Revenue growth accelerated with total revenue reaching $1.2B in 2026Q2, up from $642.8M in 2024Q1, while net income jumped to $285.0M, reflecting a five-fold increase and an efficiency ratio of 18.1%.
Virtu Financial, Inc. (VIRT) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 263.03M | 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 |
| NII Growth % | 552.24% | 158.93% | -4.54% | -85.63% | -47.08% | -2.95% | 23.76% | -31.03% | -36.84% | -83.9% | -3.93% | -4.75% | -11.65% | 7.12% | - |
| Net Interest Margin % | 1% | 1.83% | -4.08% | -4.15% | -3.05% | -2.13% | -2.14% | -2.91% | -2.89% | -2.13% | -2.3% | -2.41% | -2.35% | -1.76% | -2.34% |
| Interest Income | 417.46M | 508.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 154.43M | 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 |
| Loan Loss Provision | 1.77B | 1.75B | 482.27M | 302.64M | 687.02M | 902.04M | 939M | 490.7M | 378.37M | 278.31M | 221.63M | 238.82M | 237.52M | 203.66M | 189.23M |
| Non-Interest Income | 3.99B | 3.12B | 2.88B | 2.29B | 2.36B | 2.81B | 3.24B | 1.52B | 1.88B | 1.03B | 702.27M | 796.21M | 723.05M | 664.5M | 615.63M |
| Non-Interest Income % | 93.82% | 89.42% | 127.87% | 135.41% | 115.82% | 108.48% | 107.05% | 122.62% | 112.83% | 117.9% | 113.75% | 111.43% | 112.09% | 111.74% | 113.91% |
| Total Net Revenue | 4.26B | 3.49B | 2.25B | 1.69B | 2.04B | 2.59B | 3.03B | 1.24B | 1.67B | 871.88M | 617.39M | 714.54M | 645.08M | 594.66M | 540.43M |
| Revenue Growth % | 53.72% | 55.24% | 32.85% | -17.05% | -21.22% | -14.35% | 144.5% | -25.67% | 90.98% | 41.22% | -13.6% | 10.77% | 8.48% | 10.03% | - |
| Non-Interest Expense | 904.09M | 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 |
| Efficiency Ratio | 21.24% | 14.73% | 19.99% | 26.98% | 21.39% | 16.88% | 68.97% | 36.3% | 19.83% | 32.59% | 20.13% | 18.74% | 18.82% | 19.65% | 31.98% |
| Operating Income | 1.58B | 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 % | 37.22% | 35.15% | 58.58% | 55.15% | 44.96% | 48.31% | 0% | 24.05% | 57.45% | 35.49% | 43.97% | 47.84% | 44.36% | 46.1% | 33% |
| 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% | - |
| Pretax Income | 1.43B | 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 % | 33.54% | 31.33% | 28.67% | 19.2% | 27.27% | 38.46% | 45.7% | -9.37% | 41.82% | 12.98% | 29.09% | 30.22% | 30.01% | 31.55% | 16.53% |
| Income Tax | 232.51M | 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 % | 16.29% | 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 | 760.43M | 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 % | 17.87% | 13.41% | 12.29% | 8.39% | 12.98% | 18.4% | 21.45% | -4.73% | 17.38% | 0.34% | 5.34% | 2.92% | 29.46% | 30.64% | 16.2% |
| Net Income Growth % | 79.96% | 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) | 1.19B | 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 |
| EPS (Diluted) | 8.60 | 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 % | 89.83% | 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 | 88.47M | 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 |
Quick answers to the most common questions about buying VIRT stock.
For fiscal year 2025, Virtu Financial, Inc. (VIRT) reported total revenue of $3.49B. This represents a 546.3% increase compared to $540.4M in 2012.
Virtu Financial, Inc. (VIRT) is profitable, generating $468.4M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Virtu Financial, Inc. (VIRT) reported an operating income of $1.23B, resulting in an operating profit margin of 35.2%. 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 49.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision volatility and rate sensitivity
Metrics are mathematically derived from official filings.
NII Swing to Positive Territory
Net interest income turned positive in 2026, reaching $110.0M in Q2 versus negative figures throughout 2024-2025, as reported in quarterly filings.
The transition from negative NII to positive marks a structural shift, likely reflecting higher interest rates on assets or a change in funding mix. The 155.6% year-over-year growth in Q2 2026 suggests a strong inflection, but sustainability depends on rate environment and balance sheet positioning.
NIM Recovery from Negative Depths
Net interest margin improved from -1.2% in 2024Q1 to 0.4% by 2026Q2, per financial statements, signaling a turnaround in interest income generation.
The margin recovery is notable but remains thin relative to traditional banks, reflecting Virtu's market-making model where interest income is ancillary. The positive NIM suggests better asset-liability management, but the low absolute level indicates limited reliance on interest income for overall profitability.
Efficiency Gains Amid Revenue Surge
Efficiency ratio dropped to 18.1% in 2026Q2 from 17.3% in 2024Q1, as per reported figures, indicating improved operating leverage despite higher provisions.
The efficiency ratio is exceptionally low, reflecting the scalability of electronic market-making. Revenue growth outpaced expense growth, but the spike in provisions in 2026Q2 (558M) suggests credit costs are becoming a larger swing factor, potentially masking underlying expense discipline.
Provision Spike Clouds Earnings Quality
Provision for loan losses surged to $558.0M in 2026Q2 from $91.4M in 2024Q1, based on quarterly data, a six-fold increase that warrants close monitoring.
The sharp rise in provisions appears disproportionate to revenue growth, possibly reflecting a deteriorating credit environment or changes in risk models. This may indicate higher expected losses on trading inventory or counterparty exposures, which could pressure future earnings if the trend persists.
Fee Income Dominates Revenue Mix
Non-interest income consistently represents over 85% of total revenue, reaching 87.7% in 2026Q2, as per financial statements, underscoring the fee-driven business model.
The heavy reliance on fee income, primarily from trading and market-making activities, exposes Virtu to market volatility and volume fluctuations. While this model generates high margins, it also introduces earnings variability, as seen in the revenue swings across quarters.
2026 Marks Earnings Inflection
Net income jumped to $285.0M in 2026Q2 from $55.8M in 2024Q1, a five-fold increase, according to reported figures, signaling a clear earnings inflection.
The inflection is driven by a combination of revenue growth, positive NII, and operating leverage, but the concurrent rise in provisions tempers the quality of earnings. Investors should assess whether this growth is sustainable or a result of favorable market conditions that may reverse.
Provision Spike and Rate Sensitivity Risks
The $558.0M provision in 2026Q2, up from $91.4M in 2024Q1, may signal credit deterioration or model changes, while NIM remains thin at 0.4%.
The provision surge could indicate rising expected losses on trading inventory or counterparty exposures, potentially pressuring future earnings if the trend continues. Additionally, the low NIM and reliance on fee income expose Virtu to interest rate and market volatility, which could reverse the recent earnings momentum.