Cash flow generation remains highly volatile, as evidenced by the shift from a $1.1 billion free cash flow in 2025Q4 to a negative $149,000 in 2026Q1 due to working capital fluctuations.
| 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 |
|---|
| Cash from Operations | 1.09B | 1.36B | 598.99M | 491.78M | 706.8M | 1.17B | 1.06B | 168.77M | 714.6M | 290.57M | 239.6M | 260.28M | 272.7M | 259.36M | 160.45M |
| Operating CF Growth % | -169.47% | 127.2% | 21.8% | -30.42% | -39.67% | 10.44% | 528.59% | -76.38% | 145.93% | 21.28% | -7.95% | -4.55% | 5.14% | 61.65% | - |
| Net Income | 550.99M | 2.44B | 534.53M | 263.92M | 265.03M | 476.88M | 1.12B | -103.7M | 289.44M | 2.94M | 32.98M | 20.89M | 190.06M | 182.2M | 87.56M |
| Depreciation & Amortization | 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 |
| Deferred Taxes | 18.68M | 0 | 0 | 19.07M | 0 | 0 | 21.6M | -18.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -707.92M | -1.57B | 12.75M | 146K | -415.65M | -1.09B | -17.27M | 95.86M | -106.22M | 760.1M | -193.4M | 221.82M | 419.91M | 3.47M | -225.08M |
| Working Capital Changes | 265.23M | 282.3M | -140.06M | 17.44M | 658.99M | 1.59B | -265.2M | -12.66M | 409.22M | -563.06M | 344.52M | -80.37M | -383.95M | 35.31M | 199.94M |
| Cash from Investing | -550.02M | 3.63M | -61.85M | -94.48M | -29.53M | -87.35M | -2.56M | -899.64M | 329.17M | -838.02M | -59.02M | -24.3M | -36.16M | -32.02M | -28.36M |
| Purchase of Investments | -655.3M | -2.67B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 2.88B | 0 | 0 | 0 | 0 | 7.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -655.3M | 213.48M | 0 | 0 | 0 | 0 | 7.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 37.93M | 0 | 0 | 0 | 0 | 60.59M | -835.58M | 0 | -805.23M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 118.49M | -184.28M | -61.85M | -56.71M | -2.33M | -62.79M | -41.88M | -54.74M | 355.64M | -13.86M | -47.16M | -8.03M | -8.04M | -10.09M | -12.52M |
| Cash from Financing | -196.1M | -271.18M | -469.56M | -585.03M | -735.75M | -957.86M | -839.92M | 769.58M | -835.48M | 889.8M | -161.24M | -144.35M | -221.65M | -202.69M | -128.76M |
| Dividends Paid | -368.28M | -87.69M | -299.4M | -306.14M | -375.28M | -548.02M | -484.42M | -211.63M | -100.33M | -63.81M | -37.76M | -147.36M | -140.65M | -433.4M | -134.41M |
| Share Repurchases | -96.73M | -187.23M | -191.14M | -230.58M | -488.8M | -430.91M | -49.86M | -16.45M | -75.38M | -13.83M | -24.02M | -291.87M | -3.96M | -573K | -352K |
| Stock Issued | 0 | 15.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 735.97M | 16.68M | 335.15M | 3.05M | 0 | 0 |
| Net Stock Activity | -96.73M | -171.77M | -191.14M | -230.58M | -488.8M | -430.91M | -49.86M | -16.45M | -75.38M | 722.15M | -7.34M | 43.27M | -916K | -573K | -352K |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 63.83M | -285.56M | -32.45M | 28.63M | -12.78M | -26.07M | -6.63M | -34.77M | -144.77M | -153.11M | -168.06M | 252.79M | 0 | -8.6M | 0 |
| Net Change in Cash | 259.19M | 212.45M | 58.53M | -182.78M | -82.71M | 113.95M | 233.72M | 37.23M | 203.16M | 351.47M | 18.18M | 87.37M | 9.85M | 26.03M | 3.88M |
| Exchange Rate Effect | -84.9M | -880.88M | -9.05M | 4.96M | -24.24M | -12.47M | 15.32M | -1.48M | -5.13M | 9.12M | -1.17M | -4.25M | -5.03M | 1.38M | 548K |
| Cash at Beginning | 1.13B | 913.99M | 855.46M | 1.04B | 1.12B | 1.01B | 773.28M | 736.05M | 532.89M | 181.41M | 163.24M | 75.86M | 66.01M | 39.98M | 36.1M |
| Cash at End | 1.03B | 1.13B | 913.99M | 855.46M | 1.04B | 1.12B | 1.01B | 773.28M | 736.05M | 532.89M | 181.41M | 163.24M | 75.86M | 66.01M | 39.98M |
| Interest Paid | 338.26M | 0 | 586.28M | 632.26M | 246.99M | 159.86M | 173.65M | 205.43M | 139.41M | 112.98M | 54.87M | 63.23M | 61.29M | 44.85M | 52.11M |
| Income Taxes Paid | 78.34M | 0 | 43.42M | 38.69M | 103.97M | 134.88M | 248.53M | 12.27M | 93.99M | 5.98M | 16.18M | 12.88M | 3.76M | 4.56M | 11.21M |
| Free Cash Flow | 1.06B | 1.3B | 544.68M | 415.65M | 679.6M | 1.15B | 1B | 110.96M | 688.13M | 271.64M | 227.74M | 244.01M | 244.58M | 237.43M | 144.61M |
| FCF Growth % | 11.01% | 138.19% | 31.04% | -38.84% | -40.75% | 14.65% | 801.71% | -83.88% | 153.32% | 19.28% | -6.67% | -0.23% | 3.01% | 64.18% | - |
Regulatory Market Structure Reform
As reported in recent financial statements, Virtu's operating cash flow frequently diverges from net income, evidenced by a volatile OCF/NI ratio that swung from 62.85 in 2023Q4 to negative territory in 2026Q1, highlighting the significant impact of working capital fluctuations on the firm's reported cash generation.
The extreme variance in the OCF/NI ratio suggests that GAAP net income is a poor proxy for immediate liquidity in this business model. Investors should monitor how changes in trading inventory and margin requirements drive these periodic cash flow swings, as they often mask the underlying cash-generating capacity of the core market-making operations.
Based on the provided quarterly data, Virtu's free cash flow trajectory remains highly inconsistent, with margins fluctuating between -61.9% and 112.1% over the last ten quarters, reflecting the inherent sensitivity of the firm's cash position to rapid shifts in market volume and realized volatility.
The erratic nature of FCF suggests that the firm's cash profile is more reflective of short-term trading cycles than long-term operational stability. This volatility warrants further investigation into whether the firm's capital return policy is sustainable during periods of lower market activity.
According to historical data, Virtu's cash flow is heavily dictated by working capital movements, such as the $744.5 million inflow in 2025Q4 and the $1.2 billion outflow in 2023Q4, which appear to be the primary drivers of the firm's periodic liquidity fluctuations.
These massive working capital swings are characteristic of a firm that must manage significant collateral and inventory requirements to support its market-making activities. The reliance on these movements suggests that the firm's cash position is highly sensitive to the timing of trade settlements and regulatory capital requirements.
As indicated by recent filings, Virtu consistently prioritizes shareholder returns, with dividend payments and share repurchases totaling hundreds of millions annually, even during quarters where free cash flow was negative, such as the $114.5 million dividend payout observed in 2026Q1.
This commitment to capital return despite cash flow volatility suggests that management views these distributions as a core component of the investment thesis. However, investors should monitor whether this policy limits the firm's flexibility to reinvest in its technology stack during periods of market stress.
Quick answers to the most common questions about buying VIRT stock.
Virtu Financial, Inc. (VIRT) generated $1.36B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Virtu Financial, Inc. (VIRT) generated $1.30B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Virtu Financial, Inc. (VIRT) spent $63.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Virtu Financial, Inc. (VIRT) returned $87.7M to shareholders via cash dividends and spent $187.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.