Virtu Financial : AnnualReport 2025
VIRT
Published on 05/13/2026 at 05:12 pm EDT
2025 Annual Report
Honoring the past, shaping the future.
Virtu Financial 2025 Annual Report
AWARDS
Our commitment to excellence across our products and services was recognized with numerous industry awards.
The TRADE EMS Survey (US)
Virtu awarded Best Market Access and Best Provider - North America
The TRADE EMS Survey (UK)
Virtu awarded Best Market Access and Best Provider - UK & Europe
The TRADE Algo Survey (US)
Virtu awarded Best Customer Support & Consulting
The TRADE Editor's Choice Awards (UK)
Virtu awarded TCA Provider of the Year
Markets Media Women in Finance Americas Virtu's Gabriella Gambino awarded Rising Star and Julie Feng Individual Achievement
Markets Media Women in Finance Europe
Virtu's Pegah Esmaeili awarded Excellence in Sales & Trading
The TRADE Algo Survey (UK)
Virtu awarded Best Dark Pool Capabilities
BoardProspect's 100 Women Leaders in the Boardroom in Board Recruitment Magazine Virginia Gambale recognized for her leadership and impact in the boardroom
Virtu Financial 2025 Annual Report
VirtuCARES
At Virtu, our mission is to build an inclusive community where everyone feels a sense of belonging and is empowered to express their authentic selves while pursuing personal and collective growth. Together, these values guide us in building an inclusive culture where every voice is valued, differences are celebrated, and collective action drives meaningful impact at Virtu and beyond. VirtuCARES is an initiative created to align our global offices and create a more cohesive and robust internal culture spanning giveback opportunities, DE&I events, and more.
Community: Creating spaces for everyone to belong and authentically
Awareness and Diversity: Celebrating the variety of experiences and perspectives that strengthen our workplace
Respect: Honoring each person's unique value through empathy and understanding
Education: Expanding our perspectives from guest speakers through Virtu Talks
Service: Making a difference by contributing to the well-being of our local communities
100%
return on invested capital2
65%
adjusted EBITDA margin1
Virtu Financial 2025 Annual Report
2025 IN NUMBERS
$2,145M
adjusted net trading income1
$1,399M
adjusted EBITDA1
$5.73M
normalized adjusted EPS1
$8.6M
adjusted net trading income per day1
1 Adjusted Net Trading Income, Adjusted EBITDA Margin, Adjusted EBITDA, and Normalized Adjusted EPS are non-GAAP financial measures. Please refer to Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in
our 2025 Form 10-K for a discussion of non-GAAP financial measures and a reconciliation to the GAAP results for the year ended December 31, 2025.
2 Return on Invested Capital is calculated as 2025 ANTI divided by 2025 Invested Capital. 2025 Invested Capital is calculated as the average of beginning-of-period and end-of-period Invested Capital. Invested Capital is a non-GAAP measure. Please refer to slides at the end of our Fourth Quarter 2025 Earnings Supplement for a reconciliation to the equivalent GAAP measure for the year ended December 31, 2025.
Virtu Financial 2025 Annual Report
OUR PRIORITIES FOR 2026
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Delivering sustainable growth while strengthening our capital base.
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Continuing to invest in technological advancements to optimize our world class trading infrastructure.
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Expanding our presence across new and growing asset classes and markets to support our clients' evolving needs.
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Upholding our culture of operational excellence and financial discipline.
Virtu Financial 2025 Annual Report
Virtu is a technology service provider to the global financial markets.
Virtu provides an end-to-end suite of technology-enabled products and services.
Workflow Solutions
World-class product set of execution and trading tools embedded in the workflow of clients
Global Executon Capabilities
Our footprint connects 150+ venues in over 25 countries
Engaged Participants Global, blue chip client base
2,000+
Clients
Multi-Asset Class
We transact in over 50,000 financial instruments in all major asset classes
Access to Multiple Sources of Liquidity
Retail/RIA
Institutional blocks
Principal market making flow
Trading Analytics & Data
End-to-end pre-, intra-and post-trade analytics
Outlier monitoring
Peer Group data
Our complete suite of solutions covers the trade life-cycle.
We leverage our exceptional technology, market structure expertise and scale to drive value and lower execution costs for our clients throughout the multi-asset trade cycle.
Virtu Financial 2025 Annual Report
70%
of the largest global institutional asset managers rely on our TCA
to improve their multi-asset execution performance before, during and after trades.3
#1
leading European execution management system.1
Virtu's global and institutional block indications network, POSIT Alert delivers block liquidity to subscribers in
37 countries.
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Triton EMS is a global, broker-neutral, multi-asset-class platform that combines Virtu's cutting-edge liquidity, execution, analytics and workflow solutions into one unified and customizable execution interface.
Our comprehensive product suite includes offerings across workflow technology, trading analytics,
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Global footprint, local support
Accessible Trading locations Support and global markets development
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Local support teams are available in New York, Toronto, London and Hong Kong. Client service and consulting teams provide first-level support.
Data processing and product management provide second-level support and expertise.
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Transparent Trading Solutions Meet Advanced Technology
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Virtu is a leading financial firm that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. As a market maker, Virtu provides liquidity in over 25,000 securities, at over 235 venues, in 37 countries worldwide that helps to create more efficient markets. In addition, Virtu's integrated,
multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
The TRADE EMS Survey 2024
Multi-asset TCA covers equities, FX and fixed Income asset classes
Source: Virtu Financial analysis from 2025 IPE list
FY 2025
Options
Virtu Fixed Income (vFI)
Crypto Trading (vCrypto)
Hundreds of broker-dealers in the marketplace rely on Virtu's market-making capabilities.
Europe Systematic Internaliser (vFSI)
FX and Metals Liquidity (vFX, vMX)
We make markets in 25,000+securities.
Virtu Financial 2025 Annual Report
OUR DNA
Everyone makes an impact.
At Virtu, leadership comes from everyone. We believe the key to our success stems from the mindset
that every individual feels empowered to excel and contribute to the growth of the firm.
Broker/dealer formed
Enters fixed income market
2004
Enters options and softs market
2007
Enters Canadian market
Virtu's first day of trading
Enters US equities market
Approved for self-clearing
Opens Dublin office
Enters European equities and futures markets
2009
Virtu/MTH merge
Silver Lake Partners makes a minority investment
Acquire Cohen Capital
2011
2002
Madison Tyler (MTH) founded by Vincent Viola
Enters US equities market
2005
Enters currency and energy markets
2008
Enters European market
Virtu founded by Vincent Viola
2010
Opens Sydney office
Enters APAC equities and futures markets
Begins trading in energy, fixed income, metals, soft commodities, Brazilian futures,
Canadian equities and FX products
2012
Nyenburgh acquisition
Opens Singapore office
Virtu Financial 2025 Annual Report
OUR HISTORY
Virtu is the successful combination of two leading market making firms and one agency firm, representing the only successful large-scale integration of firms of this type.
Virtu was founded on the belief that transparency enables market participants to make better, more informed decisions and that all investors benefit from markets that are more efficient.
We use technology to solve problems and reduce risk. Virtu's application of technology to create solutions, automate processes and enhance risk controls have enabled us to provide customized, reliable liquidity and raise the bar of transparency into client order handling and trade analysis.
Virtu completes initial public offering
2015
Merger with ITG, a pioneer in technology-enabled trading since 1987
2019
RFQ-hub sets record ESG derivatives trade
POSIT Alert, Australia sets new record for largest single print
Virtu joins Pyth Network
2021
Named No. 1 Buyside Analytics Provider by Bloomberg
Michael Viola appointed Chairman of the Board
2023
Aaron Simons appointed as CEO
Launch of Virtu Technology Solutions offering
2025
2017
Merger with KCG holdings forming one of the world's leading technology firms
2020
Launch of data API
platform, Open Technology
Expands broker neutral FX offering
Launches Prism Frontier, algo TCA
2022
Virtu forms consortium for RFQ-hub expansion
2024
Direct Connectivity of Triton Valor EMS to Tokyo Stock Exchange's CONNEQTOR
Triton Wins Best Equity E/OMS at European Markets Choice Awards 2024
Virtu Financial 2025 Annual Report
GLOBAL REACH
25,000+
securities
150+
venues
60+
accessible global markets
25+
countries
Virtu Financial 2025 Annual Report
OUR OFFICES
North America Austin • Boston • Chicago • New York • Palm Beach Gardens • Short Hills • Westchester • Toronto
EMEA Dublin • London • Paris
APAC Hong Kong • Singapore • Sydney
Virtu Financial 2025 Annual Report
The Annual Meeting of Shareholders of Virtu Financial, Inc. will be held virtually on June 10, 2026 at 9:00 AM ET.
Equiniti Trust company, LLC
Shares of Virtu are quoted on the NYSE and trade under the symbol "VIRT".
PricewaterhouseCoopers LLP
1633 Broadway 41st Floor
New York, NY 10019
+1.646.682.6000
-
[email protected] | [email protected]
Virtu Financial 2025 Annual Report
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" or "our") business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily
be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu's control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations
in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short term funding
requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable
to security risks, hacking and cyber-attacks; risks associated with third party software and technology
infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu's Securities and Exchange Commission filings, including but not limited to Virtu's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
This presentation includes or may include certain non-GAAP financial measures, including Adjusted EPS, Normalized Adjusted EPS, Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Pre-Tax Income, EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Trading Capital, Invested Capital, Adjusted Operating Expense and Adjusted Compensation Expense. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not
to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP. A reconciliation of
non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included at the end of this presentation.
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Disclaimer
Virtu Financial Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 21:11 UTC.