Victoria's Secret (VSCO) Operating Expenses (2020 - 2026)

Victoria's Secret's Operating Expenses history runs 7 years deep, the most recent figure standing at $959.0 million for Q1 2026.

• In Q1 2026, Operating Expenses rose 10.36% year-over-year to $959.0 million; the TTM figure through Jan 2026 stood at $2.3 billion (up 2.18% YoY), while the FY2026 annual figure was $2.1 billion, up 7.04% from the prior year.
• Operating Expenses was $959.0 million for Q1 2026 at Victoria's Secret, up from $555.0 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $959.0 million in Q1 2026 to a low of $356.0 million in Q2 2025.
• Historically, Operating Expenses has averaged $525.9 million across 5 years, with a median of $478.0 million in 2025.
• Biggest YoY gain for Operating Expenses was 53.26% in 2025; the steepest drop was 25.05% in 2025.
• A 5-year view of Operating Expenses shows it stood at $414.0 million in 2022, then rose by 19.32% to $494.0 million in 2023, then gained by 4.25% to $515.0 million in 2024, then gained by 7.77% to $555.0 million in 2025, then jumped by 72.79% to $959.0 million in 2026.
• The last three Operating Expenses figures came in at $959.0 million (Q1 2026), $555.0 million (Q4 2025), and $478.0 million (Q3 2025), per Business Quant data.