Revenue scaled to $396.6M in 2026Q3 from $219.6M in 2025Q1, but EPS fell from $1.68 in 2026Q2 to $1.11 and the efficiency ratio swung between 8.9% and 45.9%, suggesting margin gains from scale are not yet consistent.
Victory Capital Holdings, Inc. (VCTR) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Net Interest Income | -21.7M | -37.07M | -53.4M | -52.55M | -43.22M | -18.61M | -33.3M | -34.07M | -21.38M | -47.09M | -30.09M | -23.33M |
| NII Growth % | 229.03% | 30.57% | -1.61% | -21.59% | -132.28% | 44.13% | 2.26% | -59.4% | 54.6% | -56.49% | -28.95% | - |
| Net Interest Margin % | -0.51% | -0.87% | -2.1% | -2.07% | -1.7% | -0.72% | -1.92% | -1.94% | -2.67% | -5.94% | -3.54% | -3.76% |
| Interest Income | 11.46M | 28.48M | 24.04M | 24.21M | 3.68M | 6.04M | 3.7M | 6.83M | 0 | 0 | 1.09M | 47K |
| Interest Expense | 33.16M | 65.56M | 77.44M | 76.76M | 46.9M | 24.65M | 37.01M | 40.9M | 21.38M | 47.09M | 31.18M | 23.38M |
| Loan Loss Provision | 439.83M | 312.14M | 286.27M | 288.29M | 352.4M | 386.57M | 335.84M | 285.53M | 219.19M | 200.47M | 168.94M | 121.92M |
| Non-Interest Income | 1.58B | 1.28B | 869.44M | 796.81M | 851.12M | 884.22M | 771.65M | 605.54M | 413.41M | 409.63M | 296.8M | 240.72M |
| Non-Interest Income % | 101.39% | 102.99% | 106.54% | 107.06% | 105.35% | 102.15% | 104.51% | 105.96% | 105.45% | 112.99% | 111.28% | 110.73% |
| Total Net Revenue | 1.56B | 1.24B | 816.04M | 744.26M | 807.9M | 865.61M | 738.35M | 571.47M | 392.04M | 362.54M | 266.71M | 217.38M |
| Revenue Growth % | 41.99% | 52.02% | 9.64% | -7.88% | -6.67% | 17.24% | 29.2% | 45.77% | 8.13% | 35.93% | 22.69% | - |
| Non-Interest Expense | 381.95M | 373.46M | 102.26M | 127.52M | 56.39M | 105.2M | 87.79M | 121.32M | 58.33M | 71.91M | 73.29M | 62.24M |
| Efficiency Ratio | 24.46% | 30.1% | 12.53% | 17.13% | 6.98% | 12.15% | 11.89% | 21.23% | 14.88% | 19.84% | 27.48% | 28.63% |
| Operating Income | 739.52M | 554.98M | 427.51M | 328.46M | 399.11M | 373.85M | 314.71M | 164.62M | 114.52M | 90.17M | 24.48M | 33.22M |
| Operating Margin % | 47.37% | 44.74% | 52.39% | 44.13% | 49.4% | 43.19% | 42.62% | 28.81% | 29.21% | 24.87% | 9.18% | 15.28% |
| Operating Income Growth % | - | 29.82% | 30.16% | -17.7% | 6.76% | 18.79% | 91.18% | 43.75% | 27.01% | 268.26% | -26.29% | - |
| Pretax Income | 600.71M | 438.32M | 373.76M | 275.91M | 350.03M | 350.64M | 278.54M | 120.69M | 84.91M | 38.46M | -9.07M | 7.22M |
| Pretax Margin % | 38.47% | 35.33% | 45.8% | 37.07% | 43.33% | 40.51% | 37.72% | 21.12% | 21.66% | 10.61% | -3.4% | 3.32% |
| Income Tax | 145.05M | 108.26M | 84.89M | 62.75M | 74.52M | 72.25M | 66.02M | 28.2M | 21.21M | 12.63M | -3M | 3.42M |
| Effective Tax Rate % | 24.15% | 24.7% | 22.71% | 22.74% | 21.29% | 20.61% | 23.7% | 23.36% | 24.98% | 32.85% | 33.07% | 47.38% |
| Net Income | 455.66M | 330.06M | 288.86M | 213.16M | 275.51M | 278.39M | 212.52M | 92.49M | 63.7M | 25.83M | -6.07M | 3.8M |
| Net Margin % | 29.18% | 26.61% | 35.4% | 28.64% | 34.1% | 32.16% | 28.78% | 16.18% | 16.25% | 7.12% | -2.28% | 1.75% |
| Net Income Growth % | 54.89% | 14.26% | 35.52% | -22.63% | -1.03% | 30.99% | 129.78% | 45.19% | 146.67% | 525.4% | -259.76% | - |
| Net Income (Continuing) | 455.66M | 330.06M | 288.86M | 213.16M | 275.51M | 278.39M | 212.52M | 92.49M | 63.7M | 25.83M | -6.07M | 3.8M |
| EPS (Diluted) | 7.29 | 4.08 | 4.38 | 3.12 | 3.81 | 3.75 | 2.88 | 1.26 | 0.90 | 0.47 | -0.09 | 0.05 |
| EPS Growth % | 38.78% | -6.85% | 40.38% | -18.11% | 1.6% | 30.21% | 128.57% | 40% | 91.49% | 651.64% | -259.55% | - |
| EPS (Basic) | - | 4.13 | 4.47 | 3.22 | 4.02 | 4.10 | 3.14 | 1.37 | 0.90 | 0.47 | -0.09 | 0.06 |
| Diluted Shares Outstanding | 62.47M | 66.38M | 65.93M | 68.21M | 72.27M | 74.15M | 73.72M | 73.47M | 70.51M | 55.12M | 71.22M | 71.22M |
Quick answers to the most common questions about buying VCTR stock.
For fiscal year 2025, Victory Capital Holdings, Inc. (VCTR) reported total revenue of $1.24B. This represents a 470.7% increase compared to $217.4M in 2015.
Victory Capital Holdings, Inc. (VCTR) is profitable, generating $330.1M in net income for the fiscal year ending 2025 with a net profit margin of 26.6%.
Victory Capital Holdings, Inc. (VCTR) reported an operating income of $555.0M, resulting in an operating profit margin of 44.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Victory Capital Holdings, Inc. (VCTR) generated $928.4M in gross profit for the year, representing a gross profit margin of 74.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Earnings miss versus consensus
Metrics are mathematically derived from official filings.
Fee Income Drives the Entire Top Line
Based on Victory Capital's reported figures, non-interest fee income represented 100.0% of total revenue in 2026Q3 at $396.6M, with no net interest income reported, so earnings depend entirely on AUM-linked management fees rather than balance sheet spread.
The absence of net interest income is consistent with an asset manager model, so the bank-style NIM and efficiency framework applies only loosely here. Fee revenue has grown from roughly $213.9M in 2024Q2 to $396.6M in 2026Q3, which suggests the top line is heavily shaped by acquisitions and market-driven AUM appreciation, and investors should monitor how much of this reflects organic flows versus step-function deal contributions.
Earnings Miss Against Record Flows
As reported in the latest quarter, Victory Capital's EPS of $1.11 fell well short of the $2.02 consensus despite revenue of $396.6M and record long-term gross sales of $30.5B, creating a notable disconnect between flow momentum and profitability.
The gap between strong revenue and a sharply lower EPS suggests margin or below-the-line pressure, such as integration costs, amortization, or expense timing, that the top-line figures do not capture. Because net income of $91.3M fell from $139.4M in the prior quarter, investors should reconcile the reported operating margin against the EPS shortfall before treating the miss as transitory.
Provision Expense Volatility Warrants Scrutiny
Per the reported income statement, provision expense swung from $38.1M in 2024Q2 to $168.5M in 2024Q4 and stood at $126.0M in 2026Q3, a pattern that is unusual for a fee-based manager with no meaningful loan book.
Because Victory Capital does not carry a material lending portfolio, these provision figures appear to relate to non-loan items or reserve-type charges that the data does not explain, and the analysis should not infer a credit cycle from them. The unexplained scale of these charges relative to operating income of $137.7M suggests they materially affect reported earnings and warrant further investigation into their nature.
Quality of Growth Questioned
Based on reported figures, quarterly revenue growth of 100% in 2026Q3 reflects a sharp acceleration that may be largely acquisition-driven, and the subsequent EPS decline from $1.68 to $1.11 challenges the view that scale is translating into earnings power.
Revenue expansion without a corresponding EPS increase suggests dilution from acquisition financing, higher amortization, or elevated costs, which would weaken the case that the platform is scaling efficiently. Investors should weigh this against the reported operating margin of roughly 44.7% and evaluate whether the growth is organic and durable or largely a one-time step change.