Victory Capital Holdings, Inc. reported significant financial growth for the fiscal year ending December 31, 2025, with total assets under management (AUM) reaching $313.8 billion, a substantial increase from $171.9 billion in 2024. The company generated total revenue of $1.3 billion, marking a 46% rise from $893.5 million in the previous year. Net income also saw an increase, rising to $330.1 million from $288.9 million in 2024. Adjusted net income, which accounts for certain one-time costs, was reported at $472.6 million, compared to $312.9 million in the prior year.
The notable growth in AUM was primarily attributed to the acquisition of Amundi's U.S. business, which added approximately $114.6 billion to Victory's AUM. This acquisition, completed on April 1, 2025, reintroduced the Pioneer Investments brand and significantly enhanced the company's scale and product offerings. Despite the positive impact of the acquisition, Victory Capital experienced net outflows of $4.5 billion during the year, driven by withdrawals from various equity strategies.
Operationally, Victory Capital managed a diversified set of 187 investment strategies across multiple asset classes, including fixed income, U.S. equities, and alternative investments. The company reported that 78% of its strategies outperformed their respective benchmarks over a ten-year period, indicating strong investment performance. As of December 31, 2025, the company employed 699 full-time staff, with a significant portion involved in investment management and distribution roles.
Looking ahead, Victory Capital expressed optimism about its growth trajectory, emphasizing its strategy of both organic and inorganic growth through acquisitions. The company plans to continue leveraging its centralized operating platform to enhance efficiency and support its investment franchises. However, it acknowledged potential challenges, including market volatility and competition from passive investment products, which could impact future AUM and revenue growth. The company remains committed to maintaining its competitive edge through strategic investments in technology and product development.
About Victory Capital Holdings, Inc.
Victory Capital is a diversified global asset management firm offering a wide range of investment strategies across asset classes, including mutual funds, ETFs, private funds, and institutional accounts. Its business model combines autonomous investment franchises with centralized distribution, marketing, and support functions, serving institutional, retail, and direct investors worldwide. The company emphasizes investment performance, strategic acquisitions, and a scalable platform to drive long-term growth.
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