Virtu Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Virtu Financial, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	702	1,028	1,879	1,517	3,239	2,811	2,365	2,293	2,877	3,632
General and administrative	23.4	62.1	66.8	104	94.6	88.1	86.1	99	97	97.9
Operating expenses	523	915	1,182	1,633	1,856	1,815	1,808	1,968	2,232	2,538
Interest expense	28.3	64.1	71.8	122	87.7	80	92	99.3	97.8	133
Pre-tax income	180	113	696	-116	1,383	997	557	325	645	1,094
Income tax	21.3	94.3	76.2	-12.3	262	170	88.5	61.2	110	182
Net income to minority interests	125	16	331	-45.1	472	350	203	122	258	444
Net income	33	2.94	289	-58.6	649	477	265	142	276	468
EPS, basic	0.83	0.03	2.82	-0.53	5.19	3.95	2.45	1.42	2.98	5.14
EPS, diluted	0.83	0.03	2.78	-0.53	5.16	3.91	2.44	1.42	2.97	5.13
Shares, basic (weighted)	38.5	62.6	101	114	122	117	104	94.1	87.5	85.2
Shares, diluted (weighted)	38.5	62.6	102	114	122	118	104	94.1	87.8	85.3
Dividend per share				0.24	0.24	0.24	0.24	0.24	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	181	533	730	732	890	1,071	982	820	873	1,062
Property, plant and equipment	29.7	137	113	116	114	89.6	85.2	100	91.4	96.4
Lease right-of-use assets			0	315	269	225	187	229	175	214
Goodwill	715	845	837	1,149	1,149	1,149	1,149	1,149	1,149	1,149
Intangible assets	0.99	111	84	530	454	386	321	258	203	155
Total assets	3,692	7,320	7,381	9,609	9,966	10,320	10,583	14,466	15,362	20,151
Short-term debt	25	27.9	15.1	73.5	64.7	61.5
Total liabilities	3,158	6,168	5,886	8,380	8,111	8,456	8,932	13,061	13,874	18,177
Total debt	565	1,389	907	1,918	1,639	1,605	1,796	1,727	1,740	2,039
Paid-in capital	156	901	1,010	1,077	1,161	1,223	1,293	1,352	1,432	1,542
Retained earnings	-1.25	-62.1	96.5	-90.4	422	831	972	1,000	1,169	1,519
Treasury stock	-8.36	-11	-55	-55	-88.9	-494	-955	-1,166	-1,340	-1,476
Other comprehensive income	-0.25	2.99	-0.08	-0.65	-25.5	-10.2	31.6	17	-7.06	-3.01
Shareholders' equity	146	831	1,052	931	1,469	1,549	1,342	1,203	1,254	1,582
Minority interests	389	321	443	298	386	314	310	203	233	391
Total equity	534	1,152	1,495	1,229	1,855	1,864	1,651	1,405	1,487	1,973
Total liabilities and equity	3,692	7,320	7,381	9,609	9,966	10,320	10,583	14,466	15,362	20,151

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	158	18.9	620	-104	1,121	827	468	264	535	912
Depreciation and amortization	19.6	36.8	48.4	44.7	37.4	28.4	26.1	25.6	24.5	19.7
Stock-based compensation	22.9	26.3	31.9	71.7	59.8	55.8	67.2	63.9	75.5	100
Deferred income tax	13.3	103	4.13	-18.7	21.6	34.6	-3.47	19.1	4.25	39.3
Change in receivables		0	-18.1	29.7	-111	68	65.6	-25.4	-43.6	-11.8
Cash from operations	240	291	715	169	1,061	1,172	707	492	599	518
Capital expenditures	-11.9	-18.9	-26.5	-9.32	-28.9	-24.6	-27.2	-37.8	-12.4	-22.8
Acquisitions	0	-5.59	0	-836	0	0
Cash from investing	-59	-838	329	-900	-2.56	-87.3	-29.5	-94.5	-61.8	-40.6
Debt issued	75.8	1,115	0	1,493	0	0	1,800	0	1,742	1,545
Debt repaid	-3.83	-256	-500	-500	-289	-36.7	-1,600	-73	-1,727	-1,245
Stock issued	0	736	0	0	16.4	10	5.11	0	13.2	15.5
Share buybacks	-4.54	-2.68	-66.2	-0.2	0	-3.45	-8.26	-1.57	0	-1.57
Dividends paid	-37.8	-63.8	-100	-112	-120
Cash from financing	-161	890	-835	770	-840	-958	-736	-585	-470	-281
Exchange rate effect	-1.17	9.12	-5.13	-1.48	15.3	-12.5	-24.2	4.96	-9.05	15.7
Net change in cash	18.2	351	203	37.2	234	114	-82.7	-183	58.5	212
Free cash flow	228	272	688	159	1,032	1,147	680	454	587	496
Interest paid	54.9	113	139	205	174	160	247	632	586	655
Income taxes paid	16.2	5.98	94	12.3	249	135	104	38.7	43.4	122

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $53.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	31.3%	Pre-tax income / revenue.
Net margin	13.5%	Net income / revenue.
FCF margin	12.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.7%	Cash from operations / revenue.
Effective tax rate	16.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	69.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	20.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	72.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-13.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-10.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-7.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.4%	Total debt / total assets.
Liabilities / assets	91.5%	Total liabilities / total assets.
Net debt	$956.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$587.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.15x	Revenue / average total assets.
Fixed asset turnover	34.4x	Revenue / average property, plant and equipment.
FCF conversion	94.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$46.57	Revenue / diluted weighted shares.
FCF per share	$5.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.37	Cash from operations / diluted weighted shares.
Book value per share	$21.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.71	Tangible book value / shares outstanding.
Cash per share	$12.21	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.29B	Share price x shares outstanding.
Enterprise value	$9.24B	Market cap + total debt - cash - short-term investments.
P/E	15.0x	Market cap / net income. Only when net income is positive.
P/S	2.03x	Market cap / revenue.
P/B	4.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.1x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.9x	Market cap / cash from operations, when positive.
EV/Sales	2.27x	Enterprise value / revenue.
EV/FCF	17.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	6.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.54x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Virtu Financial, Inc.'s revenue in fiscal 2025?

Virtu Financial, Inc. reported revenue of $3.63B for fiscal 2025, 26.2% higher than the year before.

Was Virtu Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $468.4M, a net margin of 12.9%.

How much free cash flow did Virtu Financial, Inc. generate in fiscal 2025?

Cash from operations of $518.4M minus capital expenditures of $22.8M left free cash flow of $495.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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