Virtu Financial reported third‑quarter 2025 results with total revenue of $824.8 million, a 16.7% year‑over‑year increase, and trading income, net, of $529.1 million, up 19.2% from the same quarter a year earlier.
Net income reached $149.1 million, up 25% from $119.0 million in Q3 2024, and basic and diluted earnings per share were $0.86, a 32% rise over the $0.65 and $0.64 reported in 2024. Adjusted net trading income climbed 20.4% to $467.0 million and adjusted EBITDA grew 24.7% to $267.8 million, giving an adjusted EBITDA margin of 57.3%. The company declared a quarterly cash dividend of $0.24 per share, payable on December 15, 2025, and held an earnings call at 8:00 a.m. ET on the same day.
Compared with the prior quarter, adjusted net trading income and earnings per share declined from Q2 2025, indicating a short‑term slowdown in trading activity despite the year‑over‑year gains.
Segment analysis shows the Market Making division generated $344.1 million in adjusted net trading income, while the Execution Services (VES) segment contributed $122.9 million, marking its best quarter since early 2021 and the sixth consecutive quarter of increased adjusted net trading income.
Management highlighted strong demand in global equities, cryptocurrencies, currencies, commodities, options, and ETF block trading as key drivers of revenue growth. The firm is investing in infrastructure, talent, and capital expansion to support a higher‑end target of $6‑$10 million per day in adjusted net trading income, with a particular focus on options and crypto markets.
Adjusted earnings per share of $1.05 surpassed the consensus estimate of $0.97, and revenue of $824.79 million exceeded the consensus estimate of $440.84 million, underscoring the company’s performance relative to analyst expectations.
Capital allocation strategy shifted from share buybacks to deploying capital for growth initiatives. Virtu raised over $500 million in new trading capital in 2025 through retained earnings and debt financing, and repurchased 0.5 million shares for $20.9 million during the quarter. Since November 2020, the firm has repurchased approximately 53.8 million shares for about $1.42 billion.
The launch of Virtu Technology Solutions (VTS) in March 2025 introduced proprietary technology packages for sell‑side broker‑dealers, diversifying revenue streams and reducing internal costs. Virtu’s competitive position remains strong, with a modest market share of 0.65% in the financial sector but high EBITDA margins that support its niche electronic trading model.
The company’s dividend program continues, with the declared $0.24 per share dividend adding to its long‑term shareholder return strategy.
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