Victory Capital Holdings, Inc. (VCTR) Cash Flow Statement

The ratio ranged from -0.11 in 2025Q2 to 2.45 in 2026Q3, which suggests that reported net income is a noisy proxy for cash generation in this fee-based model. Non-cash amortization of acquired intangibles and working capital timing likely explain much of the gap, though the reported figures do not itemize these components. Investors should monitor whether the recent elevated OCF proves recurring or reflects one-time timing benefits.

Dividend payments appear consistent with a stable distribution policy, although the 2025Q4 dividend of $9.8M looks anomalous relative to adjacent quarters and warrants verification. Buybacks have frequently exceeded OCF in individual quarters, which may indicate that repurchases are being funded partly from balance sheet cash rather than current earnings. Sustainability depends on whether OCF remains above combined dividend and buyback outflows over a full cycle.

The pattern of periodic sale proceeds exceeding purchases in several quarters may reflect seed capital recycling or the liquidation of legacy holdings rather than a deliberate portfolio strategy. Because investment flows are small relative to OCF, they do not appear to be a primary driver of cash position. Data for the nature of these holdings is not provided and should not be inferred.