Victory Capital Holdings, Inc. VCTR
We are a diversified global asset management firm with total assets under management ("AUM") of $313.8 billion, and $316.6 billion in total client assets, as of December 31, 2025. Our differentiated business model combines boutique investment qualities with the benefits of a scaled, integrated, centralized (not standardized) operating and distribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With multiple Investment Franchises and a Solutions Platform that maintain autonomy in their respective investment processes, Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds ("ETFs"), institutional separate accounts, variable insurance products ("VIPs"), alternative investments, private closed
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $893.5M | $821.0M | $854.8M | $890.3M | $775.4M | $612.4M | $413.4M | $413.4M | $297.9M |
| SG&A | $83.3M | $56.7M | $56.3M | $52.4M | $53.7M | $51.2M | $46.6M | $30.0M | $34.0M | $26.6M |
| Total operating expenses | $827.7M | $466.0M | $492.6M | $455.7M | $516.4M | $460.6M | $447.8M | $298.9M | $319.5M | $273.4M |
| Operating income | $478.4M | $427.5M | $328.5M | $399.1M | $373.8M | $314.7M | $164.6M | $114.5M | $90.2M | $24.5M |
| Pre-tax income | $438.3M | $373.8M | $275.9M | $350.0M | $350.6M | $278.5M | $120.7M | $84.9M | $38.5M | -$9.1M |
| Income tax | $108.3M | $84.9M | $62.8M | $74.5M | $72.3M | $66.0M | $28.2M | $21.2M | $12.6M | $3.0M |
| Net income | $330.1M | $288.9M | $213.2M | $275.5M | $278.4M | $212.5M | $92.5M | $63.7M | $25.8M | -$6.1M |
| EPS, basic | 4.13 | 4.47 | 3.22 | 4.02 | 4.10 | 3.14 | 1.37 | 0.96 | 0.47 | -0.12 |
| EPS, diluted | 4.08 | 4.38 | 3.12 | 3.81 | 3.75 | 2.88 | 1.26 | 0.90 | 0.43 | -0.12 |
| Shares, diluted (wtd. avg.) | $66.4M | $65.9M | $68.2M | $72.3M | $74.2M | $73.7M | $73.5M | $70.5M | $59.6M | $50.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $163.7M | $126.7M | $123.5M | $38.2M | $69.5M | $22.7M | $37.1M | $51.5M | $12.9M | $16.4M |
| Property, plant and equipment | $23.8M | $11.9M | $19.6M | $21.1M | $25.3M | $18.7M | $13.2M | $8.8M | $8.8M | $9.5M |
| Goodwill | $1.24B | $981.8M | $981.8M | $981.8M | $981.8M | $404.8M | $404.8M | $284.1M | $284.1M | $284.1M |
| Other intangibles | $2.48B | $1.26B | $1.28B | $1.31B | $1.35B | $1.16B | $1.18B | $387.7M | $408.0M | $434.3M |
| Total assets | $4.25B | $2.55B | $2.54B | $2.54B | $2.58B | $1.73B | $1.75B | $801.5M | $792.6M | $851.0M |
| Long-term debt | $970.0M | $963.9M | $989.3M | $985.5M | $1.13B | $769.0M | $924.5M | $268.9M | $483.2M | $418.5M |
| Total liabilities | $1.82B | $1.43B | $1.49B | $1.48B | $1.65B | $1.02B | $1.22B | $346.0M | $561.4M | $520.0M |
| Retained earnings | $1.10B | $924.6M | $736.9M | $609.1M | $402.8M | $161.6M | -$34.7M | -$119.7M | -$183.9M | -$74.5M |
| Total equity | $2.42B | $1.12B | $1.05B | $1.07B | $929.9M | $707.5M | $537.9M | $455.5M | $231.2M | $331.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $385.5M | $340.0M | $330.3M | $335.2M | $376.2M | $250.6M | $227.4M | $134.3M | $96.2M | $39.5M |
| Depreciation and amortisation | $72.9M | $30.2M | $41.6M | $43.2M | $18.8M | $16.4M | $23.9M | $23.3M | $29.9M | $30.4M |
| Capital expenditure | $4.2M | $1.3M | $5.2M | $5.2M | $12.7M | $8.1M | $5.2M | $2.5M | $5.1M | $1.2M |
| Investing cash flow | $76.6M | -$4.0M | -$7.8M | -$6.3M | -$556.6M | -$12.3M | -$849.8M | -$11.5M | -$8.5M | -$210.1M |
| Financing cash flow | -$425.5M | -$332.8M | -$237.1M | -$360.2M | $227.2M | -$252.7M | $608.0M | -$84.2M | -$91.3M | $171.8M |
| Dividends paid | $157.0M | $101.1M | $85.4M | $69.2M | $37.2M | $16.2M | $7.4M | $831.0K | $135.2M | $627.0K |
| Buybacks | $195.6M | $103.6M | $139.3M | $101.2M | $31.5M | $29.9M | $15.5M | $8.2M | $4.7M | $10.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-077057.
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