Virtu Financial (VIRT) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 delivered strong results, with significant growth in revenue, net income, and adjusted metrics, driven by favorable operating conditions, diversified revenue base, and effective capital deployment.

• Strategic focus on expanding trading, investing in infrastructure, and acquiring talent contributed to broad-based growth across products and segments.

• Full-year 2025 normalized adjusted EPS reached $5.73, and adjusted net trading income per day was $8.6M.

• Invested capital increased by $625M during 2025, supporting growth and returns.

• Quarterly dividend of $0.24 per share was maintained throughout 2025.

Financial highlights

• Q4 2025 adjusted net trading income was $613M, up 34% year-over-year, with full year at $2.1B.

• Adjusted EBITDA for Q4 2025 was $442M (72% margin), and $1.4B (65% margin) for the year.

• Normalized adjusted EPS for Q4 2025 was $1.85, and $5.73 for the full year, both highs since 2021.

• Q4 2025 net income was $280.6M, up from $176.1M in Q4 2024; full year net income was $912.3M.

• Q4 2025 total revenues rose 16.3% year-over-year to $969.9M; full year revenues increased 26.2% to $3,632.1M.

Segment performance

• Market Making segment contributed $489M in adjusted NTI in Q4 2025, representing 80% of total, up 43% year-over-year.

• Execution Services segment delivered $125M in adjusted NTI in Q4 2025, up 2% sequentially and 14% year-over-year.

• For the full year, Market Making contributed $2,408M in trading income, Execution Services $28.7M.

• Both segments benefited from elevated volumes, strong execution, and technology investment.