Virtu Financial (VIRT) FY2020 results: revenue $3.2 billion, up 113.5% on the year
Virtu Financial, Inc. (VIRT) reported revenue of $3.2 billion for fiscal 2020, the year ended 31 December 2020, up 113.5% on the year before. Net income was $649 million, and diluted earnings per share $5.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$3.2 billion
+113.5% on the year
FY2013FY2020
Operating margin
42.7%
-7.6% a year earlier
FY2013FY2020
Net income
$649 million
FY2013FY2020
Diluted EPS
$5.16
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,239
1,517
1,879
+113.5%
Operating income
1,383
-116
696
Operating margin
42.7%
-7.6%
37.1%
Interest expense
87.7
122
71.8
-28.0%
Pre-tax income
1,383
-116
696
Income tax
262
-12.3
76.2
Effective tax rate
18.9%
n/a
10.9%
Net income
649
-58.6
289
Net margin
20.0%
-3.9%
15.4%
Diluted EPS
$5.16
-$0.53
$2.78
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,061
169
715
+528.6%
Capital expenditure
28.9
9.3
26.5
+210.0%
Free cash flow
1,032
159
688
+547.2%
Free cash flow margin
31.9%
10.5%
36.6%
Cash from investing
-2.6
-900
329
Cash from financing
-840
770
-835
Depreciation and amortisation
112
115
74.5
-3.2%
Share-based compensation
59.8
71.7
31.9
-16.6%
Buybacks
0.0
0.2
66.2
Dividends paid
120
112
100
+7.2%
Dividend per share
$0.24
$0.24
n/a
0.0%
Diluted shares, weighted
122m
114m
102m
+7.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,469
931
1,052
+57.7%
Non-controlling interest
386
298
443
+29.9%
Short-term borrowings
n/a
73.5
15.1
Debt
2,165
1,918
907
+12.9%
Finance lease liabilities
11.7
13.4
n/a
-12.6%
Other liabilities
5,934
6,376
4,964
-6.9%
Total liabilities and equity
9,966
9,609
7,381
+3.7%
Fixed assets
n/a
n/a
113
Goodwill
1,149
1,149
837
0.0%
Intangible assets
454
530
84.0
-14.2%
Securities borrowed
1,425
1,929
1,400
-26.1%
Cash and equivalents
890
732
730
+21.5%
Other assets
6,048
5,270
4,218
+14.8%
Total assets
9,966
9,609
7,381
+3.7%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.