Victoria's Secret & Co. Cash Flow Statement

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

Millions USD. Fiscal year is Feb - Jan.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan '26 Jan 31, 2026	Feb '25 Feb 1, 2025	Feb '24 Feb 3, 2024	Jan '23 Jan 28, 2023	Jan '22 Jan 29, 2022
Net Income	189	169	116	338	646
Depreciation & Amortization	238	258	284	274	303
Stock-Based Compensation	55	60	56	48	33
Other Adjustments	70	-56	13	-28	1
Change in Receivables	-24	-8	-13	22	-21
Changes in Inventories	-112	29	36	-	-247
Changes in Accounts Payable	114	-78	-11	-163	173
Changes in Income Taxes Payable	15	14	-26	-67	119
Changes in Other Operating Activities	-46	37	-66	13	-156
Operating Cash Flow	499	425	389	437	851
Operating Cash Flow Growth	17.41%	9.25%	-10.98%	-48.65%	26.26%
Capital Expenditures	-187	-178	-256	-164	-169
Sale of Property, Plant & Equipment	-	25	-	-	-
Payments for Business Acquisitions	-	-	1	-369	-
Other Investing Activities	3	-	1	-22	-
Investing Cash Flow	-184	-153	-254	-555	-169
Short-Term Debt Issued	545	460	465	295	-
Short-Term Debt Repaid	-545	-605	-615	-	-
Net Short-Term Debt Issued (Repaid)	0	-145	-150	295	-
Long-Term Debt Issued	-	-	-	-	982
Long-Term Debt Repaid	-4	-4	-4	-4	-1
Net Long-Term Debt Issued (Repaid)	-4	-4	-4	-4	981
Issuance of Common Stock	4	5	3	5	5
Repurchase of Common Stock	-	-	-125	-250	-250
Net Common Stock Issued (Repurchased)	4	5	-122	-245	-245
Other Financing Activities	-24	-171	-15	12	-1,263
Financing Cash Flow	-24	-315	-291	58	-527
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-	-	-1	-3	-
Net Cash Flow	291	-43	-157	-63	155
Free Cash Flow	312	247	133	273	682
Free Cash Flow Growth	26.32%	85.71%	-51.28%	-59.97%	24.68%
FCF Margin	4.76%	3.96%	2.15%	4.30%	10.05%
Free Cash Flow Per Share	3.76	3.05	1.68	3.25	7.58
Levered Free Cash Flow	179	98	-84	532	1,650
Unlevered Free Cash Flow	268.25	319.06	155.12	280.44	689.69