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Revenue by Segment
Breaks down where Victory Capital earns its revenue—management fees, performance fees, advisory or distribution—and shows which businesses drive growth and profitability. Reveals how dependent results are on AUM and market returns versus recurring or higher-margin businesses, highlighting where fee pressure or client outflows could hurt earnings and where strategic shifts could boost margins.Investment Management Fees and Fund Administration & Distribution both show a durable step‑up beginning mid‑2025 — a structural fee‑base lift tied to the Pioneer integration and accelerating ETF/international distribution — which helps explain the company’s record revenue and margins. Management’s near‑complete synergies and ongoing M&A/ETF launches support continued elevated fees, but investors should watch that firm‑wide net flows remain negative and fee‑rate sensitivity could limit organic upside.
Date | Investment Management Fees | Fund Administration & Distribution Fees |
|---|---|---|
Jun 30, 2026 | $362.24M | $73.12M |
Mar 31, 2026 | $316.37M | $71.62M |
Dec 31, 2025 | $301.35M | $72.77M |
Sep 30, 2025 | $288.51M | $72.69M |
Jun 30, 2025 | $282.31M | $68.91M |
Mar 31, 2025 | $173.30M | $46.30M |
Dec 31, 2024 | $183.83M | $48.55M |
Sep 30, 2024 | $177.81M | $47.82M |
Jun 30, 2024 | $173.16M | $46.46M |
Mar 31, 2024 | $169.78M | $46.07M |