Investment Management Fees was the largest of Victory Capital Holdings, Inc.’s 5 reported lines in fiscal 2025, at $967.80M — 77% of $1.26B.
| Contract with Customer, Sales Channel | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Investment Management Fees | $645.51M | $613.45M | $668.95M | $967.80M | |||||
| Administration Fees | $107.56M | $103.06M | $112.27M | $131.45M | |||||
| Fund Administration & Distribution Fees | — | — | — | — | |||||
| Transfer Agent Fees | $57.56M | $54.75M | $54.10M | $51.76M | |||||
| Fund Distribution Fees | $24.97M | $22.35M | $22.52M | $74.19M | |||||
| Performance-Based Investment Fees | -$1.40M | $6.62M | $11.22M | $32.40M | |||||
| Total | $834.20M | $800.23M | $869.07M | $1.26B |
In fiscal 2025, which ended December 31, 2025, the 5 revenue lines Victory Capital Holdings, Inc. reported in this breakdown added up to $1.26B. That was up 44.7% from $869.07M in fiscal 2024. Investment Management Fees was the largest revenue line, at $967.80M or 77.0% of the total, followed by Administration Fees ($131.45M, 10.5%) and Fund Distribution Fees ($74.19M, 5.9%). Together, the two largest revenue lines made up 87.4% of this total.
Compared with fiscal 2024, Fund Distribution Fees grew the fastest, rising 229.4% to $74.19M. Transfer Agent Fees fell the most, down 4.3% to $51.76M. Over fiscal 2022 to 2025, revenue across these revenue lines went from $834.20M to $1.26B, a compound annual growth rate of 14.7%. Investment Management Fees held a steady share of about 77.0%.
The table also keeps 1 revenue line that Victory Capital Holdings, Inc. no longer reports, so earlier years can still be read on their original basis; use "Show 1 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2017 to 2025, as reported in Victory Capital Holdings, Inc.'s annual filings.
Mutual Funds was the largest of Victory Capital Holdings, Inc.’s 3 reported lines in fiscal 2025, at $797.64M — 70% of $1.14B.
| Contract With Customer Sales Channel | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Mutual Funds | $569.80M | $540.20M | $581.88M | $797.64M | ||||
| Separate Accounts & Other Vehicles | $180.48M | $173.43M | $195.98M | $296.55M | ||||
| Etf'S | $20.60M | $20.80M | $24.41M | $45.28M | ||||
| Etfs | — | — | — | — | ||||
| Total | $770.87M | $734.43M | $802.26M | $1.14B |
In fiscal 2025, which ended December 31, 2025, the 3 revenue lines Victory Capital Holdings, Inc. reported in this breakdown added up to $1.14B. That is less than the $1.26B in its breakdown by revenue line, so these revenue lines do not account for all of its revenue that year. Mutual Funds was the largest revenue line, at $797.64M or 70.0% of the total, followed by Separate Accounts & Other Vehicles ($296.55M, 26.0%) and Etf'S ($45.28M, 4.0%). Together, the two largest revenue lines made up 96.0% of this total.
Compared with fiscal 2024, Etf'S grew the fastest, rising 85.5% to $45.28M. Every sizeable revenue line reported in both years grew.
The table also keeps 1 revenue line that Victory Capital Holdings, Inc. no longer reports, so earlier years can still be read on their original basis; use "Show 1 discontinued" beneath the table to see them. This breakdown covers 8 fiscal years between 2017 and 2025, as reported in Victory Capital Holdings, Inc.'s annual filings.
Victory Capital Holdings, Inc. (VCTR) breaks its revenue down by revenue line. In fiscal 2025, its largest revenue line was Investment Management Fees, with $967.80M or 77.0% of the total, followed by Administration Fees at $131.45M (10.5%).
Investment Management Fees was Victory Capital Holdings, Inc.'s largest revenue line in fiscal 2025, with $967.80M in revenue, 77.0% of the $1.26B reported across its 5 revenue lines.
Of the Victory Capital Holdings, Inc. revenue lines reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Fund Distribution Fees grew the fastest, rising 229.4% from $22.52M to $74.19M.
Every figure is taken from Victory Capital Holdings, Inc.'s annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2017 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.