Core Insights - Virtu Financial, Inc. reported a strong financial performance for the third quarter of 2025, with total revenues increasing by 16.7% to $824.8 million compared to $706.8 million in the same period of 2024 [4][11] - The company declared a quarterly cash dividend of $0.24 per share, payable on December 15, 2025 [3] Financial Results - Total revenues for Q3 2025 reached $824.8 million, a 16.7% increase from $706.8 million in Q3 2024 [4] - Trading income, net, rose by 19.2% to $529.1 million compared to $444.0 million in the prior year [4] - Net income for the quarter was $149.1 million, up from $119.0 million in Q3 2024 [4][11] - Basic and diluted earnings per share were $0.86, compared to $0.65 and $0.64 for the same period in 2024 [5] Adjusted Financial Metrics - Adjusted Net Trading Income increased by 20.4% to $467.0 million for Q3 2025, compared to $388.0 million in Q3 2024 [6] - Adjusted EBITDA rose by 24.7% to $267.8 million, compared to $214.8 million in the same period last year [6] - Normalized Adjusted Net Income increased by 26.1% to $166.5 million, compared to $132.1 million in Q3 2024 [6] Operating Segments - The company operates in two segments: Market Making and Execution Services [8][9] - Market Making segment includes trading across various asset classes, while Execution Services focuses on agency-based trading and technology services [8][9] Share Repurchase Program - Since the inception of the share repurchase program in November 2020, the company has repurchased approximately 53.8 million shares for about $1.417 billion [15] - The remaining capacity for future purchases under the program is approximately $302.8 million [15] Financial Condition - As of September 30, 2025, Virtu had $755.4 million in cash and cash equivalents, with total long-term debt of $2.0687 billion [14]

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Financial Performance - Adjusted Net Trading Income (NTI) reached $568 million in 2Q 2025[5], a 50% increase compared to 2Q 2024[7] - Daily Average Adjusted NTI was $9.2 million in 2Q 2025[5] - Normalized Adjusted EPS was $1.53 in 2Q 2025[5], an 83% increase compared to 2Q 2024[7] - Adjusted EBITDA was $369 million in 2Q 2025[5], with an Adjusted EBITDA Margin of 65%[5] - The company repurchased 1.7 million shares for $66 million in 2Q 2025[6] Market Metrics - US Equity Consolidated Notional Volume reached $803 billion in 2Q 2025[11], a 36% increase compared to 2Q 2024[11] - Virtu Rule 605 Executed Shares were 731 million in 2Q 2025[11], a 42% increase compared to 2Q 2024[11] - S&P 500 Average Realized Volatility reached 30.0 in 2Q 2025[11], a 186% increase compared to 2Q 2024[11] Capital Management - The company's Debt to Last Twelve Months (LTM) Adjusted EBITDA ratio is 1.5x[5] - The company declared a quarterly dividend of $0.24 per share[22] - Cumulative share repurchases have reached 54 million shares for $1.42 billion, representing 19.5% of shares outstanding, net of issuances[6] Organic Growth - Adjusted NTI from Organic Growth Initiatives reached $84 million in 2Q 2025[36], representing 15% of Firmwide Adjusted NTI[36]

Core Insights - Virtu Financial, Inc. reported a significant increase in total revenues for the second quarter of 2025, rising by 44.2% to $999.6 million compared to $693.0 million in the same period of 2024 [3][10] - The company declared a quarterly cash dividend of $0.24 per share, payable on September 15, 2025 [1] Financial Performance - Trading income, net, increased by 53.1% to $652.8 million for the quarter, up from $426.4 million in the prior year [3][10] - Net income for the quarter was $293.0 million, compared to $128.1 million in the same quarter of 2024 [3][10] - Basic and diluted earnings per share were $1.65, compared to $0.71 for the same period in 2024 [4][10] Adjusted Financial Metrics - Adjusted Net Trading Income rose by 47.4% to $567.7 million, compared to $385.1 million in the same quarter of 2024 [5][10] - Adjusted EBITDA increased by 69.8% to $369.4 million, compared to $217.5 million in the same period of 2024 [5][10] - Normalized Adjusted Net Income increased by 80.5% to $244.2 million, compared to $135.3 million in the same quarter of 2024 [5][10] Operating Segments - The company operates in two segments: Market Making and Execution Services, with Market Making generating significant trading income [7][8] - Execution Services includes agency-based trading and trading venues, providing execution services in various financial instruments [8] Share Repurchase Program - Since the inception of the share repurchase program in November 2020, the company has repurchased approximately 53.8 million shares for about $1,417.2 million, with $302.8 million remaining for future purchases [15]