In the fourth quarter of 2025, Virtu Financial generated adjusted net trading income of $9.7 million per day, totaling $613 million for the quarter—the highest quarterly total since Q1 2021. Total revenues rose 16.3% year-over-year to $969.9 million, driven by trading income net of $664.9 million, a 22.2% increase from Q4 2024. Adjusted EBITDA reached $442.0 million, representing a 72.1% margin, while normalized adjusted net income climbed 61.6% to $294.5 million. Basic and diluted GAAP earnings per share were $1.54, and normalized adjusted EPS was $1.85, up from $1.03 and $1.14 respectively in the prior-year quarter.

For the full year 2025, Virtu achieved adjusted net trading income of $8.6 million per day, or $2.1 billion in total, marking a 34.3% increase over 2024. Total revenues surged 26.2% to $3.63 billion, with trading income net of $2.44 billion, up 33.7%. Adjusted EBITDA was $1.4 billion, representing a 65% margin, and normalized adjusted net income grew 59.2% to $913.5 million. Full-year GAAP EPS were $5.14 and $5.13 on a basic and diluted basis, while normalized adjusted EPS reached $5.73, both the highest annual levels since 2021.

Market Making delivered adjusted net trading income of $488.7 million in Q4 (up from $347.9 million a year earlier) and $1.67 billion for the full year, while Virtu Execution Services recorded adjusted NT of $124.8 million in Q4 and $479.0 million for 2025, marking its seventh consecutive quarterly increase and a high watermark since early 2022. Management increased invested capital by $625 million during the year—$448 million in H2—achieving a 100% average return on incremental capital. The firm plans continued expansion of its capital base, infrastructure upgrades, talent acquisition, and will maintain its $0.24 quarterly dividend, targeting a long-term goal of $10 million per day in trading income through the cycle.