Victory Capital Holdings, Inc.

Listed Company

VCTRCIK 0001570827NasdaqLarge AcceleratedInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.31B

Net Income

$330.06M

Total Assets

$4.25B

Equity

$2.42B

Shares Out

64.05M

Op. Cash Flow

$385.49M

Business

Victory Capital Holdings, Inc. is a diversified global asset management firm that provides specialized investment strategies supported by an integrated, centralized operating and distribution platform. It offers actively and passively managed mutual funds, rules‑based and active ETFs, institutional separate accounts, variable insurance products, alternative investments, private closed‑end funds, a 529 Education Savings Plan, and related sub‑advisory, transfer agency and brokerage services. The company operates through 11 autonomous Investment Franchises and a centralized Solutions Platform that retain investment autonomy. Victory Capital distributes its products through institutional, intermediary, retirement and direct investor channels, third‑party platforms, and international vehicles.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	1,306	893	821	855	890
Personnel compensation and benefits	363	217	221	238	235
Distribution and other asset-based expenses	232	146	150	161	176
General and administrative	83	57	56	52	54
Depreciation and amortization	73	30	42	43	19
Change in value of consideration payable for acquisition of business	11	3	23	−41	14
Acquisition-related costs	36	11	200,000	534,000	16
Restructuring and integration costs	30	1	600,000	900,000	3
Total operating expenses	828	466	493	456	516
Income from operations	478	428	328	399	374
Interest income and other income (expense)	15	10	9	−2	6
Interest expense and other financing costs	−55	−64	−61	−44	−25
Loss on debt extinguishment	−614,000	−363,000	0	−3	−5
Total other income (expense), net	−40	−54	−53	−49	−23
Income before income taxes	438	374	276	350	351
Income tax expense	−108	−85	−63	−75	−72
Net income	330	289	213	276	278
Preferred stock dividends	−29	0	0	—	—
Net income attributable to preferred stockholders	−31	0	0	—	—
Net income attributable to common shareholders	270	289	213	—	—
Basic (per share)	4.13	4.47	3.22	4.02	4.1
Diluted (per share)	4.08	4.38	3.12	3.81	3.75
Basic (shares)	65	65	66	68	68
Diluted (shares)	66	66	68	72	74
Dividends declared per share of common stock	1.94	1.56	1.28	1	0.53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	164	—	127	124	38
Investment management fees receivable	151	—	83	72	68
Fund administration and distribution fees receivable	26	—	16	14	14
Other receivables	5	—	1	1	2
Prepaid expenses	16	—	9	6	8
Investments in proprietary funds, at fair value	636,000	—	605,000	534,000	466,000
Deferred compensation plan investments, at fair value	99	—	35	31	27
Property and equipment, net	24	—	12	20	21
Goodwill	1,236	254	982	982	982
Other intangible assets, net	2,478	—	1,261	1,282	1,315
Other assets	50	—	22	11	65
Total assets	4,248	—	2,548	2,543	2,541
Accounts payable and accrued expenses	72	—	58	56	51
Accrued compensation and benefits	86	—	52	55	58
Consideration payable for acquisition of business	88	—	140	217	230
Deferred compensation plan liability	81	—	35	31	27
Deferred tax liability, net	480	—	157	129	108
Other liabilities	46	—	21	11	15
Long-term debt, net	970	—	964	989	986
Total liabilities	1,823	—	1,426	1,490	1,475
Commitments and contingencies (Note 21)	—	—	—	—	—
Common stock, $0.01 par value per share: 2025 - 600,000 shares authorized, 87,867 shares issued and 64,150 shares outstanding; 2024 - 600,000 shares authorized, 83,948 shares issued and 63,653 shares outstanding	879,000	—	839,000	824,000	805,000
Preferred stock, $0.01 par value per share: 2025 - 100,000 shares authorized, 19,937 shares issued and outstanding; 2024 - 100,000 shares authorized, no shares issued and outstanding	199,000	—	0	—	—
Additional paid-in capital	2,103	—	752	728	705
Treasury stock, at cost: 2025 - 23,717 shares; 2024 - 20,295 shares	−786	—	−575	−444	−285
Accumulated other comprehensive income	9	—	19	31	35
Retained earnings	1,098	—	925	737	609
Total stockholders' equity	2,425	—	1,122	1,053	1,065
Total liabilities and stockholders' equity	4,248	—	2,548	2,543	2,541

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	330	289	213	276	278
Provision for deferred income taxes	34	33	22	36	19
Deferred financing costs, accretion expense and derivative gains/losses	−10	−12	1	4	3
Share-based and deferred compensation	46	20	22	18	26
Change in fair value of contingent consideration obligations	11	3	23	−41	14
Unrealized (appreciation) on investments	−7	−706,000	−2	5	−4
Noncash lease expense	592,000	0	0	212,000	0
Investment management fees receivable	−41	−11	−4	12	−8
Fund administration and distribution fees receivable	−10	−2	141,000	3	−104,000
Other receivables	15	76,000	−266,000	5	−2
Prepaid expenses	−2	−3	316,000	−2	−305,000
Other assets	620,000	−733,000	48	−3	402,000
Accounts payable and accrued expenses	−18	2	6	−10	19
Accrued compensation and benefits	−14	−4	−3	4	5
Deferred compensation plan liability	−26	−2	−523,000	−4	−633,000
Other liabilities	771,000	−529,000	−434,000	−871,000	55,000
Payment of consideration for acquisition	0	0	−36	−14	0
Net cash provided by operating activities	385	340	330	335	376
Purchases of property and equipment	−4	−1	−5	−5	−13
Purchases of deferred compensation plan investments	−48	−13	−14	−24	−14
Sales of deferred compensation plan investments	75	11	11	24	10
Purchases of proprietary funds	−189,000	−74,000	−46,000	−119,000	−176,000
Sales of proprietary funds	167,000	37,000	32,000	295,000	215,000
Cash acquired from acquisition	54	0	0	—	—
Net cash provided by (used in) investing activities	77	−4	−8	−6	−557
Issuance of common stock	2	9	6	14	8
Repurchase of common stock	−196	−104	−139	−101	−32
Payments for withholding taxes for stock-based compensation awards	−13	−26	−19	−31	−27
Payment of debt financing fees	−870,000	−1	0	0	−9
Payments of long-term senior debt	−238	−30	0	—	—
Proceeds from long-term senior debt	241	0	0	—	—
Payment of dividends	−157	−101	−85	−69	−37
Payment of consideration for acquisition	−64	−80	0	−24	−38
Net cash (used in) financing activities	−425	−333	−237	−360	227
Effect of changes of foreign exchange rate on cash and cash equivalents	382,000	−53,000	58,000	−70,000	−36,000
Net increase in cash and cash equivalents	37	3	85	−31	47
Cash paid for interest	80	79	71	32	19
Cash paid for income taxes	73	52	39	36	55
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	720,000	15	0	0	—
Issuance of 3.3 million shares of Common stock and 19.7 million shares of Preferred stock in connection with the acquisition of Amundi US	1	0	0	—	—

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