Filing Flows › Financials › Victory Capital Holdings (VCTR)
Victory Capital Holdings (VCTR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Victory Capital Holdings (VCTR) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $397M · 23¢ of every $1 of revenue kept as net profit · operating margin 34.7%
Victory Capital Holdings made $397M in Q3 2026 (+10% Y/Y): Investment Management Fees $322M, Fund Administration and Distribution Fees $74.5M. Operating margin 34.7%, net earnings $91.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $396.6M in Q3 2026, up 10% year over year and down 9% from the previous quarter. Investment Management Fees was the largest line at 81% of revenue. Investment Management Fees added $33.6M year over year (up 12%), 95% of the total change.
Operating profit was $137.7M, a 34.7% margin (down 3.5 points year over year). Operating profit fell $403K even though revenue rose $35.4M versus Q3 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $91.3M, down 5% year over year. The effective tax rate was 26.3%.
Operating cash flow was $223.4M (up 35% year over year), 245% of net earnings. Non-cash charges added back $20.5M of depreciation and amortization and $36.5M of share-based compensation. Working capital and other items added $75.1M. Capital expenditures of $937K left free cash flow of $222.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $397M | +10% | 34.7% | $91.3M | $223M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $435M | +24% | 44.5% | $139M | $135M |
| Q1 2026 | 10-Q | May 7, 2026 | $388M | +77% | 41.0% | $112M | $121M |
| Q4 2025 | 10-K | Feb 26, 2026 | $374M | +61% | 40.9% | $113M | $145M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $361M | +60% | 38.2% | $96.5M | $166M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $351M | +60% | 26.8% | $58.7M | −$6.6M |
| Q1 2025 | 10-Q | May 9, 2025 | $220M | +2% | 42.3% | $62.0M | $81.1M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Victory Capital Holdings
We are a diversified global asset management firm with total assets under management (“AUM”) of $313.8 billion, and $316.6 billion in total client assets, as of December 31, 2025. Our differentiated business model combines boutique investment qualities with the benefits of a scaled, integrated, centralized (not standardized) operating and distribution platform. Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors.
In its own words, from its 10-K, filed Feb 26, 2026.
Victory Capital Holdings against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +6%. Operating margin: 34.7% against the peers' median 28.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VCTR Victory Capital Holdings | Q3 2026 | $397M | +10% | 34.7% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Victory Capital Holdings 10-Q on SEC EDGAR · CIK 1570827 · Investment Advice
13F: who owns VCTR and who is buying
More on VCTR
- How Victory Capital Holdings makes money: revenue by segment
- Victory Capital Holdings next earnings date and what analysts expect
- Victory Capital Holdings stock forecast, price target and fair value
- Who owns Victory Capital Holdings stock: holders, funds and Congress trades
- Is Victory Capital Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Victory Capital Holdings operating margin by quarter
- Victory Capital Holdings net income by quarter
- Victory Capital Holdings free cash flow by quarter
- Victory Capital Holdings capital expenditures by quarter
- Victory Capital Holdings Investment Management Fees revenue by quarter
- Victory Capital Holdings Fund Administration and Distribution Fees revenue by quarter
Compare VCTR with
- Victory Capital Holdings vs DigitalBridge Group (VCTR vs DBRG)
- Victory Capital Holdings vs Federated Hermes (VCTR vs FHI)
- Victory Capital Holdings vs PJT Partners (VCTR vs PJT)
- Victory Capital Holdings vs Carlyle Group (VCTR vs CG)
- Victory Capital Holdings vs Artisan Partners Asset Management (VCTR vs APAM)