Filing Flows › Virtu Financial (VIRT) › Q4 2025
Virtu Financial (VIRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Virtu Financial (VIRT) reported revenue of $970M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +18% from the quarter before. Operating margin was 35.4%, net earnings $140M (14.4% of revenue).
Virtu Financial, Q4 2025: revenue $970M (+16% year over year), operating margin 35.4%, net earnings $140M, operating cash flow $509M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $970M | +18% | +16% |
| Operating profit | $344M | +91% | +70% |
| Net earnings | $140M | +80% | +49% |
| Operating cash flow | $509M | — | +30% |
| Free cash flow | $506M | — | +29% |
What changed
Revenue was $969.9M in Q4 2025, up 16% year over year and up 18% from the previous quarter.
Operating profit was $343.6M, a 35.4% margin (up 11.1 points year over year). Of the extra revenue versus a year earlier, 104% reached operating profit, above the 24% margin then. Total costs fell 1% while revenue rose 16%. Net earnings were $139.9M, up 49% year over year. The effective tax rate was 18.3%.
Operating cash flow was $509.4M (up 30% year over year), 182% of net income including minority interests. Non-cash charges added back $29.1M of share-based compensation. Working capital and other items added $199.7M. Capital expenditures of $3.9M left free cash flow of $505.5M.
Questions
What was Virtu Financial's revenue in the fourth quarter 2025?
Virtu Financial (VIRT) reported revenue of $970M for the fourth quarter 2025 (Q4 2025), +16% from a year earlier and +18% from the quarter before.
Was Virtu Financial profitable in the fourth quarter 2025?
Operating profit was $344M (35.4% of revenue) and net earnings $140M.
Source: Virtu Financial 10-K on SEC EDGAR.