VIRT

MKT CAP:$10B

Virtu Financial, Inc.

Market Cap

$10B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$48.25+$15.65 (+48.01%)

Apr 22, 2026

Company Details

Virtu Financial, Inc., a financial services company, provides data, analytics, and connectivity products to clients worldwide. The company operates in two segments, Market Making and Execution Services. Its product suite includes offerings ...

CEO

Aaron Simons

IPO Date

Apr 16, 2015

Website

www.virtu.com

Key Metrics TTM

Revenue

$2.3B

-22.5% YoY

Net Income

$147M

EPS (Diluted)

$1.47

Free Cash Flow

$182M

Revenue / Share

$25.81

Gross Margin

59.4%

Operating Margin

39.2%

Net Margin

6.4%

FCF Margin

7.9%

P/S

4.5x

P/E

70.9x

Earnings Reports

Q2 2024

Apr 29, 2026

PENDING

Q1 2024

Apr 26, 2024

$643M+3.6%EPS $0.59

Q4 2023

Feb 16, 2024

$536M+7.7%EPS $0.05

Q1 2023

Apr 28, 2023

$620M-11.5%EPS $0.56

FY 2022

Feb 17, 2023

$2.4B-15.9%EPS $2.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 18	$328M	$214M	$109M
Q3 18	$295M	$182M	$84M
Q4 18	$440M	$304M	$208M
Q1 19	$363M	$191M	$76M
Q2 19	$375M	$192M	$71M
Q3 19	$382M	$193M	$71M
Q4 19	$403M	$231M	$79M
Q4 20	$677M	$425M	$319M
Q1 21	$1.0B	$648M	$536M
Q3 21	$544M	$301M	$194M
Q4 21	$706M	$446M	$337M
Q1 22	$701M	$447M	$332M
Q4 22	$498M	$269M	$149M
Q1 23	$620M	$371M	$259M
Q4 23	$536M	$321M	$202M
Q1 24	$643M	$402M	$291M

Valuation

Quarter	P/S	P/E
Q2 18	5.5x	52.7x
Q3 18	5.5x	47.4x
Q4 18	5.5x	35.9x
Q1 19	7.3x	96.3x
Q2 19	7.1x	196.6x
Q3 19	6.7x	260.1x
Q4 19	6.8x	—
Q4 20	5.7x	172.4x
Q1 21	4.2x	31.6x
Q3 21	3.9x	25.7x
Q4 21	3.5x	19.8x
Q1 22	3.5x	19.8x
Q4 22	4.2x	33.1x
Q1 23	4.1x	34.5x
Q4 23	4.4x	51.2x
Q1 24	4.5x	70.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$191M	$182M
Q3 18	$3M	-$2M
Q4 18	$401M	$393M
Q1 19	-$210M	-$215M
Q2 19	-$167M	-$172M
Q3 19	$31M	$23M
Q4 19	$515M	$523M
Q4 20	$577M	$570M
Q1 21	$134M	$130M
Q3 21	$19M	$15M
Q4 21	$797M	$789M
Q1 22	-$255M	-$265M
Q4 22	$416M	$407M
Q1 23	-$148M	-$162M
Q4 23	$348M	$335M
Q1 24	-$395M	-$398M

Capital Expenditures

Quarter	CapEx
Q2 18	$9M
Q3 18	$5M
Q4 18	$8M
Q1 19	$5M
Q2 19	$5M
Q3 19	$8M
Q4 19	$8M
Q4 20	$7M
Q1 21	$3M
Q3 21	$4M
Q4 21	$8M
Q1 22	$10M
Q4 22	$9M
Q1 23	$14M
Q4 23	$13M
Q1 24	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+126.5%	+112.7%
Q3 18	+8.8%	-12.6%
Q4 18	-5.2%	-15.3%
Q1 19	-55.5%	+10.1%
Q2 19	+14.3%	+39.1%
Q3 19	+29.6%	+47.5%
Q4 19	-8.4%	+39.5%
Q4 20	+86.4%	+24.9%
Q1 21	+169.9%	+56.4%
Q3 21	+42.4%	+12.8%
Q4 21	+75.0%	+13.9%
Q1 22	+3.6%	+3.0%
Q4 22	-50.8%	-26.8%
Q1 23	+14.0%	+3.0%
Q4 23	-24.0%	-9.5%
Q1 24	-8.3%	-4.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$6M	1.7%
Q3 18	$8M	2.6%
Q4 18	$9M	2.1%
Q1 19	$22M	6.0%
Q2 19	$15M	4.1%
Q3 19	$18M	4.8%
Q4 19	$16M	4.0%
Q4 20	$22M	3.3%
Q1 21	$13M	1.3%
Q3 21	$13M	2.4%
Q4 21	$17M	2.5%
Q1 22	$14M	2.0%
Q4 22	$16M	3.3%
Q1 23	$16M	2.5%
Q4 23	$17M	3.1%
Q1 24	$15M	2.3%

OpEx Breakdown

Quarter	G&A
Q2 18	$49M
Q3 18	$40M
Q4 18	$38M
Q1 19	$42M
Q2 19	$54M
Q3 19	$60M
Q4 19	$53M
Q4 20	$51M
Q1 21	$52M
Q3 21	$56M
Q4 21	$52M
Q1 22	$56M
Q4 22	$55M
Q1 23	$57M
Q4 23	$60M
Q1 24	$58M

Revenue Segments

Quarter	Commissions, Net	Other Sources	Technology Services	Analytics	Workflow Technology
Q2 18	$44M	$282M	$2M	—	—
Q3 18	$40M	$255M	$333.0K	—	—
Q1 19	$63M	$288M	—	$4M	$9M
Q2 19	$109M	$233M	—	$11M	$25M
Q4 19	$104M	$265M	—	$11M	$24M
Q4 20	$115M	$529M	—	$11M	$23M
Q1 21	$155M	$821M	—	$10M	$27M
Q3 21	$102M	$408M	—	$10M	$23M
Q4 21	$111M	$562M	—	$10M	$23M
Q1 22	$118M	$547M	—	$10M	$26M
Q4 22	$90M	$380M	—	$10M	$18M
Q1 23	$87M	$499M	—	$10M	$25M
Q4 23	$84M	$422M	—	$9M	$22M
Q1 24	$85M	$524M	—	$9M	$24M

Revenue by Geography

Quarter	Ireland	Other Countries	Singapore	United States	Australia	Canada
Q2 18	$25M	$391.0K	$23M	$277M	—	—
Q3 18	$22M	$154.0K	$27M	$246M	—	—
Q4 18	$21M	$92.0K	$40M	$379M	—	—
Q1 19	$36M	$344.0K	$27M	$291M	$3M	$5M
Q2 19	$49M	$923.0K	$30M	$274M	$11M	$15M
Q3 19	$54M	$917.0K	$26M	$281M	$10M	$15M
Q4 19	$49M	$1M	$27M	$300M	$12M	$15M
Q4 20	$90M	$1M	$36M	$524M	$12M	$13M
Q1 21	$121M	$1M	$43M	$816M	$13M	$17M
Q3 21	$55M	$2M	$31M	$433M	$10M	$14M
Q4 21	$63M	$2M	$33M	$582M	$9M	$17M
Q1 22	$78M	$1M	$46M	$549M	$9M	$17M
Q4 22	$42M	$573.0K	$29M	$410M	$7M	$9M
Q1 23	$54M	$2M	$26M	$523M	$7M	$9M
Q1 24	$63M	$58M	—	$522M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$565M	$0	$565M
Q2 22	$811M	$0	$811M
Q3 22	$836M	$0	$836M
Q4 22	$982M	$0	$982M
Q1 23	$769M	$0	$769M
Q2 23	$699M	$0	$699M
Q3 23	$689M	$0	$689M
Q4 23	$820M	$0	$820M
Q1 24	$400M	$0	$400M
Q2 24	$685M	$0	$685M
Q3 24	$701M	$0	$701M
Q4 24	$873M	$0	$873M
Q1 25	$724M	$0	$724M
Q2 25	$752M	$0	$752M
Q3 25	$708M	$0	$708M
Q4 25	$1.1B	$0	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 18	102M	+10.0%	+149.0%
Q3 18	107M	+5.4%	+35.3%
Q4 18	107M	-0.1%	+19.7%
Q1 19	107M	+0.3%	+16.1%
Q2 19	113M	+5.1%	+11.0%
Q3 19	118M	+4.2%	+9.7%
Q4 19	118M	+0.2%	+10.1%
Q4 20	124M	+4.8%	+15.1%
Q1 21	123M	-0.1%	+9.4%
Q3 21	117M	-5.5%	-0.8%
Q4 21	113M	-3.4%	-4.4%
Q1 22	110M	-2.3%	-10.9%
Q4 22	100M	-9.4%	-19.2%
Q1 23	98M	-1.9%	-16.1%
Q4 23	90M	-7.8%	-19.9%
Q1 24	89M	-1.4%	-19.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 18	$585.9K	560
Q3 18	$527.0K	560
Q4 18	$911.8K	483
Q1 19	$751.5K	483
Q2 19	$776.6K	483
Q3 19	$791.6K	483
Q4 19	$398.5K	1K
Q4 20	$693.3K	976
Q1 21	$1M	976
Q3 21	$557.7K	976
Q4 21	$725.2K	973
Q1 22	$720.7K	973
Q4 22	$501.3K	993
Q1 23	$624.8K	993
Q4 23	$549.7K	975
Q1 24	$659.3K	975

Revenue / Employee