Victory Capital (VCTR) Q3 2026 earnings summary

Executive summary

• Record long-term gross flows of $30.5B and net inflows of $11.7B; total client assets reached a record $355.5B.

• Q3 revenue was $396.6M, adjusted EBITDA was $212.1M at a 53.5% margin, and adjusted EPS was $1.98, up 21% YoY.

• First Eagle acquisition is targeted to close by end-Q1 2027; $280M of net expense synergies and 35% accretion to annualized 2027 adjusted EPS remain on track.

Financial highlights

• Revenue rose 9.8% YoY to $396.6M; investment management fees increased 11.6% to $322.1M, while fund administration and distribution fees rose 2.5% to $74.5M.

• GAAP operating income was $137.7M; GAAP net income was $91.3M versus $96.5M a year earlier.

• Adjusted EBITDA increased 11% YoY to $212.1M; adjusted net income with tax benefit was $163.2M, up 16% YoY.

• 9M revenue rose 30.9% to $1.22B and GAAP net income increased 57.8% to $342.8M; comparisons reflect the April 2025 Amundi US acquisition.

Outlook and guidance

• Reiterated FY average fee-rate guidance of 46–47 bps; YTD rate including annual fees was 46.3 bps, with a modest Q4 uptick expected.

• Long-term adjusted EBITDA margin guidance remains 50%; margin met or exceeded that level for 14 consecutive quarters.

• First Eagle is expected to close by end-Q1 2027, subject to customary conditions, regulatory and shareholder approvals, and required client consents; integration planning is underway.

• Q4 and early-2027 won-but-not-yet-funded pipeline was significant and broad-based, with flow momentum across fixed income, solutions, and multiple channels.