VCTR · Victory Capital Holdings, Inc.

Victory Capital delivered record first-quarter results, with revenue of $388.0 million, up 3.7% sequentially and 76.7% year-over-year, driven by higher average AUM and crystallization of certain annual fees. GAAP net income was $112.1 million ($1.33 per diluted share), compared to $112.8 million ($1.32) in Q4 2025 and $62.0 million ($0.96) in Q1 2025. Adjusted EBITDA reached a record $204.0 million, with margin of 52.6%, down 20 bps QoQ and 40 bps YoY, reflecting higher compensation and acquisition-related costs. Adjusted net income with tax benefit per diluted share was $1.82, up from $1.78 QoQ and $1.36 YoY. Long-term gross flows hit an all-time high of $18.9 billion, though net outflows were $457 million, an improvement from $2.1 billion in Q4 2025. Total client assets stood at $313.1 billion, with AUM of $309.8 billion. The integration of Pioneer Investments is substantially complete, with $104 million of $110 million in expected synergies recognized. Management highlighted strong investment performance, with 71% of AUM outperforming benchmarks over one year, and noted momentum in the VictoryShares ETF platform and international distribution. The Board increased the quarterly dividend to $0.50 per share and the company repurchased a record 2 million shares, returning $185 million to shareholders. The company remains active in M&A with a disciplined approach.