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Capital markets · Financial Services · Fiscal year ends Dec 31
Virtu Financial reported revenue of $617M in the fiscal year ended Dec 2025, up 19.4% from the year before. Operating income was $1.2B, an operating margin of 198.9%, and net income was $468M. Operating cash flow of $518M less capital expenditure of $23M left free cash flow of $496M. Net debt was $978M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 614 | 530 | 456 | 517 | 617 |
| Operating incomederived: pre-tax income + interest | 1,077 | 649 | 424 | 743 | 1,227 |
| Interest expense | 80.0 | 92.0 | 99.3 | 97.8 | 133 |
| Pre-tax income | 997 | 557 | 325 | 645 | 1,094 |
| Income tax | 170 | 88.5 | 61.2 | 110 | 182 |
| Net income | 477 | 265 | 142 | 276 | 468 |
| Diluted EPS | 3.91 | 2.44 | 1.42 | 2.97 | 5.13 |
| Diluted shares | 118 | 104 | 94.1 | 87.8 | 85.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,071 | 982 | 820 | 873 | 1,062 |
| Net PP&E | 89.6 | 85.2 | 100 | 91.4 | 96.4 |
| Goodwill | 1,149 | 1,149 | 1,149 | 1,149 | 1,149 |
| Total assets | 10,320 | 10,583 | 14,466 | 15,362 | 20,151 |
| Deferred revenue | 9.2 | 9.6 | 8.4 | 8.1 | 9.2 |
| Short-term debt | 61.5 | – | – | – | – |
| Long-term debt | 1,605 | 1,796 | 1,727 | 1,740 | 2,039 |
| Total liabilities | 8,456 | 8,932 | 13,061 | 13,874 | 18,177 |
| Shareholders' equity | 1,549 | 1,342 | 1,203 | 1,254 | 1,582 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,172 | 707 | 492 | 599 | 518 |
| Capital expenditure | 24.6 | 27.2 | 37.8 | 12.4 | 22.8 |
| Free cash flow | 1,147 | 680 | 454 | 587 | 496 |
| Depreciation & amortisation | 28.4 | 26.1 | 25.6 | 24.5 | 19.7 |
| Stock-based compensation | 55.8 | 67.2 | 63.9 | 75.5 | 100 |
| Acquisitions | 0.0 | – | – | – | – |
| Share buybacks | 3.5 | 8.3 | 1.6 | 0.0 | 1.6 |
| Dividend per share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −13.8% | −14.0% | 13.4% | 19.4% |
| Operating income growth (YoY) | – | −39.7% | −34.6% | 75.0% | 65.2% |
| EPS growth (YoY) | – | −37.6% | −41.8% | 109.2% | 72.7% |
| Operating margin | 175.2% | 122.5% | 93.2% | 143.7% | 198.9% |
| Net margin | 77.6% | 50.0% | 31.2% | 53.5% | 75.9% |
| Return on equityBlank when equity is negative | 30.8% | 19.8% | 11.8% | 22.0% | 29.6% |
| Free cash flow margin | 186.7% | 128.3% | 99.6% | 113.5% | 80.3% |
| Cash conversion (CFO ÷ net income) | 2.46x | 2.67x | 3.46x | 2.17x | 1.11x |
| Interest cover | 13.5x | 7.05x | 4.27x | 7.59x | 9.24x |
| Debt ÷ equity | 1.08x | 1.34x | 1.44x | 1.39x | 1.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 595 | 814 | 907 | 868 | 978 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.