Virtu Announces Third Quarter 2025 Results

Rhea-AI Summary

Virtu Financial (NYSE: VIRT) reported third quarter 2025 results for the period ended September 30, 2025, with total revenues of $824.8M (up 16.7% YoY) and net income of $149.1M. Trading income, net was $529.1M (up 19.2% YoY) and Adjusted Net Trading Income was $467.0M (up 20.4% YoY). Adjusted EBITDA was $267.8M with a 57.3% margin. Normalized Adjusted Net Income rose to $166.5M and Normalized Adjusted EPS was $1.05. The board declared a $0.24 quarterly cash dividend payable December 15, 2025. As of September 30, 2025, cash and equivalents totaled $755.4M and long-term debt was $2,068.7M. Share repurchases were $20.9M in the quarter with ≈$302.8M remaining capacity.

Positive

• Total revenue +16.7% YoY to $824.8M
• Adjusted Net Trading Income +20.4% YoY to $467.0M
• Adjusted EBITDA +24.7% YoY to $267.8M (57.3% margin)
• Normalized Adjusted EPS increased to $1.05

Negative

• Total long-term debt $2,068.7M as of September 30, 2025
• Cash and equivalents $755.4M — net leverage remains notable relative to debt

Insights

Equity Analyst

Strong quarter: revenue, trading income, and adjusted metrics all rose year-over-year, with buybacks and a dividend declared.

Virtu Financial delivered higher scale and profitability this quarter with $824.8 million in total revenues, $529.1 million in trading income, net, and net income of $149.1 million. Non-GAAP measures also improved: Adjusted Net Trading Income rose to $467.0 million, Adjusted EBITDA to $267.8 million and 57.3% Adjusted EBITDA margin, while Normalized Adjusted Net Income increased to $166.5 million.

These results indicate stronger core market making and execution services revenue, and management returned capital via $20.9 million of buybacks and a declared quarterly dividend of $0.24 per share payable on December 15, 2025. Key balance-sheet facts disclosed include $755.4 million of cash and restricted cash and $2,068.7 million of long-term debt outstanding. Investors should watch remaining repurchase capacity of $302.8 million, the quarterly conference call on October 29, 2025, and any updates to credit-agreement covenants that reference Adjusted EBITDA in the near term.

NEW YORK, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the third quarter ended September 30, 2025.

Third Quarter 2025:

• Net income of $149.1 million; Normalized Adjusted Net Income¹ of $166.5 million
• Basic and diluted earnings per share of $0.86; Normalized Adjusted EPS¹ of $1.05
• Total revenues of $824.8 million; Trading income, net, of $529.1 million; Net income Margin of 18.1%²
  • Adjusted Net Trading Income¹ of $467.0 million
• Adjusted EBITDA¹ of $267.8 million; Adjusted EBITDA Margin¹ of 57.3%
• Share buybacks of $20.9 million, or 0.5 million shares, under the Share Repurchase Program³

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2025 to shareholders of record as of December 1, 2025.

^{Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.
Note 2: Calculated by dividing Net income by Total revenue.
Note 3: Shares repurchased calculated on a settlement date basis.}

Financial Results

Third Quarter 2025:

Total revenues increased 16.7% to $824.8 million for this quarter, compared to $706.8 million for the same period in 2024. Trading income, net, increased 19.2% to $529.1 million for the quarter compared to $444.0 million for the same period in 2024. Net income totaled $149.1 million for this quarter, compared to net income of $119.0 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $0.86, compared to basic and diluted earnings per share of $0.65 and $0.64, respectively, for the same period in 2024.

Adjusted Net Trading Income increased 20.4% to $467.0 million for this quarter, compared to $388.0 million for the same period in 2024. Adjusted EBITDA increased 24.7% to $267.8 million for this quarter, compared to $214.8 million for the same period in 2024. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 26.1% to $166.5 million for this quarter, compared to $132.1 million for the same period in 2024.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.05 for this quarter, compared to $0.82 for the same period in 2024.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and nine months ended September 30, 2025 and 2024.

Total revenues by segment
(in thousands, unaudited)

		Three Months Ended September 30, 2025													Three Months Ended September 30, 2024
		Market Making			Execution Services				Corporate			Total			Market Making			Execution Services			Corporate			Total
Trading income, net		$	521,128		$	7,932			$	—		$	529,060		$	440,442		$	3,555		$	—		$	443,997
Commissions, net and technology services			9,821			144,662				—			154,483			12,721			118,900			—			131,621
Interest and dividends income			125,076			2,343				—			127,419			122,065			3,164			—			125,229
Other, net			11,992			(431	)			2,266			13,827			1,432			108			4,453			5,993
Total Revenues		$	668,017		$	154,506			$	2,266		$	824,789		$	576,660		$	125,727		$	4,453		$	706,840

		Nine Months Ended September 30, 2025													Nine Months Ended September 30, 2024
		Market Making				Execution Services			Corporate			Total			Market Making			Execution Services			Corporate			Total
Trading income, net		$	1,751,094			$	20,745		$	—		$	1,771,839		$	1,264,214		$	14,273		$	—		$	1,278,487
Commissions, net and technology services			41,547				418,102			—			459,649			29,203			347,130			—			376,333
Interest and dividends income			357,407				7,471			—			364,878			330,178			8,109			—			338,287
Other, net			(4,266	)			63,684			6,447			65,865			43,855			1,063			4,639			49,557
Total Revenues		$	2,145,782			$	510,002		$	6,447		$	2,662,231		$	1,667,450		$	370,575		$	4,639		$	2,042,664

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

		Three Months Ended September 30, 2025															Three Months Ended September 30, 2024
		Market Making				Execution Services				Corporate			Total				Market Making				Execution Services				Corporate			Total
Trading income, net		$	521,128			$	7,932			$	—		$	529,060			$	440,442			$	3,555			$	—		$	443,997
Commissions, net and technology services			9,821				144,662				—			154,483				12,721				118,900				—			131,621
Interest and dividends income			125,076				2,343				—			127,419				122,065				3,164				—			125,229
Brokerage, exchange, clearance fees and payments for order flow, net			(147,522	)			(30,734	)			—			(178,256	)			(152,316	)			(24,429	)			—			(176,745	)
Interest and dividends expense			(164,374	)			(1,317	)			—			(165,691	)			(134,912	)			(1,158	)			—			(136,070	)
Adjusted Net Trading Income		$	344,129			$	122,886			$	—		$	467,015			$	288,000			$	100,032			$	—		$	388,032

		Nine Months Ended September 30, 2025															Nine Months Ended September 30, 2024
		Market Making				Execution Services				Corporate			Total				Market Making				Execution Services				Corporate			Total
Trading income, net		$	1,751,094			$	20,745			$	—		$	1,771,839			$	1,264,214			$	14,273			$	—		$	1,278,487
Commissions, net and technology services			41,547				418,102				—			459,649				29,203				347,130				—			376,333
Interest and dividends income			357,407				7,471				—			364,878				330,178				8,109				—			338,287
Brokerage, exchange, clearance fees and payments for order flow, net			(514,136	)			(88,120	)			—			(602,256	)			(394,154	)			(73,177	)			—			(467,331	)
Interest and dividends expense			(458,296	)			(3,936	)			—			(462,232	)			(382,200	)			(3,591	)			—			(385,791	)
Adjusted Net Trading Income		$	1,177,616			$	354,262			$	—		$	1,531,878			$	847,241			$	292,744			$	—		$	1,139,985

Financial Condition

As of September 30, 2025, Virtu had $755.4 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $2,068.7 million.

Share Repurchase Program

Since inception of the program in November 2020 through settlement date September 30, 2025, the Company repurchased approximately 53.8 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,417.2 million. The Company has approximately $302.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its third quarter 2025 financial performance today, October 29th, at 8:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:

• “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.

• “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.

• “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.

• “Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

• they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
• our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
• they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
• they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
• they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)		2025				2024				2025				2024
Revenues:
Trading income, net		$	529,060			$	443,997			$	1,771,839			$	1,278,487
Interest and dividends income			127,419				125,229				364,878				338,287
Commissions, net and technology services			154,483				131,621				459,649				376,333
Other, net			13,827				5,993				65,865				49,557
Total revenues			824,789				706,840				2,662,231				2,042,664
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net			178,256				176,745				602,256				467,331
Communication and data processing			62,774				59,601				184,012				177,110
Employee compensation and payroll taxes			157,669				107,646				413,206				314,185
Interest and dividends expense			165,691				136,070				462,232				385,791
Operations and administrative			24,908				24,939				72,939				69,346
Depreciation and amortization			15,401				16,486				46,951				48,640
Amortization of purchased intangibles and acquired capitalized software			11,783				11,848				35,349				38,688
Termination of office leases			(6,510	)			17				(6,489	)			50
Debt issue cost related to debt refinancing, prepayment and commitment fees			1,517				1,767				4,880				27,740
Transaction advisory fees and expenses			13				69				410				264
Financing interest expense on long-term borrowings			33,297				24,492				95,739				71,154
Total operating expenses			644,799				559,680				1,911,485				1,600,299
Income before income taxes and noncontrolling interest			179,990				147,160				750,746				442,365
Provision for income taxes			30,939				28,137				119,084				83,917
Net income		$	149,051			$	119,023			$	631,662			$	358,448
Noncontrolling interest			(71,423	)			(59,071	)			(303,166	)			(176,093	)
Net income available for common stockholders		$	77,628			$	59,952			$	328,496			$	182,355
Earnings per share:
Basic		$	0.86			$	0.65			$	3.60			$	1.95
Diluted		$	0.86			$	0.64			$	3.59			$	1.95
Weighted average common shares outstanding
Basic			84,797,006				87,152,658				85,319,476				88,093,082
Diluted			84,797,006				87,536,847				85,461,108				88,340,592
Comprehensive income:
Net income		$	149,051			$	119,023			$	631,662			$	358,448
Other comprehensive income
Foreign exchange translation adjustment, net of taxes			(2,715	)			6,835				14,564				3,745
Net change in unrealized cash flow hedges gain (loss), net of taxes			264				(19,568	)			(748	)			(30,931	)
Comprehensive income		$	146,600			$	106,290			$	645,478			$	331,262
Less: Comprehensive income attributable to noncontrolling interest			(70,373	)			(54,083	)			(309,087	)			(164,990	)
Comprehensive income available for common stockholders		$	76,227			$	52,207			$	336,391			$	166,272

Virtu Financial, Inc. and Subsidiaries Reconciliation to Non-GAAP Operating Data (Unaudited)
The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except percentages)		2025				2024				2025				2024
Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net		$	529,060			$	443,997			$	1,771,839			$	1,278,487
Commissions, net and technology services			154,483				131,621				459,649				376,333
Interest and dividends income			127,419				125,229				364,878				338,287
Brokerage, exchange, clearance fees and payments for order flow, net			(178,256	)			(176,745	)			(602,256	)			(467,331	)
Interest and dividends expense			(165,691	)			(136,070	)			(462,232	)			(385,791	)
Adjusted Net Trading Income		$	467,015			$	388,032			$	1,531,878			$	1,139,985
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income			149,051				119,023				631,662				358,448
Financing interest expense on long-term borrowings			33,297				24,492				95,739				71,154
Debt issue cost related to debt refinancing, prepayment and commitment fees			1,517				1,767				4,880				27,740
Depreciation and amortization			15,401				16,486				46,951				48,640
Amortization of purchased intangibles and acquired capitalized software			11,783				11,848				35,349				38,688
Provision for income taxes			30,939				28,137				119,084				83,917
EBITDA		$	241,988			$	201,753			$	933,665			$	628,587
Severance			19,122				690				24,479				3,651
Transaction advisory fees and expenses			13				69				410				264
Termination of office leases			(6,510	)			17				(6,489	)			50
Gain on sale of RFQ-hub			—				—				(66,988	)			—
Other			(13,682	)			(5,669	)			783				(48,334	)
Share based compensation			26,882				17,945				71,341				50,941
Adjusted EBITDA		$	267,813			$	214,805			$	957,201			$	635,159
Selected Operating Margins
GAAP Net income Margin (1)			18.1	%			16.8	%			23.7	%			17.5	%
Non-GAAP Net income Margin (2)			31.9	%			30.7	%			41.2	%			31.4	%
EBITDA Margin (3)			51.8	%			52.0	%			60.9	%			55.1	%
Adjusted EBITDA Margin (4)			57.3	%			55.4	%			62.5	%			55.7	%
1 Calculated by dividing Net income by Total revenue.
2 Calculated by dividing Net income by Adjusted Net Trading Income.
3 Calculated by dividing EBITDA by Adjusted Net Trading Income.
4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.

Virtu Financial, Inc. and Subsidiaries Reconciliation to Non-GAAP Operating Data (Unaudited) (Continued)
The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)		2025				2024				2025				2024
Reconciliation of Net Income to Normalized Adjusted Net Income
Net income		$	149,051			$	119,023			$	631,662			$	358,448
Provision for income taxes			30,939				28,137				119,084				83,917
Income before income taxes and noncontrolling interest		$	179,990			$	147,160			$	750,746			$	442,365
Amortization of purchased intangibles and acquired capitalized software			11,783				11,848				35,349				38,688
Debt issue cost related to debt refinancing, prepayment and commitment fees			1,517				1,767				4,880				27,740
Severance			19,122				690				24,479				3,651
Transaction advisory fees and expenses			13				69				410				264
Termination of office leases			(6,510	)			17				(6,489	)			50
Gain on sale of RFQ-hub			—				—				(66,988	)			—
Other			(13,682	)			(5,669	)			783				(48,334	)
Share based compensation			26,882				17,945				71,341				50,941
Normalized Adjusted Net Income before income taxes		$	219,115			$	173,827			$	814,511			$	515,365
Normalized provision for income taxes (1)			52,589				41,719				195,483				123,688
Normalized Adjusted Net Income		$	166,526			$	132,108			$	619,028			$	391,677
Weighted Average Adjusted shares outstanding (2)			158,817,572				161,709,295				159,692,628				162,322,747
Normalized Adjusted EPS		$	1.05			$	0.82			$	3.88			$	2.41
(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Second Amended and Restated 2015 Management Incentive Plan during the three and nine months ended September 30, 2025 and 2024.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)		September 30, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	707,865			$	872,513
Cash and securities segregated under regulations and other			47,547				41,478
Securities borrowed			3,098,666				2,294,529
Securities purchased under agreements to resell			1,266,106				983,941
Receivables from broker-dealers and clearing organizations			2,633,329				1,100,850
Receivables from customers			192,463				149,804
Trading assets, at fair value			10,942,271				7,802,652
Property, equipment and capitalized software, net			94,396				91,415
Operating lease right-of-use assets			144,850				175,046
Goodwill			1,148,926				1,148,926
Intangibles (net of accumulated amortization)			166,714				203,188
Deferred taxes			112,872				135,046
Assets of business held for sale			—				4,615
Other assets			716,071				357,740
Total assets			21,272,076				15,361,743
Liabilities and equity
Liabilities
Short-term borrowings, net			121,991				38,541
Securities loaned			2,973,523				2,431,878
Securities sold under agreements to repurchase			1,276,677				1,271,788
Payables to broker-dealers and clearing organizations			1,677,016				918,566
Payables to customers			78,944				46,112
Trading liabilities, at fair value			10,406,450				6,440,971
Tax receivable agreement obligations			175,819				196,592
Accounts payable and accrued expenses and other liabilities			627,256				558,100
Operating lease liabilities			194,093				229,825
Long-term borrowings, net			2,039,490				1,740,467
Liabilities of business held for sale			—				1,526
Total liabilities			19,571,259				13,874,366
Total equity			1,700,817				1,487,377
Total liabilities and equity		$	21,272,076			$	15,361,743
		As of September 30, 2025
Ownership of Virtu Financial LLC Interests:		Interests				%
Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units			90,793,631				57.2	%
Non-controlling Interests (Virtu Financial LLC)			68,061,925				42.8	%
Total Virtu Financial LLC Interests			158,855,556				100.0	%

About Virtu Financial, Inc.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor & Media Relations
Andrew Smith
investor_relations@virtu.com
media@virtu.com

FAQ

What were Virtu (VIRT) third quarter 2025 revenues and net income?

Virtu reported $824.8M in total revenues and $149.1M in net income for Q3 2025.

How did Virtu's trading income and adjusted trading metrics perform in Q3 2025 (VIRT)?

Trading income, net was $529.1M (up 19.2% YoY) and Adjusted Net Trading Income was $467.0M (up 20.4% YoY).

What is Virtu's (VIRT) adjusted EBITDA and margin for Q3 2025?

Adjusted EBITDA was $267.8M with an Adjusted EBITDA margin of 57.3% for Q3 2025.

Did Virtu (VIRT) declare a dividend or repurchase shares in Q3 2025?

Yes — the board declared a quarterly cash dividend of $0.24 per share, payable December 15, 2025; buybacks were $20.9M in the quarter.

What was Virtu's (VIRT) cash, and how much long-term debt did it have at September 30, 2025?

As of September 30, 2025, Virtu had $755.4M in cash, cash equivalents and restricted cash and $2,068.7M in long-term debt.