What move does the options market price into Victoria's Secret's report?

Implied ±11.5%, either direction.

VSXYNYSERetail-Women's Clothing Stores

Victoria's Secret & Co. (VSXY) earnings date, market-implied expected move, and options open interest by expiry

96.77

−2.37 · −2.39%

post 96.50 −0.28%

Closed19:27 ET

Open98.25Volume2.0MMkt cap$7.7BP/E20.53EPS4.70

Day92.81 – 98.7862%52-wk33.20 – 102.4691%

VSXY

Victoria's Secret & Co.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±11.5%implied · report alone

8Q avg ±13.4%·×0.85·cheap

85.52107.72

straddle ±17.4%

spot 96.62exp Dec 18ATM strike 95ATM straddle 19.75IV 71%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Dec 4

before open · in 33 days

est.Q3 FY26

Calendar

Next report

Last report

−13.17%

vs ±15.7% implied · ×0.84

shaded = implied · ▲▼ = realized

Sep 3 '26 · confirmed

Implied vs realized

Linked news

6dGS · customerGoldman Sachs slashes Kospi target to 9,000 but still sees over 60% upside

News

Largest filed tie

13F top-10 QoQ

+6.76%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

435 managers

Top fund weight

0.18%

VSXY weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Victoria's Secret (VSXY) is expected to report on Dec 4 before open (estimated date).

Implied vs realized

8 reports

—≥ implied

Mar 5 '25Mar 5 '25confirmed—▼−8.24%—

Jun 3 '25Jun 3 '25confirmed—▼−2.69%—

Jun 11 '25Jun 11 '25confirmed—▼−5.41%—

Aug 28 '25Aug 28 '25confirmed—▼−0.48%—

Q3 FY25Dec 5 '25confirmed—▲+17.99%—

Mar 5 '26Mar 5 '26confirmed—▼−12.16%—

Q1 FY26Jun 2 '26confirmed—▲+47.44%—

Q2 FY26Sep 3 '26confirmed±15.7%▼−13.17%×0.84

quarterimplied−50%0+50%realized×

Q2 FY26±15.7%▼−13.17%×0.84

Q1 FY26—▲+47.44%—

Mar '26—▼−12.16%—

Q3 FY25—▲+17.99%—

Aug '25—▼−0.48%—

Jun '25—▼−5.41%—

2 older reports

Jun '25—▼−2.69%—

Mar '25—▼−8.24%—

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 29 close

0.88OI · 4 expiries · Oct 29 closeP/C open interest · Dec 18 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,1110%Nov 2019d0.492,251+4%0.49

report · Dec 4 · before open · est.

3,6350%Dec 1847d4,1190%

2,188−1%Jan 1575d0.258,6490%0.25

5860%Mar 19138d2.14274+1%2.14

ExpiryPutsCallsP/C

Nov 2019d1,1110%2,251+4%0.49

report · Dec 4 · before open · est.

Dec 1847d3,6350%4,1190%0.88

Jan 1575d2,188−1%8,6490%0.25

Mar 19138d5860%274+1%2.14

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±17.4%

Funds 4

IWM±0.0%

UWM±0.0%

VTI±0.0%

VT±0.0%

Customers 1

GS±2.3%×0.14

Dashed = straddle · × = co-movement · max 500dMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

11.67%as filednet margin · revenue +3.27% QoQ · +10.42% YoY

Revenue

$1.6B+3.27% QoQ

Gross profit

$759M+29.74% QoQ

47.11% margin

Operating income

$257M+238.16% QoQ

15.95% margin

Pre-tax income

$248M+287.50% QoQ

Net income

$188M+229.82% QoQ

11.67% margin

Cost of revenue

$852M−12.62% QoQ

Operating expenses

$502M−1.38% QoQ

Other expense

$9M

Tax

$60M+757.14% QoQ

Revenue$1.6B+3.27%

Gross profit

$759M+29.74%

47.11% margin

Operating income

$257M+238.16%

15.95% margin

Pre-tax income

$248M+287.50%

Net income

$188M+229.82%

11.67% margin

Cost of revenue

$852M−12.62%

Operating expenses

$502M−1.38%

Other expense

$9M

Tax$60M+757.14%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Aug 1 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 19:15 ET

Intraday

Event sensitivity

NFP ×1.29· ±3.9% vs ±3.1% · 9 releases

eventrelease day|move|up · n×base

NFPjobs report±3.9%5 of 9×1.29

PPIproducer prices±3.3%3 of 10×1.08

PCEpersonal income & outlays±3.3%11 of 19×1.07

FOMCrate decision±2.6%13 of 24×0.85

CPIconsumer prices±2.4%5 of 10×0.78

GDPgross domestic product±1.9%8 of 19×0.63

CPROFcorporate profits±1.7%4 of 12×0.54

Bar = avg |move| to ±4% · tick = ±3.1% avg day · ×base = |move| ÷ ±3.1% · min 6 releases

Earnings history

EPS 2.18 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Sep 3 '26 · confirmed	2.18	—
Q1 FY26	Jun 2 '26 · confirmed	0.56	—
Q3 FY25	Dec 5 '25 · confirmed	-0.46	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod