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Earnings analysis · 10-Q

VCTR earnings analysis

Filed May 7, 2026 · Our reading of the company's report

The latest report

Victory Capital reported strong Q1 2026 results with revenues reaching $388 million, significantly surpassing the prior year's $219 million and analysts' estimates. The company also saw adjusted EPS grow to $1.82,…

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Victory Capital reported strong Q1 2026 results with revenues reaching $388 million, significantly surpassing the prior year's $219 million and analysts' estimates. The company also saw adjusted EPS grow to $1.82, compared to $1.36 the previous year. However, assets under management declined by 1.3% to $309.8 billion, influenced by negative market action and net outflows.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $0 Operating expenses $59 Left as operating profit $41

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Where revenue came from

The business segments reported by the company.

Investment management fees 81.5% Fund administration fees 18.5%

Shares of the segments disclosed in this filing, largest first.

Reported figures

Earnings per share
$1.82

What stood out

  • Strong Revenue Growth

    Total revenue increased to $388 million, a 76.7% rise compared to $219.6 million in Q1 2025.

  • Earnings Beat Expectations

    Diluted EPS rose to $1.82, exceeding consensus estimates of $1.62, marking a 33.9% increase from $1.36 year-over-year.

  • Improved Operating Cash Flow

    Cash provided by operating activities increased significantly to $120.9 million from $81.1 million in the prior year.

  • Increased Investment Management Fees

    Investment management fees grew to $316.4 million, up 82.6% from $173.3 million year-over-year.

  • High Adjusted EBITDA Margin

    Adjusted EBITDA reached $204 million, representing 52.6% of revenue, compared to 53.0% a year ago.

  • Robust Dividend Increase

    Quarterly dividend increased to $0.50 per share, up from $0.47 a year earlier.

What to watch

  • Negative Market Action

    AUM declined by $3.9 billion or 1.3% due to negative market action of $2.8 billion and net outflows of $0.7 billion.

  • Increased Operational Costs

    Total operating expenses surged to $228.8 million, a 80.5% increase from $126.7 million in Q1 2025.

  • Net Outflows in Key Strategies

    Net outflows totaled $654 million, attributed mainly to U.S. mid and small cap equity funds.

Management's outlook

No specific numeric guidance provided, but strong acquisition pipeline mentioned.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.