NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE:VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the fourth quarter ended December 31, 2025.

Fourth Quarter and Full Year Selected Highlights

Fourth Quarter 2025:

Net income of $280.6 million; Normalized Adjusted Net Income¹ of $294.5 million
Basic and diluted earnings per share of $1.54; Normalized Adjusted EPS¹ of $1.85
Total revenues of $969.9 million; Trading income, net, of $664.9 million; Net income Margin of 28.9%²
- Adjusted Net Trading Income¹ of $613.4 million
Adjusted EBITDA¹ of $442.0 million; Adjusted EBITDA Margin¹ of 72.1%

Full Year 2025:

Net income of $912.3 million; Normalized Adjusted Net Income¹ of $913.5 million
Basic and diluted earnings per share of $5.14 and $5.13, respectively; Normalized Adjusted EPS¹ of $5.73
Total revenues of $3,632.1 million; Trading income, net of $2,436.7 million; Net income Margin of 25.1%²
- Adjusted Net Trading Income¹ of $2,145.3 million
Adjusted EBITDA¹ of $1,399.2 million; Adjusted EBITDA Margin¹ of 65.2%
Share buybacks of $135.3 million, or 3.5 million shares, under the Share Repurchase Program³

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 16, 2026 to shareholders of record as of February 27, 2026.

^{Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.}

^{Note 2: Calculated by dividing Net income by Total revenue.}

^{Note 3: Shares repurchased calculated on a settlement date basis.}

Financial Results

Fourth Quarter 2025:

Total revenues increased 16.3% to $969.9 million for this quarter, compared to $834.3 million for the same period in 2024. Trading income, net, increased 22.2% to $664.9 million for the quarter compared to $544.0 million for the same period in 2024. Net income totaled $280.6 million for this quarter, compared to net income of $176.1 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $1.54, compared to basic and diluted earnings per share of $1.03 for the same period in 2024.

Adjusted Net Trading Income increased 34.0% to $613.4 million for this quarter, compared to $457.7 million for the same period in 2024. Adjusted EBITDA increased 55.9% to $442.0 million for this quarter, compared to $283.5 million for the same period in 2024. Normalized Adjusted Net Income increased 61.6% to $294.5 million for this quarter, compared to $182.2 million for the same period in 2024.

Assuming all non-controlling interests had been exchanged for common stock, and the Company's Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.85 for this quarter, compared to $1.14 for the same period in 2024.

Full Year 2025:

Total revenues increased 26.2% to $3,632.1 million for this year, compared to $2,876.9 million for 2024. Trading income, net, increased 33.7% to $2,436.7 million for this year, compared to $1,822.4 million for 2024. Net income totaled $912.3 million for this year, compared to net income of $534.5 million for 2024.

Basic and diluted earnings per share were $5.14 and $5.13, respectively, for 2025, compared to basic and diluted earnings per share of $2.98 and $2.97, respectively, for 2024.

Adjusted Net Trading Income increased 34.3% to $2,145.3 million for this year, compared to $1,597.7 million for 2024. Adjusted EBITDA increased 52.3% to $1,399.2 million for this year, compared to $918.7 million for 2024. Normalized Adjusted Net Income increased 59.2% to $913.5 million for this year, compared to $573.9 million for 2024.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three months and full years ended December 31, 2025 and 2024.

Total revenues by segment

(in thousands, unaudited)

	Three Months Ended December 31, 2025										Three Months Ended December 31, 2024
	Market Making			Execution Services			Corporate		Total		Market Making		Execution Services			Corporate			Total
Trading income, net	$	656,948		$	7,920		$	—	$	664,868	$	534,728	$	9,222		$	—		$	543,950
Commissions, net and technology services		9,402			147,974			—		157,376		13,173		127,277			—			140,450
Interest and dividends income		141,640			2,299			—		143,939		121,151		2,632			—			123,783
Other, net		(4,551	)		(3	)		8,258		3,704		37,594		(2,476	)		(9,016	)		26,102
Total Revenues	$	803,439		$	158,190		$	8,258	$	969,887	$	706,646	$	136,655		$	(9,016	)	$	834,285

	Year Ended December 31, 2025									Year Ended December 31, 2024
	Market Making			Execution Services		Corporate		Total		Market Making		Execution Services			Corporate			Total
Trading income, net	$	2,408,042		$	28,665	$	—	$	2,436,707	$	1,798,942	$	23,495		$	—		$	1,822,437
Commissions, net and technology services		50,949			566,076		—		617,025		42,376		474,407			—			516,783
Interest and dividends income		499,047			9,770		—		508,817		451,329		10,741			—			462,070
Other, net		(8,817	)		63,681		14,705		69,569		81,449		(1,413	)		(4,377	)		75,659
Total Revenues	$	2,949,221		$	668,192	$	14,705	$	3,632,118	$	2,374,096	$	507,230		$	(4,377	)	$	2,876,949

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment

(in thousands, unaudited)

	Three Months Ended December 31, 2025											Three Months Ended December 31, 2024
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	656,948		$	7,920		$	—	$	664,868		$	534,728		$	9,222		$	—	$	543,950
Commissions, net and technology services		9,402			147,974			—		157,376			13,173			127,277			—		140,450
Interest and dividends income		141,640			2,299			—		143,939			121,151			2,632			—		123,783
Brokerage, exchange, clearance fees and payments for order flow, net		(136,014	)		(31,504	)		—		(167,518	)		(179,228	)		(27,867	)		—		(207,095	)
Interest and dividends expense		(183,288	)		(1,928	)		—		(185,216	)		(141,958	)		(1,428	)		—		(143,386	)
Adjusted Net Trading Income	$	488,688		$	124,761		$	—	$	613,449		$	347,866		$	109,836		$	—	$	457,702


	Year Ended December 31, 2025											Year Ended December 31, 2024
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	2,408,042		$	28,665		$	—	$	2,436,707		$	1,798,942		$	23,495		$	—	$	1,822,437
Commissions, net and technology services		50,949			566,076			—		617,025			42,376			474,407			—		516,783
Interest and dividends income		499,047			9,770			—		508,817			451,329			10,741			—		462,070
Brokerage, exchange, clearance fees and payments for order flow, net		(650,150	)		(119,624	)		—		(769,774	)		(573,382	)		(101,044	)		—		(674,426	)
Interest and dividends expense		(641,584	)		(5,864	)		—		(647,448	)		(524,158	)		(5,019	)		—		(529,177	)
Adjusted Net Trading Income	$	1,666,304		$	479,023		$	—	$	2,145,327		$	1,195,107		$	402,580		$	—	$	1,597,687

Financial Condition

As of December 31, 2025, Virtu had $1,126.4 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $2,067.3 million.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its fourth quarter 2025 financial performance today, January 29th, 2026, at 8:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm's website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:

"Adjusted Net Trading Income", which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.

"EBITDA", which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and "Adjusted EBITDA", which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.

"Normalized Adjusted Net Income", "Normalized Adjusted Net Income before income taxes", "Normalized provision for income taxes", and "Normalized Adjusted EPS", which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.

"Adjusted Operating Expenses", which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)
	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except share and per share data)		2025			2024			2025			2024

Revenues:
Trading income, net	$	664,868		$	543,950		$	2,436,707		$	1,822,437
Interest and dividends income		143,939			123,783			508,817			462,070
Commissions, net and technology services		157,376			140,450			617,025			516,783
Other, net		3,704			26,102			69,569			75,659
Total revenues		969,887			834,285			3,632,118			2,876,949

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net		167,518			207,095			769,774			674,426
Communication and data processing		65,195			59,336			249,207			236,446
Employee compensation and payroll taxes		114,879			120,638			528,085			434,823
Interest and dividends expense		185,216			143,386			647,448			529,177
Operations and administrative		24,983			27,656			97,922			97,002
Depreciation and amortization		17,469			17,176			64,420			65,816
Amortization of purchased intangibles and acquired capitalized software		11,783			11,783			47,132			50,471
Termination of office leases		507			16,174			(5,982	)		16,224
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,630			1,739			6,510			29,479
Transaction advisory fees and expenses		4			49			414			313
Financing interest expense on long-term borrowings		37,120			26,648			132,859			97,802
Total operating expenses		626,304			631,680			2,537,789			2,231,979

Income before income taxes and noncontrolling interest		343,583			202,605			1,094,329			644,970
Provision for income taxes		62,981			26,518			182,065			110,435
Net income	$	280,602		$	176,087		$	912,264		$	534,535

Noncontrolling interest		(140,737	)		(82,027	)		(443,903	)		(258,120	)

Net income available for common stockholders	$	139,865		$	94,060		$	468,361		$	276,415

Earnings per share:
Basic	$	1.54		$	1.03		$	5.14		$	2.98
Diluted	$	1.54		$	1.03		$	5.13		$	2.97

Weighted average common shares outstanding
Basic		84,909,058			85,662,686			85,216,028			87,482,162
Diluted		84,909,058			86,066,968			85,318,436			87,821,576

Comprehensive income:
Net income	$	280,602		$	176,087		$	912,264		$	534,535
Other comprehensive income
Foreign exchange translation adjustment, net of taxes		1,167			(12,793	)		15,731			(9,048	)
Net change in unrealized cash flow hedges gain (loss), net of taxes		351			(1,320	)		(397	)		(32,251	)
Comprehensive income	$	282,120		$	161,974		$	927,598		$	493,236
Less: Comprehensive income attributable to noncontrolling interest		(146,098	)		(75,941	)		(455,185	)		(240,931	)
Comprehensive income available for common stockholders	$	136,022		$	86,033		$	472,413		$	252,305

Virtu Financial, Inc. and Subsidiaries

Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except percentages)		2025			2024			2025			2024

Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net	$	664,868		$	543,950		$	2,436,707		$	1,822,437
Commissions, net and technology services		157,376			140,450			617,025			516,783
Interest and dividends income		143,939			123,783			508,817			462,070
Brokerage, exchange, clearance fees and payments for order flow, net		(167,518	)		(207,095	)		(769,774	)		(674,426	)
Interest and dividends expense		(185,216	)		(143,386	)		(647,448	)		(529,177	)
Adjusted Net Trading Income	$	613,449		$	457,702		$	2,145,327		$	1,597,687

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		280,602			176,087			912,264			534,535
Financing interest expense on long-term borrowings		37,120			26,648			132,859			97,802
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,630			1,739			6,510			29,479
Depreciation and amortization		17,469			17,176			64,420			65,816
Amortization of purchased intangibles and acquired capitalized software		11,783			11,783			47,132			50,471
Provision for income taxes		62,981			26,518			182,065			110,435
EBITDA	$	411,585		$	259,951		$	1,345,250		$	888,538
Severance		4,549			4,279			29,028			7,930
Transaction advisory fees and expenses		4			49			414			313
Termination of office leases		507			16,174			(5,982	)		16,224
Gain on sale of RFQ-hub		—			—			(66,988	)		—
Other		(3,685	)		(21,461	)		(2,902	)		(69,795	)
Share based compensation		29,062			24,534			100,403			75,475
Adjusted EBITDA	$	442,022		$	283,526		$	1,399,223		$	918,685

Selected Operating Margins
GAAP Net income Margin (1)		28.9	%		21.1	%		25.1	%		18.6	%
Non-GAAP Net income Margin (2)		45.7	%		38.5	%		42.5	%		33.5	%
EBITDA Margin (3)		67.1	%		56.8	%		62.7	%		55.6	%
Adjusted EBITDA Margin (4)		72.1	%		61.9	%		65.2	%		57.5	%

^{1 Calculated by dividing Net income by Total revenue.}
^{2 Calculated by dividing Net income by Adjusted Net Trading Income.}
^{3 Calculated by dividing EBITDA by Adjusted Net Trading Income.}
^{4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.}

Virtu Financial, Inc. and Subsidiaries

Reconciliation to Non-GAAP Operating Data (Unaudited)

(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except share and per share data)		2025			2024			2025			2024

Reconciliation of Net Income to Normalized Adjusted Net Income
Net income	$	280,602		$	176,087		$	912,264		$	534,535
Provision for income taxes		62,981			26,518			182,065			110,435
Income before income taxes and noncontrolling interest	$	343,583		$	202,605		$	1,094,329		$	644,970
Amortization of purchased intangibles and acquired capitalized software		11,783			11,783			47,132			50,471
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,630			1,739			6,510			29,479
Severance		4,549			4,279			29,028			7,930
Transaction advisory fees and expenses		4			49			414			313
Termination of office leases		507			16,174			(5,982	)		16,224
Gain on sale of RFQ-hub		—			—			(66,988	)		—
Other		(3,685	)		(21,461	)		(2,902	)		(69,795	)
Share based compensation		29,062			24,534			100,403			75,475
Normalized Adjusted Net Income before income taxes	$	387,433		$	239,702		$	1,201,944		$	755,067
Normalized provision for income taxes (1)		92,983			57,529			288,466			181,217
Normalized Adjusted Net Income	$	294,450		$	182,173		$	913,478		$	573,850

Weighted Average Adjusted shares outstanding (2)		158,861,620			160,183,679			159,479,643			161,845,371

Normalized Adjusted EPS	$	1.85		$	1.14		$	5.73		$	3.55

^{(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.}
^{(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the "Class C Common Stock")) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the "Class D Common Stock")) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the "Class B Common Stock") on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Second Amended and Restated 2015 Management Incentive Plan during the three months and full years ended December 31, 2025 and 2024.}

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands, except share data)	December 31, 2025		December 31, 2024

Assets
Cash and cash equivalents	$	1,061,697	$	872,513
Cash and securities segregated under regulations and other		64,744		41,478
Securities borrowed		3,191,138		2,294,529
Securities purchased under agreements to resell		988,929		983,941
Receivables from broker-dealers and clearing organizations		1,896,405		1,100,850
Receivables from customers		161,561		149,804
Trading assets, at fair value		10,551,557		7,802,652
Property, equipment and capitalized software, net		96,378		91,415
Operating lease right-of-use assets		213,707		175,046
Goodwill		1,148,926		1,148,926
Intangibles (net of accumulated amortization)		154,931		203,188
Deferred taxes		92,422		135,046
Assets of business held for sale		—		4,615
Other assets		528,341		357,740
Total assets		20,150,736		15,361,743

Liabilities and equity
Liabilities
Short-term borrowings, net		12,382		38,541
Securities loaned		3,477,831		2,431,878
Securities sold under agreements to repurchase		1,405,639		1,271,788
Payables to broker-dealers and clearing organizations		998,276		918,566
Payables to customers		43,103		46,112
Trading liabilities, at fair value		9,105,263		6,440,971
Tax receivable agreement obligations		181,855		196,592
Accounts payable and accrued expenses and other liabilities		652,352		558,100
Operating lease liabilities		261,169		229,825
Long-term borrowings, net		2,039,463		1,740,467
Liabilities of business held for sale		—		1,526
Total liabilities		18,177,333		13,874,366

Total equity		1,973,403		1,487,377

Total liabilities and equity	$	20,150,736	$	15,361,743

	As of December 31, 2025
Ownership of Virtu Financial LLC Interests:	Interests		%
Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units		90,795,967		57.2	%
Non-controlling Interests (Virtu Financial LLC)		68,061,925		42.8	%
Total Virtu Financial LLC Interests		158,857,892		100.0	%

About Virtu Financial, Inc.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu's product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu's integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release 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.

CONTACT

Investor Relations

Matthew Sandberg

investor_relations@virtu.com

Virtu Announces Fourth Quarter 2025 Results