On this page of StockholderLetter.com we present the latest annual shareholder letter from Victory Capital Holdings, Inc. — ticker symbol VCTR. Reading current and past VCTR letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT

Strategic Partnership with Amundi Our strategic partnership with Amundi has truly globalized our business. In addition to extending across multiple U.S. distribution channels, our reach now spans over 60 countries, with $55 billion, or 17%, of our AUM currently coming from clients outside of the U.S. These international geographies provide new distribution channels and client segments that were not previously accessible to us. As we continue to expand our partnership with Amundi and manage new products suitable for these markets, we expect this to be a sustainable and important source of growth going forward. $55 Billion of AUM* David C. Brown Chairman and Chief Executive Officer Europe 55% Asia 32% Canada 9% Middle East/Other 4% *Invested by clients outside the U.S. To Our Fellow Shareholders, The past year, 2025, was truly transformational for Victory Capital (the Company ), our employees, clients and shareholders. We successfully closed on our strategic partnership with Amundi, completed the acquisition of Amundi US, and reintroduced the iconic Pioneer Investments brand as our newest Investment Franchise. We ended the year as a larger, stronger and more competitive organization, while providing our employees with unique opportunities to grow and flourish in their careers. Our investment professionals again achieved excellent investment results throughout the year, reflecting their strong dedication to delivering on behalf of our clients. From a financial perspective, we achieved record performance across a broad spectrum of key metrics. We ended the year with $317 billion in total client assets and surpassed $1 billion in annual revenue while also delivering record earnings. These milestones underscore the strength of our diversified platform and the growing momentum we ve built entering 2026. Reflecting on last year, I am pleased to report that Victory Capital today offers a more comprehensive suite of investment capabilities and manages more assets for a larger and more diversified client base than at any point in our Company s history. Our long-term strategy is working. Amundi US Acquisition and Reintroduction of Pioneer Investments The acquisition of the Amundi US business was transformative for our Company. It not only enhanced the size and scale of our organization, it was a multifaceted transaction that brought us complementary investment capabilities, a well-known brand in Pioneer Investments, a significant expansion of our presence outside the U.S., and a deeper platform to accelerate our company-wide growth strategy. In addition to our corporate headquarters in San Antonio, TX, we now have a major office in Boston, MA, and our employee base has grown to 699 as of the end of the year. Broad and Expanding Product Capabilities Our international expansion was supported in 2025 by the addition of five new UCITS through our strategic partnership with Amundi. These registered products are designed for distribution outside the U.S. and include three UCITS managed by our RS Global and RS Value investment teams and two managed by Pioneer Investments. With these product launches, the suite of UCITS that we manage has expanded to 23, spread across multiple asset classes, including the equity, fixed income and multi-asset categories. The Amundi sales professionals outside the U.S. have also begun to distribute Victory Capital s U.S.-listed ETFs, which represents a unique opportunity for growth given the demand for ETFs from investors around the world. i
Commitment to Investment Excellence Our Investment Franchises and Solutions Platform continued to deliver excellent investment performance in 2025. Delivering long-term, riskadjusted returns that drive better investor outcomes has been and will remain our highest priority. At year-end, 54 of our mutual funds and ETFs received Overall Morningstar RatingsTM of four or five stars. Additionally, 65% of AUM in mutual funds or ETFs had overall four- or five-star ratings. Looking at our total AUM relative to benchmarks, the picture is strong with over 60% outperforming across the key one, three, five and 10-year time periods as of December 31, 2025. These results are a direct reflection of the tireless dedication of our investment professionals, who strive every day to deliver investment excellence on behalf of our clients and investors. Financial Performance Our financial results for 2025 demonstrate the strength of our integrated platform and the operating efficiency in our business. We ended the year with $317 billion in total client assets. Long-term gross flows reached $17.1 billion in the fourth quarter. This is our highest level ever of quarterly gross sales and reflects strong sales momentum for our international channel, our VictoryShares ETF platform, and multiple Investment Franchises. Year-over-year, gross sales increased by 129% to $60.0 billion from $26.2 billion in 2024. For the full year 2025, we recorded record revenue of $1.3 billion, up 46% from 2024. Year-over-year adjusted earnings per diluted share with tax benefit rose 19%, from $5.36 in 2024 to $6.38 in 2025. Also, on a year-over-year basis, adjusted EBITDA grew by 44% to $683 million in 2025, and adjusted EBITDA margin held firm at 52.3%. We continue to have one of the highest EBITDA margins of any publicly traded traditional asset manager. Capital returned to shareholders in the form of share repurchases and cash dividends during 2025 reached a record $366 million. That s compared with $231 million returned to shareholders for the full year 2024. Value Creation for Shareholders Victory Capital (Nasdaq: VCTR) has a strong history of value creation for shareholders that is attributable to our unwavering principles and differentiated business model coupled with superior execution. Since the IPO in 2018, we have delivered against several key metrics as illustrated in the table below. Progress Since the IPO Total Client Assets Q1 2018 Q4 2025 $60.9B $316.6B as of December 31, 2025 as of March 31, 2018 Change: 420% Fully Diluted Adjusted EPS Growth Q1 2018 Q4 2025 $0.40 $1.78 $GMXVWHG (36 ZLWK 7D[ %HQH W $GMXVWHG (36 ZLWK 7D[ %HQH W Change: 345% Revenue Growth Q1 2018 Q4 2025 $105.0M $374.1M Change: 256% Adjusted EBITDA Margin Q1 2018 Q4 2025 37.9% 52.8% Margin expansion: 14.9% Total Shareholder Return 530% Total Shareholder Return From IPO through market close February 27, 2026 ii
Victory Capital today offers a more comprehensive suite of investment capabilities and manages more assets for a larger and more diversified client base than at any point in our Company s history. Our long-term strategy is working. Growth of Our ETF Platform In addition, our employees continue to give to charitable organizations and support important causes in our communities. After the catastrophic July 4, 2025, floods in the Texas Hill Country, Victory Capital joined by employees across the country donated more than $100,000 to the Kerr County Texas Salvation Army to provide support to flood victims and their families. Our employees also supported other community organizations in 2025 such as the San Antonio Food Bank, Toys for Tots, SA Hope Center and many others. We continued to invest in key areas of our business in 2025, including product innovation and dedicated distribution resources. We saw strong demand for our VictoryShares ETFs, particularly among financial advisor clients seeking to solve portfolio challenges through institutional-quality strategies delivered across active and rules-based solution types. We achieved positive net flows of $6.4 billion into our ETFs in 2025 and ended the year with nearly $19 billion in AUM.* That represents an increase of 85% in AUM relative to year-end 2024. The economics of our ETF business remain compelling as well. With an average fee rate of 34 basis points across our 23-product ETF suite, this business contributes meaningfully to both organic growth and profitability. We have continued to enhance our ETF platform to align with demand from our clients. We introduced three new ETFs in 2025, including the first ETF managed by our Pioneer Investments Franchise. *ETF AUM includes assets held in proprietary products. Responsible Business and Community Engagement Our core values are the foundation of everything we do. Each year we publish our Responsible Business Report, showcasing our commitment to our people, our clients and our communities through meaningful action. You can access the latest report here or at vcm.com. In 2025, Victory Capital continued to partner with UT San Antonio s Carlos Alvarez College of Business to expand programs that support student success. We provided Bloomberg Terminal access and professional research tools to all enrolled students, allowing them to view real-time market data and pursue certification opportunities. We have broadened in-person and virtual engagement through classroom presentations and specialized sessions led by senior-level executives and employees. Through our partnership with The Investment Society, a student-led campus organization, we hosted an exciting and educational live stock-pitch competition at our headquarters. 60 State Street, Boston, MA iii
 • shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/30/2023 VCTR Stockholder Letter
 • stockholder letter icon 3/28/2024 VCTR Stockholder Letter
 • stockholder letter icon 3/28/2025 VCTR Stockholder Letter
 • stockholder letter icon More "Investment Companies & Venture Capital" Category Stockholder Letters
 • Benford's Law Stocks icon VCTR Benford's Law Stock Score = 78


VCTR Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT


Strategic Partnership with Amundi
Our strategic partnership with Amundi has truly globalized
our business. In addition to extending across multiple
U.S. distribution channels, our reach now spans over 60
countries, with $55 billion, or 17%, of our AUM currently
coming from clients outside of the U.S. These international
geographies provide new distribution channels and client
segments that were not previously accessible to us. As
we continue to expand our partnership with Amundi and
manage new products suitable for these markets, we
expect this to be a sustainable and important source of
growth going forward.
$55 Billion of AUM*
David C. Brown
Chairman and Chief Executive Officer
Europe 55%
Asia 32%
Canada 9%
Middle East/Other 4%
*Invested by clients outside the U.S.
To Our Fellow
Shareholders,
The past year, 2025, was truly transformational for
Victory Capital (the    Company   ), our employees,
clients and shareholders. We successfully closed on
our strategic partnership with Amundi, completed
the acquisition of Amundi US, and reintroduced the
iconic Pioneer Investments brand as our newest
Investment Franchise. We ended the year as a
larger, stronger and more competitive organization,
while providing our employees with unique
opportunities to grow and flourish in their careers.
Our investment professionals again achieved
excellent investment results throughout the year,
reflecting their strong dedication to delivering on
behalf of our clients.
From a financial perspective, we achieved record
performance across a broad spectrum of key
metrics. We ended the year with $317 billion in total
client assets and surpassed $1 billion in annual
revenue while also delivering record earnings.
These milestones underscore the strength of our
diversified platform and the growing momentum
we   ve built entering 2026.
Reflecting on last year, I am pleased to report that
Victory Capital today offers a more comprehensive
suite of investment capabilities and manages more
assets for a larger and more diversified client base
than at any point in our Company   s history. Our
long-term strategy is working.
Amundi US Acquisition and Reintroduction
of Pioneer Investments
The acquisition of the Amundi US business was
transformative for our Company. It not only enhanced
the size and scale of our organization, it was a multifaceted transaction that brought us complementary
investment capabilities, a well-known brand in Pioneer
Investments, a significant expansion of our presence
outside the U.S., and a deeper platform to accelerate
our company-wide growth strategy. In addition to our
corporate headquarters in San Antonio, TX, we now have
a major office in Boston, MA, and our employee base has
grown to 699 as of the end of the year.
Broad and Expanding Product Capabilities
Our international expansion was supported in 2025 by the
addition of five new UCITS through our strategic partnership
with Amundi. These registered products are designed for
distribution outside the U.S. and include three UCITS managed
by our RS Global and RS Value investment teams and two
managed by Pioneer Investments. With these product
launches, the suite of UCITS that we manage has expanded to
23, spread across multiple asset classes, including the equity,
fixed income and multi-asset categories.
The Amundi sales professionals outside the U.S. have also
begun to distribute Victory Capital   s U.S.-listed ETFs, which
represents a unique opportunity for growth given the demand
for ETFs from investors around the world.
i

Commitment to Investment Excellence
Our Investment Franchises and Solutions
Platform continued to deliver excellent investment
performance in 2025. Delivering long-term, riskadjusted returns that drive better investor outcomes
has been and will remain our highest priority.
At year-end, 54 of our mutual funds and ETFs
received Overall Morningstar RatingsTM of four or
five stars. Additionally, 65% of AUM in mutual funds
or ETFs had overall four- or five-star ratings. Looking
at our total AUM relative to benchmarks, the picture
is strong with over 60% outperforming across the
key one, three, five and 10-year time periods as of
December 31, 2025.
These results are a direct reflection of the tireless
dedication of our investment professionals, who strive
every day to deliver investment excellence on behalf
of our clients and investors.
Financial Performance
Our financial results for 2025 demonstrate the
strength of our integrated platform and the operating
efficiency in our business.
We ended the year with $317 billion in total client
assets. Long-term gross flows reached $17.1 billion
in the fourth quarter. This is our highest level ever
of quarterly gross sales and reflects strong sales
momentum for our international channel, our
VictoryShares ETF platform, and multiple Investment
Franchises. Year-over-year, gross sales increased by
129% to $60.0 billion from $26.2 billion in 2024.
For the full year 2025, we recorded record revenue of
$1.3 billion, up 46% from 2024.
Year-over-year adjusted earnings per diluted share with
tax benefit rose 19%, from $5.36 in 2024 to $6.38 in
2025. Also, on a year-over-year basis, adjusted EBITDA
grew by 44% to $683 million in 2025, and adjusted
EBITDA margin held firm at 52.3%. We continue to
have one of the highest EBITDA margins of any publicly
traded traditional asset manager.
Capital returned to shareholders in the form of share
repurchases and cash dividends during 2025 reached
a record $366 million. That   s compared with $231
million returned to shareholders for the full year 2024.
Value Creation for Shareholders
Victory Capital (Nasdaq: VCTR) has a strong history of
value creation for shareholders that is attributable to
our unwavering principles and differentiated business
model coupled with superior execution. Since the IPO
in 2018, we have delivered against several key metrics
as illustrated in the table below.
Progress Since the IPO
Total Client Assets
Q1 2018
Q4 2025
$60.9B
$316.6B
as of December 31, 2025
as of March 31, 2018
Change: 420%
Fully Diluted Adjusted EPS Growth
Q1 2018
Q4 2025
$0.40
$1.78
$GMXVWHG (36 ZLWK 7D[ %HQH  W
$GMXVWHG (36 ZLWK 7D[ %HQH  W 
Change: 345%
Revenue Growth
Q1 2018
Q4 2025
$105.0M
$374.1M
Change: 256%
Adjusted EBITDA Margin
Q1 2018
Q4 2025
37.9%
52.8%
Margin expansion: 14.9%
Total Shareholder Return
530%
Total Shareholder Return
From IPO through market close February 27, 2026
ii

   Victory Capital today offers a more
comprehensive suite of investment
capabilities and manages more assets for
a larger and more diversified client base
than at any point in our Company   s history.
Our long-term strategy is working.   
Growth of Our ETF Platform
In addition, our employees continue to give to
charitable organizations and support important
causes in our communities. After the catastrophic
July 4, 2025, floods in the Texas Hill Country, Victory
Capital joined by employees across the country
donated more than $100,000 to the Kerr County
Texas Salvation Army to provide support to flood
victims and their families.
Our employees also supported other community
organizations in 2025 such as the San Antonio Food
Bank, Toys for Tots, SA Hope Center and many others.
We continued to invest in key areas of our business
in 2025, including product innovation and dedicated
distribution resources. We saw strong demand for
our VictoryShares ETFs, particularly among financial
advisor clients seeking to solve portfolio challenges
through institutional-quality strategies delivered across
active and rules-based solution types. We achieved
positive net flows of $6.4 billion into our ETFs in 2025
and ended the year with nearly $19 billion in AUM.*
That represents an increase of 85% in AUM relative
to year-end 2024.
The economics of our ETF business remain compelling
as well. With an average fee rate of 34 basis points across
our 23-product ETF suite, this business contributes
meaningfully to both organic growth and profitability.
We have continued to enhance our ETF platform to align
with demand from our clients. We introduced three new
ETFs in 2025, including the first ETF managed by our
Pioneer Investments Franchise.
*ETF AUM includes assets held in proprietary products.
Responsible Business and Community
Engagement
Our core values are the foundation of everything we do.
Each year we publish our Responsible Business Report,
showcasing our commitment to our people, our clients
and our communities through meaningful action. You
can access the latest report here or at vcm.com.
In 2025, Victory Capital continued to partner with UT
San Antonio   s Carlos Alvarez College of Business to
expand programs that support student success. We
provided Bloomberg Terminal access and professional
research tools to all enrolled students, allowing them
to view real-time market data and pursue certification
opportunities. We have broadened in-person and
virtual engagement through classroom presentations
and specialized sessions led by senior-level executives
and employees. Through our partnership with The
Investment Society, a student-led campus organization,
we hosted an exciting and educational live stock-pitch
competition at our headquarters.
60 State Street, Boston, MA
iii


shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 

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