Virtu Financial, Inc.

Listed Company

VIRTCIK 0001592386NYSELarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.63B

Net Income

$468.36M

Total Assets

$20.15B

Equity

$1.58B

Shares Out

—

Op. Cash Flow

$518.39M

Business

Virtu Financial, Inc. is a technology-driven financial firm that provides liquidity to global markets and offers electronic market making and agency execution services. It offers market making across equities, ETFs, options, futures, fixed income, currencies, commodities and cryptocurrencies, together with execution services, algorithmic trading, workflow technology, trading analytics and registered ATS platforms. The company reports two operating segments—Market Making and Execution Services—and a Corporate segment for strategic investments and overhead. Virtu distributes its products via direct connectivity to exchanges, ATSs, broker‑dealers and institutional clients across the Americas, EMEA and APAC.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Trading income, net	2,437	1,822	1,301	1,629	2,105
Interest and dividends income	509	462	463	159	75
Commissions, net and technology services	617	517	456	530	614
Other, net	70	76	74	47	16
Total revenue	3,632	2,877	2,293	2,365	2,811
Brokerage, exchange, clearance fees and payments for order flow, net	770	674	508	619	745
Communication and data processing	249	236	231	220	212
Employee compensation and payroll taxes	528	435	394	391	376
Interest and dividends expense	647	529	500	231	140
Operations and administrative	98	97	99	86	88
Depreciation and amortization	64	66	63	66	68
Amortization of purchased intangibles and acquired capitalized software	47	51	64	65	70
Termination of office leases	−6	16	455,000	7	28
Debt issue cost related to debt refinancing, prepayment and commitment fees	7	29	8	30	7
Transaction advisory fees and expenses	414,000	313,000	314,000	1	843,000
Financing interest expense on long-term borrowings	133	98	99	92	80
Total operating expenses	2,538	2,232	1,968	1,808	1,815
Income before income taxes and noncontrolling interest	1,094	645	325	557	997
Provision for income taxes	182	110	61	88	170
Net income	912	535	264	468	827
Noncontrolling interest	−444	−258	−122	−203	−350
Net income available for common stockholders	468	276	142	265	477
Basic (in dollars per share)	5.14	2.98	1.42	2.45	3.95
Diluted (in dollars per share)	5.13	2.97	1.42	2.44	3.91
Basic (in shares)	85	87	94	104	117
Diluted (in shares)	85	88	94	104	118
Foreign exchange translation adjustment, net of taxes	16	−9	5	−24	−12
Net change in unrealized cash flow hedges gain (loss), net of taxes	−397,000	−32	−37	91	38
Comprehensive income	928	493	232	535	853
Less: Comprehensive income attributable to noncontrolling interest	−455	−241	−104	−228	−360
Comprehensive income attributable to common stockholders	472	252	127	307	492

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,062	873	820	982	1,071
Cash restricted or segregated under regulations and other	65	41	35	57	49
Securities borrowed	3,191	2,295	1,722	1,188	1,349
Securities purchased under agreements to resell	989	984	1,512	337	119
Receivables from broker-dealers and clearing organizations ($328,934 and $51,595 at fair value, as of December 31, 2025 and December 31, 2024, respectively)	1,896	1,101	738	1,115	1,027
Receivables from customers	162	150	106	81	146
Property, equipment and capitalized software (net of accumulated depreciation of $437,002 and $380,202 as of December 31, 2025 and December 31, 2024, respectively)	96	91	100	85	90
Operating lease right-of-use assets	214	175	229	187	225
Goodwill	1,149	1,149	1,149	1,149	1,149
Intangibles (net of accumulated amortization of $475,592 and $428,460 as of December 31, 2025 and December 31, 2024, respectively)	155	203	258	322	386
Deferred tax assets	92	135	134	147	159
Assets of business held for sale	0	5	0	—	—
Other assets ($242,121 and $158,326, at fair value, as of December 31, 2025 and December 31, 2024, respectively)	528	358	304	304	291
Total assets	20,151	15,362	14,466	10,583	10,320
Short-term borrowings	12	39	0	4	62
Securities loaned	3,478	2,432	1,329	1,060	1,142
Securities sold under agreements to repurchase	1,406	1,272	1,796	628	514
Payables to broker-dealers and clearing organizations ($181,272 and $136,736, at fair value, as of December 31, 2025 and December 31, 2024, respectively)	998	919	1,168	274	572
Payables to customers	43	46	23	47	55
Financial instruments sold, not yet purchased	9,105	6,441	6,071	4,197	3,511
Tax receivable agreement obligations	182	197	217	239	259
Accounts payable, accrued expenses and other liabilities	652	558	451	449	458
Operating lease liabilities	261	230	278	239	279
Long-term borrowings	2,039	1,740	1,727	1,796	1,605
Liabilities of business held for sale	0	2	0	—	—
Total liabilities	18,177	13,874	13,061	8,932	8,456
Commitments and Contingencies (Note 16)	—	—	—	—	—
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	−1,476	−1,340	−1,166	−955	−494
Additional paid-in capital	1,542	1,432	1,352	1,293	1,223
Retained earnings	1,519	1,169	1,000	972	831
Accumulated other comprehensive income (loss)	−3	−7	17	32	−10
Total Virtu Financial Inc. stockholders' equity	1,582	22	1,203	1,342	1,549
Noncontrolling interest	391	233	203	310	314
Total equity	1,973	1,487	1,405	1,651	1,864
Total liabilities and equity	20,151	15,362	14,466	10,583	10,320

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Debt issue cost related to debt refinancing and prepayment	0	23	1	24	649,000
Amortization of debt issuance costs and deferred financing fees	7	7	11	7	7
Termination of office leases	−6	16	455,000	5	28
Share-based compensation	100	75	64	67	56
Deferred taxes	39	4	19	−3	35
Gain on sale of RFQ-hub	−67	0	0	0	0
Other	−9	−37	−13	11	−6
Securities borrowed	−897	−572	−535	162	76
Securities purchased under agreements to resell	−5	528	−1,175	−218	−97
Receivables from broker-dealers and clearing organizations	−796	−363	290	−1	657
Trading assets, at fair value	−2,749	−444	−2,728	−374	−1,141
Receivables from customers	−12	−44	−25	66	68
Operating lease right-of-use assets	−39	44	−42	—	—
Other assets	−123	−57	20	−63	59
Securities loaned	1,046	1,102	269	−82	194
Securities sold under agreements to repurchase	134	−524	1,168	113	53
Payables to broker-dealers and clearing organizations	82	−244	886	−277	−267
Payables to customers	−3	23	−23	−8	−64
Trading liabilities, at fair value	2,664	370	1,874	686	587
Operating lease liabilities	31	−48	39	—	—
Accounts payable, accrued expenses and other liabilities	96	90	−2	−4	−36
Net cash provided by (used in) operating activities	518	599	492	707	1,172
Development of capitalized software	−41	−42	−38	−38	−36
Acquisition of property and equipment	−23	−12	−38	−27	−25
Proceeds from sale of RFQ-hub	38	0	0	0	0
Other investing activities	−15	−8	−18	35	−27
Net cash provided by (used in) investing activities	−41	−62	−94	−30	−87
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	−349	−299	−306	−375	−548
Repurchase of Class C common stock	−2	0	−2	8	−3
Purchase of treasury stock	−189	−191	−229	−481	−427
Stock options exercised	15	13	0	5	10
Short-term borrowings, net	−26	39	−4	−59	−2
Proceeds from long-term borrowings	1,545	1,742	0	1,800	0
Repayment of long-term borrowings	−1,245	−1,727	−73	−1,600	−37
Proceeds from interest rate swaps	0	2	56	0	0
Payment of tax receivable agreement obligations	−21	−20	−23	−21	−17
Debt issuance costs	−10	−27	−4	−36	−3
Net cash provided by (used in) financing activities	−281	−470	−585	−736	−958
Effect of exchange rate changes on cash and cash equivalents	16	−9	5	−24	−12
Net increase (decrease) in cash and cash equivalents	212	59	−183	−83	114
Cash paid for interest	655	586	632	247	160
Cash paid for taxes	122	43	39	104	135
Share-based and accrued incentive compensation to developers relating to capitalized software	25	23	20	17	17
Tax receivable agreement described in Note 5	−4	−209,000	−4	1	311,000
Repurchase of Class C common stock	−1	−76,000	−2	0	0
Purchase of treasury stock	−406,000	−1	0	0	—

Filings

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