“We have evidence that our multiyear investments are yielding positive results as demonstrated through third-party validation and recent client successes.”
— Doug Cifu
03Detailed Report
VIRT
Company VIRT
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
Swipe to view all report sections
Executive Summary
Virtu Financial reported solid Q3 2024 results driven by robust adjusted net trading income (ANTI) and a 55.4% adjusted EBITDA margin, despite a softer macro backdrop for volumes in several regions. Total ANTI reached $388 million for the quarter, with Market Making ANTI at $288 million and Execution Services ANTI at $100 million, underscoring a balanced contribution from both core segments. The quarter showcased continued execution on growth initiatives (VES, VTS, Triton, options, ETF block) and a disciplined capital-allocation program highlighted by meaningful share repurchases and a steady dividend policy. The company also signaled ongoing investment to expand multi-asset capabilities and international reach, particularly in Asia, Middle East, India, and Japan, while maintaining cost discipline amid inflationary pressures.
Management communications emphasize resilience in earnings power amid volatile markets, a focus on cross-product synergies, and a preference for capital return (buybacks and a $0.24 quarterly dividend). While there is no formal top-line guidance provided for ANTI or revenue, executives indicated expectations to operate within historical OpEx ranges and to maintain their buyback program, targeting the high end of previously communicated guidance if ANTI run rates persist. The balance sheet remains liquidity-rich, with a cash balance of $738 million at period end and $112 million of operating cash flow in the quarter, complemented by a sizable net debt position that the firm expects to manage through ongoing cash flow generation and disciplined capital deployment.
Key Performance Indicators
Revenue
Increasing
706.84M
QoQ: 35.88% | YoY: 50.58%
Gross Profit
Decreasing
422.45M
59.77% margin
QoQ: 60.21% | YoY: -10.00%
Operating Income
Increasing
309.58M
QoQ: 99.11% | YoY: 122.69%
Net Income
Decreasing
59.95M
QoQ: -9.96% | YoY: -3.17%
EPS
Increasing
0.65
QoQ: -8.45% | YoY: 3.17%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $706.84 million in Q3 2024, up YoY by 50.6% and QoQ by 35.9%.
Gross Profit: $422.45 million, gross margin ~59.8% (slightly below prior year, but QoQ strength driven by mix and efficiency).
Operating Income: $309.58 million, operating margin ~39.8% (QoQ and YoY expansion supported by scalable platform and cost discipline).
Net Income: $59.95 million, net margin ~8.48% (YoY modest decline, QoQ strength muted by non-operating items).
EPS (GAAP): $0.65; EPS (diluted): $0.64.
Adjusted Net Trading Income (ANTI): $388.0 million (total) for the quarter; Market Making ANTI $288 million (~$4.5 million per day); Execution Services ANTI $100 million (~$1.6 million per day).
Adjusted EBITDA: $215 million; EBITDA margin: 55.4%.
Cash Flow: Net cash provided by operating activities $112.1 million; free cash flow $100.37 million; operating cash flow $112.1 million; cash at end of period $738.23 million.
Dividends and Buybacks: Dividend paid $0.24 per quarter; share repurchases 1.7 million shares in Q3 at an average price of $20.80; total shares repurchased year-to-date 49 million at an average price of $25.24; period-end diluted shares ~161.0 million; buybacks on target within public guidelines (approximately 18.8% of fully diluted shares repurchased since program inception).
Balance Sheet: Total assets $14.4007 billion; long-term debt $6.4449 billion; total debt $6.5736 billion; cash and cash equivalents $701.4 million; net debt about $5.8723 billion; total stockholders’ equity ~$1.2324 billion; debt ratio 0.456 and debt/equity 5.33.
Key Ratios: current ratio 5.77; cash conversion cycle negative indicating strong short-term liquidity; net income yield 8.48%; ROE ~4.86%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
706.84M
50.58%
35.88%
Gross Profit
422.45M
-10.00%
60.21%
Operating Income
309.58M
122.69%
99.11%
Net Income
59.95M
-3.17%
-9.96%
EPS
0.65
3.17%
-8.45%
Key Financial Ratios
Gross Profit Margin
Good
59.80%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
43.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Fair
8.48%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
0.42%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.86%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
5.77
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
High Risk
5.33
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
11.07x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
2.15x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Virtu Financial Inc (VIRT) QQ1 2025 Results Analysis: Diversified Market Making and Execution Services Drive NTI Strength, VES Expansion, and Upside f...