Victory Capital Holdings, Inc. (VCTR) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 120.95M | 144.7M | 165.91M | -6.59M | 81.09M | 91.81M | 100.59M | 79.7M | 68.68M | 97.1M | 91.63M | 77.41M | 64.16M | 67.09M | 103.06M | 90.24M | 74.81M | 112.14M | 99.89M | 84.54M |
| Operating CF Margin % | 31.14% | 38.68% | 45.93% | -1.88% | 36.93% | 39.51% | 44.58% | 36.29% | 31.82% | 47.18% | 43.7% | 37.9% | 31.87% | 33.29% | 49.73% | 41.78% | 32.52% | 48.94% | 44.14% | 38.1% |
| Operating CF Growth % | 49.15% | 57.61% | 64.93% | -108.27% | 18.07% | -5.45% | 9.78% | 2.97% | 7.06% | 44.73% | -11.1% | -14.22% | -14.24% | -40.17% | 3.18% | 6.75% | -6.05% | 65.16% | 61.61% | 22.54% |
| Net Income | 112.14M | 112.81M | 96.54M | 58.73M | 61.98M | 76.94M | 81.98M | 74.25M | 55.69M | 55.21M | 52.01M | 56.67M | 49.27M | 52.27M | 72.76M | 79.2M | 71.27M | 69.74M | 74.17M | 69.27M |
| Depreciation & Amortization | 20.58M | 21.59M | 22.03M | 21.79M | 7.43M | 7.51M | 7.51M | 7.55M | 7.6M | 7.98M | 12.33M | 9.65M | 11.68M | 11.15M | 10.69M | 10.76M | 10.61M | 5.38M | 4.38M | 4.69M |
| Stock-Based Compensation | 0 | 100.95M | 15.97M | 13.98M | 3.66M | 4.23M | 5.72M | 4.29M | 5.84M | 6.41M | 3.78M | 5.45M | 5.9M | 6.94M | 3.78M | 2.2M | 4.79M | 5.72M | 4.3M | 7M |
| Deferred Taxes | 0 | 0 | 12.74M | 12.17M | 7.28M | 5.87M | 10.91M | 10.18M | 5.57M | 4.31M | 5.23M | 7.31M | 4.7M | 5.32M | 9.31M | 13.14M | 7.89M | 3.37M | 5.49M | 4.35M |
| Other Non-Cash Items | 23.17M | -84.15M | -1.5M | -6.23M | 1.25M | -796K | -24.9M | -11.01M | 7.8M | 1.45M | 11.96M | 1.69M | 7.73M | -13.08M | -6.99M | -20.76M | -171K | 4.68M | 4.32M | 5.96M |
| Working Capital Changes | -34.93M | -6.51M | 20.13M | -107.04M | -503K | -1.94M | 19.37M | -5.55M | -13.81M | 21.75M | 6.32M | -3.36M | -15.12M | 4.49M | 13.52M | 5.7M | -19.58M | 23.24M | 7.22M | -6.75M |
| Change in Receivables | -16.44M | -3.24M | 26.02M | -63.26M | 4.29M | -2.02M | 3.74M | -4.38M | -10.46M | 7.01M | -2.19M | -7.03M | -1.47M | -13.42M | 3.36M | 9.21M | 4.21M | 5.06M | -4.49M | -3.57M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.31M | -810K | 10.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 30.24M | -8.17M | -8.22M | -15.2M | 13.84M | -5.24M | 6.99M | -6.85M | 6.63M | -2.72M | 3M | -3.1M | 8.48M | 16.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 16.67M | -1.08M | -458K | 79.8M | -1.68M | -2.4M | -68K | -605K | -910K | -1.57M | -2.35M | -2.38M | -1.55M | 1.34M | -505K | -3.03M | -4.12M | -545.56M | -3.71M | -6.18M |
| Capital Expenditures | -849K | -599K | -1.08M | -890K | -1.59M | -155K | -398K | -225K | -500K | -796K | -1.8M | -2M | -572K | -959K | -1.38M | -1.73M | -1.18M | -4.38M | -2.73M | -5.17M |
| CapEx % of Revenue | 0.22% | 0.16% | 0.3% | 0.25% | 0.72% | 0.07% | 0.18% | 0.1% | 0.23% | 0.39% | 0.86% | 0.98% | 0.28% | 0.48% | 0.66% | 0.8% | 0.51% | 1.91% | 1.21% | 2.33% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 99.39M | 97.86M | 95.79M | 34.51M | 605K | 34.74M | 33.76M | 33.52M | 534K | 29.86M | 29.99M | 28.87M | 466K | 28.91M | 29.5M | 32.39M | 912K | 29.8M | 29.57M |
| Other Investing | 0 | -3.06M | 0 | 0 | 0 | 0 | -8.2M | 0 | 0 | 12.81M | -10.34M | -1.5M | -974K | -880K | 0 | 0 | 0 | 586K | 0 | 0 |
| Cash from Financing | -225.4M | -95.66M | -157.47M | -141.27M | -30.71M | -150.75M | -31.41M | -40.07M | -111.34M | -80.04M | -25.06M | -69.56M | -62.47M | -97.11M | -78.49M | -82.94M | -101.64M | 438.2M | -63.02M | -77.14M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -125.38M | -50.57M | -118.17M | -25.13M | 98K | -95.17M | 86K | 65K | 326K | -56.6M | 245K | -43.98M | -32.67M | -38.01M | -22.76M | -17.4M | -8.89M | -1.69M | -6.22M | -8.42M |
| Dividends Paid | -41.56M | -9.77M | -42.07M | -43.7M | -29.93M | -28.13M | -26.6M | -24M | -22.38M | -20.66M | -21.16M | -21.5M | -22.11M | -17.07M | -17.39M | -17.36M | -17.38M | -11.75M | -10.77M | -8.24M |
| Share Repurchases | -127.23M | -50.69M | -118.51M | -25.96M | -451K | -96.86M | -1.63M | -2.14M | -2.95M | -57.48M | -1.91M | -45.47M | -34.44M | -39.69M | -32.13M | -19.17M | -10.19M | -5.66M | -8.18M | -10.03M |
| Other Financing | -55.99M | -31.98M | 238.59M | -72.43M | -885K | -7.46M | -4.9M | -16.13M | -89.28M | -2.78M | -4.14M | -4.09M | -7.69M | -26.97M | -19.34M | -3.18M | -5.37M | 451.64M | -11.03M | -3.47M |
| Net Change in Cash | -87.84M | 47.95M | 7.87M | -67.74M | 48.88M | -61.52M | 69.28M | 39.03M | -43.61M | 15.56M | 64.21M | 5.45M | 164K | -28.5M | 23.95M | 4.17M | -30.98M | 4.79M | 33.12M | 1.24M |
| Free Cash Flow | 120.11M | 144.1M | 164.83M | -7.48M | 79.5M | 91.66M | 100.19M | 79.48M | 68.18M | 96.31M | 89.83M | 75.41M | 63.58M | 66.13M | 101.69M | 88.51M | 73.64M | 107.76M | 97.16M | 79.36M |
| FCF Margin % | 30.92% | 38.52% | 45.63% | -2.13% | 36.2% | 39.44% | 44.41% | 36.19% | 31.59% | 46.8% | 42.84% | 36.92% | 31.58% | 32.82% | 49.06% | 40.97% | 32.01% | 47.03% | 42.94% | 35.77% |
| FCF Growth % | 51.07% | 57.22% | 64.51% | -109.41% | 16.6% | -4.83% | 11.54% | 5.4% | 7.23% | 45.62% | -11.66% | -14.8% | -13.65% | -38.63% | 4.66% | 11.52% | -7.07% | 61.12% | 61.81% | 23.2% |
| FCF per Share | 1.87 | 2.16 | 2.46 | -0.11 | 1.23 | 1.40 | 1.52 | 1.20 | 1.03 | 1.44 | 1.33 | 1.10 | 0.91 | 0.94 | 1.41 | 1.21 | 1.00 | 1.46 | 1.31 | 1.07 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.28x | 1.72x | -0.11x | 1.31x | 1.19x | 1.23x | 1.07x | 1.23x | 1.76x | 1.76x | 1.37x | 1.30x | 1.28x | 1.42x | 1.14x | 1.05x | 1.61x | 1.35x | 1.22x |
| Interest Paid | 0 | 0 | 30.02M | 16.13M | 17.23M | 19.73M | 19.19M | 19.44M | 20.33M | 19.5M | 18.45M | 17.41M | 15.31M | 7.86M | 9.64M | 7.41M | 7.07M | 3.96M | 4.24M | 2.47M |
| Taxes Paid | 0 | 0 | 11.93M | 41.84M | 1.5M | 12.46M | 9.68M | 28.98M | 1.13M | 4.68M | 9.54M | 23.47M | 995K | 9.61M | 2.96M | 22.14M | 1.01M | 6.02M | 14.96M | 33.35M |