Virtu Announces First Quarter 2025 Results

Core Insights - Virtu Financial, Inc. reported a strong financial performance for the first quarter of 2025, with total revenues increasing by 30.3% to $837.9 million compared to $642.8 million in the same period of 2024 [3][22] - The company declared a quarterly cash dividend of $0.24 per share, payable on June 16, 2025, to shareholders of record as of May 30, 2025 [1] Financial Performance - Trading income, net, rose by 44.6% to $590.0 million for the quarter, up from $408.1 million in the prior year [3][22] - Net income for the quarter was $189.6 million, compared to $111.3 million in the same quarter of 2024 [3][22] - Basic and diluted earnings per share were $1.09 and $1.08, respectively, compared to $0.59 for the same period in 2024 [4][22] Adjusted Financial Metrics - Adjusted Net Trading Income increased by 35.5% to $497.1 million, compared to $366.9 million in the same period of 2024 [5][22] - Adjusted EBITDA rose by 57.7% to $319.9 million for the quarter, compared to $202.8 million in the same period in 2024 [5][22] - Normalized Adjusted Net Income increased by 67.6% to $208.3 million, compared to $124.3 million in the same period of 2024 [5][22] Operating Segments - The company operates in two segments: Market Making and Execution Services, with Market Making primarily focusing on cash, futures, and options markets across various asset classes [7][8] - Execution Services includes agency-based trading and trading venues, providing execution services in global equities, options, futures, and fixed income [8] Share Repurchase Program - Since the inception of the share repurchase program in November 2020, the company has repurchased approximately 52.1 million shares for about $1,346.2 million, with $373.8 million remaining for future purchases [13] Financial Condition - As of March 31, 2025, Virtu had $771.0 million in cash, cash equivalents, and restricted cash, with total long-term debt of $1,768.3 million [12][34]