Virtu Financial (VIRT) FY2025 results: revenue $3.6 billion, up 26.2% on the year
Virtu Financial, Inc. (VIRT) reported revenue of $3.6 billion for fiscal 2025, the year ended 31 December 2025, up 26.2% on the year before. Net income was $468 million, up 69.4%, and diluted earnings per share $5.13. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$3.6 billion
+26.2% on the year
FY2018FY2025
Operating margin
30.1%
22.4% a year earlier
FY2018FY2025
Net income
$468 million
+69.4% on the year
FY2018FY2025
Diluted EPS
$5.13
+72.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 kept.
Revenue and trading income rose: Total revenues were $969.9 million, and trading income, net, was $664.9 million, both higher than the prior year quarter.
Adjusted EBITDA rose 55.9%: Adjusted EBITDA was $442.0 million. Adjusted Net Trading Income rose 34.0% to $613.4 million from $457.7 million.
Market Making adjusted trading income up: Adjusted Net Trading Income was $488.7 million for Market Making, against $347.9 million, and $124.8 million for Execution Services, against $109.8 million.
Financing interest expense rose: Financing interest expense on long-term borrowings was $37.1 million, against $26.6 million. Interest and dividends expense was $185.2 million, against $143.4 million.
Adjusted EBITDA margin reached 72.1%: Adjusted EBITDA margin was 72.1%, up from 57.3% in the third quarter release and 61.9% in the prior year quarter.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
518
599
492
-13.5%
Capital expenditure
22.8
12.4
37.8
+83.5%
Free cash flow
496
587
454
-15.5%
Free cash flow margin
13.6%
20.4%
19.8%
Cash from investing
-40.6
-61.8
-94.5
Cash from financing
-281
-470
-585
Depreciation and amortisation
66.8
75.0
89.6
-10.9%
Share-based compensation
100
75.5
63.9
+33.0%
Buybacks
1.6
0.0
1.6
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
85m
88m
94m
-2.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,582
1,254
1,203
+26.2%
Non-controlling interest
391
233
203
+67.7%
Debt
3,457
3,051
3,523
+13.3%
Other liabilities
14,720
10,824
9,538
+36.0%
Total liabilities and equity
20,151
15,362
14,466
+31.2%
Goodwill
1,149
1,149
1,149
0.0%
Intangible assets
155
203
258
-23.7%
Securities borrowed
3,191
2,295
1,722
+39.1%
Cash and equivalents
1,062
873
820
+21.7%
Other assets
14,594
10,843
10,517
+34.6%
Total assets
20,151
15,362
14,466
+31.2%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.