Virtu Financial (VIRT) Financials

$42.39 -0.34 (-0.80%)

Closing price 08/28/2025 03:59 PM Eastern

Extended Trading

$42.11 -0.28 (-0.65%)

As of 07:35 AM Eastern

Annual Income Statements for Virtu Financial

This table shows Virtu Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	190	21	33	2.94	289	-59	649	477	265	142	276
Consolidated Net Income / (Loss)	190	197	158	19	620	-104	1,121	827	468	264	535
Net Income / (Loss) Continuing Operations	190	197	158	19	620	-104	1,121	827	468	264	535
Total Pre-Tax Income	194	216	180	113	696	-116	1,383	997	557	325	645
Total Revenue	723	796	703	1,024	1,855	1,451	3,239	2,811	2,365	2,293	2,877
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	723	796	703	1,024	1,855	1,451	3,239	2,811	2,365	2,293	2,877
Service Charges on Deposit Accounts	9.98	11	10	117	184	499	601	614	530	456	517
Other Service Charges	-	-	-	95	340	-2.15	83	16	47	74	76
Net Realized & Unrealized Capital Gains on Investments	685	757	666	762	1,243	846	2,493	2,105	1,629	1,301	1,822
Other Non-Interest Income	28	28	26	50	88	109	62	75	159	463	462
Total Non-Interest Expense	529	580	523	911	1,159	1,567	1,856	1,815	1,808	1,968	2,232
Salaries and Employee Benefits	87	132	87	178	216	384	394	376	391	394	435
Net Occupancy & Equipment Expense	69	69	71	132	176	209	214	212	220	231	236
Property & Liability Insurance Claims	3.00	-	0.00	25	11	26	2.94	0.84	1.12	0.31	0.31
Other Operating Expenses	309	316	307	449	597	690	1,018	1,008	973	1,117	1,346
Depreciation Expense	30	34	30	47	61	66	67	68	66	63	66
Amortization Expense	0.21	0.21	0.21	15	26	71	74	70	65	64	50
Other Special Charges	31	29	28	64	72	122	88	80	92	99	98
Income Tax Expense	3.50	18	21	94	76	-12	262	170	88	61	110
Net Income / (Loss) Attributable to Noncontrolling Interest	-	177	125	16	331	-45	472	350	203	122	258
Basic Earnings per Share	-	$0.60	$0.83	$0.03	$2.82	($0.53)	$5.19	$3.95	$2.45	$1.42	$2.98
Weighted Average Basic Shares Outstanding	-	34.96M	38.54M	62.58M	100.88M	113.92M	121.69M	117.34M	104.00M	94.08M	87.48M
Diluted Earnings per Share	-	$0.59	$0.83	$0.03	$2.78	($0.53)	$5.16	$3.91	$2.44	$1.42	$2.97
Weighted Average Diluted Shares Outstanding	-	35.34M	38.54M	62.58M	102.09M	113.92M	122.33M	118.42M	104.42M	94.08M	87.82M
Weighted Average Basic & Diluted Shares Outstanding	-	34.80M	39.70M	98M	102.60M	192.18M	192.41M	177.92M	166.83M	158.11M	154.91M
Cash Dividends to Common per Share	-	-	-	-	-	$0.24	$0.24	$0.24	$0.24	$0.24	$0.24

This table shows Virtu Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	28	58	17	62	5.54	56	67	60	94	100	151
Consolidated Net Income / (Loss)	40	110	30	118	6.70	111	128	119	176	190	293
Net Income / (Loss) Continuing Operations	40	110	30	118	6.70	111	128	119	176	190	293
Total Pre-Tax Income	40	135	35	138	17	140	155	147	203	224	347
Total Revenue	498	620	507	630	536	643	693	707	834	838	1,000
Net Interest Income / (Expense)	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Non-Interest Income	498	620	507	630	536	643	693	707	834	838	1,000
Service Charges on Deposit Accounts	118	121	110	110	114	119	126	132	140	151	154
Other Service Charges	2.94	4.18	-6.80	76	0.37	10	33	5.99	26	-12	65
Net Realized & Unrealized Capital Gains on Investments	313	413	306	316	267	408	426	444	544	590	653
Other Non-Interest Income	64	82	98	128	155	106	107	125	124	109	128
Total Non-Interest Expense	458	486	471	492	519	503	538	560	632	614	653
Salaries and Employee Benefits	86	103	96	97	98	101	106	108	121	119	136
Net Occupancy & Equipment Expense	55	57	57	57	60	58	59	60	59	60	61
Property & Liability Insurance Claims	0.01	0.02	0.01	0.01	0.29	0.14	0.06	0.07	0.05	0.34	0.06
Other Operating Expenses	260	270	262	281	304	290	321	340	396	377	395
Depreciation Expense	16	15	16	16	16	16	16	16	17	16	16
Amortization Expense	16	16	16	16	16	15	12	12	12	12	12
Other Special Charges	25	24	25	25	25	23	23	24	27	30	33
Income Tax Expense	0.06	25	5.92	21	10	29	27	28	27	34	54
Net Income / (Loss) Attributable to Noncontrolling Interest	12	52	13	56	1.16	55	62	59	82	90	142
Basic Earnings per Share	$0.30	$0.56	$0.16	$0.63	$0.07	$0.59	$0.71	$0.65	$1.03	$1.09	$1.65
Weighted Average Basic Shares Outstanding	104.00M	97.80M	94.97M	93.41M	94.08M	89.00M	88.14M	87.15M	87.48M	85.68M	85.49M
Diluted Earnings per Share	$0.31	$0.56	$0.16	$0.63	$0.07	$0.59	$0.71	$0.64	$1.03	$1.08	$1.65
Weighted Average Diluted Shares Outstanding	104.42M	97.81M	94.97M	93.41M	94.08M	89.00M	88.36M	87.54M	87.82M	86.05M	85.53M
Weighted Average Basic & Diluted Shares Outstanding	166.83M	164.37M	162.96M	159.18M	158.11M	157.19M	155.86M	154.62M	154.91M	154.20M	152.86M

This table details how cash moves in and out of Virtu Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	9.85	87	18	342	208	37	234	114	-83	-183	59
Net Cash From Operating Activities	273	260	240	291	715	169	1,061	1,172	707	492	599
Net Cash From Continuing Operating Activities	273	260	240	291	715	169	1,061	1,172	707	492	599
Net Income / (Loss) Continuing Operations	190	197	158	19	620	-104	1,121	827	468	264	535
Consolidated Net Income / (Loss)	190	197	158	19	620	-104	1,121	827	468	264	535
Depreciation Expense	30	34	30	47	61	66	67	68	66	63	66
Amortization Expense	1.55	1.97	1.90	21	37	82	100	77	72	75	57
Non-Cash Adjustments to Reconcile Net Income	12	73	29	-27	-269	403	-12	77	71	111	33
Changes in Operating Assets and Liabilities, net	38	-46	21	231	266	-278	-215	123	29	-22	-92
Net Cash From Investing Activities	-36	-24	-59	-838	329	-900	-2.56	-87	-30	-94	-62
Net Cash From Continuing Investing Activities	-36	-24	-59	-838	329	-900	-2.56	-87	-30	-94	-62
Purchase of Property, Leasehold Improvements and Equipment	-36	-24	-20	-33	-48	-58	-60	-60	-65	-76	-54
Purchase of Investment Securities	-	-	-39	0.00	0.00	-842	-10	-27	35	-18	-7.53
Net Cash From Financing Activities	-222	-144	-161	890	-835	770	-840	-958	-736	-585	-470
Net Cash From Continuing Financing Activities	-222	-144	-159	890	-835	770	-840	-958	-736	-585	-470
Issuance of Debt	-	45	76	1,122	0.00	1,532	-11	-2.02	1,741	-3.94	1,780
Repayment of Debt	-80	-3.89	-29	-794	-517	-536	-298	-39	-1,636	-77	-1,754
Repurchase of Common Equity	-	-290	-4.54	-14	-75	-16	-50	-431	-489	-231	-191
Payment of Dividends	-	-17	-38	-153	-100	-212	-484	-548	-375	-306	-299
Other Financing Activities, Net	-141	-213	-180	-7.05	-143	0.93	3.15	62	23	33	-5.06
Effect of Exchange Rate Changes	-5.03	-4.26	-1.17	-	-	-1.48	15	-12	-24	4.96	-9.05
Cash Interest Paid	61	63	55	113	139	205	174	160	247	632	586
Cash Income Taxes Paid	3.76	13	16	5.98	94	12	249	135	104	39	43

This table details how cash moves in and out of Virtu Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	148	-229	-63	-19	129	-426	287	22	176	-143	19
Net Cash From Operating Activities	416	-148	122	170	348	-395	491	112	391	15	63
Net Cash From Continuing Operating Activities	416	-148	122	170	348	-395	491	112	391	15	63
Net Income / (Loss) Continuing Operations	40	110	30	118	6.70	111	128	119	176	190	293
Consolidated Net Income / (Loss)	40	110	30	118	6.70	111	128	119	176	190	293
Depreciation Expense	16	15	16	16	16	16	16	16	17	16	16
Amortization Expense	17	18	18	18	22	16	14	14	13	13	14
Non-Cash Adjustments to Reconcile Net Income	-26	20	13	33	45	-13	20	-1.41	26	34	-58
Changes in Operating Assets and Liabilities, net	369	-311	46	-14	258	-527	312	-36	158	-238	-202
Net Cash From Investing Activities	-19	-36	-19	-15	-24	-27	-8.97	-19	-6.19	-31	20
Net Cash From Continuing Investing Activities	-19	-36	-19	-15	-24	-27	-8.97	-19	-6.19	-31	20
Purchase of Property, Leasehold Improvements and Equipment	-15	-34	-14	-7.98	-20	-26	-9.19	-12	-7.20	-30	-11
Purchase of Investment Securities	-3.34	-1.35	-5.51	-7.35	-4.15	-1.28	0.22	-7.48	1.01	-1.35	-7.25
Net Cash From Financing Activities	-269	-47	-169	-170	-200	0.36	-195	-78	-197	-132	-76
Net Cash From Continuing Financing Activities	-269	-47	-169	-170	-200	0.36	-195	-78	-197	-132	-76
Issuance of Debt	-164	121	-10.00	-15	-100	140	1,677	55	-91	1,323	139
Repurchase of Common Equity	-46	-94	-42	-49	-46	-52	-31	-50	-58	-90	-69
Payment of Dividends	-59	-52	-94	-106	-54	-68	-93	-87	-52	-95	-160
Other Financing Activities, Net	-	0.00	-23	-0.06	56	-20	2.51	8.62	4.03	-18	13
Effect of Exchange Rate Changes	19	1.65	2.53	-4.01	4.79	-3.53	0.44	6.84	-13	4.74	13
Cash Interest Paid	78	97	129	145	262	142	143	141	160	134	179
Cash Income Taxes Paid	3.12	3.47	12	18	5.09	6.61	19	6.59	11	12	63

This table presents Virtu Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,319	3,392	3,692	7,320	7,381	9,609	9,966	10,320	10,583	14,466	15,362
Cash and Due from Banks	76	163	181	533	730	732	890	1,071	982	820	873
Restricted Cash	-	-	-	-	6.50	41	117	49	57	35	41
Trading Account Securities	516	468	220	1,471	1,415	2,072	1,448	5,726	6,155	10,593	11,081
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	-	-	-	-	11	104	214	146	81	106	150
Premises and Equipment, Net	45	38	30	137	-	116	114	90	85	100	91
Goodwill	715	715	715	845	837	1,149	1,149	1,149	1,149	1,149	1,149
Intangible Assets	1.41	1.20	0.99	111	197	530	454	386	321	258	203
Other Assets	1,966	2,006	2,545	4,223	4,185	4,866	5,579	1,702	1,753	1,405	1,773
Total Liabilities & Shareholders' Equity	3,319	3,392	3,692	7,320	7,381	9,609	9,966	10,320	10,583	14,466	15,362
Total Liabilities	2,813	2,834	3,158	6,168	5,886	8,380	8,111	8,456	8,932	13,061	13,874
Short-Term Debt	688	532	721	1,135	875	1,331	1,521	1,202	952	2,987	2,275
Long-Term Debt	994	1,018	787	2,143	2,037	3,518	2,588	2,747	2,856	3,057	4,172
Other Long-Term Liabilities	1,131	1,284	1,650	2,890	2,974	3,532	4,002	4,507	5,124	7,017	7,427
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	212	558	534	1,152	1,495	1,229	1,855	1,864	1,651	1,405	1,487
Total Preferred & Common Equity	212	131	146	831	1,052	931	1,469	1,549	1,342	1,203	1,254
Total Common Equity	212	131	146	831	1,052	931	1,469	1,549	1,342	1,203	1,254
Common Stock	-	131	156	901	1,010	1,077	1,161	1,223	1,293	1,352	1,432
Retained Earnings	-91	3.53	-1.25	-62	97	-90	422	831	972	1,000	1,169
Treasury Stock	-	-3.82	-8.36	-11	-55	-55	-89	-494	-955	-1,166	-1,340
Accumulated Other Comprehensive Income / (Loss)	-3.71	0.10	-0.25	2.99	-0.08	-0.65	-25	-10	32	17	-7.06
Noncontrolling Interest	-	427	389	321	443	298	386	314	310	203	233

This table presents Virtu Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	11,861	13,390	17,618	12,790	13,929	14,401	17,548	19,284
Cash and Due from Banks	769	699	689	400	685	701	724	752
Restricted Cash	40	47	38	30	32	37	47	38
Trading Account Securities	7,610	8,911	12,939	8,733	10,042	10,196	12,654	14,667
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	109	131	148	119	125	170	189	360
Premises and Equipment, Net	93	96	92	97	95	94	93	92
Goodwill	1,149	1,149	1,149	1,149	1,149	1,149	1,149	1,149
Intangible Assets	305	289	273	243	227	215	190	178
Other Assets	1,785	2,068	2,290	2,020	1,575	1,839	2,501	2,047
Total Liabilities & Shareholders' Equity	11,861	13,390	17,618	12,790	13,929	14,401	17,548	19,284
Total Liabilities	10,226	11,837	16,108	11,366	12,501	12,981	15,987	17,651
Short-Term Debt	1,495	2,120	4,089	1,481	2,048	1,892	2,415	3,443
Long-Term Debt	2,807	3,085	3,239	3,367	3,296	3,851	4,568	4,862
Other Long-Term Liabilities	5,925	6,632	8,780	6,517	7,157	7,239	9,003	9,346
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,635	1,552	1,511	1,424	1,429	1,419	1,562	1,633
Total Preferred & Common Equity	1,306	1,275	1,265	1,212	1,231	1,232	1,310	1,407
Total Common Equity	1,306	1,275	1,265	1,212	1,231	1,232	1,310	1,407
Common Stock	1,323	1,335	1,343	1,380	1,394	1,416	1,476	1,504
Retained Earnings	988	980	1,018	1,018	1,062	1,098	1,227	1,356
Treasury Stock	-1,030	-1,072	-1,121	-1,202	-1,233	-1,282	-1,388	-1,455
Accumulated Other Comprehensive Income / (Loss)	25	31	24	16	8.71	0.96	-5.55	2.23
Noncontrolling Interest	330	277	245	212	198	187	252	226

This table displays calculated financial ratios and metrics derived from Virtu Financial's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.81%	10.12%	-11.76%	45.80%	81.13%	-21.79%	123.24%	-13.21%	-15.89%	-3.02%	25.45%
EBITDA Growth	4.23%	11.52%	-16.03%	-13.94%	336.87%	-95.97%	4,747.17%	-26.37%	-39.11%	-33.26%	65.62%
EBIT Growth	3.18%	11.56%	-16.83%	-36.99%	515.36%	-116.66%	1,292.29%	-27.91%	-44.15%	-41.61%	98.37%
NOPAT Growth	4.31%	3.91%	-19.82%	-88.06%	3,181.79%	-113.09%	1,480.65%	-26.20%	-43.39%	-43.65%	102.54%
Net Income Growth	4.31%	3.91%	-19.82%	-88.06%	3,181.79%	-116.72%	1,180.87%	-26.20%	-43.39%	-43.65%	102.54%
EPS Growth	0.00%	0.00%	40.68%	-96.39%	9,166.67%	-119.06%	1,073.58%	-24.22%	-37.60%	-41.80%	109.15%
Operating Cash Flow Growth	5.14%	-4.55%	-7.95%	21.28%	145.93%	-76.38%	528.59%	10.44%	-39.67%	-30.42%	21.80%
Free Cash Flow Firm Growth	0.00%	113.93%	-19.71%	-1,159.76%	127.14%	-372.57%	170.49%	-20.81%	-15.96%	-309.94%	102.83%
Invested Capital Growth	0.00%	-3.69%	-3.09%	116.86%	-0.51%	37.91%	-1.87%	-2.53%	-6.08%	36.44%	6.52%
Revenue Q/Q Growth	0.00%	-4.40%	-0.84%	40.16%	20.37%	-23.53%	11.91%	1.57%	0.00%	1.69%	11.57%
EBITDA Q/Q Growth	0.00%	-8.74%	-4.28%	168.37%	1.39%	-83.27%	22.42%	-2.75%	0.00%	-3.68%	30.19%
EBIT Q/Q Growth	0.00%	-9.98%	-4.61%	434.02%	2.68%	-292.76%	26.18%	-3.16%	0.00%	-6.58%	40.47%
NOPAT Q/Q Growth	0.00%	-11.62%	-4.96%	-6.32%	22.65%	-210.23%	25.41%	-1.40%	0.00%	-11.09%	46.39%
Net Income Q/Q Growth	0.00%	-11.62%	-4.96%	-6.32%	22.65%	-240.81%	25.41%	-1.40%	0.00%	-11.09%	46.39%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-75.00%	22.47%	-340.91%	24.34%	1.82%	0.00%	-14.46%	47.76%
Operating Cash Flow Q/Q Growth	0.00%	-26.51%	15.26%	8.33%	84.03%	207.63%	6.24%	23.09%	0.00%	-12.19%	7.81%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-47.14%	15.11%	-22.78%	-23.95%	4.62%	589.36%	-87.54%	79.80%	-97.61%
Invested Capital Q/Q Growth	0.00%	-1.05%	9.00%	-5.42%	1.15%	4.00%	7.31%	-11.87%	0.00%	-15.72%	10.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	31.19%	31.59%	30.06%	17.74%	42.80%	2.20%	47.85%	40.60%	29.39%	20.22%	26.70%
EBIT Margin	26.77%	27.12%	25.56%	11.05%	37.53%	-7.99%	42.69%	35.46%	23.55%	14.18%	22.42%
Profit (Net Income) Margin	26.29%	24.80%	22.54%	1.84%	33.43%	-7.15%	34.60%	29.42%	19.80%	11.51%	18.58%
Tax Burden Percent	98.19%	91.46%	88.17%	16.70%	89.06%	89.41%	81.06%	82.98%	84.11%	81.17%	82.88%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	1.81%	8.54%	11.83%	83.30%	10.94%	0.00%	18.94%	17.02%	15.89%	18.83%	17.12%
Return on Invested Capital (ROIC)	17.37%	9.19%	7.63%	0.58%	14.04%	-1.55%	18.62%	14.05%	8.31%	4.09%	6.95%
ROIC Less NNEP Spread (ROIC-NNEP)	17.37%	9.19%	7.63%	0.58%	14.04%	-2.13%	18.62%	14.05%	8.31%	4.09%	6.95%
Return on Net Nonoperating Assets (RNNOA)	57.65%	27.91%	21.36%	1.66%	32.84%	-6.07%	54.08%	30.44%	18.34%	13.18%	30.01%
Return on Equity (ROE)	75.02%	37.10%	28.99%	2.24%	46.87%	-7.62%	72.69%	44.49%	26.65%	17.27%	36.96%
Cash Return on Invested Capital (CROIC)	-182.63%	12.96%	10.77%	-73.18%	14.55%	-33.41%	20.51%	16.61%	14.58%	-26.73%	0.63%
Operating Return on Assets (OROA)	5.83%	6.43%	5.07%	2.06%	9.47%	-1.37%	14.13%	9.83%	5.33%	2.60%	4.32%
Return on Assets (ROA)	5.73%	5.89%	4.47%	0.34%	8.44%	-1.22%	11.45%	8.16%	4.48%	2.11%	3.58%
Return on Common Equity (ROCE)	31.43%	11.95%	7.34%	1.30%	33.34%	-5.55%	56.57%	36.11%	21.92%	14.37%	31.39%
Return on Equity Simple (ROE_SIMPLE)	89.54%	151.09%	108.70%	2.28%	58.96%	-11.13%	76.33%	53.39%	34.90%	21.94%	42.62%
Net Operating Profit after Tax (NOPAT)	190	197	158	19	620	-81	1,121	827	468	264	535
NOPAT Margin	26.29%	24.80%	22.54%	1.84%	33.43%	-5.60%	34.60%	29.42%	19.80%	11.51%	18.58%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	21.58%	25.23%	22.50%	30.24%	21.11%	40.87%	18.75%	20.92%	25.81%	27.24%	23.33%
Operating Expenses to Revenue	73.23%	72.88%	74.44%	88.95%	62.47%	107.99%	57.31%	64.54%	76.45%	85.82%	77.58%
Earnings before Interest and Taxes (EBIT)	194	216	180	113	696	-116	1,383	997	557	325	645
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	226	252	211	182	794	32	1,550	1,141	695	464	768
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	16.22	10.88	3.13	3.64	0.85	2.86	3.02	2.39	2.58	4.40
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	212.92	0.00	0.00	331.64	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	2.66	2.26	2.54	2.07	0.55	1.30	1.67	1.36	1.35	1.92
Price to Earnings (P/E)	0.00	101.48	48.05	883.88	13.24	0.00	6.46	9.83	12.10	21.85	19.96
Dividend Yield	0.00%	3.14%	8.41%	6.92%	4.74%	7.28%	4.43%	3.73%	5.15%	4.92%	2.69%
Earnings Yield	0.00%	0.99%	2.08%	0.11%	7.55%	0.00%	15.47%	10.18%	8.26%	4.58%	5.01%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.87	1.62	1.28	1.46	0.85	1.29	1.35	1.15	1.14	1.42
Enterprise Value to Revenue (EV/Rev)	0.00	4.94	4.70	5.53	3.48	3.56	2.37	2.78	2.66	3.70	3.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	15.64	15.63	31.16	8.12	161.54	4.96	6.86	9.05	18.31	14.69
Enterprise Value to EBIT (EV/EBIT)	0.00	18.22	18.38	50.05	9.26	0.00	5.56	7.85	11.29	26.12	17.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	19.92	20.84	299.70	10.40	0.00	6.86	9.46	13.43	32.18	21.11
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	15.11	13.77	19.49	9.03	30.61	7.24	6.68	8.90	17.27	18.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.13	14.77	0.00	10.04	0.00	6.22	8.01	7.65	0.00	231.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.32	2.78	2.82	2.85	1.95	3.95	2.21	2.12	2.31	4.30	4.33
Long-Term Debt to Equity	1.96	1.83	1.47	1.86	1.36	2.86	1.39	1.47	1.73	2.18	2.81
Financial Leverage	3.32	3.04	2.80	2.84	2.34	2.85	2.90	2.17	2.21	3.22	4.32
Leverage Ratio	6.55	6.30	6.49	6.53	5.56	6.24	6.35	5.46	5.95	8.19	10.31
Compound Leverage Factor	6.55	6.30	6.49	6.53	5.56	6.24	6.35	5.46	5.95	8.19	10.31
Debt to Total Capital	76.85%	73.53%	73.84%	74.00%	66.08%	79.78%	68.89%	67.94%	69.75%	81.13%	81.25%
Short-Term Debt to Total Capital	31.45%	25.22%	35.30%	25.62%	19.86%	21.90%	25.51%	20.68%	17.43%	40.10%	28.67%
Long-Term Debt to Total Capital	45.40%	48.31%	38.54%	48.39%	46.22%	57.88%	43.39%	47.26%	52.32%	41.03%	52.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.45%	20.27%	19.03%	7.25%	10.05%	4.90%	6.48%	5.41%	5.67%	2.72%	2.94%
Common Equity to Total Capital	9.70%	6.20%	7.13%	18.75%	23.87%	15.32%	24.62%	26.65%	24.58%	16.15%	15.81%
Debt to EBITDA	7.46	6.16	7.14	18.03	3.67	151.63	2.65	3.46	5.48	13.03	8.39
Net Debt to EBITDA	7.12	5.51	6.28	15.10	2.74	127.45	2.00	2.48	3.99	11.19	7.20
Long-Term Debt to EBITDA	4.41	4.05	3.73	11.79	2.57	110.02	1.67	2.41	4.11	6.59	5.43
Debt to NOPAT	8.85	7.85	9.52	173.46	4.70	-59.72	3.67	4.77	8.13	22.90	12.06
Net Debt to NOPAT	8.45	7.02	8.38	145.26	3.51	-50.20	2.77	3.42	5.91	19.66	10.35
Long-Term Debt to NOPAT	5.23	5.16	4.97	113.41	3.28	-43.33	2.31	3.32	6.10	11.58	7.81
Noncontrolling Interest Sharing Ratio	58.11%	67.78%	74.70%	42.10%	28.86%	27.18%	22.18%	18.84%	17.75%	16.75%	15.07%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,998	278	223	-2,368	643	-1,752	1,235	978	822	-1,725	49
Operating Cash Flow to CapEx	754.17%	1,071.16%	1,182.45%	878.13%	1,490.32%	291.93%	1,757.62%	1,950.43%	1,089.75%	645.98%	1,102.85%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.24	0.20	0.19	0.25	0.17	0.33	0.28	0.23	0.18	0.19
Fixed Asset Turnover	16.20	19.39	20.92	12.29	0.00	0.00	28.21	27.67	27.06	24.72	30.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,188	2,108	2,043	4,430	4,407	6,078	5,964	5,813	5,460	7,449	7,935
Invested Capital Turnover	0.66	0.37	0.34	0.32	0.42	0.28	0.54	0.48	0.42	0.36	0.37
Increase / (Decrease) in Invested Capital	2,188	-81	-65	2,387	-22	1,671	-114	-151	-353	1,989	486
Enterprise Value (EV)	0.00	3,933	3,300	5,664	6,452	5,166	7,685	7,829	6,288	8,494	11,283
Market Capitalization	0.00	2,120	1,585	2,598	3,833	793	4,196	4,686	3,208	3,103	5,517
Book Value per Share	$0.00	$0.94	$1.05	$4.44	$5.56	$15.50	$7.59	$8.50	$12.90	$7.56	$8.11
Tangible Book Value per Share	$0.00	($4.23)	($4.11)	($0.67)	$0.10	($12.43)	($0.70)	$0.08	($1.24)	($1.28)	($0.63)
Total Capital	2,188	2,108	2,043	4,430	4,407	6,078	5,964	5,813	5,460	7,449	7,935
Total Debt	1,682	1,550	1,508	3,278	2,912	4,849	4,109	3,950	3,808	6,044	6,447
Total Long-Term Debt	994	1,018	787	2,143	2,037	3,518	2,588	2,747	2,856	3,057	4,172
Net Debt	1,606	1,387	1,327	2,745	2,176	4,075	3,102	2,829	2,770	5,188	5,533
Capital Expenditures (CapEx)	36	24	20	33	48	58	60	60	65	76	54
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	23	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	1,682	1,550	1,508	3,278	2,912	4,849	4,109	3,950	3,808	6,044	6,447
Total Depreciation and Amortization (D&A)	32	36	32	69	98	148	167	144	138	139	123
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.60	$0.83	$0.03	$2.82	($0.53)	$5.19	$3.95	$2.45	$1.42	$2.98
Adjusted Weighted Average Basic Shares Outstanding	0.00	34.96M	38.54M	62.58M	100.88M	113.92M	121.69M	117.34M	104.00M	94.08M	87.48M
Adjusted Diluted Earnings per Share	$0.00	$0.59	$0.83	$0.03	$2.78	($0.53)	$5.16	$3.91	$2.44	$1.42	$2.97
Adjusted Weighted Average Diluted Shares Outstanding	0.00	35.34M	38.54M	62.58M	102.09M	113.92M	122.33M	118.42M	104.42M	94.08M	87.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	138.80M	139.36M	188.19M	189.89M	192.18M	192.41M	177.92M	166.83M	158.11M	154.91M
Normalized Net Operating Profit after Tax (NOPAT)	220	224	183	124	684	4.11	1,192	894	546	345	616
Normalized NOPAT Margin	30.48%	28.16%	26.09%	12.11%	36.87%	0.28%	36.80%	31.78%	23.08%	15.02%	21.40%
Pre Tax Income Margin	26.77%	27.12%	25.56%	11.05%	37.53%	-7.99%	42.69%	35.46%	23.55%	14.18%	22.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	8.79%	23.85%	811.60%	16.18%	-204.07%	43.22%	66.25%	80.13%	116.00%	56.01%
Augmented Payout Ratio	0.00%	155.52%	26.71%	884.77%	28.33%	-219.57%	47.66%	118.34%	184.50%	203.36%	91.77%

This table displays calculated financial ratios and metrics derived from Virtu Financial's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-11.53%	-16.19%	12.32%	7.68%	3.62%	36.72%	12.16%	55.66%	30.34%	44.24%
EBITDA Growth	0.00%	-39.71%	-66.73%	26.36%	-24.31%	2.69%	167.99%	3.19%	323.23%	46.86%	102.89%
EBIT Growth	0.00%	-44.25%	-79.59%	35.92%	-57.69%	3.75%	338.11%	6.56%	1,106.41%	60.02%	123.33%
NOPAT Growth	0.00%	-44.94%	-80.16%	47.22%	-83.09%	1.11%	333.65%	1.22%	2,527.77%	70.37%	128.68%
Net Income Growth	0.00%	-44.94%	-80.16%	47.22%	-83.09%	1.11%	333.65%	1.22%	2,527.77%	70.37%	128.68%
EPS Growth	0.00%	-42.86%	-79.49%	70.27%	-77.42%	5.36%	343.75%	1.59%	1,371.43%	83.05%	132.39%
Operating Cash Flow Growth	0.00%	41.85%	-61.00%	-26.96%	-16.39%	-166.48%	302.32%	-34.09%	12.47%	103.78%	-87.21%
Free Cash Flow Firm Growth	161.02%	19.96%	-280.41%	-230.63%	-604.31%	-131.07%	116.79%	120.59%	84.38%	-829.28%	-2,634.18%
Invested Capital Growth	-6.08%	-9.34%	11.64%	0.00%	36.44%	5.65%	0.22%	-18.97%	6.52%	36.23%	46.75%
Revenue Q/Q Growth	-11.28%	24.63%	-18.30%	24.33%	-14.95%	19.94%	7.80%	2.00%	18.04%	0.43%	19.30%
EBITDA Q/Q Growth	-46.42%	130.47%	-58.77%	148.16%	-67.91%	212.68%	7.61%	-4.45%	31.63%	8.50%	48.67%
EBIT Q/Q Growth	-60.93%	239.48%	-73.68%	289.39%	-87.84%	732.56%	11.13%	-5.29%	37.68%	10.43%	55.10%
NOPAT Q/Q Growth	-50.38%	177.73%	-73.16%	298.03%	-94.30%	1,561.07%	15.10%	-7.10%	47.94%	7.69%	54.49%
Net Income Q/Q Growth	-50.38%	177.73%	-73.16%	298.03%	-94.30%	1,561.07%	15.10%	-7.10%	47.94%	7.69%	54.49%
EPS Q/Q Growth	-16.22%	80.65%	-71.43%	293.75%	-88.89%	742.86%	20.34%	-9.86%	60.94%	4.85%	52.78%
Operating Cash Flow Q/Q Growth	78.81%	-135.64%	182.22%	39.41%	104.67%	-213.60%	224.13%	-77.16%	249.22%	-96.18%	319.44%
Free Cash Flow Firm Q/Q Growth	-94.11%	83.50%	-193.61%	-1,191.51%	77.27%	88.69%	150.58%	1,483.55%	-117.25%	-572.58%	-37.93%
Invested Capital Q/Q Growth	0.00%	8.74%	13.82%	30.80%	-15.72%	-15.80%	7.97%	5.76%	10.79%	7.69%	16.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	14.63%	27.05%	13.65%	27.25%	10.28%	26.80%	26.76%	25.07%	27.95%	30.20%	37.64%
EBIT Margin	7.98%	21.72%	7.00%	21.92%	3.13%	21.75%	22.42%	20.82%	24.28%	26.70%	34.72%
Profit (Net Income) Margin	7.96%	17.74%	5.83%	18.66%	1.25%	17.32%	18.49%	16.84%	21.11%	22.63%	29.31%
Tax Burden Percent	99.85%	81.69%	83.30%	85.15%	39.90%	79.61%	82.45%	80.88%	86.91%	84.76%	84.43%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.15%	18.31%	16.70%	14.85%	60.10%	20.39%	17.55%	19.12%	13.09%	15.24%	15.57%
Return on Invested Capital (ROIC)	3.34%	6.49%	1.99%	9.52%	0.44%	6.57%	6.84%	5.43%	7.89%	9.38%	11.85%
ROIC Less NNEP Spread (ROIC-NNEP)	3.34%	6.49%	1.99%	9.52%	0.44%	6.57%	6.84%	5.43%	7.89%	9.38%	11.85%
Return on Net Nonoperating Assets (RNNOA)	7.37%	17.82%	5.75%	46.19%	1.43%	19.64%	24.19%	24.21%	34.09%	37.19%	52.83%
Return on Equity (ROE)	10.71%	24.31%	7.74%	55.72%	1.88%	26.21%	31.03%	29.64%	41.98%	46.57%	64.68%
Cash Return on Invested Capital (CROIC)	14.58%	15.86%	-6.96%	-193.28%	-26.73%	-1.15%	5.16%	25.52%	0.63%	-22.40%	-28.59%
Operating Return on Assets (OROA)	1.80%	4.07%	1.23%	5.61%	0.57%	4.09%	4.11%	3.35%	4.68%	5.41%	7.06%
Return on Assets (ROA)	1.80%	3.32%	1.03%	4.78%	0.23%	3.25%	3.39%	2.71%	4.07%	4.58%	5.96%
Return on Common Equity (ROCE)	8.81%	19.58%	6.28%	46.67%	1.56%	21.57%	26.09%	25.27%	35.66%	39.33%	55.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.99%	20.32%	23.46%	0.00%	21.88%	29.55%	29.63%	0.00%	46.79%	55.26%
Net Operating Profit after Tax (NOPAT)	40	110	30	118	6.70	111	128	119	176	190	293
NOPAT Margin	7.96%	17.74%	5.83%	18.66%	1.25%	17.32%	18.49%	16.84%	21.11%	22.63%	29.31%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	28.26%	25.83%	30.09%	24.48%	29.43%	24.73%	23.82%	23.66%	21.57%	21.38%	19.77%
Operating Expenses to Revenue	92.03%	78.28%	93.00%	78.08%	96.87%	78.25%	77.58%	79.18%	75.72%	73.30%	65.28%
Earnings before Interest and Taxes (EBIT)	40	135	35	138	17	140	155	147	203	224	347
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	168	69	172	55	172	185	177	233	253	376
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.39	2.27	2.09	2.13	2.58	2.67	2.87	3.85	4.40	4.51	4.91
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	86.39
Price to Revenue (P/Rev)	1.36	1.29	1.22	1.19	1.35	1.40	1.41	1.84	1.92	1.92	2.04
Price to Earnings (P/E)	12.10	14.04	18.79	16.39	21.85	23.09	18.59	25.27	19.96	18.44	17.06
Dividend Yield	5.15%	5.42%	5.91%	5.82%	4.92%	4.73%	4.28%	3.15%	2.69%	2.52%	2.14%
Earnings Yield	8.26%	7.12%	5.32%	6.10%	4.58%	4.33%	5.38%	3.96%	5.01%	5.42%	5.86%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.14	1.10	1.08	1.14	1.25	1.23	1.39	1.42	1.45	1.47
Enterprise Value to Revenue (EV/Rev)	2.66	2.97	3.39	4.23	3.70	3.40	3.34	3.85	3.92	4.03	4.34
Enterprise Value to EBITDA (EV/EBITDA)	9.05	11.60	16.62	19.81	18.31	16.79	14.29	16.85	14.69	14.57	14.09
Enterprise Value to EBIT (EV/EBIT)	11.29	15.07	23.78	27.40	26.12	23.82	18.56	21.65	17.49	16.97	15.91
Enterprise Value to NOPAT (EV/NOPAT)	13.43	17.91	28.58	32.12	32.18	29.66	22.97	27.22	21.11	20.18	18.83
Enterprise Value to Operating Cash Flow (EV/OCF)	8.90	8.33	11.89	17.03	17.27	32.13	13.61	17.89	18.84	12.25	25.20
Enterprise Value to Free Cash Flow (EV/FCFF)	7.65	6.85	0.00	0.00	0.00	0.00	23.94	4.87	231.46	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.31	2.63	3.35	4.85	4.30	3.40	3.74	4.05	4.33	4.47	5.08
Long-Term Debt to Equity	1.73	1.72	1.99	2.14	2.18	2.36	2.31	2.71	2.81	2.93	2.98
Financial Leverage	2.21	2.74	2.89	4.85	3.22	2.99	3.54	4.46	4.32	3.96	4.46
Leverage Ratio	5.95	7.31	7.53	11.66	8.19	8.06	9.16	10.93	10.31	10.16	10.85
Compound Leverage Factor	5.95	7.31	7.53	11.66	8.19	8.06	9.16	10.93	10.31	10.16	10.85
Debt to Total Capital	69.75%	72.45%	77.03%	82.91%	81.13%	77.30%	78.90%	80.18%	81.25%	81.72%	83.57%
Short-Term Debt to Total Capital	17.43%	25.18%	31.37%	46.26%	40.10%	23.61%	30.24%	26.42%	28.67%	28.26%	34.65%
Long-Term Debt to Total Capital	52.32%	47.27%	45.66%	36.64%	41.03%	53.68%	48.67%	53.77%	52.58%	53.46%	48.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.67%	5.55%	4.10%	2.78%	2.72%	3.39%	2.92%	2.61%	2.94%	2.95%	2.27%
Common Equity to Total Capital	24.58%	21.99%	18.87%	14.32%	16.15%	19.32%	18.18%	17.21%	15.81%	15.33%	14.16%
Debt to EBITDA	5.48	7.36	11.68	15.22	13.03	10.35	9.14	9.73	8.39	8.23	7.99
Net Debt to EBITDA	3.99	5.98	10.01	13.71	11.19	9.44	7.92	8.48	7.20	7.32	7.23
Long-Term Debt to EBITDA	4.11	4.80	6.92	6.73	6.59	7.19	5.64	6.53	5.43	5.38	4.68
Debt to NOPAT	8.13	11.36	20.09	24.68	22.90	18.29	14.69	15.73	12.06	11.39	10.68
Net Debt to NOPAT	5.91	9.23	17.21	22.24	19.66	16.67	12.72	13.71	10.35	10.14	9.66
Long-Term Debt to NOPAT	6.10	7.42	11.91	10.91	11.58	12.70	9.06	10.55	7.81	7.45	6.25
Noncontrolling Interest Sharing Ratio	17.75%	19.48%	18.81%	16.24%	16.75%	17.72%	15.94%	14.75%	15.07%	15.54%	13.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	393	721	-675	-8,721	-1,983	-224	113	1,795	-310	-2,083	-2,873
Operating Cash Flow to CapEx	2,737.10%	-430.93%	881.30%	2,132.07%	1,751.29%	-1,509.33%	5,343.73%	955.51%	5,438.76%	50.46%	567.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.19	0.18	0.26	0.18	0.19	0.18	0.16	0.19	0.20	0.20
Fixed Asset Turnover	27.06	24.90	24.05	0.00	24.72	24.27	26.22	27.72	30.00	32.29	36.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,460	5,937	6,757	8,838	7,449	6,272	6,772	7,162	7,935	8,545	9,938
Invested Capital Turnover	0.42	0.37	0.34	0.51	0.36	0.38	0.37	0.32	0.37	0.41	0.40
Increase / (Decrease) in Invested Capital	-353	-611	705	8,838	1,989	335	15	-1,676	486	2,273	3,166
Enterprise Value (EV)	6,288	6,780	7,407	9,536	8,494	7,863	8,353	9,939	11,283	12,369	14,648
Market Capitalization	3,208	2,958	2,671	2,689	3,103	3,232	3,529	4,748	5,517	5,905	6,907
Book Value per Share	$12.90	$7.83	$7.76	$7.76	$7.56	$13.62	$7.83	$7.91	$8.11	$8.46	$9.13
Tangible Book Value per Share	($1.24)	($0.89)	($0.99)	($0.96)	($1.28)	($2.02)	($0.92)	($0.84)	($0.63)	($0.19)	$0.52
Total Capital	5,460	5,937	6,757	8,838	7,449	6,272	6,772	7,162	7,935	8,545	9,938
Total Debt	3,808	4,301	5,205	7,328	6,044	4,848	5,343	5,743	6,447	6,983	8,305
Total Long-Term Debt	2,856	2,807	3,085	3,239	3,057	3,367	3,296	3,851	4,172	4,568	4,862
Net Debt	2,770	3,492	4,459	6,601	5,188	4,419	4,627	5,004	5,533	6,212	7,515
Capital Expenditures (CapEx)	15	34	14	7.98	20	26	9.19	12	7.20	30	11
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	3,808	4,301	5,205	7,328	6,044	4,848	5,343	5,743	6,447	6,983	8,305
Total Depreciation and Amortization (D&A)	33	33	34	34	38	32	30	30	31	29	29
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.56	$0.16	$0.63	$0.07	$0.59	$0.71	$0.65	$1.03	$1.09	$1.65
Adjusted Weighted Average Basic Shares Outstanding	104.00M	97.80M	94.97M	93.41M	94.08M	89.00M	88.14M	87.15M	87.48M	85.68M	85.49M
Adjusted Diluted Earnings per Share	$0.31	$0.56	$0.16	$0.63	$0.07	$0.59	$0.71	$0.64	$1.03	$1.08	$1.65
Adjusted Weighted Average Diluted Shares Outstanding	104.42M	97.81M	94.97M	93.41M	94.08M	89.00M	88.36M	87.54M	87.82M	86.05M	85.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	166.83M	164.37M	162.96M	159.18M	158.11M	157.19M	155.86M	154.62M	154.91M	154.20M	152.86M
Normalized Net Operating Profit after Tax (NOPAT)	65	130	50	139	29	130	147	139	199	215	320
Normalized NOPAT Margin	13.00%	20.94%	9.91%	22.09%	5.43%	20.19%	21.28%	19.64%	23.88%	25.66%	32.06%
Pre Tax Income Margin	7.98%	21.72%	7.00%	21.92%	3.13%	21.75%	22.42%	20.82%	24.28%	26.70%	34.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	80.13%	79.65%	112.74%	104.78%	116.00%	121.34%	88.30%	82.75%	56.01%	53.28%	50.55%
Augmented Payout Ratio	184.50%	150.64%	214.19%	182.41%	203.36%	192.53%	137.28%	131.81%	91.77%	90.77%	84.93%

Key Financial Trends

Virtu Financial's recent financial performance for Q2 2025 shows strong profitability and solid cash generation, continuing a consistent upward trend over the past four years. Below are key takeaways from the latest quarterly data and longer-term trends:

Q2 2025 Net Income: Virtu reported a net income of $293 million, a substantial increase compared to prior quarters, highlighting robust earnings growth.
Revenue Growth: For Q2 2025, total revenue reached nearly $1 billion driven primarily by $653 million in net realized and unrealized capital gains, showing strong market performance.
Operating Cash Flow: The company generated $62.8 million in net cash from operating activities in Q2 2025, indicating healthy cash flow supporting business operations.
Strong Balance Sheet: Total assets increased to nearly $19.3 billion by the end of Q2 2025, including over $14.7 billion in trading account securities, positioning Virtu as a significant player in the market-making industry.
Healthy Equity: Total equity and noncontrolling interests stand at about $1.63 billion, reflecting a stable capital base and shareholder value.
Consistent Dividend Payments: Quarterly dividends per share have remained steady at $0.24 since at least Q3 2022, signaling a commitment to returning value to shareholders.
Non-Cash Adjustments: The cash flow statement shows a negative $57.7 million in non-cash adjustments in Q2 2025, which may warrant monitoring but is common in financial firms dealing with complex securities.
Debt Financing Activity: The company issued new debt of about $139 million while repaying some existing debt, suggesting ongoing active balance sheet management.
Declining Cash From Financing Activities: Net cash from financing activities was negative $76.1 million in Q2 2025 due to significant dividend payments ($159.8 million) and share repurchases ($68.6 million), which could pressure liquidity in a stressed market environment.
Customer Receivables Increase: Customer and other receivables nearly doubled to $360 million in Q2 2025 versus $189 million in Q1 2025, which may indicate higher credit or settlement exposures requiring careful management.

Trend Analysis: Across the last four years, Virtu Financial has shown steady revenue growth primarily fueled by increases in capital gains income and service charges. Earnings per share (diluted) have advanced from around $0.07 in Q4 2023 to $1.65 in Q2 2025, demonstrating significant earnings expansion. Total assets and shareholder equity have increased consistently, reflecting successful scaling of trading operations and capital management. While the company maintains robust cash flow generation, financing outflows for dividends and buybacks remain sizable, suggesting a focus on shareholder returns.

Investors should note the company's strong earnings momentum and market position but also watch for risks related to cash flow volatility from financing activities and rising receivables balances. Overall, Virtu Financial appears financially healthy with positive fundamentals underpinning its name as a leading electronic market maker.

08/29/25 07:38 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Virtu Financial's Financials

When does Virtu Financial's fiscal year end?

According to the most recent income statement we have on file, Virtu Financial's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Virtu Financial's net income changed over the last 10 years?

Virtu Financial's net income appears to be on an upward trend, with a most recent value of $534.54 million in 2024, rising from $190.06 million in 2014. The previous period was $263.92 million in 2023. See Virtu Financial's forecast for analyst expectations on what’s next for the company.

How has Virtu Financial's revenue changed over the last 10 years?

Over the last 10 years, Virtu Financial's total revenue changed from $723.05 million in 2014 to $2.88 billion in 2024, a change of 297.9%.

How much debt does Virtu Financial have?

Virtu Financial's total liabilities were at $13.87 billion at the end of 2024, a 6.2% increase from 2023, and a 393.3% increase since 2014.

How much cash does Virtu Financial have?

In the past 10 years, Virtu Financial's cash and equivalents has ranged from $75.86 million in 2014 to $1.07 billion in 2021, and is currently $872.51 million as of their latest financial filing in 2024.

How has Virtu Financial's book value per share changed over the last 10 years?

Over the last 10 years, Virtu Financial's book value per share changed from 0.00 in 2014 to 8.11 in 2024, a change of 811.1%.

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This page (NASDAQ:VIRT) was last updated on 8/29/2025 by MarketBeat.com Staff

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Virtu Financial (VIRT) Financials

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Virtu Financial (VIRT) Financials

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