Virtu Financial, Inc.

For the period ended Sep 30, 2025. Filed Oct 30, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Oct 30, 2025

VIRT$57.75+2.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
(in thousands)	2025	2024
Cash flows from operating activities
Net income	$631,662	$358,448
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	46,951	48,640
Amortization of purchased intangibles and acquired capitalized software	35,349	38,688
Debt issue cost related to debt refinancing and prepayment	—	22,563
Amortization of debt issuance costs and deferred financing fees	5,160	5,203
Termination of office leases	(6,489)	50
Share-based compensation	71,341	50,941
Deferred taxes	18,778	16,590
Gain on sale of RFQ-hub	(66,988)	—
Other	(8,973)	(41,574)
Changes in operating assets and liabilities:
Securities borrowed	(804,137)	(579,250)
Securities purchased under agreements to resell	(282,165)	803,341
Receivables from broker-dealers and clearing organizations	(1,532,797)	(456,607)
Trading assets, at fair value	(3,139,619)	172,584
Receivables from customers	(42,659)	(63,320)
Operating lease right-of-use assets	30,196	39,238
Other assets	(306,953)	(12,968)
Securities loaned	541,645	779,718
Securities sold under agreements to repurchase	4,889	(750,183)
Payables to broker-dealers and clearing organizations	760,535	(547,821)
Payables to customers	32,832	74,545
Trading liabilities, at fair value	3,965,479	263,819
Operating lease liabilities	(35,732)	(42,064)
Accounts payable, accrued expenses and other liabilities	90,697	26,928
Net cash provided by (used in) operating activities	9,002	207,509
Cash flows from investing activities
Development of capitalized software	(35,145)	(34,507)
Acquisition of property and equipment	(18,945)	(12,608)
Proceeds from sale of RFQ-hub	37,932	—
Other investing activities	(21,625)	(8,544)
Net cash provided by (used in) investing activities	(37,783)	(55,659)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(326,688)	(247,889)
Repurchase of Class C common stock	(1,566)	—
Purchase of treasury stock	(188,325)	(132,942)
Stock options exercised	15,461	9,178
Short-term borrowings, net	86,459	129,574
Proceeds from long-term borrowings	1,545,000	1,741,888
Repayment of long-term borrowings	(1,245,000)	(1,727,000)
Proceeds from interest rate swaps	—	1,955
Payment of tax receivable agreement obligations	(20,773)	(20,226)
Debt issuance costs	(8,930)	(27,365)
Net cash provided by (used in) financing activities	(144,362)	(272,827)
Effect of exchange rate changes on cash and cash equivalents	14,564	3,745
Net increase (decrease) in cash and cash equivalents	(158,579)	(117,232)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	913,991	855,460
Cash, cash equivalents, and restricted or segregated cash, end of period	$755,412	$738,228

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
(in thousands)	2025	2024
Supplementary disclosure of cash flow information
Cash paid for interest	$472,179	$426,757
Cash paid for taxes	90,258	32,576
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	14,595	14,931
Non-cash financing activities
Repurchase of Class C common stock	(1,018)	—
Purchase of treasury stock	(411)	(52)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.