Filing Flows › Victory Capital Holdings (VCTR) › Q1 2026
Victory Capital Holdings (VCTR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Victory Capital Holdings (VCTR) reported revenue of $388M for the first quarter 2026 (Q1 2026), +77% from a year earlier and +4% from the quarter before. Operating margin was 41.0%, net earnings $112M (28.9% of revenue).
Victory Capital Holdings, Q1 2026: revenue $388M (+77% year over year), operating margin 41.0%, net earnings $112M, operating cash flow $121M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $388M | +4% | +77% |
| Operating profit | $159M | +4% | +71% |
| Net earnings | $112M | -0.6% | +81% |
| Operating cash flow | $121M | -17% | +49% |
| Free cash flow | $120M | -17% | +51% |
What changed
Revenue was $388.0M in Q1 2026, up 77% year over year and up 4% from the previous quarter. Investment Management Fees was the largest line at 82% of revenue. Investment Management Fees added $143.1M year over year (up 83%), 85% of the total change.
Operating profit was $159.2M, a 41.0% margin (down 1.3 points year over year). Of the extra revenue versus Q1 2025, 39% reached operating profit, below the 42% margin then. Total costs grew 81% against revenue growth of 77%. The fastest-growing cost line was Other operating costs (+85%). Net earnings were $112.1M, up 81% year over year. The effective tax rate was 24.2%.
Operating cash flow was $121.0M (up 49% year over year), 108% of net earnings. Non-cash charges added back $20.6M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $19.2M. Capital expenditures of $849K left free cash flow of $120.1M.
Questions
What was Victory Capital Holdings' revenue in the first quarter 2026?
Victory Capital Holdings (VCTR) reported revenue of $388M for the first quarter 2026 (Q1 2026), +77% from a year earlier and +4% from the quarter before.
Was Victory Capital Holdings profitable in the first quarter 2026?
Operating profit was $159M (41.0% of revenue) and net earnings $112M.