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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-37352

Virtu Financial, Inc.

(Exact name of registrant as specified in its charter)


Delaware			32-0420206
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


		10019
1633 Broadway
New York,	New York
(Address of principal executive offices)		(Zip Code)

(212) 418-0100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.00001 per share

VIRT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒


Class of Stock						Shares outstanding as of October 23, 2025
Class A common stock, par value $0.00001 per share						84,906,703
Class C common stock, par value $0.00001 per share						7,970,185
Class D common stock, par value $0.00001 per share						60,091,740

Table of Contents

VIRTU FINANCIAL, INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q

FOR THE QUARTER ENDED September 30, 2025


		PAGE NUMBER

PART I -	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statements of Financial Condition (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	5
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	84

Item 4.	Controls and Procedures	86

PART II -	OTHER INFORMATION

Item 1.	Legal Proceedings	87

Item 1A.	Risk Factors	87

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87

Item 3.	Defaults Upon Senior Securities	88

Item 4.	Mine Safety Disclosures	88

Item 5.	Other Information	88

Item 6.	Exhibits	89

	SIGNATURES	90

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

Index to Condensed Consolidated Financial Statements


			PAGE NUMBER



Condensed Consolidated Statements of Financial Condition (Unaudited)			3

Condensed Consolidated Statements of Comprehensive Income (Unaudited)			5

Condensed Consolidated Statements of Changes in Equity (Unaudited)			6

Condensed Consolidated Statements of Cash Flows (Unaudited)			9

Notes to Condensed Consolidated Financial Statements (Unaudited)			11

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition (Unaudited)


(in thousands, except share data)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	707,865	$	872,513
Cash restricted or segregated under regulations and other	47,547		41,478
Securities borrowed	3,098,666		2,294,529
Securities purchased under agreements to resell	1,266,106		983,941
Receivables from broker-dealers and clearing organizations ($87,614 and $51,595 at fair value, as of September 30, 2025 and December 31, 2024, respectively)	2,633,329		1,100,850
Trading assets, at fair value:
Financial instruments owned	8,434,987		5,520,015
Financial instruments owned and pledged	2,507,284		2,282,637

Receivables from customers	192,463		149,804
Property, equipment and capitalized software (net of accumulated depreciation of $419,463 and $380,202 as of September 30, 2025 and December 31, 2024, respectively)	94,396		91,415
Operating lease right-of-use assets	144,850		175,046
Goodwill	1,148,926		1,148,926
Intangibles (net of accumulated amortization of $463,809 and $428,460 as of September 30, 2025 and December 31, 2024, respectively)	166,714		203,188
Deferred tax assets	112,872		135,046
Assets of business held for sale	—		4,615
Other assets ($435,921 and $158,326, at fair value, as of September 30, 2025 and December 31, 2024, respectively)	716,071		357,740
Total assets	$	21,272,076	$	15,361,743

Liabilities and equity
Liabilities
Short-term borrowings	$	121,991	$	38,541
Securities loaned	2,973,523		2,431,878
Securities sold under agreements to repurchase	1,276,677		1,271,788
Payables to broker-dealers and clearing organizations ($446,171 and $136,736, at fair value, as of September 30, 2025 and December 31, 2024, respectively)	1,677,016		918,566
Payables to customers	78,944		46,112
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	10,406,450		6,440,971
Tax receivable agreement obligations	175,819		196,592

Accounts payable, accrued expenses and other liabilities	627,256		558,100
Operating lease liabilities	194,093		229,825
Long-term borrowings	2,039,490		1,740,467
Liabilities of business held for sale	—		1,526
Total liabilities	19,571,259		13,874,366

Commitments and Contingencies (Note 16)

Virtu Financial Inc. Stockholders' equity
Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 140,864,441 and 137,479,751 shares, Outstanding — 84,906,703 and 84,976,325 shares at September 30, 2025 and December 31, 2024, respectively	1		1
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at September 30, 2025 and December 31, 2024, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 7,970,185 and 8,561,970 shares at September 30, 2025 and December 31, 2024, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at September 30, 2025 and December 31, 2024, respectively	1		1
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at September 30, 2025 and December 31, 2024, respectively	(1,475,671)		(1,339,913)
Additional paid-in capital	1,528,094		1,432,240
Retained earnings	1,401,669		1,168,908

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition (Unaudited)


(in thousands, except share data)	September 30, 2025		December 31, 2024
Accumulated other comprehensive income (loss)	832		(7,063)
Total Virtu Financial Inc. stockholders' equity	1,454,926		1,254,174
Noncontrolling interest	245,891		233,203
Total equity	1,700,817		1,487,377

Total liabilities and equity	$	21,272,076	$	15,361,743

See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2025		2024		2025		2024
Revenues:
Trading income, net	$	529,060	$	443,997	$	1,771,839	$	1,278,487
Interest and dividends income	127,419		125,229		364,878		338,287
Commissions, net and technology services	154,483		131,621		459,649		376,333
Other, net	13,827		5,993		65,865		49,557
Total revenue	824,789		706,840		2,662,231		2,042,664

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	178,256		176,745		602,256		467,331
Communication and data processing	62,774		59,601		184,012		177,110
Employee compensation and payroll taxes	157,669		107,646		413,206		314,185

Interest and dividends expense	165,691		136,070		462,232		385,791
Operations and administrative	24,908		24,939		72,939		69,346
Depreciation and amortization	15,401		16,486		46,951		48,640
Amortization of purchased intangibles and acquired capitalized software	11,783		11,848		35,349		38,688
Termination of office leases	(6,510)		17		(6,489)		50
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,517		1,767		4,880		27,740
Transaction advisory fees and expenses	13		69		410		264


Financing interest expense on long-term borrowings	33,297		24,492		95,739		71,154
Total operating expenses	644,799		559,680		1,911,485		1,600,299
Income before income taxes and noncontrolling interest	179,990		147,160		750,746		442,365
Provision for income taxes	30,939		28,137		119,084		83,917
Net income	149,051		119,023		631,662		358,448
Noncontrolling interest	(71,423)		(59,071)		(303,166)		(176,093)

Net income available for common stockholders	$	77,628	$	59,952	$	328,496	$	182,355

Earnings per share
Basic	$	0.86	$	0.65	$	3.60	$	1.95
Diluted	$	0.86	$	0.64	$	3.59	$	1.95

Weighted average common shares outstanding
Basic	84,797,006		87,152,658		85,319,476		88,093,082
Diluted	84,797,006		87,536,847		85,461,108		88,340,592

Net income	$	149,051	$	119,023	$	631,662	$	358,448
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(2,715)		6,835		14,564		3,745
Net change in unrealized cash flow hedges gain (loss), net of taxes	264		(19,568)		(748)		(30,931)
Comprehensive income	146,600		106,290		645,478		331,262
Less: Comprehensive income attributable to noncontrolling interest	(70,373)		(54,083)		(309,087)		(164,990)
Comprehensive income attributable to common stockholders	$	76,227	$	52,207	$	336,391	$	166,272

See accompanying Notes to the Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity (Unaudited)

Three and Nine Months Ended September 30, 2025 and 2024


	Class A Common Stock			Class C Common Stock			Class D Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (loss)		Total Virtu Financial Inc. Stockholders' Equity		Noncontrolling Interest		Total Equity
(in thousands, except share and interest data)	Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		Amounts




















































































































Balance at December 31, 2024	137,479,751	$	1	8,561,970	$	—	60,091,740	$	1	(52,503,426)	$	(1,339,913)	$	1,432,240	$	1,168,908	$	(7,063)	$	1,254,174	$	233,203	$	1,487,377
Cumulative-effect adjustment due to the adoption of ASU 2023-08, net of tax	—	—		—	—		—	—		—	—		—		21,800		—		21,800		—		21,800
Share based compensation	2,650,096	—		—	—		—	—		—	—		42,028		—		—		42,028		—		42,028
Repurchase of Class C common stock	—	—		(16,265)	—		—	—		—	—		(645)		—		—		(645)		—		(645)
Treasury stock purchases	(1,018,757)	—		—	—		—	—		(1,321,211)	(47,982)		—		(40,779)		—		(88,761)		—		(88,761)
Stock options exercised	120,000	—		—	—		—	—		—	—		2,280		—		—		2,280		—		2,280

Net income	—	—		—	—		—	—		—	—		—		99,681		—		99,681		89,954		189,635
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		2,720		2,720		2,020		4,740
Net change in unrealized cash flow hedges gains	—	—		—	—		—	—		—	—		—		—		(1,211)		(1,211)		(899)		(2,110)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	—	—		—	—		—	—		—	—		—		(22,164)		—		(22,164)		(72,524)		(94,688)

Issuance of common stock in connection with employee exchanges	350,858	—		—	—		—	—		—	—		—		—		—		—		—		—
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges	—	—		(350,858)	—		—	—		—	—		—		—		—		—		—		—
Balance at March 31, 2025	139,581,948	$	1	8,194,847	$	—	60,091,740	$	1	(53,824,637)	$	(1,387,895)	$	1,475,903	$	1,227,446	$	(5,554)	$	1,309,902	$	251,754	$	1,561,656
Deconsolidation of RFQ-hub	—	—		—	—		—	—		—	—		—		—		—		—		(35,608)		(35,608)
Share based compensation	62,556	—		—	—		—	—		—	—		15,074		—		—		15,074		—		15,074

Treasury stock purchases	(24,464)	—		—	—		—	—		(1,658,514)	(66,821)		—		(996)		—		(67,817)		—		(67,817)
Stock options exercised	693,750	—		—	—		—	—		—	—		13,181				—		13,181		—		13,181
Net income	—	—		—	—		—	—		—	—		—		151,187		—		151,187		141,789		292,976
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		7,160		7,160		5,379		12,539
Net change in unrealized cash flow hedges gains	—	—		—	—		—	—		—	—		—		—		627		627		471		1,098
Dividends ($0.24 per share of Class A and Class B common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	—	—		—	—		—	—		—	—		—		(21,949)		—		(21,949)		(137,809)		(159,758)





Balance at June 30, 2025	140,313,790	$	1	8,194,847	$	—	60,091,740	$	1	(55,483,151)	$	(1,454,716)	$	1,504,158	$	1,355,688	$	2,233	$	1,407,365	$	225,976	$	1,633,341
Share based compensation	566,695	—		—	—		—	—		—	—		24,309		—		—		24,309		—		24,309
Repurchase of Class C common stock	—	—		(8,596)	—		—	—		—	—		(373)		—		—		(373)		—		(373)
Treasury stock purchases	(232,110)	—		—	—		—	—		(474,587)	(20,955)		—		(9,863)		—		(30,818)		—		(30,818)

Net income	—	—		—	—		—	—		—	—		—		77,628		—		77,628		71,423		149,051
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		(1,552)		(1,552)		(1,163)		(2,715)
Net change in unrealized cash flow hedges gains	—	—		—	—		—	—		—	—		—		—		151		151		113		264
Dividends ($0.24 per share of Class A and Class B common stock and participating Restricted Stock Unit and Restricted Stock Award) and distributions from Virtu Financial to noncontrolling interest	—	—		—	—		—	—		—	—		—		(21,784)		—		(21,784)		(50,458)		(72,242)


Issuance of common stock in connection with employee exchanges	216,066	—		—	—		—	—		—	—		—		—		—		—		—		—

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity (Unaudited)

Three and Nine Months Ended September 30, 2025 and 2024


	Class A Common Stock			Class C Common Stock			Class D Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (loss)		Total Virtu Financial Inc. Stockholders' Equity		Noncontrolling Interest		Total Equity
(in thousands, except share and interest data)	Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		Amounts
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges	—	—		(216,066)	—		—	—		—	—		—		—		—		—		—		—

Balance at September 30, 2025	140,864,441	$	1	7,970,185	$	—	60,091,740	$	1	(55,957,738)	$	(1,475,671)	$	1,528,094	$	1,401,669	$	832	$	1,454,926	$	245,891	$	1,700,817

Table of Contents

Virtu Financial, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity (Unaudited)

Three and Nine Months Ended September 30, 2025 and 2024


	Class A Common Stock			Class C Common Stock			Class D Common Stock			Treasury Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (loss)		Total Virtu Financial Inc. Stockholders' Equity		Noncontrolling Interest		Total Equity
(in thousands, except share and interest data)	Shares	Amounts		Shares	Amounts		Shares	Amounts		Shares	Amounts		Amounts
Balance at December 31, 2023	134,901,037	$	1	8,607,998	$	—	60,091,740	$	1	(45,808,351)	$	(1,166,299)	$	1,351,574	$	1,000,403	$	17,047	$	1,202,727	$	202,629	$	1,405,356
Share based compensation	2,596,226	—		—	—		—	—		—	—		28,883		—		—		28,883		—		28,883

Treasury stock purchases	(946,267)	—		—	—		—	—		(1,959,076)	(35,889)		—		(16,013)		—		(51,902)		—		(51,902)


Net income	—	—		—	—		—	—		—	—		—		55,817		—		55,817		55,491		111,308
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		(2,037)		(2,037)		(1,489)		(3,526)
Net change in unrealized cash flow hedges gains	—	—		—	—		—	—		—	—		—		—		894		894		653		1,547
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	—	—		—	—		—	—		—	—		—		(22,660)		—		(22,660)		(44,929)		(67,589)


Balance at March 31, 2024	136,550,996	$	1	8,607,998	$	—	60,091,740	$	1	(47,767,427)	$	(1,202,188)	$	1,380,457	$	1,017,547	$	15,904	$	1,211,722	$	212,355	$	1,424,077
Share based compensation	20,000	—		—	—		—	—		—	—		13,076		—		—		13,076		—		13,076

Treasury stock purchases	(8,665)	—		—	—		—	—		(1,384,593)	(31,244)		—		(191)		—		(31,435)		—		(31,435)
Stock options exercised	29,375	—		—	—		—	—		—	—		558				—		558		—		558
Net income	—	—		—	—		—	—		—	—		—		66,586		—		66,586		61,531		128,117
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		221		221		215		436
Net change in unrealized cash flow hedges gains	—	—		—	—		—	—		—	—		—		—		(7,416)		(7,416)		(5,494)		(12,910)
Dividends ($0.24 per share of Class A and Class B common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	—	—		—	—		—	—		—	—		—		(22,368)		—		(22,368)		(70,727)		(93,095)






Balance at June 30, 2024	136,591,706	$	1	8,607,998	$	—	60,091,740	$	1	(49,152,020)	$	(1,233,432)	$	1,394,091	$	1,061,574	$	8,709	$	1,230,944	$	197,880	$	1,428,824
Share based compensation	204,193	—		—	—		—	—		—	—		13,297		—		—		13,297		—		13,297
Repurchase of Class C common stock	—	—		(1,849)	—		—	—		—	—		(52)		—		—		(52)		—		(52)
Treasury stock purchases	(57,204)	—		—	—		—	—		(1,679,274)	(48,778)		—		(1,641)		—		(50,419)		—		(50,419)
Stock options exercised	453,670	—		—	—		—	—		—	—		8,620		—		—		8,620		—		8,620
Net income	—	—		—	—		—	—		—	—		—		59,952		—		59,952		59,071		119,023
Foreign exchange translation adjustment	—	—		—	—		—	—		—	—		—		—		3,455		3,455		3,380		6,835
Net change in unrealized cash flow hedges gains (losses)	—	—		—	—		—	—		—	—		—

Virtu Financial, Inc. 10-Q