Lee also pointed to compensation trends, noting the company’s full-year 2025 cash compensation ratio was 19% , within the historical range. She said higher compensation expense reflected continued efforts to retain and acquire talent, particularly across trading and technology.For full-year 2025, Lee said Virtu generated adjusted NT of $8.6 million per day , or $2.1 billion in total. The company reported $1.4 billion in adjusted EBITDA, a 65% margin , and $5.73 in adjusted EPS. Lee said these metrics were t ...

Core Insights - Virtu Financial, Inc. (VIRT) reported strong fourth-quarter results with adjusted earnings per share (EPS) of $1.85, exceeding the Zacks Consensus Estimate by 44.8% and reflecting a year-over-year increase of 62.3% [1][7] - The company's adjusted net trading income rose 34% year over year to $613.4 million, surpassing the consensus estimate by 18.2% [1] - The positive performance was driven by increased revenues from commissions and technology services, as well as strong results in both Market Making and Execution Services segments due to heightened trading activity [1] Quarterly Performance - Revenues from commissions and technology services increased by 12.1% year over year to $157.4 million, slightly missing the consensus estimate [3] - Interest and dividend income rose 16.3% year over year to $143.9 million, exceeding the estimate of $128.2 million [3] - Adjusted EBITDA increased by 55.9% year over year to $442 million, with an improved margin of 72.1% compared to 61.9% a year ago [3] Full-Year Highlights - For the full year, adjusted EPS was $5.73, a 61.4% increase year over year, beating the consensus mark of $5.13 [2] - Adjusted net trading income for the year rose 34.3% to $2.15 billion, exceeding the consensus estimate of $2.05 billion [2] - Adjusted EBITDA for the year reached $1.4 billion, a 52.3% increase year over year, with a margin of 65.2% compared to 57.5% the previous year [2] Segment Performance - In the Market Making segment, adjusted net trading income totaled $488.67 million, a 40.5% year-over-year increase, surpassing the consensus estimate of $376.43 million [5] - Execution Services recorded adjusted net trading income of $124.8 million, a 13.6% year-over-year increase, slightly exceeding the estimate of $124.3 million [6] Financial Position - As of December 31, 2025, Virtu Financial had cash and cash equivalents of $1.06 billion, an increase from $872.5 million at the end of 2024 [8] - Total assets rose to $20.2 billion from $15.4 billion at the end of 2024, while total equity increased to $2 billion from $1.5 billion [8] Shareholder Returns - In 2025, Virtu Financial repurchased 3.5 million shares for $135.3 million and announced a quarterly cash dividend of 24 cents per share, payable on March 16, 2026 [9]

Aaron Simons: Thanks, Matt. Good morning, everyone. As a reminder, the prepared remarks for earnings calls moving forward, will focus predominantly on our financial results, allowing us to get to Q&A more quickly. Last call, we spoke about our plans to grow our trading by investing in our infrastructure, acquiring talent and expanding our capital base. We also emphasize that this growth would be a broad effort across the firm not limited to a handful of initiatives. The fourth quarter was a preview of the i ...

Core Viewpoint - Virtu Financial reported quarterly earnings of $1.85 per share, exceeding the Zacks Consensus Estimate of $1.28 per share, and showing a year-over-year increase from $1.14 per share, resulting in an earnings surprise of +44.76% [1] Financial Performance - The company achieved revenues of $613.45 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 18.16% and increasing from $457.7 million year-over-year [2] - Over the last four quarters, Virtu Financial has consistently exceeded consensus EPS estimates and revenue estimates [2] Stock Performance - Virtu Financial shares have increased approximately 12.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [3] Future Outlook - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $1.16 for the upcoming quarter and $4.46 for the current fiscal year, alongside revenues of $498.93 million and $1.95 billion respectively [7] - The Zacks Rank for Virtu Financial is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which Virtu Financial belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Virtu Financial (NasdaqGS:VIRT) Q4 2025 Earnings call January 29, 2026 08:00 AM ET Company ParticipantsAaron Simons - CEOCindy Lee - CFOJoe Molluso - Co-President and Co-COOMatt Sandberg - Head of Corporate Planning and Business AnalyticsRitwik Roy - VPConference Call ParticipantsEli Abboud - Equity Research AnalystKen Worthington - Equity Research AnalystWill Cops - Equity Research AnalystNone - AnalystOperatorHello, everybody, and welcome to the Virtu Financial fourth quarter 2025 earnings call. My name i ...

Financial Data and Key Metrics Changes - For Q4 2025, the company generated adjusted net trading income (NT) of $9.7 million per day, totaling $613 million, marking the highest quarterly total since Q1 2021 [7] - The full year 2025 adjusted NT was $8.6 million per day, or $2.1 billion in total [7] - Adjusted EBITDA for Q4 was $442 million, representing a 72% margin, while for the full year, it was $1.4 billion with a 65% margin [8] - Adjusted EPS for Q4 was $1.85, and for the full year, it was $5.73, both representing highs since 2021 [8] Business Line Data and Key Metrics Changes - Market Making reported NT of $7.8 million per day for Q4 and $6.7 million per day for the full year 2025 [7] - Virtu Execution Services (VES) reached $2 million per day for Q4 and $1.9 million per day for the full year [7] - VES experienced its seventh consecutive quarter of increased NT, indicating substantial progress and strong client engagement [8] Market Data and Key Metrics Changes - The favorable operating environment contributed to elevated volumes and strong execution across both operating segments [8] - The company noted increased volatility and higher equity share volumes as underlying drivers for performance [11] Company Strategy and Development Direction - The company plans to grow trading by investing in infrastructure, acquiring talent, and expanding its capital base, with a broad effort across the firm [5][32] - The focus is on increasing the total trading capital and dynamically responding to market opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable operating environment and the potential for continued growth due to favorable market conditions [11][25] - The company aims to maintain a quarterly dividend of $0.24 per share while expanding its capital base [9] Other Important Information - The company increased its invested capital by $625 million in 2025, with an average return of 100% over the year [9] - The cash compensation ratio for the full year 2025 was at 19%, reflecting the focus on retaining and acquiring top talent [9] Q&A Session Summary Question: Did the strong performance come from areas outside of equities? - Management indicated that the favorable operating environment, including increased volatility and equity share volumes, contributed to performance across various asset classes, not just equities [11][12] Question: What is Virtu's exposure to the ETF market? - Management stated that Virtu is a large player in the ETF market, but quantifying the specific impact is challenging [15][16] Question: What are the top strategic priorities for 2026? - The focus is on broad growth initiatives across the firm, increasing trading capital, and investing in infrastructure and talent [32] Question: How much incremental capital was deployed during the quarter? - The company deployed over $600 million in incremental capital, with $450 million in the second half of the year [34] Question: Will innovations around clearing and settlement impact Virtu's PNL? - Management believes that while the exact economic impact is uncertain, increased complexity in the market can provide a competitive advantage [39]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated adjusted net trading income (NT) of $9.7 million per day, totaling $613 million, marking the highest quarterly total since Q1 2021 [7] - The full year 2025 adjusted NT was $8.6 million per day, amounting to $2.1 billion [7] - Adjusted EBITDA for Q4 was $442 million, representing a 72% margin, while for the full year, it was $1.4 billion with a 65% margin [9] - Adjusted EPS for Q4 was $1.85, and for the full year, it was $5.73, both representing highs since 2021 [9] Business Line Data and Key Metrics Changes - Market Making reported NT of $7.8 million per day for Q4 and $6.7 million per day for the full year 2025 [7] - Virtu Execution Services (VES) reached $2 million per day for Q4 and $1.9 million per day for the full year, marking the seventh consecutive quarter of increased NT for VES [7][8] Market Data and Key Metrics Changes - The favorable operating environment contributed to elevated volumes and strong execution, with increased volatility and higher equity share volumes noted [12] - The company emphasized its global presence and ability to thrive across various asset classes, including fixed income, currencies, and commodities [24] Company Strategy and Development Direction - The company plans to grow its trading by investing in infrastructure, acquiring talent, and expanding its capital base, indicating a broad effort across the firm [5][30] - The focus is on increasing the total trading capital and dynamically responding to market opportunities [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable operating environment and the potential for continued growth, particularly in the VES segment [12][30] - The company highlighted the importance of maintaining substantial buffers and excess capital while deploying capital where opportunities arise [33] Other Important Information - The company increased its invested capital by $625 million in 2025, with an average return of 100% over the year [10] - The cash compensation ratio for the full year 2025 was at 19%, reflecting the focus on retaining and acquiring top talent [9] Q&A Session Summary Question: Did the strong performance come from areas outside of equities? - Management confirmed that the favorable operating environment, including increased volatility and equity share volumes, contributed to the strong performance, with growth in trading capital also playing a role [12] Question: What is Virtu's exposure to the ETF market? - Management stated that Virtu is a large player in the ETF market, but quantifying the specific impact is challenging [15] Question: How impactful was the non-equity side of the business? - Management reiterated that the non-customer market-making business performed well, with a broad presence across various asset classes [24] Question: What are the top strategic priorities for 2026? - The company aims to grow across all areas, focusing on increasing trading capital and investing in infrastructure and talent [29] Question: How much incremental capital was deployed during the quarter? - Management indicated that over $600 million was added to trading capital, with a significant portion deployed effectively [33]

Presentation Title in Title Case Presentation subtitle in sentence case Fourth Quarter 2025 Earnings Supplement Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX Performance Highlights Normalized Adj. EPS1 $1.85 4Q 2025 Key Financials Summary Recent Results Adj. NTI1 $613M Adj. NTI/day1 $9.7M Adj. EBITDA1 $442M Adj. EBITDA Margin1,2 72% Debt to LTM Adj. EBITDA1 1.5x $5.5M $6.4M $7.3M $5.4M $7.8 ...

Core Viewpoint - Virtu Financial, Inc. reported strong financial results for the fourth quarter and full year of 2025, showcasing significant revenue growth and improved profitability metrics. Financial Results Fourth Quarter 2025 - Total revenues increased by 16.3% to $969.9 million compared to $834.3 million in Q4 2024 [3] - Trading income, net, rose by 22.2% to $664.9 million from $544.0 million in the same quarter of the previous year [3] - Net income for the quarter was $280.6 million, up from $176.1 million in Q4 2024 [3] - Basic and diluted earnings per share were $1.54, compared to $1.03 for the same period in 2024 [4] Full Year 2025 - Total revenues increased by 26.2% to $3,632.1 million from $2,876.9 million in 2024 [7] - Trading income, net, grew by 33.7% to $2,436.7 million compared to $1,822.4 million in 2024 [7] - Net income for the year was $912.3 million, up from $534.5 million in 2024 [7] - Basic and diluted earnings per share were $5.14 and $5.13, respectively, compared to $2.98 and $2.97 in 2024 [7] Adjusted Financial Metrics Fourth Quarter 2025 - Adjusted Net Trading Income increased by 34.0% to $613.4 million from $457.7 million in Q4 2024 [5] - Adjusted EBITDA rose by 55.9% to $442.0 million compared to $283.5 million in the same quarter of 2024 [5] - Normalized Adjusted Net Income increased by 61.6% to $294.5 million from $182.2 million in Q4 2024 [5] Full Year 2025 - Adjusted Net Trading Income increased by 34.3% to $2,145.3 million from $1,597.7 million in 2024 [9] - Adjusted EBITDA increased by 52.3% to $1,399.2 million compared to $918.7 million in 2024 [9] - Normalized Adjusted Net Income rose by 59.2% to $913.5 million from $573.9 million in 2024 [9] Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on March 16, 2026, to shareholders of record as of February 27, 2026 [2] Financial Condition - As of December 31, 2025, the company had $1,126.4 million in cash, cash equivalents, and restricted cash, with total long-term debt of $2,067.3 million [16]

Core Viewpoint - Virtu Financial, Inc. will announce its fourth quarter 2025 financial results on January 29, 2026, before the US market opens [1] Group 1: Financial Results Announcement - The announcement of the financial results will take place before the US market opens on January 29, 2026 [1] - A conference call to discuss the financial results is scheduled for 8:00 AM (ET) on the same day [2] - The conference call will be accessible to the public via a live webcast, which will also be archived on the company's Investor Relations website [2] Group 2: Company Overview - Virtu Financial is a leading provider of financial services and products, utilizing advanced technology to enhance liquidity in global markets [3] - The company offers a comprehensive product suite that includes execution, liquidity sourcing, analytics, and broker-neutral, multi-dealer platforms [3] - Virtu enables clients to trade across hundreds of venues in over 50 countries and multiple asset classes, including equities, ETFs, foreign exchange, futures, fixed income, and cryptocurrencies [3] - The integrated, multi-asset analytics platform provides pre-, intra-, and post-trade services, data products, and compliance tools for clients to manage investments and risks [3]