values are only reduced below zero if the Company has an obligation to provide funding to the investee. The Company’s share of net income or loss of unconsolidated entities from which the Company purchases merchandise or merchandise components is included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income, and the Company’s share of net income or loss from all other unconsolidated entities is included in General, Administrative and Store Operating Expenses in the Consolidated Statements of Income. The Company’s equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value.

In the fourth quarter of 2024, due to recent and forecasted operating losses by certain equity method investments and strategic business decisions by management, the Company determined there may be an other-than-temporary loss in value for those investments. As a result of the other-than-temporary loss indicators, the Company utilized the income approach to review those investments for impairment. The income approach estimates fair value based on the estimated discounted future cash flows of the equity method investment, which are considered non-recurring Level 3 inputs in accordance with ASC 820, Fair Value Measurement. The Company determined the fair values were less than the carrying values for those equity method investments and, as a result, impairment charges of $19 million were recorded in the fourth quarter of 2024 and are included in Costs of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statement of Income.

The total carrying value of equity method investments was $53 million and $47 million as of January 31, 2026 and February 1, 2025, respectively. These investments are recorded in Other Assets on the Consolidated Balance Sheets.

Noncontrolling Interest

The Company accounts for investments in entities where it has control over the entity by consolidating the entities’ assets, liabilities and results of operations and including them in the Company’s Consolidated Financial Statements. The share of the investment not owned by the Company is reflected in Noncontrolling Interest in the Consolidated Balance Sheets. The Company recognizes the share of net income or loss not attributable to the Company in Net Income Attributable to Noncontrolling Interest in the Consolidated Statements of Income. Noncontrolling interest represents the portion of equity interests in a joint venture that operates the business in China that is not owned by the Company.

Share-based Compensation

The Company recognizes all share-based payments to employees and directors as compensation cost over the service period based on their estimated fair value on the date of grant. The Company estimates award forfeitures at the time awards are granted and adjusts, if necessary, in subsequent periods based on historical experience and expected future forfeitures.

Compensation cost is recognized over the service period for the fair value of awards that actually vest. Compensation expense for awards without a performance condition or a graded vesting schedule is recognized, net of estimated forfeitures, using a single award approach (each award is valued as one grant). Compensation expense for awards with a performance condition or a graded vesting schedule is recognized, net of estimated forfeitures, using a multiple award approach (each vesting tranche is valued as one grant).

Revenue Recognition

The Company recognizes revenue based on the amount it expects to receive when control of the goods or services is transferred to the customer. The Company recognizes sales upon customer receipt of merchandise, which, for direct channel revenues, reflect an estimate of shipments that have not yet been received by the customer based on shipping terms and historical delivery times. The Company’s shipping and handling revenues are included in Net Sales with the related costs included in Costs of Goods Sold, Buying and Occupancy in the Consolidated Statements of Income. The Company also provides a reserve for projected merchandise returns based on historical experience. Net Sales exclude sales and other similar taxes collected from customers.

The Company offers certain loyalty programs that allow customers to earn points based on purchasing activity. As customers accumulate points and reach point thresholds, they can use the points to purchase merchandise in stores or online. The Company allocates revenue to points earned on qualifying purchases and defers recognition until the points are redeemed. The amount of revenue deferred is based on the relative stand-alone selling price method, which includes an estimate for the value of points redeemed and an estimate for points not expected to be redeemed based on historical experience.

The Company sells gift cards with no expiration date and does not charge administrative fees on unused gift cards. The Company recognizes revenue from gift cards when they are redeemed by the customer. In addition, the Company recognizes revenue on unredeemed gift cards when it is probable that a significant revenue reversal will not occur in the future (“gift card breakage”). Gift card breakage revenue is recognized in proportion, and over the same period, as actual gift card redemptions. The Company determines the gift card breakage rate estimate based on historical redemption patterns and reviews the breakage rate periodically throughout the year. Gift card breakage is included in Net Sales in the Consolidated Statements of Income.

Revenue earned in connection with the Company’s credit card arrangements is primarily recognized based on credit card sales and usage and is included in Net Sales in the Consolidated Statements of Income.

The Company also recognizes revenues associated with franchise, license, wholesale and sourcing arrangements. Revenue recognized under franchise and license arrangements generally consists of royalties earned and recognized upon sale of merchandise by franchise and license partners to retail customers. Revenue is generally recognized under wholesale and sourcing arrangements at the time title of the merchandise passes to the partner.

Costs of Goods Sold, Buying and Occupancy

The Company’s costs of goods sold include merchandise costs, net of discounts and allowances, freight, duty and inventory shrinkage. The Company’s buying and occupancy expenses primarily include payroll, benefit costs and operating expenses for its buying departments and distribution network, as well as rent, common area maintenance, real estate taxes, utilities, maintenance, fulfillment expenses and depreciation for the Company’s stores, warehouse facilities and equipment.

General, Administrative and Store Operating Expenses

The Company’s general, administrative and store operating expenses primarily include payroll and benefit costs for its store-selling and administrative departments (including corporate functions), marketing, advertising, credit card interchange fees and other operating expenses not specifically categorized elsewhere in the Consolidated Statements of Income.

In January 2026, the Company entered into a settlement agreement to resolve a credit card interchange fee litigation matter in which it was a plaintiff. As a result, the Company received a lump-sum cash payment and recorded a gain of $69 million, net of related administrative expenses, in General, Administrative and Store Operating Expenses in the 2025 Consolidated Statement of Income.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the related disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from those estimates, and the Company revises its estimates and assumptions as new information becomes available.

Recently Issued Accounting and Reporting Pronouncements

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision-usefulness of income tax disclosures, primarily by requiring enhanced disclosure for income taxes paid and the effective tax rate reconciliation. This standard is effective for annual reporting periods beginning in fiscal year 2025. The Company adopted this standard effective for its fiscal year 2025 Annual Report on Form 10-K on a retrospective basis and has included the required disclosures in Note 10, “Income Taxes.”

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for annual reporting periods beginning in fiscal year 2027 and for interim periods beginning in fiscal year 2028, with early adoption permitted. The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adopting this standard on its disclosures.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for internal-use software costs, primarily by removing references to project stages from capitalization criteria and further clarifying the threshold entities apply to begin capitalizing costs. This standard will be effective for interim and annual reporting periods beginning in fiscal year 2028, with early adoption permitted. This standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impacts of adopting this standard on its consolidated financial statements and related disclosures.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Operating Activities:
Net Income	$ 189	$ 169	$ 116
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	238	258	284
Adore Me Long-Lived Assets Impairment Charges	120	0	0
Share-based Compensation Expense	55	60	56
Deferred Income Taxes	(49)	(29)	(16)
Payments for Contingent Compensation related to Adore Me Acquisition	1	39	0
Equity Method Investment Impairment Charges	0	19	0
Gain on Sale of Assets	0	(7)	0
Amortization of Fair Value Adjustment to Acquired Inventories	0	0	29
Changes in Assets and Liabilities:
Accounts Receivable	(24)	(8)	(13)
Inventories	(112)	29	36
Accounts Payable, Accrued Expenses and Other	114	(78)	(11)
Income Taxes	15	14	(26)
Other Assets and Liabilities	(46)	37	(66)
Net Cash Provided by Operating Activities	499	425	389
Investing Activities:
Capital Expenditures	(187)	(178)	(256)
Proceeds from Sale of Assets	0	25	0
Acquisition, Net of Cash Acquired	0	0	1
Other Investing Activities	3	0	1
Net Cash Used for Investing Activities	(184)	(153)	(254)
Financing Activities:
Repayments of Borrowings from Asset-based Revolving Credit Facility	(545)	(605)	(615)
Borrowings from Asset-based Revolving Credit Facility	545	460	465
Tax Payments related to Share-based Awards	(15)	(10)	(12)
Payments for Contingent and Deferred Consideration related to Adore Me Acquisition	(4)	(161)	0
Proceeds from Stock Option Exercises	4	5	3
Payments of Long-term Debt	(4)	(4)	(4)
Repurchases of Common Stock	0	0	(125)
Other Financing Activities	(5)	0	(3)
Net Cash Used for Financing Activities	(24)	(315)	(291)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	0	0	(1)
Net Increase (Decrease) in Cash and Cash Equivalents	291	(43)	(157)
Cash and Cash Equivalents, Beginning of Period	227	270	427
Cash and Cash Equivalents, End of Period	$ 518	$ 227	$ 270

Segment Information (Details) - Reportable Segment - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 2,399	$ 2,279
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	2,211	2,136
Non-US
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived Assets	$ 188	$ 143

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2026	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 107	$ 107	$ 136
Unrecognized tax benefits resulting in reduction of effective income tax rate	10	10	40	$ 35
Interest and penalties related to unrecognized tax benefits of income tax expense		1	2	$ 2
Unrecognized tax benefits, income tax penalties and interest accrued	5	$ 5	5
China
Operating Loss Carryforwards [Line Items]
Release of valuation allowance	$ 24
Deferred income tax assets, valuation allowance, term of joint venture performance	3 years	3 years
Loss Carryforwards
Operating Loss Carryforwards [Line Items]
Deferred tax assets, gross	$ 113	$ 113	$ 120
Operating Loss Carryforwards Expiration Year, Unlimited
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 32	$ 32

Long-term Debt and Borrowing Facilities - Narrative (Details) $ in Millions			1 Months Ended		12 Months Ended
	May 08, 2023	Aug. 02, 2021 USD ($)	Dec. 31, 2025	May 31, 2025 USD ($)	Jan. 31, 2026 USD ($)	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)	Jul. 31, 2021 USD ($)
Interest paid					$ 66	$ 77	$ 87
Borrowings from asset-based revolving credit facility					$ 545	460	465
$383 million Term Loan due August 2028 (“Term Loan Facility”) \| Term Loan
Interest rate					6.49%
Term loan B credit facility		$ 400
Debt instrument, periodic principal payment, percent		0.0025
Debt instrument, periodic principal payment					$ 4	4	4
$383 million Term Loan due August 2028 (“Term Loan Facility”) \| Base Rate \| Term Loan
Basis spread on variable rate		2.25%	1.75%
$383 million Term Loan due August 2028 (“Term Loan Facility”) \| Secured Overnight Financing Rate (SOFR) \| Term Loan
Basis spread on variable rate			2.75%
$383 million Term Loan due August 2028 (“Term Loan Facility”) \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Term Loan
Basis spread on variable rate	3.36%
$383 million Term Loan due August 2028 (“Term Loan Facility”) \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Term Loan
Basis spread on variable rate	3.68%
Revolving Credit Expiring August 2026 \| Revolving Credit Facility
Line of credit facility, maximum borrowing capacity		$ 750
Borrowings from asset-based revolving credit facility					545	460	465
Repayments of long-term lines of credit					545	$ 605	$ 615
Line of credit facility, remaining borrowing capacity					589
Revolving Credit Expiring August 2026 \| Revolving Credit Expiring August 2026
Long-term line of credit					0
Revolving Credit Expiring August 2026 \| Minimum \| Revolving Credit Facility
Basis spread on variable rate	1.60%
Line of credit facility, unused capacity, commitment fee percentage		0.25%
Revolving Credit Expiring August 2026 \| Maximum \| Revolving Credit Facility
Line of credit facility, unused capacity, commitment fee percentage		0.30%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate		1.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| LIBOR and CDOR Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate		2.00%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate		0.50%
Revolving Credit Expiring August 2026 \| Average Daily Excess Availability \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate		1.00%
Revolving Credit Expiring August 2026 \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Revolving Credit Facility
Basis spread on variable rate	2.10%
Revolving Credit Expiring August 2026 \| Letter of Credit
Long-term line of credit					17
Amended ABL Facility \| Revolving Credit Facility
Debt Instrument, Term, Prior To Maturity Date Of Certain Indebtedness				91 days
Long Term Debt, Certain Outstanding Material Indebtedness				$ 50
Amended ABL Facility \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate				50.00%
Amended ABL Facility \| Alternate Base Rate Loans and Canadian Base Rate Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate				75.00%
Amended ABL Facility \| Term SOFR And Term CORRA Loans \| Minimum \| Revolving Credit Facility
Basis spread on variable rate				150.00%
Amended ABL Facility \| Term SOFR And Term CORRA Loans \| Maximum \| Revolving Credit Facility
Basis spread on variable rate				175.00%
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)
Debt instrument, face amount					$ 600			$ 600
Interest rate					4.625%			4.625%
With Subsidiary Guarantee \| $383 million Term Loan due August 2028 (“Term Loan Facility”)
Debt instrument, face amount					$ 383

Shareholders' Equity - Schedule of Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 11, 2023
Equity, Class of Treasury Stock [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 126
January 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share Repurchase Program, Authorized, Amount		$ 250
Repurchase of Common Stock (in shares)	3,652
Treasury Stock, Value, Acquired, Cost Method	$ 125
Shares Acquired, Average Cost Per Share	$ 34.22

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding, beginning of year	$ 181	$ 183
Payment obligations financed during the year	1,149	1,067
Financed payment obligations paid during the year	(1,093)	(1,069)
Obligations outstanding, end of year	$ 237	$ 181
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable	Accounts Payable

Long-Lived Assets

12 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Long-Lived Assets

The following table provides details of Property and Equipment, Net as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Land and Improvements	$	27	$	28
Buildings and Improvements	209		219
Furniture, Fixtures, Software and Equipment	1,997		2,225
Leasehold Improvements	997		1,004
Construction in Progress	31		27
Total	3,261		3,503
Accumulated Depreciation and Amortization	(2,530)		(2,729)
Property and Equipment, Net	$	731	$	774

Depreciation expense was $212 million in 2025, $226 million in 2024 and $259 million in 2023.

In 2024, the Company completed the sale of certain non-store corporate-related assets with an aggregate carrying value of $18 million. The net cash proceeds from the sale of these assets were $25 million and resulted in a gain of $7 million in Cost of Goods Sold, Buying and Occupancy in the 2024 Consolidated Statement of Income.

Share-based Compensation

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Plan Summary

In 2021, the Board approved the Company’s 2021 Stock Option and Performance Incentive Plan (“2021 Plan”). In 2024, the Company’s stockholders approved an amendment to the 2021 Plan to increase the number of shares available for issuance under the plan by 5 million shares. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted share units, performance share units, unrestricted shares, converted awards, replacement awards and substitute awards.

Under the amended 2021 Plan, 15 million options, restricted shares and unrestricted shares have been authorized to be granted to employees and directors. There were 6 million options and shares available for grant as of January 31, 2026.

Income Statement Impact

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	19	$	20	$	17
General, Administrative and Store Operating Expenses	36		40		39
Total Share-based Compensation Expense	$	55	$	60	$	56

The tax benefit associated with recognized share-based compensation expense was $8 million for 2025, $11 million for 2024 and $9 million for 2023.

Restricted Stock

Restricted stock, including restricted stock units and performance share units, generally vests (the restrictions lapse) on a graded basis over a three-year period or at the end of a three-year period. The fair value of restricted stock awards is generally based on the market value of an unrestricted share on the grant date adjusted for anticipated dividend yields, if applicable.

During 2025, 2024 and 2023, the Company granted certain performance share unit awards that include a specified market condition which determines, in part, the number of shares that vest under the award. The market condition compares the Company’s total shareholder return over the performance period to that of a designated peer group. The performance share unit awards were valued using a Monte Carlo simulation model, which requires certain assumptions, including a risk-free interest rate, which was 4.0% for 2025, 4.5% for 2024 and 4.0% for 2023, and expected volatility, which was 62.5% for 2025, 45.4% for 2024 and 47.1% for 2023. The risk-free interest rate assumption is based on U.S. treasury constant maturity yields on the grant date with a term corresponding to the length of the remaining performance period. The expected volatility assumption is based on the historical volatility of the Company’s common stock corresponding to the length of the performance period of the award. There was no dividend yield utilized in the Monte Carlo simulation model as the Company has not paid any cash dividends since becoming an independent, publicly traded company.

The following table provides the Company’s restricted stock activity for the fiscal year ended January 31, 2026:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested as of February 1, 2025	5,655	$	25.03
Granted	3,399	21.50

Vested	(2,020)	27.17
Cancelled	(1,462)	25.63
Unvested as of January 31, 2026	5,572	$	21.88

The weighted-average estimated fair value of restricted stock awards granted was $21.50 per share for 2025, $19.05 per share for 2024 and $28.60 per share for 2023.

The Company’s total intrinsic value of restricted stock awards that vested was $44 million for 2025, $30 million for 2024 and $35 million for 2023. The Company’s total fair value at grant date of restricted stock awards that vested was $55 million for 2025, $52 million for 2024 and $44 million for 2023. The tax benefit realized from tax deductions associated with restricted stock awards that vested was $8 million for 2025, $6 million for 2024 and $7 million for 2023.

As of January 31, 2026, there was $46 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.6 years.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We maintain a robust cybersecurity risk management program intended to assess, identify and manage material risks from cybersecurity threats, which encompasses the following key components. Risk Assessment We regularly conduct comprehensive cybersecurity risk assessments to identify vulnerabilities, threats and potential impacts on our business operations and stakeholders. We actively monitor and gather threat intelligence to stay informed about emerging cyber threats and vulnerabilities relevant to our industry and operations. We engage independent third-party assessors for periodic cybersecurity program assessments against industry accepted frameworks and to perform technical penetration assessments. We assess ourselves against the Center for Internet Security Top 18 controls framework, the National Institute of Standards and Technology Cybersecurity Framework, the Payment Card Industry Data Security Standard and management-defined technology controls to support our internal controls over financial reporting. Incident Detection and Response We have established procedures for monitoring network activities, detecting anomalies and responding to cybersecurity incidents promptly. We engage a specialized managed services firm to provide continuous monitoring and an initial level of incident response. We work with a leading cyber forensics firm to provide incident response services as needed. Our incident response and escalation procedures are documented and intended to facilitate prompt and thorough resolution of cybersecurity threats and incidents. Our core incident response and extended incident response teams are cross-functional and include leaders across technology, legal, finance, asset protection, customer care, human resources, stores operations and communications. Protocols to notify our executive leadership team and Board are in place based on the severity of the incident. Third-party Risk In addition to our own systems, we use third-party service providers to store, transmit and process certain information on our behalf. Third-party risk management is embedded in our cybersecurity risk management function. We leverage an independent cybersecurity assessment exchange service to gather information and provide real-time threat monitoring of our most critical third parties. We regularly review cybersecurity assessment reports and certifications from our third parties. Our standard contract terms also require third parties to maintain a standard level of security and controls.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a robust cybersecurity risk management program intended to assess, identify and manage material risks from cybersecurity threats, which encompasses the following key components.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity risk management processes are integrated into our overall enterprise risk management function. Our Board understands the critical nature of managing risks associated with cybersecurity threats. The Board has established robust oversight mechanisms to provide effective oversight of risks associated with cybersecurity. Board of Directors Oversight The Audit Committee has been delegated the primary responsibility for the Board’s oversight of cybersecurity risks. Executive summaries of our internal risk assessments, program initiatives, regulatory compliance and incident summaries are shared with our Audit Committee on a quarterly basis, with additional updates as needed. Our third-party assessment and audit results, which are performed on an annual basis, and associated remediation plans are also shared with our Audit Committee. Additionally, our Internal Audit function independently conducts periodic reviews of our cybersecurity controls and reports the results of those reviews to the Audit Committee. The Audit Committee reports to the Board on cybersecurity risk oversight at least annually. Management’s Role in Managing Cybersecurity Risk Our management team, including our Chief Information Officer (“CIO”) and Chief Information Security Officer (“CISO”), is responsible for assessing, monitoring, and managing our material risks from cybersecurity threats and for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and relationships with retained external cybersecurity consultants. Our CISO has over 25 years of security experience in executive leadership, operations, incident response, and consulting in various industries including retail, technology and healthcare, as well as support of Federal government agencies and intelligence. Our CIO’s experience includes decades of work experience in the information technology and cybersecurity fields in various industries, including the retail industry. We have a structured process to identify and oversee material cybersecurity risks. We maintain a robust set of cybersecurity policies that set the standards and expectations for our associates, contractors and vendors to follow, conduct cybersecurity education and training programs for our associates and maintain cybersecurity insurance coverage. We report cybersecurity metrics quarterly to our technology leadership, including our CIO and CISO, and our Enterprise Risk Management team. We have an Executive Risk Council, comprised of executive leadership across the business, which is briefed quarterly on the latest cybersecurity threats impacting our business, and the progress of recent and ongoing cybersecurity program initiatives, incidents and risk assessments. The Executive Risk Council provides input as needed to strengthen our cybersecurity controls and risk management. We do not believe that any risks we have identified from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. For additional information regarding cybersecurity risks we are subject to, refer to “Item 1A. Risk Factors” in this Annual Report on Form 10-K.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee has been delegated the primary responsibility for the Board’s oversight of cybersecurity risks. Executive summaries of our internal risk assessments, program initiatives, regulatory compliance and incident summaries are shared with our Audit Committee on a quarterly basis, with additional updates as needed. Our third-party assessment and audit results, which are performed on an annual basis, and associated remediation plans are also shared with our Audit Committee. Additionally, our Internal Audit function independently conducts periodic reviews of our cybersecurity controls and reports the results of those reviews to the Audit Committee. The Audit Committee reports to the Board on cybersecurity risk oversight at least annually.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	We have a structured process to identify and oversee material cybersecurity risks. We maintain a robust set of cybersecurity policies that set the standards and expectations for our associates, contractors and vendors to follow, conduct cybersecurity education and training programs for our associates and maintain cybersecurity insurance coverage. We report cybersecurity metrics quarterly to our technology leadership, including our CIO and CISO, and our Enterprise Risk Management team. We have an Executive Risk Council, comprised of executive leadership across the business, which is briefed quarterly on the latest cybersecurity threats impacting our business, and the progress of recent and ongoing cybersecurity program initiatives, incidents and risk assessments. The Executive Risk Council provides input as needed to strengthen our cybersecurity controls and risk management.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our Chief Information Officer (“CIO”) and Chief Information Security Officer (“CISO”), is responsible for assessing, monitoring, and managing our material risks from cybersecurity threats and for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and relationships with retained external cybersecurity consultants. Our CISO has over 25 years of security experience in executive leadership, operations, incident response, and consulting in various industries including retail, technology and healthcare, as well as support of Federal government agencies and intelligence. Our CIO’s experience includes decades of work experience in the information technology and cybersecurity fields in various industries, including the retail industry. We have a structured process to identify and oversee material cybersecurity risks. We maintain a robust set of cybersecurity policies that set the standards and expectations for our associates, contractors and vendors to follow, conduct cybersecurity education and training programs for our associates and maintain cybersecurity insurance coverage. We report cybersecurity metrics quarterly to our technology leadership, including our CIO and CISO, and our Enterprise Risk Management team. We have an Executive Risk Council, comprised of executive leadership across the business, which is briefed quarterly on the latest cybersecurity threats impacting our business, and the progress of recent and ongoing cybersecurity program initiatives, incidents and risk assessments. The Executive Risk Council provides input as needed to strengthen our cybersecurity controls and risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee has been delegated the primary responsibility for the Board’s oversight of cybersecurity risks. Executive summaries of our internal risk assessments, program initiatives, regulatory compliance and incident summaries are shared with our Audit Committee on a quarterly basis, with additional updates as needed. Our third-party assessment and audit results, which are performed on an annual basis, and associated remediation plans are also shared with our Audit Committee. Additionally, our Internal Audit function independently conducts periodic reviews of our cybersecurity controls and reports the results of those reviews to the Audit Committee. The Audit Committee reports to the Board on cybersecurity risk oversight at least annually. Management’s Role in Managing Cybersecurity Risk Our management team, including our Chief Information Officer (“CIO”) and Chief Information Security Officer (“CISO”), is responsible for assessing, monitoring, and managing our material risks from cybersecurity threats and for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and relationships with retained external cybersecurity consultants. Our CISO has over 25 years of security experience in executive leadership, operations, incident response, and consulting in various industries including retail, technology and healthcare, as well as support of Federal government agencies and intelligence. Our CIO’s experience includes decades of work experience in the information technology and cybersecurity fields in various industries, including the retail industry. We have a structured process to identify and oversee material cybersecurity risks. We maintain a robust set of cybersecurity policies that set the standards and expectations for our associates, contractors and vendors to follow, conduct cybersecurity education and training programs for our associates and maintain cybersecurity insurance coverage. We report cybersecurity metrics quarterly to our technology leadership, including our CIO and CISO, and our Enterprise Risk Management team. We have an Executive Risk Council, comprised of executive leadership across the business, which is briefed quarterly on the latest cybersecurity threats impacting our business, and the progress of recent and ongoing cybersecurity program initiatives, incidents and risk assessments. The Executive Risk Council provides input as needed to strengthen our cybersecurity controls and risk management.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 25 years of security experience in executive leadership, operations, incident response, and consulting in various industries including retail, technology and healthcare, as well as support of Federal government agencies and intelligence. Our CIO’s experience includes decades of work experience in the information technology and cybersecurity fields in various industries, including the retail industry.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have a structured process to identify and oversee material cybersecurity risks. We maintain a robust set of cybersecurity policies that set the standards and expectations for our associates, contractors and vendors to follow, conduct cybersecurity education and training programs for our associates and maintain cybersecurity insurance coverage. We report cybersecurity metrics quarterly to our technology leadership, including our CIO and CISO, and our Enterprise Risk Management team. We have an Executive Risk Council, comprised of executive leadership across the business, which is briefed quarterly on the latest cybersecurity threats impacting our business, and the progress of recent and ongoing cybersecurity program initiatives, incidents and risk assessments. The Executive Risk Council provides input as needed to strengthen our cybersecurity controls and risk management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Shareholders' Equity (Tables)

12 Months Ended

Jan. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule Of Repurchase Of Common Stock

The Company repurchased the following shares of its common stock under the January 2023 Share Repurchase Program during 2023:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
January 2023 Share Repurchase Program	$	250	3,652	$	125	$	34.22

Inventories (Tables)

12 Months Ended

Jan. 31, 2026

Inventory, Net [Abstract]

Summary of Inventories

The following table provides details of Inventories as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Finished Goods Merchandise	$	1,013	$	901
Raw Materials and Merchandise Components	58		54
Total Inventories	$	1,071	$	955

Long-term Debt and Borrowing Facilities (Tables)

12 Months Ended

Jan. 31, 2026

Long-Term Debt, by Current and Noncurrent [Abstract]

Schedule of Long-term Debt Instruments

The following table provides the Company’s outstanding Long-term Debt balance, net of unamortized debt issuance costs and discounts and any current portion, as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$383 million Term Loan due August 2028 (“Term Loan Facility”)	$	379	$	382
Asset-based Revolving Credit Facility due May 2030 (“ABL Facility”)	—		—
Total Senior Secured Debt with Subsidiary Guarantee	379		382
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	596		595
Total Senior Debt with Subsidiary Guarantee	596		595
Total	975		977
Current Debt	(4)		(4)
Total Long-term Debt, Net of Current Portion	$	971	$	973

Schedule of Principal Payments Due on Long-term Debt

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2026	$	4
2027	4
2028	375
2029	600
2030	—
Thereafter	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Operating Lease Costs	$	414	$	410	$	393
Variable Lease Costs	102		90		92
Short-term Lease Costs	11		13		14
Total Lease Cost	$	527	$	513	$	499

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of January 31, 2026:


Fiscal Year	(in millions)
2026	$	411
2027	357
2028	305
2029	268
2030	250
Thereafter	801
Total Lease Payments	$	2,392
Less: Interest	(521)
Present Value of Operating Lease Liabilities	$	1,871

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 31, 2026 and February 1, 2025:


	January 31, 2026	February 1, 2025
Weighted-Average Remaining Lease Term (years)	7.2	7.2
Weighted-Average Discount Rate	6.8%	6.8%

Long-Lived Assets (Tables)

12 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides details of Property and Equipment, Net as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Land and Improvements	$	27	$	28
Buildings and Improvements	209		219
Furniture, Fixtures, Software and Equipment	1,997		2,225
Leasehold Improvements	997		1,004
Construction in Progress	31		27
Total	3,261		3,503
Accumulated Depreciation and Amortization	(2,530)		(2,729)
Property and Equipment, Net	$	731	$	774

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 55	$ 60	$ 56
Costs of Goods Sold, Buying and Occupancy
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	19	20	17
General, Administrative and Store Operating Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 36	$ 40	$ 39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition

12 Months Ended

Jan. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Accounts receivable, net from revenue-generating activities were $137 million as of January 31, 2026 and $112 million as of February 1, 2025. Accounts receivable primarily relate to amounts due from the Company’s franchise, license and wholesale partners. Under these arrangements, payment terms are typically 60 to 90 days.

The Company records deferred revenue when cash payments are received in advance of transfer of control of goods or services. Deferred revenue primarily relates to gift cards, merchandise credits, loyalty and credit card programs and direct channel shipments, which are all impacted by seasonal and holiday-related sales patterns. Deferred revenue was $257 million as of January 31, 2026 and $269 million as of February 1, 2025. The Company recognized $135 million as revenue in 2025 from amounts recorded as deferred revenue at the beginning of the period. As of January 31, 2026, the Company recorded deferred revenue of $248 million within Accrued Expenses and Other, and $9 million within Other Long-term Liabilities on the Consolidated Balance Sheet.

The following table provides a disaggregation of Net Sales for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Stores — North America	$	3,544	$	3,428	$	3,480
Direct	2,042		2,042		2,015
International (a)	967		760		687
Total Net Sales	$	6,553	$	6,230	$	6,182

_______________

(a)Results include consolidated joint venture sales in China, royalties associated with franchise partner sales, wholesale sales, and beginning in the third quarter of 2025 direct sales in the European Union. Prior to the third quarter of 2025, direct sales in the European Union are reported in the Direct channel. Direct sales in the European Union reported in the International channel were $44 million in 2025.

The Company has a Victoria’s Secret and PINK multi-tender loyalty program, a co-branded credit card and a U.S. private label credit card through which customers can earn points on purchases of Victoria’s Secret and PINK product and through the co-branded credit card can earn points on purchases outside of the Company. A third-party financing company is the sole owner of the credit card accounts and underwrites the credit issued under the credit card programs. Revenue earned in connection with the Company’s credit card arrangements with the third-party is primarily recognized based on credit card sales and usage.

The Company recognized Net Sales of $80 million, $75 million and $95 million for 2025, 2024 and 2023, respectively, related to revenue earned in connection with its credit card arrangements.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Depreciable Life Range of Property Plant and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Supplier Finance Program


	2025		2024
	(in millions)
Obligations outstanding, beginning of year	$	181	$	183
Payment obligations financed during the year	1,149		1,067
Financed payment obligations paid during the year	(1,093)		(1,069)
Obligations outstanding, end of year	$	237	$	181

Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Fair Value Measurements [Abstract]

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Principal Value	$	983	$	987
Fair Value, Estimated (a)	971		940

________________

(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Liabilities Measured on Recurring Basis

The following table provides a summary of the Company’s contingent consideration recognized at fair value related to the Adore Me acquisition as of January 31, 2026, February 1, 2025 and February 3, 2024 (in millions):


Balance Sheet Location	Measurement Level	January 31, 2026		February 1, 2025		February 3, 2024
Accrued Expenses and Other	Level 3	$	—	$	—	$	74
Other Long-term Liabilities	Level 3	—		—		18

The estimated fair value of the contingent consideration related to the Adore Me acquisition was valued using a Scenario-Based method and a Monte Carlo simulation prior to the final amounts being paid. This method utilized inputs including discount rates, estimated probability of achievement of certain milestones, forecasted revenues, forecasted EBITDA and volatility rates. These are considered Level 3 inputs in accordance with ASC 820, Fair Value Measurement. Changes in the fair value of the contingent consideration were recorded within General, Administrative and Store Operating Expenses on the Consolidated Statements of Income. For additional information regarding the contingent consideration, see

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2026 USD ($) store country	Feb. 01, 2025 USD ($)	Jan. 31, 2026 USD ($) store country	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)
Spinoff Transactions [Line Items]
Number of countries in which entity operates (more than) \| country	70		70
Maturity of short term investments, maximum, in days			90 days
Lessee, operating lease, term of contract	10 years		10 years
Gain from litigation settlement	$ 69
Payments for contingent and deferred consideration related to adore me acquisition			$ 4	$ 161	$ 0
Payments for Contingent Compensation related to Adore Me Acquisition			1	39	0
Equity method investment, impairment charges		$ 19	0	19	$ 0
Equity method investment carrying value	$ 53	$ 47	$ 53	$ 47
Victoria's Secret China
Spinoff Transactions [Line Items]
Ownership control over joint venture (percent)	51.00%		51.00%
Adore Me
Spinoff Transactions [Line Items]
Term for measurement of objectives after close of transaction				2 years
Payment of contingent consideration liability			$ 5	$ 200
Payment of contingent consideration, future fixed payment liability				100
Business combination, contingent consideration, milestone payment				100
Payments for contingent and deferred consideration related to adore me acquisition			4	161
Payments for Contingent Compensation related to Adore Me Acquisition			$ 1	$ 39
Sales Channel, Directly
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	860		860
Sales Channel, Through Intermediary
Spinoff Transactions [Line Items]
Number of stores (more than) \| store	560		560

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Tax Disclosure [Abstract]
U.S.	$ 65	$ 129	$ 35
Non-U.S.	143	92	112
Income Before Income Taxes	$ 208	$ 221	$ 147

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Federal, after Refund Received	$ 58	$ 26	$ 36
Income Tax Paid, State and Local, after Refund Received	9	12	12
Income Taxes Paid, Net	87	54	74
Hong Kong
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Foreign, after Refund Received	3	2	11
Other Foreign Jurisdictions
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Foreign, after Refund Received	$ 17	$ 14	$ 15

Shareholders' Equity

12 Months Ended

Jan. 31, 2026

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Rights Plan

In May 2025, the Board approved the adoption of a limited-duration shareholder rights plan (“Rights Plan”) intended to protect the best interests of all Company stockholders. Pursuant to the Rights Plan, the Company issued one right for each share of common stock as of the close of business on May 29, 2025. The rights will initially trade with the Company’s common stock and will generally become exercisable only if any person (or any persons acting as a group under applicable securities laws) acquires 15% (or 20% for certain passive investors) or more of the outstanding common stock (the “triggering percentage”). If the rights become exercisable, all holders of rights (other than any triggering person) will be entitled to acquire shares of common stock at a 50% discount or the Company may exchange each right held by such holders for one share of common stock (subject to adjustment). Under the Rights Plan, any person that owns more than the triggering percentage as of the adoption of the Rights Plan may continue to own its shares of common stock but may not acquire any additional shares without triggering the Rights Plan. The Rights Plan has a one-year term, expiring at the close of business on May 18, 2026. The Board may consider an earlier termination of the Rights Plan as circumstances warrant.

March 2024 Share Repurchase Program

In March 2024, the Board approved the March 2024 Share Repurchase Program, authorizing the repurchase of up to $250 million of the Company’s common stock, subject to market conditions and other factors, through open market, accelerated share repurchase or privately negotiated transactions, including pursuant to one or more Rule 10b5-1 trading plans. The March 2024 Share Repurchase Program is open-ended in term and will continue until exhausted.

The Company has not repurchased any shares of its common stock under the March 2024 Share Repurchase Program.

January 2023 Share Repurchase Program

In January 2023, the Board approved a share repurchase program (“January 2023 Share Repurchase Program”), authorizing the repurchase of up to $250 million of the Company’s common stock. The authorization, which expired at the end of 2023, was utilized in 2023 to repurchase shares in the open market and under the accelerated share repurchase agreement described below.

In February 2023, as part of the January 2023 Share Repurchase Program, the Company entered into an accelerated share repurchase agreement (“ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $125 million of the Company’s common stock. In February 2023, the Company made an initial payment of $125 million to Goldman Sachs and received an initial delivery of 2.4 million shares of the Company’s common stock. As a result of the initial share delivery, there was an additional $1 million increase in Treasury Stock, which reflects the excise tax liability recorded related to the share repurchase in accordance with the Inflation Reduction Act of 2022.

In May 2023, upon final settlement of the ASR Agreement, the Company received an additional 1.3 million shares of the Company’s common stock from Goldman Sachs. The final number of shares received was based on the volume-weighted average price of the Company’s common stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the terms of the ASR Agreement.

The Company repurchased the following shares of its common stock under the January 2023 Share Repurchase Program during 2023:


	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price
	(in millions)		(in thousands)	(in millions)
January 2023 Share Repurchase Program	$	250	3,652	$	125	$	34.22

Shares repurchased under the January 2023 Share Repurchase Program were retired upon repurchase. As a result, the Company retired the 3.7 million shares repurchased in connection with the settlement of the ASR Agreement during 2023. The retirement resulted in a reduction of $126 million in Treasury Stock, less than $1 million in the par value of Common Stock, $9 million in Paid-in Capital and $117 million in Retained Earnings during 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The following table provides the components of the Company’s Provision for Income Taxes for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Current:
U.S. Federal	$	26	$	46	$	19
U.S. State	13		17		10
Non-U.S.	29		18		18
Total	68		81		47
Deferred:
U.S. Federal	(22)		(26)		(14)
U.S. State	(6)		(6)		(2)
Non-U.S.	(21)		3		—
Total	(49)		(29)		(16)
Provision for Income Taxes	$	19	$	52	$	31

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2025, 2024 and 2023:


	2025				2024				2023
	(in millions)
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. Federal Statutory Tax Rate	$	44	21.0	%	$	46	21.0	%	$	31	21.0	%
State and Local Income Taxes, Net of Federal (1)	8		3.7	%	8		3.7	%	6		4.1	%
Foreign Tax Effects
China
Valuation Allowance Adjustments	(31)		(15.1	%)	(1)		(0.4	%)	(2)		(1.5	%)
Withholding Taxes and Other (2)	4		1.8	%	2		1.0	%	2		1.1	%
Hong Kong
Foreign Rate Differential	(3)		(1.2	%)	(3)		(1.3	%)	(3)		(2.3	%)
Nontaxable or Nondeductible Items	(6)		(2.6	%)	(8)		(3.6	%)	(10)		(6.8	%)
Minimum Tax	5		2.5	%	—		—	%	—		—	%
India
Withholding Taxes and Other (2)	4		1.8	%	3		1.0	%	1		0.5	%
Malta
Foreign Rate Differential	5		2.4	%	—		—	%	—		—	%
Nontaxable or Nondeductible Items	(11)		(5.1	%)	—		—	%	—		—	%
Tax Credit	(1)		(0.7	%)	—		—	%	—		—	%
Puerto Rico
Withholding Taxes and Other (2)	1		0.6	%	1		0.6	%	2		1.4	%
Other Foreign Jurisdictions
Withholding Taxes and Other (2)	8		3.7	%	8		3.4	%	6		3.9	%
Effect of Cross-Border Tax Laws
Net Controlled Foreign Corporation Income	4		1.8	%	2		0.9	%	4		2.4	%
Foreign-Derived Deduction Eligible Income	(4)		(1.7	%)	(3)		(1.2	%)	(2)		(1.2	%)
Tax Credits
Jobs Tax Credit	(2)		(0.7	%)	(2)		(0.7	%)	(2)		(1.1	%)
Foreign Tax Credit	(12)		(5.7	%)	(10)		(4.7	%)	(9)		(5.7	%)
Valuation Allowances	(3)		(1.5	%)	1		0.4	%	(2)		(1.1	%)
Nontaxable or Nondeductible Items
Share-based Compensation	1		0.6	%	3		1.4	%	1		0.8	%
Compensation, Other than Share-based	6		2.7	%	7		3.0	%	8		5.5	%
Income from Unconsolidated Affiliate	(1)		(0.6	%)	(2)		(0.9	%)	(2)		(1.1	%)
Other	2		1.0	%	—		—	%	1		0.6	%
Changes in Unrecognized Tax Benefits	1		0.5	%	—		—	%	1		0.9	%

Effective Tax Rate	$	19	9.2	%	$	52	23.6	%	$	31	21.4	%

(1) California, New York, Texas, Florida and New Jersey comprise the majority (more than 50%) of state and local income taxes in this category, net of federal income tax effects.

(2) Includes withholding taxes and other taxes which are not material to the effective tax rate reconciliation.

Effect of Temporary Differences that Cause Deferred Income Taxes

The following table provides the effect of temporary differences that cause deferred income taxes as of January 31, 2026 and February 1, 2025. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carryforwards at the end of the respective year.


	January 31, 2026						February 1, 2025
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	113	$	—	$	113	$	120	$	—	$	120
Leases	471		(432)		39		443		(402)		41
Deferred Revenue	42		—		42		47		—		47
Accrued Expenses	44		—		44		37		—		37
Share-based Compensation	13		—		13		14		—		14
Trade Name and Other Intangibles	—		(57)		(57)		—		(91)		(91)
Property and Equipment	—		(53)		(53)		—		(42)		(42)
Other	39		(13)		26		31		(10)		21
Valuation Allowance	(107)		—		(107)		(136)		—		(136)
Total Deferred Income Taxes	$	615	$	(555)	$	60	$	556	$	(545)	$	11

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits for U.S. federal, state and non-U.S. tax jurisdictions for 2025, 2024 and 2023, without interest and penalties:


	2025		2024		2023
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	43	$	38	$	31
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	2		9		9
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	2		—		13
Decreases to Unrecognized Tax Benefits for Prior Years	(3)		(4)		(15)
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(29)		—		—
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	(4)		—		—
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	11	$	43	$	38

Schedule of Income before Income Tax, Domestic and Foreign

The following table provides the components of Income Before Income Taxes for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
U.S.	$	65	$	129	$	35
Non-U.S.	143		92		112
Income Before Income Taxes	$	208	$	221	$	147

Schedule of Cash Flow, Supplemental Disclosures

The following table provides income taxes paid by jurisdiction for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Federal	$	58	$	26	$	36
State	9		12		12
Foreign
Hong Kong	3		2		11
Other	17		14		15
Total Income Tax Payments	$	87	$	54	$	74

Income Taxes - Effect of Temporary Differences that Cause Deferred Income Taxes (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Deferred Tax Asset and Liability [Line Items]
Deferred tax liabilities, gross	$ (555)	$ (545)
Deferred tax assets, net	60	11
Valuation Allowance	(107)	(136)
Deferred tax assets, net of valuation allowance	615	556
Loss Carryforwards
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	113	120
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	113	120
Leases
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	471	443
Deferred tax liabilities, gross	(432)	(402)
Deferred tax assets, net	39	41
Deferred Revenue
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	42	47
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	42	47
Accrued Expenses
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	44	37
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	44	37
Share-based Compensation
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	13	14
Deferred tax liabilities, gross	0	0
Deferred tax assets, net	13	14
Trade Name and Other Intangibles
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(53)	(42)
Deferred tax liability, net	53	42
Property and Equipment
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	0	0
Deferred tax liabilities, gross	(57)	(91)
Deferred tax liability, net	57	91
Other
Deferred Tax Asset and Liability [Line Items]
Deferred tax assets, gross	39	31
Deferred tax liabilities, gross	(13)	(10)
Deferred tax assets, net	26	21
Valuation Allowance
Deferred Tax Asset and Liability [Line Items]
Valuation Allowance	$ (107)	$ (136)

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Disaggregation of Revenue [Line Items]
Net Sales	$ 6,553	$ 6,230	$ 6,182
Stores — North America
Disaggregation of Revenue [Line Items]
Net Sales	3,544	3,428	3,480
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Net Sales	2,042	2,042	2,015
International
Disaggregation of Revenue [Line Items]
Net Sales	$ 967	$ 760	$ 687

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Accrued Expenses and Other

12 Months Ended

Jan. 31, 2026

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other

The following table provides additional information about the composition of Accrued Expenses and Other as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	191	$	209
Compensation, Payroll Taxes and Benefits	170		150
Accrued Freight and Other Logistics	35		36
Deferred Revenue on Loyalty and Credit Card Programs	32		33
Taxes, Other than Income	32		30
Accrued Marketing	25		25
Deferred Revenue on Direct Shipments Not Yet Delivered	25		14
Accrued Duty	24		14
Returns Reserve	17		17
Accrued Claims on Self-insured Activities	17		14
Rent	6		4
Accrued Interest	5		7


Other	94		80
Total Accrued Expenses and Other	$	673	$	633

Share-based Compensation (Tables)

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation Expense

The following table provides share-based compensation expense included in the Consolidated Statements of Income for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Costs of Goods Sold, Buying and Occupancy	$	19	$	20	$	17
General, Administrative and Store Operating Expenses	36		40		39
Total Share-based Compensation Expense	$	55	$	60	$	56

Restricted Stock Activity

The following table provides the Company’s restricted stock activity for the fiscal year ended January 31, 2026:


	Number of Shares	Weighted-Average Grant Date Fair Value
	(in thousands)
Unvested as of February 1, 2025	5,655	$	25.03
Granted	3,399	21.50

Vested	(2,020)	27.17
Cancelled	(1,462)	25.63
Unvested as of January 31, 2026	5,572	$	21.88

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 367	$ 367	$ 367
Trade Names	246	246	281
Definite-lived intangible assets			180
Definite-lived intangible assets, accumulated amortization			50
Definite-lived intangible assets, net carrying amount			130
Amortization of intangible assets		19	25	$ 25
Adore Me Asset Group
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges	120
Adore Me Asset Group
Finite-Lived Intangible Assets [Line Items]
Tangible Asset Impairment Charges	10
Selling, General and Administrative Expenses \| Adore Me Asset Group
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges	116
Cost of Sales \| Adore Me Asset Group
Finite-Lived Intangible Assets [Line Items]
Asset impairment charges	4
Victoria's Secret Trade Names, Excluding Adore Me
Finite-Lived Intangible Assets [Line Items]
Trade Names	246	246	$ 246
Adore Me Asset Group
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 110
Impairment, intangible asset, finite-lived, statement of income or comprehensive income		Cost of Product and Service Sold, Selling, General and Administrative Expense
Finite-Lived Intangible Assets, Fair Value Disclosure	$ 0	$ 0

Long-Lived Assets - Details of Property and Equipment, Net (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Property, Plant and Equipment [Abstract]
Land and Improvements	$ 27	$ 28
Buildings and Improvements	209	219
Furniture, Fixtures, Software and Equipment	1,997	2,225
Leasehold Improvements	997	1,004
Construction in Progress	31	27
Total	3,261	3,503
Accumulated Depreciation and Amortization	(2,530)	(2,729)
Property and Equipment, Net	$ 731	$ 774

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Leases [Abstract]
Additional operating lease commitments not yet commenced	$ 59
Operating lease, payments	422	$ 416	$ 406
Right-of-use asset obtained in exchange for operating lease liability	434	437	$ 392
Asset retirement obligation	$ 12	$ 9

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Nov. 02, 2024	Apr. 29, 2023	Jan. 31, 2026
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			$ 11
Selling, General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 10
Restructuring charges, statement of income or comprehensive income			Selling, General and Administrative Expense
Cost of Goods Sold, Buying and Occupancy
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 3
Restructuring charges, statement of income or comprehensive income			Cost of Product and Service Sold
Severance and Related Cost
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 13	$ 11	$ 13
Payments for restructuring			$ 17
Employee Severence included in General, Administration And Store Operating Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges		8
Severance Included In Cost Of Goods Sold, Buying And Occupancy
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 3

Intangible Assets	12 Months Ended
Intangible Assets	Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Goodwill The Company’s Goodwill was $367 million as of January 31, 2026 and February 1, 2025. The Company elected to perform its annual goodwill impairment assessment in the fourth quarter of 2025 using the quantitative approach, based on a weighted average of the market and income approaches. The market approach is based on earnings multiples of selected guideline public companies, while the income approach is based on estimated discounted future cash flows. The Company compared the total fair value of its reporting unit to the Company’s market capitalization to determine if the fair value was reasonable compared to external market indicators. The Company believes the use of significant assumptions within the valuation models are reasonable estimates of likely future events. The estimated fair value of the reporting unit was in excess of its carrying value, which resulted in a conclusion that no impairment existed as of January 31, 2026. The Company has not recorded any impairment charges for goodwill since becoming a publicly traded company in 2021. Trade Name - Indefinite-Lived The Victoria’s Secret trade name, an indefinite-lived intangible asset, was $246 million as of January 31, 2026 and February 1, 2025. In the fourth quarter of 2025, the Company performed its annual impairment assessment of the Victoria’s Secret trade name using the qualitative approach. To estimate the fair value of the trade name, the Company used the relief from royalty method under the income approach. Based on the results of the assessment, the estimated fair value of the trade name was in excess of its carrying value, which resulted in a conclusion that no impairment existed as of January 31, 2026. No impairment has been recorded for this indefinite-lived intangible asset in 2025, 2024 or 2023. Definite-Lived Intangible Assets The Company’s definite-lived intangible assets, consist of customer relationships, developed technology and the Adore Me trade name. As of January 31, 2026, the Company’s definite-lived intangible assets were recorded at their fair value of $0. As of February 1, 2025, the Company’s definite-lived intangible assets had a gross carrying amount of $180 million, accumulated amortization of $50 million and net carrying amount of $130 million. Amortization expense for definite-lived intangible assets was $19 million, $25 million and $25 million for 2025, 2024 and 2023, respectively. Definite-lived intangible assets are evaluated for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired. In the fourth quarter of 2025, as a result of the decision to initiate a strategic review of the DailyLook business on a stand-alone basis and other operational changes, the Company separated the assets of the Adore Me business (“Adore Me Asset Group”) and DailyLook business into two asset groups for the purpose of performing an asset recoverability assessment. The stand-alone operating cash flows of the Adore Me Asset Group indicated it should be evaluated for impairment. Accordingly, the Company evaluated the estimated undiscounted future cash flows of the Adore Me Asset Group and determined they were less than its carrying value. The next step of the evaluation required the Company to determine the fair value of the long-lived assets of the Adore Me Asset Group. The Company utilized the income approach to determine the fair values of the long-lived assets. The income approach estimates fair value based on the estimated discounted future cash flows of the Adore Me Asset Group, which are considered non-recurring Level 3 inputs in accordance with ASC 820, Fair Value Measurement. The Company determined the fair values of the definite-lived intangible and property and equipment assets were nominal and, as a result, impairment charges of $120 million were recorded in 2025, of which $116 million are included in General, Administrative and Store Operating Expenses and $4 million are included in Cost of Goods Sold, Buying and Occupancy in the 2025 Consolidated Statement of Income. These impairment charges were comprised of $110 million to fully impair the definite-lived intangible assets and $10 million to fully impair property and equipment assets.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jan. 31, 2026	Mar. 13, 2026	Aug. 02, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--01-31
Document Period End Date	Jan. 31, 2026
Document Transition Report	false
Entity File Number	001-40515
Entity Registrant Name	VICTORIA'S SECRET & CO.
Entity Central Index Key	0001856437
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3167653
Entity Address, Address Line One	4 Limited Parkway East,
Entity Address, City or Town	Reynoldsburg,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43068
City Area Code	614
Local Phone Number	577-7000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,492,198,063
Entity Common Stock, Shares Outstanding		80,467,012
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the Registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III.
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VSCO
Security Exchange Name	NYSE
Document Information [Line Items]
Trading Symbol	VSCO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $0.01 Par Value
Preferred Stock Purchase Rights
Cover [Abstract]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Document Information [Line Items]
Security Exchange Name	NYSE
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Disaggregation of Revenue [Line Items]
Accounts receivable, net from revenue-generating activities	$ 137	$ 112
Contract with customer, liability	257	269
Contract with customer, liability, revenue recognized	135
Net sale	$ 6,553	6,230	$ 6,182
Minimum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	60 days
Maximum
Disaggregation of Revenue [Line Items]
Account receivable, payment term	90 days
U.S. Private Label Credit Card Arrangement
Disaggregation of Revenue [Line Items]
Net sale	$ 80	$ 75	$ 95
Accrued Liabilities
Disaggregation of Revenue [Line Items]
Contract with customer, liability	248
Other Long-term Liabilities
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 9

Long-term Debt and Borrowing Facilities

12 Months Ended

Jan. 31, 2026

Long-Term Debt, by Current and Noncurrent [Abstract]

Long-term Debt and Borrowing Facilities


	January 31, 2026		February 1, 2025
	(in millions)
Senior Secured Debt with Subsidiary Guarantee
$383 million Term Loan due August 2028 (“Term Loan Facility”)	$	379	$	382
Asset-based Revolving Credit Facility due May 2030 (“ABL Facility”)	—		—
Total Senior Secured Debt with Subsidiary Guarantee	379		382
Senior Debt with Subsidiary Guarantee
$600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)	596		595
Total Senior Debt with Subsidiary Guarantee	596		595
Total	975		977
Current Debt	(4)		(4)
Total Long-term Debt, Net of Current Portion	$	971	$	973

The following table provides principal payments due on outstanding debt in the next five fiscal years and the remaining years thereafter:


Fiscal Year	(in millions)
2026	$	4
2027	4
2028	375
2029	600
2030	—
Thereafter	—

Cash paid for interest was $66 million, $77 million and $87 million in 2025, 2024 and 2023, respectively.

Issuance of Notes

In July 2021, the Company issued $600 million of 4.625% notes due in July 2029 in a transaction exempt from registration under the Securities Act of 1933, as amended. The obligation to pay principal and interest on the 2029 Notes is jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s wholly-owned subsidiaries. The issuance costs are being amortized through the maturity date and are included within Long-term Debt on the Consolidated Balance Sheets.

Credit Facilities

The Company has a senior secured term loan B credit facility with an original principal amount of $400 million, which will mature in August 2028. The discounts and issuance costs from the Term Loan Facility are being amortized through the maturity date and are included within Long-term Debt on the Consolidated Balance Sheets. The Company is required to make quarterly principal payments on the Term Loan Facility in an amount equal to 0.25% of the original principal amount of $400 million. The Company made principal payments for the Term Loan Facility of $4 million during 2025, 2024 and 2023.

In December 2025, the Company amended its Term Loan Facility. The amendment reduces the applicable interest rate on loans under the Term Loan Facility (i) in the case of loans bearing interest based on Term SOFR, to 2.75% and (ii) in the case of alternate base rate loans, to 1.75%. Prior to the amendment, interest on the loans under the Term Loan Facility was calculated by reference to Term SOFR or an alternative base rate, plus an interest rate margin (i) in the case of Term SOFR loans, ranging from 3.36% to 3.68% and (ii) in the case of alternate base rate loans, equal to 2.25%. The obligation to pay principal and interest on the loans under the Term Loan Facility is jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s wholly-owned domestic subsidiaries. The loans under the Term Loan Facility are secured on a first-priority lien basis by certain assets of the Company and our subsidiary guarantors that do not constitute priority collateral under the ABL Facility and on a second-priority lien basis by priority collateral of the ABL Facility, subject to customary exceptions. As of January 31, 2026, the interest rate on loans under the Term Loan Facility was 6.49%.

The Company also has a senior secured asset-based revolving credit facility. The ABL Facility allows for borrowings and letters of credit in U.S. dollars or Canadian dollars and has aggregate commitments of $750 million. The availability under the ABL Facility is equal to the lesser of (i) the borrowing base, determined primarily based on the Company’s eligible U.S. and Canadian credit card receivables, eligible accounts receivable, eligible inventory and eligible real property, and (ii) the maximum aggregate commitment amount of $750 million.

In May 2025, the Company amended its ABL Facility. The amendment, among other things, (i) extends the maturity date of the ABL Facility to the earlier of (a) May 2030 and (b) the date that is 91 days prior to the scheduled maturity date of certain outstanding material indebtedness with a principal balance exceeding $50 million to the extent that certain availability and financial covenant thresholds are not met on such date, (ii) reduces the applicable interest rate on borrowings under the ABL Facility (a) in the case of loans bearing interest based on Term SOFR or Term CORRA, to 1.50% to 1.75%, (b) in the case of alternate base rate loans and Canadian base rate loans, to 0.50% to 0.75% and (c) by removing the credit spread adjustment on SOFR-based borrowings and (iii) replaces CDOR with Term CORRA with respect to Canadian borrowings.

Prior to the amendment of the ABL Facility, interest on the loans under the ABL Facility was calculated by reference to (i) Term SOFR or an alternative base rate and (ii) in the case of loans denominated in Canadian dollars, CDOR or a Canadian base rate, plus an interest rate margin based on average daily excess availability ranging from (x) in the case of CDOR loans, 1.50% to 2.00%, (y) in the case of alternate base rate loans and Canadian base rate loans, 0.50% to 1.00%, and (z) in the case of Term SOFR loans, 1.60% to 2.10%.

Unused commitments under the ABL Facility accrue an unused commitment fee ranging from 0.25% to 0.30%. The obligation to pay principal and interest on the loans under the ABL Facility is jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s wholly-owned domestic and Canadian subsidiaries. The loans under the ABL Facility are secured on a first-priority lien basis by the Company’s eligible U.S. and Canadian credit card receivables, eligible accounts receivable, eligible inventory and eligible real property and on a second-priority lien basis on substantially all other assets of the Company, subject to customary exceptions.

The Company borrowed $545 million, $460 million and $465 million from the ABL Facility during 2025, 2024 and 2023, respectively, and made payments of $545 million, $605 million and $615 million under the ABL Facility during 2025, 2024 and 2023, respectively. As of January 31, 2026, there were no borrowings outstanding under the ABL Facility and the Company had $17 million of outstanding letters of credit that reduced its availability under the ABL Facility. As of January 31, 2026, the Company’s remaining availability under the ABL Facility was $589 million.

The Company’s long-term debt and borrowing facilities contain certain financial and other covenants, including, but not limited to, the maintenance of financial ratios. The 2029 Notes and the Term Loan Facility include the maintenance of a consolidated coverage ratio and a consolidated total leverage ratio, and the ABL Facility includes the maintenance of a fixed charge coverage ratio and a debt to EBITDAR ratio. The financial covenants could, within specific predefined circumstances, limit the Company’s ability to incur additional indebtedness, make certain investments, pay dividends or repurchase shares. As of January 31, 2026, the Company was in compliance with all covenants under its long-term debt and borrowing facilities.

Segment Information -Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Segment Reporting Information [Line Items]
Net Sales	$ 6,553	$ 6,230	$ 6,182
Costs of Goods Sold	(4,169)	(3,946)	(3,940)
General, Administrative and Store Operating Expenses	(2,113)	(1,974)	(1,996)
Operating Income	271	310	246
Interest Expense	70	86	99
Provision for Income Taxes	19	52	31
Net Income Attributable to Victoria’s Secret & Co.	161	165	109
Reportable Segment
Segment Reporting Information [Line Items]
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	(1,668)	(1,545)	(1,542)
Advertising and Marketing Expenses	(445)	(429)	(454)
Provision for Income Taxes	(19)	(52)	(31)
Other Items	(21)	(7)	(7)
Net Income Attributable to Victoria’s Secret & Co.	$ 161	$ 165	$ 109

Net Income Per Share - Shares Utilized for the Calculation of Basic and Diluted Earnings per Share (Details) - shares shares in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Weighted-average Common Shares:
Common Shares (in shares)	80	79	78
Treasury Shares (in shares)	0	0	0
Basic Shares (in shares)	80	79	78
Effect of Dilutive Awards (in shares)	3	2	1
Diluted Shares (in shares)	83	81	79
Anti-dilutive Awards (in shares)	1	1	2

Retirement Benefits	12 Months Ended
Retirement Benefits	Jan. 31, 2026
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors a tax-qualified defined contribution retirement plan for employees who meet certain age and service requirements. The qualified plan permits participating associates to elect contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches associate contributions according to a predetermined formula and may contribute additional amounts at the discretion of the Human Capital and Compensation Committee of the Board and based on the Company’s performance and a percentage of the associates’ eligible annual compensation. Associate contributions and Company matching contributions vest immediately. Additional Company contributions and the related investment earnings vest over a three-year period. Total expense recognized related to the qualified plan was $36 million for 2025, $29 million for 2024 and $42 million for 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Comprehensive Income (Loss) (Tables)

12 Months Ended

Jan. 31, 2026

Comprehensive Income Loss

Components of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2025:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 1, 2025	$	(1)	$	(1)
Other Comprehensive Income Before Reclassifications	7		7

Tax Effect	—		—
Current-period Other Comprehensive Income	7		7
Balance as of January 31, 2026	$	6	$	6

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2024:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 3, 2024	$	—	$	—
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 1, 2025	$	(1)	$	(1)

The following table provides the rollforward of accumulated other comprehensive income for 2023:


	Foreign Currency Translation		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 28, 2023	$	1	$	1
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 3, 2024	$	—	$	—

Segment Information (Tables)

12 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table provides the Company’s segment information for 2025, 2024 and 2023:


	2025		2024		2023
	(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.

Revenue from External Customers by Geographic Areas

The following table provides Net Sales by geographic location for 2025, 2024 and 2023:


	2025		2024		2023
	(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.

Long-Lived Assets by Geographic Areas

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.

Fair Value Measurements

12 Months Ended

Jan. 31, 2026

Fair Value Measurements [Abstract]

Fair Value Measurements

Cash and Cash Equivalents include cash on hand, deposits with financial institutions, credit and debit card receivables and highly liquid investments with original maturities of 90 days or less. The Company’s Cash and Cash Equivalents are considered Level 1 fair value measurements as they are valued using unadjusted quoted prices in active markets for identical assets.

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Principal Value	$	983	$	987
Fair Value, Estimated (a)	971		940

________________

Management believes that the carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short maturity.

Recurring Fair Value Measurements


Balance Sheet Location	Measurement Level	January 31, 2026		February 1, 2025		February 3, 2024
Accrued Expenses and Other	Level 3	$	—	$	—	$	74
Other Long-term Liabilities	Level 3	—		—		18

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
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-Subparagraph (a)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Description of Business

Fiscal Year

Basis of Presentation

Basis of Consolidation

Cash and Cash Equivalents

Concentration of Credit Risk

Inventories

Inventories are principally valued at the lower of cost or net realizable value, on an average cost basis.

Advertising Costs

Advertising and marketing costs are expensed at the time the promotion first appears in media or in the store.

Property and Equipment

The Company’s property and equipment are recorded at cost and depreciation is computed on a straight-line basis using the following depreciable life ranges:


Category of Property and Equipment						Depreciable Life Range
Software, including software developed for internal use						3 - 5 years
Furniture, fixtures and equipment						3 - 10 years
Leasehold improvements						Shorter of lease term or 10 years
Non-store related building and site improvements						10 - 15 years
Other property and equipment						20 years
Buildings						30 years

Leases and Leasehold Improvements

The Company uses its incremental borrowing rate, adjusted for collateral, to determine the present value of its unpaid lease payments.

Trade Name

Intangible Assets

Foreign Currency Translation

Supplier Finance Program

Supplier Finance Programs


	2025		2024
	(in millions)
Obligations outstanding, beginning of year	$	181	$	183
Payment obligations financed during the year	1,149		1,067
Financed payment obligations paid during the year	(1,093)		(1,069)
Obligations outstanding, end of year	$	237	$	181

Fair Value

•Level 1—Quoted market prices in active markets for identical assets or liabilities.

Income Taxes

Self-Insurance

Equity Method Investments

Noncontrolling Interest

Share-based Compensation

Revenue Recognition

Costs of Goods Sold, Buying and Occupancy

General, Administrative and Store Operating Expenses

Use of Estimates in the Preparation of Financial Statements

Recently Issued Accounting Pronouncements

Recently Issued Accounting and Reporting Pronouncements

Income Taxes

Disaggregation of Income Statement Expenses

Internal-Use Software

Restructuring Activities	12 Months Ended
Restructuring Activities	Jan. 31, 2026
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities In 2025, the Company implemented a series of strategic leadership appointments and restructuring actions designed to accelerate growth and continue to restructure its executive leadership team and organizational structure. Pre-tax severance, relocation and other expenses related to these activities of $13 million, of which $10 million are included in General, Administrative and Store Operating Expenses and $3 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the 2025 Consolidated Statement of Income. In 2024, the Company made certain executive leadership appointments and changes to restructure its executive leadership team, including the appointment of a new CEO of the Company, the termination of the previous CEO and the elimination of two executive officer roles. Pre-tax severance, relocation and other expenses related to these activities of $13 million were recorded in 2024 and are included in General, Administrative and Store Operating Expenses in the 2024 Consolidated Statement of Income. In 2023, the Company implemented restructuring actions to reorganize and improve its organizational structure. As a result, pre-tax severance and related costs of $11 million, of which $8 million are included in General, Administrative and Store Operating Expenses and $3 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the 2023 Consolidated Statement of Income. In 2025, the Company made payments of $17 million related to severance and related costs associated with these restructuring actions implemented in 2025, 2024 and 2023. Liabilities, after accrual adjustments, related to these restructuring actions of $11 million are included in the January 31, 2026 Consolidated Balance Sheet.

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate and the Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Amount
U.S. Federal Statutory Tax Rate	$ 44	$ 46	$ 31
State and Local Income Taxes, Net	8	8	6
Net Controlled Foreign Corporation Income	4	2	4
Foreign-Derived Deduction Eligible Income	(4)	(3)	(2)
Share-based Compensation	1	3	1
Compensation, Other than Share-based	6	7	8
Income from Unconsolidated Affiliate	(1)	(2)	(2)
Other	2	0	1
Changes in Unrecognized Tax Benefits	1	0	1
Provision for Income Taxes	$ 19	$ 52	$ 31
Percent
U.S. Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State and Local Income Taxes, Net	3.70%	3.70%	4.10%
Net Controlled Foreign Corporation Income	1.80%	0.90%	2.40%
Foreign-Derived Deduction Eligible Income	(1.70%)	(1.20%)	(1.20%)
Share-based Compensation	0.60%	1.40%	0.80%
Compensation, Other than Share-based	2.70%	3.00%	5.50%
Income from Unconsolidated Affiliate	(0.60%)	(0.90%)	(1.10%)
Other	1.00%	0.00%	0.60%
Changes in Unrecognized Tax Benefits	0.50%	0.00%	0.90%
Effective Tax Rate	9.20%	23.60%	21.40%
UNITED STATES
Amount
Valuation Allowance Adjustments	$ (3)	$ 1	$ (2)
Jobs Tax Credit	$ (2)	$ (2)	$ (2)
Percent
Valuation Allowance Adjustments	(1.50%)	0.40%	(1.10%)
Jobs Tax Credit	(0.70%)	(0.70%)	(1.10%)
China
Amount
Valuation Allowance Adjustments	$ (31)	$ (1)	$ (2)
Withholding Taxes and Other	$ 4	$ 2	$ 2
Percent
Valuation Allowance Adjustments	(15.10%)	(0.40%)	(1.50%)
Withholding Taxes and Other	1.80%	1.00%	1.10%
Hong Kong
Amount
Foreign Rate Differential	$ (3)	$ (3)	$ (3)
Nontaxable or Nondeductible Items	(6)	(8)	(10)
Minimum Tax	$ 5	$ 0	$ 0
Percent
Foreign Rate Differential	(1.20%)	(1.30%)	(2.30%)
Nontaxable or Nondeductible Items	(2.60%)	(3.60%)	(6.80%)
Minimum Tax	2.50%	0.00%	0.00%
India
Amount
Withholding Taxes and Other	$ 4	$ 3	$ 1
Percent
Withholding Taxes and Other	1.80%	1.00%	0.50%
Malta
Amount
Foreign Rate Differential	$ 5	$ 0	$ 0
Nontaxable or Nondeductible Items	(11)	0	0
Tax Credit	$ (1)	$ 0	$ 0
Percent
Foreign Rate Differential	2.40%	0.00%	0.00%
Nontaxable or Nondeductible Items	(5.10%)	0.00%	0.00%
Tax Credit	(0.70%)	0.00%	0.00%
Puerto Rico
Amount
Withholding Taxes and Other	$ 1	$ 1	$ 2
Percent
Withholding Taxes and Other	0.60%	0.60%	1.40%
Other Foreign Jurisdictions
Amount
Withholding Taxes and Other	$ 8	$ 8	$ 6
Tax Credit	$ (12)	$ (10)	$ (9)
Percent
Tax Credit	(5.70%)	(4.70%)	(5.70%)
Withholding Taxes and Other	3.70%	3.40%	3.90%

Segment Information - Schedule of revenue by geographic area (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Revenue, Major Customer [Line Items]
Net Sales	$ 6,553	$ 6,230	$ 6,182
Non-US
Revenue, Major Customer [Line Items]
Net Sales	1,162	978	910
UNITED STATES
Revenue, Major Customer [Line Items]
Net Sales	$ 5,391	$ 5,252	$ 5,272

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Restructuring Cost and Reserve [Line Items]
Finished Goods Merchandise	$ 1,013	$ 901
Raw Materials and Merchandise Components	58	54
Total Inventories	1,071	$ 955
Restructuring reserve	11
Inventory Reserves And Severance Expense \| Adore Me And DailyLook
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 34

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Activity Related to its Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$ 43	$ 38	$ 31
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	2	9	9
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	2	0	13
Decreases to Unrecognized Tax Benefits for Prior Years	(3)	(4)	(15)
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(29)	0	0
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	(4)	0	0
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$ 11	$ 43	$ 38

Long-Lived Assets - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Feb. 01, 2025	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 212	$ 226	$ 259
Proceeds from sale of assets		0	25	0
Gain on sale of assets		$ 0	7	$ 0
Non-Store Corporate Related Assets
Property, Plant and Equipment [Line Items]
Sold assets previously held for sale	$ 18		$ 18
Proceeds from sale of assets	25
Gain on sale of assets	$ 7

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Leases [Abstract]
Operating Lease Costs	$ 414	$ 410	$ 393
Variable Lease Costs	102	90	92
Short-term Lease Costs	11	13	14
Total Lease Cost	$ 527	$ 513	$ 499

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2026
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Grandview Heights, Ohio
Auditor Firm ID	42

Leases - Lease Term and Discount Rate (Details)	Jan. 31, 2026	Feb. 01, 2025
Leases [Abstract]
Weighted-Average Remaining Lease Term (years)	7 years 2 months 12 days	7 years 2 months 12 days
Weighted-Average Discount Rate	6.80%	6.80%

Long-term Debt and Borrowing Facilities - Schedule of Principal Payments on Long-term Debt (Details) $ in Millions	Jan. 31, 2026 USD ($)
Long-Term Debt, by Current and Noncurrent [Abstract]
2026	$ 4
2027	4
2028	375
2029	600
2030	0
Thereafter	$ 0

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Consolidated Statements of Income [Abstract]
Net Income	$ 189	$ 169	$ 116
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	9	(2)	(3)
Total Other Comprehensive Income (Loss), Net of Tax	9	(2)	(3)
Total Comprehensive Income	198	167	113
Less: Net Income Attributable to Noncontrolling Interest	28	4	7
Less: Foreign Currency Translation Attributable to Noncontrolling Interest	2	(1)	(2)
Comprehensive Income Attributable to Victoria’s Secret & Co.	$ 168	$ 164	$ 108

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Leases

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

The following table provides the components of lease cost for operating leases for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Operating Lease Costs	$	414	$	410	$	393
Variable Lease Costs	102		90		92
Short-term Lease Costs	11		13		14
Total Lease Cost	$	527	$	513	$	499

The following table provides future maturities of operating lease liabilities as of January 31, 2026:


Fiscal Year	(in millions)
2026	$	411
2027	357
2028	305
2029	268
2030	250
Thereafter	801
Total Lease Payments	$	2,392
Less: Interest	(521)
Present Value of Operating Lease Liabilities	$	1,871

As of January 31, 2026, the Company had additional operating lease commitments that have not yet commenced of approximately $59 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 31, 2026 and February 1, 2025:


	January 31, 2026	February 1, 2025
Weighted-Average Remaining Lease Term (years)	7.2	7.2
Weighted-Average Discount Rate	6.8%	6.8%

The Company paid $422 million in 2025, $416 million in 2024 and $406 million in 2023 for operating lease liabilities recorded on the Consolidated Balance Sheets. These payments are included within the Operating Activities section of the Consolidated Statement of Cash Flows.

In 2025, 2024 and 2023, the Company obtained $434 million, $437 million and $392 million, respectively, of additional lease assets as a result of new operating lease obligations.

Asset Retirement Obligations

The Company has asset retirement obligations primarily related to certain China joint venture-operated international stores that contractually obligate the Company to remove leasehold improvements at the end of a lease. The Company’s liabilities for asset retirement obligations totaled $12 million as of January 31, 2026 and $9 million as of February 1, 2025. These liabilities are included in Other Long-term Liabilities on the Consolidated Balance Sheets.

Leases

The following table provides the components of lease cost for operating leases for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Operating Lease Costs	$	414	$	410	$	393
Variable Lease Costs	102		90		92
Short-term Lease Costs	11		13		14
Total Lease Cost	$	527	$	513	$	499

The following table provides future maturities of operating lease liabilities as of January 31, 2026:


Fiscal Year	(in millions)
2026	$	411
2027	357
2028	305
2029	268
2030	250
Thereafter	801
Total Lease Payments	$	2,392
Less: Interest	(521)
Present Value of Operating Lease Liabilities	$	1,871

As of January 31, 2026, the Company had additional operating lease commitments that have not yet commenced of approximately $59 million.

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of January 31, 2026 and February 1, 2025:


	January 31, 2026	February 1, 2025
Weighted-Average Remaining Lease Term (years)	7.2	7.2
Weighted-Average Discount Rate	6.8%	6.8%

In 2025, 2024 and 2023, the Company obtained $434 million, $437 million and $392 million, respectively, of additional lease assets as a result of new operating lease obligations.

Asset Retirement Obligations

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 36	$ 29	$ 42
Defined Contribution Plan, Employers Matching Contribution, Vesting Term	3 years

Share-based Compensation - Restricted Stock Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Risk free interest rate	4.00%	4.50%	4.00%
Expected volatility rate	62.50%	45.40%	47.10%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested beginning balance (in shares)	5,655
Granted (in shares)	3,399
Vested (in shares)	(2,020)
Cancelled (in shares)	(1,462)
Unvested as of End of Period (in shares)	5,572	5,655
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of August 2, 2021, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 25.03
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	21.50	$ 19.05	$ 28.60
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	27.17
Cancelled, Weighted-Average Grant Date Fair Value (in dollars per share)	25.63
Unvested as of End of Period, Weighted-Average Grant Date Fair Value (in dollars per share)	$ 21.88	$ 25.03

Inventories

12 Months Ended

Jan. 31, 2026

Inventory, Net [Abstract]

Inventories

The following table provides details of Inventories as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Finished Goods Merchandise	$	1,013	$	901
Raw Materials and Merchandise Components	58		54
Total Inventories	$	1,071	$	955

The above amounts are net of valuation adjustments for inventory where the cost exceeds the amount the Company expects to realize from the ultimate sale or disposal of the inventory and net of loss adjustments for estimated physical inventory losses that have occurred since the date of the last physical inventory.

In the fourth quarter of 2025, the Company recorded inventory reserves of $34 million included in Costs of Goods Sold, Buying and Occupancy in the 2025 Consolidated Statement of Income related to the restructuring of its Adore Me and DailyLook fulfillment operations.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various claims and contingencies related to lawsuits, taxes, insurance and other matters arising out of the normal course of business. Actions filed against the Company from time to time include commercial, tort, intellectual property, customer, employment, data privacy and other claims, including purported class action lawsuits. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. In April 2023, the Company was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Southern District of New York alleging that Victoria’s Secret Stores employs manual workers in New York state and failed to pay hourly wages within seven calendar days after the end of the week in which those wages were earned, rather paying wages on a bi-weekly basis. As of January 31, 2026, the lawsuit has been settled and the Company is accrued for the settlement.

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Current:
U.S. Federal	$ 26	$ 46	$ 19
U.S. State	13	17	10
Non-U.S.	29	18	18
Total	68	81	47
Deferred:
U.S. Federal	(22)	(26)	(14)
U.S. State	(6)	(6)	(2)
Non-U.S.	(21)	3	0
Total	(49)	(29)	(16)
Provision for Income Taxes	$ 19	$ 52	$ 31

Accrued Expenses and Other (Tables)

12 Months Ended

Jan. 31, 2026

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

The following table provides additional information about the composition of Accrued Expenses and Other as of January 31, 2026 and February 1, 2025:


	January 31, 2026		February 1, 2025
	(in millions)
Deferred Revenue on Gift Cards and Merchandise Credits	$	191	$	209
Compensation, Payroll Taxes and Benefits	170		150
Accrued Freight and Other Logistics	35		36
Deferred Revenue on Loyalty and Credit Card Programs	32		33
Taxes, Other than Income	32		30
Accrued Marketing	25		25
Deferred Revenue on Direct Shipments Not Yet Delivered	25		14
Accrued Duty	24		14
Returns Reserve	17		17
Accrued Claims on Self-insured Activities	17		14
Rent	6		4
Accrued Interest	5		7


Other	94		80
Total Accrued Expenses and Other	$	673	$	633

Net Income Per Share (Tables)

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table provides the weighted-average shares utilized for the calculation of basic and diluted net income per share for 2025, 2024 and 2023:


	2025	2024	2023
	(in millions)
Common Shares	80	79	78
Treasury Shares	—	—	—
Basic Shares	80	79	78
Effect of Dilutive Awards	3	2	1
Diluted Shares	83	81	79
Anti-dilutive Awards (a)	1	1	2

________________

(a)Shares underlying certain restricted stock units, performance share units and options were excluded from the calculation of net income per diluted share because their inclusion would have been anti-dilutive.

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2023	Feb. 28, 2023	Feb. 03, 2024	May 31, 2025	Mar. 06, 2024	Jan. 31, 2023	Jan. 11, 2023
Equity, Class of Treasury Stock [Line Items]
Shareholder rights plan, number of rights issued for each share of common stock owned				1
Shareholder rights plan, exercisable stock rights, threshold percent outstanding common stock acquired				15.00%
Shareholder rights plan, exercisable stock rights, threshold percent outstanding common stock acquired, certain passive investors				20.00%
Shareholder rights plan, exercisable stock rights, percent discount on common stock				50.00%
Stock repurchased and retired during period			$ 0
Inflation reduction act, increase in treasury stock due to excise tax liability recorded		$ 1
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ (126)
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of Common Stock (in shares)			3,000,000
Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 9
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 117
January 2023 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount							$ 250
Repurchase of Common Stock (in shares)			3,652,000
January 2023 ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 125
Stock repurchased and retired during period		$ 125
Stock repurchased and retired during period (in shares)		2,400,000
February 2023 ASR Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)	1,300,000		3,700,000
February 2023 ASR Program \| Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 126
February 2023 ASR Program \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			1
February 2023 ASR Program \| Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			9
February 2023 ASR Program \| Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period			$ 117
March 2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 250

Accrued Expenses and Other (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Disaggregation of Revenue [Line Items]
Compensation, Payroll Taxes and Benefits	$ 170	$ 150
Accrued Freight and Other Logistics	35	36
Taxes, Other than Income	32	30
Accrued Marketing	25	25
Accrued Duty	24	14
Returns Reserve	17	17
Accrued Claims on Self-insured Activities	17	14
Rent	6	4
Accrued Interest	5	7
Other	94	80
Total Accrued Expenses and Other	673	633
Sales Channel, Gift Cards
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	191	209
Sales Channel, Loyalty and Private Label Credit Card
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	32	33
Sales Channel, Directly
Disaggregation of Revenue [Line Items]
Deferred Revenue on Gift Cards and Merchandise Credits	$ 25	$ 14

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Jan. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Net Income Per Share

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share

Net income per basic share is computed based on the weighted-average number of common shares outstanding. Net income per diluted share includes the weighted-average effect of dilutive restricted stock units, performance share units and options (collectively, “Dilutive Awards”) on the weighted-average shares outstanding.

The following table provides the weighted-average shares utilized for the calculation of basic and diluted net income per share for 2025, 2024 and 2023:


	2025	2024	2023
	(in millions)
Common Shares	80	79	78
Treasury Shares	—	—	—
Basic Shares	80	79	78
Effect of Dilutive Awards	3	2	1
Diluted Shares	83	81	79
Anti-dilutive Awards (a)	1	1	2

________________

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Total Victoria’s Secret & Co. Equity	Noncontrolling Interest
Beginning Balance (in shares) at Jan. 28, 2023		80
Beginning Balance at Jan. 28, 2023	$ 401	$ 1	$ 195	$ 1	$ 186		$ 383	$ 18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	116				109		109	7
Other Comprehensive Loss	(3)			(1)			(1)
Total Comprehensive Income (Loss)	113			(1)	109		108	5
Repurchase of Common Stock (in shares)		(3)
Repurchases of Common Stock	(126)					$ (126)	(126)
Treasury Share Retirements	0		(9)			126
Share-based Compensation Expense	56		56				56
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(12)		(12)				(12)
Distribution to Noncontrolling Interest	(2)							(2)
Other (in shares)		(2)
Other	8		8				8	0
Ending Balance (in shares) at Feb. 03, 2024		78
Ending Balance at Feb. 03, 2024	438	$ 1	238	0	178	0	417	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	169				165		165	4
Other Comprehensive Loss	(2)			(1)			(1)	(1)
Total Comprehensive Income (Loss)	167			(1)	165		164	3
Share-based Compensation Expense	60		60				60
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(10)		(10)				(10)
Other (in shares)		(2)
Other	$ 9		9				9
Ending Balance (in shares) at Feb. 01, 2025	79	79
Ending Balance at Feb. 01, 2025	$ 664	$ 1	297	(1)	343	0	640	24
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	189				161		161	28
Other Comprehensive Loss	9			7			7	2
Total Comprehensive Income (Loss)	198			7	161		168	30
Share-based Compensation Expense	55		55				55
Tax Payments related to Share-based Awards (in shares)		(1)
Tax Payments related to Share-based Awards	(15)		(15)				(15)
Other (in shares)		(2)
Other	$ 8		8				8
Ending Balance (in shares) at Jan. 31, 2026	80	80
Ending Balance at Jan. 31, 2026	$ 910	$ 1	$ 345	$ 6	$ 504	$ 0	$ 856	$ 54

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jan. 31, 2026	Feb. 01, 2025
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	10	10
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,000	1,000
Common Stock, shares issued (in shares)	80	79
Common Stock, shares outstanding (in shares)	80	79

Fair Value Measurements - Fair Value of Contingent Consideration (Details) - Fair Value, Inputs, Level 3 - Adore Me - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Accrued Expenses and Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition	$ 0	$ 0	$ 74
Other Long-term Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Related to Adore Me Acquisition	$ 0	$ 0	$ 18

Consolidated Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Statement [Abstract]
Net Sales	$ 6,553	$ 6,230	$ 6,182
Costs of Goods Sold, Buying and Occupancy	(4,169)	(3,946)	(3,940)
Gross Profit	2,384	2,284	2,242
General, Administrative and Store Operating Expenses	(2,113)	(1,974)	(1,996)
Operating Income	271	310	246
Interest Expense	(70)	(86)	(99)
Other Income (Loss)	7	(3)	0
Income Before Income Taxes	208	221	147
Provision for Income Taxes	19	52	31
Net Income	189	169	116
Less: Net Income Attributable to Noncontrolling Interest	28	4	7
Net Income Attributable to Victoria’s Secret & Co.	$ 161	$ 165	$ 109
Net Income Per Basic Share (in dollars per share)	$ 2.00	$ 2.11	$ 1.41
Net Income Per Diluted Share (in dollars per share)	$ 1.93	$ 2.05	$ 1.39

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information

12 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

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:


	2025		2024		2023
	(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:


	2025		2024		2023
	(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.


	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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The following table provides the components of the Company’s Provision for Income Taxes for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Current:
U.S. Federal	$	26	$	46	$	19
U.S. State	13		17		10
Non-U.S.	29		18		18
Total	68		81		47
Deferred:
U.S. Federal	(22)		(26)		(14)
U.S. State	(6)		(6)		(2)
Non-U.S.	(21)		3		—
Total	(49)		(29)		(16)
Provision for Income Taxes	$	19	$	52	$	31

The following table provides the components of Income Before Income Taxes for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
U.S.	$	65	$	129	$	35
Non-U.S.	143		92		112
Income Before Income Taxes	$	208	$	221	$	147

The following table provides the reconciliation between the statutory federal income tax rate and the effective tax rate for 2025, 2024 and 2023:


	2025				2024				2023
	(in millions)
	Amount		Percent		Amount		Percent		Amount		Percent
U.S. Federal Statutory Tax Rate	$	44	21.0	%	$	46	21.0	%	$	31	21.0	%
State and Local Income Taxes, Net of Federal (1)	8		3.7	%	8		3.7	%	6		4.1	%
Foreign Tax Effects
China
Valuation Allowance Adjustments	(31)		(15.1	%)	(1)		(0.4	%)	(2)		(1.5	%)
Withholding Taxes and Other (2)	4		1.8	%	2		1.0	%	2		1.1	%
Hong Kong
Foreign Rate Differential	(3)		(1.2	%)	(3)		(1.3	%)	(3)		(2.3	%)
Nontaxable or Nondeductible Items	(6)		(2.6	%)	(8)		(3.6	%)	(10)		(6.8	%)
Minimum Tax	5		2.5	%	—		—	%	—		—	%
India
Withholding Taxes and Other (2)	4		1.8	%	3		1.0	%	1		0.5	%
Malta
Foreign Rate Differential	5		2.4	%	—		—	%	—		—	%
Nontaxable or Nondeductible Items	(11)		(5.1	%)	—		—	%	—		—	%
Tax Credit	(1)		(0.7	%)	—		—	%	—		—	%
Puerto Rico
Withholding Taxes and Other (2)	1		0.6	%	1		0.6	%	2		1.4	%
Other Foreign Jurisdictions
Withholding Taxes and Other (2)	8		3.7	%	8		3.4	%	6		3.9	%
Effect of Cross-Border Tax Laws
Net Controlled Foreign Corporation Income	4		1.8	%	2		0.9	%	4		2.4	%
Foreign-Derived Deduction Eligible Income	(4)		(1.7	%)	(3)		(1.2	%)	(2)		(1.2	%)
Tax Credits
Jobs Tax Credit	(2)		(0.7	%)	(2)		(0.7	%)	(2)		(1.1	%)
Foreign Tax Credit	(12)		(5.7	%)	(10)		(4.7	%)	(9)		(5.7	%)
Valuation Allowances	(3)		(1.5	%)	1		0.4	%	(2)		(1.1	%)
Nontaxable or Nondeductible Items
Share-based Compensation	1		0.6	%	3		1.4	%	1		0.8	%
Compensation, Other than Share-based	6		2.7	%	7		3.0	%	8		5.5	%
Income from Unconsolidated Affiliate	(1)		(0.6	%)	(2)		(0.9	%)	(2)		(1.1	%)
Other	2		1.0	%	—		—	%	1		0.6	%
Changes in Unrecognized Tax Benefits	1		0.5	%	—		—	%	1		0.9	%

Effective Tax Rate	$	19	9.2	%	$	52	23.6	%	$	31	21.4	%

(1) California, New York, Texas, Florida and New Jersey comprise the majority (more than 50%) of state and local income taxes in this category, net of federal income tax effects.

(2) Includes withholding taxes and other taxes which are not material to the effective tax rate reconciliation.

Deferred Taxes


	January 31, 2026						February 1, 2025
	Assets		Liabilities		Total		Assets		Liabilities		Total
	(in millions)
Loss Carryforwards	$	113	$	—	$	113	$	120	$	—	$	120
Leases	471		(432)		39		443		(402)		41
Deferred Revenue	42		—		42		47		—		47
Accrued Expenses	44		—		44		37		—		37
Share-based Compensation	13		—		13		14		—		14
Trade Name and Other Intangibles	—		(57)		(57)		—		(91)		(91)
Property and Equipment	—		(53)		(53)		—		(42)		(42)
Other	39		(13)		26		31		(10)		21
Valuation Allowance	(107)		—		(107)		(136)		—		(136)
Total Deferred Income Taxes	$	615	$	(555)	$	60	$	556	$	(545)	$	11

As of January 31, 2026, the Company had loss carryforwards of $113 million, of which $32 million has an indefinite carryforward. The remainder of the non-U.S. carryforwards, if unused, will expire at various dates from 2026 through 2042. For certain jurisdictions where the Company has determined that it is more likely than not that the loss carryforwards will not be realized, a valuation allowance has been provided on those loss carryforwards as well as other net deferred tax assets.

The valuation allowances were $107 million and $136 million in 2025 and 2024, respectively. In 2025, the Company released a $24 million valuation allowance on deferred tax assets associated with the Company’s consolidated joint venture in China due to the financial performance of the joint venture over the past three years and the expectation that the Company will be able to realize the deferred tax assets in future periods.

The following table provides income taxes paid by jurisdiction for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Federal	$	58	$	26	$	36
State	9		12		12
Foreign
Hong Kong	3		2		11
Other	17		14		15
Total Income Tax Payments	$	87	$	54	$	74

Uncertain Tax Positions


	2025		2024		2023
	(in millions)
Gross Unrecognized Tax Benefits, as of the Beginning of the Fiscal Year	$	43	$	38	$	31
Increases to Unrecognized Tax Benefits as a Result of Current Year Activity	2		9		9
Increases to Unrecognized Tax Benefits for Prior Years, Including Acquisitions	2		—		13
Decreases to Unrecognized Tax Benefits for Prior Years	(3)		(4)		(15)
Decreases to Unrecognized Tax Benefits Relating to Settlements with Taxing Authorities	(29)		—		—
Decreases to Unrecognized Tax Benefits due to Lapse of Statute of Limitations	(4)		—		—
Gross Unrecognized Tax Benefits, as of the End of the Fiscal Year	$	11	$	43	$	38

Of the total gross unrecognized tax benefits, approximately $10 million, $40 million and $35 million at January 31, 2026, February 1, 2025, and February 3, 2024, respectively, represent the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. These amounts are net of the offsetting tax effects from other tax jurisdictions.

The Company recognizes interest and penalties related to unrecognized tax benefits as components of income tax expense. The Company recognized interest and penalties expense of less than $1 million in 2025 and $2 million in 2024 and 2023. The Company has accrued approximately $5 million for the payment of interest and penalties as of January 31, 2026 and February 1, 2025. Accrued interest and penalties are included within Other Long-term Liabilities on the Consolidated Balance Sheets.

The Company files income tax returns with the U.S. and various state, local, and non-U.S. jurisdictions. The Company participates in the Compliance Assurance Process (“CAP”) of the Internal Revenue Service. As part of CAP, tax years are examined on a contemporaneous basis. The Company is not subject to U.S. federal examination for years prior to fiscal year 2020. The Company is currently under examination, or may be subject to examination, by various state and local tax jurisdictions for fiscal year 2017 through 2024, and non-U.S. tax jurisdictions for fiscal year 2015 through 2024. In some situations, the Company determines that it does not have a filing requirement in a particular tax jurisdiction. Where no return has been filed, no statute of limitations applies. Accordingly, if a tax jurisdiction reaches a conclusion that a filing requirement does exist, additional years may be reviewed by the tax authority. The Company believes it has appropriately accounted for uncertainties related to this issue.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events Strategic Alternatives for DailyLook On March 5, 2026, the Company announced that it initiated a strategic review of DailyLook, a digitally-based, premium subscription styling service for women’s apparel and accessories. DailyLook was acquired through the Adore Me transaction. Tariffs On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the IEEPA. Following the Supreme Court’s decision, the U.S. administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, subject to certain exceptions. It is unclear at this time what impact these decisions will have on the Company’s results of operations, including whether the Company will be able to obtain refunds for amounts previously paid for the IEEPA tariffs, any changes in tariff levels, or the imposition of new tariffs through other means.

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Current Assets:
Cash and Cash Equivalents	$ 518	$ 227
Accounts Receivable, Net	186	159
Inventories	1,071	955
Other	108	100
Total Current Assets	1,883	1,441
Property and Equipment, Net	731	774
Operating Lease Assets	1,631	1,481
Goodwill	367	367
Trade Names	246	281
Other Intangible Assets, Net	0	95
Deferred Income Taxes	65	22
Other Assets	90	71
Total Assets	5,013	4,532
Current Liabilities:
Accounts Payable	493	419
Accrued Expenses and Other	673	633
Current Debt	4	4
Current Operating Lease Liabilities	295	287
Income Taxes	42	32
Total Current Liabilities	1,507	1,375
Deferred Income Taxes	5	11
Long-term Debt	971	973
Long-term Operating Lease Liabilities	1,576	1,434
Other Long-term Liabilities	44	75
Total Liabilities	4,103	3,868
Shareholders’ Equity:
Preferred Stock—$0.01 par value; 10 shares authorized; none issued	0	0
Common Stock—$0.01 par value; 1,000 shares authorized; 80 and 79 shares issued; 80 and 79 shares outstanding, respectively	1	1
Paid-in Capital	345	297
Accumulated Other Comprehensive Income (Loss)	6	(1)
Retained Earnings	504	343
Total Victoria’s Secret & Co. Shareholders’ Equity	856	640
Noncontrolling Interest	54	24
Total Equity	910	664
Total Liabilities and Equity	$ 5,013	$ 4,532

Share-based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, restricted and unrestricted shares authorized (in shares)	15,000
Options and shares available for grant (in shares)	6,000
Tax benefit associated with share based compensation	$ 8	$ 11	$ 9
Risk free interest rate	4.00%	4.50%	4.00%
Expected volatility rate	62.50%	45.40%	47.10%
The 2021 Stock Option and Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available for issuance	5,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Total intrinsic value of restricted stock vested	$ 44	$ 30	$ 35
Total fair value at grant date of awards vested	55	52	44
Total unrecognized compensation cost, net of estimated forfeitures	46
Tax benefits realized from tax deductions	$ 8	$ 6	$ 7
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 7 months 6 days

Revenue Recognition (Tables)

12 Months Ended

Jan. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue

The following table provides a disaggregation of Net Sales for 2025, 2024 and 2023:


	2025		2024		2023
	(in millions)
Stores — North America	$	3,544	$	3,428	$	3,480
Direct	2,042		2,042		2,015
International (a)	967		760		687
Total Net Sales	$	6,553	$	6,230	$	6,182

_______________

Fair Value Measurements - Carrying Value and Fair Value of Long-Term Debt, Disclosure (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Reported Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 983	$ 987
Estimate of Fair Value Measurement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, fair value	$ 971	$ 940

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

Leases - Lease Maturities (Details) $ in Millions	Jan. 31, 2026 USD ($)
Leases [Abstract]
2026	$ 411
2027	357
2028	305
2029	268
2030	250
Thereafter	801
Total Lease Payments	2,392
Less: Interest	(521)
Present Value of Operating Lease Liabilities	$ 1,871

Long-term Debt and Borrowing Facilities - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025	Jul. 31, 2021
Debt, long-term and short-term, combined amount	$ 975	$ 977
Current Debt	(4)	(4)
Total Long-term Debt, Net of Current Portion	971	973
With Subsidiary Guarantee \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	379	382
With Subsidiary Guarantee \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	596	595
With Subsidiary Guarantee \| $383 million Term Loan due August 2028 (“Term Loan Facility”)
Debt instrument, face amount	383
With Subsidiary Guarantee \| $383 million Term Loan due August 2028 (“Term Loan Facility”) \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	379	382
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”)
Debt instrument, face amount	$ 600		$ 600
Interest rate	4.625%		4.625%
With Subsidiary Guarantee \| $600 million, 4.625% Fixed Interest Rate Notes due July 2029 (“2029 Notes”) \| Senior Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	$ 596	595
With Subsidiary Guarantee \| Revolving Credit Expiring August 2026 \| Senior Secured Debt with Subsidiary Guarantee
Debt, long-term and short-term, combined amount	$ 0	$ 0

Comprehensive Income (Loss)

12 Months Ended

Jan. 31, 2026

Comprehensive Income Loss

Comprehensive Income (Loss)

Comprehensive Income (Loss) includes gains and losses on foreign currency translation. The cumulative gains and losses on these items are included in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets and Consolidated Statements of Equity.

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2025:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 1, 2025	$	(1)	$	(1)
Other Comprehensive Income Before Reclassifications	7		7

Tax Effect	—		—
Current-period Other Comprehensive Income	7		7
Balance as of January 31, 2026	$	6	$	6

The following table provides the rollforward of accumulated other comprehensive income (loss) for 2024:


	Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
	(in millions)
Balance as of February 3, 2024	$	—	$	—
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 1, 2025	$	(1)	$	(1)

The following table provides the rollforward of accumulated other comprehensive income for 2023:


	Foreign Currency Translation		Accumulated Other Comprehensive Income
	(in millions)
Balance as of January 28, 2023	$	1	$	1
Other Comprehensive Loss Before Reclassifications	(1)		(1)

Tax Effect	—		—
Current-period Other Comprehensive Loss	(1)		(1)
Balance as of February 3, 2024	$	—	$	—