Victory Capital Holdings, Inc. reported its third‑quarter 2025 earnings on November 7, 2025, delivering record revenue of $361.2 million—an increase of 60% year‑over‑year—and adjusted EBITDA of $190.5 million, up 57% from the same period last year. The results were driven by the continued integration of the Amundi acquisition and the expansion of the company’s active ETF platform.
The company achieved $70 million in net expense synergies, on track to reach its $110 million target, and returned $163 million to shareholders through share repurchases and dividends. Victory Capital’s net debt‑to‑leverage ratio improved to 1.1x, underscoring a strong balance sheet and ample capacity for future growth initiatives.
Victory Capital’s total client assets rose to $313.4 billion, a 5% increase from June 30, 2025, reflecting continued inflows and market appreciation. The company remains focused on integrating Pioneer Investments and expanding its global distribution network through the Amundi partnership.
These results reinforce Victory Capital’s strategic trajectory, confirming the success of its acquisition strategy and operational model, and position the firm for continued organic and inorganic growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.