Virtu Financial (VIRT) FY2023 results: revenue $2.3 billion, down 3.0% on the year

Virtu Financial, Inc. (VIRT) reported revenue of $2.3 billion for fiscal 2023, the year ended 31 December 2023, down 3.0% on the year before. Net income was $142 million, down 46.4%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$2.3 billion

-3.0% on the year

FY2016FY2023

Operating margin

14.2%

23.5% a year earlier

FY2016FY2023

Net income

$142 million

-46.4% on the year

FY2016FY2023

Diluted EPS

$1.42

-41.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,293	2,365	2,811	-3.0%
Operating income	325	557	997	-41.6%
Operating margin	14.2%	23.5%	35.5%
Interest expense	99.3	92.0	80.0	+7.9%
Pre-tax income	325	557	997	-41.6%
Income tax	61.2	88.5	170	-30.8%
Effective tax rate	18.8%	15.9%	17.0%
Net income	142	265	477	-46.4%
Net margin	6.2%	11.2%	17.0%
Diluted EPS	$1.42	$2.44	$3.91	-41.8%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	492	707	1,172	-30.4%
Capital expenditure	37.8	27.2	24.6	+38.9%
Free cash flow	454	680	1,147	-33.2%
Free cash flow margin	19.8%	28.7%	40.8%
Cash from investing	-94.5	-29.5	-87.3
Cash from financing	-585	-736	-958
Depreciation and amortisation	89.6	90.9	98.1	-1.5%
Share-based compensation	63.9	67.2	55.8	-4.9%
Buybacks	1.6	8.3	3.5	-81.0%
Dividend per share	$0.24	$0.24	$0.24	0.0%
Diluted shares, weighted	94m	104m	118m	-9.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,203	1,342	1,549	-10.4%
Non-controlling interest	203	310	314	-34.5%
Debt	3,523	2,427	2,181	+45.1%
Other liabilities	9,538	6,504	6,275	+46.6%
Total liabilities and equity	14,466	10,583	10,320	+36.7%
Goodwill	1,149	1,149	1,149	0.0%
Intangible assets	258	321	386	-19.9%
Securities borrowed	1,722	1,188	1,349	+45.0%
Cash and equivalents	820	982	1,071	-16.4%
Other assets	10,517	6,944	6,364	+51.5%
Total assets	14,466	10,583	10,320	+36.7%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.