Virtu Financial (VIRT)
Market Price (8/21/2026): $61.99 | Market Cap: $5.4 BilSector: Financials | Industry: Financial Exchanges & Data
Virtu Financial (VIRT)
Market Price (8/21/2026): $61.99Market Cap: $5.4 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 8.9% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 181% Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, Dividend Yield is 6.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 8.9% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include AI in Financial Services, Autonomous Technologies, and Crypto & Blockchain. Themes include Algorithmic Trading, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 181% |
| Key risksVIRT key risks include [1] its business model's high dependence on market volatility and trading volumes, Show more. |
Qualitative Assessment
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Virtu Financial (VIRT) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat Fueled by Robust Trading Income.
Virtu Financial reported outstanding results for its fiscal second quarter of 2026, which ended on June 30, 2026, exceeding analyst expectations. The company announced its actual diluted earnings per share (EPS) of $1.82, which surpassed the consensus estimate of $1.81. Total revenues climbed 19.0% year over year to $1.19 billion, significantly beating the consensus estimate of $687.23 million. A key driver was a 31.2% surge in net trading income, reaching $856.7 million, alongside a 26.4% increase in Adjusted Net Trading Income to $717.9 million compared to the same period in 2025. Adjusted EBITDA also rose 18.2% to $436.8 million, maintaining a strong 60.8% margin.
2. Favorable Market Conditions and Record Operational Performance.
The company's operational segments, Market Making and Execution Services, both benefited from favorable market conditions and strong execution throughout the quarter. The Market Making segment alone generated $1.01 billion in total revenues. Virtu Financial also achieved record trailing 12-month metrics, with Adjusted EBITDA reaching $1.7 billion, Adjusted EPS at $6.96, and Adjusted Net Trading Income per day at $10.4 million. The firm demonstrated substantial capital growth, with total trading capital increasing by approximately 70% year-over-year to $3.4 billion from $2.0 billion.
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Virtu Financial (VIRT) stock has gained about 25% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat Fueled by Robust Trading Income.
Virtu Financial reported outstanding results for its fiscal second quarter of 2026, which ended on June 30, 2026, exceeding analyst expectations. The company announced its actual diluted earnings per share (EPS) of $1.82, which surpassed the consensus estimate of $1.81. Total revenues climbed 19.0% year over year to $1.19 billion, significantly beating the consensus estimate of $687.23 million. A key driver was a 31.2% surge in net trading income, reaching $856.7 million, alongside a 26.4% increase in Adjusted Net Trading Income to $717.9 million compared to the same period in 2025. Adjusted EBITDA also rose 18.2% to $436.8 million, maintaining a strong 60.8% margin.
2. Favorable Market Conditions and Record Operational Performance.
The company's operational segments, Market Making and Execution Services, both benefited from favorable market conditions and strong execution throughout the quarter. The Market Making segment alone generated $1.01 billion in total revenues. Virtu Financial also achieved record trailing 12-month metrics, with Adjusted EBITDA reaching $1.7 billion, Adjusted EPS at $6.96, and Adjusted Net Trading Income per day at $10.4 million. The firm demonstrated substantial capital growth, with total trading capital increasing by approximately 70% year-over-year to $3.4 billion from $2.0 billion.
3. Positive Analyst Sentiment and Upward Price Target Revisions.
Following the strong earnings report and positive operational outlook, several financial analysts revised their price targets for Virtu Financial upwards. For instance, Morgan Stanley increased its price target from $39.00 to $57.00 on July 10, 2026. JPMorgan Chase & Co. also raised its target price from $51.00 to $59.00 on July 28, 2026. Piper Sandler maintained a "Buy" rating and increased its price target from $61 to $70 on July 15, 2026. The consensus price target from analysts currently stands at $58.80, with some reaching as high as $72 or $73, reflecting a generally positive outlook on the stock's future performance.
4. Strategic Capital Management and Consistent Shareholder Returns.
Virtu Financial demonstrated proactive capital management by commencing the marketing of $400 million in incremental first lien term loans, which would increase its total term loan balance to $1.93 billion. This move aims to boost liquidity and trading capacity while maintaining a modest debt-to-EBITDA leverage of approximately 1.5x. Concurrently, the company's Board of Directors affirmed its commitment to shareholder returns by declaring a quarterly cash dividend of $0.24 per share, payable on September 15, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 23.8% change in VIRT stock from 4/30/2026 to 8/20/2026 was primarily driven by a 12.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.42 | 61.19 | 23.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,632 | 4,080 | 12.3% |
| Net Income Margin (%) | 12.9% | 13.5% | 4.7% |
| P/E Multiple | 9.0 | 9.7 | 8.6% |
| Shares Outstanding (Mil) | 85 | 88 | -3.1% |
| Cumulative Contribution | 23.8% |
Market Drivers
4/30/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| VIRT | 23.8% | |
| Market (SPY) | 6.1% | -3.4% |
| Sector (XLF) | 9.2% | 10.7% |
Fundamental Drivers
The 49.0% change in VIRT stock from 1/31/2026 to 8/20/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.07 | 61.19 | 49.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,497 | 4,080 | 16.7% |
| Net Income Margin (%) | 12.1% | 13.5% | 11.7% |
| P/E Multiple | 8.2 | 9.7 | 18.1% |
| Shares Outstanding (Mil) | 85 | 88 | -3.2% |
| Cumulative Contribution | 49.0% |
Market Drivers
1/31/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| VIRT | 49.0% | |
| Market (SPY) | 10.5% | 11.3% |
| Sector (XLF) | 7.1% | 23.6% |
Fundamental Drivers
The 41.8% change in VIRT stock from 7/31/2025 to 8/20/2026 was primarily driven by a 20.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.14 | 61.19 | 41.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,379 | 4,080 | 20.8% |
| Net Income Margin (%) | 12.0% | 13.5% | 12.6% |
| P/E Multiple | 9.1 | 9.7 | 6.9% |
| Shares Outstanding (Mil) | 85 | 88 | -2.4% |
| Cumulative Contribution | 41.8% |
Market Drivers
7/31/2025 to 8/20/2026| Return | Correlation | |
|---|---|---|
| VIRT | 41.8% | |
| Market (SPY) | 21.7% | 10.0% |
| Sector (XLF) | 10.0% | 20.9% |
Fundamental Drivers
The 264.5% change in VIRT stock from 7/31/2023 to 8/20/2026 was primarily driven by a 107.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.79 | 61.19 | 264.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,186 | 4,080 | 86.6% |
| Net Income Margin (%) | 6.5% | 13.5% | 107.5% |
| P/E Multiple | 11.2 | 9.7 | -13.2% |
| Shares Outstanding (Mil) | 95 | 88 | 8.4% |
| Cumulative Contribution | 264.5% |
Market Drivers
7/31/2023 to 8/20/2026| Return | Correlation | |
|---|---|---|
| VIRT | 264.5% | |
| Market (SPY) | 72.5% | 26.3% |
| Sector (XLF) | 68.4% | 31.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIRT Return | 19% | -27% | 5% | 83% | -4% | 82% | 191% |
| Peers Return | 33% | -18% | 21% | 37% | 13% | 8% | 122% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| VIRT Win Rate | 50% | 42% | 50% | 75% | 50% | 88% | |
| Peers Win Rate | 63% | 42% | 57% | 60% | 57% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VIRT Max Drawdown | -26% | -46% | -22% | -23% | -28% | -18% | |
| Peers Max Drawdown | -19% | -36% | -24% | -16% | -26% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBKR, TW, MKTX, NDAQ, CBOE. See VIRT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/20/2026 (YTD)
How Low Can It Go
| Event | VIRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.7% | -18.8% |
| % Gain to Breakeven | 15.8% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.4% | -6.7% |
| % Gain to Breakeven | 21.0% | 7.1% |
| Time to Breakeven | 277 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.9% | -24.5% |
| % Gain to Breakeven | 33.2% | 32.4% |
| Time to Breakeven | 657 days | 427 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.1% | -3.7% |
| % Gain to Breakeven | 22.1% | 3.9% |
| Time to Breakeven | 35 days | 6 days |
In The Past
Virtu Financial's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | VIRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.9% | -24.5% |
| % Gain to Breakeven | 33.2% | 32.4% |
| Time to Breakeven | 657 days | 427 days |
In The Past
Virtu Financial's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Virtu Financial (VIRT)
Virtu Financial (VIRT) is a global financial services company primarily operating in market making and execution services. It leverages advanced technology to provide liquidity and facilitate trading across a vast array of global markets. Essentially, Virtu helps ensure the smooth and efficient functioning of financial markets by actively quoting buy and sell prices (market making) and enabling clients to execute their trades across different asset classes and venues.
The company's core offerings include a comprehensive suite of products focused on execution, liquidity sourcing, and analytics. Through its execution services, Virtu helps clients efficiently trade various financial instruments. As a significant market maker, it provides crucial liquidity in assets ranging from global equities, ETFs, and foreign exchange to futures, fixed income, and cryptocurrencies. Furthermore, Virtu offers sophisticated analytics platforms that deliver pre- and post-trade insights, data products, and compliance tools to assist clients in managing investments and risks.
Virtu Financial serves a diverse client base worldwide, likely including institutional investors, broker-dealers, and asset managers who require efficient trading solutions and market access. Its technology and services enable these clients to operate and trade across numerous countries and in multiple asset classes. The company's reach spans major global markets, positioning it as a critical infrastructure provider in the modern financial ecosystem.
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1. They are like Visa or Mastercard for institutional financial trading, but instead of processing consumer payments, they ensure fast, liquid trading for global markets by actively making bids and offers.
2. Imagine a super-powered Bloomberg Terminal that not only provides financial data and tools but also actively makes markets and executes trades across all global asset classes.
3. They are like the Amazon Web Services (AWS) of the financial world, providing the lightning-fast technological infrastructure and data that institutions use for trading, while also acting as a crucial liquidity provider.
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- Market Making: Virtu acts as a market maker, providing continuous bid and ask quotes to facilitate trading and add liquidity across various financial markets.
- Execution Services: The company offers services that enable clients to execute trades efficiently across diverse asset classes and global trading venues.
- Liquidity Sourcing: Virtu helps clients access and source deep pools of liquidity across different financial instruments.
- Data & Analytics: Virtu provides clients with pre- and post-trade analytics, market data products, and compliance tools to manage risk and optimize trading strategies.
- Connectivity & Workflow Technology Platforms: The company offers broker-neutral, multi-dealer platforms and connectivity solutions to streamline client workflow and enable trading across numerous venues.
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Virtu Financial (VIRT) primarily sells its services and products to other companies within the financial industry, rather than directly to individual retail investors.
Due to the nature of its market-making and execution services business, Virtu Financial typically serves a broad range of institutional clients, and specific major customer names are not publicly disclosed. Instead, its customer base consists of various categories of financial institutions, including:
- Institutional Investors: This category includes asset managers, hedge funds, pension funds, and mutual funds that utilize Virtu's execution, liquidity sourcing, analytics, and risk management tools for their trading and investment strategies.
- Broker-Dealers and Trading Firms: Other brokerage firms and proprietary trading desks that leverage Virtu's technology, multi-dealer platforms, and market-making capabilities to facilitate trading, access liquidity, and manage order flow across various asset classes.
- Other Financial Institutions: Broader financial entities that may use Virtu's data products, analytics, and connectivity solutions for their treasury operations, risk management, or compliance requirements.
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- Intercontinental Exchange, Inc. (ICE)
- CME Group Inc. (CME)
- Nasdaq, Inc. (NDAQ)
- Cboe Global Markets, Inc. (CBOE)
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Aaron Simons, Chief Executive Officer
Aaron Simons became Chief Executive Officer of Virtu Financial in July 2025. He joined Virtu in 2008, having previously conducted postdoctoral research in theoretical physics. Within the firm, he has experience across various areas of trading and technology. Simons holds a BS in Mathematics from Caltech (2002) and a PhD in Physics from Harvard (2007). His appointment as CEO signals Virtu's continued focus on a technology-first strategy.
Cindy Lee, Chief Financial Officer
Cindy Lee was appointed Chief Financial Officer of Virtu Financial on August 1, 2024. She joined Virtu in 2011 and has previously served as the Global Controller and Deputy Chief Financial Officer. Lee's contributions were integral to the successful completion of Virtu's IPO in 2015 and the integration of major acquisitions, including KCG in 2017 and ITG in 2019. She also spearheaded the automation of financial processes across Virtu's global offices. Prior to her time at Virtu, she worked at The Royal Bank of Scotland in product control and as an auditor at Deloitte & Touche. She holds a Master of Science and a Bachelor of Science in Accounting from the University of Connecticut.
Joseph Molluso, Co-President and Co-Chief Operating Officer
Joseph Molluso serves as Co-President and Co-Chief Operating Officer of Virtu Financial. He initially joined Virtu in 2013 as Chief Financial Officer. After a brief period in 2019 as Chief Financial Officer of Capitolis, he rejoined Virtu in 2020. During his tenure at Virtu, Molluso has overseen all aspects of the company's finances, operations, and day-to-day management. He played a central role in Virtu's Initial Public Offering in 2015 and the integration of KCG Holdings and ITG. Before joining Virtu, Molluso was a Managing Director in J.P. Morgan's Investment Banking Department from 2006 to 2013, where he advised financial institutions on strategic matters, particularly those related to market structure. He also worked as an investment banker at Donaldson, Lufkin & Jenrette and its successor, Credit Suisse, where he helped establish the global financial technology group. Molluso earned an MBA from New York University and a BBA from Pace University.
Brett Fairclough, Co-President and Co-Chief Operating Officer
Brett Fairclough is a Co-President and Co-Chief Operating Officer at Virtu Financial, having joined the firm in 2007. His roles at Virtu have included Managing Director of Asia Pacific operations from 2014 to 2019 and Chief Compliance Officer of Virtu's broker-dealers from 2012 to 2014. He has actively collaborated with exchanges and other industry participants to promote the growth and development of securities markets globally. Fairclough is a graduate of the University of California at Los Angeles.
Vincent Viola, Founder and Executive Chairman
Vincent Viola is the Founder and Executive Chairman of Virtu Financial. He co-founded Virtu in 2008. Viola, a former chairman of the New York Mercantile Exchange (NYMEX), provided the initial capital for Virtu from his previous successful ventures. In May 2011, Virtu merged with Madison Tyler, a proprietary trading firm that Viola co-founded with David Salomon, a transaction backed by the technology-focused private equity firm Silver Lake Partners. He has served as Executive Chairman since November 2013 and previously as CEO and Chairman of Virtu Financial and its predecessors since April 2008. Viola is also a co-owner of the Florida Panthers NHL team.
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Regulatory Changes Impacting Trading Spreads
The most significant risk for Virtu Financial's business model is the impending SEC Reg NMS amendments scheduled for 2025-2026. These amendments are expected to mandate a reduction in minimum tick sizes, which will directly lower the bid/ask spreads from which Virtu generates a substantial portion of its net trading income. This is anticipated to lead to a structural decrease in profitability that cannot be offset solely by increased trading turnover. Furthermore, the company operates in a highly regulated industry and is continuously exposed to potential legal and regulatory challenges and changes in laws that could adversely affect its operations and profitability. *Dependence on Market Volatility and Trading Volumes
Virtu Financial's profitability is highly correlated with market volatility and trading volumes. The company's business model, as a liquidity provider, thrives on market activity. While high volatility can lead to exceptional performance, a sustained period of low volatility or a decline in overall market activity and retail participation could significantly impact its revenue streams and financial performance. *Technological and Operational Risks Coupled with Intense Competition
As a technology-driven market maker, Virtu is exposed to inherent technological and operational risks. These include potential system failures, network latency spikes, hardware malfunctions, and errors in complex trading algorithms, which can lead to substantial losses if safeguards are insufficient. The financial services industry is also intensely competitive, with Virtu facing rivals from traditional institutions and fintech startups. Maintaining a competitive edge requires continuous, substantial investment in technology and infrastructure, and the failure of these investments to generate timely returns could result in margin pressure and negatively impact the business.AI Analysis | Feedback
Potential regulatory restrictions or a ban on payment for order flow (PFOF).
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Virtu Financial (VIRT) operates within several large addressable markets for its diverse products and services. The market sizes, primarily global, are as follows:
- Global Equities Market Capitalization: The global equity market capitalization was valued at approximately $126.7 trillion in 2024.
- Global Fixed Income Market Outstanding: The size of the global fixed income market is estimated at USD 153.39 trillion in 2025, with projections to reach USD 198.58 trillion by 2030.
- Global Foreign Exchange (FX) Market: The average daily trading volume in global FX markets reached an all-time high of $9.6 trillion in April 2025.
- Global Exchange Traded Funds (ETFs) Market (Assets Under Management): Assets invested in the global ETF industry reached a record high of $18.81 trillion at the end of September 2025.
- Global Futures Trading Service Market: The global futures trading service market was valued at USD 5.2 billion in 2023 and is projected to grow to USD 10.8 billion by 2032.
- Global Cryptocurrency Market: The global cryptocurrency market size was valued at USD 2.49 trillion in 2024 and is projected to reach USD 6.29 trillion by 2033.
- Global Electronic Trading Platform Market: The global electronic trading platform market size was approximately USD 6.5 billion in 2023 and is projected to reach around USD 12.8 billion by 2032.
- Global Financial Analytics Market: The global financial analytics market size was valued at USD 12.57 billion in 2024 and is projected to reach USD 29.65 billion by 2033.
- Global Financial and Market Data Industry: This industry represents approximately $45 billion in 2025 and is projected to reach around $60 billion by 2030.
- Global Online Trading Platform Market: The global online trading platform market size was valued at USD 11.4 billion in 2025 and is projected to reach USD 17.9 billion by 2034.
- Global Algorithmic Trading Market: The global algorithmic trading market size was estimated at USD 21.06 billion in 2024 and is projected to reach USD 42.99 billion by 2030.
- Market Making: null
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Virtu Financial (VIRT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:
- Expansion of Execution Services and Product Offerings: Virtu Financial is focused on accelerating client onboarding and expanding client activity within its Execution Services (VES) segment. The company is committed to launching novel products and services, such as POSIT Alert, Triton Valor EMS, advanced trading analytics, and proprietary execution algorithms, which are increasingly utilized by institutional clients. This expansion capitalizes on the ongoing electronification of markets and the rising demand for sophisticated execution tools.
- Geographic Expansion and New Market Penetration: Virtu Financial is actively pursuing strategic expansion into new international territories, specifically extending its listed options coverage into India and Japan. The company also aims to diversify its earnings by enhancing its digital asset trading operations through integration with new token venues.
- Increased Trading Capital and Favorable Market Conditions: Management has prioritized increasing firmwide trading capital, which demonstrated a significant average return in 2025. While market volatility can fluctuate, both the Market Making and Execution Services segments benefit from generally favorable market conditions and elevated trading volumes. Virtu's profitability is closely correlated with trading volumes and market volatility.
- Investment in Technology and Infrastructure: A key management priority for Virtu Financial is continued investment in its technology infrastructure and enhancing talent across the organization. This focus underpins the company's ability to develop advanced trading solutions and maintain its competitive edge in various markets.
- Expansion into Emerging Asset Classes: Virtu Financial is looking towards 2026 with a focus on expanding into emerging asset classes, including prediction markets and cryptocurrencies. The company's exposure to crypto-related trading provides potential upside during periods of heightened digital asset activity.
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Share Repurchases
- Virtu Financial repurchased 6.7 million shares in 2024, contributing to a total of approximately $1.417 billion in repurchases (53.8 million shares) since the program's inception in November 2020 through September 30, 2025.
- The company bought back shares worth approximately $210 million in 2023.
- As of January 24, 2024, Virtu had approximately $98.2 million remaining capacity for future share repurchases under its program.
Outbound Investments
- In 2024, Virtu expanded its presence across various asset classes, including global options, fixed income, ETFs, and digital assets.
- The company has invested in technology to enhance its capabilities and provide competitive pricing and liquidity across over 50 countries.
- Virtu continues to focus on its flagship Execution Services products, such as Datalytics and Triton EMS, and is expanding its Agency Fixed Income RFQ business, supported by strategic hires.
Peer Outperformance in Financial Exchanges & Data
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 5.6% | 125.2% | 134.3% | IBKR 496% · SNEX 237% · GS 186% |
| Reinsurance | 6 | 20.4% | 86.2% | 118.2% | SPNT 141% · MTG 131% · RGA 131% |
| Diversified Banks | 12 | 40.3% | 126.0% | 106.8% | JPM 157% · CM 155% · RY 139% |
| Life & Health Insurance | 19 | 13.4% | 53.9% | 87.2% | UNM 298% · FG 198% · MFC 172% |
| Regional Banks | 262 | 31.7% | 82.8% | 66.3% | GCBC 393% · ESQ 355% · NBN 283% |
| Property & Casualty Insurance | 42 | 12.3% | 74.4% | 65.6% | ASIC 2528900% · HRTG 428% · UVE 272% |
| Multi-line Insurance | 9 | 14.4% | 80.9% | 58.4% | GNW 194% · L 105% · SLF 87% |
| Multi-Sector Holdings | 6 | 1.7% | 17.4% | 34.4% | JEF 84% · BRK-B 74% · VOYA 67% |
| Consumer Finance | 30 | 13.1% | 82.2% | 33.2% | ENVA 656% · EZPW 356% · AGM 164% |
| Insurance Brokers | 15 | -10.7% | 11.5% | 32.6% | LIFE 630% · AJG 91% · ARX 86% |
| Asset Management & Custody Banks | 83 | -6.0% | 20.7% | 27.2% | SII 332% · WT 299% · VCTR 281% |
| Financial Exchanges & Data ← | 15 | -2.3% | 17.0% | 21.4% | VIRT 188% · CBOE 142% · CME 68% |
| Commercial & Residential Mortgage Finance | 12 | -28.4% | 19.1% | 6.4% | FNMA 532% · FMCC 504% · ESNT 63% |
| Specialized Finance | 3 | 21.7% | 55.4% | 1.0% | EFC 38% · CACC 1% · HASI -9% |
| Mortgage REITs | 34 | -7.4% | 14.1% | -12.3% | RITM 73% · NREF 57% · DX 42% |
| Diversified Capital Markets | 21 | -25.2% | 0.5% | -38.9% | BTCS 564% · OPY 178% · LPLA 154% |
| Transaction & Payment Processing Services | 15 | 2.3% | 7.4% | -39.3% | MA 67% · V 64% · CPAY 60% |
| Diversified Financial Services | 5 | -5.7% | 61.6% | -58.4% | FRHC 172% · EQH 83% · TMS -58% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Virtu Financial Stock Rockets 15% With 7-Day Winning Streak | 07/10/2026 | |
| Virtu Financial Earnings Notes | 12/24/2025 | |
| VIRT Dip Buy Analysis | 07/10/2025 | |
| null | 02/28/2025 | |
| Virtu Financial (VIRT) Operating Cash Flow Comparison | 02/17/2025 | |
| Virtu Financial (VIRT) Net Income Comparison | 02/16/2025 | |
| Virtu Financial (VIRT) Operating Income Comparison | 02/15/2025 | |
| Virtu Financial (VIRT) Revenue Comparison | 02/14/2025 | |
| Virtu Financial vs. S&P500 Correlation | 10/03/2024 | |
| Virtu Financial Price Volatility | 09/24/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 101.82 |
| Mkt Cap | 26.7 |
| Rev LTM | 4,571 |
| Op Inc LTM | 1,968 |
| FCF LTM | 1,475 |
| FCF 3Y Avg | 1,233 |
| CFO LTM | 1,579 |
| CFO 3Y Avg | 1,314 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.9% |
| Rev Chg 3Y Avg | 17.1% |
| Rev Chg Q | 19.8% |
| QoQ Delta Rev Chg LTM | 4.9% |
| Op Inc Chg LTM | 24.7% |
| Op Inc Chg 3Y Avg | 23.1% |
| Op Mgn LTM | 42.3% |
| Op Mgn 3Y Avg | 40.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 32.2% |
| CFO/Rev 3Y Avg | 38.2% |
| FCF/Rev LTM | 29.7% |
| FCF/Rev 3Y Avg | 34.0% |
Price Behavior
| Market Price | $61.19 | |
| Market Cap ($ Bil) | 5.3 | |
| First Trading Date | 04/16/2015 | |
| Distance from 52W High | -8.4% | |
| 50 Days | 200 Days | |
| DMA Price | $59.61 | $45.75 |
| DMA Trend | up | up |
| Distance from DMA | 2.6% | 33.7% |
| 3M | 1YR | |
| Volatility | 41.6% | 33.4% |
| Downside Capture | -63.84 | 1.40 |
| Upside Capture | 15.15 | 48.55 |
| Correlation (SPY) | -7.0% | 10.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.16 | -0.02 | 0.07 | 0.37 | 0.32 | 0.60 |
| Up Beta | 3.10 | 0.56 | 0.62 | 0.49 | 0.52 | 0.64 |
| Down Beta | 3.09 | 0.03 | -0.14 | -0.09 | 0.13 | 0.64 |
| Up Capture | -14% | 32% | 37% | 82% | 37% | 47% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 27 | 36 | 73 | 135 | 417 |
| Down Capture | 8% | -81% | -49% | 9% | 23% | 62% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 16 | 27 | 53 | 115 | 327 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 52.3% | 33.3% | 1.30 | - |
| Sector ETF (XLF) | 9.6% | 14.6% | 0.41 | 20.8% |
| Equity (SPY) | 20.3% | 12.9% | 1.16 | 9.4% |
| Gold (GLD) | 36.2% | 28.7% | 1.07 | -3.3% |
| Commodities (DBC) | 44.1% | 20.2% | 1.69 | 2.1% |
| Real Estate (VNQ) | 13.3% | 13.8% | 0.66 | 8.9% |
| Bitcoin (BTCUSD) | -38.8% | 43.2% | -1.01 | 3.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 23.0% | 32.8% | 0.68 | - |
| Sector ETF (XLF) | 9.8% | 18.4% | 0.40 | 32.2% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 28.7% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 3.1% |
| Commodities (DBC) | 10.2% | 19.6% | 0.40 | 6.5% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 24.8% |
| Bitcoin (BTCUSD) | 9.3% | 52.7% | 0.36 | 19.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIRT | |
|---|---|---|---|---|
| VIRT | 18.9% | 36.1% | 0.58 | - |
| Sector ETF (XLF) | 13.4% | 22.0% | 0.55 | 14.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 14.1% |
| Gold (GLD) | 12.4% | 16.2% | 0.63 | 3.9% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 3.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 12.5% |
| Bitcoin (BTCUSD) | 61.0% | 66.1% | 1.01 | 12.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/14/2026 | -7.9% | -12.4% | -14.8% |
| 4/20/2023 | -1.9% | -0.7% | -8.4% |
| 1/26/2023 | -6.0% | -5.4% | -6.6% |
| 11/3/2022 | 1.5% | -0.8% | -0.1% |
| 7/28/2022 | 1.3% | 2.8% | 4.9% |
| 4/28/2022 | -13.1% | -12.8% | -22.6% |
| 2/8/2022 | 7.3% | 8.9% | 5.1% |
| 11/3/2021 | 10.1% | 4.1% | 7.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 7 |
| # Negative | 8 | 8 | 6 |
| Median Positive | 7.3% | 4.1% | 5.1% |
| Median Negative | -5.6% | -3.9% | -7.5% |
| Max Positive | 10.1% | 8.9% | 12.1% |
| Max Negative | -13.1% | -12.8% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/14/2026 | -7.9% | -12.4% | -14.8% |
| 4/20/2023 | -1.9% | -0.7% | -8.4% |
| 1/26/2023 | -6.0% | -5.4% | -6.6% |
| 11/3/2022 | 1.5% | -0.8% | -0.1% |
| 7/28/2022 | 1.3% | 2.8% | 4.9% |
| 4/28/2022 | -13.1% | -12.8% | -22.6% |
| 2/8/2022 | 7.3% | 8.9% | 5.1% |
| 11/3/2021 | 10.1% | 4.1% | 7.3% |
| 8/4/2021 | -5.2% | 0.1% | -3.7% |
| 5/4/2021 | -3.7% | -4.6% | 5.1% |
| 2/11/2021 | -4.4% | -3.3% | 2.7% |
| 11/6/2020 | 7.5% | 7.0% | 8.3% |
| 8/7/2020 | -7.3% | -2.8% | 12.1% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 7 |
| # Negative | 8 | 8 | 6 |
| Median Positive | 7.3% | 4.1% | 5.1% |
| Median Negative | -5.6% | -3.9% | -7.5% |
| Max Positive | 10.1% | 8.9% | 12.1% |
| Max Negative | -13.1% | -12.8% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 8/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grano, Joseph J JR | Direct | Sell | 8202026 | 60.94 | 8,400 | 511,856 | 2,060,463 | Form | |
| 2 | Gambale, Virginia | Direct | Sell | 8182026 | 62.00 | 6,460 | 400,520 | 1,048,420 | Form | |
| 3 | Nixon, John | Direct | Sell | 8182026 | 60.13 | 9,094 | 546,822 | 1,858,137 | Form | |
| 4 | Fairclough, Brett | Co-President & Co-COO | Direct | Sell | 5082026 | 50.06 | 30,000 | 1,501,854 | 2,126,274 | Form |
| 5 | Gambale, Virginia | Direct | Sell | 5062026 | 50.00 | 4,000 | 200,000 | 998,900 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grano, Joseph J JR | Direct | Sell | 8202026 | 60.94 | 8,400 | 511,856 | 2,060,463 | Form | |
| 2 | Gambale, Virginia | Direct | Sell | 8182026 | 62.00 | 6,460 | 400,520 | 1,048,420 | Form | |
| 3 | Nixon, John | Direct | Sell | 8182026 | 60.13 | 9,094 | 546,822 | 1,858,137 | Form | |
| 4 | Fairclough, Brett | Co-President & Co-COO | Direct | Sell | 5082026 | 50.06 | 30,000 | 1,501,854 | 2,126,274 | Form |
| 5 | Gambale, Virginia | Direct | Sell | 5062026 | 50.00 | 4,000 | 200,000 | 998,900 | Form | |
| 6 | Molluso, Joseph | Co-President & Co-COO | Direct | Sell | 2202026 | 38.88 | 200,000 | 7,776,420 | 12,698,311 | Form |
| 7 | Cavoli, Stephen | EVP | Direct | Sell | 2192026 | 38.94 | 28,370 | 1,104,657 | 4,524,187 | Form |
| 8 | Cavoli, Stephen | EVP | Direct | Sell | 2132026 | 38.35 | 30,000 | 1,150,608 | 5,544,435 | Form |
| 9 | Cavoli, Stephen | EVP | Direct | Sell | 2132026 | 37.61 | 30,000 | 1,128,360 | 6,565,591 | Form |
| 10 | Cavoli, Stephen | EVP | Direct | Sell | 2132026 | 38.66 | 11,630 | 449,591 | 7,907,895 | Form |
| 11 | Gambale, Virginia | Direct | Sell | 2062026 | 37.50 | 2,950 | 110,625 | 899,175 | Form | |
| 12 | Cavoli, Stephen | EVP | Direct | Sell | 2032026 | 0.00 | 5,263 | Form | ||
| 13 | Cavoli, Stephen | EVP | Direct | Sell | 2032026 | 0.00 | 38,288 | Form | ||
| 14 | Gambale, Virginia | Direct | Sell | 11072025 | 34.57 | 3,875 | 133,959 | 930,901 | Form | |
| 15 | Fairclough, Brett | Co-President & Co-COO | Direct | Sell | 8082025 | 42.40 | 90,701 | Form |
Investor Activity (13F)
Updated Aug 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Financial Exchanges & Data Resources |
| WatersTechnology |
| TabbFORUM |
| Mondovisione |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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