Filing Flows › Victory Capital Holdings (VCTR) › Q3 2025
Victory Capital Holdings (VCTR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Victory Capital Holdings (VCTR) reported revenue of $361M for the third quarter 2025 (Q3 2025), +60% from a year earlier and +3% from the quarter before. Operating margin was 38.2%, net earnings $96.5M (26.7% of revenue).
Victory Capital Holdings, Q3 2025: revenue $361M (+60% year over year), operating margin 38.2%, net earnings $96.5M, operating cash flow $166M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $361M | +3% | +60% |
| Operating profit | $138M | +47% | +15% |
| Net earnings | $96.5M | +64% | +18% |
| Operating cash flow | $166M | — | +66% |
| Free cash flow | $165M | — | +66% |
What changed
Revenue was $361.2M in Q3 2025, up 60% year over year and up 3% from the previous quarter. Investment Management Fees was the largest line at 80% of revenue. Investment Management Fees added $110.7M year over year (up 62%), 82% of the total change.
Operating profit was $138.1M, a 38.2% margin (down 15.1 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 53% margin then. Total costs grew 112% against revenue growth of 60%. The fastest-growing cost line was Other operating costs (+119%). Net earnings were $96.5M, up 18% year over year. The effective tax rate was 25.3%.
Operating cash flow was $165.9M (up 66% year over year), 172% of net earnings. Non-cash charges added back $22.0M of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items added $41.7M. Capital expenditures of $1.1M left free cash flow of $164.8M.
Questions
What was Victory Capital Holdings' revenue in the third quarter 2025?
Victory Capital Holdings (VCTR) reported revenue of $361M for the third quarter 2025 (Q3 2025), +60% from a year earlier and +3% from the quarter before.
Was Victory Capital Holdings profitable in the third quarter 2025?
Operating profit was $138M (38.2% of revenue) and net earnings $96.5M.