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Victory Capital (VCTR) Financials

Victory Capital logo
$89.12 +1.72 (+1.97%)
Closing price 04:00 PM Eastern
Extended Trading
$89.12 0.00 (0.00%)
As of 05:32 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Victory Capital

Annual Income Statements for Victory Capital

This table shows Victory Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 3.80 -6.07 26 64 92 213 278 276 213 289 270
Consolidated Net Income / (Loss)		 3.80 -6.07 26 64 92 213 278 276 213 289 330
Net Income / (Loss) Continuing Operations		 3.80 -6.07 26 64 92 213 278 276 213 289 330
Total Pre-Tax Income 		7.22 -9.07 38 85 121 279 351 350 276 374 438
Total Revenue		 241 298 410 413 612 775 890 855 821 893 1,306
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Non-Interest Income		 241 298 410 413 612 775 890 855 821 893 1,306
Other Non-Interest Income		 - - 410 413 612 - 890 855 - 893 1,306
Total Non-Interest Expense		 234 308 368 320 489 461 541 500 554 530 882
Salaries and Employee Benefits		 94 123 144 146 180 197 235 238 221 217 363
Insurance Policy Acquisition Costs		 - - 103 95 147 176 176 161 150 146 232
Other Operating Expenses		 100 139 82 51 87 51 78 96 118 121 138
Depreciation Expense		 27 30 30 23 24 16 19 43 42 30 73
Restructuring Charge		 12 16 8.01 5.05 51 20 33 -39 24 15 77
Nonoperating Income / (Expense), net		 0.05 1.09 -3.24 -8.91 -3.03 -36 1.45 -5.11 8.73 10 15
Income Tax Expense		 3.42 -3.00 13 21 28 66 72 75 63 85 108
Preferred Stock Dividends Declared		 - - - - - - - - 0.00 0.00 60
Basic Earnings per Share		 $0.08 ($0.12) $0.47 $0.96 $1.37 $3.14 $4.10 $4.02 $3.22 $4.47 $4.13
Weighted Average Basic Shares Outstanding		 46.41M 50.02M 54.93M 66.30M 67.62M 67.71M 67.98M 68.48M 66.20M 64.61M 65.44M
Diluted Earnings per Share		 $0.08 ($0.12) $0.43 $0.90 $1.26 $2.88 $3.75 $3.81 $3.12 $4.38 $4.08
Weighted Average Diluted Shares Outstanding		 48.09M 50.02M 59.58M 70.51M 73.47M 73.72M 74.15M 72.27M 68.21M 65.93M 66.38M
Weighted Average Basic & Diluted Shares Outstanding		 - 50.60M 54.90M 66.40M 67.50M 67.70M 68.75M 67.58M 64.32M 63.66M 64.05M
Cash Dividends to Common per Share		 $1.28 - $2.42 $0.00 $0.10 $0.23 $0.53 $1.00 $1.28 $1.56 $1.94

Quarterly Income Statements for Victory Capital

This table shows Victory Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 52 55 56 74 82 77 62 46 74 88 86
Consolidated Net Income / (Loss)		 52 55 56 74 82 77 62 59 97 113 112
Net Income / (Loss) Continuing Operations		 52 55 56 74 82 77 62 59 97 113 112
Total Pre-Tax Income 		66 74 72 96 108 99 80 87 129 142 148
Total Revenue		 210 206 216 220 226 232 220 351 361 374 388
Net Interest Income / (Expense)		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 210 206 216 220 226 232 220 351 361 374 388
Other Non-Interest Income		 210 206 216 220 - - 220 - - - 388
Total Non-Interest Expense		 145 136 148 125 105 135 140 270 236 236 243
Salaries and Employee Benefits		 55 54 59 56 43 59 56 109 97 101 106
Insurance Policy Acquisition Costs		 38 36 36 36 37 37 35 62 66 68 67
Other Operating Expenses		 30 33 30 31 14 29 28 37 37 37 35
Depreciation Expense		 12 7.98 7.60 7.55 7.51 7.51 7.43 22 22 22 21
Restructuring Charge		 11 4.40 14 -5.05 3.66 3.06 13 41 14 7.94 14
Nonoperating Income / (Expense), net		 1.45 3.77 3.57 1.46 -13 1.51 0.70 6.01 4.26 3.71 2.76
Income Tax Expense		 14 18 16 22 26 22 18 28 33 29 36
Preferred Stock Dividends Declared		 - - - 0.00 0.00 - 0.00 13 22 - 27
Basic Earnings per Share		 $0.79 $0.85 $0.86 $1.15 $1.26 $1.20 $0.97 $0.69 $1.12 $1.35 $1.34
Weighted Average Basic Shares Outstanding		 65.77M 66.20M 64.39M 64.73M 64.88M 64.61M 63.71M 67.24M 66.21M 65.44M 63.64M
Diluted Earnings per Share		 $0.77 $0.81 $0.84 $1.12 $1.24 $1.18 $0.96 $0.68 $1.11 $1.33 $1.33
Weighted Average Diluted Shares Outstanding		 67.68M 68.21M 65.97M 66.08M 66.06M 65.93M 64.71M 67.98M 66.96M 66.38M 64.39M
Weighted Average Basic & Diluted Shares Outstanding		 65.99M 64.32M 64.71M 64.88M 65.03M 63.66M 67.24M 66.78M 64.94M 64.05M 62.53M
Cash Dividends to Common per Share		 $0.32 $0.32 $0.34 $0.37 $0.41 $0.44 $0.47 $0.49 $0.49 $0.49 $0.49

Annual Cash Flow Statements for Victory Capital

This table details how cash moves in and out of Victory Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -11 1.30 -3.52 39 -14 -14 47 -31 85 3.18 37
Net Cash From Operating Activities		 41 40 96 134 227 251 376 335 330 340 385
Net Cash From Continuing Operating Activities		 41 40 96 134 227 251 376 335 330 340 385
Net Income / (Loss) Continuing Operations		 3.80 -6.07 26 64 92 213 278 276 213 289 330
Consolidated Net Income / (Loss)		 3.80 -6.07 26 64 92 213 278 276 213 289 330
Depreciation Expense		 27 30 29 26 22 15 15 48 42 30 73
Amortization Expense		 3.21 4.79 6.61 2.88 3.89 4.47 3.43 4.48 1.45 -12 -9.55
Non-Cash Adjustments to Reconcile Net Income		 10 7.67 34 30 37 74 65 5.99 30 54 83
Changes in Operating Assets and Liabilities, net		 -4.07 3.14 0.51 12 72 -55 14 1.39 44 -21 -91
Net Cash From Investing Activities		 -20 -210 -8.53 -12 -850 -12 -557 -6.32 -7.84 -3.98 77
Net Cash From Continuing Investing Activities		 -20 -210 -8.53 -12 -850 -12 -557 -6.32 -7.84 -3.98 77
Purchase of Property, Leasehold Improvements and Equipment		 -1.93 -1.16 -5.11 -2.55 -5.24 -8.06 -13 -5.25 -5.17 -1.28 -4.16
Purchase of Investment Securities		 -21 -213 -12 -12 -847 -8.85 -554 -25 -14 -13 -48
Divestitures		 - - - - - - - - 0.00 0.00 54
Sale and/or Maturity of Investments		 2.92 3.88 5.25 2.77 2.91 4.57 9.88 24 11 11 75
Net Cash From Financing Activities		 -31 172 -91 -84 608 -253 227 -360 -237 -333 -425
Net Cash From Continuing Financing Activities		 -31 172 -91 -84 608 -253 227 -360 -237 -333 -425
Issuance of Debt		 50 133 125 359 1,089 0.00 502 - 0.00 0.00 241
Issuance of Common Equity		 1.67 89 3.19 158 4.08 4.76 8.38 14 6.29 8.88 1.84
Repayment of Debt		 -17 -21 -68 -580 -428 -162 -142 -149 0.00 -30 -238
Repurchase of Common Equity		 -1.19 -11 -4.65 -8.18 -16 -30 -32 -101 -139 -104 -196
Payment of Dividends		 -60 -0.63 -135 -0.83 -7.44 -16 -37 -69 -85 -101 -157
Other Financing Activities, Net		 -4.09 -18 -12 -12 -33 -49 -73 -55 -19 -107 -78
Effect of Exchange Rate Changes		 - - 0.12 -0.07 0.04 0.04 -0.04 -0.07 0.06 -0.05 0.38
Cash Interest Paid		 23 29 41 18 23 39 19 32 71 79 80
Cash Income Taxes Paid		 0.61 0.50 0.76 18 25 38 55 36 39 52 73

Quarterly Cash Flow Statements for Victory Capital

This table details how cash moves in and out of Victory Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 64 16 -44 39 69 -62 49 -68 7.87 48 -88
Net Cash From Operating Activities		 92 97 69 80 100 92 81 -6.59 166 145 121
Net Cash From Continuing Operating Activities		 92 97 69 80 100 92 81 -6.59 166 145 121
Net Income / (Loss) Continuing Operations		 52 55 56 74 82 77 62 59 97 113 112
Consolidated Net Income / (Loss)		 52 55 56 74 82 77 62 59 97 113 112
Depreciation Expense		 13 6.81 6.30 7.70 6.20 9.28 8.27 17 19 28 20
Amortization Expense		 1.07 -1.72 -3.10 -3.05 -3.12 -3.12 -3.07 -3.10 -3.46 0.08 0.08
Non-Cash Adjustments to Reconcile Net Income		 19 -22 24 6.36 15 8.88 14 27 33 8.30 24
Changes in Operating Assets and Liabilities, net		 6.20 58 -14 -5.56 -0.31 -0.17 -0.50 -107 20 -3.87 -35
Net Cash From Investing Activities		 -2.35 -1.57 -0.91 -0.61 -0.07 -2.40 -1.68 80 -0.46 -1.08 17
Net Cash From Continuing Investing Activities		 -2.35 -1.57 -0.91 -0.61 -0.07 -2.40 -1.68 80 -0.46 -1.08 17
Purchase of Property, Leasehold Improvements and Equipment		 -1.80 -0.80 -0.50 -0.23 -0.40 -0.16 -1.59 -0.89 -1.08 -0.60 -0.85
Purchase of Investment Securities		 -5.07 -4.49 -0.71 -1.17 -8.36 -3.14 -1.53 -29 -8.82 -8.53 -41
Sale and/or Maturity of Investments		 4.52 3.72 0.30 0.79 8.69 0.90 1.43 56 9.40 8.05 59
Net Cash From Financing Activities		 -25 -80 -111 -40 -31 -151 -31 -141 -157 -96 -225
Net Cash From Continuing Financing Activities		 -25 -80 -111 -40 -31 -151 -31 -141 -157 -96 -225
Issuance of Common Equity		 2.15 0.87 3.27 2.21 1.72 1.68 0.55 0.83 0.34 0.12 1.85
Repayment of Debt		 - - - - - -20 0.00 - -236 -2.46 -2.46
Repurchase of Common Equity		 -1.91 -57 -2.95 -2.14 -1.63 -97 -0.45 -26 -119 -51 -127
Payment of Dividends		 -21 -21 -22 -24 -27 -28 -30 -44 -42 -41 -42
Other Financing Activities, Net		 -4.14 -2.78 -89 -6.61 -4.08 -7.46 -0.89 -72 -2.55 -1.74 -56
Effect of Exchange Rate Changes		 -0.01 0.07 -0.04 0.00 0.17 -0.18 0.18 0.32 -0.10 -0.01 -0.07
Cash Interest Paid		 18 20 20 19 19 20 17 16 30 16 14
Cash Income Taxes Paid		 9.54 4.68 1.13 29 9.68 12 1.50 42 12 18 1.53

Annual Balance Sheets for Victory Capital

This table presents Victory Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 851 793 802 1,753 1,731 2,580 2,541 2,543 2,548 4,248
Cash and Due from Banks		 16 13 51 37 23 70 38 124 127 164
Trading Account Securities		 6.16 11 13 0.77 0.92 0.91 0.47 0.53 0.61 99
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 9.54 8.84 8.78 13 19 25 21 20 12 24
Goodwill		 284 284 284 405 405 982 982 982 982 1,236
Intangible Assets		 434 408 388 1,175 1,163 1,350 1,315 1,282 1,261 2,478
Other Assets		 100 67 56 122 121 11 185 135 166 247
Total Liabilities & Shareholders' Equity		 851 793 802 1,753 1,731 2,580 2,541 2,543 2,548 4,248
Total Liabilities		 520 561 346 1,215 1,023 1,194 1,475 1,490 1,426 1,823
Long-Term Debt		 436 493 275 925 769 1,128 986 989 964 970
Other Long-Term Liabilities		 53 46 51 202 254 66 490 500 462 853
Total Equity & Noncontrolling Interests		 331 231 456 538 708 930 1,065 1,053 1,122 2,425
Total Preferred & Common Equity		 331 231 456 538 708 930 1,065 1,053 1,122 2,425
Preferred Stock		 - - - - - - - - 0.00 0.20
Total Common Equity		 331 231 455 538 708 930 1,065 1,053 1,122 2,425
Common Stock		 422 436 604 625 648 674 706 729 753 2,104
Retained Earnings		 -75 -184 -120 -35 162 403 609 737 925 1,098
Treasury Stock		 -16 - - -53 0.00 -153 -285 -444 -575 -786
Accumulated Other Comprehensive Income / (Loss)		 -0.54 0.06 -0.09 0.00 -7.46 5.97 35 31 19 9.02

Quarterly Balance Sheets for Victory Capital

This table presents Victory Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,589 2,528 2,538 2,592 2,506 2,541 2,612 2,583 4,249 4,212 4,142
Cash and Due from Banks		 67 38 44 108 80 119 188 176 108 116 76
Trading Account Securities		 - - - 30 34 34 35 35 - 98 83
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 23 20 22 21 18 16 14 11 28 26 22
Goodwill		 982 982 982 982 982 982 982 982 1,233 1,236 1,236
Intangible Assets		 1,324 1,305 1,298 1,288 1,277 1,271 1,266 1,255 2,515 2,496 2,460
Other Assets		 194 69 193 163 117 120 128 125 270 241 265
Total Liabilities & Shareholders' Equity		 2,589 2,528 2,538 2,592 2,506 2,541 2,612 2,583 4,249 4,212 4,142
Total Liabilities		 1,522 1,140 1,492 1,516 1,429 1,418 1,437 1,439 1,784 1,813 1,782
Long-Term Debt		 1,000 986 987 988 990 982 983 965 966 972 968
Other Long-Term Liabilities		 522 154 505 527 439 437 455 474 819 841 814
Total Equity & Noncontrolling Interests		 1,067 1,049 1,046 1,076 1,077 1,123 1,175 1,145 2,465 2,399 2,360
Total Preferred & Common Equity		 1,067 1,049 1,046 1,076 1,077 1,123 1,175 1,145 2,465 2,399 2,360
Preferred Stock		 - - - - - - - - 0.20 0.20 0.20
Total Common Equity		 1,067 1,049 1,046 1,076 1,077 1,123 1,175 1,145 2,465 2,399 2,360
Common Stock		 700 712 718 724 736 742 748 757 2,088 2,098 2,113
Retained Earnings		 574 636 671 702 770 820 876 956 972 1,026 1,168
Treasury Stock		 -244 -330 -378 -384 -458 -465 -471 -584 -607 -735 -930
Accumulated Other Comprehensive Income / (Loss)		 37 30 34 34 28 25 22 16 13 9.33 8.64

Annual Metrics And Ratios for Victory Capital

This table displays calculated financial ratios and metrics derived from Victory Capital's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.08 ($0.12) $0.47 $0.96 $1.37 $3.14 $4.10 $4.02 $3.22 $4.47 $4.13
Adjusted Weighted Average Basic Shares Outstanding		 46.41M 50.02M 54.93M 66.30M 67.62M 67.71M 67.98M 68.48M 66.20M 64.61M 65.44M
Adjusted Diluted Earnings per Share		 $0.08 ($0.12) $0.43 $0.90 $1.26 $2.88 $3.75 $3.81 $3.12 $4.38 $4.08
Adjusted Weighted Average Diluted Shares Outstanding		 48.09M 50.02M 59.58M 70.51M 73.47M 73.72M 74.15M 72.27M 68.21M 65.93M 66.38M
Adjusted Basic & Diluted Earnings per Share		 $0.08 $0.00 $0.00 $0.00 $1.37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 50.60M 67.95M 67.50M 67.89M 67.70M 68.75M 67.58M 64.32M 63.66M 64.05M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Victory Capital

This table displays calculated financial ratios and metrics derived from Victory Capital's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 64,049,636.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 64,049,636.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.75
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.17% 2.12% 7.22% 7.54% 7.60% 12.91% 1.73% 59.92% 60.08% - 76.68%
EBITDA Growth		 -21.58% -3.86% -1.25% 19.83% 36.25% 37.94% 18.70% -3.67% 14.17% - 94.18%
EBIT Growth		 -26.03% 5.25% 13.26% 29.87% 61.24% 39.18% 16.65% -14.14% 3.86% - 82.07%
NOPAT Growth		 -31.56% 4.55% 10.17% 32.53% 55.86% 44.65% 16.07% -25.22% 1.71% - 79.14%
Net Income Growth		 -28.53% 5.62% 13.03% 31.02% 57.64% 39.37% 11.28% -20.90% 17.76% - 80.94%
EPS Growth		 -23.76% 9.46% 18.31% 34.94% 61.04% 45.68% 14.29% -39.29% -10.48% - 38.54%
Operating Cash Flow Growth		 -11.10% 44.73% 7.06% 2.97% 8.90% -5.45% 18.07% -108.27% 66.27% - 49.15%
Free Cash Flow Firm Growth		 110.85% -88.11% 228.75% -99.42% -125.52% -46.69% -94.60% -61,754.40% -104,487.76% - -5,801.38%
Invested Capital Growth		 -0.12% -0.42% -12.94% 3.49% 4.50% 2.12% 2.03% 63.02% 56.26% - 57.77%
Revenue Q/Q Growth		 2.67% -1.86% 4.89% 1.74% 2.74% 2.99% -5.50% 59.93% 2.84% - 3.71%
EBITDA Q/Q Growth		 -4.88% -4.71% -4.45% 38.37% 8.15% -3.53% -17.78% 12.29% 47.83% - -0.56%
EBIT Q/Q Growth		 -11.23% 8.20% -2.06% 38.05% 10.21% -6.60% -17.91% 1.61% 54.38% - 5.19%
NOPAT Q/Q Growth		 -7.82% 2.98% 1.05% 38.15% 8.42% -4.43% -18.92% -10.99% 70.74% - 0.18%
Net Income Q/Q Growth		 -8.23% 6.15% 0.88% 33.33% 10.41% -6.15% -19.45% -5.23% 64.37% - -0.60%
EPS Q/Q Growth		 -7.23% 5.19% 3.70% 33.33% 10.71% -4.84% -18.64% -29.17% 63.24% - 0.00%
Operating Cash Flow Q/Q Growth		 18.37% 5.97% -29.27% 16.04% 25.19% -7.99% -11.67% -108.13% 2,616.79% - -16.63%
Free Cash Flow Firm Q/Q Growth		 -85.03% 14.61% 490.14% -99.43% -758.89% 339.42% -40.24% -6,640.28% 11.89% - 7.58%
Invested Capital Q/Q Growth		 1.52% -1.07% 1.23% 1.80% 2.51% -3.33% 1.14% 62.65% -1.74% - -1.97%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 37.46% 36.37% 33.13% 45.06% 47.43% 44.43% 38.66% 27.14% 39.02% - 42.49%
EBIT Margin		 30.75% 33.90% 31.65% 42.95% 46.07% 41.78% 36.29% 23.06% 34.61% - 37.40%
Profit (Net Income) Margin		 24.80% 26.83% 25.80% 33.81% 36.34% 33.11% 28.22% 16.72% 26.73% - 28.90%
Tax Burden Percent		 78.89% 75.09% 77.47% 77.53% 76.26% 78.04% 77.08% 67.52% 74.68% - 75.84%
Interest Burden Percent		 102.25% 105.40% 105.22% 101.54% 103.42% 101.55% 100.88% 107.42% 103.41% - 101.90%
Effective Tax Rate		 21.11% 24.91% 22.53% 22.47% 23.74% 21.96% 22.92% 32.48% 25.32% - 24.16%
Return on Invested Capital (ROIC)		 9.59% 10.21% 9.23% 13.69% 14.43% 14.12% 12.02% 5.79% 10.89% - 15.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.71% 10.50% 9.46% 13.81% 14.70% 14.24% 12.07% 6.20% 11.21% - 15.60%
Return on Net Nonoperating Assets (RNNOA)		 9.00% 9.79% 10.31% 12.54% 12.88% 12.79% 10.62% 3.37% 6.13% - 8.60%
Return on Equity (ROE)		 18.59% 20.00% 19.54% 26.23% 27.31% 26.90% 22.64% 9.15% 17.02% - 23.99%
Cash Return on Invested Capital (CROIC)		 10.00% 10.51% 23.35% 7.65% 7.81% 11.52% 11.86% -38.13% -34.05% - -31.30%
Operating Return on Assets (OROA)		 9.69% 10.95% 10.51% 14.39% 15.35% 14.67% 12.80% 6.99% 11.81% - 16.40%
Return on Assets (ROA)		 7.82% 8.67% 8.56% 11.33% 12.11% 11.62% 9.95% 5.07% 9.12% - 12.67%
Return on Common Equity (ROCE)		 18.59% 20.00% 19.54% 26.23% 27.31% 26.90% 22.64% 9.15% 17.02% - 23.99%
Return on Equity Simple (ROE_SIMPLE)		 19.53% 0.00% 20.39% 21.12% 22.74% 0.00% 25.79% 11.34% 12.26% - 16.11%
Net Operating Profit after Tax (NOPAT)		 51 52 53 73 79 76 61 55 93 - 110
NOPAT Margin		 24.26% 25.45% 24.52% 33.29% 35.14% 32.61% 27.97% 15.57% 25.85% - 28.36%
Net Nonoperating Expense Percent (NNEP)		 -0.12% -0.29% -0.24% -0.11% -0.27% -0.12% -0.06% -0.42% -0.33% - -0.22%
SG&A Expenses to Revenue		 25.99% 26.22% 27.54% 25.34% 19.17% 25.33% 25.56% 31.01% 26.85% - 27.28%
Operating Expenses to Revenue		 69.25% 66.10% 68.35% 57.05% 53.93% 58.22% 63.71% 76.94% 65.39% - 62.60%
Earnings before Interest and Taxes (EBIT)		 64 70 68 94 104 97 80 81 125 - 145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 79 75 72 99 107 103 85 95 141 - 165
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.97 2.08 2.51 2.75 3.06 3.77 3.22 1.74 1.80 - 1.78
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 2.60 2.67 3.24 3.63 4.15 4.73 4.11 4.16 3.71 - 2.84
Price to Earnings (P/E)		 10.09 10.27 12.34 13.02 13.45 14.64 12.48 16.04 16.68 - 14.28
Dividend Yield		 3.75% 3.86% 3.08% 2.82% 2.59% 2.39% 3.50% 2.84% 2.92% - 2.99%
Earnings Yield		 9.92% 9.73% 8.11% 7.68% 7.43% 6.83% 8.01% 6.24% 6.00% - 7.00%
Enterprise Value to Invested Capital (EV/IC)		 1.45 1.50 1.75 1.88 2.03 2.43 2.12 1.50 1.54 - 1.53
Enterprise Value to Revenue (EV/Rev)		 3.67 3.72 4.33 4.64 5.06 5.67 4.99 5.00 4.45 - 3.45
Enterprise Value to EBITDA (EV/EBITDA)		 9.64 9.91 11.77 12.20 12.45 13.30 11.35 13.16 12.70 - 8.97
Enterprise Value to EBIT (EV/EBIT)		 11.38 11.44 13.15 13.31 13.05 13.93 11.93 14.21 14.14 - 10.40
Enterprise Value to NOPAT (EV/NOPAT)		 14.70 14.80 17.13 17.24 17.03 18.02 15.45 18.98 19.00 - 13.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.99 9.25 10.81 11.72 12.71 14.90 12.69 19.31 15.60 - 11.96
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.53 14.21 6.98 24.98 26.63 21.30 18.07 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 0.94 0.92 0.87 0.84 0.86 0.84 0.39 0.41 - 0.41
Long-Term Debt to Equity		 0.92 0.94 0.92 0.87 0.84 0.86 0.84 0.39 0.41 - 0.41
Financial Leverage		 0.93 0.93 1.09 0.91 0.88 0.90 0.88 0.54 0.55 - 0.55
Leverage Ratio		 2.42 2.40 2.37 2.34 2.31 2.34 2.29 1.89 1.91 - 1.92
Compound Leverage Factor		 2.47 2.53 2.49 2.38 2.39 2.38 2.31 2.03 1.97 - 1.96
Debt to Total Capital		 47.87% 48.44% 47.90% 46.65% 45.55% 46.22% 45.74% 28.15% 28.83% - 29.09%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 47.87% 48.44% 47.90% 46.65% 45.55% 46.22% 45.74% 28.15% 28.83% - 29.09%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% - 0.01%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 52.13% 51.56% 52.10% 53.35% 54.45% 53.78% 54.26% 71.85% 71.16% - 70.91%
Debt to EBITDA		 3.17 3.21 3.22 3.03 2.79 2.53 2.45 2.47 2.38 - 1.71
Net Debt to EBITDA		 2.83 2.81 2.96 2.66 2.25 2.20 2.00 2.20 2.10 - 1.57
Long-Term Debt to EBITDA		 3.17 3.21 3.22 3.03 2.79 2.53 2.45 2.47 2.38 - 1.71
Debt to NOPAT		 4.84 4.79 4.69 4.28 3.81 3.43 3.33 3.57 3.56 - 2.63
Net Debt to NOPAT		 4.31 4.19 4.31 3.76 3.08 2.98 2.73 3.17 3.14 - 2.43
Long-Term Debt to NOPAT		 4.84 4.79 4.69 4.28 3.81 3.43 3.33 3.57 3.56 - 2.63
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% - 0.01%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 53 61 360 2.06 -14 33 19 -1,272 -1,120 - -1,108
Operating Cash Flow to CapEx		 5,087.62% 12,198.62% 13,736.80% 35,424.00% 25,070.35% 59,232.90% 5,103.46% -740.67% 15,376.00% - 14,246.64%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.32 0.32 0.33 0.34 0.33 0.35 0.35 0.30 0.34 - 0.44
Fixed Asset Turnover		 36.85 40.32 44.93 44.69 49.65 56.82 62.58 47.15 58.89 - 87.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,064 2,042 2,067 2,105 2,157 2,085 2,109 3,431 3,371 - 3,328
Invested Capital Turnover		 0.40 0.40 0.38 0.41 0.41 0.43 0.43 0.37 0.42 - 0.54
Increase / (Decrease) in Invested Capital		 -2.39 -8.65 -307 71 93 43 42 1,326 1,214 - 1,219
Enterprise Value (EV)		 3,000 3,055 3,619 3,951 4,389 5,065 4,473 5,139 5,181 - 5,086
Market Capitalization		 2,120 2,190 2,709 3,089 3,594 4,228 3,684 4,281 4,325 - 4,194
Book Value per Share		 $16.36 $15.96 $16.75 $17.35 $18.11 $17.25 $17.98 $36.66 $35.92 - $36.84
Tangible Book Value per Share		 ($18.14) ($18.35) ($18.36) ($17.47) ($16.54) ($17.23) ($17.16) ($19.08) ($19.96) - ($20.86)
Total Capital		 2,064 2,042 2,067 2,105 2,157 2,085 2,109 3,431 3,371 - 3,328
Total Debt		 988 989 990 982 983 964 965 966 972 - 968
Total Long-Term Debt		 988 989 990 982 983 964 965 966 972 - 968
Net Debt		 880 866 910 863 794 837 789 858 856 - 892
Capital Expenditures (CapEx)		 1.80 0.80 0.50 0.23 0.40 0.16 1.59 0.89 1.08 - 0.85
Net Nonoperating Expense (NNE)		 -1.15 -2.83 -2.76 -1.13 -2.71 -1.17 -0.54 -4.06 -3.18 - -2.09
Net Nonoperating Obligations (NNO)		 988 989 990 982 983 964 965 966 972 - 968
Total Depreciation and Amortization (D&A)		 14 5.09 3.20 4.64 3.07 6.16 5.20 14 16 - 20
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.79 $0.85 $0.86 $1.15 $1.26 $1.20 $0.97 $0.69 $1.12 $1.35 $1.34
Adjusted Weighted Average Basic Shares Outstanding		 65.77M 66.20M 64.39M 64.73M 64.88M 64.61M 63.71M 67.24M 66.21M 65.44M 63.64M
Adjusted Diluted Earnings per Share		 $0.77 $0.81 $0.84 $1.12 $1.24 $1.18 $0.96 $0.68 $1.11 $1.33 $1.33
Adjusted Weighted Average Diluted Shares Outstanding		 67.68M 68.21M 65.97M 66.08M 66.06M 65.93M 64.71M 67.98M 66.96M 66.38M 64.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 65.99M 64.32M 64.71M 64.88M 65.03M 63.66M 67.24M 66.78M 64.94M 64.05M 62.53M
Normalized Net Operating Profit after Tax (NOPAT)		 59 56 64 69 82 78 72 82 104 - 121
Normalized NOPAT Margin		 28.28% 27.06% 29.44% 31.51% 36.37% 33.63% 32.65% 23.43% 28.83% - 31.17%
Pre Tax Income Margin		 31.44% 35.73% 33.30% 43.61% 47.64% 42.43% 36.61% 24.77% 35.79% - 38.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 38.93% 40.08% 39.03% 37.19% 35.06% 35.00% 36.81% 45.90% 48.89% - 44.34%
Augmented Payout Ratio		 96.73% 105.43% 88.13% 64.38% 59.09% 70.86% 71.06% 90.57% 131.08% - 129.13%

Financials Breakdown Chart

Key Financial Trends

Victory Capital (NASDAQ: VCTR) has shown solid earnings power, but its latest results also highlight some meaningful balance sheet and cash flow pressure. Over the past four years, the company has generally delivered profitable quarters with strong operating cash generation, while revenue has been highly sensitive to market-driven investment gains and losses. The most recent quarter, Q1 2026, showed a rebound in profitability versus the prior quarter, but cash declined sharply and leverage remains elevated.

Key positives

  • Q1 2026 net income attributable to common shareholders was $85.5 million, up from $74.3 million in Q3 2025 and roughly in line with the strong profit levels seen across 2025.
  • Operating cash flow remained healthy in Q1 2026 at $121.0 million, showing the business is still converting earnings into cash.
  • The company continues to generate substantial quarterly revenue, with Q1 2026 revenue of $388.0 million, above Q4 2025’s $374.1 million.
  • Basic EPS in Q1 2026 was $1.34, close to the prior quarter’s $1.35, indicating earnings stability.
  • Victory Capital has maintained profitability for each quarter shown, with quarterly net income generally ranging from about $49 million to $113 million over the last four years.
  • The company’s common equity base rose materially over time, reaching $2.36 billion in Q1 2026 versus $1.08 billion in Q1 2024, reflecting strong retained earnings accumulation and balance sheet growth.

Neutral items

  • Revenue is still heavily tied to market conditions and investment performance. For example, Q3 2025 revenue was boosted by net realized and unrealized capital gains of $361.2 million, while Q1 2026 revenue came mainly from other non-interest income.
  • Diluted share count has drifted upward at times, with Q1 2026 diluted weighted average shares at 64.4 million versus 63.7 million in Q1 2025.
  • The company continued paying a quarterly dividend of $0.49 per share in both Q4 2025 and Q1 2026, which is supportive for income investors but also uses cash.
  • Depreciation and amortization are meaningful non-cash expenses, but they do not appear to be destabilizing earnings or cash generation.

Key negatives

  • Cash and equivalents fell to $75.8 million in Q1 2026 from $115.7 million in Q3 2025 and $175.6 million in Q1 2025, signaling reduced liquidity.
  • Q1 2026 net change in cash and equivalents was a decline of $87.8 million, driven largely by financing outflows.
  • The company carried $968.0 million of long-term debt in Q1 2026, which remains a significant obligation relative to its cash balance.
  • Q1 2026 financing cash flow was sharply negative at -$225.4 million, reflecting share repurchases, dividends, and other financing uses.
  • Share repurchases have been substantial in recent quarters, including $127.2 million in Q1 2026 and $118.5 million in Q3 2025, which supports EPS but drains cash.
  • The company’s balance sheet is asset-heavy with large goodwill and intangible assets totaling about $3.70 billion in Q1 2026, limiting tangible asset backing.
  • Revenue and earnings have been volatile quarter to quarter because performance-based income can swing with markets, making results less predictable than more stable fee-based businesses.

Bottom line: Victory Capital remains profitable and cash-generative, but investors should watch liquidity, debt, and the sustainability of capital returns. The business has a strong earnings record, yet its dependence on market-driven gains and heavy buybacks creates more volatility than a typical asset manager.

06/09/26 06:50 PM ETAI Generated. May Contain Errors.

Victory Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Victory Capital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Victory Capital's net income appears to be on an upward trend, with a most recent value of $330.06 million in 2025, rising from $3.80 million in 2015. The previous period was $288.86 million in 2024. See Victory Capital's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Victory Capital's total revenue changed from $240.76 million in 2015 to $1.31 billion in 2025, a change of 442.5%.

Victory Capital's total liabilities were at $1.82 billion at the end of 2025, a 27.9% increase from 2024, and a 250.6% increase since 2016.

In the past 9 years, Victory Capital's cash and equivalents has ranged from $12.92 million in 2017 to $163.69 million in 2025, and is currently $163.69 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:VCTR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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