Victory Capital Holdings, Inc.

Victory Capital Holdings, Inc. Earnings Recaps

VCTR Financials 1 recap
Q3 2025 Nov 9, 2025

Victory Capital achieved a record high in gross flows and adjusted EBITDA in Q3 2025, signaling strong operational momentum while effectively integrating recent acquisitions.

Key takeaways
  • Long-term gross flows increased by 10% quarter-over-quarter to $17 billion, demonstrating improved distribution efforts, particularly in the U.S. and international markets.
  • Adjusted EBITDA reached a record $191 million, with a robust margin of 52.7%, reflecting effective cost management post-acquisition.
  • The company repurchased 1.8 million shares during the quarter, with $355 million remaining on its repurchase authorization, indicating a commitment to return value to shareholders.
  • Positive net flows from international markets with $52 billion in AUM from clients across 60 countries, showcasing strong demand for Victory’s products globally.
  • The integration of Pioneer Investments is ahead of schedule, with $86 million in net expense synergies achieved, positioning the firm for further operational efficiencies.
Full recap