Filing Flows › Victory Capital Holdings (VCTR) › Q4 2025
Victory Capital Holdings (VCTR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Victory Capital Holdings (VCTR) reported revenue of $374M for the fourth quarter 2025 (Q4 2025), +61% from a year earlier and +4% from the quarter before. Operating margin was 40.9%, net earnings $113M (30.2% of revenue).
Victory Capital Holdings, Q4 2025: revenue $374M (+61% year over year), operating margin 40.9%, net earnings $113M, operating cash flow $145M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $374M | +4% | +61% |
| Operating profit | $153M | +11% | +37% |
| Net earnings | $113M | +17% | +47% |
| Operating cash flow | $145M | -13% | +58% |
| Free cash flow | $144M | -12% | +58% |
What changed
Revenue was $374.1M in Q4 2025, up 61% year over year and up 4% from the previous quarter. Investment Management Fees was the largest line at 81% of revenue.
Operating profit was $153.2M, a 40.9% margin (down 7.1 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, below the 48% margin then. Total costs grew 83% against revenue growth of 61%. The fastest-growing cost line was Other operating costs (+87%). Net earnings were $112.8M, up 47% year over year. The effective tax rate was 20.4%.
Operating cash flow was $145.1M (up 58% year over year), 129% of net earnings. Non-cash charges added back $21.6M of depreciation and amortization and $5.6M of share-based compensation. Capital expenditures of $599K left free cash flow of $144.5M.
Questions
What was Victory Capital Holdings' revenue in the fourth quarter 2025?
Victory Capital Holdings (VCTR) reported revenue of $374M for the fourth quarter 2025 (Q4 2025), +61% from a year earlier and +4% from the quarter before.
Was Victory Capital Holdings profitable in the fourth quarter 2025?
Operating profit was $153M (40.9% of revenue) and net earnings $113M.