Filing Flows › Victory Capital Holdings (VCTR) › Q2 2026 › vs Q1 2026
Victory Capital Holdings (VCTR) Q2 2026 vs Q1 2026 (quarter over quarter)
Victory Capital Holdings's revenue rose $47.4M (+12%) from $388M in Q1 2026 to $435M in Q2 2026. The biggest changes: Investment Management Fees +$45.9M (+15%); Fund Administration and Distribution Fees +$1.5M (+2%). Operating margin 44.5% against 41.0% (+3.5 pts).
Victory Capital Holdings, Q2 2026: revenue $435M (+24% year over year), operating margin 44.5%, net earnings $139M, operating cash flow $135M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 44.5% | 41.0% | +3.5 pts |
| Net margin | 32.0% | 28.9% | +3.1 pts |
| Free cash flow margin | 30.8% | 31.0% | -0.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Investment Management Fees | $362M | $316M | $45.9M | +15% |
| Fund Administration and Distribution Fees | $73.1M | $71.6M | $1.5M | +2% |
| Revenue | $435M | $388M | $47.4M | +12% |
| Operating profit | $194M | $159M | $34.6M | +22% |
| Costs & expenses | $242M | $229M | $12.8M | +6% |
| Pre-tax earnings | $187M | $148M | $39.4M | +27% |
| Other expense, net | $6.5M | $11.3M | −$4.8M | -43% |
| General & admin | $22.9M | $20.6M | $2.3M | +11% |
| Other operating costs | $219M | $208M | $10.5M | +5% |
| Net earnings | $139M | $112M | $27.3M | +24% |
| Income tax | $47.8M | $35.7M | $12.1M | +34% |
| Depreciation & amortization | $20.6M | $20.6M | $9K | 0% |
| Share-based compensation | $15.8M | $7.4M | $8.4M | +113% |
| Working capital & other | $40.3M | $19.2M | $21.2M | +110% |
| Operating cash flow | $135M | $121M | $14.5M | +12% |
| Free cash flow (OCF − capex) | $134M | $120M | $14.1M | +12% |
| Capital expenditures | $1.2M | $849K | $389K | +46% |
Questions
How much did Victory Capital Holdings's revenue grow quarter over quarter in Q2 2026?
Victory Capital Holdings's revenue rose $47.4M (+12%) from $388M in Q1 2026 to $435M in Q2 2026.
What drove Victory Capital Holdings's revenue change in Q2 2026?
Investment Management Fees +$45.9M (+15%); Fund Administration and Distribution Fees +$1.5M (+2%).