Detailed financial statements for Virtu Financial, Inc. (VIRT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Virtu Financial, Inc. stands as a leading financial services firm, delivering a comprehensive suite of data, analytical, and connectivity products to a global clientele. The company is structured around two core operational segments: Market Making and Execution Services. Its extensive portfolio of solutions encompasses capabilities for trade execution, efficient liquidity sourcing, advanced analytics, and broker-neutral, multi-dealer workflow technology platforms.
Analysis Summary
Virtu Financial, Inc. reported revenue of $3.63B in the most recent fiscal year, growing at a 5-year CAGR of 2.3%. Net income reached $468.4M, with a -6.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.0%, operating margin 33.8%, net margin 12.9%. Free cash flow grew at -14.6% CAGR over 5 years.
At the current price of $62.88, VIRT trades at a P/E of 6.48 and an ROE of 29.60%. Market capitalisation stands at $13.4B, placing it among large-cap names.
Balance sheet quality for VIRT: current ratio of 1.7, net debt of $7.92B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $454.9M represents 97% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $702.3M | $1.03B | $1.88B | $1.52B | $3.24B | $2.81B | $2.36B | $2.29B | $2.88B | $3.63B |
| Cost of Revenue | $306.5M | $434.4M | $592.0M | $770.6M | $1.15B | $1.12B | $1.01B | $902.4M | $1.11B | $1.89B |
| Gross Profit | $395.8M | $593.6M | $1.29B | $746.9M | $2.09B | $1.69B | $1.35B | $1.39B | $1.77B | $1.74B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $71.0M | $131.5M | $176.1M | $209.4M | $213.8M | $212.0M | $219.5M | $230.8M | $236.4M | 0 |
| Operating Expenses | $124.3M | $284.1M | $330.2M | $449.3M | $2.09B | $437.6M | $436.8M | $457.0M | $449.7M | $514.5M |
| Operating Income | $271.5M | $309.4M | $956.6M | $297.6M | 0 | $1.25B | $917.9M | $934.0M | $1.32B | $1.23B |
| EBITDA | $294.4M | $332.0M | $997.3M | $300.2M | $1.74B | $1.35B | $1.01B | $1.05B | $1.39B | $1.35B |
| Interest Expense | $84.9M | $156.1M | $213.6M | $279.9M | $213.4M | $219.7M | $323.1M | $599.8M | $627.0M | $139.4M |
| Pre-tax Income | $179.6M | $113.2M | $696.4M | -$116.0M | $1.38B | $996.9M | $556.8M | $325.1M | $645.0M | $1.09B |
| Income Tax | $21.3M | $94.3M | $76.2M | -$12.3M | $261.9M | $169.7M | $88.5M | $61.2M | $110.4M | $182.1M |
| Net Income | $33.0M | $2.9M | $289.4M | -$58.6M | $649.2M | $476.9M | $265.0M | $142.0M | $276.4M | $468.4M |
| EPS | $0.88 | $0.26 | $2.82 | $-0.53 | $5.19 | $3.95 | $2.45 | $1.42 | $2.98 | $5.14 |
| EPS (Diluted) | $0.88 | $0.26 | $2.78 | $-0.53 | $5.16 | $3.91 | $2.44 | $1.42 | $2.97 | $5.13 |
| Shares Outstanding (Diluted) | $38.5M | $62.6M | $102.1M | $113.9M | $122.3M | $118.4M | $104.4M | $94.1M | $87.8M | $85.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $824.8M | $969.9M | $1.10B | $1.19B |
| Gross Profit | $488.9M | $493.4M | $683.5M | $597.0M |
| Operating Income | $374.0M | $382.8M | $446.1M | $381.0M |
| EBITDA | $406.2M | $411.6M | $474.3M | $409.0M |
| Net Income | $77.6M | $139.9M | $182.3M | $285.0M |
| EPS | $0.86 | $1.65 | $2.12 | $3.27 |
| EPS (Diluted) | $0.86 | $1.65 | $2.12 | $3.27 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $181.4M | $532.9M | $729.5M | $732.2M | $889.6M | $1.07B | $981.6M | $820.4M | $872.5M | $1.06B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $448.7M | $972.0M | $1.11B | $1.42B | $1.90B | $1.17B | $1.20B | $844.0M | $1.25B | $2.06B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $630.1M | $1.56B | $1.85B | $2.20B | $2.91B | $2.29B | $2.23B | $1.70B | $2.17B | $3.18B |
| Property, Plant & Equipment | $29.7M | $137.0M | $113.3M | $430.6M | $382.5M | $314.9M | $272.6M | $329.9M | $266.5M | $310.1M |
| Goodwill | $715.4M | $844.9M | $836.6M | $1.15B | $1.15B | $1.15B | $1.15B | $1.15B | $1.15B | $1.15B |
| Intangible Assets | $992,000 | $111.2M | $84.0M | $529.6M | $454.5M | $386.3M | $321.5M | $257.5M | $203.2M | $154.9M |
| Total Assets | $3.69B | $7.32B | $7.38B | $9.61B | $9.97B | $10.32B | $10.58B | $14.47B | $15.36B | $20.15B |
| Accounts Payable | $765.3M | $1.08B | $862.4M | $1.32B | $1.49B | $1.08B | $769.0M | $1.64B | $1.52B | $1.69B |
| Short-term Debt | $25.0M | $27.9M | $15.1M | $73.5M | $64.7M | $61.5M | $3.9M | $1.80B | $38.5M | $12.4M |
| Total Current Liabilities | $1.02B | $1.25B | $1.09B | $1.66B | $1.82B | $1.41B | $1.01B | $1.86B | $1.76B | $1.89B |
| Long-term Debt | $787.2M | $2.53B | $2.32B | $3.86B | $3.05B | $3.26B | $3.48B | $4.85B | $5.44B | $8.70B |
| Total Liabilities | $3.16B | $6.17B | $5.89B | $8.38B | $8.11B | $8.46B | $8.93B | $13.06B | $13.87B | $18.18B |
| Retained Earnings | -$1.3M | -$62.1M | $96.5M | -$90.4M | $422.4M | $830.5M | $972.3M | $1.00B | $1.17B | $1.52B |
| Total Equity | $145.7M | $830.6M | $1.05B | $931.4M | $1.47B | $1.55B | $1.34B | $1.20B | $1.25B | $1.58B |
| Total Debt | $812.2M | $2.56B | $2.33B | $4.30B | $3.43B | $3.60B | $3.73B | $6.93B | $5.71B | $8.98B |
| Net Debt | $630.7M | $2.03B | $1.60B | $3.57B | $2.54B | $2.53B | $2.75B | $6.11B | $4.84B | $7.92B |
| Working Capital | -$391.5M | $310.0M | $756.1M | $537.0M | $1.08B | $889.0M | $1.22B | -$159.3M | $409.8M | $1.30B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $707.9M | $1.06B | $973.2M | $1.07B |
| Total Assets | $21.27B | $20.15B | $25.12B | $27.48B |
| Total Liabilities | $19.57B | $18.18B | $22.92B | $25.15B |
| Total Equity | $1.45B | $1.58B | $1.73B | $1.87B |
| Total Debt | $8.35B | $8.98B | $10.16B | $2.63B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $33.0M | $2.9M | $289.4M | -$103.7M | $1.12B | $476.9M | $265.0M | $263.9M | $534.5M | $912.3M |
| Depreciation & Amortization | $29.9M | $62.8M | $87.3M | $136.2M | $141.0M | $137.5M | $131.2M | $127.3M | $116.3M | $111.6M |
| Stock-based Compensation | $22.9M | $26.3M | $31.9M | $71.7M | $59.8M | $55.8M | $67.2M | $63.9M | $75.5M | $100.4M |
| Change in Working Capital | $344.5M | -$563.1M | $409.2M | -$12.7M | -$265.2M | $1.59B | $659.0M | $17.4M | -$140.1M | -$570.1M |
| Operating Cash Flow | $239.6M | $290.6M | $714.6M | $168.8M | $1.06B | $1.17B | $706.8M | $491.8M | $599.0M | $518.4M |
| Capital Expenditure | -$11.9M | -$18.9M | -$26.5M | -$57.8M | -$60.4M | -$24.6M | -$27.2M | -$76.1M | -$54.3M | -$63.5M |
| Acquisitions | 0 | -$805.2M | 0 | -$835.6M | $60.6M | 0 | 0 | 0 | 0 | $37.9M |
| Stock Repurchased | -$24.0M | -$13.8M | -$75.4M | -$16.4M | -$49.9M | -$430.9M | -$488.8M | -$230.6M | -$191.1M | -$190.4M |
| Dividends Paid | -$37.8M | -$63.8M | -$100.3M | -$211.6M | -$484.4M | -$548.0M | -$375.3M | -$306.1M | -$299.4M | -$349.3M |
| Free Cash Flow | $227.7M | $271.6M | $688.1M | $111.0M | $1.00B | $1.15B | $679.6M | $415.6M | $544.7M | $454.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$68.7M | $509.4M | -$149,000 | $27.5M |
| Capital Expenditure | -$13.4M | -$9.4M | -$31.6M | -$5.6M |
| Free Cash Flow | -$82.1M | $500.0M | -$31.8M | $21.9M |
| Dividends Paid | -$72.2M | -$22.7M | -$114.5M | -$158.9M |
| Stock-based Compensation | $26.9M | $29.1M | $34.5M | $33.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +46.4% | +82.8% | -19.2% | +113.5% | -13.2% | -15.9% | -3.0% | +25.4% | +26.2% | |
| Net Income Growth (YoY) | -91.1% | +9,748.3% | -120.2% | +1,207.9% | -26.5% | -44.4% | -46.4% | +94.6% | +69.4% | |
| EPS Growth (YoY) | -70.5% | +984.6% | -118.8% | +1,079.2% | -23.9% | -38.0% | -42.0% | +109.9% | +72.5% | |
| Shares Change (YoY) | +62.4% | +63.1% | +11.6% | +7.4% | -3.2% | -11.8% | -9.9% | -6.6% | -2.9% | |
| FCF Growth (YoY) | +19.3% | +153.3% | -83.9% | +801.7% | +14.6% | -40.8% | -38.8% | +31.0% | -16.5% | |
| Gross Margin | 56.4% | 57.7% | 68.5% | 49.2% | 64.4% | 60.1% | 57.3% | 60.7% | 61.4% | 48.0% |
| Operating Margin | 38.7% | 30.1% | 50.9% | 19.6% | 0.0% | 44.5% | 38.8% | 40.7% | 45.8% | 33.8% |
| EBITDA Margin | 41.9% | 32.3% | 53.1% | 19.8% | 53.6% | 48.2% | 42.8% | 45.9% | 48.3% | 37.0% |
| Net Margin | 4.7% | 0.3% | 15.4% | -3.9% | 20.0% | 17.0% | 11.2% | 6.2% | 9.6% | 12.9% |
| FCF Margin | 32.4% | 26.4% | 36.6% | 7.3% | 30.9% | 40.8% | 28.7% | 18.1% | 18.9% | 12.5% |
| Effective Tax Rate | 11.8% | 83.3% | 10.9% | 10.6% | 18.9% | 17.0% | 15.9% | 18.8% | 17.1% | 16.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.91 | $4.34 | $6.74 | $0.97 | $8.18 | $9.69 | $6.51 | $4.42 | $6.20 | $5.33 |
| Dividends Per Share | $0.98 | $1.02 | $0.98 | $1.86 | $3.96 | $4.63 | $3.59 | $3.25 | $3.41 | $4.09 |
| Shares Outstanding (Basic) | $38.5M | $62.6M | $100.9M | $113.9M | $121.7M | $117.3M | $104.0M | $94.1M | $87.5M | $85.2M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 29.60% |
| Return on Invested Capital | 5.60% |
| Return on Assets | 2.32% |
| Gross Margin | 47.97% |
| Operating Margin | 33.80% |
| Net Margin | 12.89% |
Financial Health
| Debt / Equity | 5.67 |
| Current Ratio | 1.69 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.80 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.12 | 70.38 | 9.13 | -30.17 | 4.85 | 7.30 | 8.33 | 14.27 | 11.97 | 6.48 |
| P/B | 4.22 | 1.38 | 2.47 | 1.96 | 2.09 | 2.18 | 1.58 | 1.58 | 2.49 | 1.79 |
| P/S | 0.88 | 1.11 | 1.38 | 1.20 | 0.95 | 1.20 | 0.90 | 0.83 | 1.08 | 0.78 |
| Gross Margin | 56.4% | 57.7% | 68.5% | 49.2% | 64.4% | 60.1% | 57.3% | 60.7% | 61.4% | 48.0% |
| Operating Margin | 38.7% | 30.1% | 50.9% | 19.6% | 0.0% | 44.5% | 38.8% | 40.7% | 45.8% | 33.8% |
| Net Margin | 4.7% | 0.3% | 15.4% | -3.9% | 20.0% | 17.0% | 11.2% | 6.2% | 9.6% | 12.9% |
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