Victory Capital Q2 revenue rises 59.9% to $351.2M; GAAP net income falls 21%
Victory Capital reported second-quarter 2025 revenue of $351.2 million, up 59.9% from a year earlier, after closing its Amundi US acquisition on April 1, 2025. GAAP net income fell 21% to $58.7 million and GAAP diluted EPS was $0.68 versus $1.12, as higher variable operating expenses and acquisition and restructuring costs pushed the GAAP operating margin down to 26.8%. The board raised the share repurchase authorization to $500 million and approved a $0.49 quarterly dividend.
Key points
- Revenue was $351.2 million, up 59.9% from a year earlier and from $219.6 million in the first quarter of 2025.
- GAAP diluted EPS was $0.68 versus $1.12 a year earlier; adjusted net income with tax benefit per diluted share was $1.57 versus $1.31.
- GAAP operating margin was 26.8% versus 50.4%; acquisition-related costs were $25.8 million and restructuring and integration costs were $14.0 million.
- The share repurchase authorization rose from $200.0 million to up to $500.0 million; the $0.49 dividend is payable September 25, 2025.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 07, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.