VIRTHIGH SIGNALFINANCIAL10-K

Virtu Financial delivered substantially higher profitability with strong revenue growth of 26.2% to $3.6B, though operating cash flows declined modestly.

The company's net income grew substantially while maintaining solid revenue expansion, suggesting improved operational efficiency and margin expansion in their market-making activities. However, the decline in operating cash flows warrants monitoring as it could indicate timing differences in cash collections or increased working capital needs.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

Virtu demonstrated strong financial performance with revenue growing meaningfully to $3.6B and net income expanding substantially to $468.4M, indicating improved profitability margins. The company's balance sheet expanded proportionally with total assets growing 31.2% to $20.2B and liabilities increasing similarly, while cash positions strengthened by 21.7%. The modest decline in operating cash flows to $518.4M despite higher earnings, combined with increased capital expenditures to $22.8M, suggests the company is investing in growth while managing working capital dynamics.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+83.5%
$12.4M→$22.8M

Capital expenditure jumped 83.5% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+69.4%
$276.4M→$468.4M

Net income grew 69.4% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+31.2%
$15.4B→$20.2B

Asset base grew 31.2% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+31%
$13.9B→$18.2B

Liabilities grew 31% — significant increase in debt or obligations, assess impact on financial flexibility.

Revenue
P&L
+26.2%
$2.9B→$3.6B

Revenue growing 26.2% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+21.7%
$872.5M→$1.1B

Cash grew 21.7% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
+17.2%
$1.7B→$2.0B

Debt rose 17.2% — additional borrowing for investment or operations; monitor coverage ratios.

Operating Cash Flow
Cash Flow
-13.5%
$599.0M→$518.4M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Net Interest Income
P&L
+10.1%
$462.1M→$508.8M

Net interest income grew 10.1% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
Class of Stock Shares Outstanding as of February 13, 2026 Class A common stock, par value $0.00001 per share 86,602,648 Class C common stock, par value $0.00001 per share 7,970,185 Class D common stock, par value $0.00001 per share 60,091,740 The aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant as of June 30, 2025 was approximately 3,542.7 million, based on the closing price of $44.79 per share as reported by NYSE on such date.
In the U.S., we conduct our business from our headquarters in New York City (NY) and our offices in Boston (MA), Austin (TX), Chicago (IL), Short Hills (NJ), Rye Brook (NY), and Palm Beach Gardens (FL).
We engage in principal trading in the Market Making segment direct to clients as well as on exchanges, Alternative Trading Systems ( ATSs ) and other market centers.
Human Capital Resources As of February 13, 2026, we had approximately 1,027 employees, located in thirteen countries around the world, all of whom were employed on a full time basis and in good standing.
The approximate regional representation of our workforce is as follows: 69% Americas, 19% EMEA and 12% APAC.
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REMOVED
Class of Stock Shares Outstanding as of February 18, 2025 Class A common stock, par value $0.00001 per share 86,618,617 Class C common stock, par value $0.00001 per share 8,194,847 Class D common stock, par value $0.00001 per share 60,091,740 The aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant as of June 28, 2024 was approximately 1,833 million, based on the closing price of $22.45 per share as reported by Nasdaq on such date.
equity market structure, including reducing overall trading volumes, reducing off-exchange trading and market making opportunities, requiring additional tools, platforms and services to register as an alternative trading system ( ATS ) or exchange, and generally increasing the implicit and explicit cost as well as the complexity of the U.S.
In the U.S., we conduct our business from our headquarters in New York City and our offices in Boston, Austin, Texas, Chicago, Short Hills, New Jersey, Rye Brook, New York, and Palm Beach Gardens, Florida.
We engage in principal trading in the Market Making segment direct to clients as well as on exchanges, ATSs and other market centers.
We trade approximately 100 energy products and futures on the ICE, CME, and TOCOM.
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