Victory Capital Holdings, Inc.

Q2 2026 revenue was $435 million ($435.4 million), up 12% from Q1 and 24% year over year. Adjusted EBITDA was $243 million ($242.7 million), with adjusted EBITDA margin of 55.8%. Adjusted net income with tax benefit was $183 million, or $2.21 per diluted share, up 21% sequentially and 41% from Q2 2025. Total client assets ended at $346 billion, up 11% from Q1 and 15% year over year. Long-term gross flows were a record $22.1 billion, and net long-term inflows were a record $4.2 billion. ETF AUM was $23.2 billion, up 54% year over year. International client assets were $62.6 billion across 61 countries. Guidance/updates: management expects the fee rate to remain in the 46 to 47 basis point range going forward; cash compensation should run in the low to mid-20s as a percentage of revenue on a normalized basis; and long-term adjusted EBITDA margin guidance was raised from 49% to 50%.

David Brown framed the quarter as the strongest in company history and emphasized that the business is increasingly diversified across U.S. equity, fixed income, global equity, solutions and ETFs. He highlighted that growth has been intentional through acquisitions, with the company now focused on adding scale, distribution, product breadth and international reach. His tone was upbeat and confident, repeatedly pointing to strong flow momentum, a healthy balance sheet and a long runway for additional M&A toward the $1 trillion AUM goal.

Michael Policarpo walked through the record financials, citing $435.4 million of revenue, $242.7 million of adjusted EBITDA, 55.8% adjusted EBITDA margin and $2.21 of adjusted EPS. He said the company fully recognized the $110 million in net run-rate Pioneer synergies, ended the quarter with $70 million in cash, had $100 million of revolver capacity undrawn, and reduced annual interest expense by about $2.5 million after repricing Term Loan B. He also noted $138 million returned to shareholders in the quarter, including repurchases of 1.1 million shares, and reiterated that the business can sustain at least 50% adjusted EBITDA margins over a full cycle.

Analysts focused on the Amundi partnership, fee mix, flow momentum, acquisitions and capital returns. Management said Amundi-driven flows are broadening across Asia, Europe and parts of the Middle East, while Victory’s distribution of Amundi products in the U.S. has been more modest and currently centers on UCITS in Latin America. They also said the higher fee line is partly driven by episodic annual fees and that the long-term fee rate should still be viewed in the 46 to 47 basis point range; on M&A, they said the pipeline is active, conversations are progressing well, and buybacks remain opportunistic after strategic acquisitions.