VCTRMEDIUM SIGNALFINANCIAL10-K

Victory Capital significantly expanded its assets under management and capital returns while removing references to a proposed transaction with Amundi.

The substantial growth in AUM from $171.9B to $313.8B indicates either major acquisitions or strong organic growth, positioning the firm as a larger player in asset management. The removal of Amundi transaction language suggests either completion or abandonment of the deal, while nearly doubled share buybacks and increased dividends demonstrate aggressive capital allocation to shareholders.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Victory Capital delivered solid operational performance with net income growing 14.3% and operating cash flow up 13.4%, while total assets expanded substantially to $4.2B. The company significantly increased capital returns to shareholders with buybacks nearly doubling and dividends growing meaningfully. The balance sheet expansion, coupled with the dramatic increase in AUM and investment strategies from 124 to 187, suggests major business expansion through acquisitions or organic growth.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+88.9%
$103.6M→$195.6M

Share repurchases increased 88.9% — management returning capital, signals confidence in intrinsic value.

Total Assets
Balance Sheet
+66.7%
$2.5B→$4.2B

Asset base grew 66.7% — expansion through organic growth, acquisitions, or capital deployment.

Dividends Paid
Cash Flow
+55.2%
$101.1M→$157.0M

Dividend payments increased 55.2% — management confidence in sustained cash generation.

Cash & Equivalents
Balance Sheet
+29.2%
$126.7M→$163.7M

Cash grew 29.2% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
+27.9%
$1.4B→$1.8B

Liabilities increased 27.9% — monitor debt-to-equity ratio and interest coverage.

Net Income
P&L
+14.3%
$288.9M→$330.1M

Net income grew 14.3% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+13.4%
$340.0M→$385.5M

Operating cash flow grew 13.4% — strong conversion of earnings to cash, healthy business fundamentals.

Operating Income
P&L
+11.9%
$427.5M→$478.4M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
The number of outstanding shares of the registrant's Common Stock, par value $0.01 per share as of February 19, 2026 was 64,049,636 .
Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as target, believe, expect, aim, intend, may, anticipate, assume, budget, continue, estimate, future, objective, outlook, plan, potential, predict, project, will, can have, likely, should, would, could" and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the outlook for Victory Capital s future business and financial performance.
Business Overview We are a diversified global asset management firm with total assets under management ( AUM ) of $313.8 billion, and $316.6 billion in total client assets, as of December 31, 2025.
Victory Capital s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts ( SMAs ) and unified managed accounts ( UMAs ) through wrap account programs, Collective Investment Trusts ( CITs ), and undertakings for the collective investment in transferable securities ( UCITS ).
As of December 31, 2025, our Franchises and our Solutions Platform collectively managed a diversified set of 187 investment strategies.
Our design logos and the marks Victory Capital, Victory Capital Management, Victory Funds, VictoryShares, Victory Capital inVest, Victory Capital Solutions, inVest, Munder, Munder Capital, New Energy Capital, Pioneer Investments," THB, The Road to Victory, RS Investments, Sycamore Capital, Trivalent Investments, Victory Income Investors, and WestEnd Advisors, are pending or owned by us as of December 31, 2025.
VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, the mutual fund series of the Victory Portfolios II, Victory Portfolios III, and Victory Portfolios IV (collectively, the Victory Funds ), a family of open-end mutual funds, and the VictoryShares (the Company s ETF brand).
Additionally, VCM employs all of the Company s United States investment professionals across its Franchises and Solutions, which are not separate legal entities.
("VCS"), a wholly-owned subsidiary of the Company, is registered with the SEC as an introducing broker-dealer and serves as distributor and underwriter for the Victory Funds and a 529 Education Savings Plan.
VCS is also the placement agent for certain private funds managed by VCM.
REMOVED
The number of outstanding shares of the registrant's Common Stock, par value $0.01 per share as of February 19, 2025 was 63,661,988 .
Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as may, believes, intends, seeks, anticipates, plans, estimates, expects, should, assumes, continues, could, will, future or similar meaning or the negative thereof and include, but are not limited to, statements regarding the proposed transaction and the outlook for Victory Capital s or Amundi s future business and financial performance.
Business Overview We are a diversified global asset management firm with total assets under management ( AUM ) of $171.9 billion, and $176.1 billion in total client assets, as of December 31, 2024.
With 11 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds ( ETFs ), institutional separate accounts, variable insurance products ( VIPs ), alternative investments, private closed end funds, and a 529 Education Savings Plan.
As of December 31, 2024, our Franchises and our Solutions Platform collectively managed a diversified set of 124 investment strategies.
Our design logos and the marks Victory Capital, Victory Capital Management, Victory Funds, VictoryShares, Victory Capital inVest, Victory Capital Solutions, inVest, Munder, Munder Capital Management, New Energy Capital, THB, The Road to Victory, RS Investments, Sycamore Capital, Trivalent Investments, Victory Income Investors , USAA 529 Education Savings Plan, and WestEnd Advisors, are pending, owned, or licensed for a period of time by us or one of our subsidiaries.
VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, two mutual fund series named the Victory Portfolios II and Victory Portfolios III (collectively, the Victory Funds ), that are families of open-end mutual funds; VictoryShares (the Company s ETF brand), and the USAA 529 Education Savings Plan.
In 2021, the Company acquired WestEnd Advisors (WestEnd ), which maintains its own RIA, which is an affiliate RIA that receives certain services from VCM.
VCM employs all of the Company s United States investment professionals across all 11 Franchises and its Solutions Platform.
VCM s wholly owned subsidiaries include RS Investment Management (Singapore) Pte.
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