Virtu Financial, Inc. · NYSE:VIRT
Virtu Financial — Q4 2025 Earnings Presentation
18 slides from Virtu Financial's earnings presentation, Jan 29, 2026
Slide 1: Fourth Quarter 2025 Earnings Supplement
Presentation Title in Fourth Title CaseQuarter 2025 Earnings Supplement Presentation subtitle in sentence case Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX © 2025 Virtu Financial.
Slide 2: Performance Highlights
Performance Highlights 4Q 2025 Key Financials Summary Recent Results Adj. Net Trading Income / Day1 Normalized $9.2M $9.7M Adj. NTI1 Adj. NTI/day1 Adj. EPS1 $8.3M $7.4M $7.3M $2.0M $1.9M $1.9M $613M $9.7M $1.85 $1.7M $5.5M $6.4M $7.3M $1.9M $5.4M $7.8M 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Market Making VES
Slide 3: Key Financial Metrics
Key Financial Metrics Annual Trailing 5 Quarters Comparison FY FY FY FY FY FY FY 2024 FY 2025 4Q 2025 v ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q 3Q'25 4Q'24 Total Adjusted Net Trading Income 1 $2,271 $1,910 $1,468 $1,211 $1,598 $2,145 $458 $497 $568 $467 $613 + 32% + 34% Daily Average Adj.
Slide 4: Superior returns on a growing capital base
Superior returns on a growing capital base Return on Invested Capital1,2 $2.5B 160% 139% 140% $2.0B 107% 120% 100% 95% 100% 91% 94% $1.5B 100% 77% 78% 68% 66% 71% 80% 65% $1.0B 60% 40% $0.5B 20% - 0% FY'19 FY'20 FY'21 FY'22 FY'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1,2 1,3 LTM ANTI (L) L
Slide 5: Market Metrics
Market Metrics Annual Trailing 5 Quarters Comparison FY FY FY FY FY FY FY 2024 FY 2025 4Q 2025 v 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q 3Q'25 4Q'24 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 10,926 11,404 11,875 11,054 12,153 17,581 13,581 15,695 18,
Slide 6: Operating Expenses and Long-Term Debt
Operating Expenses and Long-Term Debt Operating Expense Results Annual Trailing 5 Quarters Adjusted Operating Expenses FY FY FY FY FY FY 2024 2025 2025 2025 2025 ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q Adj. Cash Compensation1 $321 $314 $315 $320 $351 $399 $92 $95 $110 $112 $81 Adj. Communi
Slide 7: GAAP Reconciliations and Other Information
GAAP Reconciliations and Other Information
Slide 8: Historical Dividends & Buybacks
Historical Dividends & Buybacks Cumulative repurchases of 54 million net shares at an average price of $26.351,2 80M 25% 70M 60M 20% 53M 54M 54M 50M 46M 47M 49M 50M 52M 15% 40M 41M 44M 36M 39M 30M 32M 10% 27M 30M 20M 25M Cumulative Notional ($B): 5% 10M 12M 16M $0.9 $0.9 $1.0 $1.0 $1.1 $1.1 $1.1 $1.
Slide 9: Share Count Roll Forward
Share Count Roll Forward 2021 2022 2023 2024 2025 Grand (M shares) 4Q 2020 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Total Total Total Total Total Beginning of Period Shares 197.1 195.6 186.1 171.7 162.7 159.2 160.2 159.2 158.9 159.2 197.1 Shares Repurchased - 1.44 - 14.71 - 16.34 - 12.48 - 6.70 - 1.34
Slide 10: GAAP Balance Sheet
GAAP Balance Sheet Assets ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Cash and cash equivalents $732 $890 $1,071 $982 $820 $873 $724 $752 $708 $1,062 Cash & securities segregated under regulations & other 41 117 49 57 35 41 47 38 48 65 Securitie
Slide 11: GAAP Income Statement
GAAP Income Statement Annual Trailing 5 Quarters Income Statement FY FY FY FY FY FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $2,437 $544 $590 $653 $529 $665 Commissions, net and technology services 601 614 530 456 517 617 1
Slide 12: Adjusted EBITDA & Normalized Adjusted EPS
Adjusted EBITDA & Normalized Adjusted EPS Annual Trailing 5 Quarters Income Statement FY FY FY FY FY FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $2,145 $458 $497 $568 $467 $613 Adj. EBITDA / Adj. EPS FY FY FY FY FY
Slide 13: Adjusted Net Trading Income Reconciliation
Adjusted Net Trading Income Reconciliation Operating Segments Annual Trailing 5 Quarters Adjusted Net Trading Income Reconciliation FY FY FY FY FY FY 2024 2025 2025 2025 2025 ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $2,437 $544 $590 $65
Slide 14: Adjusted Operating Expense Reconciliation
Adjusted Operating Expense Reconciliation Annual Trailing 5 Quarters Adjusted Operating Expenses Reconciliation FY FY FY FY FY FY FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 4Q 1Q 2Q 3Q 4Q Employee compensation and payroll taxes $394 $376 $391 $394 $435 $528 $121 $119 $136 $158 $115 (-) Cash
Slide 15: Disclaimer
Disclaimer Cautionary Statement Regarding Forward Looking Statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s
Slide 16: End Notes
End Notes These notes refer to metrics and/or defined terms presented on: Slide 2 Performance Highlights 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.v
Slide 17: End Notes
End Notes These notes refer to metrics and/or defined terms presented on: Slide 6 Operating Expenses and Long-Term Debt 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations availabl
Slide 18: End Notes
End Notes These notes refer to metrics and/or defined terms presented on: Slide 14 Adjusted Operating Expense Reconciliation 1. Includes severance, share-based compensation, one-time compensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction. 2. Include