NASDAQ$VCTR

Victory Capital Holdings Inc · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Victory Capital reported Q4 2025, revenue of $374.1M, diluted EPS of $1.32.

For Q4 2025, Victory Capital reported revenue of $374.1M, diluted EPS was $1.32, adjusted diluted EPS was $1.78. The filing highlights segment trends, liquidity, and management commentary on the period.

  • Revenue $374.1M.
  • Diluted EPS $1.32.
  • Adjusted diluted EPS $1.78.

Headline financials

Total Revenue

$374M

Previous: $206M+81.8%
EPS (adj)

$1.78

Previous: $1.15+54.8%
Ending AUM

$314B

Previous: $172B+82.5%
GAAP Operating Margin

40.9%

Previous: 48.1%-15.0%
Adjusted EBITDA Margin

52.8%

Previous: 54.0%-2.2%
Long-term Gross Flows

$17.1B

Previous: $6.62B+158.9%
Long-term Net Flows

-$2.09B

Previous: -$1.73B-20.8%
Money Market / Short-term Gross Flows

$345M

Previous: $178M+93.8%
Money Market / Short-term Net Flows

-$22M

Previous: -$140M+84.3%
Total Gross Flows

$17.5B

Previous: $6.79B+157.2%
Total Net Flows

-$2.11B

Previous: -$1.87B-12.9%
AUM Revenue Realization (in bps)

47.4%

Previous: 52.5%-9.7%
Adjusted EBITDA

$198M

Previous: $126M+57.4%
Adjusted Net Income with Tax Benefit

$152M

Previous: $95.1M+59.5%
AUM Outperforming Benchmark (1-Year)

63.0%

No prior period
AUM Outperforming Benchmark (3-Years)

63.0%

No prior period
AUM Outperforming Benchmark (5-Years)

68.0%

No prior period
AUM Outperforming Benchmark (10-Years)

78.0%

No prior period
Rated AUM 4 or 5 Stars by Morningstar

65.0%

No prior period
Cash Flow from Operations

$145M

Previous: $91.8M+58.1%
Total Debt Outstanding

$983M

No prior period
Net Income

$113M

Previous: $55.2M+104.3%
Operating Income

$153M

Previous: $86.3M+77.5%

Revenue & EPS history

Victory Capital · Revenue · Quarterly

$374M

Q4 2025+81.8%vs Q4 2024
Beat estimate in 5 of 15 quarters(33%)
ActualEstimate

Forward guidance

Management discusses operating priorities, capital allocation, and sector-specific risks in the quarterly filing.

Tailwinds

  • Headline results and segment commentary anchor the quarter narrative.
  • Balance sheet and liquidity support ongoing operations or returns.
  • Strategic initiatives cited in the release or MD&A.

Headwinds

  • Macro, rates, or input costs may pressure margins.
  • One-time items can affect year-over-year comparability.
  • Execution risk on guidance or restructuring plans.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+1.6%

Avg return

Earnings day

+2.1%

Avg return

5 days after

+1.3%

Avg return

30 days after

50%

20 / 40 earnings

Positive

+22.4%

Q3 2018

Best reaction

-6.6%

Q1 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.9%+4.0%+4.4%
Q4 2025-2.2%+8.3%-1.5%
Q3 2025-0.8%+3.0%+3.2%
Q1 2025-1.6%+7.6%+8.1%
Q4 2024+7.5%+3.4%-10.9%
Q3 2024+2.1%-0.0%+4.3%
Q2 2024+8.2%+9.1%+13.0%
Q1 2024-6.6%-1.3%-4.7%
Q4 2023+4.8%-0.6%+13.1%
Q3 2023+8.9%+5.2%+8.0%
Q2 2023+1.7%+0.1%+4.9%
Q1 2023+0.8%+2.5%+9.2%
Q4 2022-2.8%+4.7%-3.2%
Q3 2022+0.7%+3.0%+4.9%
Q2 2022-0.2%-1.1%-4.4%
Q1 2022-6.4%-10.1%+1.2%
Q4 2021-3.0%-3.5%-11.8%
Q3 2021+11.7%+10.4%-7.9%
Q2 2021+6.5%+7.0%+6.7%
Q1 2021+6.3%+3.6%+7.1%
Q4 2020+2.4%+0.8%+4.7%
Q3 2020+7.2%+7.3%+22.5%
Q2 2020+0.3%+3.7%-1.5%
Q1 2020+0.7%-6.1%+21.5%
Q4 2019-1.8%-2.4%-34.8%
Q3 2019+9.8%+11.3%+26.9%
Q2 2019-1.7%-8.2%-2.2%
Q1 2019+5.8%+16.9%+12.4%
Q4 2018-2.4%+1.6%+17.6%
Q3 2017-0.6%+1.3%-10.2%
Q3 2018+22.4%+39.9%+38.7%
Q2 2018-1.8%-0.5%-5.0%
Q1 2017-1.7%-2.6%+2.4%
Q1 2018-0.6%-4.5%+2.2%
Q2 2017-2.8%-6.6%-14.8%
Q2 2016-2.8%-6.6%-14.8%
Q4 2016-2.8%-6.6%-14.8%
Q3 2016-2.8%-6.6%-14.8%
Q4 2015-2.8%-6.6%-14.8%
Q4 2017+4.2%+3.2%-11.0%
Q1 2016

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