Virtu Financial Inc
virtu.comWhat Do They Do?
Makes markets in securities and other financial instruments for broker-dealers, banks and institutions; also offers trade execution, trading software and analytics to institutional investors.
10-K for FY2025, filed Feb 20, 2026Our Market Making segment principally consists of market making in the cash, futures, and options markets across global equities, fixed…View ↗
As a market maker, we commit capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks…View ↗
We provide competitive and deep liquidity that helps to create more efficient markets around the world. We stand ready, at any time, to buy…View ↗
We offer direct-to-client market making services across multiple asset classes primarily to sell-side clients including global, national…View ↗
We offer agency execution services and trading venues that provide transparent trading in global equities, ETFs, fixed income, currencies…View ↗
Agency-based, execution-only trading, done through a variety of access points including: algorithmic trading and order routing…View ↗
How Do They Make Money?
Market making brings most revenue: Virtu buys and sells securities and other financial instruments, earning the gap between buy and sell prices. Clients pay commissions for completed trades, received at settlement; workflow software brings license and monthly connection fees, while analytics subscriptions may be paid through trading commissions.
10-K for FY2025, filed Feb 20, 2026Year Ended December 31, 2025 (in thousands) Market Making Execution Services Corporate Total Revenues from contracts with customers…View ↗
We provide competitive and deep liquidity that helps to create more efficient markets around the world. We stand ready, at any time, to buy…View ↗
Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations…View ↗
The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and…View ↗
Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The…View ↗
Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service (Total revenue from contracts with customers) ↗
$3.6B
-
10-K for FY2025, filed Feb 20, 2026
$3.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Commissions, net
Usage-based
10-K for FY2025, filed Feb 20, 2026 |
78%
FY2022: 75%
|
Commissions, net, FY2025
$480.3M Sources
|
Usage-based |
|
Workflow technology
Mix
10-K for FY2025, filed Feb 20, 2026 |
16%
FY2022: 17%
|
Workflow technology, FY2025
$99.2M Sources
|
Mix |
|
Analytics
Recurring
|
6.1%
FY2022: 7.5%
|
Analytics, FY2025
$37.5M Sources
|
Recurring |
Who Are Their Customers?
Broker-dealers, banks and institutional investors use Virtu directly for market making and execution; trading teams also access order routing, workflow software and analytics through its platforms.
10-K for FY2025, filed Feb 20, 2026Our execution services and client solutions products are designed to be transparent, because we believe transparency makes markets more…View ↗
We offer direct-to-client market making services across multiple asset classes primarily to sell-side clients including global, national…View ↗
We offer agency execution services and trading venues that provide transparent trading in global equities, ETFs, fixed income, currencies…View ↗
Agency-based, execution-only trading, done through a variety of access points including: algorithmic trading and order routing…View ↗
We offer agency execution services across multiple asset classes to buy-side clients including mutual funds, pension plans, plan sponsors…View ↗
Clients may access a broad range of products and services that includes electronic execution services in global equities via algorithmic…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 31, 2026
$150.9MView ↗
- ▼ 0%
- vs $151.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
Growing. Revenue grew 29% in 4 years, from $2.8B in FY2021 to $3.6B in FY2025, about 7% a year.
Who Do They Compete With?
Competes with Citadel Securities, Susquehanna International Group, Two Sigma, Jane Street, DRW Holdings, IMC, and Optiver
10-K for FY2025, filed Feb 20, 2026Within the market making segment, our competition has been registered market making firms ranging from sole proprietors with very limited…View ↗
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