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Victory Capital Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$222M in Q3 2026 · $621M over twelve months

Operating cash flow$223M
Capital spending−$937K
Free cash flow+$222M
Cash / net income2.4×

Analysis

In Q3 2026, Victory Capital Holdings generated $223M of operating cash flow and spent $937K on capital projects, leaving free cash flow of $222M. That is $57.6M more than in Q3 2025 ($165M).

Over the twelve months to Sep 30, 2026, operating cash flow was $625M; the largest uses were net borrowing (+) / repaid (−) ($314M), buybacks ($276M), dividends ($165M); besides operations, cash came from other financing ($263M), other investing ($14.8M); the cash balance rose by $92.0M.

Operating cash flow was $223M against net income of $91.3M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: receivables +$55.6M, stock-based pay +$36.5M, depreciation & amortization +$20.5M.

Free cash flow

Victory Capital Holdings: free cash flow by quarterVictory Capital Holdings: free cash flow by quarter$91.7MQ4 2024$79.5MQ1 2025−$7.5MQ2 2025$165MQ3 2025$144MQ4 2025$120MQ1 2026$134MQ2 2026$222MQ3 2026
Operating cash flow less capital spending.
Victory Capital Holdings: operating cash flow against capital spendingVictory Capital Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$91.8M$155KQ4 2024$81.1M$1.6MQ1 2025−$6.6M$890KQ2 2025$166M$1.1MQ3 2025$145M$599KQ4 2025$121M$849KQ1 2026$135M$1.2MQ2 2026$223M$937KQ3 2026
Latest (Q3 2026): Operating cash flow $223M, Capital spending $937K.

Capital allocation, year by year

Victory Capital Holdings: where the cash came from (up) and went (down), by fiscal yearVictory Capital Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $376MFY2021: Net borrowing $502MFY2021: Shares issued $8.4MFY2021: Capital spending −$12.7MFY2021: Acquisitions −$539MFY2021: Buybacks −$31.5MFY2021: Dividends −$37.2M$887MFY2021FY2022: Operating cash flow $335MFY2022: Shares issued $14.1MFY2022: Capital spending −$5.2MFY2022: Acquisitions −$880KFY2022: Buybacks −$101MFY2022: Dividends −$69.2M$349MFY2022FY2023: Operating cash flow $330MFY2023: Shares issued $6.3MFY2023: Capital spending −$5.2MFY2023: Buybacks −$139MFY2023: Dividends −$85.4M$337MFY2023FY2024: Operating cash flow $340MFY2024: Net borrowing −$29.5MFY2024: Shares issued $8.9MFY2024: Capital spending −$1.3MFY2024: Buybacks −$104MFY2024: Dividends −$101M$349MFY2024FY2025: Operating cash flow $385MFY2025: Net borrowing −$236MFY2025: Shares issued $1.8MFY2025: Capital spending −$4.2MFY2025: Buybacks −$196MFY2025: Dividends −$157M$387MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were buybacks ($571M) and acquisitions ($540M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$208M
Debt$966M
Net debt$758M

Victory Capital Holdings funds itself: free cash flow was $621M over the last twelve months, and $208M of cash and investments stands against $966M of debt.

Where the cash came from and went

Victory Capital Holdings: sources (+) and uses (−) of cash, Q3 2026Victory Capital Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$223MCash drawn (+) / kept (−)−$138MDividends−$41.3MTaxes on employees’ shares−$34.9MBuybacks−$6.5MNet borrowing (+) / repaid (−)−$2.5MCapital spending−$937KShares issued$693KOther investing−$361KExchange rates$22K
Victory Capital Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Victory Capital Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$625MNet borrowing (+) / repaid (−)−$314MBuybacks−$276MOther financing$263MDividends−$165MCash drawn (+) / kept (−)−$92.0MTaxes on employees’ shares−$55.4MOther investing$14.8MCapital spending−$3.6MShares issued$3.1MExchange rates−$54K

From profit to cash

Victory Capital Holdings: net income to operating cash flow, Q3 2026Victory Capital Holdings: net income to operating cash flow, Q3 2026Net income$91.3MDepreciation & amortization$20.5MStock-based pay$36.5MDeferred taxes$5.5MReceivables$55.6MEmployee-related liabilities$5.6MOther liabilities−$1.8MOperating cash flow$223M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$223M−$937K−$6.5M−$41.3M−$2.5M$693K−$138M$222M
Q2 2026$135M−$1.2M−$91.4M−$41.1M−$307M$434K$5.7M$134M
Q1 2026$121M−$849K−$127M−$41.6M−$2.5M$1.8M$87.8M$120M
Q4 2025$145M−$599K−$50.7M−$41.3M−$2.5M$118K−$47.9M$144M
Q3 2025$166M−$1.1M−$119M−$42.1M−$236M$342K−$7.9M$165M
Q2 2025−$6.6M−$890K−$26.0M−$43.7M—$831K$67.7M−$7.5M
Q1 2025$81.1M−$1.6M−$451K−$29.9M—$549K−$48.9M$79.5M
Q4 2024$91.8M−$155K−$96.9M−$28.1M−$29.5M$1.7M$61.5M$91.7M

Victory Capital Holdings: income statement and cash flow

Victory Capital Holdings, Q3 2026: revenue $397M (+10% year over year), operating margin 34.7%. The chart follows the revenue to costs, profit and cash.

Victory Capital Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.