Victoria's Secret (VSXY) Gross Margin (2020 - 2026)
Victoria's Secret (VSXY) posted quarterly Gross Margin of 37.5% for Q2 2026, up 247.0% year-over-year from 10.81% in Q2 2025, and little changed quarter-over-quarter from 37.68% in Q1 2026.
Victoria's Secret (VSXY) Gross Margin (2020 - 2026) Analysis & Trends
Victoria's Secret's Gross Margin history runs 7 years deep, the most recent figure standing at 37.5% for Q2 2026.
- In Q2 2026, Gross Margin rose 247.0% year-over-year to 37.5%; the TTM figure through May 2026 stood at 36.91% (up 66.0% YoY), while the FY2026 annual figure was 36.38%, down 28.0% from the prior year.
- Gross Margin for Q2 2026 stood at 37.5%, roughly flat from 37.68% in the prior quarter.
- The five-year high for Gross Margin was 39.65% in Q1 2024, with the low at 33.75% in Q4 2023.
- The 5-year median for Gross Margin is 35.63% (2025), against an average of 36.22%.
- The sharpest annual moves came in 2022 and 2024: Gross Margin plunged 807 bps in 2022, then soared 284 bps in 2024.
- Victoria's Secret's Gross Margin stood at 34.67% in 2022, then declined by 3 bps to 33.75% in 2023, then grew by 3 bps to 34.74% in 2024, then grew by 5 bps to 36.41% in 2025, then increased by 3 bps to 37.5% in 2026.
- Business Quant data shows VSXY's Gross Margin at 37.5% in Q2 2026, 37.68% in Q1 2026, and 36.41% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Tjx Companies | 155.79 Bn | 150.21 Bn | 4.48 Bn | 31.28% |
| 2 | Ross Stores | 73.01 Bn | 68.88 Bn | 1.78 Bn | 29.61% |
| 3 | Burlington Stores | 20.93 Bn | 20.19 Bn | 1.26 Bn | 44.17% |
| 4 | Lululemon Athletica | 13.36 Bn | 11.84 Bn | 1.34 Bn | 54.17% |
| 5 | Gap | 7.23 Bn | 4.67 Bn | 1.42 Bn | 40.52% |
| 6 | Victoria's Secret | 7.03 Bn | 6.82 Bn | 585.00 Mn | 37.50% |
| 7 | Urban Outfitters | 6.38 Bn | 5.97 Bn | 542.57 Mn | 36.63% |
| 8 | Boot Barn Holdings | 4.90 Bn | 4.76 Bn | - | - |
| 9 | Abercrombie & Fitch | 4.70 Bn | 4.08 Bn | 682.63 Mn | 61.29% |
| 10 | American Eagle Outfitters | 2.69 Bn | 2.58 Bn | 456.17 Mn | 38.16% |
Historic Data
Download Data| Date | Value |
|---|---|
| May 2, 2026 | 37.50% |
| Jan 31, 2026 | 37.68% |
| Nov 1, 2025 | 36.41% |
| Aug 2, 2025 | 35.57% |
| May 3, 2025 | 35.03% |
| Feb 1, 2025 | 38.60% |
| Nov 2, 2024 | 34.74% |
| Aug 3, 2024 | 35.36% |
| May 4, 2024 | 36.87% |
| Feb 3, 2024 | 39.65% |
| Oct 28, 2023 | 33.75% |
| Jul 29, 2023 | 34.13% |
| Apr 29, 2023 | 35.68% |
| Jan 28, 2023 | 36.81% |
| Oct 29, 2022 | 34.67% |
| Jul 30, 2022 | 35.17% |
| Apr 30, 2022 | 35.18% |
| Jan 29, 2022 | 39.20% |
| Oct 30, 2021 | 39.21% |
| Jul 31, 2021 | 41.51% |