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VIRT

Virtu Financial, Inc.

VIRT

Virtu Financial, Inc. • NASDAQ
$35.76 ▲ 1.19% (+0.42)
Market Cap $5.35 B
52w High $45.77
52w Low $31.89
Dividend Yield 0.72%
P/E 7.76
Volume 331.00K
Outstanding Shares 85.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $824.789M ▼ $114.866M ▲ $77.628M ▼ 9.412% ▼ $0.86 ▼ $406.162M ▼
Q2-2025 $999.573M ▲ $114.731M ▲ $151.187M ▲ 15.125% ▲ $1.65 ▲ $572.185M ▲
Q1-2025 $837.869M ▲ $109.654M ▼ $99.681M ▲ 11.897% ▲ $1.09 ▲ $412.67M ▲
Q4-2024 $834.285M ▲ $115.951M ▲ $94.06M ▲ 11.274% ▲ $1.03 ▲ $401.598M ▲
Q3-2024 $706.84M $112.874M $59.952M 8.482% $0.65 $336.056M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $707.865M ▼ $21.272B ▲ $19.571B ▲ $1.455B ▲
Q2-2025 $752.101M ▲ $19.284B ▲ $17.651B ▲ $1.407B ▲
Q1-2025 $723.65M ▼ $17.548B ▲ $15.987B ▲ $1.31B ▲
Q4-2024 $872.513M ▲ $15.362B ▲ $13.874B ▲ $1.254B ▲
Q3-2024 $701.405M $14.401B $12.981B $1.232B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $529.06M ▲ $0 ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $292.976M ▲ $62.765M ▲ $19.627M ▲ $-76.138M ▲ $18.793M ▲ $51.71M ▲
Q1-2025 $189.635M ▲ $14.964M ▼ $-31.008M ▼ $-131.673M ▲ $-142.977M ▼ $-14.694M ▼
Q4-2024 $176.087M ▲ $391.482M ▲ $-6.188M ▲ $-196.738M ▼ $175.763M ▲ $384.284M ▲
Q3-2024 $119.023M $112.101M $-19.215M $-78.156M $21.565M $100.369M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Analytics
Analytics
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Commissions Net
Commissions Net
 $110.00M ▲$110.00M ▲$120.00M ▲$120.00M ▲
Other Sources
Other Sources
 $690.00M ▲$690.00M ▲$850.00M ▲$670.00M ▼
Workflow Technology
Workflow Technology
 $20.00M ▲$30.00M ▲$30.00M ▲$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have been quite cyclical, swinging with market volatility. The business enjoyed very strong results in the pandemic period, then saw a notable step down as volatility normalized, and more recently has shown a clear recovery with revenue and earnings improving again. Margins remain solid for a trading firm, but net income is well below the peak years, which highlights how sensitive profitability is to trading conditions and spreads. Overall, the income statement suggests a still-profitable franchise, but one whose earnings power can move meaningfully up or down with market activity and competition.

Balance Sheet

Balance Sheet The balance sheet is typical of a trading and market‑making firm: large asset base, modest equity, and significant use of debt. Total assets have grown over time as the business has scaled. Cash balances are steady but not excessive, reflecting active use of capital in trading activities. Debt levels increased meaningfully in recent years and only partially came down most recently, which points to higher leverage and some balance‑sheet risk if markets become stressed. Equity has been fairly flat, suggesting limited cushion relative to the size of the trading book, though that is common in this industry. Overall, the company relies heavily on funding and risk management discipline, rather than on a thick equity buffer.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has consistently been positive year after year, even as earnings moved up and down. The business is very light on physical investment needs, so capital spending is small and free cash flow stays close to operating cash flow. That combination—steady cash generation with low ongoing investment requirements—supports flexibility for debt service, buybacks, or dividends when conditions are favorable. The main caveat is that cash flows, like earnings, are still tied to market activity, so they are not immune to quieter or more competitive trading environments.

Competitive Edge

Competitive Edge Virtu holds a strong position as a technology‑driven market maker and high‑frequency trading firm. Its advantages come from speed, sophisticated algorithms, global connectivity to many exchanges, and the scale to spread large fixed technology costs across huge trading volumes. Regulatory licenses and exchange connections create additional barriers for new entrants. However, the firm operates in a fiercely competitive space with other highly sophisticated players, and its results are heavily influenced by market volatility, regulation, and microstructure changes. The moat is real but must be constantly defended through ongoing investment and tight operational execution.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Virtu’s model, even though it doesn’t show up as traditional lab‑style R&D. The company continuously refines proprietary algorithms, low‑latency infrastructure, and risk systems. It is commercializing its internal tech stack through offerings like the Open Technology platform, Virtu Technology Solutions, and tools such as its EMS (Triton) and analytics products. Increasing use of artificial intelligence and machine learning, as well as expansion into data‑as‑a‑service and potentially digital assets, shows a push to diversify beyond pure proprietary trading. The key question is how quickly these newer, fee‑based and data‑driven lines can grow to smooth out the natural cyclicality of trading revenues.

Summary

Virtu is a technology‑heavy trading and market‑making firm with a proven ability to generate profit and cash, but with earnings that rise and fall alongside market volatility and competition. Financially, it combines a capital‑light, high‑cash‑flow model with a relatively leveraged balance sheet, which works well in normal markets but demands strong risk controls. Competitively, it benefits from scale, advanced tech, and regulatory barriers, yet must constantly innovate to stay ahead of peers. Its strategic shift toward selling technology, data, and analytics—plus exploration of areas like digital assets—could over time broaden the business mix and reduce dependence on trading conditions, but execution and regulatory evolution remain important uncertainties to monitor.

NEWS

November 20, 2025 · 3:00 PM UTC

Virtu Financial Recognized Across Multiple Categories at the 2025 Leaders in Trading Awards

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November 17, 2025 · 12:52 PM UTC

Grant & Eisenhofer Files Class Action Lawsuit Against Citadel Securities LLC and Virtu Americas LLC

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November 12, 2025 · 12:44 PM UTC

Virtu Financial Congratulates 2025 Women in Finance Award Recipients Gabriella Gambino and Julie Feng

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October 29, 2025 · 7:15 AM UTC

Virtu Announces Third Quarter 2025 Results

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October 23, 2025 · 4:20 PM UTC

Halper Sadeh LLC Encourages Virtu Financial, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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