Victory Capital Holdings, Inc. (VCTR) Income Statement
VCTR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVCTR revenue and net income
Where VCTR's revenue goes
2025Each bar shows an amount and its share of revenue. VCTR kept 25.3% of revenue as net income.
VCTR profit margins
VCTR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +46.2% | +15.2% | +11.0% | +18.4% |
| Gross profit | +75.3% | +26.8% | +18.2% | +25.5% |
| Operating income | +29.8% | +11.6% | +12.0% | +32.5% |
| Net income | +14.3% | +6.2% | +9.2% | +56.3% |
| EPS (diluted) | +24.7% | +11.3% | +10.2% | +54.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VCTR quarterly EPS vs estimates
Victory Capital beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.92).
VCTR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $893.5M | $821.0M | $854.8M | $890.3M | $775.4M | $612.4M | $413.4M | $409.6M | $297.9M |
| Cost of revenue | $377.7M | $363.7M | $365.1M | $399.3M | $411.2M | $372.8M | $326.4M | $240.6M | $247.6M | $200.1M |
| Gross profit | $928.4M | $529.8M | $456.0M | $455.5M | $479.0M | $402.5M | $285.9M | $172.9M | $162.1M | $97.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $344.0M | $56.7M | $56.3M | $52.4M | $53.7M | $51.2M | $46.6M | $30.0M | $34.0M | $26.6M |
| Total operating expenses | $373.5M | $102.3M | $127.5M | $56.4M | $105.2M | $87.8M | $121.3M | $58.3M | $71.9M | $73.3M |
| Operating income | $555.0M | $427.5M | $328.5M | $399.1M | $373.8M | $314.7M | $164.6M | $114.5M | $90.2M | $24.5M |
| Interest income | $28.5M | $27.1M | $22.1M | $3.7M | $6.0M | $3.7M | $6.8M | $2.9M | $2.9M | $1.1M |
| Interest expense | $65.6M | $77.4M | $76.8M | $46.9M | $24.7M | $37.0M | $40.9M | $21.4M | $47.1M | $31.2M |
| Income before taxes | $438.3M | $373.8M | $275.9M | $350.0M | $350.6M | $278.5M | $120.7M | $84.9M | $38.5M | −$9.1M |
| Income taxes | $108.3M | $84.9M | $62.8M | $74.5M | $72.3M | $66.0M | $28.2M | $21.2M | $12.6M | −$3.0M |
| Net income | $330.1M | $288.9M | $213.2M | $275.5M | $278.4M | $212.5M | $92.5M | $63.7M | $25.8M | −$6.1M |
| EBITDA | $566.0M | $481.4M | $394.3M | $440.1M | $391.8M | $328.9M | $183.0M | $129.6M | $115.5M | $52.5M |
| EPS (diluted) | $6.31 | $5.06 | $4.52 | $4.58 | $4.83 | $3.88 | $2.63 | $1.64 | $0.74 | −$0.09 |
| Gross margin | 71.1% | 59.3% | 55.5% | 53.3% | 53.8% | 51.9% | 46.7% | 41.8% | 39.6% | 32.8% |
| Operating margin | 42.5% | 47.8% | 40.0% | 46.7% | 42.0% | 40.6% | 26.9% | 27.7% | 22.0% | 8.2% |
| Net margin | 25.3% | 32.3% | 26.0% | 32.2% | 31.3% | 27.4% | 15.1% | 15.4% | 6.3% | −2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $435.4M | $388.4M | $374.1M | $361.2M | $351.2M | $219.6M | $232.4M | $225.6M | $219.6M | $215.9M | $205.8M | $209.7M |
| Cost of revenue | $125.5M | $108.6M | $112.9M | $104.1M | $103.4M | $57.2M | $186.6M | $58.7M | $57.7M | $60.7M | $189.6M | $58.7M |
| Gross profit | $309.9M | $279.8M | $261.2M | $257.1M | $247.8M | $162.4M | $45.8M | $167.0M | $161.9M | $155.1M | $16.2M | $151.0M |
| Sales, general & admin | $91.5M | $92.2M | $22.1M | $82.5M | $152.9M | $48.7M | $76.5M | $61.8M | $48.8M | $50.3M | $82.5M | $49.2M |
| Total operating expenses | $116.1M | $101.5M | $31.5M | $119.0M | $153.6M | $69.5M | −$66.0M | $46.6M | $51.3M | $70.3M | −$70.2M | $71.0M |
| Operating income | $193.7M | $178.3M | $229.7M | $138.1M | $94.2M | $92.9M | $111.7M | $120.4M | $110.6M | $84.8M | $86.3M | $80.0M |
| Interest income | $9.8M | $3.2M | $4.2M | $9.3M | $10.2M | $4.8M | $6.0M | $7.8M | $5.7M | $7.7M | $8.3M | $1.5M |
| Interest expense | $40.6M | $14.3M | $18.8M | $16.9M | $16.6M | $13.2M | $18.1M | $19.8M | $19.6M | $19.9M | $16.6M | $15.6M |
| Income before taxes | $187.2M | $147.9M | $141.7M | $129.3M | $87.0M | $80.4M | $98.6M | $107.5M | $95.8M | $71.9M | $73.5M | $65.9M |
| Income taxes | $47.8M | $35.7M | $28.8M | $32.7M | $28.3M | $18.4M | $21.7M | $25.5M | $21.5M | $16.2M | $18.3M | $13.9M |
| Net income | $139.4M | $112.1M | $112.8M | $96.5M | $58.7M | $62.0M | $76.9M | $82.0M | $74.3M | $55.7M | $55.2M | $52.0M |
| EBITDA | $207.8M | $183.0M | $168.0M | $168.2M | $125.4M | $104.4M | $124.2M | $134.8M | $123.0M | $99.4M | $101.8M | $98.2M |
| EPS (diluted) | $2.07 | $1.82 | $1.78 | $1.63 | $1.54 | $1.36 | $1.45 | $1.35 | $1.16 | $1.10 | $1.15 | $1.18 |
| Gross margin | 71.2% | 72.0% | 69.8% | 71.2% | 70.5% | 73.9% | 19.7% | 74.0% | 73.7% | 71.9% | 7.9% | 72.0% |
| Operating margin | 44.5% | 45.9% | 61.4% | 38.2% | 26.8% | 42.3% | 48.1% | 53.3% | 50.4% | 39.3% | 41.9% | 38.2% |
| Net margin | 32.0% | 28.9% | 30.2% | 26.7% | 16.7% | 28.2% | 33.1% | 36.3% | 33.8% | 25.8% | 26.8% | 24.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VCTR's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VCTR financial results
In fiscal year 2025 (ended December 31, 2025), Victory Capital reported revenue of $1.3 billion, up 46.2% from the year before. It had net income of $330.1 million (up 14.3%), a net profit margin of 25.3%. Diluted earnings per share came to $6.31. Over five years revenue grew at an average rate of 11.0% a year.
See the VCTR stock overview for the latest quote and news, or the VCTR chart for price history and technical indicators.
VCTR income statement FAQ
What is Victory Capital's annual revenue?
Victory Capital reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 46.2% from $893.5 million the previous year.
Is Victory Capital profitable?
Yes. Victory Capital reported net income of $330.1 million in fiscal 2025, a net profit margin of 25.3%; its operating margin was 42.5%.
What is Victory Capital's gross margin?
Victory Capital's gross margin was 71.1% in fiscal 2025: for every $100 of revenue, Victory Capital kept $71 after the direct cost of its products and services.
How fast is Victory Capital growing?
Revenue grew 11.0% a year on average over the last five fiscal years, from $775.4 million to $1.3 billion.
What are Victory Capital's earnings per share?
Victory Capital earned $6.31 per diluted share in fiscal 2025, compared with $5.06 a year earlier.
When will Victory Capital report its next earnings?
Victory Capital is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Victory Capital's fiscal year end?
Victory Capital's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.