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Dec 31, 2025
Victory Capital Q4 2025 Earnings Report
Victory Capital reported record financial results for the fourth quarter and full year ended December 31, 2025, driven by positive momentum in AUM, revenue, and earnings.
Key Takeaways
Victory Capital Holdings, Inc. announced record fourth-quarter results for 2025, with total client assets reaching $316.6 billion. The company achieved record quarterly and annual levels of gross flows, revenue, and earnings, demonstrating strong positive momentum. Investment performance remained excellent, with a significant portion of AUM outperforming benchmarks.
Total Client Assets reached $316.6 billion, reflecting a $3.2 billion increase from the previous quarter due to positive market action.
The company reported record long-term gross flows of $17.1 billion for the quarter, contributing to overall growth.
GAAP net income per diluted share increased to $1.32, up 16.9% from the prior quarter, indicating strong profitability.
Adjusted EBITDA margin expanded to 52.8%, and adjusted net income with tax benefit per diluted share rose to $1.78.
Revenue by Geographic Location
Forward Guidance
Victory Capital anticipates continued growth through strategic acquisitions, share repurchases, and expansion of its distribution channels, while maintaining a client-centric approach.
Positive Outlook
- Well-positioned to execute on all growth strategies, including international distribution and ETF platform expansion.
- Anticipates completing the remaining $13 million of net expense synergies from Pioneer Investments integration during 2026.
- Committed to pursuing strategic acquisitions as a top capital deployment priority.
- Intends to continue with meaningful share repurchases, having returned a record $366 million to shareholders in 2025.
- Focus on serving clients remains the top priority, supporting sustained business performance.
Challenges Ahead
- Potential reductions in AUM due to investment performance, client withdrawals, or difficult market conditions.
- Risks associated with ongoing conflicts and potential military conflicts in various regions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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