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How Victory Capital Holdings (VCTR) makes money

Victory Capital Holdings (VCTR) made $397M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Investment Management Fees brought in $322M (81%); Fund Administration and Distribution Fees brought in $74.5M (19%). Of every dollar of revenue, 35¢ was left as operating profit, 23¢ was left as net earnings.

Drawing the Sankey…

Victory Capital Holdings revenue by segment, Q3 2026Victory Capital Holdings revenue by segment, Q3 2026Investment Management Fees$322MFund Administration and Distribut…$74.5M
Victory Capital Holdings: revenue by line, Q1 2025 to Q3 2026Victory Capital Holdings: revenue by line, Q1 2025 to Q3 2026Investment Management…Fund Administration a…Investment Management Fees: $322M latest$322MFund Administration and Distribution Fees: $74.5M latest$74.5MQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Investment Management Fees went from 79% of revenue in Q1 2025 to 81% in Q3 2026, the largest shift in the mix.
Victory Capital Holdings revenue by quarterVictory Capital Holdings revenue by quarter$220MQ1 2025$351MQ2 2025$361MQ3 2025$374MQ4 2025$388MQ1 2026$435MQ2 2026$397MQ3 2026
Victory Capital Holdings: where each dollar of revenue goesVictory Capital Holdings: where each dollar of revenue goesOperating profit35¢Income tax8¢Net earnings23¢Operating cash flow56¢Free cash flow56¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Investment Management Fees$322M81.2%-11%+12%
Fund Administration and Distribution Fees$74.5M18.8%+2%+2%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$397M100.0%
Operating profit$138M34.7%
Income tax$32.6M8.2%
Net earnings$91.3M23.0%
Operating cash flow$223M56.3%
Free cash flow$222M56.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$397M+10%
Q2 2026$435M+24%
Q1 2026$388M+77%
Q4 2025$374M+61%
Q3 2025$361M+60%
Q2 2025$351M+60%
Q1 2025$220M+2%

From Victory Capital Holdings' 10-Q filed Nov 5, 2026 (on EDGAR).

Questions

How does Victory Capital Holdings make money?

Victory Capital Holdings (VCTR) made $397M of revenue in the third quarter 2026 (Q3 2026), +10% from a year earlier. Investment Management Fees brought in $322M (81%); Fund Administration and Distribution Fees brought in $74.5M (19%). Of every dollar of revenue, 35¢ was left as operating profit, 23¢ was left as net earnings.

What is Victory Capital Holdings' biggest business?

Investment Management Fees: $322M in the third quarter 2026, 81% of revenue, +12% from a year earlier.

What is Victory Capital Holdings' profit margin?

Net earnings were $91.3M, 23.0% of revenue, in the third quarter 2026; the operating margin was 34.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.