- 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.
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- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
- First-half revenues reached $672 million, up 39% from the prior year period, driven primarily by growth in M&A and capital markets.
- Moelis & Company reported $365 million in revenues for Q2 2025, a 38% increase year-over-year and the highest second quarter revenues on record.
- Non-compensation expense ratio for Q2 was 14.4%, with an expected full-year growth of approximately 15% compared to the prior year.
- The Board declared a regular quarterly dividend of $0.65 per share, unchanged from the prior period.
- The corporate tax rate was accrued at 29.5%, consistent with Q1's underlying tax rate prior to a discrete tax benefit.
- The firm maintains a strong balance sheet with $475 million in cash and liquid investments and no debt.
- The second-quarter compensation expense ratio was accrued at 69%, consistent with the previous quarter.
- Assets under management (AUM) reached a record $5.4 trillion, up 15% year over year.
- Expenses increased 5% year over year to $2.4 billion, driven by investments in technology and strategic initiatives, partially offset by productivity savings.
- FX trading revenue increased 16% and securities finance revenues grew 19% year over year, excluding notable items.
- Management fees rose 16% to a quarterly record of $612 million, supported by higher market levels and net inflows.
- Net interest income (NII) was $715 million, down 1% year over year, reflecting margin compression and deposit mix shifts.
- Pretax margin expanded by approximately 270 basis points to 31%.
- Return on tangible common equity rose about 160 basis points to 21%.
- Servicing fees increased 7% driven by higher market levels, net new business, and currency translation.
- Third quarter earnings per share (EPS) increased 23% year over year to $2.78.
- Total revenue grew 9% year over year to approximately $3.5 billion, with fee revenue up nearly 12% excluding notable items.
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