Jun 2026 (Q2 FY26) — Aug 6, 2026
Victory Capital Q2 FY26 — Record Performance and Strategic Growth
Read the full callVictory Capital earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 435 | +24.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 44.5 | +17.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 139 | +137.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
5 of 5 judged targets kept · 4 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Amundi/Pioneer acquisition net expense synergies | $100 million of expense synergies, majority realized in year 1, fully realized within 2 years of close | Sep 2024 | I am pleased to report that the full $110 million of net run rate expense synergies associated with the Pioneer Investments acquisition have now been fully recognized. Our integration is complete. | Achieved |
| Long-term adjusted EBITDA margin guidance | 49% | Sep 2024 | Given the demonstrated earnings power of our platform and the completion of the Pioneer integration, we are updating long-term adjusted EBITDA margin guidance from 49% to 50%. | Revised Up |
| Average fee rate / revenue realization rate | 46 to 47 basis points | Jun 2025 | This was driven by record average AUM of $331 billion and an average fee rate of 47.9 basis points, which was at the high end of our guidance range. | On Track |
4 of Victory Capital Holdings, Inc.'s 9 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 6 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $65.32 on 17 Oct 2025 → $107.71. High $121.13 (27 Aug 2026), low $60.76 (2 Dec 2025).
Overview
Guidance
5 of 5 judged targets kept · 4 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Amundi/Pioneer acquisition net expense synergies | $100 million of expense synergies, majority realized in year 1, fully realized within 2 years of close | Sep 2024 | I am pleased to report that the full $110 million of net run rate expense synergies associated with the Pioneer Investments acquisition have now been fully recognized. Our integration is complete. | Achieved |
| Long-term adjusted EBITDA margin guidance | 49% | Sep 2024 | Given the demonstrated earnings power of our platform and the completion of the Pioneer integration, we are updating long-term adjusted EBITDA margin guidance from 49% to 50%. | Revised Up |
| Average fee rate / revenue realization rate | 46 to 47 basis points | Jun 2025 | This was driven by record average AUM of $331 billion and an average fee rate of 47.9 basis points, which was at the high end of our guidance range. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 9 tracked commitments, with each call’s wording and source.
Call summaries
Victory Capital Q2 FY26 — Record Performance and Strategic Growth
Read the full callVictory Capital Q1 FY26 — Record Gross Flows, EBITDA, and EPS
Read the full callEvery analysed call
Financials
Net profit, year on year: +137% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 226 | 232 | 220 | 351 | 361 | 374 | 388 | 435 |
| Operating profit | 120 | 112 | 93 | 94 | 138 | 153 | 159 | 194 |
| Operating margin | 53.4% | 48.1% | 42.3% | 26.8% | 38.2% | 40.9% | 41.0% | 44.5% |
| Other income | -13 | -13 | -13 | -7 | -9 | -12 | -11 | -6 |
| Profit before tax | 108 | 99 | 80 | 87 | 129 | 142 | 148 | 187 |
| Tax rate | 23.7% | 22.0% | 22.9% | 32.5% | 25.3% | 20.4% | 24.2% | 25.6% |
| Net profit | 82 | 77 | 62 | 59 | 97 | 113 | 112 | 139 |
| EPS ($ per share) | 1.26 | — | 0.97 | 0.69 | 1.12 | — | 1.34 | 1.70 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | 1 | 1 | 1 | 1 | 1 |
| Reserves | -120 | -35 | 162 | 403 | 609 | 737 | 925 | 1,098 |
| Total liabilities | 346 | 1,215 | 1,023 | 1,650 | 1,475 | 1,490 | 1,426 | 1,823 |
| Fixed assets | 9 | 13 | 19 | 25 | 21 | 20 | 12 | 24 |
| Total assets | 802 | 1,753 | 1,731 | 2,580 | 2,541 | 2,543 | 2,548 | 4,248 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 134 | 227 | 251 | 376 | 335 | 330 | 340 | 385 |
| Cash from investing | -12 | -850 | -12 | -557 | -6 | -8 | -4 | 77 |
| Cash from financing | -84 | 608 | -253 | 227 | -360 | -237 | -333 | -425 |
| Net cash flow | 39 | -14 | -14 | 47 | -31 | 85 | 3 | 37 |
| Capital expenditure | -3 | -5 | -8 | -13 | -5 | -5 | -1 | -4 |
| Free cash flow | 132 | 222 | 243 | 364 | 330 | 325 | 339 | 381 |
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Investment Management Fees | 79% | 79% | 79% | 80% | 80% | 81% | 82% | 83% | +28.3% |
| Fund Administration and Distribution Fees | 21% | 21% | 21% | 20% | 20% | 19% | 18% | 17% | +6.1% |
| Performance Based Investment Fee | 1% | 2% | 1% | 5% | 1% | 2% | 7% | 14% | +215.0% |
| Fund Administration Fee | 13% | 13% | 13% | 10% | 10% | 9% | 9% | 8% | +5.8% |
| Fund Distribution Fee | 3% | 2% | 2% | 6% | 7% | 7% | 6% | 6% | +12.5% |
| Transfer Agent Fee | 6% | 6% | 6% | 4% | 4% | 3% | 3% | 3% | -4.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Assets under management (AUM) VictoryShares ETF | $20B+ETF AUM ended the quarter at over $20 billion, up 7% quarter-over-quarter and 53% year-over-year.Source: earnings call transcript | $23.2BETF AUM ended the quarter at $23.2 billion, up 24% year-to-date and 54% year-over-year.Source: earnings call transcript | — |
| Net new assets VictoryShares ETF | $1.3BNet flows for the quarter were $1.3 billion, continuing the strong organic growth trajectory.Source: earnings call transcript | $1.2BNet flows of $1.2 billion in Q2 bring our year-to-date total to $2.5 billion, representing an annualized organic growth rate of 27%.Source: earnings call transcript | -7.7% |
| Assets under management (AUM) International | $55BAt quarter end, we had $55 billion of assets under management from clients outside the US across 60 countries with 29 of those countries now having more than $100 million in assets under management in Victory products.Source: earnings call transcript | $62.6BAt quarter end, we had $62.6 billion in AUM from clients outside the United States across 61 countries, with 35 of those countries now having more than $100 million in Victory Capital AUM.Source: earnings call transcript | +13.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
59 filings between Oct 29, 2025 and Oct 12, 2026.
Nobody bought or sold VCTR on the open market in this window. The filings below are 30 awards, 10 option exercises, 14 tax withholdings, 3 dispositions to the issuer and 2 other filings.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | DEMARTINI RICHARD M Director | Award | 326 | $36.2K |
| Oct 12, 2026 | Rappaport Alan Director | Award | 597 | $66.2K |
| Oct 12, 2026 | Crestview Partners II GP, L.P. Director | Award | 259 | $28.7K |
| Oct 12, 2026 | Hirtler-Garvey Karin Director | Award | 259 | $28.7K |
| Oct 12, 2026 | Jackson Mary M. Director | Award | 259 | $28.7K |
| Oct 12, 2026 | Davanzo Lawrence Director | Award | 259 | $28.7K |
| Aug 13, 2026 | Dhillon Mannik S. President Investment Franchise | Option exercise | 16,390 | — |
| Aug 13, 2026 | Sipp Thomas Michael Executive Vice President | Option exercise | 40,982 | — |
| Aug 13, 2026 | Brown David Craig Chairman and CEO | Tax withheld | 58,056 | $6.86M |
| Aug 13, 2026 | Brown David Craig Chairman and CEO | Option exercise | 147,529 | — |
| Aug 13, 2026 | Policarpo Michael Dennis President, CFO & CAO | Tax withheld | 33,453 | $3.95M |
| Aug 13, 2026 | Gupta Nina Chief Legal Officer | Tax withheld | 9,732 | $1.15M |
| Aug 13, 2026 | Gupta Nina Chief Legal Officer | Option exercise | 19,124 | — |
| Aug 13, 2026 | Sipp Thomas Michael Executive Vice President | Tax withheld | 21,205 | $2.51M |
| Aug 13, 2026 | Policarpo Michael Dennis President, CFO & CAO | Option exercise | 73,763 | — |
| Aug 13, 2026 | Dhillon Mannik S. President Investment Franchise | Tax withheld | 6,452 | $762.4K |
| Aug 5, 2026 | Gupta Nina Chief Legal Officer | Option exercise | 19,124 | — |
| Aug 5, 2026 | Policarpo Michael Dennis President, CFO & CAO | Tax withheld | 33,453 | $3.34M |
| Aug 5, 2026 | Policarpo Michael Dennis President, CFO & CAO | Option exercise | 73,763 | — |
| Aug 5, 2026 | Brown David Craig Chairman and CEO | Tax withheld | 58,056 | $5.80M |
| Aug 5, 2026 | Gupta Nina Chief Legal Officer | Tax withheld | 9,732 | $972.9K |
| Aug 5, 2026 | Brown David Craig Chairman and CEO | Option exercise | 147,529 | — |
| Aug 5, 2026 | Dhillon Mannik S. President Investment Franchise | Tax withheld | 6,452 | $645.0K |
| Aug 5, 2026 | Dhillon Mannik S. President Investment Franchise | Option exercise | 16,390 | — |
| Aug 5, 2026 | Sipp Thomas Michael Executive Vice President | Tax withheld | 18,177 | $1.82M |
| Aug 5, 2026 | Sipp Thomas Michael Executive Vice President | Option exercise | 40,982 | — |
| Jul 10, 2026 | Hirtler-Garvey Karin Director | Award | 311 | $28.7K |
| Jul 10, 2026 | Davanzo Lawrence Director | Award | 311 | $28.7K |
| Jul 10, 2026 | Rappaport Alan Director | Award | 718 | $66.2K |
| Jul 10, 2026 | Jackson Mary M. Director | Award | 311 | $28.7K |
| Jul 10, 2026 | Crestview Partners II GP, L.P. Director | Award | 311 | $28.7K |
| Jul 10, 2026 | DEMARTINI RICHARD M Director | Award | 392 | $36.2K |
| Jun 15, 2026 | Sipp Thomas Michael Executive Vice President | Disposition to issuer | 5,625 | $483.6K |
| May 29, 2026 | Crestview Partners II GP, L.P. Director | Other | 39,742 | — |
| May 29, 2026 | Crestview Partners II GP, L.P. Director | Other | 2,100,000 | — |
| Apr 10, 2026 | Jackson Mary M. Director | Award | 424 | $28.7K |
| Apr 10, 2026 | DEMARTINI RICHARD M Director | Award | 534 | $36.2K |
| Apr 10, 2026 | Crestview Partners II GP, L.P. Director | Award | 424 | $28.7K |
| Apr 10, 2026 | Davanzo Lawrence Director | Award | 424 | $28.7K |
| Apr 10, 2026 | Hirtler-Garvey Karin Director | Award | 424 | $28.7K |
| Apr 10, 2026 | Rappaport Alan Director | Award | 977 | $66.2K |
| Mar 18, 2026 | Amundi Director | Disposition to issuer | 100,000 | — |
| Mar 15, 2026 | Policarpo Michael Dennis President, CFO & CAO | Award | 62,246 | $4.15M |
| Mar 15, 2026 | Sipp Thomas Michael Executive Vice President | Award | 39,748 | $2.65M |
| Mar 15, 2026 | Sipp Thomas Michael Executive Vice President | Award | 14,999 | $1000.0K |
| Mar 15, 2026 | Dhillon Mannik S. President Investment Franchise | Tax withheld | 7,746 | $516.4K |
| Mar 15, 2026 | Brown David Craig Chairman and CEO | Award | 101,994 | $6.80M |
| Mar 15, 2026 | Dhillon Mannik S. President Investment Franchise | Award | 16,499 | $1.10M |
| Mar 15, 2026 | Gupta Nina Chief Legal Officer | Award | 26,998 | $1.80M |
| Mar 15, 2026 | Policarpo Michael Dennis President, CFO & CAO | Tax withheld | 28,031 | $1.87M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Free account. Everything above stays public.
Write why you follow Victory Capital Holdings, Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading