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Victory Capital Holdings vs Carlyle Group: VCTR and CG compared
Victory Capital Holdings is the larger company: $397M of revenue in its latest quarter (Q3 2026) against $334M for Carlyle Group (Q3 2026). Victory Capital Holdings is growing faster (+10% against +0.4% a year earlier). Victory Capital Holdings is more profitable, with an operating margin of 34.7% against -16.2%.
Where the money goes: VCTR and CG
Victory Capital Holdings (VCTR) · Q3 2026
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 follows the revenue to costs, profit and cash.
Carlyle Group (CG) · Q3 2026
Carlyle Group, Q3 2026: revenue $334M (+0.4% year over year), operating margin -16.2%, net loss $76.8M, operating cash flow $361M. The chart follows the revenue to costs, profit and cash.
| Victory Capital Holdings (VCTR) | Carlyle Group (CG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $397M | $334M |
| Revenue growth, Y/Y | +10% | +0.4% |
| Operating margin | 34.7% | -16.2% |
| Net earnings | $91.3M | −$76.8M |
| Net margin | 23.0% | -23.0% |
| Operating cash flow | $223M | $361M |
| Free cash flow | $222M | $334M |
| Market value | $7.4B | $14.8B |
| P/E | 16.3× | 27.3× |
| Analysts’ mean target | $123.67 | $51.47 |
Where the revenue comes from
Victory Capital Holdings
- Investment Management Fees: $322M (81%)
- Fund Administration and Distribution Fees: $74.5M (19%)
Questions
Which is bigger, Victory Capital Holdings or Carlyle Group?
Victory Capital Holdings is the larger company: $397M of revenue in its latest quarter (Q3 2026) against $334M for Carlyle Group (Q3 2026).
Is Victory Capital Holdings or Carlyle Group growing faster?
Victory Capital Holdings is growing faster (+10% against +0.4% a year earlier).
Which is more profitable, Victory Capital Holdings or Carlyle Group?
Victory Capital Holdings is more profitable, with an operating margin of 34.7% against -16.2%.
More: Victory Capital Holdings earnings · how Victory Capital Holdings makes money · Carlyle Group earnings · how Carlyle Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.