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10-K annual report · filed Feb 26, 2026

Victory Capital Holdings, Inc. (VCTR) FY2025 10-K Annual Report

VCTR overviewOriginal on SEC EDGAR
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Victory Capital Holdings, Inc. (VCTR) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.3B (+46.2% year over year) and net income of $330M.

  • Top risk flagged: Cybersecurity incident risk with third-party security operations center authorized for preemptive action per Incident Response Plan

FY2025 key financial metrics · XBRL

Revenue
$1.3B
+46.2% YoY
Net income
$330M
+14.3% YoY
Operating margin
36.6%
−11.2 pp YoY
EPS (diluted)
$4.08
−6.8% YoY
ROE
13.6%
−12.1 pp YoY
Operating cash flow
$385M
+13.4% YoY

Source: XBRL data from the Victory Capital Holdings, Inc. (VCTR) FY2025 10-K on SEC EDGAR. USD.

Victory Capital Holdings, Inc. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Diversified global asset management with a multi-franchise boutique investment approach atop a centralized operational and distribution platform
  • New strategic transaction: Completed acquisition and integration of Amundi US, rebranded as Pioneer Investments, becoming largest Franchise with $132.3B AUM, expanding global reach and product capabilities
  • Strategic shift: Initiated exclusive 15-year global distribution agreement with Amundi starting 2025, enhancing cross-border access and distribution scale outside the U.S.
  • Notable metric: Total client assets grew 1,669% since 2013 to $316.6 billion at year-end 2025; 187 investment strategies managed across 8 Franchises plus Solutions Platform
  • Unusual fact: 65% of mutual fund and ETF AUM rated 4- or 5-star by Morningstar as of Dec 31, 2025, with substantial long-term benchmark outperformance (78% of AUM beating benchmarks over 10 years)

Management Discussion & Analysis

  • Revenue $1.31B, up 46% YoY ($893.5M in 2024) driven by investment management fees (+48%) and fund administration fees (+38%)
  • Adjusted EBITDA margin 52.3% vs 53.2% in 2024; net income $330.1M up 14%, diluted EPS $4.08 down from $4.38
  • Best performing segment: Solutions Platform AUM +$28.6B net flows to $91.2B; worst: U.S. Mid and Small Cap Equity with net outflows of $4.5B and $3.5B respectively
  • Total AUM $313.8B up 82.5% from $171.9B mainly due to $114.6B Pioneer (Amundi US) acquisition; net outflows $4.5B; no dividend or buyback details provided
  • Management highlights risks from acquisition integration, market fluctuations, and net outflows; emphasizes growth via acquisitions and diversified client channels

Risk Factors

  • Cybersecurity incident risk with third-party security operations center authorized for preemptive action per Incident Response Plan
  • Dependency on EVP and CISO with combined 47+ years experience influencing security strategy and operations oversight
  • Vendor Oversight Committee governs third-party vendor risks, including cybersecurity exposure from external service providers
  • Annual reporting to Audit Committee covers enterprise risk management, emphasizing cybersecurity as a key risk category
  • Potential communication escalation to Board highlights structured response governance but exposes reputational risk timing

Generated from the filing text; verify against the original. How to read a 10-K

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