Virtu Financial (VIRT) FY2024 results: revenue $2.9 billion, up 25.4% on the year

Virtu Financial, Inc. (VIRT) reported revenue of $2.9 billion for fiscal 2024, the year ended 31 December 2024, up 25.4% on the year before. Net income was $276 million, up 94.6%, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$2.9 billion

+25.4% on the year

FY2017FY2024

Operating margin

22.4%

14.2% a year earlier

FY2017FY2024

Net income

$276 million

+94.6% on the year

FY2017FY2024

Diluted EPS

$2.97

+109.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,877	2,293	2,365	+25.4%
Operating income	645	325	557	+98.4%
Operating margin	22.4%	14.2%	23.5%
Interest expense	97.8	99.3	92.0	-1.5%
Pre-tax income	645	325	557	+98.4%
Income tax	110	61.2	88.5	+80.4%
Effective tax rate	17.1%	18.8%	15.9%
Net income	276	142	265	+94.6%
Net margin	9.6%	6.2%	11.2%
Diluted EPS	$2.97	$1.42	$2.44	+109.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	599	492	707	+21.8%
Capital expenditure	12.4	37.8	27.2	-67.1%
Free cash flow	587	454	680	+29.2%
Free cash flow margin	20.4%	19.8%	28.7%
Cash from investing	-61.8	-94.5	-29.5
Cash from financing	-470	-585	-736
Depreciation and amortisation	75.0	89.6	90.9	-16.3%
Share-based compensation	75.5	63.9	67.2	+18.1%
Buybacks	0.0	1.6	8.3
Dividend per share	$0.24	$0.24	$0.24	0.0%
Diluted shares, weighted	88m	94m	104m	-6.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,254	1,203	1,342	+4.3%
Non-controlling interest	233	203	310	+15.1%
Debt	3,051	3,523	2,427	-13.4%
Other liabilities	10,824	9,538	6,504	+13.5%
Total liabilities and equity	15,362	14,466	10,583	+6.2%
Goodwill	1,149	1,149	1,149	0.0%
Intangible assets	203	258	321	-21.1%
Securities borrowed	2,295	1,722	1,188	+33.2%
Cash and equivalents	873	820	982	+6.3%
Other assets	10,843	10,517	6,944	+3.1%
Total assets	15,362	14,466	10,583	+6.2%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.