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

Victoria's Secret's Operating Margin history runs 7 years deep, the most recent figure standing at 10.09% for Q1 2026.

• In Q1 2026, Operating Margin fell 263.0% year-over-year to 10.09%; the TTM figure through Jan 2026 stood at 4.14% (down 83.0% YoY), while the FY2026 annual figure was 4.14%, down 84.0% from the prior year.
• Operating Margin was 10.09% for Q1 2026 at Victoria's Secret, up from 1.29% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 15.3% in Q1 2022 to a low of 5.3% in Q4 2023.
• Historically, Operating Margin has averaged 4.88% across 5 years, with a median of 3.26% in 2022.
• The sharpest annual moves came in 2023 and 2024: Operating Margin sank 856 bps in 2023, then soared 255 bps in 2024.
• A 5-year view of Operating Margin shows it stood at 3.26% in 2022, then tumbled by 262 bps to 5.3% in 2023, then soared by 34 bps to 3.49% in 2024, then surged by 63 bps to 1.29% in 2025, then jumped by 882 bps to 10.09% in 2026.
• The last three Operating Margin figures came in at 10.09% (Q1 2026), 1.29% (Q4 2025), and 2.81% (Q3 2025), per Business Quant data.