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Virtu Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$281M in Q3 2026 · $879M over twelve months

Operating cash flow$344M
Capital spending−$63.2M
Free cash flow+$281M
Cash / net income1.2×

Analysis

In Q3 2026, Virtu Financial generated $344M of operating cash flow and spent $63.2M on capital projects, leaving free cash flow of $281M. That is $358M more than in Q3 2025 (−$76.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $970M; the largest uses were partners ($429M), other financing ($104M), capital spending ($91.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($543M); the cash balance rose by $820M.

Operating cash flow was $344M against net income of $283M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: receivables +$89.3M, prepaid and other assets −$87.5M, stock-based pay +$33.8M.

Free cash flow

Virtu Financial: free cash flow by quarterVirtu Financial: free cash flow by quarter$392MQ4 2024$9.2MQ1 2025$57.6MQ2 2025−$76.7MQ3 2025$506MQ4 2025−$5.8MQ1 2026$98.1MQ2 2026$281MQ3 2026
Operating cash flow less capital spending.
Virtu Financial: operating cash flow against capital spendingVirtu Financial: operating cash flow against capital spendingOperating cash flowCapital spending$391M−$181KQ4 2024$15.0M$5.7MQ1 2025$62.8M$5.2MQ2 2025−$68.7M$8.0MQ3 2025$509M$3.9MQ4 2025−$149K$5.6MQ1 2026$117M$19.0MQ2 2026$344M$63.2MQ3 2026
Latest (Q3 2026): Operating cash flow $344M, Capital spending $63.2M.

Capital allocation, year by year

Virtu Financial: where the cash came from (up) and went (down), by fiscal yearVirtu Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$38.8MFY2021: Shares issued $10.0MFY2021: Capital spending −$24.6MFY2021: Buybacks −$3.5M$1.2BFY2021FY2022: Operating cash flow $707MFY2022: Net borrowing $141MFY2022: Shares issued $5.1MFY2022: Capital spending −$27.2MFY2022: Buybacks −$8.3M$853MFY2022FY2023: Operating cash flow $492MFY2023: Net borrowing −$76.9MFY2023: Capital spending −$37.8MFY2023: Buybacks −$1.6M$492MFY2023FY2024: Operating cash flow $599MFY2024: Net borrowing $53.4MFY2024: Shares issued $13.2MFY2024: Capital spending −$12.4M$666MFY2024FY2025: Operating cash flow $518MFY2025: Net borrowing $274MFY2025: Shares issued $15.5MFY2025: Asset sales $37.9MFY2025: Capital spending −$22.8MFY2025: Buybacks −$1.6M$846MFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were capital spending ($125M) and net borrowing ($116M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$2.5B
Net debt$1.0B
Due within a year$15.4M

Virtu Financial funds itself: free cash flow was $879M over the last twelve months, and $1.5B of cash and investments stands against $2.5B of debt ($15.4M due within a year, 98.2× covered by cash).

Virtu Financial: debt maturities by year (FY2025)Virtu Financial: debt maturities by year (FY2025)$15.4MYear 1$15.4MYear 2$15.4MYear 3$37.8MYear 4$15.4MYear 5$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.5B of cash and investments now.

Where the cash came from and went

Virtu Financial: sources (+) and uses (−) of cash, Q3 2026Virtu Financial: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$442MOperating cash flow$344MNet borrowing (+) / repaid (−)$328MPartners−$132MCapital spending−$63.2MOther financing−$23.9MOther investing−$9.2MExchange rates−$1.7M
Virtu Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Virtu Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$970MCash drawn (+) / kept (−)−$820MNet borrowing (+) / repaid (−)$543MPartners−$429MOther financing−$104MCapital spending−$91.7MOther investing−$63.2MExchange rates−$5.4M

From profit to cash

Virtu Financial: net income to operating cash flow, Q3 2026Virtu Financial: net income to operating cash flow, Q3 2026Net income$283MStock-based pay$33.8MDeferred taxes$8.7MReceivables$89.3MPrepaid and other assets−$87.5MOperating cash flow$344M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$344M−$63.2M—$328M—−$442M$281M
Q2 2026$117M−$19.0M—$198M—−$103M$98.1M
Q1 2026−$149K−$5.6M—$129M—$96.2M−$5.8M
Q4 2025$509M−$3.9M—−$113M—−$371M$506M
Q3 2025−$68.7M−$8.0M—$170M—$34.4M−$76.7M
Q2 2025$62.8M−$5.2M—$139M$13.2M−$18.8M$57.6M
Q1 2025$15.0M−$5.7M−$1.6M$77.7M$2.3M$143M$9.2M
Q4 2024$391M$181K—−$91.0M$4.0M−$176M$392M

Virtu Financial: income statement and cash flow

Virtu Financial, Q3 2026: revenue $1.2B (+40% year over year), operating margin 28.7%. The chart follows the revenue to costs, profit and cash.

Virtu Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.