Core Insights - Virtu Financial, Inc. (VIRT) reported a decline of 3.6% in shares following the release of its second-quarter 2025 results, primarily due to elevated expense levels, although this was mitigated by improved revenues from commissions and technology services [1][10] Financial Performance - Adjusted earnings per share (EPS) for Q2 were $1.53, exceeding the Zacks Consensus Estimate by 12.5% and showing an 84.3% increase year over year [2][10] - Adjusted net trading income reached $567.7 million, a 47.4% year-over-year increase, surpassing the consensus estimate by 9.4% [2][10] - Revenues from commissions and technology services rose 22% year over year to $153.9 million, beating both the Zacks Consensus Estimate and internal estimates [3] - Interest and dividend income increased by 19.9% year over year to $128.4 million, also exceeding estimates [3] Expense Analysis - Total operating expenses increased by 21.4% year over year to $652.6 million, which was higher than the estimated $584.3 million, driven by various costs including brokerage and employee compensation [5][10] Segment Performance - In the Market Making segment, adjusted net trading income was $451.5 million, up 58.1% year over year, with revenues climbing 38.1% to $786.6 million [6] - The Execution Services segment reported adjusted net trading income of $116.3 million, a 16.8% year-over-year increase, with total revenues rising 68.8% to $214.5 million [7] Financial Position - As of June 30, 2025, Virtu Financial had cash and cash equivalents of $752.1 million, a decrease of 13.8% from the end of 2024, while total assets increased by 25.5% to $19.3 billion [8] - Total equity rose by 9.8% from the end of 2024 to $1.6 billion [8] Shareholder Returns - The company repurchased 1.7 million shares for $66.3 million during Q2 2025, with a remaining buyback capacity of $302.8 million [9] - A cash dividend of 24 cents per share was announced, payable on September 15, 2025 [11]

Core Insights - FTI Consulting reported second quarter 2025 revenues of $943.7 million, a decrease of $5.5 million or 0.6% compared to the same quarter last year, with a more significant decline of $17.6 million or 1.8% when excluding foreign currency impacts [2][8] - Net income for the quarter was $71.7 million, down from $83.9 million in the prior year, primarily due to lower revenues and increased direct costs [2][3] - The company’s adjusted EBITDA was $111.6 million, representing 11.8% of revenues, compared to $115.9 million or 12.2% of revenues in the prior year [2] Financial Performance - Revenues decreased in the Economic Consulting and Technology segments, while Corporate Finance & Restructuring, Forensic and Litigation Consulting, and Strategic Communications segments saw revenue increases [2][6][10][11][12] - The Corporate Finance & Restructuring segment experienced a revenue increase of $31.3 million or 9.0%, reaching $379.2 million, driven by higher demand for restructuring services [6] - The Forensic and Litigation Consulting segment's revenues rose by $17.0 million or 10.0%, totaling $186.5 million, attributed to higher realized bill rates [7] Segment Analysis - Economic Consulting revenues fell by $39.2 million or 17.0% to $191.7 million, primarily due to decreased demand for M&A-related services [10] - Technology segment revenues decreased by $32.3 million or 27.9% to $83.6 million, driven by lower demand for M&A-related services [11] - Strategic Communications segment revenues increased by $17.7 million or 20.8% to $102.7 million, mainly due to higher demand for corporate reputation services [12] Cash Position and Capital Allocation - Net cash provided by operating activities was $55.7 million, down from $135.2 million in the prior year, primarily due to increased forgivable loan issuances [3] - The company repurchased 2,192,333 shares at an average price of $161.88, totaling $354.9 million, with approximately $309.3 million remaining for future repurchases [4] - Cash and cash equivalents stood at $152.8 million, a decrease from $226.4 million a year earlier [5] Guidance - FTI Consulting revised its full-year 2025 revenue guidance to a range of $3.660 billion to $3.760 billion, with EPS expected between $7.24 and $7.84 [13]