Virtu Financial reported net income of $280.6 million for the quarter ended December 31, 2025, a 59.3% increase from the $176.1 million recorded in Q4 2024. Total revenues rose 16.3% to $969.9 million, driven by a 22.2% increase in trading income to $664.9 million. Normalized adjusted net income grew 61.6% to $294.5 million, translating to adjusted earnings per share of $1.85, up from $1.14 in the prior year period. Adjusted EBITDA climbed 55.9% to $442.0 million, reflecting a margin expansion to 72.1%.

For the full year, Virtu delivered net income of $912.3 million, a 70.7% increase over 2024, on total revenues of $3.63 billion, up 26.2%. Trading income surged 33.7% to $2.44 billion, while normalized adjusted net income reached $913.5 million, representing a 59.2% gain and adjusted EPS of $5.73 compared to $3.55 a year earlier. Adjusted EBITDA expanded 52.3% to $1.40 billion, with a margin of 65.2%. The company repurchased $135.3 million of stock (3.5 million shares) under its share repurchase program.

The market making segment delivered trading income of $656.9 million in Q4 2025, up 22.8% year-over-year, and contributed $803.4 million in revenues after net commissions and interest. Execution services generated $157.4 million in revenues, increasing 12.0%, underpinned by agency trading and technology services. Adjusted net trading income in market making rose 40.5% to $488.7 million, while execution services saw a 13.6% increase to $124.8 million. For the full year, market making accounted for $2.95 billion of revenues and $1.67 billion of adjusted net trading income.

As of December 31, 2025, Virtu held $1.13 billion in cash and equivalents against $2.07 billion of long-term debt. The board declared a quarterly cash dividend of $0.24 per share, payable March 16, 2026, to shareholders of record as of February 27, 2026. The company continues to prioritize liquidity, disciplined capital deployment and shareholder returns through dividends and buybacks.