VCTR

MKT CAP:$5B

Victory Capital Holdings, Inc.

Market Cap

$5B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$74.53+$10.43 (+16.27%)

Apr 20, 2026

Company Details

Victory Capital Holdings, Inc., together with its subsidiaries, operates as an asset management company worldwide. It offers investment advisory, fund administration, fund compliance, fund transfer agent, and fund distribution services. The...

CEO

David Craig Brown

IPO Date

Feb 8, 2018

Website

www.vcm.com

Key Metrics TTM

Revenue

$1.3B

+46.2% YoY

Net Income

$330M

EPS (Diluted)

$4.07

Free Cash Flow

$381M

Revenue / Share

$19.59

Gross Margin

71.1%

Operating Margin

42.5%

Net Margin

25.3%

FCF Margin

29.2%

P/S

3.7x

P/E

14.5x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$1.3B+46.2%EPS $4.08

Q4 2025

Feb 26, 2026

$374M+61.0%EPS $1.32

Q3 2025

Nov 7, 2025

$361M+60.1%EPS $1.11

Q2 2025

Aug 8, 2025

$351M+59.9%EPS $0.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$230M	$163M	$102M
Q2 22	$216M	$118M	$119M
Q3 22	$207M	$148M	$99M
Q4 22	$202M	$105M	$80M
Q1 23	$201M	$139M	$75M
Q2 23	$204M	$144M	$88M
Q3 23	$210M	$151M	$80M
Q4 23	$206M	$16M	$86M
Q1 24	$216M	$155M	$85M
Q2 24	$220M	$162M	$111M
Q3 24	$226M	$167M	$120M
Q4 24	$232M	$46M	$112M
Q1 25	$220M	$162M	$93M
Q2 25	$351M	$248M	$94M
Q3 25	$361M	$257M	$138M
Q4 25	$374M	$261M	$230M

Valuation

Quarter	P/S	P/E
Q1 22	5.3x	16.8x
Q2 22	5.3x	16.2x
Q3 22	5.4x	16.3x
Q4 22	5.6x	17.3x
Q1 23	5.8x	18.8x
Q2 23	5.9x	20.7x
Q3 23	5.8x	22.7x
Q4 23	5.8x	22.4x
Q1 24	5.7x	21.7x
Q2 24	5.6x	20.1x
Q3 24	5.5x	17.9x
Q4 24	5.3x	16.5x
Q1 25	5.3x	16.2x
Q2 25	4.6x	17.1x
Q3 25	4.1x	16.2x
Q4 25	3.7x	14.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$75M	$74M
Q2 22	$90M	$89M
Q3 22	$103M	$102M
Q4 22	$67M	$66M
Q1 23	$64M	$64M
Q2 23	$77M	$75M
Q3 23	$92M	$90M
Q4 23	$97M	$96M
Q1 24	$69M	$68M
Q2 24	$80M	$79M
Q3 24	$101M	$100M
Q4 24	$92M	$92M
Q1 25	$81M	$80M
Q2 25	-$7M	-$7M
Q3 25	$166M	$165M
Q4 25	$145M	$144M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$2M
Q3 22	$1M
Q4 22	$959.0K
Q1 23	$572.0K
Q2 23	$2M
Q3 23	$2M
Q4 23	$796.0K
Q1 24	$500.0K
Q2 24	$225.0K
Q3 24	$398.0K
Q4 24	$155.0K
Q1 25	$2M
Q2 25	$890.0K
Q3 25	$1M
Q4 25	$599.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+8.0%	+4.3%
Q2 22	-2.7%	-23.7%
Q3 22	-8.4%	-14.7%
Q4 22	-12.0%	-12.5%
Q1 23	-12.5%	-1.3%
Q2 23	-5.5%	+20.7%
Q3 23	+1.2%	+19.4%
Q4 23	+2.1%	-2.0%
Q1 24	+7.2%	+3.4%
Q2 24	+7.5%	-6.6%
Q3 24	+7.6%	-18.8%
Q4 24	+12.9%	+1.0%
Q1 25	+1.7%	-3.3%
Q2 25	+59.9%	+135.7%
Q3 25	+60.1%	+111.9%
Q4 25	+61.0%	+19.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	2.1%
Q2 22	$2M	1.0%
Q3 22	$4M	1.8%
Q4 22	$7M	3.4%
Q1 23	$6M	2.9%
Q2 23	$5M	2.7%
Q3 23	$4M	1.8%
Q4 23	$6M	3.1%
Q1 24	$6M	2.7%
Q2 24	$4M	2.0%
Q3 24	$6M	2.5%
Q4 24	$4M	1.8%
Q1 25	$4M	1.7%
Q2 25	$14M	4.0%
Q3 25	$16M	4.4%
Q4 25	$101M	27.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$54M	—
Q2 22	$14M	—
Q3 22	$48M	—
Q4 22	$13M	—
Q1 23	$46M	—
Q2 23	$45M	—
Q3 23	$48M	—
Q1 24	$49M	—
Q2 24	$49M	—
Q3 24	$62M	$37M
Q1 25	$49M	—
Q2 25	$91M	—
Q3 25	$83M	—
Q4 25	$22M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$0	$39M
Q2 22	$43M	$0	$43M
Q3 22	$67M	$0	$67M
Q4 22	$38M	$0	$38M
Q1 23	$38M	$0	$38M
Q2 23	$44M	$0	$44M
Q3 23	$108M	$0	$108M
Q4 23	$124M	$0	$124M
Q1 24	$80M	$0	$80M
Q2 24	$119M	$0	$119M
Q3 24	$188M	$0	$188M
Q4 24	$127M	$0	$127M
Q1 25	$176M	$0	$176M
Q2 25	$108M	$0	$108M
Q3 25	$116M	$0	$116M
Q4 25	$164M	$0	$164M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	74M	-0.4%	-0.6%
Q2 22	73M	-1.1%	-1.8%
Q3 22	72M	-1.4%	-2.9%
Q4 22	71M	-1.7%	-4.4%
Q1 23	70M	-1.4%	-5.3%
Q2 23	69M	-1.8%	-6.0%
Q3 23	68M	-1.2%	-5.8%
Q4 23	67M	-1.1%	-5.3%
Q1 24	66M	-1.4%	-5.4%
Q2 24	66M	+0.2%	-3.5%
Q3 24	66M	-0.0%	-2.4%
Q4 24	66M	-0.8%	-2.1%
Q1 25	65M	-1.2%	-1.9%
Q2 25	68M	+5.0%	+2.9%
Q3 25	67M	-1.5%	+1.4%
Q4 25	67M	-0.4%	+1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$474.3K	485
Q2 22	$445.4K	485
Q3 22	$427.3K	485
Q4 22	$393.6K	512
Q1 23	$393.2K	512
Q2 23	$398.9K	512
Q3 23	$409.5K	512
Q4 23	$427.8K	481
Q1 24	$448.8K	481
Q2 24	$456.6K	481
Q3 24	$469.1K	481
Q4 24	$505.2K	460
Q1 25	$477.4K	460
Q2 25	$763.5K	460
Q3 25	$785.2K	460
Q4 25	$535.2K	699

Revenue / Employee