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Victory Capital
Victory Capital (VCTR) investor relations material
Victory Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved record annual and quarterly revenue, earnings, and client assets in 2025, with year-end AUM at $317 billion and strong global expansion, including 17% of AUM from non-U.S. clients across 60 countries.
Successfully integrated Pioneer Investments and Amundi, delivering $97 million in net expense synergies by year-end and targeting $110 million in total by 2026.
Positive net flows from international distribution and ETF platforms, supported by new product launches and expanded salesforce.
Financial highlights
Q4 2025 revenue was $374.1 million, up 61% year-over-year and 3.6% sequentially; full-year revenue reached $1.3 billion, up 46% from 2024.
Adjusted EBITDA for Q4 was $197.5 million with a 52.8% margin; adjusted EPS with tax benefit was $1.78.
GAAP net income for Q4 was $112.8 million ($1.32 per diluted share); full-year GAAP net income was $330.1 million.
Returned $366 million to shareholders in 2025, including $93 million in Q4 via share repurchases and dividends.
Ended Q4 with $164 million in cash, a net leverage ratio of 1.0x, and total debt of $983 million.
Outlook and guidance
Expectation of consistent positive net flows in 2026, supported by new product launches, expanded distribution, and strong investment performance.
Revenue realization rate for 2026 projected to remain within the 46-47 basis point guidance.
On track to achieve the full $110 million in net expense synergies during 2026, ahead of schedule.
Continued focus on strategic acquisitions and meaningful share repurchases as top capital deployment priorities.
Drivers of GAAP operating margin contraction?
Why are long-term net flows negative?
What caused the AUM revenue realization decline?
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Next Victory Capital earnings date
UBS Financial Services Conference 202610 Feb, 2026
Victory Capital
Next Victory Capital earnings date
UBS Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
Victory Capital Holdings, Inc. is an investment management firm providing a range of asset management solutions to institutions, financial intermediaries, and individual investors. The company offers actively managed strategies, passively managed solutions, and customized investment portfolios across various asset classes, including equities, fixed income, and alternative investments. The company is headquartered in San Antonio, Texas, and its shares are listed on the NASDAQ.
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