Virtu Financial, Inc. · NYSE:VIRT
Virtu Financial — Q2 2025 Earnings Presentation
21 slides from Virtu Financial's earnings presentation, Jul 30, 2025
Slide 1: Quarter 2025 Earnings Supplement
Presentation Title in Second Title Case Quarter 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 2Q 2025 Key Financials Summary Recent Results Adj. Net Trading Income / Day1 Normalized Adj. NTI1 Adj. NTI/day1 Adj. EPS1 $568M $9.2M $1.53 $6.1M $6.1M $7.3M $8.3M $9.2M 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Adj. EBITDA Debt to LTM Adj. EBITDA1 Margin1,2 Adj. EBITDA1 Normalized Adj. E
Slide 3: Key Financial Metrics
Key Financial Metrics Annual Trailing 5 Quarters Comparison FY FY FY FY FY YTD FY 2024 FY 2025 2Q 2025 v ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q 1Q'25 2Q'24 1 Total Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $1,065 $385 $388 $458 $497 $568 + 11% + 50% Daily Average Adj.
Slide 4: Market Metrics
Market Metrics Annual Trailing 5 Quarters Comparison FY FY FY FY FY YTD FY 2024 FY 2025 2Q 2025 v 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q 1Q'25 2Q'24 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 10,926 11,404 11,875 11,054 12,153 17,062 11,760 11,503 13
Slide 5: Non-customer market making business has significant opportunities for diversified growth
Non-customer market making business has significant opportunities for diversified growth Options volumes continue to rise ETP volumes have grown across regions OCC ADV Americas & EMEA ETP Notional Value Traded ADV 70M 300T 60M 250T 50M 200T 40M 150T 30M 20M 100T 10M 50T - - 1Q19 2Q19 3Q19 4Q19 1Q20
Slide 6: Capital Management
Capital Management We continue to return capital to shareholders through dividends and share repurchases Steady Payout in All Environments Share Buybacks2,3 Dividends declared per share and Adjusted EPS1, quarterly Shares outstanding and share repurchases, quarterly Weighted 4.5 198M Avg. Share 204.
Slide 7: Update on Share Buybacks
Update on Share Buybacks Cumulative Shares Repurchased to Date 1,2 80M 25% 70M 20% 60M 50M 50M 52M 53M 44M 46M 47M 49M 15% 40M 41M 36M 39M 10% 30M 30M 32M 25M 27M 20M 16M Cumulative Notional ($B): 5% 10M 12M $0.9 $0.9 $1.0 $1.0 $1.1 $1.1 $1.1 $1.2 $1.2 $1.3 $1.3 $1.4 7M - 0% Cumula
Slide 8: Operating Expenses and Long-Term Debt
Operating Expenses and Long-Term Debt Disciplined focus on expense management Operating Expense Results Annual Trailing 5 Quarters Adjusted Operating Expenses FY FY FY FY FY YTD 2024 2024 2024 2025 2025 ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Adj. Cash Compensation1 $321 $314 $315 $320 $35
Slide 9: GAAP Reconciliations and Other Information
GAAP Reconciliations and Other Information
Slide 10: Organic Business Growth
Organic Business Growth Annual Trailing 5 Quarters $1,348K $1,136K per day per day $787K $847K $916K $641K $611K per day $670K $630K per day per day $540K $494K per day per day per day per day per day per day $255K $161K Daily Average Adj. NTI1 from per day per day Organic Growth Initiatives FY'18 F
Slide 11: Share Count Roll Forward
Share Count Roll Forward 2021 2022 2023 2024 Grand (M shares) 4Q 2020 1Q 2025 2Q 2025 Total Total Total Total Total Beginning of Period Shares 197.1 195.6 186.1 171.7 162.7 159.2 160.2 197.1 Shares Repurchased - 1.44 - 14.71 - 16.34 - 12.48 - 6.70 - 1.34 - 1.66 - 54.66 Net Shares Issued - 0.05 + 5.1
Slide 12: GAAP Balance Sheet
GAAP Balance Sheet Assets ($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 Cash and cash equivalents $732 $890 $1,071 $982 $820 $873 $724 $752 Cash & securities segregated under regulations & other 41 117 49 57 35 41 47 38 Securities borrowed 1,929 1,425 1,349 1,188
Slide 13: GAAP Income Statement
GAAP Income Statement Annual Trailing 5 Quarters Income Statement FY FY FY FY FY YTD FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $1,243 $426 $444 $544 $590 $653 Commissions, net and technology services 601 614 530 456 517 3
Slide 14: Adjusted EBITDA & Normalized Adjusted EPS
Adjusted EBITDA & Normalized Adjusted EPS Annual Trailing 5 Quarters Income Statement FY FY FY FY FY YTD FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $1,065 $385 $388 $458 $497 $568 Adj. EBITDA / Adj. EPS FY FY FY FY
Slide 15: Adjusted Net Trading Income Reconciliation
Adjusted Net Trading Income Reconciliation Operating Segments Annual Trailing 5 Quarters Adjusted Net Trading Income Reconciliation FY FY FY FY FY YTD 2024 2024 2024 2025 2025 ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $1,243 $426 $444 $5
Slide 16: Adjusted Net Trading Income Reconciliation
Adjusted Net Trading Income Reconciliation Organic Growth Initiatives Annual Trailing 5 Quarters Organic Growth Initiatives FY FY FY FY FY YTD 2024 2024 2024 2025 2025 Adjusted Net Trading Income Reconciliation ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $241 $144 $180 $184
Slide 17: Adjusted Operating Expense Reconciliation
Adjusted Operating Expense Reconciliation Annual Trailing 5 Quarters Adjusted Operating Expenses Reconciliation FY FY FY FY FY YTD FY 2024 FY 2025 ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Employee compensation and payroll taxes $394 $376 $391 $394 $435 $256 $106 $108 $121 $119 $136 (-) Cash
Slide 18: 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 19: 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 20: End Notes
End Notes These notes refer to metrics and/or defined terms presented on: Slide 6 Capital Management 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.virtu
Slide 21: End Notes
End Notes These notes refer to metrics and/or defined terms presented on: Slide 10 Organic Business Growth 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