Filing Flows › Victory Capital Holdings (VCTR) › Q3 2026 › vs Q3 2025
Victory Capital Holdings (VCTR) Q3 2026 vs Q3 2025 (year over year)
Victory Capital Holdings's revenue rose $35.4M (+10%) from $361M in Q3 2025 to $397M in Q3 2026. The biggest changes: Investment Management Fees +$33.6M (+12%); Fund Administration and Distribution Fees +$1.8M (+2%). Operating margin 34.7% against 38.2% (-3.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 38.2% | -3.5 pts |
| Net margin | 23.0% | 26.7% | -3.7 pts |
| Free cash flow margin | 56.1% | 45.6% | +10.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Investment Management Fees | $322M | $289M | $33.6M | +12% |
| Fund Administration and Distribution Fees | $74.5M | $72.7M | $1.8M | +2% |
| Revenue | $397M | $361M | $35.4M | +10% |
| Operating profit | $138M | $138M | −$403K | -0.3% |
| Costs & expenses | $259M | $223M | $35.8M | +16% |
| Pre-tax earnings | $124M | $129M | −$5.3M | -4% |
| Other expense, net | $13.8M | $8.9M | $4.9M | +56% |
| General & admin | $22.9M | $23.5M | −$564K | -2% |
| Other operating costs | $236M | $200M | $36.3M | +18% |
| Net earnings | $91.3M | $96.5M | −$5.2M | -5% |
| Income tax | $32.6M | $32.7M | −$94K | -0.3% |
| Depreciation & amortization | $20.5M | $22.0M | −$1.5M | -7% |
| Share-based compensation | $36.5M | $5.6M | $30.8M | +546% |
| Working capital & other | $75.1M | $41.7M | $33.4M | +80% |
| Operating cash flow | $223M | $166M | $57.5M | +35% |
| Free cash flow (OCF − capex) | $222M | $165M | $57.6M | +35% |
| Capital expenditures | $937K | $1.1M | −$142K | -13% |
Questions
How much did Victory Capital Holdings's revenue grow year over year in Q3 2026?
Victory Capital Holdings's revenue rose $35.4M (+10%) from $361M in Q3 2025 to $397M in Q3 2026.
What drove Victory Capital Holdings's revenue change in Q3 2026?
Investment Management Fees +$33.6M (+12%); Fund Administration and Distribution Fees +$1.8M (+2%).