Victoria's Secret (VSXY) Gross Margin (2020 - 2026)

Victoria's Secret has disclosed Gross Margin across 7 years of filings, most recently posting 37.5% for Q2 2026.

• For the quarter ending Q2 2026, Gross Margin rose 247.0% year-over-year to 37.5%; the trailing twelve-month figure through May 2026 stood at 36.91% (up 66.0% YoY), and the FY2026 full-year result was 36.38%, down 28.0% from the prior year.
• Gross Margin was 37.5% for Q2 2026 at Victoria's Secret, roughly flat from 37.68% in the prior quarter.
• Over five years, Gross Margin peaked at 39.65% in Q1 2024 and troughed 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 tumbled 807 bps in 2022, then soared 284 bps in 2024.
• Year by year, Gross Margin stood at 34.67% in 2022, then dropped by 3 bps to 33.75% in 2023, then climbed by 3 bps to 34.74% in 2024, then climbed by 5 bps to 36.41% in 2025, then grew by 3 bps to 37.5% in 2026.
• Per Business Quant data, the three most recent Gross Margin figures were 37.5% in Q2 2026, 37.68% in Q1 2026, and 36.41% in Q4 2025.