What is the revenue and EPS growth rate for Virtu Financial year over year?

What is the market's earnings forecast for Virtu Financial next quarter?

What were the key takeaways from Virtu Financial's earnings call?

What were the key takeaways from Virtu Financial’s earnings call?

Did Virtu Financial beat or miss consensus estimates last quarter?

What factors drove the changes in Virtu Financial's revenue and profit?

What is Virtu Financial's gross profit margin?

What guidance did Virtu Financial's management provide for the next earnings period?

- **Strategic Pivot to Growth**: Virtu shifts focus from cost-cutting to capital expansion, targeting higher end of ANTI range ($10 million/day) and doubling capital base over time.
- **Q3 Financial Highlights**: Adjusted EPS of $1.05, ANTI of $467 million/day, with VES ANTI up 6x since 2021 and crypto/commodities driving market-making growth.
- **Capital Deployment**: $500+ million raised in 2025 deployed with 95% incremental return; priority on crypto, options, and ETF block growth.
- **Operational Efficiency**: Maintains strong operating leverage, with workflow/analytics business generating $137 million trailing ANTI.

**【CEO Summary Section】**
- Virtu Financial is shifting focus to growth, emphasizing infrastructure investment, talent acquisition, and capital expansion. CEO Aaron Simons highlights the goal of achieving higher end of the ANTI range ($6 million to $10 million per day) and a long-term plan to double the capital base for P&L growth.
- The company will prioritize incremental capital deployment, maintaining a disciplined approach to risk and operational efficiency. Recent capital raises ($500 million+ in 2025) have been deployed with a 95% incremental return on capital.

**【CFO Financial Commentary】**
- Q3 2025 results: Normalized adjusted EPS of $1.05, ANTI of $467 million ($7.4 million/day), driven by strong market-making performance across global equities, crypto, and VES (Virtu Execution Services). VES ANTI reached $123 million ($1.9 million/day), its best quarter since 2021.
- VES workflow and analytics business generated $137 million in trailing 12-month ANTI, with Triton EMS maintaining market leadership. Legacy growth initiatives (crypto, options, ETF block) showed sequential ANTI growth.

**【Q&A Key Highlights】**
- **Capital Allocation**: Management plans to allocate incremental capital to high-return opportunities, including crypto, options, and ETF block. Buybacks will be secondary to business growth, with a focus on neutralizing share creep from compensation plans.
- **Market Making in Options**: Virtu aims to expand in options through organic growth and strategic talent acquisition, rather than immediate customer market-making (605) entry.
- **Operating Leverage**: Despite potential OpEx increases for talent, Virtu expects strong positive operating leverage, maintaining a comp-to-net-revenue ratio similar to historical levels.
- **Tokenization and On-Chain Assets**: Virtu is actively participating in tokenized asset markets, leveraging existing infrastructure and partnerships (e.g., Canton network) to adapt to evolving trading models.

Virtu Financial, Inc. (VIRT) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: $568M adjusted net trading income (+50% YoY), $1.53 EPS (+83% YoY). 
- **Growth Drivers**: ETF block ($1.3M/day), crypto expansion, VES near $2M/day target. 
- **Leadership Transition**: Doug Cifu retiring; Aaron Simons to lead innovation in crypto, tokenization. 
- **Strategic Tailwinds**: Overnight trading, stablecoins, tokenized equities for non-U.S. clients. 
- **Financial Strength**: 65% EBITDA margin, $1.4B share buybacks, 1.5x debt/EBITDA. 


**【CEO Summary Section】**
- **Q2 2025 Results**: Adjusted net trading income of $568 million ($9.2M/day), up 50% YoY. Adjusted EPS of $1.53, up 83% YoY. Growth initiatives (ETF block, crypto) contributed $1.3M/day (15% of total). 
- **Strategic Initiatives**: 
  - **ETF Block**: Record volumes driven by Liberation Day tariff volatility; expanding Europe ETF franchise. 
  - **Digital Assets**: Expanded Market Making to 10+ tokens/assets; crypto trading capital up 3x YoY. 
  - **Execution Services (VES)**: $116M Q2 revenue, near $2M/day target; 2,000+ global clients. 
- **Leadership Transition**: CEO Doug Cifu retiring end-2025; CTO Aaron Simons to succeed, ensuring continuity & innovation. 
- **Tailwinds**: Overnight trading, tokenization, stablecoin adoption; regulatory clarity (GENIUS Act, CLARITY Act). 

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Adjusted EBITDA margin 65% (highest since Q1 2022). 
  - Share buybacks: $66M Q2, $135M YTD; total $1.4B repurchased (20% of shares). 
  - Debt/EBITDA 1.5x; $2B+ trading capital. 
- **Expense Management**: Cash operating expenses $198M; compensation ratio 19% (cash) / 23% (incl. stock). 

**【Q&A Key Highlights】**
- **Order Protection Rule Repeal**: Neutral to positive for Virtu; expects reduced venue fragmentation. 
- **M&A Strategy**: Prioritize capital allocation (share buybacks vs. acquisitions); open to crypto/execution services deals. 
- **Crypto & Tokenization**: Stablecoin adoption to drive fiat/digital conversions; tokenized equities for non-U.S. clients. 
- **Overnight Trading**: 99% retail-driven; potential for institutional adoption as liquidity builds. 
- **Execution Services Growth**: Cross-asset EMS (Triton) expansion; 605 executed shares record. 


Virtu Financial, Inc. (VIRT) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: $1.30 EPS, $8.3M/day NTI, and $320M EBITDA highlight strongest quarter since 2021. 
- **Non-Customer Growth**: 40% YoY Market Making NTI driven by ETFs, crypto, and metals. Metals trading surged 150% in Q1. 
- **VES Breakthrough**: $2M/day target achievable with 20+ broker clients using VTS and 70% YoY NTI growth. 
- **Crypto Leadership**: Liquidity on 12+ coins across 6+ exchanges, with VFI institutional streaming service. 
- **Share Buyback Impact**: 18.9% share reduction driving 20%+ EPS growth, despite $0.24/quarter dividend.

**【CEO Summary Section】**
- Q1 2025 normalized EPS of $1.30, with adjusted net trading income per day of $8.3 million, the highest since 2021. Market Making NTI grew 40% YoY, driven by non-customer businesses in equities, digital assets, and ETFs. Metals trading surged due to tariff volatility. VES net trading income reached $1.9 million/day, up 70% YoY, with a $2 million/day target for 2025. Cross-selling of VES products (e.g., RFQ platforms, analytics tools) is accelerating growth. Global diversification across 15+ asset classes and geographies reduces cyclicality risk.

**【CFO Financial Commentary】**
- Q1 2025 adjusted EBITDA of $320 million (64% margin), up 25% YoY. Operating expenses controlled at $193 million, despite inflation. Free cash flow used to repurchase 1.3 million shares ($48M), bringing total buybacks to $1.4B since 2015. Dividend of $0.24/quarter maintained. Share count reduced 18.9% via buybacks, enhancing EPS growth.

**【Q&A Key Themes】**
- **Market Making Sustainability**: Non-customer businesses (e.g., ETF Block, crypto) offset retail volatility, with 60%+ of NTI from non-equities. Metals trading outperformed expectations during tariff-related volatility. 
- **VES Growth Drivers**: 20+ broker dealer clients using Virtu Technology Services (VTS) RFQ platform. Agency fixed income and crypto algos are top cross-sell products. 2024+ hires in sales and client support accelerate adoption. 
- **Crypto Expansion**: Liquidity provided on 12+ coins across 6+ exchanges (e.g., OKX, Bybit). VFI streaming service for institutional clients launched Q1. Digital asset EBITDA margin >20%.
- **Retail Participation**: Retail share volume at 2020 levels, with 605 share volume up 30% YoY. New account openings at brokers suggest long-term engagement. Non-customer Market Making benefits from volatility (e.g., April tariff-induced volatility).

Virtu Financial (VIRT)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record Q4 Performance**: ANTI of $7.27 million/day, up 23% in market-making and 12% in VES, driven by internalization and crypto growth.
- **Crypto Success**: Q4 crypto ANTI surged despite 20% lower ETF volumes, reflecting Virtu's scaled liquidity strategy.
- **Regulatory Tailwinds**: New SEC leadership expected to clarify crypto rules, opening $1.3T+ addressable market for Virtu.
- **Stable Capital Return**: $1.3B in share buybacks since 2021, maintaining 61.9% EBITDA margin despite inflation.
- **Growth Catalysts**: Fixed income profitability, single-name options expansion, and private credit market-making in early stages.

**【CEO Opening Remarks】**
- **Full-Year Performance**: Adjusted net trading income (ANTI) of $6.3 million/day, normalized adjusted EPS of $3.55 for the full year. Q4 ANTI reached $7.27 million/day, with EPS of $1.144.
- **Market-Making Strength**: Q4 market-making ANTI grew 23% to $5.5 million/day, driven by improved spread capture and internalization. Quoted spread and executed shares increased 12% and 11% QoQ.
- **Execution Services (VES) Growth**: VES delivered $1.7 million/day in Q4, its best quarter since Q1 2022. Key wins include European asset manager adoption of Triton Valor EMS and Asian manager deployment of global equity algorithms.
- **Organic Growth Initiatives**: Crypto, ETF block, and fixed income market-making contributed $787,000/day in 2024, 12% of total ANTI. Despite 20% lower crypto ETF volumes, Q4 crypto ANTI surged due to enhanced liquidity and operational efficiency.
- **Regulatory Tailwinds**: New SEC leadership expected to clarify crypto regulations, benefiting Virtu's market-making and Execution Services businesses.

**【CFO Financial Highlights】**
- **Q4 Financials**: GAAP net income of $420 million, non-GAAP EPS of $1.14 (vs. $1.08 estimate). Adjusted EBITDA margin of 61.9%, up from 58% in 2023.
- **Cost Management**: Operating expenses of $191 million, maintained through inflationary pressures. Share buybacks of $57.1 million in Q4, total $1.3 billion since program launch.
- **Capital Allocation**: Prioritized share repurchases (19.4% of shares repurchased) over debt reduction, reflecting confidence in long-term growth.

**【Q&A Key Takeaways】**
- **Regulatory Environment**: New SEC leadership expected to reduce regulatory uncertainty, particularly in crypto. Virtu poised to benefit from clearer rules on digital assets and market structure reforms.
- **Business Stability**: Scale diversification (customer vs. non-customer market-making, VES) and internalization drove Q4 stability. Execution Services' consistency outperformed market volatility.
- **Crypto Expansion**: 24/7 crypto native offering in early stages, with focus on institutional adoption. Q4 crypto ANTI growth offset muted market volumes.
- **Fixed Income Progress**: Profitable in rates and credit, with European ETF block business driving expansion. Single-name options market-making in dozens of names, with incremental growth potential.
- **Private Credit Outlook**: Exploring market-making opportunities as private credit assets are velocitized, though timelines uncertain.


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