Victory Capital (VCTR) financial statements
Victory Capital reported revenue of $1.3B in fiscal 2025, up 17.8% a year over 9 years.
Net income was $330M and the operating margin 36.6%, against 8.2% in 2016.
Free cash flow was $381M, and the company returned $157M in dividends and $196M in net buybacks.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Victory Capital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $298M | $413M | $413M | $612M | $775M | $890M | $855M | $821M | $893M | $1.3B |
| Selling, general and admin | $27M | $34M | $30M | $47M | $51M | $54M | $52M | $56M | $57M | $83M |
| Operating income | $24M | $90M | $115M | $165M | $315M | $374M | $399M | $328M | $428M | $478M |
| Interest expense | $30M | $42M | $17M | $36M | $31M | $17M | $43M | $75M | $76M | $64M |
| Pre-tax income | -$9M | $38M | $85M | $121M | $279M | $351M | $350M | $276M | $374M | $438M |
| Income tax | -$3M | $13M | $21M | $28M | $66M | $72M | $75M | $63M | $85M | $108M |
| Net income | -$6M | $26M | $64M | $92M | $213M | $278M | $276M | $213M | $289M | $330M |
| EPS (diluted) | -$0.12 | $0.43 | $0.90 | $1.26 | $2.88 | $3.75 | $3.81 | $3.12 | $4.38 | $4.08 |
| Diluted shares | 50M | 60M | 71M | 73M | 74M | 74M | 72M | 68M | 66M | 66M |
| Operating margin | 8.2% | 21.8% | 27.7% | 26.9% | 40.6% | 42.0% | 46.7% | 40.0% | 47.8% | 36.6% |
| Net margin | -2.0% | 6.2% | 15.4% | 15.1% | 27.4% | 31.3% | 32.2% | 26.0% | 32.3% | 25.3% |
Balance sheet
Fiscal years, from Victory Capital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $13M | $51M | $37M | $23M | $70M | $38M | $124M | $127M | $164M |
| Property, plant and equipment | $10M | $9M | $9M | $13M | $19M | $25M | $21M | $20M | $12M | $24M |
| Goodwill | $284M | $284M | $284M | $405M | $405M | $982M | $982M | $982M | $982M | $1.2B |
| Total assets | $851M | $793M | $802M | $1.8B | $1.7B | $2.6B | $2.5B | $2.5B | $2.5B | $4.2B |
| Total liabilities | $520M | $561M | $346M | $1.2B | $1.0B | $1.6B | $1.5B | $1.5B | $1.4B | $1.8B |
| Shareholders' equity | $331M | $231M | $456M | $538M | $708M | $930M | $1.1B | $1.1B | $1.1B | $2.4B |
| Net debt | -$16M | -$13M | -$51M | -$37M | -$23M | -$70M | -$38M | -$124M | -$127M | -$164M |
Cash flow
Fiscal years, from Victory Capital's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40M | $96M | $134M | $227M | $251M | $376M | $335M | $330M | $340M | $385M |
| Capital spending | $1M | $5M | $3M | $5M | $8M | $13M | $5M | $5M | $1M | $4M |
| Free cash flow | $38M | $91M | $132M | $222M | $243M | $364M | $330M | $325M | $339M | $381M |
| Stock-based compensation | — | — | — | — | — | — | — | $17M | $15M | $20M |
| Dividends paid | $627,000 | $135M | $831,000 | $7M | $16M | $37M | $69M | $85M | $101M | $157M |
| Share buybacks (net) | -$11M | -$5M | -$8M | -$16M | -$30M | -$32M | -$101M | -$139M | -$104M | -$196M |
| Net borrowing | — | — | — | — | — | — | — | — | — | -$236M |
| Free cash flow margin | 12.9% | 22.0% | 31.9% | 36.3% | 31.3% | 40.8% | 38.6% | 39.6% | 37.9% | 29.2% |
| Dividends per share | $0.01 | $2.27 | $0.01 | $0.10 | $0.22 | $0.50 | $0.96 | $1.25 | $1.53 | $2.36 |
Questions
What was Victory Capital's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Victory Capital generate?
$381M in fiscal 2025 (operating cash flow minus capital spending).
From Victory Capital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.