Filing Flows › Victory Capital Holdings (VCTR) › Q3 2026 › vs Q2 2026
Victory Capital Holdings (VCTR) Q3 2026 vs Q2 2026 (quarter over quarter)
Victory Capital Holdings's revenue fell $38.8M (-9%) from $435M in Q2 2026 to $397M in Q3 2026. The biggest changes: Investment Management Fees −$40.2M (-11%); Fund Administration and Distribution Fees +$1.4M (+2%). Operating margin 34.7% against 44.5% (-9.8 pts).
Victory Capital Holdings, Q3 2026: revenue $397M (+10% year over year), operating margin 34.7%, net earnings $91.3M, operating cash flow $223M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 44.5% | -9.8 pts |
| Net margin | 23.0% | 32.0% | -9.0 pts |
| Free cash flow margin | 56.1% | 30.8% | +25.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Investment Management Fees | $322M | $362M | −$40.2M | -11% |
| Fund Administration and Distribution Fees | $74.5M | $73.1M | $1.4M | +2% |
| Revenue | $397M | $435M | −$38.8M | -9% |
| Operating profit | $138M | $194M | −$56.0M | -29% |
| Costs & expenses | $259M | $242M | $17.2M | +7% |
| Pre-tax earnings | $124M | $187M | −$63.3M | -34% |
| Other expense, net | $13.8M | $6.5M | $7.3M | +112% |
| General & admin | $22.9M | $22.9M | −$16K | -0.1% |
| Other operating costs | $236M | $219M | $17.3M | +8% |
| Net earnings | $91.3M | $139M | −$48.1M | -35% |
| Income tax | $32.6M | $47.8M | −$15.2M | -32% |
| Depreciation & amortization | $20.5M | $20.6M | −$69K | -0.3% |
| Share-based compensation | $36.5M | $15.8M | $20.7M | +131% |
| Working capital & other | $75.1M | −$40.3M | $115M | — |
| Operating cash flow | $223M | $135M | $87.9M | +65% |
| Free cash flow (OCF − capex) | $222M | $134M | $88.2M | +66% |
| Capital expenditures | $937K | $1.2M | −$301K | -24% |
Questions
How much did Victory Capital Holdings's revenue grow quarter over quarter in Q3 2026?
Victory Capital Holdings's revenue fell $38.8M (-9%) from $435M in Q2 2026 to $397M in Q3 2026.
What drove Victory Capital Holdings's revenue change in Q3 2026?
Investment Management Fees −$40.2M (-11%); Fund Administration and Distribution Fees +$1.4M (+2%).