Victory Capital Holdings, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $361.2 million for the three months ended September 30, 2025, a 60% increase from $225.6 million in the same period last year. For the nine months ending September 30, 2025, revenue totaled $932.0 million, up from $661.1 million in 2024. The increase in revenue was primarily driven by a substantial rise in investment management fees, which surged to $288.5 million from $177.8 million year-over-year, reflecting a 62.3% increase. The company also reported net income of $96.5 million for the third quarter, compared to $82.0 million in the prior year, while net income for the nine-month period was $217.3 million, slightly up from $211.9 million.
The company’s assets under management (AUM) experienced a notable increase, rising to $310.6 billion as of September 30, 2025, compared to $176.1 billion a year earlier. This growth was attributed to $14.5 billion in market appreciation, despite facing $0.3 billion in net outflows. The acquisition of Amundi US, completed in April 2025, significantly contributed to this increase, adding approximately $114 billion in AUM. The company also reported strong gross flows of $17.3 billion for the third quarter, compared to $6.1 billion in the same period last year.
Operationally, Victory Capital has expanded its workforce and enhanced its service offerings. The company reported a personnel compensation and benefits expense of $97.0 million for the third quarter, a 124.3% increase from $43.2 million in the previous year, largely due to the integration of Amundi US and increased variable compensation. The total employee headcount has also risen, reflecting the company's growth strategy and the integration of new teams and services. Additionally, the company has made strides in geographic expansion, with a significant portion of its AUM now coming from non-U.S. clients, which accounted for 17% of total AUM as of September 30, 2025.
Looking ahead, Victory Capital remains optimistic about its growth trajectory, bolstered by its diversified investment strategies and the integration of Pioneer Investments. The company anticipates continued revenue growth driven by strong investment performance and client demand for its products. However, it also acknowledges potential risks, including market volatility and client withdrawals, which could impact AUM and revenue. The company plans to leverage its expanded capabilities and client base to navigate these challenges and sustain its growth momentum in the coming quarters.
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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