- Client equity surpassed $750 billion, up 40% from last year, significantly outpacing the S&P 500's 16% growth.
- Commission revenue increased by 23% year-over-year, reaching a record $537 million in Q3 2025.
- Customer trading volumes rose 27% in options and 67% in equities, while futures volumes declined 7%.
- Execution and clearing costs decreased 21% year-over-year due to SEC fee reductions and improved smart order routing.
- Net interest income rose 21% to a quarterly record of $967 million despite lower benchmark interest rates.
- Pretax margin remained strong at 79%, consistent with prior periods.
- Total assets increased 35% year-over-year to $200 billion, supported by higher margin lending and segregated cash balances.
- Total net revenues grew 21%, driven by higher trading volumes in stocks and options.
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- Efficiency ratio improved to 57.2%, reflecting disciplined expense management.
- Generated 530 basis points of positive operating leverage this quarter.
- Net revenue reached a quarterly record of $7.3 billion, driven by strong fee businesses and improved spread income.
- Non-performing assets ratio improved to 0.43%, and net charge-off ratio improved to 0.56%.
- Reported earnings per share of $1.22, an 18.4% increase year over year.
- Return on average assets was 1.17%, and net interest margin expanded to 2.75%.
- Tangible book value per share increased 12.7% year over year.
- Total average deposits increased 1.8% linked quarter to $512 billion; average loans grew 0.2% linked quarter.
- Adjusted cash operating expenses were $198 million with a compensation ratio of 19% cash and 23% including stock.
- Adjusted EBITDA margin reached 65%, the highest since Q1 2022, reflecting disciplined expense management and operational efficiency.
- Adjusted EPS was $1.53 for Q2 2025, an 83% increase compared to Q2 2024.
- Debt to LTM adjusted EBITDA ratio stood at 1.5x, maintaining financial flexibility.
- Equity TCV was up 17% quarter-over-quarter, or about 12% excluding sub-dollar share volumes; notional U.S. equity volumes increased 9% quarter-to-quarter.
- Growth initiatives accounted for $1.3 million per day or 15% of total adjusted net trading income per day, an all-time high.
- Market Making contributed $451 million and Execution Services contributed $116 million to adjusted net trading income.
- Virtu Financial reported $568 million in adjusted net trading income for Q2 2025, equating to $9.2 million per day, marking a recent high and a 50% increase from $6.1 million per day in Q2 2024.
- Virtu repurchased $66 million of shares in Q2 2025 and $135 million year-to-date, totaling $1.4 billion since inception at an average price of about $26 per share.
- Assets under management (AUM) reached a record $1.24 trillion, up 12% year-over-year.
- Declared a dividend of $1.29 per share payable November 3.
- Distributable earnings increased 48% year-over-year to $1.9 billion or $1.52 per share.
- Fee-related earnings (FRE) grew 26% year-over-year to $1.5 billion, one of the top three quarters historically.
- Management fees increased 14% year-over-year to a record $2 billion.
- Net realizations more than doubled year-over-year to $505 million, up 55% sequentially from Q2.
- Reported GAAP net income of $1.2 billion for Q3 2025.
- Transaction and advisory fees nearly doubled year-over-year to $156 million.
- Capital ratios remained strong with CET1 at 13.99% and tangible common equity ratio at 10.20%.
- Core revenues totaled $182 million, with total interest income of $194 million and interest expense of $42 million.
- Net charge-offs were $13 million, down $7.6 million sequentially, with a net charge-off rate of 0.64%.
- Net interest margin was 5.31%, slightly down from 5.42%, impacted by increased liquidity and wholesale funding.
- Noninterest expenses were $94.8 million, in line with guidance of $95-96 million for 2025.
- Record assets exceeded $12 billion and loans surpassed $8 billion, with strong loan origination and core deposit flows.
- Return on average assets was 1.73% and return on average tangible common equity was 17%.
- Second quarter earnings per share diluted was $1.15, a 6.5% increase year-over-year, driven by a 1.5% increase in total core revenue.
- Tangible book value per share was $27.67, and efficiency ratio was 52%.
- Allowance for credit losses declined by 2 basis points to 1.24% of total loans.
- Expenses increased by $3 million compared to Q1, mainly due to salary increases, incentives, and higher medical costs.
- Loan growth was 5% for the quarter, driving total assets to over $9.8 billion.
- Net interest margin expanded to 3.88%, up 7 basis points linked quarter, with net interest income rising almost 4%.
- Noninterest income increased by $3.1 million, aided by a rebound in consumer activity and securities repositioning.
- Q2 2025 EPS was $0.83 with net income of $32 million and ROA of 1.32%.
- Tangible common equity ratio increased by 18 basis points, supported by strong retained earnings and AOCI improvement.
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