Victoria's Secret & Co. Cash Flow Statement

Financials in millions USD. Fiscal year is March - February.

Millions USD. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 1, 2025	Feb '25 Feb 1, 2025	Feb '24 Feb 3, 2024	Jan '23 Jan 28, 2023	Jan '22 Jan 29, 2022	Jan '21 Jan 30, 2021
Net Income	170	165	109	348	646	-72
Depreciation & Amortization	251	258	284	274	303	326
Loss (Gain) From Sale of Assets	-1	-7	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	-	215
Loss (Gain) From Sale of Investments	19	19	-	-	-	-
Loss (Gain) on Equity Investments	-	-	-	-	-	-54
Stock-Based Compensation	56	60	56	48	33	25
Other Operating Activities	-54	-64	20	-38	1	-64
Change in Accounts Receivable	-26	-8	-13	22	-21	36
Change in Inventory	-86	29	36	-	-247	141
Change in Accounts Payable	109	-78	-11	-163	173	49
Change in Income Taxes	39	14	-26	-67	119	-25
Change in Other Net Operating Assets	23	37	-66	13	-156	97
Operating Cash Flow	500	425	389	437	851	674
Operating Cash Flow Growth	47.06%	9.25%	-10.98%	-48.65%	26.26%	113.97%
Capital Expenditures	-191	-178	-256	-164	-169	-127
Sale of Property, Plant & Equipment	9	25	-	-	-	-
Cash Acquisitions	-	-	1	-369	-	-
Investment in Securities	-	-	-	-18	-	-
Other Investing Activities	-1	-	1	-4	-	4
Investing Cash Flow	-183	-153	-254	-555	-169	-123
Long-Term Debt Issued	-	460	465	295	982	131
Long-Term Debt Repaid	-	-609	-619	-4	-1	-189
Net Debt Issued (Repaid)	-69	-149	-154	291	981	-58
Issuance of Common Stock	7	5	3	5	5	-
Repurchase of Common Stock	-14	-10	-137	-292	-254	-
Other Financing Activities	-151	-161	-3	54	-1,259	-407
Financing Cash Flow	-227	-315	-291	58	-527	-465
Foreign Exchange Rate Adjustments	-2	-	-1	-3	-	4
Net Cash Flow	88	-43	-157	-63	155	90
Free Cash Flow	309	247	133	273	682	547
Free Cash Flow Growth	95.57%	85.71%	-51.28%	-59.97%	24.68%	507.78%
Free Cash Flow Margin	4.84%	3.96%	2.15%	4.30%	10.05%	10.11%
Free Cash Flow Per Share	3.75	3.05	1.68	3.25	7.58	6.22
Cash Interest Paid	68	77	87	52	-	-
Cash Income Tax Paid	61	54	74	161	-	-
Levered Free Cash Flow	144.25	80.63	335.88	252.5	615.88	621.88
Unlevered Free Cash Flow	189.88	134.38	397.75	290	632.75	625.63
Change in Working Capital	59	-6	-80	-195	-132	298

Source: S&P Global Market Intelligence. Standard template. Financial Sources.