VIRT
Virtu Financial, Inc.33.85
+0.47+1.41%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Growth pivot details capital buildup.
Q&A fleshed out Virtu's growth pivot, revealing over $500 million in new 2025 trading capital already deployed via retained earnings and debt, with ambitions to double the capital base—and P&L—over a few years at 60s-100% ROIC. Management dialed back share repurchases to prioritize trading opportunities everywhere, from crypto and options to core equities, while hiring developers, quants, and traders without hiking risk or OpEx materially. They brushed off retail revenue worries by spotlighting crypto and commodities strength amid softer 605 spreads. Buybacks yield to growth fuel. Tokenization fits their adaptable tech stack. Investors will eye quarterly progress toward the high end of the $6-10 million daily ANTI range.
Key Stats
Market Cap
7.22BP/E (TTM)
7.34Basic EPS (TTM)
4.61Dividend Yield
0.03%Recent Filings
10-Q
Q3 FY2025 results
Virtu Financial posted Q3 revenues of $824.8M, up 16.7% y/y from $706.8M, with trading income jumping 19.2% y/y to $529.1M on higher volumes across global markets while commissions rose 17.4% y/y to $154.5M from stronger institutional flows. Net income climbed to $149.1M from $119.0M y/y, or $0.86 diluted EPS versus $0.64, reconciling to 84.8M diluted shares. Adjusted net trading income grew 20.4% y/y to $467.0M. Cash fell to $707.9M from $872.5M ytd amid $9.0M operating cash flow; total debt rose to $2.2B including $2.0B long-term at ~6.7% weighted rate maturing 2031. Deconsolidated RFQ-hub in May for $67.0M gain. Ongoing SEC litigation lingers.
8-K
Q3 revenues hit $824.8M
Virtu Financial reported third-quarter 2025 results on October 29, showing total revenues up 16.7% to $824.8 million and net income rising 25.3% to $149.1 million versus the prior year. Trading income, net, climbed 19.2% to $529.1 million, while Adjusted EBITDA surged 24.7% to $267.8 million with a 57.3% margin. Revenues grew across Market Making and Execution Services segments. The board declared a $0.24 per share dividend, payable December 15. Virtu repurchased $20.9 million in shares.
8-K
CEO Simons' enhanced compensation
Virtu Financial amended Aaron Simons' employment agreement on September 30, 2025, formalizing his CEO role since August 1 and boosting his base salary to $1.2 million from $600,000, with a $3 million target bonus and a $7.5 million sign-on bonus. The five-year deal ties bonuses and equity to EBITDA goals, vesting over time. Yet risks loom if targets falter. Forward-looking elements hinge on performance amid market uncertainties.
8-K
Closes $300M term loan add-on
Virtu Financial subsidiaries closed Amendment No. 3 to their credit agreement on September 23, 2025, issuing $300 million in incremental senior secured first lien Term B-2 loans at par. This boosts the total Term B-2 balance to $1,545 million, bearing interest at Term SOFR + 250 bps, maturing June 21, 2031, with 1% annual amortization. Proceeds fund general corporate purposes. Debt rises sharply.
10-Q
Q2 FY2025 results
Virtu Financial's Q2 FY2025 results showed robust momentum, with total revenue surging 44% y/y to $999.6M, driven by 53% y/y growth in trading income to $652.8M from elevated volumes and opportunities in global markets. Adjusted net trading income climbed 47% y/y to $567.7M, while operating income hit $347.0M, up 123% y/y, reflecting efficient scaling amid higher activity. Diluted EPS rose to $1.65, up 132% y/y, reconciling cleanly with 85.5M weighted shares and no anti-dilution flags. Liquidity strengthened with $752.1M in cash equivalents and $1.1B in available revolver capacity, though total debt stood at $1.7B (maturities through 2031 at 6.8%-7.5%). The May 2025 RFQ-hub sale fetched $37.9M cash, recognizing $67.0M goodwill and deconsolidating $8.1M net assets. Yet regulatory scrutiny in market structure persists as a key risk.
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