Adjusted net trading income was up 3% over the first quarter, delivering $100 million of adjusted net trading income, or $1.6 million per day, the highest since the second quarter of 2022.
— Douglas Cifu
03Detailed Report
VIRT
Company VIRT
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
Virtu Financial delivered a robust second quarter 2024 (QQ2 2024) with adjusted net trading income of $385 million and adjusted EBITDA of $218 million, yielding a 56.5% EBITDA margin and normalized adjusted EPS of $0.83. Revenue totaled $520.183 million, with gross profit of $263.68 million and a net income of $66.59 million (net margin 12.8%). The quarter benefited from strong performance across Virtu Execution Services and continued diversification into multi-asset class offerings, including ETF block, cryptocurrency, fixed income, and analytics. Management emphasized disciplined investment in technology, client-centric product development, and a scalable distribution model (Virtu Technology Services) that increasingly monetizes recurring revenues. The firm also advanced capital allocation through a debt refinancing, a meaningful share repurchase, and a steady dividend policy, while acknowledging macro headwinds in volumes and crypto/spot ETF dynamics which moderated organic growth.
Key Performance Indicators
Revenue
Increasing
520.18M
QoQ: 6.12% | YoY: 42.27%
Gross Profit
Decreasing
263.68M
50.69% margin
QoQ: -46.21% | YoY: -27.89%
Operating Income
Increasing
155.48M
QoQ: 11.36% | YoY: 350.84%
Net Income
Increasing
66.59M
QoQ: 19.29% | YoY: 298.67%
EPS
Increasing
0.71
QoQ: 20.34% | YoY: 343.75%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $520.183M (+42.27% YoY, +6.12% QoQ); Gross Profit: $263.68M (YoY -27.89%, QoQ -46.21%); Operating Income: $155.477M (YoY +350.84%, QoQ +11.36%); Net Income: $66.586M (YoY +298.67%, QoQ +19.29%); EPS (diluted, normalized): $0.83; EBITDA: $218.0M (EBITDA Margin 56.5%); Adjusted Net Trading Income: $385.0M total; Market Making ANT: $286M; Execution Services ANT: $100M; Operating Cash Flow: $490.822M; Free Cash Flow: $481.637M; Cash at End of Period: $716.663M; Debt: Total $5.990B; Net Debt: $5.306B; Cash & Equivalents: $684.806M; Current Ratio: 0.429; Net Debt to EBITDA not disclosed; Share count: ~161.4M outstanding; Dividend: $0.24 per share per quarter; Share repurchases: 1.4M shares for $31.122M in Q2; Cumulative buybacks: 47.3M shares at $25.0 average.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
520.18M
42.27%
6.12%
Gross Profit
263.68M
-27.89%
-46.21%
Operating Income
155.48M
350.84%
11.36%
Net Income
66.59M
298.67%
19.29%
EPS
0.71
343.75%
20.34%
Key Financial Ratios
Gross Profit Margin
Good
50.70%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
29.90%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Good
12.80%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.48%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
5.41%
Return on equity is acceptable but below top-tier companies
Current Ratio
Concern
0.43
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.41
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
7.49x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.62x
Price-to-book ratio reasonable for profitable companies
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