Virtu Financial
VIRTNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $57.75 Prior regular-session close from the quote source.
- $58.19–$59.73 Regular-session low and high so far today.
- 998.7K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $31.55–$68.76 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own VIRT if Virtu is a technology-driven market maker whose value depends on whether its liquidity network and client execution tools can keep monetizing market complexity after today’s favorable trading cycle normalizes.
VIRT price history
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Investment thesis
What must happen next
Virtu’s technology-led liquidity provision remains valuable because fragmented, fast-moving markets still need automated firms that can price, hedge, and execute across venues at scale.StrengtheningMateriality: High
GAAP annual revenue rose to $3.632 billion in FY2025 from $2.877 billion in FY2024 and $2.293 billion in FY2023. If this holds, Virtu can keep converting trading activity into revenue; if it breaks, the core market-making engine loses its economic spread.
Watch: Citadel Securities, Jane Street, Susquehanna, or other electronic market makers win materially more broker and institutional order flow by offering better execution economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose to $3.632 billion in FY2025 from $2.877 billion in FY2024 and $2.293 billion in FY2023.
Open source ↗Virtu’s client trading solutions and liquidity relationships continue to provide repeat flow, making the business more resilient than a purely opportunistic trading book.StrengtheningMateriality: High
GAAP annual operating cash flow was positive in each provided year: $1.172 billion in FY2021, $707 million in FY2022, $492 million in FY2023, $599 million in FY2024, and $518 million in FY2025. Durable client flow would make earnings more repeatable; loss of routing relationships would turn Virtu into a more volatile spread-taker.
Watch: Large retail brokers or institutional clients shift routing away from Virtu toward Citadel Securities, Jane Street, exchanges, or agency-only trading platforms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each provided year: $1.172 billion in FY2021, $707 million in FY2022, $492.
Open source ↗Virtu’s risk controls and liquidity management remain strong enough to support a balance-sheet-intensive trading model through volatile markets without impairing capital.HoldingMateriality: Medium
Cash and cash equivalents were $1.062 billion at FY2025 year-end, up from $873 million at FY2024 year-end. The upside from market making only belongs to shareholders if inventory, counterparty, and funding risks do not consume the gains in a stress event.
Watch: Clearinghouses, exchanges, or prime brokers raise margin requirements or financing haircuts in a volatility shock, forcing Virtu to shrink positions or realize losses.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $1.062 billion at FY2025 year-end, up from $873 million at FY2024 year-end.
Open source ↗Virtu’s automated infrastructure can scale revenue into per-share earnings because the model depends more on technology and risk systems than on proportional headcount growth.StrengtheningMateriality: Medium
GAAP diluted EPS rose to $5.13 in FY2025 from $2.97 in FY2024 and $1.42 in FY2023. If operating leverage holds, incremental trading opportunity compounds into shareholder earnings; if costs rise with volume, the business becomes a lower-quality financial intermediary.
Watch: A technology arms race with Citadel Securities, Jane Street, exchanges, or cloud/data providers forces structurally higher infrastructure and compensation spending.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS rose to $5.13 in FY2025 from $2.97 in FY2024 and $1.42 in FY2023.
Open source ↗
Full investment case & evidence
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Original research
Virtu’s technology-led liquidity provision remains valuable because fragmented, fast-moving markets still need automated firms that can price, hedge, and execute across venues at scale. If this holds, Virtu can keep converting trading activity into revenue; if it breaks, the core market-making engine loses its economic spread.
Virtu’s client trading solutions and liquidity relationships continue to provide repeat flow, making the business more resilient than a purely opportunistic trading book. Durable client flow would make earnings more repeatable; loss of routing relationships would turn Virtu into a more volatile spread-taker.
Virtu’s risk controls and liquidity management remain strong enough to support a balance-sheet-intensive trading model through volatile markets without impairing capital. The upside from market making only belongs to shareholders if inventory, counterparty, and funding risks do not consume the gains in a stress event.
Virtu’s automated infrastructure can scale revenue into per-share earnings because the model depends more on technology and risk systems than on proportional headcount growth. If operating leverage holds, incremental trading opportunity compounds into shareholder earnings; if costs rise with volume, the business becomes a lower-quality financial intermediary.
All standing thesis claims
Original report summary
Virtu is a technology-driven market maker whose value depends on whether its liquidity network and client execution tools can keep monetizing market complexity after today’s favorable trading cycle normalizes.
Bull case and bear case
Bull case and bear case for Virtu Financial
Where the evidence on Virtu Financial stands: Holding on the latest evidence (Nov 10, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Virtu’s technology-led liquidity provision remains valuable because fragmented, fast-moving markets still need automated firms that can price, hedge, and execute across venues at scale.
Virtu’s client trading solutions and liquidity relationships continue to provide repeat flow, making the business more resilient than a purely opportunistic trading book.
Virtu’s risk controls and liquidity management remain strong enough to support a balance-sheet-intensive trading model through volatile markets without impairing capital.
Virtu’s automated infrastructure can scale revenue into per-share earnings because the model depends more on technology and risk systems than on proportional headcount growth.
Bear case: what would count against it
Citadel Securities, Jane Street, Susquehanna, or other electronic market makers win materially more broker and institutional order flow by offering better execution economics.
Large retail brokers or institutional clients shift routing away from Virtu toward Citadel Securities, Jane Street, exchanges, or agency-only trading platforms.
Clearinghouses, exchanges, or prime brokers raise margin requirements or financing haircuts in a volatility shock, forcing Virtu to shrink positions or realize losses.
Thesis-Break Engine
Thesis-break watch · Virtu Financial
Loading the break-condition record for Virtu Financial.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Virtu Financial filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Virtu Financial filed an SEC 8-K on 2026-08-21: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Virtu Financial filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Citadel Securities, Jane Street, Susquehanna, or other electronic market makers win materially more broker and institutional order flow by offering better execution economics.
- Large retail brokers or institutional clients shift routing away from Virtu toward Citadel Securities, Jane Street, exchanges, or agency-only trading platforms.
- Clearinghouses, exchanges, or prime brokers raise margin requirements or financing haircuts in a volatility shock, forcing Virtu to shrink positions or realize losses.
- A technology arms race with Citadel Securities, Jane Street, exchanges, or cloud/data providers forces structurally higher infrastructure and compensation spending.
VIRT news
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Financial statements
VIRT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
VIRT: quick answers
- Have members of Congress traded VIRT?
- 1 trade in VIRT has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed VIRT trade
- Which well-known investors own VIRT?
- 1 of the 37 well-known funds tracked here reported VIRT shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
VIRT in well-known investors’ portfolios
1 of 37 funds reported VIRT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.04% | $9.6M | +62.9% | Q2 2026 |