Victory Capital Holdings (VCTR) Operating Margin (2016 - 2026)
Victory Capital Holdings (VCTR) reported Operating Margin of 41.03% for Q1 2026, down 128.0% on a YoY basis from 146.53% in Q1 2025, and little changed quarter-over-quarter from 40.94% in Q4 2025.
Victory Capital Holdings (VCTR) Operating Margin (2016 - 2026) Analysis & Trends
Victory Capital Holdings has reported Operating Margin for 11 years, with the latest figure at 41.03% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin fell 128.0% year-over-year to 41.03%; the trailing twelve-month figure through Mar 2026 stood at 36.94% (down 1161.0% YoY), and the FY2025 full-year result was 36.63%, down 1122.0% from the prior year.
- Operating Margin for Q1 2026 stood at 41.03%, roughly flat from 40.94% in the prior quarter.
- The five-year high for Operating Margin was 55.24% in Q2 2022, with the low at 26.83% in Q2 2025.
- Historically, Operating Margin has averaged 42.76% across 5 years, with a median of 41.94% in 2023.
- Annual changes were most pronounced in 2024 — Operating Margin surged 1517 bps — and 2025, when it sank 2353 bps.
- Victory Capital Holdings' Operating Margin stood at 39.5% in 2022, then advanced by 6 bps to 41.94% in 2023, then rose by 15 bps to 48.09% in 2024, then fell by 15 bps to 40.94% in 2025, then gained by 0 bps to 41.03% in 2026.
- The last three Operating Margin figures came in at 41.03% (Q1 2026), 40.94% (Q4 2025), and 38.24% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 163.18 Bn | 153.56 Bn | - | 42.01% |
| 2 | Blackstone | 96.85 Bn | 95.80 Bn | - | - |
| 3 | Kkr | 86.45 Bn | 133.96 Bn | - | 46.06% |
| 4 | Apollo Global Management | 82.30 Bn | 101.04 Bn | 5.04 Bn | 1.56% |
| 5 | State Street | 46.95 Bn | 21.27 Bn | - | - |
| 6 | Ameriprise Financial | 43.65 Bn | 43.52 Bn | 4.57 Bn | 18.44% |
| 7 | Northern Trust | 31.92 Bn | 31.92 Bn | - | - |
| 8 | Raymond James Financial | 30.62 Bn | 19.37 Bn | - | - |
| 9 | Ares Management | 29.04 Bn | 32.41 Bn | - | - |
| 10 | Victory Capital Holdings | 5.54 Bn | 5.46 Bn | - | 41.03% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 41.03% |
| Dec 31, 2025 | 40.94% |
| Sep 30, 2025 | 38.24% |
| Jun 30, 2025 | 26.83% |
| Mar 31, 2025 | 42.31% |
| Dec 31, 2024 | 48.09% |
| Sep 30, 2024 | 53.35% |
| Jun 30, 2024 | 50.36% |
| Mar 31, 2024 | 39.29% |
| Dec 31, 2023 | 41.94% |
| Sep 30, 2023 | 38.18% |
| Jun 30, 2023 | 42.86% |
| Mar 31, 2023 | 37.04% |
| Dec 31, 2022 | 39.50% |
| Sep 30, 2022 | 47.59% |
| Jun 30, 2022 | 55.24% |
| Mar 31, 2022 | 44.14% |
| Dec 31, 2021 | 39.20% |
| Sep 30, 2021 | 43.75% |
| Jun 30, 2021 | 42.93% |