Friday 6 November 2026 Export VCTR’s income statement to Excel — free account

Victory Capital Holdings, Inc.

Victory Capital Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 46.2% from fiscal 2024.

Revenue: +9.79%
EPS: 0.00%
Free cash flow: +34.9%
Total debt: −0.63%

Quarter to September 2026, against a year earlier

Dividend growth 5 yrs

112.31 0.10 −0.09%

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Market cap: $7.0B
P/E: 20.5×
Fwd P/E: 18.0×
Dividend yield: 1.76%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Victory Capital Holdings, Inc. (VCTR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Investment Management Fees	1,045	80.04%
Fund Administration and Distribution Fees	261	19.96%
Gross margin		100.00%
Operating margin		36.63%
Pre-tax margin		33.56%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Investment Management Fees	1,045 80.04%	705 78.86%	641 78.06%	665 77.76%	675 75.77%	562 72.49%	467 76.23%	353 85.31%	353 85.31%
Fund Administration and Distribution Fees	261 19.96%	189 21.14%	180 21.94%	190 22.24%	216 24.23%	213 27.51%	146 23.77%	61 14.69%	61 14.69%
Revenue	1,306	893	821	855	890	775	612	413	413

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average assets under management	Q3 FY2026	$350.6B	$303.6B	+15.50%
Average other assets (institutional)	Q3 FY2026	$3.7B	$2.9B	+27.85%
Average total client assets	Q3 FY2026	$354.3B	$306.5B	+15.61%
Ending assets under management	Q3 FY2026	$351.9B	$310.6B	+13.27%
Gross client cash inflows	Q3 FY2026	$30.8B	$17.3B	+78.17%
Gross client cash outflows	Q3 FY2026	−$19.1B	−$17.6B	−8.69%
Long-term AUM	Q3 FY2026	$348.2B	$307.0B	+13.43%
Long-term gross flows	Q3 FY2026	$30.5B	$17.0B	+79.74%
Long-term net flows	Q3 FY2026	$11.7B	−$244.0M	+4,895.90%
Money market/short-term gross flows	Q3 FY2026	$327.0M	$334.0M	−2.10%
Money market/short-term net flows	Q3 FY2026	−$2.0M	−$48.0M	+95.83%
Net client cash flows	Q3 FY2026	$11.7B	−$292.0M	+4,106.85%
Other assets	Q3 FY2026	$3.6B	$2.7B	+33.60%
Other assets gross client cash outflows	Q1 FY2026	−$237.0M	−$277.0M	+14.44%
Other assets net client cash flows	Q1 FY2026	$390.0M	−$277.0M	+240.79%
Revenue realization	Q3 FY2026	44.80	47.20	−5.08%
Total client assets	Q3 FY2026	$355.5B	$313.4B	+13.45%
Total client assets net cash flows	Q3 FY2026	$11.7B	−$794.0M	+1,573.55%
Total client assets revenue realization	Q2 FY2026	47.40	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Average assets under management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average other assets (institutional)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average total client assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Ending assets under management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross client cash inflows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross client cash outflows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Long-term AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Long-term gross flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Long-term net flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Money market/short-term gross flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Money market/short-term net flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net client cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other assets gross client cash outflows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other assets net client cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Revenue realization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total client assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total client assets net cash flows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total client assets revenue realization	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.