Filing Flows › Victory Capital Holdings (VCTR) › Q2 2026 › vs Q2 2025
Victory Capital Holdings (VCTR) Q2 2026 vs Q2 2025 (year over year)
Victory Capital Holdings's revenue rose $84.1M (+24%) from $351M in Q2 2025 to $435M in Q2 2026. The biggest changes: Investment Management Fees +$79.9M (+28%); Fund Administration and Distribution Fees +$4.2M (+6%). Operating margin 44.5% against 26.8% (+17.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 44.5% | 26.8% | +17.7 pts |
| Net margin | 32.0% | 16.7% | +15.3 pts |
| Free cash flow margin | 30.8% | -2.1% | +33.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Investment Management Fees | $362M | $282M | $79.9M | +28% |
| Fund Administration and Distribution Fees | $73.1M | $68.9M | $4.2M | +6% |
| Revenue | $435M | $351M | $84.1M | +24% |
| Operating profit | $194M | $94.2M | $99.5M | +106% |
| Costs & expenses | $242M | $257M | −$15.4M | -6% |
| Pre-tax earnings | $187M | $87.0M | $100M | +115% |
| Other expense, net | $6.5M | $7.2M | −$729K | -10% |
| General & admin | $22.9M | $23.4M | −$466K | -2% |
| Other operating costs | $219M | $234M | −$14.9M | -6% |
| Net earnings | $139M | $58.7M | $80.7M | +137% |
| Income tax | $47.8M | $28.3M | $19.6M | +69% |
| Depreciation & amortization | $20.6M | $21.8M | −$1.2M | -6% |
| Share-based compensation | $15.8M | $5.7M | $10.1M | +179% |
| Working capital & other | $40.3M | $92.8M | −$52.4M | -57% |
| Operating cash flow | $135M | −$6.6M | $142M | — |
| Free cash flow (OCF − capex) | $134M | −$7.5M | $142M | — |
| Capital expenditures | $1.2M | $890K | $348K | +39% |
Questions
How much did Victory Capital Holdings's revenue grow year over year in Q2 2026?
Victory Capital Holdings's revenue rose $84.1M (+24%) from $351M in Q2 2025 to $435M in Q2 2026.
What drove Victory Capital Holdings's revenue change in Q2 2026?
Investment Management Fees +$79.9M (+28%); Fund Administration and Distribution Fees +$4.2M (+6%).