Victory Capital Financials

VCTR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Victory Capital (VCTR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 90/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Victory Capital has an operating margin of 36.6%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 47.9% the prior year.

Growth

100

Victory Capital's revenue surged 46.2% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Victory Capital carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Victory Capital converts 29.2% of revenue into free cash flow ($381.3M). This strong cash generation earns a score of 100/100.

Returns

Victory Capital's ROE of 13.6% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 25.8% the prior year.

Piotroski F-Score Neutral

4/9

Victory Capital passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.17x

For every $1 of reported earnings, Victory Capital generates $1.17 in operating cash flow ($385.5M OCF vs $330.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

7.5x

Victory Capital earns $7.5 in operating income for every $1 of interest expense ($478.4M vs $63.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Revenue

$1.3B

YoY+46.2%

5Y CAGR+11.0%

10Y CAGR+18.4%

Victory Capital generated $1.3B in revenue in fiscal year 2025. This represents an increase of 46.2% from the prior year.

EBITDA

$551.3M

YoY+20.4%

5Y CAGR+10.7%

10Y CAGR+24.7%

Victory Capital's EBITDA was $551.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.4% from the prior year.

Free Cash Flow

$381.3M

YoY+12.6%

5Y CAGR+9.5%

10Y CAGR+25.7%

Victory Capital generated $381.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 12.6% from the prior year.

Net Income

$330.1M

YoY+14.3%

5Y CAGR+9.2%

10Y CAGR+56.3%

Victory Capital reported $330.1M in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.

EPS (Diluted)

$4.08

YoY-6.8%

Victory Capital earned $4.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 6.8% from the prior year.

Cash & Debt

$163.7M

YoY+29.2%

5Y CAGR+48.4%

10Y CAGR+26.9%

Victory Capital held $163.7M in cash against $970.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.94

YoY+24.8%

Victory Capital paid $1.94 per share in dividends in fiscal year 2025. This represents an increase of 24.8% from the prior year.

Shares Outstanding

64M

YoY+0.8%

Victory Capital had 64M shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.

Gross Margin

N/A

Operating Margin

36.6%

YoY-11.2pp

5Y CAGR-4.0pp

10Y CAGR+22.8pp

Victory Capital's operating margin was 36.6% in fiscal year 2025, reflecting core business profitability. This is down 11.2 percentage points from the prior year.

Net Margin

25.3%

YoY-7.1pp

5Y CAGR-2.1pp

10Y CAGR+23.7pp

Victory Capital's net profit margin was 25.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.1 percentage points from the prior year.

Return on Equity

13.6%

YoY-12.1pp

5Y CAGR-16.4pp

10Y CAGR+12.1pp

Victory Capital's ROE was 13.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$195.6M

YoY+88.9%

5Y CAGR+45.6%

10Y CAGR+66.6%

Victory Capital spent $195.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 88.9% from the prior year.

Capital Expenditures

$4.2M

YoY+225.3%

5Y CAGR-12.4%

10Y CAGR+8.0%

Victory Capital invested $4.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 225.3% from the prior year.

VCTR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.3B+46.2%	$893.5M+8.8%	$821.0M-4.0%	$854.8M-4.0%	$890.3M+14.8%	$775.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$83.3M+47.0%	$56.7M+0.7%	$56.3M+7.5%	$52.4M-2.5%	$53.7M+4.9%	$51.2M
Operating Income	$478.4M+11.9%	$427.5M+30.2%	$328.5M-17.7%	$399.1M+6.8%	$373.8M+18.8%	$314.7M
Interest Expense	$63.9M-15.7%	$75.8M+1.0%	$75.0M+75.6%	$42.7M+147.6%	$17.3M-44.2%	$30.9M
Income Tax	$108.3M+27.5%	$84.9M+35.3%	$62.8M-15.8%	$74.5M+3.1%	$72.3M+9.4%	$66.0M
Net Income	$330.1M+14.3%	$288.9M+35.5%	$213.2M-22.6%	$275.5M-1.0%	$278.4M+31.0%	$212.5M
EPS (Diluted)	$4.08-6.8%	$4.38+40.4%	$3.12-18.1%	$3.81+1.6%	$3.75	$2.88

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$374.1M+3.6%	$361.2M+2.8%	$351.2M+59.9%	$219.6M-5.5%	$232.4M+3.0%	$225.6M+2.7%	$219.6M+1.7%	$215.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$22.1M-5.6%	$23.5M+0.4%	$23.4M+63.2%	$14.3M+0.4%	$14.3M+1.7%	$14.0M-2.5%	$14.4M+2.7%	$14.0M
Operating Income	$153.2M+10.9%	$138.1M+46.6%	$94.2M+1.4%	$92.9M-16.9%	$111.7M-7.2%	$120.4M+8.8%	$110.6M+30.4%	$84.8M
Interest Expense	$15.0M-9.0%	$16.5M+1.5%	$16.2M+0.4%	$16.2M-8.5%	$17.7M-9.0%	$19.4M+1.2%	$19.2M-1.3%	$19.5M
Income Tax	$28.8M-11.9%	$32.7M+15.9%	$28.3M+53.3%	$18.4M-14.9%	$21.7M-15.1%	$25.5M+18.6%	$21.5M+32.9%	$16.2M
Net Income	$112.8M+16.9%	$96.5M+64.4%	$58.7M-5.2%	$62.0M-19.4%	$76.9M-6.2%	$82.0M+10.4%	$74.3M+33.3%	$55.7M
EPS (Diluted)	N/A	$1.11+63.2%	$0.68-29.2%	$0.96+88.2%	$0.51-58.9%	$1.24+10.7%	$1.12+33.3%	$0.84

VCTR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.2B+66.7%	$2.5B+0.2%	$2.5B+0.1%	$2.5B-1.5%	$2.6B+49.1%	$1.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$163.7M+29.2%	$126.7M+2.6%	$123.5M+223.7%	$38.2M-45.1%	$69.5M+205.7%	$22.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$181.1M+79.9%	$100.7M+15.0%	$87.6M+3.7%	$84.5M-19.0%	$104.3M+18.3%	$88.2M
Goodwill	$1.2B+25.9%	$981.8M0.0%	$981.8M0.0%	$981.8M0.0%	$981.8M+142.6%	$404.8M
Total Liabilities	$1.8B+27.9%	$1.4B-4.3%	$1.5B+1.0%	$1.5B-10.6%	$1.6B+61.2%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$970.0M+0.6%	$963.9M-2.6%	$989.3M+0.4%	$985.5M-12.6%	$1.1B+46.7%	$769.0M
Total Equity	$2.4B+116.2%	$1.1B+6.5%	$1.1B-1.2%	$1.1B+14.6%	$929.9M+31.4%	$707.5M
Retained Earnings	$1.1B+18.7%	$924.6M+25.5%	$736.9M+21.0%	$609.1M+51.2%	$402.8M+149.3%	$161.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$4.2B+0.8%	$4.2B-0.9%	$4.2B+64.5%	$2.6B+1.4%	$2.5B-2.5%	$2.6B+2.8%	$2.5B+1.4%	$2.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$163.7M+41.4%	$115.7M+7.3%	$107.9M-38.6%	$175.6M+38.6%	$126.7M-32.7%	$188.2M+58.2%	$119.0M+48.8%	$79.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$181.1M+2.3%	$177.0M-13.8%	$205.2M+114.2%	$95.8M-4.8%	$100.7M+3.9%	$96.9M-3.7%	$100.7M+3.5%	$97.2M
Goodwill	$1.2B0.0%	$1.2B+0.3%	$1.2B+25.6%	$981.8M0.0%	$981.8M0.0%	$981.8M0.0%	$981.8M0.0%	$981.8M
Total Liabilities	$1.8B+0.5%	$1.8B+1.6%	$1.8B+24.0%	$1.4B+0.9%	$1.4B-0.8%	$1.4B+1.3%	$1.4B-0.7%	$1.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$970.0M-0.2%	$972.0M+0.7%	$965.7M+0.1%	$964.8M+0.1%	$963.9M-1.9%	$982.7M+0.1%	$981.7M-0.9%	$990.2M
Total Equity	$2.4B+1.1%	$2.4B-2.7%	$2.5B+115.4%	$1.1B+2.0%	$1.1B-4.5%	$1.2B+4.6%	$1.1B+4.2%	$1.1B
Retained Earnings	$1.1B+7.0%	$1.0B+5.6%	$971.7M+1.7%	$955.6M+3.4%	$924.6M+5.6%	$875.7M+6.7%	$820.4M+6.5%	$770.2M

VCTR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$385.5M+13.4%	$340.0M+2.9%	$330.3M-1.5%	$335.2M-10.9%	$376.2M+50.1%	$250.6M
Capital Expenditures	$4.2M+225.3%	$1.3M-75.3%	$5.2M-1.4%	$5.2M-58.6%	$12.7M+57.3%	$8.1M
Free Cash Flow	$381.3M+12.6%	$338.7M+4.2%	$325.1M-1.5%	$330.0M-9.2%	$363.5M+49.9%	$242.6M
Investing Cash Flow	$76.6M+2024.5%	-$4.0M+49.3%	-$7.8M-24.1%	-$6.3M+98.9%	-$556.6M-4410.4%	-$12.3M
Financing Cash Flow	-$425.5M-27.9%	-$332.8M-40.3%	-$237.1M+34.2%	-$360.2M-258.5%	$227.2M+189.9%	-$252.7M
Dividends Paid	$157.0M+55.2%	$101.1M+18.4%	$85.4M+23.4%	$69.2M+86.2%	$37.2M+128.9%	$16.2M
Share Buybacks	$195.6M+88.9%	$103.6M-25.6%	$139.3M+37.7%	$101.2M+220.9%	$31.5M+5.5%	$29.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$145.1M-12.6%	$165.9M+2616.8%	-$6.6M-108.1%	$81.1M-11.7%	$91.8M-8.0%	$99.8M+25.2%	$79.7M+16.0%	$68.7M
Capital Expenditures	$599K-44.5%	$1.1M+21.2%	$890K-44.0%	$1.6M+925.2%	$155K-61.1%	$398K+76.9%	$225K-55.0%	$500K
Free Cash Flow	$144.5M-12.3%	$164.8M+2303.0%	-$7.5M-109.4%	$79.5M-13.3%	$91.7M-7.8%	$99.4M+25.0%	$79.5M+16.6%	$68.2M
Investing Cash Flow	-$1.1M-136.2%	-$458K-100.6%	$79.8M+4838.7%	-$1.7M+29.7%	-$2.4M-3423.5%	-$68K+88.8%	-$605K+33.5%	-$910K
Financing Cash Flow	-$96.0M+39.0%	-$157.5M-11.5%	-$141.3M-360.0%	-$30.7M+79.6%	-$150.8M-392.6%	-$30.6M+23.6%	-$40.1M+64.0%	-$111.3M
Dividends Paid	$41.3M-1.9%	$42.1M-1.5%	$42.7M+42.7%	$29.9M+6.4%	$28.1M+5.7%	$26.6M+10.8%	$24.0M+7.2%	$22.4M
Share Buybacks	$50.7M-57.2%	$118.5M+356.4%	$26.0M+5657.0%	$451K-99.5%	$96.9M+5834.8%	$1.6M-23.9%	$2.1M-27.2%	$2.9M

VCTR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	36.6%-11.2pp	47.9%+7.8pp	40.0%-6.7pp	46.7%+4.7pp	42.0%+1.4pp	40.6%
Net Margin	25.3%-7.1pp	32.3%+6.4pp	26.0%-6.3pp	32.2%+1.0pp	31.3%+3.9pp	27.4%
Return on Equity	13.6%-12.1pp	25.8%+5.5pp	20.2%-5.6pp	25.9%-4.1pp	29.9%-0.1pp	30.0%
Return on Assets	7.8%-3.6pp	11.3%+3.0pp	8.4%-2.5pp	10.8%+0.1pp	10.8%-1.5pp	12.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.40-0.5	0.86-0.1	0.94+0.0	0.93-0.3	1.21+0.1	1.09
FCF Margin	29.2%-8.7pp	37.9%-1.7pp	39.6%+1.0pp	38.6%-2.2pp	40.8%+9.5pp	31.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	40.9%+2.7pp	38.2%+11.4pp	26.8%-15.5pp	42.3%-5.8pp	48.1%-5.3pp	53.3%+3.0pp	50.4%+11.1pp	39.3%
Net Margin	30.1%+3.4pp	26.7%+10.0pp	16.7%-11.5pp	28.2%-4.9pp	33.1%-3.2pp	36.3%+2.5pp	33.8%+8.0pp	25.8%
Return on Equity	4.7%+0.6pp	4.0%+1.6pp	2.4%-3.0pp	5.4%-1.4pp	6.9%-0.1pp	7.0%+0.4pp	6.6%+1.4pp	5.2%
Return on Assets	2.7%+0.4pp	2.3%+0.9pp	1.4%-1.0pp	2.4%-0.6pp	3.0%-0.1pp	3.1%+0.2pp	2.9%+0.7pp	2.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.400.0	0.41+0.0	0.39-0.5	0.84-0.0	0.86+0.0	0.84-0.0	0.87-0.0	0.92
FCF Margin	38.6%-7.0pp	45.6%+47.8pp	-2.1%-38.3pp	36.2%-3.2pp	39.4%-4.6pp	44.0%+7.9pp	36.2%+4.6pp	31.6%

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Frequently Asked Questions

What is Victory Capital's annual revenue?

Victory Capital (VCTR) reported $1.3B in total revenue for fiscal year 2025. This represents a 46.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Victory Capital's revenue growing?

Victory Capital (VCTR) revenue grew by 46.2% year-over-year, from $893.5M to $1.3B in fiscal year 2025.

Is Victory Capital profitable?

Yes, Victory Capital (VCTR) reported a net income of $330.1M in fiscal year 2025, with a net profit margin of 25.3%.

What is Victory Capital's earnings per share (EPS)?

Victory Capital (VCTR) reported diluted earnings per share of $4.08 for fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Victory Capital's EBITDA?

Victory Capital (VCTR) had EBITDA of $551.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Victory Capital have?

As of fiscal year 2025, Victory Capital (VCTR) had $163.7M in cash and equivalents against $970.0M in long-term debt.

What is Victory Capital's operating margin?

Victory Capital (VCTR) had an operating margin of 36.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Victory Capital's net profit margin?

Victory Capital (VCTR) had a net profit margin of 25.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Victory Capital pay dividends?

Yes, Victory Capital (VCTR) paid $1.94 per share in dividends during fiscal year 2025.

What is Victory Capital's return on equity (ROE)?

Victory Capital (VCTR) has a return on equity of 13.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Victory Capital's free cash flow?

Victory Capital (VCTR) generated $381.3M in free cash flow during fiscal year 2025. This represents a 12.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Victory Capital's operating cash flow?

Victory Capital (VCTR) generated $385.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Victory Capital's total assets?

Victory Capital (VCTR) had $4.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Victory Capital's capital expenditures?

Victory Capital (VCTR) invested $4.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Victory Capital buy back shares?

Yes, Victory Capital (VCTR) spent $195.6M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Victory Capital have outstanding?

Victory Capital (VCTR) had 64M shares outstanding as of fiscal year 2025.

What is Victory Capital's debt-to-equity ratio?

Victory Capital (VCTR) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Victory Capital's return on assets (ROA)?

Victory Capital (VCTR) had a return on assets of 7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Victory Capital's Piotroski F-Score?

Victory Capital (VCTR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Victory Capital's earnings high quality?

Victory Capital (VCTR) has an earnings quality ratio of 1.17x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Victory Capital cover its interest payments?

Victory Capital (VCTR) has an interest coverage ratio of 7.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Victory Capital?

Victory Capital (VCTR) scores 90 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.