Victory Capital Holdings, Inc. Class A Common Stock (VCTR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.79	$2.21	+23.5%	—	$435.4M	—
Q1 26	$1.63	$1.82	+11.7%	—	$388M	—
Q4 25	$1.66	$1.78	+7.2%	—	$374.1M	—
Q3 25	$1.59	$1.63	+2.5%	—	$361.2M	—
Q2 25	$1.48	$1.57	+6.1%	—	—	—
Q1 25	$1.35	$1.36	+0.7%	—	—	—
Q4 24	$1.37	$1.45	+5.8%	—	—	—
Q3 24	$1.34	$1.35	+0.7%	—	—	—
Q2 24	$1.3	$1.16	-10.8%	—	—	—
Q1 24	$1.22	$1.1	-9.8%	—	—	—
Q4 23	$1.13	$1.15	+1.8%	—	—	—
Q3 23	$1.14	$1.18	+3.5%	—	—	—
Q2 23	$1.11	$1.11	0.0%	—	$204.2M	—
Q1 23	$1.06	$1.08	+1.9%	—	$201.3M	—
Q4 22	$1.04	$0.92	-11.5%	—	$201.5M	—
Q3 22	$1.07	$1.19	+11.2%	—	$207.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.13	—	—	$1.3B	—
FY24	—	$4.47	—	—	$893.5M	—
FY23	—	$3.22	—	—	$821M	—
FY22	—	$4.02	—	—	$854.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$297.9M	$409.6M	$413.4M	$612.4M	$775.4M	$890.3M	$854.8M	$821M	$893.5M	$1.3B
YoY change	+23.7%	+37.5%	+0.92%	+48.1%	+26.6%	+14.8%	-3.98%	-3.95%	+8.82%	+46.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	297.9M	409.6M	413.4M	612.4M	775.4M	890.3M	854.8M	821M	893.5M	1.3B
Cost of revenue	200.1M	247.6M	240.6M	326.4M	372.8M	411.2M	399.3M	370.6M	363.7M	595M
Gross profit	97.8M	162.1M	172.9M	285.9M	402.5M	479M	455.5M	450.4M	529.8M	711.1M
Gross margin	32.8%	39.6%	41.8%	46.7%	51.9%	53.8%	53.3%	54.9%	59.3%	54.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	26.6M	34M	30M	46.6M	51.2M	53.7M	52.4M	56.3M	56.7M	83.3M
Operating expenses	26.3M	33.7M	30M	46.6M	51.2M	53.7M	52.4M	56.3M	56.7M	83.3M
Operating income	40.7M	98.2M	119.6M	215.5M	334.9M	406.5M	359.9M	352.5M	442.9M	555M
Operating margin	13.7%	24%	28.9%	35.2%	43.2%	45.7%	42.1%	42.9%	49.6%	42.5%
Non-operating income, net	-16.3M	-8.3M	-11.1M	-60.7M	-23.1M	-37.2M	36.5M	-24M	-15.8M	-77.2M
Pretax income	-9.1M	38.5M	84.9M	120.7M	278.5M	350.6M	350M	275.9M	373.8M	438.3M
Income tax	-3M	12.6M	21.2M	28.2M	66M	72.3M	74.5M	62.8M	84.9M	108.3M
Net income	-6.1M	25.8M	63.7M	92.5M	212.5M	278.4M	275.5M	213.2M	288.9M	330.1M
Net margin	-2.04%	6.3%	15.4%	15.1%	27.4%	31.3%	32.2%	26%	32.3%	25.3%
EBITDA	68.8M	123.8M	140.7M	243.7M	352M	429M	403.6M	418.4M	497.1M	653.9M
EPS	-0.09	0.47	0.96	1.37	3.14	4.1	4.02	3.22	4.47	4.13
Diluted EPS	-0.09	0.47	0.9	1.26	2.88	3.75	3.81	3.12	4.38	4.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	361.2M	374.1M	388M	435.4M
Cost of revenue	—	—	—	—	—	—	—	—	104.1M	330.2M	106.1M	107.9M
Gross profit	—	—	—	—	—	—	—	—	257.1M	43.9M	281.9M	327.5M
Gross margin	—	—	—	—	—	—	—	—	71.2%	11.7%	72.7%	75.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	82.5M	-138.8M	87.8M	109.1M
Operating expenses	—	—	—	—	—	—	—	—	82.5M	-138.8M	87.8M	109.1M
Operating income	—	—	—	—	—	—	—	—	152.6M	161.1M	173.5M	197.8M
Operating margin	—	—	—	—	—	—	—	—	42.2%	43.1%	44.7%	45.4%
Non-operating income, net	-10.7M	-4.4M	-13.7M	4.9M	-3.7M	-3.3M	-13.3M	-40.9M	-15M	-7.9M	-14.3M	-6M
Pretax income	—	—	—	—	—	—	—	—	129.3M	141.7M	147.9M	187.3M
Income tax	—	—	—	—	—	—	—	—	32.7M	28.8M	35.7M	47.8M
Net income	—	—	—	—	—	—	—	—	96.5M	112.8M	112.1M	139.4M
Net margin	—	—	—	—	—	—	—	—	26.7%	30.2%	28.9%	32%
EBITDA	—	—	—	—	—	—	—	—	183.2M	186.7M	197.1M	228M
EPS	0.79	0.85	0.86	1.15	1.26	1.19	0.97	0.69	1.12	1.33	1.34	1.7
Diluted EPS	0.77	0.82	0.84	1.12	1.24	1.17	0.96	0.68	1.11	1.32	1.33	1.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	1.4B	1.7B	2.5B	1.8B	2.3B	4.2B	4.1B	6.7B
Enterprise value	—	—	—	2.3B	2.4B	3.5B	2.8B	3.1B	5.1B	4.9B	7.6B
Shares outstanding	66.6M	55.1M	66.3M	67.6M	67.7M	68M	68.5M	66.2M	64.6M	65.4M	65.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	15.3	7.9	8.92	6.67	10.7	14.6	12.5	19.7
P/S	—	—	—	2.32	2.17	2.79	2.15	2.78	4.73	3.16	4.28
P/B	—	—	—	2.64	2.37	2.67	1.72	2.17	3.77	1.7	2.81
EV/EBITDA	—	—	—	9.46	6.89	8.25	6.9	7.52	10.2	7.55	9.48
EV/Sales	—	—	—	3.76	3.13	3.98	3.26	3.83	5.67	3.78	4.9
Earnings yield	—	—	—	6.52%	12.7%	11.2%	15%	9.35%	6.83%	7.99%	5.07%
FCF yield	—	—	—	15.7%	14.4%	14.6%	18%	14.3%	8.01%	9.24%	7.72%
PEG	—	—	—	—	—	—	—	—	—	—	0.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.8%	39.6%	41.8%	46.7%	51.9%	53.8%	53.3%	54.9%	59.3%	54.4%	75.2%
Operating margin	13.7%	24%	28.9%	35.2%	43.2%	45.7%	42.1%	42.9%	49.6%	42.5%	49%
Net margin	-2.04%	6.3%	15.4%	15.1%	27.4%	31.3%	32.2%	26%	32.3%	25.3%	29.6%
ROE	-1.83%	11.2%	14%	17.2%	30%	29.9%	25.9%	20.2%	25.8%	13.6%	19%
ROA	-0.71%	3.26%	7.95%	5.28%	12.3%	10.8%	10.8%	8.38%	11.3%	7.77%	10.7%
ROIC	5.56%	9.41%	13.3%	11.6%	17.6%	16.2%	14.1%	14.2%	17.5%	12.9%	15.7%
Return on tangible assets	1.04%	-4.37%	-11.8%	-6.57%	-15.1%	-13.4%	-13.4%	-10.7%	-14.9%	-10.4%	-14.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.17	2.35	3.78	0.66	0.87	0.49	0.47	0.79	1.19	2.26	2.07
Quick ratio	2.17	2.35	3.78	0.66	0.87	0.49	0.47	0.79	1.19	2.26	2.58
Debt / equity	1.26	2.09	0.59	1.72	1.09	1.21	0.93	0.94	0.86	0.4	0.43
Debt / assets	0.49	0.61	0.34	0.53	0.44	0.44	0.39	0.39	0.38	0.23	0.24
Net debt / EBITDA	5.84	3.79	1.54	3.64	2.12	2.47	2.35	2.07	1.68	1.23	1.18
Interest coverage	0.71	1.82	4.97	4.14	9.19	16.7	8.46	4.59	5.83	7.69	11
Effective tax rate	0%	32.8%	25%	23.4%	23.7%	20.6%	21.3%	22.7%	22.7%	24.7%	23.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.47	7.43	6.24	9.06	11.5	13.1	12.5	12.4	13.8	20	24.3
EPS (basic)	-0.09	0.47	0.96	1.37	3.14	4.1	4.02	3.22	4.47	4.13	4.13
EPS (diluted)	-0.09	0.47	0.9	1.26	2.88	3.75	3.81	3.12	4.38	4.08	5.5
Book value per share	4.97	4.19	6.87	7.95	10.4	13.7	15.6	15.9	17.4	37.1	38.6
FCF per share	0.58	1.65	1.99	3.29	3.58	5.35	4.82	4.91	5.24	5.83	8.98
Cash per share	0.25	0.25	0.79	0.56	0.35	1.02	0.56	1.87	1.96	2.5	1.14
Capex per share	0.02	0.04	0.04	0.08	0.12	0.19	0.08	0.08	0.02	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.39%	0.51%	0.62%	0.86%	1.04%	1.42%	0.61%	0.63%	0.14%	—	—
Capex / operating cash flow	3.28%	2.04%	2.04%	3.28%	2.7%	3.38%	1.6%	1.56%	0.37%	—	—
Payout ratio	-10.3%	523.4%	1.3%	8.04%	7.64%	13.3%	25.1%	40.1%	35%	47.6%	35.8%
Dividend yield	—	—	—	0.52%	0.97%	1.5%	3.77%	3.75%	2.39%	3.8%	1.82%

Yield

1.82%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Sep 10, 2026

Payout ratio

36%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.50
Jun 10, 2026	$0.50
Mar 10, 2026	$0.49
Dec 10, 2025	$0.49
Sep 10, 2025	$0.49
Jun 10, 2025	$0.49
Feb 18, 2025	$0.47
Dec 9, 2024	$0.44

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$361.2M	$374.1M	$388M	$435.4M
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	17M	13.6M	52.1M	37.9M	23.7M	69.5M	38.2M	123.5M	126.7M	163.7M
Receivables	48.2M	46.2M	41.1M	93.6M	84.9M	97.8M	82.7M	86.1M	99.3M	176.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	105M	75M	98.9M	137.8M	117M	180.5M	131.1M	216.9M	236M	360.9M
Property, plant & equipment	9.5M	8.8M	8.8M	13.2M	18.7M	25.3M	21.1M	19.6M	11.9M	23.8M
Goodwill & intangibles	1.4B	1.4B	1.3B	3.2B	3.1B	4.7B	4.6B	4.5B	4.5B	7.4B
Total assets	851M	792.6M	801.5M	1.8B	1.7B	2.6B	2.5B	2.5B	2.5B	4.2B
Accounts payable	3.7M	327K	607K	271K	42.1M	62.1M	50.9M	56.5M	58M	72.4M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	48.5M	31.9M	26.2M	207.9M	134.6M	371.5M	281.3M	273.7M	197.8M	160M
Long-term debt	418.5M	483.2M	268.9M	924.5M	769M	1.1B	985.5M	989.3M	963.9M	970M
Total liabilities	520M	561.4M	346M	1.2B	1B	1.6B	1.5B	1.5B	1.4B	1.8B
Shareholders' equity	331M	231.2M	455.5M	537.9M	707.5M	929.9M	1.1B	1.1B	1.1B	2.4B
Total debt	418.5M	483.2M	268.9M	924.5M	769M	1.1B	985.5M	989.3M	963.9M	970M
Net debt	402.1M	470.3M	217.4M	887.4M	746.3M	1.1B	947.3M	865.7M	837.1M	806.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	108M	123.5M	79.9M	119M	188.2M	126.7M	175.6M	107.9M	115.7M	163.7M	75.8M	70.1M
Receivables	86.1M	86.1M	97.2M	100.7M	96.9M	99.3M	94.5M	187.5M	168.5M	176.4M	197.6M	244.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	209.6M	216.9M	184.4M	226.6M	293.1M	236M	280.3M	325.4M	305.5M	360.9M	293.6M	336.9M
Property, plant & equipment	—	19.6M	—	—	—	11.9M	—	28M	25.8M	23.8M	68.9M	68M
Goodwill & intangibles	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	4.5B	7.5B	7.5B	7.4B	7.4B	7.4B
Total assets	2.6B	2.5B	2.5B	2.5B	2.6B	2.5B	2.6B	4.2B	4.2B	4.2B	4.1B	4.2B
Accounts payable	59.6M	56.5M	62M	54.5M	61.3M	58M	71.1M	83.9M	79.5M	72.4M	103.7M	77.5M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	309.2M	273.7M	211.4M	195.7M	200.9M	197.8M	214.4M	164.6M	164M	160M	154.9M	130.7M
Long-term debt	988.3M	989.3M	990.2M	981.7M	982.7M	963.9M	964.8M	965.7M	972M	970M	1B	1B
Total liabilities	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.8B	1.8B	1.8B	1.8B	1.8B
Shareholders' equity	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B	2.5B	2.4B	2.4B	2.4B	2.4B
Total debt	988.3M	989.3M	990.2M	981.7M	982.7M	963.9M	964.8M	965.7M	972M	970M	1B	1B
Net debt	880.3M	865.7M	910.3M	862.8M	794.4M	837.1M	789.2M	857.8M	856.2M	806.3M	936M	942M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-6.1M	25.8M	63.7M	92.5M	212.5M	278.4M	275.5M	213.2M	288.9M	330.1M
Depreciation & amortization	30.4M	29.9M	23.3M	23.9M	16.4M	18.8M	43.2M	41.6M	30.2M	72.9M
Stock-based compensation	12M	17.2M	17.3M	22.1M	22.5M	26.5M	17.7M	21.5M	20.1M	46.4M
Change in working capital	-2.6M	8.1M	12.4M	-1.9M	-3.3M	14.7M	5.9M	45.7M	-14.4M	-78.4M
Operating cash flow	35.1M	103M	124.6M	159.6M	298.5M	375.1M	328.4M	331.8M	347.6M	385.5M
Capital expenditure	-1.2M	-2.1M	-2.5M	-5.2M	-8.1M	-12.7M	-5.2M	-5.2M	-1.3M	—
Investing cash flow	-210.1M	-8.5M	-11.5M	-849.8M	-12.3M	-556.6M	-6.3M	-7.8M	-4M	80.7M
Dividends paid	-627K	-135.2M	-831K	-7.4M	-16.2M	-37.2M	-69.2M	-85.4M	-101.1M	-157M
Share repurchases	-10.5M	-4.7M	-8.2M	-15.5M	-29.9M	-31.5M	-101.2M	-139.3M	-103.6M	-195.6M
Financing cash flow	171.8M	-91.3M	-85.4M	608M	-252.7M	227.2M	-360.2M	-237.1M	-332.8M	-425.5M
Net change in cash	-3.1M	3.2M	27.7M	-82.2M	33.5M	45.8M	-38.1M	86.9M	10.8M	40.7M
Free cash flow	38.4M	91.1M	131.8M	222.1M	242.6M	363.5M	330M	325.1M	338.7M	381.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	52M	55.2M	55.7M	74.3M	82M	76.9M	62M	58.7M	96.5M	112.8M	112.1M	139.4M
Depreciation & amortization	12.3M	8M	7.6M	7.6M	7.5M	7.5M	7.4M	21.8M	22M	21.6M	20.6M	20.6M
Stock-based compensation	3.8M	6.4M	5.8M	4.3M	5.7M	4.2M	3.7M	14M	16M	12.8M	13.4M	27.9M
Change in working capital	2.6M	60.2M	-19M	1M	-6.4M	8.4M	-14.1M	-94.2M	28.9M	18.7M	-61.1M	-24.9M
Operating cash flow	87.4M	100.3M	64.8M	86M	95.1M	100.1M	66.7M	-6.6M	165.9M	145.1M	121M	135.4M
Capital expenditure	-1.8M	-796K	-500K	-225K	-398K	-155K	-1.6M	—	—	—	—	—
Investing cash flow	-2.3M	-1.6M	-910K	-605K	-68K	-2.4M	-1.7M	27.1M	621K	-483K	17.5M	-1.9M
Dividends paid	-21.2M	-20.7M	-22.4M	-24M	-26.6M	-28.1M	-29.9M	-43.7M	-42.1M	-41.3M	-41.6M	-41.1M
Share repurchases	-1.9M	-57.5M	-2.9M	-2.1M	-1.6M	-96.9M	-451K	-26M	-118.5M	-50.7M	-127.2M	-91.4M
Financing cash flow	-25.1M	-80M	-111.3M	-30.5M	-30.6M	-150.8M	-30.7M	-141.3M	-157.5M	-96M	-225.4M	-444.6M
Net change in cash	60M	18.7M	-47.4M	54.9M	64.4M	-53M	34.3M	-120.7M	9.1M	48.6M	-86.9M	-311.1M
Free cash flow	89.8M	96.3M	68.2M	79.5M	99.4M	91.7M	79.5M	-7.5M	164.8M	144.5M	120.1M	134.2M

Victory Capital Holdings, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement