Investment Management Fees was Victory Capital Holdings’s largest product and service line in fiscal 2025, bringing in $1.05B of $1.31B (80%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Investment Management Fees | $664.71M | $640.88M | $704.58M | $1.05B | |||||
| 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 | $77.45M | |||||
| Total | $854.80M | $821.03M | $893.48M | $1.31B |
Victory Capital Holdings brought in $1.31B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 46.2% from $893.48M in fiscal 2024. Investment Management Fees was the largest at $1.05B (80.0%), ahead of Administration Fees at $131.45M (10.1%) and Fund Distribution Fees at $77.45M (5.9%). The remaining line, Transfer Agent Fees, brought in $51.76M.
Compared with fiscal 2024, Fund Distribution Fees grew fastest, up 243.9% to $77.45M, while Transfer Agent Fees fell the most, down 4.3% to $51.76M. From fiscal 2022 to 2025, combined revenue from these lines grew from $854.80M to $1.31B, a compound annual growth rate of 15.2%. Investment Management Fees' share of the total rose from 77.8% to 80.0%.
Mutual Funds was Victory Capital Holdings’s largest revenue line in fiscal 2025, bringing in $934.27M of $1.31B (72%).
| Contract With Customer Sales Channel | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Mutual Funds | $651.51M | $622.75M | $666.35M | $934.27M | ||||
| Separate Accounts & Other Vehicles | $179.89M | $174.60M | $199.35M | $321.53M | ||||
| Etf's | $23.40M | $23.68M | $27.77M | $50.33M | ||||
| Etfs | — | — | — | — | ||||
| Total | $854.80M | $821.03M | $893.48M | $1.31B |
Victory Capital Holdings brought in $1.31B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 46.2% from $893.48M in fiscal 2024. Mutual Funds was the largest at $934.27M (71.5%), ahead of Separate Accounts & Other Vehicles at $321.53M (24.6%) and Etf's at $50.33M (3.9%).
Compared with fiscal 2024, Etf's grew fastest, up 81.2% to $50.33M. Every revenue line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $854.80M to $1.31B, a compound annual growth rate of 15.2%. Mutual Funds' share of the total fell from 76.2% to 71.5%.
Victory Capital Holdings (VCTR) reports its revenue by product and service and by contract with customer sales channel. In fiscal 2025, Investment Management Fees was its largest product and service line, bringing in $1.05B (80.0% of the total), followed by Administration Fees at $131.45M (10.1%).
Investment Management Fees was Victory Capital Holdings' largest product and service line in fiscal 2025, bringing in $1.05B, or 80.0% of the $1.31B total across its four product and service lines.
Mutual Funds was Victory Capital Holdings' largest revenue line in fiscal 2025, bringing in $934.27M, or 71.5% of the $1.31B total across its three revenue lines.
Among Victory Capital Holdings' product and service lines that make up at least 2% of revenue, Fund Distribution Fees grew fastest in fiscal 2025, up 243.9% from $22.52M to $77.45M.
Every figure comes from Victory Capital Holdings' annual financial filings, as reported. Each line keeps the name Victory Capital Holdings gives it, and years follow its fiscal calendar.
Victory Capital Holdings' revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.