Virtu Financial (VIRT) FY2018 results: revenue $1.9 billion, up 82.8% on the year
Virtu Financial, Inc. (VIRT) reported revenue of $1.9 billion for fiscal 2018, the year ended 31 December 2018, up 82.8% on the year before. Net income was $289 million, up 9748.3%, and diluted earnings per share $2.78. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$1.9 billion
+82.8% on the year
FY2013FY2018
Operating margin
37.1%
11.0% a year earlier
FY2013FY2018
Net income
$289 million
+9,748.3% on the year
FY2013FY2018
Diluted EPS
$2.78
+9,166.7% on the year
FY2013FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,879
1,028
702
+82.8%
Operating income
696
113
180
+515.4%
Operating margin
37.1%
11.0%
25.6%
Interest expense
71.8
64.1
28.3
+12.0%
Pre-tax income
696
113
180
+515.4%
Income tax
76.2
94.3
21.3
-19.2%
Effective tax rate
10.9%
83.3%
11.8%
Net income
289
2.9
33.0
+9,748.3%
Net margin
15.4%
0.3%
4.7%
Diluted EPS
$2.78
$0.03
$0.83
+9,166.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
715
291
240
+145.9%
Capital expenditure
26.5
18.9
11.9
+39.8%
Free cash flow
688
272
228
+153.3%
Free cash flow margin
36.6%
26.4%
32.4%
Cash from investing
329
-838
-59.0
Cash from financing
-835
890
-161
Depreciation and amortisation
74.5
52.2
19.8
+42.6%
Share-based compensation
31.9
26.3
22.9
+21.6%
Buybacks
66.2
2.7
4.5
+2,368.1%
Dividends paid
100
63.8
37.8
+57.2%
Diluted shares, weighted
102m
63m
39m
+63.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,052
831
146
+26.6%
Non-controlling interest
443
321
389
+37.9%
Short-term borrowings
15.1
27.9
25.0
-45.7%
Debt
907
1,389
565
-34.7%
Other liabilities
4,964
4,752
2,568
+4.5%
Total liabilities and equity
7,381
7,320
3,692
+0.8%
Fixed assets
113
137
29.7
-17.3%
Goodwill
837
845
715
-1.0%
Intangible assets
84.0
111
1.0
-24.5%
Securities borrowed
1,400
1,471
220
-4.9%
Cash and equivalents
730
533
181
+36.9%
Other assets
4,218
4,223
2,545
-0.1%
Total assets
7,381
7,320
3,692
+0.8%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.