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Asset management · Financial Services · Fiscal year ends Dec 31
Victory Capital reported revenue of $1.3B in the fiscal year ended Dec 2025, up 46.2% from the year before. Operating income was $478M, an operating margin of 36.6%, and net income was $330M. Operating cash flow of $385M less capital expenditure of $4M left free cash flow of $381M. Net debt was $806M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 890 | 855 | 821 | 893 | 1,306 |
| Operating income | 374 | 399 | 328 | 428 | 478 |
| Interest expense | 17.3 | 42.7 | 75.0 | 75.8 | 63.9 |
| Pre-tax income | 351 | 350 | 276 | 374 | 438 |
| Income tax | 72.3 | 74.5 | 62.8 | 84.9 | 108 |
| Net income | 278 | 276 | 213 | 289 | 330 |
| Diluted EPS | 3.75 | 3.81 | 3.12 | 4.38 | 4.08 |
| Diluted shares | 74.2 | 72.3 | 68.2 | 65.9 | 66.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 69.5 | 38.2 | 124 | 127 | 164 |
| Net PP&E | 25.3 | 21.1 | 19.6 | 11.9 | 23.8 |
| Goodwill | 982 | 982 | 982 | 982 | 1,236 |
| Total assets | 2,580 | 2,541 | 2,543 | 2,548 | 4,248 |
| Long-term debt | 1,128 | 986 | 989 | 964 | 970 |
| Total liabilities | 1,650 | 1,475 | 1,490 | 1,426 | 1,823 |
| Shareholders' equity | 930 | 1,065 | 1,053 | 1,122 | 2,425 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 376 | 335 | 330 | 340 | 385 |
| Capital expenditure | 12.7 | 5.2 | 5.2 | 1.3 | 4.2 |
| Free cash flow | 364 | 330 | 325 | 339 | 381 |
| Depreciation & amortisation | 18.8 | 43.2 | 41.6 | 30.2 | 72.9 |
| Stock-based compensation | – | – | 16.5 | 15.2 | 20.4 |
| Acquisitions | 539 | 0.9 | 0.0 | 0.0 | – |
| Share buybacks | 31.5 | 101 | 139 | 104 | 196 |
| Dividends paid | 37.2 | 69.2 | 85.4 | 101 | 157 |
| Dividend per share | 0.53 | 1.00 | 1.28 | 1.55 | 1.94 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.0% | −4.0% | 8.8% | 46.2% |
| Operating income growth (YoY) | – | 6.8% | −17.7% | 30.2% | 11.9% |
| EPS growth (YoY) | – | 1.6% | −18.1% | 40.4% | −6.8% |
| Operating margin | 42.0% | 46.7% | 40.0% | 47.8% | 36.6% |
| Net margin | 31.3% | 32.2% | 26.0% | 32.3% | 25.3% |
| Return on equityBlank when equity is negative | 29.9% | 25.9% | 20.2% | 25.8% | 13.6% |
| Free cash flow margin | 40.8% | 38.6% | 39.6% | 37.9% | 29.2% |
| Cash conversion (CFO ÷ net income) | 1.35x | 1.22x | 1.55x | 1.18x | 1.17x |
| Interest cover | 21.7x | 9.34x | 4.38x | 5.64x | 7.48x |
| Debt ÷ equity | 1.21x | 0.93x | 0.94x | 0.86x | 0.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,058 | 947 | 866 | 837 | 806 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.