Victory Capital Holdings Inc

Latest Results (17.05.2026):

Victory Capital Holdings Inc reported record financial results for the quarter ended March 31, 2026 (first quarter of 2026), including record revenue and Adjusted EBITDA, with total client assets of $313.1 billion and assets under management of $309.8 billion. The company generated $388.0 million of revenue, reported GAAP net income per diluted share of $1.33 and adjusted net income (with tax benefit) per diluted share of $1.82, and the Board increased the regular quarterly cash dividend to $0.50 per share while repurchasing ~2 million shares in the quarter.

Top-line and profitability

Revenue was $388.0 million (up 3.7% vs. Q4 2025), Adjusted EBITDA was $204.0 million (margin 52.6%), and GAAP operating margin was 41.0%. GAAP net income was $112.1 million ($1.33 diluted EPS); adjusted net income with tax benefit was $153.2 million ($1.82 diluted EPS).

Assets under management and flows

Total client assets were $313.1 billion and AUM $309.8 billion as of March 31, 2026. Total gross flows for the quarter were $19.2 billion (long-term gross flows $18.9 billion). The company reported long-term net flows of ($457) million and total net outflows contributing to a $3.9 billion AUM decline vs. December 31, 2025 (driven by ~$2.8 billion negative market action and ~$0.7 billion net outflows).

Investment performance

Investment results improved: as of March 31, 2026, 71%, 67%, 68% and 81% of AUM outperformed benchmarks over the 1-, 3-, 5- and 10-year periods, respectively, and 68% of rated mutual fund and ETF AUM were Morningstar four- or five-star rated.

Acquisition integration and synergies

The integration of Pioneer Investments (Amundi US acquisition) is substantially complete; Victory Capital has recognized approximately $104 million of the expected $110 million in net expense synergies and remains on track to realize the full $110 million in 2026.

Capital return and balance sheet

The company repurchased ~2 million shares in the quarter and returned $185 million to shareholders (including dividends). The Board authorized a regular quarterly cash dividend of $0.50 per share payable June 25, 2026. Total debt outstanding was approximately $980 million (gross) as of the year-end disclosure.

Drivers and outlook notes

Growth drivers in the quarter included strong net inflows to the VictoryShares ETF platform and continued international distribution inflows, with several investment franchises reporting positive flows. Management emphasized a disciplined inorganic growth strategy and an active acquisition pipeline.

Year-over-year comparison

Results reflect the April 1, 2025 Amundi US acquisition: revenue increased 76.7% year-over-year, GAAP net income rose 80.9%, and Adjusted EBITDA increased 75.3% compared with Q1 2025, though operating margins contracted modestly year-over-year due to an expanded business base and related expenses.