Victory Capital Holdings (VCTR) FY2025 results: revenue $1.3 billion, up 46.2% on the year
Victory Capital Holdings, Inc. (VCTR) reported revenue of $1.3 billion for fiscal 2025, the year ended 31 December 2025, up 46.2% on the year before. Net income was $330 million, up 14.3%, and diluted earnings per share $4.08. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.3 billion
+46.2% on the year
FY2018FY2025
Operating margin
36.6%
47.8% a year earlier
FY2018FY2025
Net income
$330 million
+14.3% on the year
FY2018FY2025
Diluted EPS
$4.08
-6.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Revenue rose on Amundi US: Fourth-quarter revenue was $374.1 million, up 61.0% from $232.4 million a year earlier, on higher average AUM. Amundi US closed April 1, 2025.
Quarterly EPS rose sequentially: GAAP net income was $112.8 million, and GAAP diluted EPS was $1.32, against $1.11 in the third quarter. Adjusted net income with tax benefit per diluted share was $1.78, against $1.63.
Operating margin rose sequentially: GAAP operating margin was 40.9%, up from 38.2%. Restructuring and integration costs fell, partly offset by higher compensation expense.
Net outflows offset part of gains: Market gains were partly offset by net outflows of $2.1 billion in the quarter. Long-term net outflows were $244 million in the third quarter, per the prior release.
Record capital returned in 2025: Capital returned to shareholders in 2025 totalled $366 million, which management described as a record.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
385
340
330
+13.4%
Capital expenditure
4.2
1.3
5.2
+225.3%
Free cash flow
381
339
325
+12.6%
Free cash flow margin
29.2%
37.9%
39.6%
Cash from investing
76.6
-4.0
-7.8
Cash from financing
-425
-333
-237
Depreciation and amortisation
72.9
30.2
41.6
+141.4%
Share-based compensation
20.4
15.2
16.5
+34.3%
Buybacks
196
104
139
+88.9%
Dividends paid
157
101
85.4
+55.2%
Dividend per share
$1.94
$1.55
$1.28
+24.8%
Diluted shares, weighted
66m
66m
68m
+0.7%
Shares outstanding at period end
64m
64m
64m
+0.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,425
1,122
1,053
+116.2%
Debt
970
964
989
+0.6%
Operating lease liabilities
37.9
17.9
6.5
+111.3%
Other liabilities
815
444
494
+83.5%
Total liabilities and equity
4,248
2,548
2,543
+66.7%
Fixed assets
23.8
11.9
19.6
+100.7%
Goodwill
1,236
982
982
+25.9%
Intangible assets
2,478
1,261
1,282
+96.5%
Securities held for sale or to maturity
0.6
0.6
0.5
+5.1%
Cash and equivalents
164
127
124
+29.2%
Other assets
346
166
135
+108.6%
Total assets
4,248
2,548
2,543
+66.7%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.