Victory Capital Holdings (VCTR) Q3 FY2026 earnings: revenue $397 million, up 9.8% on the year

Victory Capital Holdings, Inc. (VCTR) reported revenue of $397 million for Q3 FY2026, the quarter ended 30 September 2026, up 9.8% on the same quarter a year earlier. Net income was $91 million, down 5.4% on the year, and diluted earnings per share $1.11. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$397 million

+9.8% on the year · -8.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

34.7%

38.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$91 million

-5.4% on the year · -34.5% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.11

0.0% on the year · -33.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new, 1 kept.

Record gross sales and net flows: Long-term gross sales and net inflows were both records for the quarter. Year-to-date long-term net flows reached $15.4 billion, and annualized organic growth was about 14%.
Net income and EPS fell sequentially: GAAP net income was $91.3 million, down 34.5% from the second quarter. Diluted EPS was $1.11, against $1.68. Adjusted net income with tax benefit was $163.2 million, or $1.98 per diluted share.
Total client assets at record: Total client assets reached $355.5 billion, up from $346.1 billion at June 30. AUM was $351.9 billion, up $9.4 billion from $342.5 billion, with net inflows partly offset by market action.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	397	435	361	-8.9%	+9.8%
Operating income	138	194	138	-28.9%	-0.3%
Operating margin	34.7%	44.5%	38.2%
Interest expense	13.7	13.8	16.5	-0.8%	-16.9%
Pre-tax income	124	187	129	-33.8%	-4.1%
Income tax	32.6	47.8	32.7	-31.8%	-0.3%
Effective tax rate	26.3%	25.6%	25.3%
Net income	91.3	139	96.5	-34.5%	-5.4%
Net margin	23.0%	32.0%	26.7%
Diluted EPS	$1.11	$1.68	$1.11	-33.9%	0.0%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	223	135	166	+64.9%	+34.6%
Capital expenditure	0.9	1.2	1.1	-24.3%	-13.2%
Free cash flow	222	134	165	+65.8%	+34.9%
Free cash flow margin	56.1%	30.8%	45.6%
Cash from investing	-1.3	-3.1	-0.5
Cash from financing	-84.5	-138	-157
Depreciation and amortisation	20.5	20.6	22.0	-0.3%	-6.9%
Share-based compensation	36.5	15.8	5.6	+131.1%	+545.8%
Buybacks	6.5	91.4	119	-92.9%	-94.5%
Dividends paid	41.3	41.1	42.1	+0.5%	-1.9%
Dividend per share	$0.50	$0.50	$0.49	0.0%	+2.0%
Diluted shares, weighted	62m	63m	67m	-0.5%	-6.7%
Shares outstanding at period end	62m	62m	65m	+0.6%	-4.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,423	2,375	2,399	+2.0%	+1.0%
Debt	966	968	972	-0.2%	-0.6%
Operating lease liabilities	n/a	n/a	39.7
Other liabilities	848	832	802	+1.9%	+5.8%
Total liabilities and equity	4,236	4,175	4,212	+1.5%	+0.6%
Fixed assets	20.7	21.4	25.8	-3.5%	-20.0%
Goodwill	1,236	1,236	1,236	0.0%	0.0%
Intangible assets	2,423	2,441	2,496	-0.7%	-2.9%
Cash and equivalents	208	70.1	116	+196.2%	+79.5%
Other assets	349	406	339	-14.2%	+2.9%
Total assets	4,236	4,175	4,212	+1.5%	+0.6%

Questions

What was Victory Capital Holdings' revenue in Q3 FY2026?

Victory Capital Holdings (VCTR) reported revenue of $397 million for Q3 FY2026, the quarter ended 30 September 2026, up 9.8% on the same quarter a year earlier.

How much did Victory Capital Holdings earn in Q3 FY2026?

Net income for Q3 FY2026 was $91 million, down 5.4% on the year, and diluted earnings per share $1.11.

When did Victory Capital Holdings report Q3 FY2026 results?

Victory Capital Holdings filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	229	230	216	207	202	201	204	210	206	216	220	226	232	220	351	361	374	388	435	397
Operating income	89.8	102	119	98.6	79.6	74.6	87.5	80.0	86.3	84.8	111	120	112	92.9	94.2	138	153	159	194	138
Operating margin	39%	44%	55%	48%	40%	37%	43%	38%	42%	39%	50%	53%	48%	42%	27%	38%	41%	41%	45%	35%
Interest expense	4.0	7.1	8.6	11.7	15.2	17.3	18.4	19.5	19.9	19.5	19.2	19.4	17.7	16.2	16.2	16.5	15.0	13.9	13.8	13.7
Pre-tax income	85.5	90.5	105	85.3	69.1	61.9	74.6	65.9	73.5	71.9	95.8	108	98.6	80.4	87.0	129	142	148	187	124
Tax rate	18%	21%	25%	15%	24%	20%	24%	21%	25%	23%	22%	24%	22%	23%	32%	25%	20%	24%	26%	26%
Net income	69.7	71.3	79.2	72.8	52.3	49.3	56.7	52.0	55.2	55.7	74.3	82.0	76.9	62.0	58.7	96.5	113	112	139	91.3
Net margin	30%	31%	37%	35%	26%	24%	28%	25%	27%	26%	34%	36%	33%	28%	17%	27%	30%	29%	32%	23%
Diluted EPS	$0.94	$0.97	$1.09	$1.01	$0.74	$0.71	$0.83	$0.77	$0.82	$0.84	$1.12	$1.24	$1.17	$0.96	$0.68	$1.11	$1.32	$1.33	$1.68	$1.11
Operating cash flow	112	74.8	90.2	103	67.1	64.2	77.4	91.6	97.1	68.7	79.7	99.8	91.8	81.1	-6.6	166	145	121	135	223
Capital expenditure	4.4	1.2	1.7	1.4	1.0	0.6	2.0	1.8	0.8	0.5	0.2	0.4	0.2	1.6	0.9	1.1	0.6	0.8	1.2	0.9
Free cash flow	108	73.6	88.5	102	66.1	63.6	75.4	89.8	96.3	68.2	79.5	99.4	91.7	79.5	-7.5	165	144	120	134	222
Buybacks	5.7	10.2	19.2	32.1	39.7	34.4	45.5	1.9	57.5	2.9	2.1	1.6	96.9	0.5	26.0	119	50.7	127	91.4	6.5
Dividends paid	11.8	17.4	17.4	17.4	17.1	22.1	21.5	21.2	20.7	22.4	24.0	26.6	28.1	29.9	43.7	42.1	41.3	41.6	41.1	41.3
Shares outstanding	69m	69m	68m	68m	67m	67m	66m	66m	64m	65m	65m	65m	64m	64m	67m	65m	64m	63m	62m	62m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.