Victory Capital
Manages funds and separate accounts through autonomous boutiques and a shared operating platform.
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Profile
Runs autonomous investment franchises and a Solutions Platform spanning mutual funds, ETFs, separate accounts, model portfolios, and private vehicles. Centralized distribution and operations support asset-based management, administration, and distribution fees, while revenue depends on client assets, investment performance, and flows.
Provides active and passive strategies across equities, fixed income, multi-asset portfolios, and alternatives through autonomous investment franchises and a Solutions Platform. Products include Victory and Pioneer mutual funds, VictoryShares ETFs, separate accounts, collective trusts, private funds, model portfolios, and a USAA-branded education-savings plan for institutional, intermediary, retirement, and individual clients.
Keeps portfolio decisions within each franchise while centralizing distribution, marketing, technology, and operations. The acquisition-led platform absorbed USAA Asset Management and, in 2025, Amundi US under the Pioneer Investments brand; reciprocal Amundi distribution agreements extended access beyond a business still weighted toward U.S. clients. Revenue comes chiefly from asset-based management, administration, and distribution fees, making market levels, investment performance, client flows, third-party distribution, and fund regulation structural dependencies.
Company facts
Categories
Key statistics
Year to date +84.6% · Average volume (30d) 561.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 28, 2026 | UBS | Target | $30 | $117 | |
| Aug 27, 2026 | Goldman Sachs | Reiterate | Neutral | $100 | $117 |
| Aug 7, 2026 | RBC Capital | Reiterate | Outperform | $107 | $118 |
| Aug 7, 2026 | Goldman Sachs | Reiterate | Neutral | $90 | $100 |
| Aug 7, 2026 | Barclays | Reiterate | Equal Weight | $95 | $112 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $1.79 | $2.21 | +23.5% | $386.1M | $435.4M | +12.8% | +6.82% |
| May 6, 2026Q1 FY26 | $1.65 | $1.82 | +10.3% | $365.0M | $388.0M | +6.3% | +1.70% |
| Feb 4, 2026Q4 FY25 | $1.66 | $1.78 | +7.2% | $373.2M | $374.1M | +0.2% | −2.17% |
| Nov 6, 2025Q3 FY25 | $1.60 | $1.63 | +1.9% | $373.8M | $361.2M | −3.4% | −0.76% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $219.6M | $351.2M | $361.2M | $374.1M | $388.4M | $435.4M | |
| Gross profit | $162.4M | $247.8M | $257.1M | $261.2M | $279.8M | $309.9M | |
| Operating income | $92.9M | $94.2M | $138.1M | $229.7M | $178.3M | $193.7M | |
| Net income | $62.0M | $58.7M | $96.5M | $112.8M | $112.1M | $139.4M | |
| Diluted EPS | $0.96 | $0.68 | $1.11 | $1.32 | $1.33 | $1.68 | |
| Gross margin | 73.9% | 70.5% | 71.2% | 69.8% | 72.0% | 71.2% | |
| Operating margin | 42.3% | 26.8% | 38.2% | 61.4% | 45.9% | 44.5% |
Fiscal years (4-quarter sums)FY21 $890.3M · FY22 $854.8M · FY23 $821.0M · FY24 $893.5M · FY25 $1.31B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $70.1M · Total debt $1.01B · Total assets $4.18B · Shareholders' equity $2.38B
Dividends
Raised for 5 straight years — most recently to $0.50 from $0.49 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 10, 2026 | Jun 10 | Jun 25 | $0.50 | raised from $0.49 |
| Mar 10, 2026 | Mar 10 | Mar 25 | $0.49 | |
| Dec 10, 2025 | Dec 10 | Dec 23 | $0.49 | |
| Sep 10, 2025 | Sep 10 | Sep 25 | $0.49 | |
| Jun 10, 2025 | Jun 10 | Jun 25 | $0.49 | raised from $0.47 |
| Feb 18, 2025 | Feb 18 | Mar 10 | $0.47 | raised from $0.44 |
| Dec 9, 2024 | Dec 9 | Dec 23 | $0.44 | raised from $0.41 |
| Sep 10, 2024 | Sep 10 | Sep 25 | $0.41 | raised from $0.37 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 62.53M · Float 48.53M · 77.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.96M | 11.13% | 13F | Aug 7, 2026 |
| Bahl & Gaynor Inc | 3.04M | 4.87% | 13F | Aug 13, 2026 |
| Amundi | 2.96M | 4.73% | 13F | Aug 11, 2026 |
| David Craig Brown · officer: Chairman and CEO | 2.44M | 3.91% | Form 4 | Aug 17, 2026 |
| Vanguard Capital Management LLC | 2.20M | 3.53% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Franklin Templeton
Global active manager overlapping funds, ETFs, SMAs, and alternatives
- Invesco
Global manager contesting ETFs, active funds, and institutions
- T. Rowe Price
Active manager competing in funds, retirement, ETFs, and accounts
- Affiliated Managers Group
Boutique-manager platform rival across affiliates and alternatives
- Virtus Investment Partners
Multi-boutique peer in funds, ETFs, accounts, and institutions
- AllianceBernstein
Diversified manager across institutional, retail, wealth, and alts
- Federated Hermes
Active manager pressing fixed income, funds, and separate accounts
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Victory Capital | $118.31 | −0.01% | $7.40B | 21.7 | 14.2 | 4.7 | +22.4% |
| Franklin Templeton | $35.05 | +1.15% | $18.01B | 23.1 | 11.3 | 1.9 | −12.0% |
| Invesco | $32.86 | +0.05% | $14.57B | — | 10.8 | 2.1 | −12.3% |
| T. Rowe Price | $111.60 | +0.32% | $23.84B | 11.2 | 10.8 | 3.1 | +10.7% |
| Affiliated Managers Group | $370.87 | −0.02% | $9.80B | 12.8 | 9.4 | 3.9 | +29.9% |
| Virtus Investment Partners | $168.52 | +0.04% | $1.13B | 9.6 | 7.1 | 1.5 | −4.4% |
| AllianceBernstein | $36.71 | −0.41% | $3.43B | 10.9 | 10.1 | 10.0 | +5.1% |
| Federated Hermes | $64.41 | −0.03% | $4.89B | 11.8 | 11.4 | 2.5 | +18.3% |
| Median | 11.5 | 10.8 | 2.5 | +5.1% |