Victory Capital Holdings, Inc. (VCTR) · Nov 4, 2026 · Earnings

Victory Capital earnings miss as record flows meet First Eagle costs

Miss — Adjusted EPS $1.98 vs ~$1.99 consensus; revenue $396.6M vs ~$411.9M

Victory Capital earnings showed record net flows and AUM, but revenue and adjusted EPS missed narrowly as First Eagle costs weighed on margins.

Victory Capital is scaling its asset-management platform after the Amundi US acquisition and is preparing for the much larger First Eagle deal, which is expected to create a roughly $571 billion combined manager. Against that backdrop, this quarter shows excellent client demand but weaker reported earnings than the market expected.

Client demand was the clear strength. Long-term net inflows reached a record $11.7 billion, versus a $244 million outflow in the year-ago quarter, lifting ending AUM to $351.9 billion despite $2.2 billion of negative market action. The flows were broad across channels and asset classes rather than dependent on one isolated product.

	Q3 2026	Q3 2025	Consensus
Revenue (Consolidated Financial Results)	$396.6M (-8.9% QoQ)	$361.2M	~$411.9M
Adjusted EPS with tax benefit (Adjusted Performance Results)	$1.98 (+21.5% YoY)	$1.63	~$1.99
Long-term net flows (AUM, Flows and Investment Performance)	$11.7B	$(0.2B)
Adjusted EBITDA margin (Adjusted Performance Results)	53.5% (+80 bps YoY)	52.7%
GAAP operating margin (Consolidated Financial Results)	34.7% (-350 bps YoY)	38.2%

The earnings miss was narrow, but the underlying pressure was real. Revenue grew 9.8% year over year, yet came in below the published consensus of roughly $411.9 million, while adjusted EPS with the company’s tax benefit was essentially in line but slightly below the approximately $1.99 expectation. The main reported drag was timing around annual fee crystallization, mix, and $16.2 million of additional acquisition-related costs tied to First Eagle.

First Eagle is already affecting the income statement before closing. The acquisition remains strategically important and is expected to close by the end of the first quarter of 2027, but its near-term costs pushed GAAP operating margin down to 34.7% from 38.2% a year ago. That is partly offset by adjusted EBITDA margin expanding to 53.5% from 52.7%, suggesting the core platform still has operating leverage once transaction expenses are stripped out. 〔0〕〔1〕

The broader growth trajectory remains intact, but the quarter was not a clean beat. Nine-month adjusted EBITDA rose 35.7%, year-to-date net flows turned strongly positive at $15.4 billion, and the company returned $81 million to shareholders. Still, the market’s immediate comparison is a slight earnings and revenue shortfall, with acquisition spending making the transition more expensive before the First Eagle benefits arrive.

Bottom line: Victory Capital is winning assets decisively, but this quarter’s earnings landed just below expectations because fee timing and First Eagle costs overwhelmed that operating momentum. The business story remains constructive; the result itself is a modest miss rather than a clean acceleration.

What to watch next

November 5 earnings call on First Eagle integration and margins

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Victory Capital earnings miss as record flows meet First Eagle costs

What to watch next

More Victory Capital Holdings, Inc. news

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