The earnings call highlighted strong financial performance, strategic growth in digital assets and ETFs, and effective capital deployment through share repurchases. Despite the positive financial metrics, the announcement of CEO Douglas Cifu's retirement and the early-stage nature of overnight trading expansion present challenges.

Company Guidance

During the second quarter of 2025, Virtu Financial achieved significant milestones, including a record $568 million in adjusted net trading income, translating to $9.2 million per day, and an adjusted EPS of $1.53. Their Market Making and Execution Services contributed $451 million and $116 million, respectively, with growth initiatives driving $1.3 million per day, representing 15% of total adjusted net trading income. Notable performances were seen in their ETF block franchise and global digital asset desk, driven by market volatility and strong retail engagement. The firm maintained an impressive adjusted EBITDA margin of 65%, achieved through disciplined expense management, with adjusted cash operating expenses at $198 million and a compensation ratio of 19% including cash. Virtu's strategic initiatives, such as overnight equity trading and expanding digital asset capabilities, are expected to further enhance growth. The company's balance sheet remains robust, with over $2 billion in trading capital and a debt to LTM adjusted EBITDA ratio of 1.5x. Virtu has also repurchased $66 million worth of shares in Q2, totaling $135 million year-to-date. With the upcoming leadership transition to Aaron Simons as CEO, Virtu is poised to continue its trajectory of growth and innovation.

Record Adjusted Net Trading Income

Virtu reported $568 million in adjusted net trading income, marking a significant high. This was driven by market turmoil and strategic growth initiatives.

Strong Performance Across Market Segments

Market Making contributed $451 million and Execution Services contributed $116 million to the overall income. Growth initiatives were particularly strong, reaching an all-time high of $1.3 million per day.

Growth in Digital Assets and ETFs

The digital asset desk and ETF block franchise showed strong performance, with growth in market share and client lists globally.

Strong Adjusted EBITDA Margin

Virtu achieved an adjusted EBITDA margin of 65%, the highest since Q1 2022, due to disciplined expense management.

Significant Share Repurchase Program

Virtu repurchased $66 million worth of shares in Q2 2025 and $135 million year-to-date, reflecting a strategic capital deployment.

Virtu Financial (VIRT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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VIRT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.01 / -	0.82	―	―	―
Jul 30, 2025	2025 (Q2)	1.37 / 1.53	0.83	84.34% (+0.70)
Apr 23, 2025	2025 (Q1)	1.20 / 1.30	0.76	71.05% (+0.54)
Jan 29, 2025	2024 (Q4)	0.89 / 1.14	0.27	322.22% (+0.87)
Oct 24, 2024	2024 (Q3)	0.79 / 0.82	0.45	82.22% (+0.37)
Jul 18, 2024	2024 (Q2)	0.60 / 0.83	0.37	124.32% (+0.46)
Apr 24, 2024	2024 (Q1)	0.55 / 0.76	0.74	2.70% (+0.02)
Jan 25, 2024	2023 (Q4)	0.40 / 0.27	0.37	-27.03% (-0.10)
Nov 02, 2023	2023 (Q3)	0.41 / 0.45	0.61	-26.23% (-0.16)
Jul 26, 2023	2023 (Q2)	0.36 / 0.37	0.73	-49.32% (-0.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VIRT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$43.79	$44.54	+1.71%
Apr 23, 2025	$38.14	$38.66	+1.36%
Jan 29, 2025	$38.22	$38.89	+1.75%
Oct 24, 2024	$31.56	$30.10	-4.63%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Virtu Financial (VIRT) report earnings?

Virtu Financial (VIRT) is schdueled to report earning on Oct 30, 2025, Before Open (Confirmed).

What is Virtu Financial (VIRT) earnings time?

Virtu Financial (VIRT) earnings time is at Oct 30, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is VIRT EPS forecast?

VIRT EPS forecast for the fiscal quarter 2025 (Q3) is 1.01.

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