Victoria's Secret & Co (VSXY) Balance Sheet

NYSE: VSXYAssets, liabilities, debt and equity over 4 years.

VSXY balance sheet, FY2026

January 31, 2026 · U.S. dollars

$5.01B assets = $4.10B liabilities + $910.0M equity

What it owns$5.01BCash & ST investments: $518.0M (10.3%)$518.0MReceivables: $186.0M (3.7%)Inventory: $1.07B (21.4%)Inventory$1.07B · 21%Other current: $108.0M (2.2%)PP&E: $2.36B (47.1%)PP&E$2.36B · 47%Goodwill & intangibles: $613.0M (12.2%)Goodwill & intangibles$613.0M · 12%Other non-current: $155.0M (3.1%)=How it is financed$5.01BCurrent liabilities: $1.51B (30.1%)Current liabilities$1.51B · 30%Long-term debt: $971.0M (19.4%)Long-term debt$971.0M · 19%Other LT liabilities: $1.62B (32.4%)Other LT liabilities$1.62B · 32%Shareholders’ equity: $910.0M (18.2%)Shareholders’ equity$910.0M · 18%

Both columns are drawn to the same scale: what VSXY owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VSXY financial health

Current ratio1.25
Adequate · current assets cover current liabilities 1.25×
Debt / equity3.32
High leverage · $3.32 of debt for each $1 of equity
Equity / assets17.1%
Thin equity · of assets funded by shareholders
Cash / debt18.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles12.2%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2026.

VSXY balance sheet trends, FY2023–FY2026

MetricTrendThenLatestChange
Total assets$4.71BFY2023$5.01BFY2026+2.1%/yr
Total liabilities$4.31BFY2023$4.10BFY2026−1.6%/yr
Shareholders’ equity$383.0MFY2023$856.0MFY2026+30.7%/yr
Cash & short-term investments$427.0MFY2023$518.0MFY2026+6.7%/yr
Total debt$2.79BFY2023$2.85BFY2026+0.7%/yr
Net cash (debt)−$2.36BFY2023−$2.33BFY2026+$31.0M
Working capital$158.0MFY2023$376.0MFY2026+$218.0M
Book value per share$4.56FY2023$10.31FY2026+31.3%/yr
Current ratio1.10FY20231.25FY2026+0.15
Debt / equity7.27FY20233.32FY2026−3.95
Shares outstanding84.1MFY202383.0MFY2026−0.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VSXY assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VSXY liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VSXY debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VSXY balance sheet

FY2026FY2025FY2024FY2023
Assets
Cash & short-term investments$518.0M$227.0M$270.0M$427.0M
Cash & equivalents$518.0M$227.0M$270.0M$427.0M
Receivables$186.0M$159.0M$152.0M$141.0M
Inventory$1.07B$955.0M$985.0M$1.05B
Other current assets$108.0M$100.0M$126.0M$117.0M
Total current assets$1.88B$1.44B$1.53B$1.74B
Property, plant & equipment (net)$2.36B$2.25B$2.19B$2.08B
Goodwill & intangible assets$613.0M$743.0M$767.0M$791.0M
Long-term investments$0$0$0$0
Other non-current assets$155.0M$93.0M$106.0M$105.0M
Total assets$5.01B$4.53B$4.60B$4.71B
Liabilities
Accounts payable$493.0M$419.0M$513.0M$481.0M
Short-term debt$299.0M$291.0M$271.0M$314.0M
Deferred revenue$248.0M$256.0M$295.0M$291.0M
Total current liabilities$1.51B$1.38B$1.61B$1.58B
Long-term debt$971.0M$973.0M$1.12B$1.27B
Lease obligations$1.87B$1.72B$1.58B$1.51B
Other long-term liabilities$1.62B$1.52B$1.43B$1.46B
Total liabilities$4.10B$3.87B$4.16B$4.31B
Shareholders' equity
Common stock & paid-in capital$1.0M$1.0M$1.0M$1.0M
Retained earnings (deficit)$504.0M$343.0M$178.0M$186.0M
Accumulated other comprehensive income$6.0M−$1.0M—$1.0M
Minority interest$54.0M$24.0M$21.0M$18.0M
Total shareholders' equity$856.0M$640.0M$417.0M$383.0M
Key figures
Total debt$2.85B$2.70B$2.70B$2.79B
Net cash (debt)−$2.33B−$2.47B−$2.43B−$2.36B
Working capital$376.0M$66.0M−$81.0M$158.0M
Tangible book value$243.0M−$103.0M−$350.0M−$408.0M
Book value per share$10.31$7.93$5.31$4.56
Shares outstanding83.0M80.7M78.6M84.1M
Current ratio1.251.050.951.10
Quick ratio0.470.280.260.36
Debt / equity3.324.226.487.27
Equity / assets17.1%14.1%9.1%8.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 31, 2026); data from EODHD.

VSXY financial position

At the end of fiscal 2026 (January 31, 2026), Victoria's Secret had total assets of $5.0 billion (up 10.6% from a year earlier), total liabilities of $4.1 billion and shareholders' equity of $856.0 million. It held $518.0 million in cash and short-term investments against $2.8 billion of debt, net debt of $2.3 billion. Its current ratio was 1.25. In the latest quarter (ended July 31, 2026) total assets were $5.2 billion and equity $990.0 million.

Related: VSXY income statement, VSXY cash flow statement, VSXY key metrics. See the VSXY stock overview for the latest quote and news.

VSXY balance sheet FAQ

What are Victoria's Secret's total assets?

Victoria's Secret reported total assets of $5.0 billion at the end of fiscal 2026 (January 31, 2026), compared with $4.5 billion a year earlier.

How much debt does Victoria's Secret have?

Victoria's Secret had $2.8 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.32.

How much cash does Victoria's Secret have?

Victoria's Secret held $518.0 million in cash and short-term investments at the end of fiscal 2026; with $2.8 billion of debt that is net debt of $2.3 billion.

What is Victoria's Secret's book value?

Victoria's Secret's shareholders' equity (book value) was $856.0 million at the end of fiscal 2026, or $10.31 per share.

What is Victoria's Secret's current ratio?

Victoria's Secret had current assets of $1.9 billion and current liabilities of $1.5 billion, a current ratio of 1.25 (it can cover its short-term obligations).

How much goodwill does Victoria's Secret have?

Victoria's Secret carried $613.0 million of goodwill and intangible assets, 12.2% of total assets, at the end of fiscal 2026.

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