Victory Capital Holdings (VCTR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VCTR SEC filings page.
Victory Capital Holdings, Inc. (VCTR) reported $1.6B in revenue over the twelve months to Jun 30, 2026, up 51.5% from the prior twelve months. This page shows its 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).
FY2025's rapid expansion enlarged the business, but profit and cash margins weakened as the asset base grew faster.
Revenue increased46.2% while operating income increased only11.9% , and operating margin fell11.2 percentage points to36.6% . That combination points to growth with weaker incremental economics, rather than simple scale making each revenue dollar more profitable.
Cash conversion remained closely tied to reported earnings: operating cash flow was
The balance-sheet expansion relied more on equity than borrowing: assets grew
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Victory Capital Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Victory Capital Holdings, Inc. 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 94/100, reflecting efficient cost management and pricing power. This is down from 47.9% the prior year.
Victory Capital Holdings, Inc.'s revenue surged 46.2% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Victory Capital Holdings, Inc. has a moderate D/E ratio of 0.40. This balance of debt and equity financing earns a leverage score of 38/100.
Not available for Victory Capital Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Victory Capital Holdings, Inc. converts 29.2% of revenue into free cash flow ($381.3M). This strong cash generation earns a score of 96/100.
Not available for Victory Capital Holdings, Inc., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Victory Capital Holdings, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Victory Capital Holdings, Inc. 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.
Victory Capital Holdings, Inc. earns $7.48 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
Earnings & Revenue
Victory Capital Holdings, Inc. generated $435.4M in revenue in Q2 2026. This represents an increase of 24.0% from the same quarter a year earlier. Against the prior quarter it is up 12.2%.
Victory Capital Holdings, Inc.'s EBITDA was $214.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 84.8% from the same quarter a year earlier. Against the prior quarter it is up 19.2%.
Victory Capital Holdings, Inc. reported $139.4M in net income in Q2 2026. This represents an increase of 137.3% from the same quarter a year earlier. Against the prior quarter it is up 24.3%.
Victory Capital Holdings, Inc. earned $1.68 per diluted share (EPS) in Q2 2026. This represents an increase of 147.1% from the same quarter a year earlier. Against the prior quarter it is up 26.3%.
Cash & Balance Sheet
Victory Capital Holdings, Inc. generated $134.2M in free cash flow in Q2 2026, representing cash available after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 11.7%.
Victory Capital Holdings, Inc. held $70.1M in cash against $968.0M in long-term debt as of Q2 2026.
Victory Capital Holdings, Inc. paid $0.50 per share in dividends in Q2 2026. This represents an increase of 2.0% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.
Margins & Returns
Victory Capital Holdings, Inc.'s operating margin was 44.5% in Q2 2026, reflecting core business profitability. This is up 17.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.5 percentage points.
Victory Capital Holdings, Inc.'s net profit margin was 32.0% in Q2 2026, showing the share of revenue converted to profit. This is up 15.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.1 percentage points.
Victory Capital Holdings, Inc.'s quarterly ROE was 5.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Not reported for Q2 2026.
Capital Allocation
Victory Capital Holdings, Inc. spent $91.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 252.2% from the same quarter a year earlier. Against the prior quarter it is down 28.1%.
Victory Capital Holdings, Inc. invested $1.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 39.1% from the same quarter a year earlier. Against the prior quarter it is up 45.8%.
Not reported for Q2 2026.
VCTR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $435.4M+24.0% | $388.0M+76.7% | $374.1M+61.0% | $361.2M+60.1% | $351.2M+59.9% | $219.6M+1.7% | $232.4M+12.9% | $225.6M+7.6% |
| SG&A Expenses | $22.9M-2.0% | $20.6M+43.9% | $22.1M+55.2% | $23.5M+67.2% | $23.4M+62.5% | $14.3M+2.3% | $14.3M-14.6% | $14.0M+0.6% |
| Operating Income | $193.7M+105.6% | $159.2M+71.3% | $153.2M+37.1% | $138.1M+14.8% | $94.2M-14.8% | $92.9M+9.5% | $111.7M+29.5% | $120.4M+50.4% |
| EBITDA | $214.3M+84.8% | $179.8M+79.2% | $174.8M+46.5% | $160.2M+25.2% | $116.0M-1.8% | $100.3M+8.6% | $119.3M+26.5% | $127.9M+38.4% |
| Interest Expense | $13.8M-14.9% | $13.9M-14.0% | $15.0M-15.2% | $16.5M-15.2% | $16.2M-15.4% | $16.2M-16.8% | $17.7M-11.0% | $19.4M-0.1% |
| Income Tax | $47.8M+69.4% | $35.7M+93.9% | $28.8M+33.2% | $32.7M+28.3% | $28.3M+31.3% | $18.4M+13.8% | $21.7M+18.2% | $25.5M+83.4% |
| Net Income | $139.4M+137.3% | $112.1M+80.9% | $112.8M+46.6% | $96.5M+17.8% | $58.7M-20.9% | $62.0M+11.3% | $76.9M+39.4% | $82.0M+57.6% |
| EPS (Basic) | $1.70+146.4% | $1.34+38.1% | $1.36+14.3% | $1.12-11.1% | $0.69-40.0% | $0.97+12.8% | $1.19+41.7% | $1.26+59.5% |
| EPS (Diluted) | $1.68+147.1% | $1.33+38.5% | $1.35+15.4% | $1.11-10.5% | $0.68-39.3% | $0.96+14.3% | $1.17+42.7% | $1.24+61.0% |
| Diluted Shares (Avg) | 63M-7.6% | 64M-0.5% | N/A | 67M+1.4% | 68M+2.9% | 65M-1.9% | N/A | 66M-2.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
VCTR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.2B-1.7% | $4.1B+60.3% | $4.2B+66.7% | $4.2B+61.3% | $4.2B+67.2% | $2.6B+3.1% | $2.5B+0.2% | $2.6B+0.8% |
| Cash & Equivalents | $70.1M-35.0% | $75.8M-56.8% | $163.7M+29.2% | $115.7M-38.5% | $107.9M-9.3% | $175.6M+119.7% | $126.7M+2.6% | $188.2M+74.3% |
| Accounts Receivable | $244.3M+19.0% | $197.6M+106.2% | $181.1M+79.9% | $177.0M+82.6% | $205.2M+103.9% | $95.8M-1.4% | $100.7M+15.0% | $96.9M+1.8% |
| Goodwill | $1.2B+0.3% | $1.2B+25.9% | $1.2B+25.9% | $1.2B+25.9% | $1.2B+25.6% | $981.8M0.0% | $981.8M0.0% | $981.8M0.0% |
| Total Liabilities | $1.8B+0.9% | $1.8B+23.8% | $1.8B+27.9% | $1.8B+26.2% | $1.8B+25.8% | $1.4B+0.7% | $1.4B-4.3% | $1.4B-5.2% |
| Long-Term Debt | $968.0M+0.2% | $968.0M+0.3% | $970.0M+0.6% | $972.0M-1.1% | $965.7M-1.6% | $964.8M-2.6% | $963.9M-2.6% | $982.7M-0.6% |
| Total Equity | $2.4B-3.7% | $2.4B+106.2% | $2.4B+116.2% | $2.4B+104.2% | $2.5B+119.5% | $1.1B+6.3% | $1.1B+6.5% | $1.2B+9.2% |
| Retained Earnings | $1.3B+30.4% | $1.2B+22.2% | $1.1B+18.7% | $1.0B+17.2% | $971.7M+18.4% | $955.6M+24.1% | $924.6M+25.5% | $875.7M+24.7% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
VCTR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $135.4Mn/m | $121.0M+49.2% | $145.1M+58.0% | $165.9M+66.3% | -$6.6M-108.3% | $81.1M+18.1% | $91.8M-5.4% | $99.8M+8.9% |
| Depreciation & Amortization | $20.6M-5.5% | $20.6M+176.9% | $21.6M+187.4% | $22.0M+193.4% | $21.8M+188.6% | $7.4M-2.2% | $7.5M-5.9% | $7.5M-39.1% |
| Stock-Based Compensation | $15.8M+178.8% | $7.4M+111.5% | N/A | $5.6M+52.1% | $5.7M+52.9% | $3.5M-12.4% | N/A | $3.7M-4.8% |
| Capital Expenditures | $1.2M+39.1% | $849K-46.6% | $599K+286.5% | $1.1M+171.1% | $890K+295.6% | $1.6M+217.8% | $155K-80.5% | $398K-77.9% |
| Free Cash Flow | $134.2Mn/m | $120.1M+51.1% | $144.5M+57.6% | $164.8M+65.9% | -$7.5M-109.4% | $79.5M+16.6% | $91.7M-4.8% | $99.4M+10.6% |
| Investing Cash Flow | -$3.1M-103.9% | $16.7Mn/m | -$1.1Mn/m | -$458Kn/m | $79.8Mn/m | -$1.7Mn/m | -$2.4Mn/m | -$68Kn/m |
| Financing Cash Flow | -$138.1Mn/m | -$225.4Mn/m | -$96.0Mn/m | -$157.5Mn/m | -$141.3Mn/m | -$30.7Mn/m | -$150.8Mn/m | -$30.6Mn/m |
| Dividends Paid | $41.1M-3.8% | $41.6M+38.9% | $41.3M+46.7% | $42.1M+58.2% | $42.7M+77.9% | $29.9M+33.7% | $28.1M+36.2% | $26.6M+25.7% |
| Share Buybacks | $91.4M+252.2% | $127.2M+28110.4% | $50.7M-47.7% | $118.5M+7161.6% | $26.0M+1111.0% | $451K-84.7% | $96.9M+68.5% | $1.6M-14.5% |
VCTR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 44.5%+17.7pp | 41.0%-1.3pp | 40.9%-7.2pp | 38.2%-15.1pp | 26.8%-23.5pp | 42.3%+3.0pp | 48.1%+6.2pp | 53.3%+15.2pp |
| Net Margin | 32.0%+15.3pp | 28.9%+0.7pp | 30.1%-3.0pp | 26.7%-9.6pp | 16.7%-17.1pp | 28.2%+2.4pp | 33.1%+6.3pp | 36.3%+11.5pp |
| Return on Equity | 5.9%+3.5pp | 4.8%-0.7pp | 4.7%-2.2pp | 4.0%-3.0pp | 2.4%-4.2pp | 5.4%+0.2pp | 6.9%+1.6pp | 7.0%+2.1pp |
| Return on Assets | 3.3%+2.0pp | 2.7%+0.3pp | 2.7%-0.4pp | 2.3%-0.8pp | 1.4%-1.5pp | 2.4%+0.2pp | 3.0%+0.9pp | 3.1%+1.1pp |
| Debt-to-Equity | 0.410.0x | 0.41-0.4x | 0.40-0.5x | 0.41-0.4x | 0.39-0.5x | 0.84-0.1x | 0.86-0.1x | 0.84-0.1x |
| Liabilities-to-Equity | 0.760.0x | 0.76-0.5x | 0.75-0.5x | 0.76-0.5x | 0.72-0.5x | 1.26-0.1x | 1.27-0.1x | 1.22-0.2x |
| Asset Turnover | 0.100.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.080.0x | 0.090.0x | 0.090.0x | 0.090.0x |
| FCF Margin | 30.8%+32.9pp | 31.0%-5.2pp | 38.6%-0.8pp | 45.6%+1.6pp | -2.1%-38.3pp | 36.2%+4.6pp | 39.4%-7.4pp | 44.0%+1.2pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Victory Capital Holdings, Inc. VCTR | FY2025 | $1.3B | $330.1M | 25.3% | $6.7B | 79/100 |
| AllianceBernstein Holding, L.P. AB | FY2025 | N/A | $299.8M | N/A | $3.3B | — |
| Federated Hermes, Inc. FHI | FY2025 | $1.8B | $403.3M | 22.4% | $4.3B | 81/100 |
| ARTISAN PARTNERS ASSET MANAGEMENT INC. APAM | FY2025 | $1.2B | $290.3M | 24.3% | $2.4B | 84/100 |
| FS KKR Capital Corp. FSK | FY2025 | N/A | $11.0M | N/A | $2.9B | — |
Where Victory Capital Holdings, Inc. Ranks
Frequently Asked Questions
What is Victory Capital Holdings, Inc.'s annual revenue?
Victory Capital Holdings, Inc. (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 Holdings, Inc.'s revenue growing?
Victory Capital Holdings, Inc. (VCTR) revenue grew by 46.2% year-over-year, from $893.5M to $1.3B in fiscal year 2025.
Is Victory Capital Holdings, Inc. profitable?
Yes, Victory Capital Holdings, Inc. (VCTR) reported a net income of $460.9M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $330.1M, with a net profit margin of 25.3%.
What is Victory Capital Holdings, Inc.'s EBITDA?
Victory Capital Holdings, Inc. (VCTR) had EBITDA of $551.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Victory Capital Holdings, Inc. have?
As of fiscal year 2025, Victory Capital Holdings, Inc. (VCTR) had $163.7M in cash and equivalents against $970.0M in long-term debt.
What is Victory Capital Holdings, Inc.'s operating margin?
Victory Capital Holdings, Inc. (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 Holdings, Inc.'s net profit margin?
Victory Capital Holdings, Inc. (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 Holdings, Inc. pay dividends?
Yes, Victory Capital Holdings, Inc. (VCTR) paid $1.94 per share in dividends during fiscal year 2025.
What is Victory Capital Holdings, Inc.'s return on equity (ROE)?
Victory Capital Holdings, Inc. (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 Holdings, Inc.'s free cash flow?
Victory Capital Holdings, Inc. (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 Holdings, Inc.'s operating cash flow?
Victory Capital Holdings, Inc. (VCTR) generated $385.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Victory Capital Holdings, Inc.'s total assets?
Victory Capital Holdings, Inc. (VCTR) had $4.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Victory Capital Holdings, Inc.'s capital expenditures?
Victory Capital Holdings, Inc. (VCTR) invested $4.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Victory Capital Holdings, Inc.'s debt-to-equity ratio?
Victory Capital Holdings, Inc. (VCTR) had a debt-to-equity ratio of 0.40 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Victory Capital Holdings, Inc.'s liabilities-to-equity ratio?
Victory Capital Holdings, Inc. (VCTR) had a liabilities-to-equity ratio of 0.75 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Victory Capital Holdings, Inc.'s return on assets (ROA)?
Victory Capital Holdings, Inc. (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 Holdings, Inc.'s P/E ratio?
Victory Capital Holdings, Inc. (VCTR) trades at 14.5x earnings, its market capitalization divided by $460.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $6.7B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Victory Capital Holdings, Inc.'s price-to-sales ratio?
Victory Capital Holdings, Inc. (VCTR) trades at 4.3x sales, its market capitalization divided by $1.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.7B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Victory Capital Holdings, Inc.'s Piotroski F-Score?
Victory Capital Holdings, Inc. (VCTR) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Victory Capital Holdings, Inc.'s earnings high quality?
Victory Capital Holdings, Inc. (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 Holdings, Inc. cover its interest payments?
Victory Capital Holdings, Inc. (VCTR) has an interest coverage ratio of 7.48x, 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 Holdings, Inc.?
Victory Capital Holdings, Inc. (VCTR) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Victory Capital Holdings, Inc. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.