Revenue scaling reached $1.1 billion in 2026Q1, supported by a resilient 62.4% gross margin that highlights the firm's ability to manage liquidity costs effectively.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 3.89B | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.33B | 1.74B | 1.77B | 1.39B | 1.35B | 1.69B | 2.09B | 746.89M | 1.29B | 593.57M | 395.76M | 475.72M | 407.56M | 391.01M | 351.2M |
| Gross Margin % | 59.83% | 47.97% | 61.44% | 60.65% | 57.29% | 60.1% | 64.43% | 49.22% | 68.49% | 57.74% | 56.35% | 59.75% | 56.37% | 58.84% | 57.05% |
| Gross Profit Growth % | - | -1.44% | 27.08% | 2.68% | -19.83% | -19.03% | 179.42% | -41.95% | 116.78% | 49.98% | -16.81% | 16.72% | 4.23% | 11.33% | - |
| Operating Expenses | 577.63M | 514.46M | 449.74M | 457M | 436.79M | 437.62M | 2.09B | 449.27M | 330.17M | 284.13M | 124.27M | 133.92M | 121.42M | 116.84M | 172.84M |
| OpEx % of Revenue | - | 14.16% | 15.63% | 19.93% | 18.47% | 15.57% | 64.43% | 29.61% | 17.57% | 27.64% | 17.7% | 16.82% | 16.79% | 17.58% | 28.08% |
| Selling, General & Admin | 124.21M | 0 | 236.45M | 230.76M | 219.5M | 211.99M | 213.75M | 209.39M | 176.12M | 131.51M | 71M | 68.65M | 68.85M | 64.69M | 55.38M |
| SG&A % of Revenue | - | - | 8.22% | 10.06% | 9.28% | 7.54% | 6.6% | 13.8% | 9.37% | 12.79% | 10.11% | 8.62% | 9.52% | 9.73% | 9% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.75B | 1.23B | 1.32B | 933.98M | 917.91M | 1.25B | 0 | 297.62M | 956.57M | 309.44M | 271.49M | 341.8M | 286.13M | 274.17M | 178.37M |
| Operating Margin % | 44.98% | 33.8% | 45.81% | 40.73% | 38.82% | 44.54% | - | 19.61% | 50.92% | 30.1% | 38.66% | 42.93% | 39.57% | 41.26% | 28.97% |
| Operating Income Growth % | - | -6.85% | 41.11% | 1.75% | -26.69% | - | -100% | -68.89% | 209.13% | 13.98% | -20.57% | 19.45% | 4.36% | 53.71% | - |
| EBITDA | 1.86B | 1.34B | 1.43B | 1.06B | 1.05B | 1.39B | 1.74B | 433.86M | 1.04B | 372.21M | 301.4M | 375.64M | 316.79M | 299.1M | 268M |
| EBITDA Margin % | 47.86% | 36.87% | 49.85% | 46.27% | 44.36% | 49.43% | 53.63% | 28.59% | 55.56% | 36.21% | 42.92% | 47.18% | 43.81% | 45.01% | 43.53% |
| EBITDA Growth % | 21.88% | -6.62% | 35.15% | 1.16% | -24.5% | -20.01% | 300.41% | -58.44% | 180.45% | 23.49% | -19.76% | 18.58% | 5.91% | 11.61% | - |
| D&A (Non-Cash Add-back) | 112.05M | 111.55M | 116.29M | 127.27M | 131.21M | 137.48M | 141M | 136.24M | 87.28M | 62.77M | 29.91M | 33.84M | 30.65M | 24.93M | 89.63M |
| EBIT | 1.75B | 1.23B | 1.27B | 924.89M | 879.89M | 1.22B | 1.6B | 163.92M | 909.98M | 269.26M | 264.48M | 297.61M | 271.54M | 257.44M | 164.52M |
| Net Interest Income | -200.55M | 369.45M | -626.98M | -599.76M | -323.1M | -219.67M | -213.38M | -279.9M | -213.61M | -156.1M | -84.88M | -81.68M | -77.98M | -69.84M | -75.19M |
| Interest Income | 271.46M | 508.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 472M | 139.37M | 626.98M | 599.76M | 323.1M | 219.67M | 213.38M | 279.9M | 213.61M | 156.1M | 84.88M | 81.68M | 77.98M | 69.84M | 75.19M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.28B | 1.09B | 644.97M | 325.13M | 556.8M | 996.9M | 1.38B | -115.98M | 696.36M | 113.16M | 179.59M | 215.93M | 193.56M | 187.6M | 89.33M |
| Pretax Margin % | 32.91% | 30.13% | 22.42% | 14.18% | 23.55% | 35.46% | 42.69% | -7.64% | 37.07% | 11.01% | 25.57% | 27.12% | 26.77% | 28.23% | 14.51% |
| Income Tax | 210.94M | 182.06M | 110.44M | 61.21M | 88.47M | 169.67M | 261.92M | -12.28M | 76.17M | 94.27M | 21.25M | 18.44M | 3.5M | 5.4M | 1.77M |
| Effective Tax Rate % | 16.48% | 16.64% | 17.12% | 18.83% | 15.89% | 17.02% | 18.94% | 10.59% | 10.94% | 83.3% | 11.83% | 8.54% | 1.81% | 2.88% | 1.98% |
| Net Income | 550.99M | 468.36M | 276.42M | 142.04M | 265.03M | 476.88M | 649.2M | -58.59M | 289.44M | 2.94M | 32.98M | 20.89M | 190.06M | 182.2M | 87.56M |
| Net Margin % | 14.17% | 12.9% | 9.61% | 6.19% | 11.21% | 16.96% | 20.04% | -3.86% | 15.41% | 0.29% | 4.7% | 2.62% | 26.29% | 27.42% | 14.22% |
| Net Income Growth % | 72.03% | 69.44% | 94.61% | -46.41% | -44.42% | -26.54% | 1207.94% | -120.24% | 9748.28% | -91.09% | 57.9% | -89.01% | 4.31% | 108.09% | - |
| Net Income (Continuing) | 1.07B | 912.26M | 534.53M | 263.92M | 468.33M | 827.23M | 1.12B | -103.7M | 620.19M | 18.9M | 158.34M | 197.49M | 190.06M | 182.2M | 87.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 68.06B | 391.12M | 233.2M | 202.63M | 309.53M | 314.23M | 386.5M | 297.56M | 442.8M | 321.01M | 388.74M | 427.16M | 0 | 0 | 0 |
| EPS (Diluted) | 6.40 | 5.13 | 2.97 | 1.42 | 2.44 | 3.91 | 5.16 | -0.53 | 2.78 | 0.26 | 0.88 | 0.59 | 5.96 | 5.73 | 2.75 |
| EPS Growth % | 81.5% | 72.73% | 109.15% | -41.8% | -37.6% | -24.22% | 1073.58% | -119.06% | 969.23% | -70.45% | 49.15% | -90.1% | 4.01% | 108.36% | - |
| EPS (Basic) | - | 5.14 | 2.98 | 1.42 | 2.45 | 3.95 | 5.19 | -0.53 | 2.82 | 0.26 | 0.88 | 0.60 | 5.96 | 5.73 | 2.75 |
| Diluted Shares Outstanding | 86.09M | 85.32M | 87.82M | 94.08M | 104.42M | 118.42M | 122.33M | 113.92M | 102.09M | 62.58M | 38.54M | 35.34M | 31.9M | 31.83M | 31.83M |
| Basic Shares Outstanding | 86.09M | 85.22M | 87.48M | 94.08M | 104M | 117.34M | 121.69M | 113.92M | 100.88M | 62.58M | 38.54M | 34.96M | 31.9M | 31.83M | 31.83M |
| Dividend Payout Ratio | - | 18.72% | 167.17% | 215.53% | 141.6% | 114.92% | 74.62% | - | 34.66% | 2171.28% | 114.49% | 705.52% | 74.01% | 237.87% | 153.5% |
Regulatory Market Structure Reform
As indicated by the most recent quarterly data, VIRT achieved a significant revenue expansion to $1.1 billion in 2026Q1, reflecting a robust capture of market opportunities that suggests the firm's electronic trading infrastructure is effectively capitalizing on heightened global trading volumes and realized volatility across its multi-asset footprint.
The jump in top-line performance appears to validate the firm's strategy of maintaining a broad, multi-asset liquidity provision model rather than focusing on a single niche. Investors should monitor whether this growth trajectory is sustainable or if it remains tethered to transient spikes in market-wide volatility.
Based on reported financial statements, VIRT maintained a gross margin of 62.4% in 2026Q1, demonstrating a consistent ability to manage the direct costs of liquidity access and exchange fees even as the firm scales its trading operations across diverse global venues and complex asset classes.
The stability in gross margins suggests that the firm possesses sufficient pricing power to offset potential increases in exchange-related costs. This performance indicates that the firm's proprietary technology stack is successfully optimizing execution costs, though future margin compression may occur if regulatory shifts alter current rebate models.
According to the income statement analysis, VIRT demonstrated significant operating leverage in 2026Q1, as operating income surged to $446.1 million, outpacing revenue growth and indicating that the firm's fixed-cost technology base is highly efficient at converting incremental trading gains into bottom-line results for shareholders.
The firm's ability to keep SG&A expenses at zero in recent periods suggests an aggressive focus on cost discipline or a potential accounting classification that warrants further investigation. This operating efficiency appears to be a primary driver of the firm's ability to generate substantial net income during periods of high market activity.
As reported in recent filings, VIRT's net income of $182.3 million in 2026Q1 was impacted by $34.5 million in stock-based compensation, a figure that has trended upward and suggests that equity-linked incentives remain a significant component of the firm's total compensation structure for its specialized technical workforce.
While the firm shows strong EPS growth, the rising level of stock-based compensation may dilute long-term shareholder value if not balanced by consistent share repurchases. Investors should consider whether the current earnings quality is sustainable or if it is being artificially bolstered by non-cash expense management.
Despite strong recent performance, the firm faces potential headwinds from proposed SEC market structure reforms, which could fundamentally disrupt the profitability of retail order internalization, a core component of VIRT's business model that has historically provided a reliable source of high-margin trading income for the firm.
Short-term volatility in earnings may mask the long-term risk posed by regulatory changes that could force a shift toward auction-based execution. If these reforms are implemented, the firm's ability to maintain its current net margin profile may be challenged, necessitating a strategic pivot in its execution services segment.
Quick answers to the most common questions about buying VIRT stock.
Virtu Financial, Inc. (VIRT) is profitable, generating $468.4M in net income for the fiscal year ending 2025 with a net profit margin of 12.9%.
Virtu Financial, Inc. (VIRT) reported an operating income of $1.23B, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Virtu Financial, Inc. (VIRT) generated $1.74B in gross profit for the year, representing a gross profit margin of 48.0%. This demonstrates the company's core pricing power and production efficiency.