Victory Capital Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
VCTR$126.38-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | ||||||
| Cash flows from operating activities | ||||||
| Net income | $ | 330,062 | $ | 288,864 | $ | 213,157 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Provision for deferred income taxes | 34,253 | 32,516 | 21,539 | |||
| Depreciation and amortization | 72,851 | 30,176 | 41,647 | |||
| Deferred financing costs, accretion expense and derivative gains/losses | (9,551) | (12,393) | 1,454 | |||
| Share-based and deferred compensation | 46,389 | 20,089 | 21,543 | |||
| Change in fair value of contingent consideration obligations | 11,403 | 2,694 | 23,236 | |||
| Unrealized (appreciation) on investments | (7,207) | (706) | (1,868) | |||
| Noncash lease expense | 592 | — | — | |||
| Loss on debt extinguishment | 614 | 363 | — | |||
| Changes in operating assets and liabilities: | ||||||
| Investment management fees receivable | (40,918) | (11,419) | (3,541) | |||
| Fund administration and distribution fees receivable | (9,847) | (1,776) | 141 | |||
| Other receivables | 14,573 | 76 | (266) | |||
| Prepaid expenses | (1,762) | (2,849) | 316 | |||
| Other assets | 620 | (733) | 47,540 | |||
| Accounts payable and accrued expenses | (17,754) | 1,530 | 5,666 | |||
| Accrued compensation and benefits | (13,739) | (4,390) | (2,880) | |||
| Deferred compensation plan liability | (25,865) | (1,534) | (523) | |||
| Other liabilities | 771 | (529) | (434) | |||
| Payment of consideration for acquisition | — | — | (36,436) | |||
| Net cash provided by operating activities | 385,485 | 339,979 | 330,291 | |||
| Cash flows from investing activities | ||||||
| Purchases of property and equipment | (4,157) | (1,278) | (5,169) | |||
| Purchases of deferred compensation plan investments | (47,567) | (13,307) | (13,805) | |||
| Sales of deferred compensation plan investments | 74,710 | 10,643 | 11,147 | |||
| Purchases of proprietary funds | (189) | (74) | (46) | |||
| Sales of proprietary funds | 167 | 37 | 32 | |||
| Cash acquired from acquisition | 53,612 | — | — | |||
| Net cash provided by (used in) investing activities | 76,576 | (3,979) | (7,841) | |||
| Cash flows from financing activities | ||||||
| Issuance of common stock | 1,840 | 8,883 | 6,288 | |||
| Repurchase of common stock | (195,617) | (103,578) | (139,299) | |||
| Payments for withholding taxes for stock-based compensation awards | (12,993) | (26,409) | (18,694) | |||
| Payment of debt financing fees | (870) | (1,024) | — | |||
| Payments of long-term senior debt | (238,287) | (29,519) | — | |||
| Proceeds from long-term senior debt | 241,137 | — | — | |||
| Payment of dividends | (156,961) | (101,116) | (85,427) | |||
| Payment of consideration for acquisition | (63,733) | (80,000) | — | |||
| Net cash (used in) financing activities | (425,484) | (332,763) | (237,132) | |||
| Effect of changes of foreign exchange rate on cash and cash equivalents | 382 | (53) | 58 | |||
| Net increase in cash and cash equivalents | 36,959 | 3,184 | 85,376 | |||
| Cash and cash equivalents, beginning of period | 126,731 | 123,547 | 38,171 | |||
| Cash and cash equivalents, end of period | $ | 163,690 | $ | 126,731 | $ | 123,547 |
| Supplemental cash flow information | ||||||
| Cash paid for interest | $ | 79,672 | $ | 78,683 | $ | 70,685 |
| Cash paid for income taxes | 72,885 | 52,253 | 38,690 | |||
| Noncash items | ||||||
| Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 720 | $ | 14,519 | $ | — |
| Non-cash investing and financing activities: | ||||||
| Issuance of 3.3 million shares of Common stock and 19.7 million shares of Preferred stock in connection with the acquisition of Amundi US | $ | 1,325,981 | $ | — | $ | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.