$VIRT

Virtu Financial, Inc.

CIK:0001592386|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Trading income, net	$ 856,691	$ 652,796	$ 1,645,837	$ 1,242,779
Interest and dividends income	145,886	128,406	273,404	237,459
Commissions, net and technology services	179,545	153,859	366,170	305,166
Other, net	7,831	64,512	(131)	52,038
Total revenue	1,189,953	999,573	2,285,280	1,837,442
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	258,986	202,125	397,814	424,000
Communication and data processing	69,712	61,435	136,587	121,238
Employee compensation and payroll taxes	216,683	136,181	425,038	255,537
Interest and dividends expense	205,266	165,213	383,193	296,541
Operations and administrative	29,445	25,895	58,518	48,031
Depreciation and amortization	18,383	15,618	34,812	31,550
Amortization of purchased intangibles and acquired capitalized software	11,783	11,783	23,566	23,566
Termination of office leases	837	11	821	21
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,474	1,682	3,130	3,363
Transaction advisory fees and expenses	0	59	0	397
Financing interest expense on long-term borrowings	34,827	32,551	69,672	62,442
Total operating expenses	847,396	652,553	1,533,151	1,266,686
Income before income taxes and noncontrolling interest	342,557	347,020	752,129	570,756
Provision for income taxes	57,628	54,044	120,604	88,145
Net income	284,929	292,976	631,525	482,611
Noncontrolling interest	(134,030)	(141,789)	(298,317)	(231,743)
Net income available for common stockholders	$ 150,899	$ 151,187	$ 333,208	$ 250,868
Earnings per share
Basic (in dollars per share)	$ 1.63	$ 1.65	$ 3.62	$ 2.74
Diluted (in dollars per share)	$ 1.63	$ 1.65	$ 3.62	$ 2.73
Weighted average common shares outstanding
Basic (in shares)	87,603,606	85,490,121	86,852,837	85,585,040
Diluted (in shares)	87,603,606	85,530,426	86,852,837	85,794,619
Net income	$ 284,929	$ 292,976	$ 631,525	$ 482,611
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(1,480)	12,539	(4,900)	17,279
Net change in unrealized cash flow hedges gain (loss), net of taxes	0	1,098	0	(1,012)
Comprehensive income	283,449	306,613	626,625	498,878
Less: Comprehensive income attributable to noncontrolling interest	(133,411)	(147,639)	(296,242)	(238,714)
Comprehensive income attributable to common stockholders	$ 150,038	$ 158,974	$ 330,383	$ 260,164

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 631,525	$ 482,611
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	34,812	31,550
Amortization of purchased intangibles and acquired capitalized software	23,566	23,566
Debt issue cost related to debt refinancing and prepayment	200	0
Amortization of debt issuance costs and deferred financing fees	3,775	3,371
Termination of office leases	821	21
Share-based compensation	67,821	44,459
Deferred taxes	8,155	13,632
Gain on sale of RFQ-hub	0	(66,988)
Other	11,835	7,828
Changes in operating assets and liabilities:
Securities borrowed	(582,970)	(359,831)
Securities purchased under agreements to resell	(868,105)	(100,381)
Receivables from broker-dealers and clearing organizations	(1,311,059)	(235,436)
Trading assets, at fair value	(4,334,692)	(3,126,121)
Receivables from customers	(148,392)	(210,569)
Operating lease right-of-use assets	6,487	18,535
Other assets	(80,382)	(56,292)
Securities loaned	611,828	686,472
Securities sold under agreements to repurchase	1,214,487	635,338
Payables to broker-dealers and clearing organizations	38,095	317,135
Payables to customers	183,640	4,358
Trading liabilities, at fair value	4,464,384	1,982,657
Operating lease liabilities	(7,971)	(22,180)
Accounts payable, accrued expenses and other liabilities	149,099	3,994
Net cash provided by (used in) operating activities	116,959	77,729
Cash flows from investing activities
Development of capitalized software	(31,773)	(29,769)
Acquisition of property and equipment	(24,649)	(10,944)
Proceeds from sale of RFQ-hub	0	37,932
Other investing activities	(23,269)	(8,600)
Net cash provided by (used in) investing activities	(79,691)	(11,381)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(274,519)	(254,446)
Repurchase of Class C common stock	0	(1,566)
Purchase of treasury stock	(57,820)	(157,562)
Stock options exercised	0	15,461
Short-term borrowings, net	342,976	216,759
Proceeds from long-term borrowings	0	1,245,000
Repayment of long-term borrowings	(15,450)	(1,245,000)
Payment of tax receivable agreement obligations	(20,983)	(20,773)
Debt issuance costs	0	(5,684)
Net cash provided by (used in) financing activities	(25,796)	(207,811)
Effect of exchange rate changes on cash and cash equivalents	(4,900)	17,279
Net increase (decrease) in cash and cash equivalents	6,572	(124,184)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,126,441	913,991
Cash, cash equivalents, and restricted or segregated cash, end of period	1,133,013	789,807
Supplementary disclosure of cash flow information
Cash paid for interest	372,072	313,188
Cash paid for taxes	81,404	75,201
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	21,668	10,309
Non-cash financing activities
Tax receivable agreement described in Note 5	(12,218)	0
Repurchase of Class C common stock	0	(645)
Purchase of treasury stock	$ 0	$ (356)

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 1,069,254	$ 1,061,697
Cash restricted or segregated under regulations and other	63,759	64,744
Securities borrowed	3,774,108	3,191,138
Securities purchased under agreements to resell	1,857,034	988,929
Receivables from broker-dealers and clearing organizations ($234,379 and $328,934 at fair value, as of June 30, 2026 and December 31, 2025, respectively)	3,207,464	1,896,405
Trading assets, at fair value:
Receivables from customers	309,953	161,561
Property, equipment and capitalized software (net of accumulated depreciation of $469,918 and $437,002 as of June 30, 2026 and December 31, 2025, respectively)	118,632	96,378
Operating lease right-of-use assets	206,388	213,707
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $499,158 and $475,592 as of June 30, 2026 and December 31, 2025, respectively)	131,365	154,931
Deferred tax assets	84,267	92,422
Other assets ($284,745 and $242,121, at fair value, as of June 30, 2026 and December 31, 2025, respectively)	619,723	528,341
Total assets	27,477,122	20,150,736
Liabilities
Short-term borrowings	353,941	12,382
Securities loaned	4,089,659	3,477,831
Securities sold under agreements to repurchase	2,620,126	1,405,639
Payables to broker-dealers and clearing organizations ($278,098 and $181,272, at fair value, as of June 30, 2026 and December 31, 2025, respectively)	1,036,371	998,276
Payables to customers	226,743	43,103
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	13,569,647	9,105,263
Tax receivable agreement obligations	173,090	181,855
Accounts payable, accrued expenses and other liabilities	803,454	652,352
Operating lease liabilities	253,198	261,169
Long-term borrowings	2,025,883	2,039,463
Total liabilities	25,152,112	18,177,333
Commitments and Contingencies (Note 16)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 55,957,738 and 55,957,738 shares at June 30, 2026 and December 31, 2025, respectively	(1,475,666)	(1,475,666)
Additional paid-in capital	1,598,599	1,541,684
Retained earnings	1,750,661	1,519,270
Accumulated other comprehensive income (loss)	(5,836)	(3,011)
Total Virtu Financial Inc. stockholders' equity	1,867,760	1,582,279
Noncontrolling interest	457,250	391,124
Total equity	2,325,010	1,973,403
Total liabilities and equity	27,477,122	20,150,736
Class A Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Class B Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class C Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class D Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Not pledged
Trading assets, at fair value:
Financial instruments owned	11,373,226	7,343,032
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 3,513,023	$ 3,208,525