Virtu Financial (VIRT) Q4 FY2025 earnings: revenue $970 million, up 16.3% on the year

Virtu Financial, Inc. (VIRT) reported revenue of $970 million for Q4 FY2025, the quarter ended 31 December 2025, up 16.3% on the same quarter a year earlier. Net income was $140 million, up 48.7% on the year, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue$970 millionup 16.3%

Net income$140 millionup 48.7%

Diluted EPS$1.54

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	970	825	834	+16.3%
Operating income	344	180	203	+69.6%
Operating margin	35.4%	21.8%	24.3%
Interest expense	37.1	33.3	26.6	+39.3%
Pre-tax income	344	180	203	+69.6%
Income tax	63.0	30.9	26.5	+137.5%
Effective tax rate	18.3%	17.2%	13.1%
Net income	140	77.6	94.1	+48.7%
Net margin	14.4%	9.4%	11.3%
Diluted EPS	$1.54	$0.86	$1.03	+49.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	509	-68.7	391	+30.1%
Capital expenditure	3.9	8.0	n/a	n/a
Free cash flow	506	-76.7	n/a	n/a
Free cash flow margin	52.1%	-9.3%	n/a
Cash from investing	-2.8	-26.4	-6.2	n/a
Cash from financing	-137	63.4	-197	n/a
Share-based compensation	29.1	26.9	24.5	+18.5%
Buybacks	0.0	0.0	0.0	n/a
Dividend per share	n/a	$0.24	n/a	n/a
Diluted shares, weighted	n/a	85m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	1,582	1,455	1,254	+26.2%
Non-controlling interest	391	246	233	+67.7%
Debt	2,039	2,039	1,740	+17.2%
Other liabilities	16,138	17,532	12,134	+33.0%
Total liabilities and equity	20,151	21,272	15,362	+31.2%
Goodwill	1,149	1,149	1,149	+0.0%
Intangible assets	155	167	203	-23.7%
Securities borrowed	3,191	3,099	2,295	+39.1%
Cash and equivalents	1,062	708	873	+21.7%
Other assets	14,594	16,150	10,843	+34.6%
Total assets	20,151	21,272	15,362	+31.2%

Questions

What was Virtu Financial's revenue in Q4 FY2025?

Virtu Financial (VIRT) reported revenue of $970 million for Q4 FY2025, the quarter ended 31 December 2025, up 16.3% on the same quarter a year earlier.

How much did Virtu Financial earn in Q4 FY2025?

Net income for Q4 FY2025 was $140 million, up 48.7% on the year, and diluted earnings per share $1.54.

When did Virtu Financial report Q4 FY2025 results?

Virtu Financial filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	630	536	643	693	707	834	838	1,000	825	970	1,095	1,190
Operating income	138	16.8	140	155	147	203	224	347	180	344	410	343
Operating margin	22%	3%	22%	22%	21%	24%	27%	35%	22%	35%	37%	29%
Interest expense	25.4	24.8	23.2	23.4	24.5	26.6	29.9	32.6	33.3	37.1	34.8	34.8
Pre-tax income	138	16.8	140	155	147	203	224	347	180	344	410	343
Tax rate	15%	60%	20%	18%	19%	13%	15%	16%	17%	18%	15%	17%
Net income	61.9	5.5	55.8	66.6	60.0	94.1	99.7	151	77.6	140	182	151
Net margin	10%	1%	9%	10%	8%	11%	12%	15%	9%	14%	17%	13%
Diluted EPS	$0.63	$0.05	$0.59	$0.71	$0.64	$1.03	$1.08	$1.65	$0.86	$1.54	$1.99	$1.63
Operating cash flow	170	348	-395	491	112	391	15.0	62.8	-68.7	509	-0.1	117
Capital expenditure	2.4	13.5	2.8	3.9	5.9	n/a	5.7	5.2	8.0	3.9	5.6	19.0
Free cash flow	168	335	-398	487	106	n/a	9.2	57.6	-76.7	506	-5.8	98.1
Buybacks	-0.4	1.6	0.0	0.0	0.0	0.0	1.6	0.0	0.0	0.0	0.0	0.0
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 20 February 2026, accession 0001592386-26-000009: the filing on EDGAR. All of Virtu Financial, Inc.'s filings: EDGAR company page.

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