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MARKETS / NASDAQ / VCTR
NASDAQ · INVESTMENT ADVICE · LARGE CAP

Victory Capital Holdings, Inc. VCTR

11 fiscal years on record · USD · FY2025 reported · SEC filings only
3 YEARS OF DIVIDEND GROWTH
$1.3B
▲ 46.2% YoY
$330.1M
▲ 14.3% YoY
$381.3M
▲ 12.6% YoY
In brief

What this company does

Victory Capital is a global asset management firm with total assets under management of $313.8 billion and $316.6 billion in total client assets as of December 31, 2025, providing specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. As of December 31, 2025, it had 699 full-time employees, with 231 in investment management, 251 in sales and marketing roles and 217 in management and support functions. As of December 31, 2025, approximately 37% of its Total Client Assets came from U.S. retail and retirement clients, 20% from U.S. direct investor clients, 26% from U.S. institutional clients, and 17% from clients outside the U.S. It serves investors located in more than 60 countries around the world. For the year ended December 31, 2025, 75% of its total revenues were derived from its services to investment companies registered under the 1940 Act, including mutual funds and ETFs. Through multiple Investment Franchises and a Solutions Platform, it offers investment products including actively and passively managed mutual funds, rules-based and active exchange-traded funds, institutional separate accounts, variable insurance products, alternative investments, private closed-end funds, and a 529 Education Savings Plan. As of December 31, 2025, its Franchises and Solutions Platform collectively managed 187 investment strategies. Victory Capital Holdings, Inc. was formed in 2013 for the purpose of acquiring Victory Capital Management and Victory Capital Services, Inc. from KeyCorp.

Written from the business description in Victory Capital Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 1.3B
Revenue, FY2025 · full 11-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.3 · Net income 0.3
0.5B1.0B201520172019202120232025
Compound annual growth
+15.2%
+11.0%
+18.4%
+6.2%
+9.2%
+56.3%
+2.3%
+24.7%
+30.9%
+53.4%
+19.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +11.0% a year over five years — but profit grew slower: net income at +9.2%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
25 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 36.6% · Net 25.3%
20%40%201520172019202120232025
ROE
FY2025 · ROE 18.6%
10%20%30%201520172019202120232025

Each USD of equity produced 19 cents of profit this year.

Cash & shareholders
USD 350.7M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 381.3
200M201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 157.0 · Net buybacks 193.8
200M-40MDividendsNet buybacks201520172019202120232025
Dividends paidUSD 157.0M
Net buybacksUSD 193.8M
Share of profit106.3%
Consecutive raises3 years (since the 2022 share-count change)

USD 157.0M in dividends and USD 193.8M in buybacks — 106% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 4.2B
EquityUSD 2.4B
CashUSD 163.7M
Gross debtUSD 970.0M
Net debtUSD 806.3M

Net debt stands at 33% of equity.

The 11-year record
11 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015
Revenue $B1.30.90.80.90.90.80.60.40.40.30.2
Operating income $B0.50.40.30.40.40.30.20.10.10.00.0
EBITDA $B0.60.50.40.40.40.30.20.10.10.10.1
Income tax $B0.10.10.10.10.10.10.00.00.0−0.00.0
Net income $B0.30.30.20.30.30.20.10.10.0−0.00.0
Free cash flow $B0.40.30.30.30.40.20.20.10.10.00.0
EPS, diluted $4.084.383.123.813.752.881.260.900.43−0.120.08
Dividend / sh $1.941.551.281.000.530.230.10·2.42·1.28
Payout %4835402513881523−101582
ROE %18.626.620.127.634.034.118.618.69.2−2.11.4
Shares out B0.060.060.060.070.000.02·0.000.06−0.000.05

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 33 reconciliationsAUDITED

Reconciled in 12 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityInvestment Advice
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2014

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