Victory Capital Holdings Inc

Latest Results (08.08.2026):

Victory Capital Holdings Inc — First Quarter 2026: Victory Capital reported record first-quarter results for the quarter ended March 31, 2026, driven by higher revenue and strong adjusted profitability while continuing to invest in distribution and complete integration activities. Total client assets were $313.1 billion and the company reported significant gross flows alongside modest net outflows, delivering GAAP and adjusted earnings growth year-over-year and returning capital to shareholders.

Top-line and profitability

Revenue: $388.0 million. GAAP net income: $112.1 million, or $1.33 per diluted share. Adjusted net income (with tax benefit): $153.2 million, or $1.82 per diluted share. Adjusted EBITDA: $204.0 million; Adjusted EBITDA margin: 52.6%. GAAP operating margin: 41.0%.

Assets under management and client assets

Total client assets: $313.1 billion; total AUM: $309.8 billion (down $3.9 billion vs. 12/31/25, driven primarily by negative market action of $2.8 billion and net outflows of $0.7 billion).

Flows and sales

Total gross flows for Q1 2026: $19.2 billion, including long-term gross flows of $18.9 billion. Long-term net flows reported as ($457) million (net outflow).

Quarter-over-quarter and year-over-year movement

Sequentially vs Q4 2025: revenue +3.7%, adjusted EBITDA +3.3%, adjusted net income +1.0%, GAAP net income -0.6%. Year-over-year vs Q1 2025: revenue +76.7%, GAAP net income +80.9%, adjusted net income +73.9%, adjusted EBITDA +75.3% (margins contracted modestly year-over-year: GAAP operating margin down 130 bps; adjusted EBITDA margin down 40 bps).

Integration and cost synergies

Acquisition update: integration of Pioneer Investments (Amundi US acquisition) is substantially complete. The company has recognized approximately $104 million of the expected $110 million in total net expense synergies and remains on track to achieve the full $110 million within 2026.

Investment performance

Performance vs. benchmarks (by AUM as of 3/31/26): 71% (1‑yr), 67% (3‑yr), 68% (5‑yr) and 81% (10‑yr) of AUM outperformed respective benchmarks. Morningstar ratings: 68% of rated mutual fund and ETF AUM rated four- or five-stars overall.

Capital returns and balance sheet

Share repurchases: ~2 million shares repurchased in the quarter. Total returned to shareholders (repurchases + dividends): $185 million in Q1. Board approved regular quarterly cash dividend of $0.50 per share (payable June 25, 2026; record date June 10, 2026). Gross debt outstanding: approximately $980.1 million as of March 31, 2026 (per footnote).