Victory Capital Holdings, Inc.

vcm.com

What Do They Do?

Manages investment strategies offered through mutual funds, exchange-traded funds and separate accounts to institutional investors, financial intermediaries and individuals.

How Do They Make Money?

Most revenue comes from investment management fees, calculated as a percentage of assets under management and generally paid monthly or quarterly. Fund administration, distribution and transfer-agent fees are generally based on assets or account counts.

revenue

Segment	Share	Revenue	How money arrives
Investment Management Fees Recurring	80% FY2022: 78%		Recurring
Fund Administration and Distribution Fees	20% FY2022: 22%

Who Are Their Customers?

Institutional clients, financial intermediaries and individual investors buy its strategies; Victory sells directly to investors and through third-party investment products, retail and retirement intermediaries, and distribution partners.

Do Revenues Turn Into Profits?

Yes. It kept 25 cents of every revenue dollar as net income in FY2025 and turned 29 cents into free cash flow.

Operating income, FY2025

37% of revenue

▲ +12% vs FY2024 ($427.5M, 48%)

Net income, FY2025

25% of revenue

▲ +14% vs FY2024 ($288.9M, 32%)

Free cash flow, FY2025

29% of revenue

▲ +13% vs FY2024 ($338.7M, 38%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +24%; vs $351.2M in Q2 FY2025
Net income: ▲ +137%; vs $58.7M in Q2 FY2025

Investment Management Fees share of revenue vs 80.4% in Q2 FY2025

Aug 31, 2026 Agreed to acquire First Eagle Investments The closing depends on regulatory approvals, client consents and other conditions, including required shareholder approval for the share issuance.

Growing. Revenue grew 47% in 4 years, from $890.3M in FY2021 to $1.3B in FY2025, about 10% a year.

Pioneer Investments joins the lineup The latest report includes Pioneer Investments after Victory combined Amundi’s U.S. business into the company; the franchise manages active U.S. and global equities, multi-asset and fixed-income strategies.

Amundi expands offshore distribution Victory added an agreement under which Amundi distributes its traditional U.S.-made active products outside the U.S., while Victory distributes Amundi’s active products in the U.S.

Revenue over time

Investment Management Fees Fund Administration and Distribution Fees

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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