Earnings summaries and quarterly performance for Victory Capital Holdings.
Executive leadership at Victory Capital Holdings.
David C. Brown
Detailed
Chief Executive Officer
CEO
MS
Mannik S. Dhillon
President, Investment Franchises and Solutions; Head of Product and Strategy
MD
Michael D. Policarpo
President, Chief Financial Officer and Chief Administrative Officer
NG
Nina Gupta
Chief Legal Officer and Head of Human Resource Administration
Board of directors at Victory Capital Holdings.
AH
Alan H. Rappaport
Detailed
Director
CB
Céline Boyer-Chammard
Detailed
Director
DC
Dominique Carrel-Billiard
Detailed
Director
KH
Karin Hirtler-Garvey
Detailed
Director
LD
Lawrence Davanzo
Detailed
Director
MJ
Mary Jackson
Detailed
Director
RM
Richard M. DeMartini
Detailed
Lead Independent Director
RV
Robert V. Delaney, Jr.
Detailed
Director
Research analysts who have asked questions during Victory Capital Holdings earnings calls.
MC
Michael Cho
JPMorgan Chase & Co.
6 questions for VCTR
Also covers: ENV, FHI, FRGE +4 more
Alexander Blostein
Goldman Sachs
5 questions for VCTR
Also covers: AB, AMG, AMP +31 more
KL
Kenneth Lee
RBC Capital Markets
5 questions for VCTR
Also covers: AAMI, AMP, APAM +20 more
Michael Cyprys
Morgan Stanley
4 questions for VCTR
Also covers: AAMI, AMP, AMTD +30 more
Ben Budish
Barclays PLC
3 questions for VCTR
Also covers: AB, APO, ARES +23 more
Etienne Ricard
BMO Capital Markets
3 questions for VCTR
Also covers: SII
Craig Siegenthaler
Bank of America
2 questions for VCTR
Also covers: AB, AMP, AMTD +26 more
AB
Adam Beatty
UBS
1 question for VCTR
Also covers: BRDG
Benjamin Budish
Barclays PLC
1 question for VCTR
Also covers: AB, APO, ARES +24 more
BR
Ben Rubin
UBS
1 question for VCTR
Also covers: BAM, CNS, EVR +5 more
BH
Brennan Hawken
UBS Group AG
1 question for VCTR
Also covers: AMP, AMTD, APO +30 more
MH
Matthew Howlett
B. Riley Securities
1 question for VCTR
Also covers: AOMR, BRSP, BUR +9 more
Randy Binner
B. Riley Securities
1 question for VCTR
Also covers: ARR, BRSP, BUR +13 more
Recent press releases and 8-K filings for VCTR.
Victory Capital Holdings, Inc. Reports January 2026 Client Assets
VCTR
- Victory Capital Holdings, Inc. reported Total Client Assets of $323.2 billion as of January 31, 2026.
- Total Assets Under Management (AUM) for the same date were $320.2 billion.
- The company's Total Client Assets increased from $316.621 billion as of December 31, 2025, to $323.181 billion as of January 31, 2026.
Feb 11, 2026, 9:38 PM
Victory Capital Holdings Discusses Growth Strategy and Pioneer Acquisition Impact
VCTR
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Victory Capital ended 2025 with over $300 billion in assets under management (AUM) and has a stated objective of reaching $1 trillion AUM, pursuing this through a strategy of industry consolidation and strategic acquisitions.
- The Pioneer acquisition, announced in April 2025 and now largely integrated, has been a key driver, expanding international distribution through a 15-year agreement with Amundi and contributing to the Pioneer investment franchise being net flow positive every quarter since the deal closed. The transaction is now close to 20% accretion.
- The company reported record gross flows of $17.1 billion in Q4 2025 and expects to achieve positive organic growth in 2026 and beyond, with key drivers including the international channel, the VictoryShares ETF platform, and global/international product offerings.
- Victory Capital maintains excellent overall investment performance across its independent franchises and plans to launch additional UCITS in 2026, further expanding its product offerings.
Feb 11, 2026, 1:00 PM
Victory Capital Holdings Discusses 2025 Performance, M&A Strategy, and Future Growth Drivers
VCTR
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Victory Capital ended 2025 with over $300 billion in assets under management (AUM) and has a stated objective of reaching $1 trillion in AUM. The company has demonstrated strong financial performance, achieving a 21% cumulative annual earnings growth rate since its 2018 IPO, which is the best in its sector.
- The Pioneer acquisition, announced in April 2025 and nearing full integration, is a significant strategic move, contributing to net flow positive performance for the Pioneer franchise and expanding international distribution through a 15-year Amundi distribution agreement. This acquisition is expected to yield $110 million in net expense synergies and accretion close to 20%.
- While the firm has experienced recent negative net flows, Victory Capital reported record gross flows of $17.1 billion in Q4 2025 and anticipates achieving positive organic growth. Key drivers include the Pioneer investment franchise, the international distribution channel, the VictoryShares ETF platform, and the West End Advisors franchise, which achieved positive flows in Q4 2025.
- The company is actively expanding its product offerings, having launched five UCITS at the end of 2025 with plans for more in 2026, alongside developing new retail SMA products and introducing ETF share classes for existing mutual funds.
Feb 11, 2026, 1:00 PM
Victory Capital Holdings Discusses Growth Strategy and M&A at Bank of America Conference
VCTR
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Victory Capital ended 2025 with over $300 billion in assets under management and has an objective to reach $1 trillion AUM.
- The company is actively pursuing consolidation, having completed 8 acquisitions since 2013, with the recent Pioneer acquisition expected to deliver close to 20% accretion and $110 million in net expense synergies.
- Despite recent negative net flows, Victory Capital reported record gross flows of $17.1 billion in Q4 2025 and anticipates achieving positive organic growth, driven by its international distribution channel (including a 15-year Amundi distribution agreement), the ETF platform (VictoryShares), and the Pioneer Investment franchise.
- Victory Capital's earnings growth since its 2018 IPO has been the best in its sector, with a 21% cumulative annual growth rate.
Feb 11, 2026, 1:00 PM
Victory Capital Holdings discusses 2025 performance, M&A strategy, and $1 trillion AUM goal
VCTR
M&A
Guidance Update
Share Buyback
- Victory Capital achieved record highs in gross sales, revenue, EPS, and AUM in 2025, ending the year with $317 billion in AUM.
- The company is 90% complete with the Amundi Pioneer acquisition integration, having achieved $97 million of the planned $110 million in net expense synergies, with the remaining $13 million to be completed through calendar year 2026.
- Key growth drivers for the next 12-24 months include completing the Pioneer integration, expanding its international distribution platform (with new UCITS and U.S.-listed ETFs launched in 2026), and pursuing M&A, targeting platforms with $50 billion-$200 billion in AUM.
- Victory Capital aims to reach $1 trillion in AUM, primarily through M&A, supported by its lowest leverage as a public company (around 1x). The company also plans aggressive stock buybacks and continued dividend increases.
Feb 10, 2026, 5:10 PM
Victory Capital Holdings Discusses 2025 Performance, Strategic Drivers, and AUM Growth Targets
VCTR
M&A
Share Buyback
New Projects/Investments
- Victory Capital achieved record highs in gross sales, revenue, EPS, and AUM in 2025, ending the year with $317 billion in AUM.
- The Amundi Pioneer acquisition integration is 90% complete, with $97 million of the planned $110 million net expense synergies realized, and the remaining $13 million expected to be completed through calendar year 2026.
- Strategic drivers for the next 12-24 months include completing the Pioneer integration, building out the distribution platform (especially internationally with new UCITS and U.S.-listed ETFs), and pursuing M&A, targeting asset managers with $50 billion-$200 billion in AUM.
- Victory Capital aims to reach $1 trillion in AUM, primarily through larger M&A, supplemented by low single-digit organic growth and market appreciation.
- Capital allocation priorities are acquisitions first, followed by aggressive share buybacks due to perceived undervaluation, and maintaining its dividend, with leverage currently at 1x.
Feb 10, 2026, 5:10 PM
Victory Capital Holdings Reports Record 2025 Performance and Outlines Growth Strategy
VCTR
M&A
Share Buyback
New Projects/Investments
- Victory Capital achieved record highs in gross sales, revenue, EPS, and AUM in 2025, with AUM ending the year at $317 billion.
- The company is 90% complete with the integration of the Amundi Pioneer acquisition, having realized $97 million of the planned $110 million in net expense synergies, with the remaining $13 million expected by calendar year 2026.
- Victory Capital's future growth strategy focuses on M&A, targeting asset managers with $50 billion to $200 billion in AUM, and aims for a public goal of $1 trillion in AUM primarily through inorganic growth.
- Capital allocation priorities are acquisitions, followed by aggressive stock buybacks due to perceived undervaluation, and maintaining its dividend, with leverage currently at its lowest as a public company at around 1x.
- The company is also expanding its international distribution channel, having launched five UCITS and started selling U.S.-listed ETFs internationally in 2026, with key target regions including Asia (ex-Japan and Japan), Europe, and the Middle East.
Feb 10, 2026, 5:10 PM
Victory Capital Reports Strong Q4 and Full-Year 2025 Results
VCTR
Earnings
Share Buyback
Dividends
- Victory Capital reported Q4 2025 revenue of $374.1MM, Adjusted EBITDA of $197.5MM, and Adjusted earnings per diluted share with tax benefit of $1.78.
- For the full year 2025, the company achieved record highs in Gross Sales, AUM, Revenue, EBITDA, Earnings Per Share, and Cash Flow from Operations, with full-year revenue up 46% from 2024.
- Total client assets reached $317Bn in Q4 2025, and ETF AUM increased 85% year-over-year to $19Bn.
- The company returned $93MM to shareholders in Q4 2025, contributing to a full-year capital return of $366MM, and declared a quarterly cash dividend of $0.49 per share.
Feb 5, 2026, 1:00 PM
Victory Capital Holdings, Inc. Reports Record Q4 and Full-Year 2025 Results
VCTR
Earnings
M&A
Dividends
- Victory Capital Holdings, Inc. reported record financial results for the quarter and year ended December 31, 2025, achieving record quarterly and annual levels of gross flows, revenue, and earnings.
- Assets Under Management (AUM) reached $313.8 billion at December 31, 2025, significantly increasing from $171.9 billion at December 31, 2024, following the substantially complete integration of Pioneer Investments which achieved $97 million in net expense synergies by year-end 2025.
- The company returned a record $366 million in capital to shareholders during 2025, including $93 million in Q4 2025 through share repurchases and dividends, and the Board authorized a regular quarterly cash dividend of $0.49 per share.
Feb 4, 2026, 9:34 PM
Victory Capital Holdings Reports Record Q4 and Full-Year 2025 Results
VCTR
Earnings
Dividends
Share Buyback
- Victory Capital Holdings reported record financial results for the fourth quarter and full year ended December 31, 2025.
- For Q4 2025, revenue was $374.1 million and GAAP net income per diluted share was $1.32.
- For the full year 2025, revenue increased to $1.3 billion and adjusted net income with tax benefit per diluted share was $6.38.
- Total client assets (AUM) reached $316.6 billion as of December 31, 2025.
- The company returned a record $366 million to shareholders during 2025, and the Board authorized a regular quarterly cash dividend of $0.49 per share.
Feb 4, 2026, 9:29 PM
Quarterly earnings call transcripts for Victory Capital Holdings.
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