Victory Capital二季度财报显著超预期，净流入和利润率刷新高

Victory Capital Management Inc. - Victory Capital Reports Record Second Quarter 2026 Results
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Victory Capital Reports Record Second Quarter 2026 Results
August 05, 2026
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Second-Quarter Highlights
Total Client Assets of $346.1 billion
Long-term gross flows of $22.1 billion
Long-term net inflows of $4.2 billion
GAAP operating margin of 44.5%
GAAP net income per diluted share of $1.68
Adjusted EBITDA margin of 55.8%
Adjusted net income with tax benefit per diluted share of $2.21
Board authorizes regular quarterly cash dividend of $0.50 per share
SAN ANTONIO--(BUSINESS WIRE)--
Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or “the Company”) today reported record financial results for the quarter ended June 30, 2026.
"The second quarter was a landmark period for Victory Capital, reporting record revenue, Adjusted EBITDA, Adjusted EBITDA margin, and earnings per share,” said David C. Brown, Chairman and Chief Executive Officer. “We also achieved record total client assets, supported by an all-time high in long-term quarterly gross sales. Notably, we achieved $4.2 billion in positive long-term net flows for the quarter and have positive long-term net flows year to date, through June 30. This reflects the strategic investments we have made, the momentum we have built across our distribution channels, and the strength of our operating platform.
“Investment performance remained excellent during the quarter. As of June 30, 2026, 71%, 68%, 65%, and 81% of our AUM outperformed benchmarks over the respective 1-, 3-, 5-, and 10-year periods. In addition, 60% of our rated AUM in mutual funds and ETFs was rated four or five stars overall by Morningstar.
“The drivers of our record gross sales and positive net flows this quarter were broad-based. Our international distribution efforts, our U.S. institutional channel, and, within our intermediary channel, our VictoryShares ETF platform each drove meaningful flows, together producing a result that showcases the breadth and depth of our distribution platform.
"We maintained a consistent fee rate and our industry-leading margins for the quarter. Our Adjusted EBITDA margin highlights the durability of our platform and the discipline we apply across every dimension of our business.
"We continued to return capital to shareholders. We returned $138 million through share repurchases of 1.1 million shares of VCTR common stock and dividends paid during the quarter.
“Inorganic growth remains a strategic priority. The integration of Pioneer Investments is now complete, and the full run-rate of net expense synergies has been fully recognized. Our pipeline is full and active, our standards remain high, and we only pursue transactions that make our Company better.
"As always, we continue to focus on serving our clients, which is our top priority."
The table below presents AUM, and certain GAAP and non-GAAP (“adjusted”) financial results. Due to rounding, AUM values and other amounts in this press release may not add up precisely to the totals provided.
(in millions except per share amounts or as otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
March 31,
2026
2025
Assets Under Management
1
Ending
$
342,450
309,835
298,563
Average
331,345
318,746
284,977
325,045
229,383
AUM Long-term Flows
2
Long-term Gross
22,113
18,946
15,423
41,060
24,732
Long-term Net
4,201
(457
)
(660
3,744
(1,865
AUM Money Market/Short-term Flows
Money Market / Short-term Gross
311
235
308
546
485
Money Market / Short-term Net
(91
(197
(144
(288
(188
AUM Total Flows
Total Gross
22,424
19,181
15,731
41,606
25,217
Total Net
4,110
(654
(804
3,456
(2,053
Consolidated Financial Results (GAAP)
Revenue
435.4
388.0
351.2
823.4
570.8
AUM revenue realization (in bps)
47.9
47.6
49.4
47.7
50.1
Operating expenses
241.6
228.8
257.0
470.4
383.7
Income from operations
193.7
159.2
94.2
352.9
187.1
Operating margin
44.5
%
41.0
26.8
42.9
32.8
Net income
139.4
112.1
58.7
251.5
120.7
Earnings per diluted share
1.68
1.33
0.68
3.01
1.59
Cash flow from operations
135.4
121.0
(6.6
256.4
74.5
Adjusted Performance Results (Non-GAAP)
3
Adjusted EBITDA
242.7
204.0
178.5
446.7
294.9
Adjusted EBITDA margin
55.8
52.6
50.8
54.3
51.7
Adjusted net income
172.2
142.7
122.5
314.8
200.5
Tax benefit of goodwill and acquired intangible assets
10.7
10.5
10.3
21.2
20.4
Adjusted net income with tax benefit
182.9
153.2
132.8
336.1
220.9
Adjusted net income with tax benefit per diluted share
4
2.21
1.82
1.57
4.02
2.96
_______________________
Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.
Long-term AUM is defined as total AUM excluding Money Market and Short-term assets.
The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section “Information Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.
The Company includes participating securities in its computation of adjusted earnings per diluted share, including shares of series A Non-Voting Convertible Preferred stock.
AUM, Flows and Investment Performance
At June 30, 2026, Victory Capital had total client assets of $346.1 billion, assets under management of $342.5 billion, and other assets of $3.6 billion. Total AUM increased by $32.7 billion to $342.5 billion at June 30, 2026, compared with $309.8 billion at March 31, 2026. The increase was primarily due to positive market action of $28.5 billion and net inflows of $4.1 billion.
As of June 30, 2026, Victory Capital offered 189 investment strategies through its multiple autonomous Investment Franchises and Solutions Platform. The table below presents outperformance against benchmarks by AUM as of June 30, 2026.
Percentage of AUM Outperforming Benchmark
Trailing
1-Year
3-Years
5-Years
10-Years
71%
68%
65%
81%
Second Quarter 2026 Compared with First Quarter 2026
Revenue increased 12.2% to $435.4 million in the second quarter, compared with $388.0 million in the first quarter, primarily due to higher average AUM and crystallization of certain annual fees over the comparable period. GAAP operating margin expanded by 350 basis points in the second quarter to 44.5%, up from 41.0% in the first quarter, due to an increase in revenue and $8.3 million decrease in acquisition-related costs, partially offset by an increase in variable operating expenses as a result of an increase in operating results. Second quarter GAAP net income increased 24.3% to $139.4 million, up from $112.1 million in the prior quarter.
Adjusted net income with tax benefit increased 19.4% to $182.9 million, or $2.21 per diluted share, in the second quarter, up from $153.2 million, or $1.82 per diluted share, in the first quarter. Adjusted EBITDA increased $38.7 million to $242.7 million in the second quarter compared to $204.0 million in the first quarter. Adjusted EBITDA margin expanded 320 basis points in the second quarter of 2026 to 55.8% compared with 52.6% in the prior quarter.
Second Quarter 2026 Compared with Second Quarter 2025
Revenue for the three months ended June 30, 2026, increased 24.0% to $435.4 million, compared with $351.2 million in the same quarter of 2025 as a result of higher average AUM over the comparable period.
Operating expenses were $241.6 million compared with $257.0 million in last year’s second quarter reflecting decreases in acquisition-related and restructuring and integration costs of $26.4 million and $11.4 million, respectively, partially offset by increases in variable operating expenses that rose as a result of the higher average AUM. GAAP operating margin expanded 1,770 basis points to 44.5% in the second quarter, from 26.8% in the same quarter of 2025. GAAP net income increased 137.3% to $139.4 million in the second quarter compared with $58.7 million in the same quarter of 2025.
Adjusted net income with tax benefit increased 37.7% to $182.9 million, or $2.21 per diluted share, in the second quarter, compared with $132.8 million, or $1.57 per diluted share in the same quarter last year. Adjusted EBITDA increased 36.0% to $242.7 million, compared with $178.5 million in the same quarter of last year. Year-over-year, adjusted EBITDA margin expanded 500 basis points to 55.8% in the second quarter of 2026, compared with 50.8% in the same quarter last year.
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
On April 1, 2025, the Company completed the acquisition of Amundi US and reintroduced the brand Pioneer Investments for the acquired business and investment products. Year-over-year results reflect the acquisition of Amundi US, which closed on April 1, 2025. Revenue for the six months ended June 30, 2026, increased 44.2% to $823.4 million, compared with $570.8 million in the same period of 2025 as a result of higher average AUM over the comparable period.
GAAP operating margin expanded 1,010 basis points, in the six months ended June 30, 2026 to 42.9%, up from 32.8% in the same period of 2025, due to higher variable operating expenses as a result of the higher average AUM and an expanded business partially offset by decreases in acquisition-related and restructuring and integration costs of $27.5 million and $9.4 million, respectively, primarily related to the acquisition of Amundi US in 2025. Six months ended June 30, 2026 GAAP net income increased 108.4% to $251.5 million, up from $120.7 million in the prior period.
Adjusted net income with tax benefit increased 52.2% to $336.1 million, or $4.02 per diluted share, in the six months ended June 30, 2026, compared with $220.9 million, or $2.96 per diluted share in the same period last year. Adjusted EBITDA increased 51.5% to $446.7 million, compared with $294.9 million in the same period of last year. Year-over-year, adjusted EBITDA margin expanded 260 basis points to 54.3% in the first half of 2026, compared with 51.7% in the same first half of last year.
Balance Sheet / Capital Management
The total debt outstanding as of June 30, 2026 was approximately $978 million.
For the three months ended June 30, 2026, the Company repurchased approximately 1.1 million shares of Common Stock.
The Company’s Board of Directors approved a regular quarterly cash dividend of $0.50 per share. The dividend is payable on September 25, 2026, to shareholders of record on September 10, 2026.
Conference Call, Webcast and Slide Presentation
The Company will host a conference call tomorrow morning, August 6, at 8:00 a.m. ET to discuss the results. Analysts and investors may participate in the question-and-answer session. To participate in the conference call, please call 1-833-461-5787 (domestic) or 1-585-542-9983 (international), shortly before 8:00 a.m. ET and reference the Meeting ID 504 021 405. A live, listen-only webcast will also be available via the investor relations section of the Company’s website at
https://ir.vcm.com
. Prior to the call, a supplemental slide presentation that will be used during the conference call will be available on the Events and Presentations page of the Company’s investor relations website. For anyone who is unable to join the live event, an archive of the webcast will be available for replay shortly after the call concludes.
About Victory Capital
Victory Capital (NASDAQ: VCTR) is a diversified global asset management firm with $346.1 billion in total client assets, as of June 30, 2026. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.
Victory Capital is headquartered in San Antonio, Texas. To learn more, visit
www.vcm.com
or follow us on Facebook, Twitter (X), and LinkedIn.
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements within the meaning of applicable U.S. federal and non-U.S. securities laws. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the outlook for Victory Capital’s future business and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital's control and could cause Victory Capital's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward looking statements.
Although it is not possible to identify all of these risks and factors, they include, among others, the following: reductions in the assets under management (“AUM”) based on investment performance, client withdrawals, difficult market conditions and other factors such as the ongoing conflicts and potential military conflicts in Iran, Ukraine, Venezuela, China/Taiwan, and/or the Middle East, a pandemic, tariffs or trade restrictions; the nature of the Company’s contracts and investment advisory agreements; the Company's ability to maintain historical returns and sustain our historical growth; the Company's dependence on third parties to market our strategies and provide products or services for the operation of our business; the Company's ability to retain key investment professionals or members of our senior management team; the Company's reliance on the technology systems supporting our operations; the Company's ability to successfully acquire and integrate new companies; risks associated with expected benefits of the Amundi US transaction and the related impact on the Company’s business; the concentration of the Company’s investments in long only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company's efforts to establish and develop new teams and strategies; the ability of the Company’s investment teams to identify appropriate investment opportunities; the Company's ability to limit employee misconduct; the Company's ability to meet the guidelines set by our clients; the Company's exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company's ability to implement effective information and cyber security policies, procedures and capabilities; the Company's substantial indebtedness; the potential impairment of the Company’s goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company’s ETF platform; the Company's determination that we are not required to register as an “investment company” under the Investment Company Act of 1940; the fluctuation of the Company’s expenses; the Company's ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company’s ability to respond to regulatory developments; the competitiveness of the investment management industry; and other risks and factors included, but not limited to, those listed under the caption “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026, which is accessible on the SEC’s website at
www.sec.gov
.
In light of these risks, uncertainties and other factors, the forward-looking statements contained in this press release might not prove to be accurate. All forward-looking statements speak only as of the date made and Victory Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Victory Capital Holdings, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(in thousands except per share data and percentages)
Investment management fees
362,243
316,369
282,306
678,612
455,607
Fund administration and distribution fees
73,118
71,620
68,906
144,738
115,207
Total revenue
435,361
387,989
351,212
823,350
570,814
Expenses
Personnel compensation and benefits
125,500
105,855
108,918
231,355
165,054
Distribution and other asset-based expenses
68,590
67,410
62,039
136,000
97,516
General and administrative
22,915
20,615
23,381
43,530
37,709
Depreciation and amortization
20,585
20,576
21,794
41,161
29,226
Change in value of consideration payable for acquisition of business
2,041
3,537
1,092
5,578
4,498
Acquisition-related costs
(653
7,658
25,780
7,005
34,530
Restructuring and integration costs
2,634
3,153
13,994
5,787
15,159
Total operating expenses
241,612
228,804
256,998
470,416
383,692
193,749
159,185
94,214
352,934
187,122
Other income (expense)
Interest income and other income
7,721
2,756
6,006
10,477
6,710
Interest expense and other financing costs
(12,192
(14,081
(13,234
(26,273
(26,445
Loss on debt extinguishment
(2,028
—
Total other expense, net
(6,499
(11,325
(7,228
(17,824
(19,735
Income before income taxes
187,250
147,860
86,986
335,110
167,387
Income tax expense
(47,846
(35,720
(28,252
(83,566
(46,678
139,404
112,140
58,734
251,544
120,709
Preferred stock dividends
(10,018
(9,769
(9,673
(19,788
Income attributable to Preferred stockholders
(23,969
(16,846
(2,985
(40,743
(5,334
Net income attributable to common shareholders
105,417
85,525
46,076
191,013
105,702
Earnings per share of common stock
Basic
1.70
1.34
0.69
3.04
1.61
Diluted
Weighted average number of shares outstanding
62,151
63,635
67,239
62,889
65,484
62,782
64,388
67,980
63,593
66,358
Dividends declared per share
0.50
0.49
0.99
0.96
Reconciliation of GAAP to Non-GAAP Measures
(unaudited; in thousands except per share data and percentages)
Net income (GAAP)
Interest expense
12,283
13,658
12,200
25,941
24,721
Depreciation
2,288
2,279
3,236
4,567
5,404
Other business taxes
431
(555
693
(124
1,615
Amortization of acquisition-related intangible assets
18,297
18,558
36,594
23,822
Share-based compensation
10,835
3,586
2,107
14,421
3,160
Acquisition, restructuring and exit costs
8,716
18,699
53,990
27,415
67,311
Debt issuance costs
2,617
196
755
2,813
1,504
242,717
204,020
178,525
446,737
294,924
Adjustment to reflect the operating performance of the Company
Tax effect of above adjustments
(8,142
(9,683
(12,330
(17,825
(17,657
172,158
142,680
122,507
314,838
200,464
Adjusted net income per diluted share
2.08
1.69
1.45
3.77
2.68
Weighted average number of shares outstanding - diluted (GAAP)
Weighted average number of shares outstanding - diluted (Non-GAAP)
82,818
84,341
84,801
83,587
74,723
10,716
10,515
10,255
21,231
20,396
Tax benefit of goodwill and acquired intangible assets per diluted share
0.13
0.12
0.25
0.28
182,874
153,195
132,762
336,069
220,860
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for per share amounts)
June 30, 2026
December 31, 2025
Assets
Cash and cash equivalents
70,126
163,690
Receivables
244,330
181,141
Prepaid expenses
22,422
16,071
Investments, at fair value
91,672
99,394
Property and equipment, net
21,418
23,833
Goodwill
1,235,940
Other intangible assets, net
2,441,447
2,477,617
Operating lease right-of-use assets
46,610
48,650
Other assets
1,256
1,514
Total assets
4,175,221
4,247,850
Liabilities and stockholders' equity
Accounts payable and accrued expenses
77,525
72,387
Accrued compensation and benefits
85,499
86,355
Consideration payable for acquisition of business
53,199
87,564
Deferred tax liability, net
492,135
479,792
Operating lease liabilities
44,165
45,610
Other liabilities
79,662
81,399
Long-term debt, net
967,974
970,014
Total liabilities
1,800,159
1,823,121
Stockholders' equity
Common stock, $0.01 par value per share:
2026 - 600,000 shares authorized, 88,554 shares issued and 61,561 shares outstanding; 2025 - 600,000 shares authorized, 87,867 shares issued and 64,150 shares outstanding
886
879
Preferred stock, $0.01 par value per share:
2026 - 100,000 shares authorized, 20,037 shares issued and outstanding; 2025 - 100,000 shares authorized, 19,937 shares issued and outstanding
200
199
Additional paid-in capital
2,128,399
2,102,938
Treasury stock, at cost: 2026 - 26,993 shares; 2025 - 23,717 shares
(1,028,046
(786,008
Accumulated other comprehensive income
7,033
9,020
Retained earnings
1,266,590
1,097,701
Total stockholders' equity
2,375,062
2,424,729
Total liabilities and stockholders' equity
Balances at June 30, 2026 and December 31, 2025 are shown net of unamortized loan discount and debt issuance costs in the amount of $9.6 million and $12.5 million, respectively. The gross amount of debt outstanding was $977.6 million and $982.5 million at June 30, 2026 and December 31, 2025, respectively.
Total Client Assets
(unaudited; in millions)
Beginning AUM
313,775
167,468
Beginning other assets
3,268
2,846
3,967
Beginning total client assets
313,103
316,621
171,435
AUM net cash flows
Other assets net cash flows
390
(1,170
Total client assets net cash flows
(264
(1,973
AUM market appreciation (depreciation)
28,510
(2,797
20,247
Other assets market appreciation (depreciation)
343
32
253
Total client assets market appreciation (depreciation)
28,853
(2,765
20,500
AUM realizations and distributions
(5
(456
(3
Acquired & divested assets / Net transfers
(33
111,654
Ending AUM
Ending other assets
3,611
3,050
Ending total client assets
346,061
301,613
Average total client assets
334,856
321,784
288,568
171,930
4,165
176,096
(1,446
3,846
(3,499
25,713
17,075
375
331
26,089
17,406
(461
(24
111,634
328,320
233,209
Includes low-fee (2 to 4 bps) institutional assets, previously reported in the Solutions asset class within the asset class table and in Separate Accounts and Other Pooled Vehicles within the by vehicle table. These assets are included as part of Victory’s Regulatory Assets Under Management reported in Form ADV Part 1.
For the three-month periods ending June 30, 2026, March 31, 2026 and June 30, 2025 total client assets revenue realization was 47.4 basis points, 47.2 basis points and 49.4 basis points, respectively.
Includes the impact of Pioneer Investments as of April 1, 2025, increasing our AUM by $114.6 billion.
For the six-month periods ending June 30, 2026 and 2025 total client assets revenue realization was 47.3 basis points and 50.1 basis points, respectively.
Total Assets Under Management
Beginning assets under management
Gross client cash inflows
Gross client cash outflows
(18,314
(19,835
(16,534
Net client cash flows
Market appreciation (depreciation)
Realizations and distributions
Ending assets under management
Average assets under management
(38,150
(27,270
Acquired assets / Net transfers
Includes the impact of Pioneer Investments as of April 1, 2025, increasing the Company’s AUM by $114.6 billion.
Other Assets (Institutional)
For the Three Months
Beginning other assets (institutional)
627
(237
Ending other assets (institutional)
Average other assets (institutional)
3,511
3,039
3,591
3,275
3,826
For the three-month periods ending June 30, 2026, March 31, 2026 and June 30, 2025 total other assets (institutional) revenue realization was 3.4 basis points, 3.5 basis points and 3.1 basis points, respectively.
For the six-month periods ending June 30, 2026 and 2025 total other assets (institutional) revenue realization was 3.5 basis points and 3.2 basis points, respectively.
Assets Under Management by Asset Class
By Asset Class
Global /
U.S. Mid
U.S. Small
Fixed
U.S. Large
Non-U.S.
Alternative
Total
Money Market /
Cap Equity
Income
Equity
Solutions
Investments
Long-term
Short-term
AUM
29,283
10,535
79,716
59,798
31,473
92,396
3,033
306,235
3,599
571
286
8,305
1,894
3,879
6,740
439
(2,274
(1,302
(5,640
(2,917
(1,895
(3,718
(166
(17,913
(402
(1,703
(1,016
2,666
(1,023
1,984
3,022
272
3,709
1,815
999
7,636
4,006
10,250
65
28,480
30
(4
31
(21
(22
(28
(1
(47
47
31,285
11,331
83,412
66,390
37,441
105,641
3,365
338,864
3,585
March 31, 2026
29,993
11,179
80,544
63,380
30,680
91,228
3,038
310,042
3,733
776
250
5,070
3,057
2,789
6,718
287
(2,418
(1,329
(5,639
(3,956
(1,830
(3,960
(270
(19,403
(432
(1,643
(1,079
(569
(899
959
2,757
17
942
438
(13
(2,632
(140
(1,594
170
(2,829
(266
(190
(9
21
(50
(26
5
(64
June 30, 2025
28,964
13,182
24,157
13,104
18,334
63,378
2,945
164,064
3,404
850
457
6,014
2,266
1,520
4,093
222
(1,597
(740
(6,012
(3,385
(1,373
(2,742
(233
(16,083
(451
(748
(284
(1,118
147
1,351
(11
1,233
385
1,172
7,482
3,263
6,620
55
20,210
37
2,194
(143
54,420
42,376
3,833
8,639
111,318
335
31,643
13,140
79,752
61,844
25,576
79,988
2,986
294,930
3,633
Total AUM
1,347
536
13,375
4,951
6,668
13,458
726
(4,693
(2,631
(11,278
(6,873
(3,725
(7,678
(437
(37,316
(834
(3,346
(2,095
2,096
(1,922
2,943
5,780
289
4,651
2,253
986
5,004
3,866
8,656
236
25,651
62
(195
52
(72
(48
(23
(2
(112
79
30,584
14,785
24,402
14,148
19,095
62,593
2,980
168,586
3,344
1,947
902
6,943
2,349
3,656
8,456
478
(3,331
(1,587
(7,557
(3,854
(4,623
(5,060
(585
(26,597
(673
(1,383
(685
(614
(1,505
(967
3,396
(107
254
(809
1,500
6,852
3,659
5,417
134
17,008
67
2,188
(150
54,464
42,349
3,789
8,582
111,224
410
Assets Under Management by Region
As of June 30,
(in millions)
Amount
% of total
U.S.
279,879
82
250,035
84
62,571
18
48,528
16
100
Assets Under Management by Vehicle
By Vehicle
Separate
Accounts
Mutual
and Other
Funds
ETFs
Vehicles
167,775
16,401
125,659
7,271
1,535
13,618
(10,174
(341
(7,799
(2,903
1,194
5,819
15,849
1,576
11,084
(25
25
180,696
19,171
142,583
172,203
15,049
126,523
7,793
1,770
9,618
(11,372
(464
(7,999
(3,579
1,306
1,619
(849
(2,027
108,392
10,253
48,823
6,935
1,568
7,227
(9,716
(6,554
(2,781
1,305
672
11,465
319
8,463
50,897
97
60,660
167,973
11,975
118,615
Includes institutional and retail share classes, money market and VIP funds.
Represents only ETF assets held by third parties. Excludes ETF assets held by other Victory Capital products.
Includes collective trust funds, wrap program accounts, UMAs, UCITS, private funds and non-U.S. domiciled pooled vehicles.
Includes impact of Pioneer Investments as of April 1, 2025, increasing the Company’s AUM by $114.6 billion.
15,065
3,305
23,236
(21,547
(805
(15,797
(6,482
2,500
7,439
15,000
1,656
9,058
113,645
7,508
50,777
10,258
4,630
10,329
(16,044
(515
(10,710
(5,786
4,115
(381
9,222
270
7,583
50,892
Information Regarding Non-GAAP Financial Measures
Victory Capital uses non-GAAP financial measures referred to as Adjusted EBITDA and Adjusted Net Income to measure the operating profitability of the Company. These measures eliminate the impact of one-time acquisition, restructuring and integration costs and demonstrate the ongoing operating earnings metrics of the Company. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to assess the operating performance of the Company.
Adjustments made to GAAP Net Income to calculate Adjusted EBITDA, as applicable, are:
Adding back income tax expense;
Adding back interest paid on debt and other financing costs, net of interest income;
Adding back depreciation on property and equipment;
Adding back other business taxes;
Adding back amortization expense on acquisition-related intangible assets;
Adding back share-based compensation expense associated with equity awards in connection with acquisitions and certain one-time performance-based shares;
Adding back direct incremental costs of acquisitions, including restructuring costs;
Adding back debt issuance cost expense;
Adjusted Net Income
Adjustments made to GAAP Net Income to calculate Adjusted Net Income, as applicable, are:
Subtracting an estimate of income tax expense applied to the sum of the adjustments above.
Tax Benefit of Goodwill and Acquired Intangible Assets
Due to Victory Capital’s acquisitive nature, tax deductions allowed on acquired intangible assets and goodwill provide it with additional significant supplemental economic benefit. The tax benefit of goodwill and intangible assets represent the tax benefits associated with deductions allowed for intangible assets and goodwill generated from prior acquisitions in which the Company received a step-up in basis for tax purposes. Acquired intangible assets and goodwill may be amortized for tax purposes, generally over a 15-year period. The tax benefit from amortization on these assets is included to show the full economic benefit of deductions for all acquired intangible assets with a step-up in tax basis.
Investors:
Carly Thomas
Director, Investor Relations and Responsible Business
210-694-9658
cthomas@vcm.com
Media:
Jessica Davila Burgess
Director, Global Communications
210-694-9693
jessica_davila@vcm.com
Source: Victory Capital Holdings, Inc.
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Contact us
Investors in VCTR
Director, Investor Relations & Responsible Business
ir@vcm.com
Media
Jessica Davila
Additional Contacts
Victory Fund Investors
1-800-235-8396
Investment Professionals
1-800-991-8191
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