"We believe that the new regulatory tailwinds will kick off a wave of new products in 2025, which will further expand the addressable market of our market-making and Execution Services, which plays to our core strengths."
— Doug Cifu
03Detailed Report
VIRT
Company VIRT
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
Virtu Financial delivered a robust Q4 2024, underscoring the strength of its scale-diverse, multi-asset platform. Consolidated revenue of $834.3 million supported by a per-day ANTI of $7.3 million, with Market-Making contributing $5.5 million per day and Execution Services $1.7 million per day. Adjusted EBITDA reached $284 million with a margin of 61.9%, and normalized adjusted EPS of $1.14 for the quarter. For the full year 2024, Virtu achieved an impressive 58% adjusted EBITDA margin, reflecting disciplined cost management and operating leverage from the firm’s diversified product set. The quarter also highlighted meaningful progress in organic growth initiatives—crypto, ETF block, and fixed income market-making—constituting 12% of firm ANTI in 2024 and contributing to stability in earnings despite a mixed macro backdrop.
Looking forward, management emphasized the growth trajectory from the Virtu Execution Service (VES) and the broader multi-asset platform, including continued geographic expansion (Europe and beyond) and ongoing crypto investments (24/7 crypto native offering, expanded access and liquidity distribution). Management characterized 2025 as a year of durable opportunities driven by regulatory tailwinds and crypto/digital asset maturation, with a continued emphasis on cost discipline and capital allocation to support buybacks and a steady dividend. Key risks include market volatility dynamics, evolving regulatory expectations, and the pace of crypto adoption; investors should monitor volatility, volumes, regulatory clarity around digital assets, and the trajectory of client adoption in VES and ETF block channels.
Key Performance Indicators
Revenue
Increasing
834.29M
QoQ: 18.03% | YoY: 136.72%
Gross Profit
Increasing
834.29M
1.00% margin
QoQ: 97.49% | YoY: 136.72%
Operating Income
Increasing
202.61M
QoQ: -34.55% | YoY: 826.32%
Net Income
Increasing
94.06M
QoQ: 56.89% | YoY: 2 061.80%
EPS
Increasing
6.35
QoQ: 876.92% | YoY: 13 074.27%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability:
- Q4 2024 revenue: $834.285 million; YoY growth 136.72%; QoQ growth 18.03%. Gross profit margin: 100% (gross profit $834.285 million; gross margin 1.00).
- ANTI (adjusted net trading income): Total $458 million for Q4 2024, or $7.3 million per day. Market-Making ANTI: $348 million (~$5.5 million per day). Execution Services ANTI: $110 million (~$1.7 million per day).
- EBITDA and margins: Q4 2024 adjusted EBITDA $284 million; adjusted EBITDA margin 61.9%. Operating income: $202.605 million; operating income margin 24.28%. Pre-tax margin 68.38%; net income $94.06 million; net income margin 11.27%.
- Earnings per share: Q4 2024 normalized adjusted EPS $1.14. Diluted GAAP EPS and quarterly GAAP metrics are not explicitly disclosed in the provided materials for Q4 2024; management highlights normalized adjusted EPS as the key quarterly measure.
Liquidity, cash flow and capital allocation:
- Operating cash flow: $391.482 million; free cash flow: $384.284 million; net change in cash: $175.763 million; cash at end of period: $913.991 million.
- Cash flow efficiency: Net cash provided by operating activities to financing activity balance supports ongoing capital returns (buybacks and dividends).
- Share repurchases: Q4 2024 buybacks of 1.7 million shares at an average price of $34.18 (~$57.1 million); total shares repurchased ≈ 51 million since program inception (~$1.3 billion); 19.4% of fully diluted shares repurchased.
- Balance sheet and leverage: Total debt of $5.712 billion; net debt of $4.839 billion; cash and cash equivalents $872.513 million; total assets $15.3617 billion; total liabilities $13.8743 billion; stockholders’ equity ~ $1.254 billion. Liquidity and leverage metrics remain consistent with a cash-generative business with a focus on capital return.
Cash flow style and capital returns:
- Dividend: $0.24 per quarter; annualized dividend policy remains in place alongside the buyback program.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
834.29M
136.72%
18.03%
Gross Profit
834.29M
136.72%
97.49%
Operating Income
202.61M
826.32%
-34.55%
Net Income
94.06M
2 061.80%
56.89%
EPS
6.35
13 074.27%
876.92%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Good
24.30%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
11.30%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.61%
Return on assets suggests inefficient capital allocation
Return on Equity
Fair
6.32%
Return on equity is acceptable but below top-tier companies
Current Ratio
Concern
0.58
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
0.18
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Value
8.12x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
2.05x
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.
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