Third Quarter 2025:
Net income of $149.1 million; Normalized Adjusted Net Income1 of $166.5 million
Basic and diluted earnings per share of $0.86; Normalized Adjusted EPS1 of $1.05
Total revenues of $824.8 million; Trading income, net, of $529.1 million; Net income Margin of 18.1%2
Adjusted Net Trading Income1 of $467.0 million
Adjusted EBITDA1 of $267.8 million; Adjusted EBITDA Margin1 of 57.3%
Share buybacks of $20.9 million, or 0.5 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 December 15, 2025 to shareholders of record as of December 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 revenue.Note 3: Shares repurchased calculated on a settlement date basis.
Financial Results
Third Quarter 2025:
Total revenues increased 16.7% to $824.8 million for this quarter, compared to $706.8 million for the same period in 2024. Trading income, net, increased 19.2% to $529.1 million for the quarter compared to $444.0 million for the same period in 2024. Net income totaled $149.1 million for this quarter, compared to net income of $119.0 million in the prior year quarter.
Basic and diluted earnings per share for this quarter were $0.86, compared to basic and diluted earnings per share of $0.65 and $0.64, respectively, for the same period in 2024.
Adjusted Net Trading Income increased 20.4% to $467.0 million for this quarter, compared to $388.0 million for the same period in 2024. Adjusted EBITDA increased 24.7% to $267.8 million for this quarter, compared to $214.8 million for the same period in 2024. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 26.1% to $166.5 million for this quarter, compared to $132.1 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 $1.05 for this quarter, compared to $0.82 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 nine months ended September 30, 2025 and 2024.
Total revenues by segment(in thousands, unaudited)
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
521,128
$
7,932
$
—
$
529,060
$
440,442
$
3,555
$
—
$
443,997
Commissions, net and technology services
9,821
144,662
—
154,483
12,721
118,900
—
131,621
Interest and dividends income
125,076
2,343
—
127,419
122,065
3,164
—
125,229
Other, net
11,992
(431
)
2,266
13,827
1,432
108
4,453
5,993
Total Revenues
$
668,017
$
154,506
$
2,266
$
824,789
$
576,660
$
125,727
$
4,453
$
706,840
Nine Months Ended September 30, 2025
Nine Months Ended September 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
1,751,094
$
20,745
$
—
$
1,771,839
$
1,264,214
$
14,273
$
—
$
1,278,487
Commissions, net and technology services
41,547
418,102
—
459,649
29,203
347,130
—
376,333
Interest and dividends income
357,407
7,471
—
364,878
330,178
8,109
—
338,287
Other, net
(4,266
)
63,684
6,447
65,865
43,855
1,063
4,639
49,557
Total Revenues
$
2,145,782
$
510,002
$
6,447
$
2,662,231
$
1,667,450
$
370,575
$
4,639
$
2,042,664
Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment(in thousands, unaudited)
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
521,128
$
7,932
$
—
$
529,060
$
440,442
$
3,555
$
—
$
443,997
Commissions, net and technology services
9,821
144,662
—
154,483
12,721
118,900
—
131,621
Interest and dividends income
125,076
2,343
—
127,419
122,065
3,164
—
125,229
Brokerage, exchange, clearance fees and payments for order flow, net
(147,522
)
(30,734
)
—
(178,256
)
(152,316
)
(24,429
)
—
(176,745
)
Interest and dividends expense
(164,374
)
(1,317
)
—
(165,691
)
(134,912
)
(1,158
)
—
(136,070
)
Adjusted Net Trading Income
$
344,129
$
122,886
$
—
$
467,015
$
288,000
$
100,032
$
—
$
388,032
Nine Months Ended September 30, 2025
Nine Months Ended September 30, 2024
Market Making
Execution Services
Corporate
Total
Market Making
Execution Services
Corporate
Total
Trading income, net
$
1,751,094
$
20,745
$
—
$
1,771,839
$
1,264,214
$
14,273
$
—
$
1,278,487
Commissions, net and technology services
41,547
418,102
—
459,649
29,203
347,130
—
376,333
Interest and dividends income
357,407
7,471
—
364,878
330,178
8,109
—
338,287
Brokerage, exchange, clearance fees and payments for order flow, net
(514,136
)
(88,120
)
—
(602,256
)
(394,154
)
(73,177
)
—
(467,331
)
Interest and dividends expense
(458,296
)
(3,936
)
—
(462,232
)
(382,200
)
(3,591
)
—
(385,791
)
Adjusted Net Trading Income
$
1,177,616
$
354,262
$
—
$
1,531,878
$
847,241
$
292,744
$
—
$
1,139,985
