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Victory Capital Holdings, Inc. cash flow statement

In fiscal 2025, Victory Capital Holdings, Inc.'s operations generated $385m of cash; it spent $4.2m on capital projects, leaving free cash flow of $381m. It returned $157m in dividends and $196m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations414096134227251376335330340385567
Depreciation and amortisation273030232416194342307385
Stock-based pay6912151618181817152034
Capital spending2153581355144
Free cash flow393891132222243364330325339381564
Free cash flow after stock pay333079116206224346312309323361529
Dividends paid6011351716376985101157166
Share buybacks11158163032101139104196388
Shares issued2893—458146923

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Victory Capital Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Victory Capital Holdings, Inc.