Victory Capital Holdings Inc

Latest Results (21.11.2025):

Victory Capital Holdings Inc reported strong third-quarter 2025 (quarter ended September 30, 2025) results, reflecting the contribution from the April 1, 2025 Amundi US/Pioneer Investments acquisition, solid market performance and improving net flows. The company delivered record results driven by higher AUM, margin expansion versus the prior quarter, strong adjusted earnings, ongoing integration work targeting $110 million of net expense synergies, and continued capital returns to shareholders.

Summary financials

Revenue: $361.2 million; GAAP net income: $96.5 million (diluted EPS $1.11); Adjusted net income with tax benefit: $141.3 million (adjusted diluted EPS $1.63); Adjusted EBITDA: $190.5 million; Adjusted EBITDA margin: 52.7%.

AUM and flows

Total client assets: $313.4 billion (AUM $310.6 billion). Long-term gross flows: $17.0 billion; long-term net flows: net outflows of $244 million for the quarter. Total AUM rose sequentially by $12.1 billion (primarily positive market action).

Quarter-over-quarter and year-over-year movements

Versus Q2 2025: revenue +2.8%, GAAP operating margin expanded to 38.2% (from 26.8%), GAAP net income +64.4%, adjusted net income +6.5%, adjusted EBITDA +$11.9 million. Versus Q3 2024: revenue +60.1%, GAAP net income +17.8%, adjusted net income +58.7%, adjusted EBITDA +57.1% (year-over-year margin modestly contracted).

Integration and cost initiatives

Company progressing integration of Pioneer Investments (Amundi US acquisition) and targeting $110 million of net expense synergies within its previously disclosed timeframe; acquisition-related and restructuring costs declined sequentially, supporting margin expansion vs Q2.

Investment performance

Firmwide performance strong: 64% / 65% / 77% of AUM outperformed benchmarks over 3-, 5-, and 10-year periods, and 64% of rated mutual fund/ETF AUM received four- or five-star Morningstar overall ratings.

Capital management

Returned ~ $163 million in the quarter via share repurchases (1.8 million shares) and dividends; Board authorized quarterly cash dividend of $0.49 per share (payable Dec 23, 2025). Net debt to leverage improved to 1.1x.

Balance sheet and financing

On Sept 23, 2025 the company extended the revolving credit facility maturity to Sept 23, 2030, decreased margin by 0.25%, and refinanced term loans with $985.0 million of repriced term loans maturing Sept 23, 2032 (SOFR + 2.00% option or alternate base + 1.00% option).