Virtu Financial (VIRT) FY2022 results: revenue $2.4 billion, down 15.9% on the year

Virtu Financial, Inc. (VIRT) reported revenue of $2.4 billion for fiscal 2022, the year ended 31 December 2022, down 15.9% on the year before. Net income was $265 million, down 44.4%, and diluted earnings per share $2.44. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2023.

Revenue

$2.4 billion

-15.9% on the year

FY2015FY2022

Operating margin

23.5%

35.5% a year earlier

FY2015FY2022

Net income

$265 million

-44.4% on the year

FY2015FY2022

Diluted EPS

$2.44

-37.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,365	2,811	3,239	-15.9%
Operating income	557	997	1,383	-44.1%
Operating margin	23.5%	35.5%	42.7%
Interest expense	92.0	80.0	87.7	+15.1%
Pre-tax income	557	997	1,383	-44.1%
Income tax	88.5	170	262	-47.9%
Effective tax rate	15.9%	17.0%	18.9%
Net income	265	477	649	-44.4%
Net margin	11.2%	17.0%	20.0%
Diluted EPS	$2.44	$3.91	$5.16	-37.6%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	707	1,172	1,061	-39.7%
Capital expenditure	27.2	24.6	28.9	+10.7%
Free cash flow	680	1,147	1,032	-40.8%
Free cash flow margin	28.7%	40.8%	31.9%
Cash from investing	-29.5	-87.3	-2.6
Cash from financing	-736	-958	-840
Depreciation and amortisation	90.9	98.1	112	-7.3%
Share-based compensation	67.2	55.8	59.8	+20.6%
Buybacks	8.3	3.5	0.0	+139.0%
Dividends paid	n/a	n/a	120
Dividend per share	$0.24	$0.24	$0.24	0.0%
Diluted shares, weighted	104m	118m	122m	-11.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,342	1,549	1,469	-13.4%
Non-controlling interest	310	314	386	-1.5%
Debt	2,427	2,181	2,165	+11.3%
Finance lease liabilities	n/a	n/a	11.7
Other liabilities	6,504	6,275	5,934	+3.6%
Total liabilities and equity	10,583	10,320	9,966	+2.6%
Goodwill	1,149	1,149	1,149	0.0%
Intangible assets	321	386	454	-16.8%
Securities borrowed	1,188	1,349	1,425	-12.0%
Cash and equivalents	982	1,071	890	-8.4%
Other assets	6,944	6,364	6,048	+9.1%
Total assets	10,583	10,320	9,966	+2.6%

10-K for the year ended 31 December 2022, filed 17 February 2023: the filing.