VCTR FY 2025 Earnings Report — Victory Capital Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Victory Capital Holdings, Inc.VCTR

FY 2025 Earnings

Reported February 26, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.3B	—	$893M	—	46.2%
Op. Income	$555M	—	$428M	—	29.8%
Gross Margin	71.1%	—	59.3%	—	11.8pp
Net Margin	25.3%	—	32.3%	—	-7.1pp
EPS (Diluted)	$4.08	—	$4.38	—	-6.8%
Free Cash Flow	$237M	—	$339M	—	-30.1%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$378M
GROSS PROFIT	$928M
R&D Expenses	$0
Selling & Marketing	$232M
General & Administrative	$344M
SG&A Expenses	$576M
Other Expenses	-$203M
Operating Expenses	$373M
Cost & Expenses	$751M
OPERATING INCOME	$555M
Interest Income	$28M
Interest Expense	$66M
Other Income/Expenses	-$117M
INCOME BEFORE TAX	$438M
Income Tax Expense	$108M
Net Income from Continuing Ops	$330M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$330M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$270M
D&A	$73M
EBIT	$493M
EBITDA	$566M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$378M
GROSS PROFIT	$928M
R&D Expenses	$0
Selling & Marketing	$232M
General & Administrative	$344M
SG&A Expenses	$576M
Other Expenses	-$203M
Operating Expenses	$373M
Cost & Expenses	$751M
OPERATING INCOME	$555M
Interest Income	$28M
Interest Expense	$66M
Other Income/Expenses	-$117M
INCOME BEFORE TAX	$438M
Income Tax Expense	$108M
Net Income from Continuing Ops	$330M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$330M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$270M
D&A	$73M
EBIT	$493M
EBITDA	$566M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$330M
Depreciation & Amortization	$73M
Stock-Based Compensation	$135M
Deferred Income Tax	$32M
Other Non-Cash Items	-$242M
Change in Working Capital	-$87M
OPERATING CASH FLOW	$240M
Capital Expenditure	-$4M
Acquisitions (Net)	$54M
Purchases of Investments	-$39M
Sales/Maturities of Investments	$67M
Other Investing Activities	$0
NET CASH FROM INVESTING	$78M
Net Debt Issuance	-$236M
Common Stock Repurchased	-$145M
Common Dividends Paid	-$125M
Other Financing Activities	$175M
NET CASH FROM FINANCING	-$329M
FREE CASH FLOW	$237M
Net Change in Cash	$37M

Balance Sheet

Item	Amount
Cash & Equivalents	$164M
Short-Term Investments	$0
Net Receivables	$31M
Inventory	$0
Other Current Assets	$151M
TOTAL CURRENT ASSETS	$361M
PP&E (Net)	$24M
Goodwill	$1.2B
Intangible Assets	$2.5B
Long-Term Investments	$99M
Tax Assets	$0
Other Non-Current Assets	$50M
TOTAL NON-CURRENT ASSETS	$3.9B
TOTAL ASSETS	$4.2B
Account Payables	$72M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$215M
TOTAL CURRENT LIABILITIES	$373M
Long-Term Debt	$970M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$480M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$1.8B
Common Stock	$879.0K
Additional Paid-In Capital	$2.1B
Retained Earnings	$1.1B
Treasury Stock	-$786M
Accum. Other Comp. Income	$9M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.4B
Minority Interest	$0
TOTAL EQUITY	$2.4B
TOTAL LIABILITIES & EQUITY	$4.2B
Total Debt	$970M
Net Debt	$806M