Virtu Announces Second Quarter 2025 Results
NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE:VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the second quarter ended June 30, 2025.
Second Quarter 2025:
Net income of $293.0 million; Normalized Adjusted Net Income1 of $244.2 million
Basic and diluted earnings per share of $1.65; Normalized Adjusted EPS1 of $1.53
Total revenues of $999.6 million; Trading income, net, of $652.8 million; Net income Margin of 29.3%2
Adjusted Net Trading Income1 of $567.7 million
Adjusted EBITDA1 of $369.4 million; Adjusted EBITDA Margin1 of 65.1%
Share buybacks of $66.3 million, or 1.7 million shares, under the Share Repurchase Program3
The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2025 to shareholders of record as of September 1, 2025.
Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.Note 2: Calculated by dividing Net income by Total revenueNote 3: Shares repurchased calculated on a settlement date basis.
Financial Results
Second Quarter 2025:
Total revenues increased 44.2% to $999.6 million for this quarter, compared to $693.0 million for the same period in 2024. Trading income, net, increased 53.1% to $652.8 million for the quarter compared to $426.4 million for the same period in 2024. Net income totaled $293.0 million for this quarter, compared to net income of $128.1 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $1.65, compared to basic and diluted earnings per share of $0.71 for the same period in 2024.
Adjusted Net Trading Income increased 47.4% to $567.7 million for this quarter, compared to $385.1 million for the same period in 2024. Adjusted EBITDA increased 69.8% to $369.4 million for this quarter, compared to $217.5 million for the same period in 2024. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 80.5% to $244.2 million for this quarter, compared to $135.3 million for the same period in 2024.
Assuming all non-controlling interests had been exchanged for common stock, and the Company's Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.53 for this quarter, compared to $0.83 for the same period in 2024.
Operating Segment Information
The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.
Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.
Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.
Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.
The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and six months ended June 30, 2025 and 2024.
Total revenues by segment(in thousands, unaudited)
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
647,344
$
5,452
$
—
$
652,796
$
420,074
$
6,321
$
—
$
426,395
Commissions, net and technology services
14,414
139,445
—
153,859
9,281
116,820
—
126,101
Interest and dividends income
125,893
2,513
—
128,406
104,311
2,755
—
107,066
Other, net
(1,058
)
67,078
(1,508
)
64,512
36,117
1,163
(3,857
)
33,423
Total Revenues
$
786,593
$
214,488
$
(1,508
)
$
999,573
$
569,783
$
127,059
$
(3,857
)
$
692,985
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
1,229,966
$
12,813
$
—
$
1,242,779
$
823,772
$
10,718
$
—
$
834,490
Commissions, net and technology services
31,726
273,440
—
305,166
16,483
228,229
—
244,712
Interest and dividends income
232,331
5,128
—
237,459
208,113
4,945
—
213,058
Other, net
(16,258
)
64,115
4,181
52,038
42,423
955
186
43,564
Total Revenues
$
1,477,765
$
355,496
$
4,181
$
1,837,442
$
1,090,791
$
244,847
$
186
$
1,335,824
Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment(in thousands, unaudited)
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
647,344
$
5,452
$
—
$
652,796
$
420,074
$
6,321
$
—
$
426,395
Commissions, net and technology services
14,414
139,445
—
153,859
9,281
116,820
—
126,101
Interest and dividends income
125,893
2,513
—
128,406
104,311
2,755
—
107,066
Brokerage, exchange, clearance fees and payments for order flow, net
(172,311
)
(29,814
)
—
(202,125
)
(125,972
)
(24,815
)
—
(150,787
)
Interest and dividends expense
(163,871
)
(1,342
)
—
(165,213
)
(122,130
)
(1,563
)
—
(123,693
)
Adjusted Net Trading Income
$
451,469
$
116,254
$
—
$
567,723
$
285,564
$
99,518
$
—
$
385,082
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
1,229,966
$
12,813
$
—
$
1,242,779
$
823,772
$
10,718
$
—
$
834,490
Commissions, net and technology services
31,726
273,440
—
305,166
16,483
228,229
—
244,712
Interest and dividends income
232,331
5,128
—
237,459
208,113
4,945
—
213,058
Brokerage, exchange, clearance fees and payments for order flow, net
(366,614
)
(57,386
)
—
(424,000
)
(241,838
)
(48,748
)
—
(290,586
)
Interest and dividends expense
(293,922
)
(2,619
)
—
(296,541
)
(247,288
)
(2,433
)
—
(249,721
)
Adjusted Net Trading Income
$
833,487
$
231,376
$
—
$
1,064,863
$
559,242
$
192,711
$
—
$
751,953
