Filing Flows › Victory Capital Holdings (VCTR) › Q2 2025
Victory Capital Holdings (VCTR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Victory Capital Holdings (VCTR) reported revenue of $351M for the second quarter 2025 (Q2 2025), +60% from a year earlier and +60% from the quarter before. Operating margin was 26.8%, net earnings $58.7M (16.7% of revenue).
Victory Capital Holdings, Q2 2025: revenue $351M (+60% year over year), operating margin 26.8%, net earnings $58.7M, operating cash flow −$6.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $351M | +60% | +60% |
| Operating profit | $94.2M | +1% | -15% |
| Net earnings | $58.7M | -5% | -21% |
| Operating cash flow | −$6.6M | -108% | — |
What changed
Revenue was $351.2M in Q2 2025, up 60% year over year and up 60% from the previous quarter. Investment Management Fees was the largest line at 80% of revenue. Investment Management Fees added $109.1M year over year (up 63%), 83% of the total change.
Operating profit was $94.2M, a 26.8% margin (down 23.5 points year over year). Operating profit fell $16.4M even though revenue rose $131.6M versus a year earlier, so costs grew faster than sales. Total costs grew 136% against revenue growth of 60%. The fastest-growing cost line was Other operating costs (+147%). Net earnings were $58.7M, down 21% year over year. The effective tax rate was 32.5%.
Operating cash flow was −$6.6M. Non-cash charges added back $21.8M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items used $92.8M. Capital expenditures of $890K exceeded it, leaving free cash flow of −$7.5M.
Questions
What was Victory Capital Holdings' revenue in the second quarter 2025?
Victory Capital Holdings (VCTR) reported revenue of $351M for the second quarter 2025 (Q2 2025), +60% from a year earlier and +60% from the quarter before.
Was Victory Capital Holdings profitable in the second quarter 2025?
Operating profit was $94.2M (26.8% of revenue) and net earnings $58.7M.