Victory Capital Holdings Sets New Records in Q4 2025 Earnings

Victory Capital Holdings Inc reported record revenue of $1 billion for the first time in its history and achieved a record $197.5 million in adjusted EBITDA with a 52.8% margin. The company ended the year with $317 billion in total client assets and $19 billion in its ETF platform. Despite strong gross sales, long-term net flows were negative at $2.1 billion due to one-time outflows and client reallocations.