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Virtu Financial

Logo: Virtu Financial, Public domain, via Wikimedia Commons5

American market making firm

Virtu Financial, Inc. is an American electronic market making company. The company is headquartered in Manhattan, New York City. As of 2026, Virtu is one of the largest market making firms in the United States along with Citadel Securities and Jane Street.3 It was founded by Vincent Viola.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$617.0MRevenue, fiscal 20256
$468.4MNet income, fiscal 20256
2008Founded1

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  • TickerVIRT on NYSE1
  • Industryfinancial services1
  • HeadquartersNew York City1
  • Websitewww.virtu.com
  • Legal formDelaware corporation1
  • Incorporated inDE7
  • Business address1633 Broadway, New York, Ny 100197
  • Filer categoryLarge accelerated filer7
  • LEI5493001OPW2K42CH38844
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 54173154

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Paramount Plaza Uris Building New York
Photo: Percival Kestreltail, CC BY-SA 4.0, via Wikimedia Commons12

Virtu Financial, Inc. is an American electronic market making company. The company is headquartered in Manhattan, New York City.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

75.9%Net margin6
19.4%Revenue growth, 20256
29.6%Return on equity6
1.29×Debt to equity6
$495.6MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Commissions, Net brought in 78% of the revenue Virtu Financial broke down this way in fiscal 2025.

  1. Commissions, Net$480.3M678%up 26% from 2024
  2. Workflow Technology$99.2M616%up 4% from 2024
  3. Analytics$37.5M66%down 2% from 2024
Products and services by year
Products and services202320242025
Commissions, Net$326.7M$382.6M$480.3M
Workflow Technology$90.7M$95.8M$99.2M
Analytics$38.3M$38.4M$37.5M

Business segments

Execution Services brought in 92% of the revenue Virtu Financial broke down this way in fiscal 2025.

  1. Execution Services$566.1M692%up 19% from 2024
  2. Market Making$50.9M68%up 20% from 2024
Business segments by year
Business segments202320242025
Execution Services$426.0M$474.4M$566.1M
Market Making$29.6M$42.4M$50.9M

Regions

United States brought in 81% of the revenue Virtu Financial broke down this way in fiscal 2025.

  1. United States$2.9B681%up 24% from 2024
  2. I E$387.0M611%up 42% from 2024
  3. Other Countries$305.2M68%up 26% from 2024
Regions by year
Regions202320242025
United States$1.9B$2.4B$2.9B
I E$206.5M$273.2M$387.0M
Other Countries$166.1M$241.3M$305.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax28¢$182.1M
  • Profit72¢$468.4M

Out of $617.0M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending4¢$22.8M
  • Share buybacks0¢$1.6M
  • Kept or used elsewhere95¢$494.0M

Out of $518.4M of cash from operations.6

Financial statements

Revenue13141516176$617.0M in 2025+235% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $184.3M$184.3M20182019: $498.5M$498.5M2019+170%2020: $600.5M$600.5M2020+20%2021: $614.5M$614.5M2021+2%2022: $529.8M$529.8M2022−14%2023: $455.6M$455.6M2023−14%2024: $516.8M$516.8M2024+13%2025: $617.0M$617.0M2025+19%
Net income13141516176$468.4M in 2025+62% since 2018
-$200.0M0$200.0M$400.0M$600.0M$800.0M2018: $289.4M$289.4M20182019: -$58.6M-$58.6M20192020: $649.2M$649.2M20202021: $476.9M$476.9M2021−27%2022: $265.0M$265.0M2022−44%2023: $142.0M$142.0M2023−46%2024: $276.4M$276.4M2024+95%2025: $468.4M$468.4M2025+69%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Trading income, net$2.4B$1.8B$1.3B
Interest and dividends income$508.8M$462.1M$462.6M
Commissions, net and technology services$617.0M$516.8M$455.6M
Other, net$69.6M$75.7M$73.9M
Total revenue$3.6B$2.9B$2.3B
Brokerage, exchange, clearance fees and payments for order flow, net$769.8M$674.4M$508.4M
Communication and data processing$249.2M$236.4M$230.8M
Employee compensation and payroll taxes$528.1M$434.8M$394.0M
Interest and dividends expense$647.4M$529.2M$500.5M
Operations and administrative$97.9M$97.0M$99.0M
Depreciation and amortization$64.4M$65.8M$63.3M
Amortization of purchased intangibles and acquired capitalized software$47.1M$50.5M$64.0M
Termination of office leases-$6.0M$16.2M$455.0K
Debt issue cost related to debt refinancing, prepayment and commitment fees$6.5M$29.5M$8.3M
Transaction advisory fees and expenses$414.0K$313.0K$314.0K
Financing interest expense on long-term borrowings$132.9M$97.8M$99.3M
Total operating expenses$2.5B$2.2B$2.0B
Income before income taxes and noncontrolling interest$1.1B$645.0M$325.1M
Provision for income taxes$182.1M$110.4M$61.2M
Net income$912.3M$534.5M$263.9M
Noncontrolling interest-$443.9M-$258.1M-$121.9M
Net income available for common stockholders$468.4M$276.4M$142.0M
Basic (in dollars per share)$5.14$2.98$1.42
Diluted (in dollars per share)$5.13$2.97$1.42
Basic (in shares)85.2M shares87.5M shares94.1M shares
Diluted (in shares)85.3M shares87.8M shares94.1M shares
Foreign exchange translation adjustment, net of taxes$15.7M-$9.0M$5.0M
Net change in unrealized cash flow hedges gain (loss), net of taxes-$397.0K-$32.3M-$37.0M
Comprehensive income$927.6M$493.2M$231.9M
Less: Comprehensive income attributable to noncontrolling interest-$455.2M-$240.9M-$104.4M
Comprehensive income attributable to common stockholders$472.4M$252.3M$127.5M

Compare Virtu Financial with another company

Corporate structure

Virtu Financial sits at the top of its group. 28 entities, 8 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Virtu Financial

  • Virtu Financial Wilmington, Delaware, United States
    • VIRTU ITG VENTURES LIMITED Dublin, Ireland
    • Los Angeles Subsidiary · Los Angeles, California, United States
    • ITG International Holdings Limited Subsidiary · New York, New York, United States
    • VFH Parent LLC Subsidiary · Delaware, United States
    • VIRTU AMERICAS LLC Subsidiary · New York, New York, United States
    • VIRTU CANADA CORP. Subsidiary · Toronto, Ontario, Canada
    • VIRTU FINANCIAL ASIA PTY LTD Subsidiary · Sydney, Australia
    • VIRTU FINANCIAL EUROPE, LIMITED Subsidiary · Dublin, Ireland
    • Virtu Financial Global Markets LLC Subsidiary · Delaware, United States
    • VIRTU FINANCIAL IRELAND LIMITED Subsidiary · Dublin, Ireland
    • VIRTU FINANCIAL LLC Subsidiary · Wilmington, Delaware, United States
      • VFH PARENT LLC Subsidiary · Wilmington, Delaware, United States
    • VIRTU FINANCIAL OPERATING LLC Subsidiary · New York, New York, United States
      • Virtu (BVI) Trading Ltd. Subsidiary · New York, New York, United States
      • Virtu Financial (BVI) Ltd. Subsidiary · New York, New York, United States
      • VIRTU FINANCIAL GLOBAL MARKETS LLC Subsidiary · Wilmington, Delaware, United States
    • VIRTU FINANCIAL SINGAPORE PTE. LTD. Subsidiary · Singapore, Singapore
    • VIRTU INDIA PRIVATE LIMITED Subsidiary · Mumbai, India
    • VIRTU ITG AUSTRALIA LIMITED Subsidiary · Sydney, Australia
    • VIRTU ITG HOLDINGS LLC Subsidiary · New York, New York, United States
    • Virtu ITG Hong Kong Limited Subsidiary · Hong Kong, Hong Kong
    • VIRTU ITG LLC Subsidiary · New York, New York, United States
    • VIRTU ITG SOLUTIONS NETWORK LLC Subsidiary · New York, New York, United States
    • VIRTU ITG UK LIMITED Subsidiary · London, United Kingdom
    • Virtu KCG Holdings LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Virtu Financial reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$20.0M6 Dec 31, 2025$23.1M6 Dec 31, 2024−13.5%
Operating-lease assets (leased space)$213.7M6 Dec 31, 2025$175.0M6 Dec 31, 2024+22.1%

Real estate and locations

ItemLatestA year beforeChange
Countries it operates in406 Dec 31, 20254017 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.1B6 Dec 31, 2025$872.5M6 Dec 31, 2024+21.7%
Equity securities at fair value$86.5M6 Dec 31, 2025$75.8M6 Dec 31, 2024+14.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.1B6 Dec 31, 2025$1.1B6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$154.9M6 Dec 31, 2025$203.2M6 Dec 31, 2024−23.7%
Accumulated amortization$475.6M6 Dec 31, 2025$428.5M6 Dec 31, 2024+11.0%

Properties, in its own words

Our headquarters are located in leased office space at 1633 Broadway, New York, NY 10019. We also lease space for our offices in the U.S., Canada, Europe, and Asia-Pacific, and services in all segments are performed in each of these locations. We believe that our existing facilities are adequate to meet our current requirements.

Item 2 of the 10-K filed Feb 20, 2026.24

The story

Founded by Vincent Viola in 2008.1

In May 2011, Virtu merged with proprietary trading firm Madison Tyler, based in Santa Monica, California with the backing of Silver Lake Partners, a technology-focused private equity firm. Vincent Viola co-founded Madison Tyler with David Salomon, a former arbitrage trader at Goldman Sachs.

Virtu acquired a market-making unit that handles NYSE Amex stocks from Cohen Capital Group LLC in December 2011. The purchase made Virtu the largest overseer of trading in shares listed on Amex, known as the American Stock Exchange, before NYSE Euronext bought it for $260 million in 2008. The deal gave Virtu a designated market-maker license for New York Stock Exchange companies. With the acquisition, some of the companies Virtu was able to trade and support included New Gold Inc., Northern Oil & Gas Inc., and the American depositary receipts of British American Tobacco Plc.

In September 2012, Virtu acquired the exchange-traded fund (ETF) market maker assets of Nyenburgh Holding B.V., a high-frequency trader in European ETFs.

In April 2017, Virtu agreed to pay US$1.4 billion in cash to purchase rival market-making firm KCG Holdings. This acquisition was completed on July 20, 2017.

In November 2018, Virtu announced an approximately US$1 billion deal to acquire agency brokerage and financial markets technology firm Investment Technology Group. This acquisition was completed on March 1, 2019.

In November 2021, Virtu launched a new electronic swaptions workflow on its RFQ hub.

In May 2022, Virtu ITG Europe joined the SIX Swiss Exchange. Later, in June 2022, Virtu began collaborating with other financial firms, including Citadel Securities, Charles Schwab Corporation, Sequoia Capital, and Paradigm, as well as unnamed retail brokerages, to develop a cryptocurrency trading platform focused toward retail brokerages.

In December 2024, Bloomberg reported that Virtu was among multiple financial companies joining Global Futures and Options Ltd. (GFO-X), a London-based crypto derivatives platform.

Read the full text

In July 2025, Virtu Financial announced former chief executive officer Douglas Cifu's retirement, marking the first leadership change since the firm’s founding. He transitioned into an advisory role, relinquishing his position. In that same month, Virtu supported a proposal by the IEX to launch a new options exchange in the United States. The proposition included a 350-microsecond delay on trades, curbing high-frequency traders. Citadel Securities and the Securities Industry and Financial Markets Association opposed the plan.

From Wikipedia’s article on Virtu Financial, shared under CC BY-SA 4.0.8

Leadership

Who has led Virtu Financial, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Douglas A. Cifu2015–2025
  2. Aaron Wyatt Simons2025–now

Chair

  1. Vincent Viola2015–2017

President

  1. Joseph Molluso2020–2021
  2. Brett Fairclough2021–now

Chief financial officer

  1. Joseph Molluso2015–2019
  2. Alexander M. Ioffe2019
  3. Sean Galvin2020–2024

Chief operating officer

  1. Brett Fairclough2019–2020
  2. Joseph Molluso2020–now
2010201520202025
Board members and other officers (23)

Products and brands

  • high-frequency trading

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries

Also consolidated

Subsidiaries (Exhibit 21)

  • VFH Parent LLC Delaware9
  • Virtu Americas LLC Delaware9
  • Virtu Financial Global Markets LLC Delaware9
  • Virtu Financial LLC Delaware9
  • Virtu Financial Operating LLC Delaware9
  • Virtu KCG Holdings LLC Delaware9

From Wikidata.1 Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 21, 20268-K Executive or director change53
  2. Jul 30, 20268-K Results of operations54
  3. Jul 23, 20268-K Entered a material agreement; New debt or obligation55
  4. Jul 14, 20268-K Results of operations; Regulation FD disclosure56
  5. Jun 10, 20268-K Shareholder vote57
  6. Jun 9, 20268-K Executive or director change58
  7. Apr 29, 20268-K Results of operations59
  8. Jan 29, 20268-K Results of operations60
  9. Oct 29, 20258-K Results of operations61
  10. Oct 2, 20258-K Executive or director change62
  11. Sep 23, 20258-K Entered a material agreement; New debt or obligation63
  12. Aug 11, 2025New chief executive Aaron Wyatt Simons becomes CEO25
  13. Jul 31, 20258-K Executive or director change64
  14. Apr 16, 2015New chief executive Douglas A. Cifu becomes CEO26
  15. Apr 16, 2015Went public Listed on NASDAQ1
  16. 2008Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.81 a share, on Oct 29, 2025.65

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results54
  2. Jul 14, 2026Reported quarterly or annual results56
  3. Apr 29, 2026Reported quarterly or annual results59
  4. Jan 29, 2026Reported quarterly or annual results60
  5. Oct 29, 2025Reported quarterly or annual results61
  6. Jul 30, 2025Reported quarterly or annual results66
  7. Apr 23, 2025Reported quarterly or annual results67
  8. Jan 29, 2025Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

312 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 175 insider forms, 29 large holders, 41 other. The latest 20:

  1. Aug 31, 20264 EDGAR
  2. Aug 28, 20263 EDGAR
  3. Aug 24, 20264 EDGAR
  4. Aug 21, 20268-K EDGAR
  5. Aug 20, 20264 EDGAR
  6. Aug 20, 2026144 EDGAR
  7. Aug 20, 20264 EDGAR
  8. Aug 20, 20264 EDGAR
  9. Aug 19, 2026144 EDGAR
  10. Aug 18, 2026144 EDGAR
  11. Aug 18, 20264 EDGAR
  12. Aug 18, 20264 EDGAR
  13. Aug 17, 2026144 EDGAR
  14. Aug 3, 20264 EDGAR
  15. Jul 31, 2026SCHEDULE 13G EDGAR
  16. Jul 31, 202610-Q EDGAR
  17. Jul 30, 20268-K EDGAR
  18. Jul 23, 20268-K EDGAR
  19. Jul 14, 20268-K EDGAR
  20. Jul 6, 20264 EDGAR

The 312 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

38 open-market trades by officers, directors and large owners since October 2021: 7 buys and 31 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 19, 2026GRANO JOSEPH J JRDirectorSale8,400$60.94$511.9KForm 4
Aug 18, 2026Gambale VirginiaDirectorSale6,460$62.00$400.5KForm 4
Aug 17, 2026Nixon JohnDirectorSale9,094$60.13$546.8KForm 4
May 8, 2026Fairclough BrettCo-President & Co-COOSale30,000$50.06$1.5MForm 4
May 5, 2026Gambale VirginiaDirectorSale4,000$50.00$200.0KForm 4
Feb 19, 2026Molluso JosephCo-President & Co-COOSale200,000$38.88$7.8MForm 4
Feb 17, 2026Cavoli StephenEVPSale28,370$38.94$1.1MForm 4
Feb 13, 2026Cavoli StephenEVPSale30,000$38.35$1.2MForm 4
Feb 12, 2026Cavoli StephenEVPSale30,000$37.61$1.1MForm 4
Feb 11, 2026Cavoli StephenEVPSale11,630$38.65$449.6KForm 4
Feb 5, 2026Gambale VirginiaDirectorSale2,950$37.50$110.6KForm 4
Feb 2, 2026Cavoli StephenEVPSale5,263Form 4
Jan 31, 2026Cavoli StephenEVPSale38,288Form 4
Nov 4, 2025Gambale VirginiaDirectorSale3,875$34.57$134.0KForm 4
Aug 7, 2025Fairclough BrettCo-President & Co-COOSale90,701$42.40$3.8MForm 4
May 13, 2025Nixon JohnDirectorSale6,965$42.82$298.2KForm 4
Apr 28, 2025Cifu Douglas AChief Executive OfficerSale177,561$38.88$6.9MForm 4
Apr 25, 2025Cifu Douglas AChief Executive OfficerSale178,320$38.57$6.9MForm 4
Feb 18, 2025Cavoli StephenEVPSale34,000$37.41$1.3MForm 4
Feb 14, 2025Cavoli StephenEVPSale34,000$36.88$1.3MForm 4

All 38 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Douglas A. CifuFormer CEO$704.5K$27.3M80
2025Aaron SimonsCEO45$850.0K$16.7M80
2025Stephen CavoliExecutive Vice President, Markets57$600.0K$6.6M80
2025Brett FaircloughCo-President and Co-Chief Operating Officer43$600.0K$6.6M80
2025Joseph MollusoCo-President and Co-Chief Operating Officer57$600.0K$6.6M80
2025Cindy LeeChief Financial Officer41$400.0K$3.5M80
2024Douglas A. CifuFormer CEO$1.2M$9.9M80
2024Brett FaircloughCo-President and Co-Chief Operating Officer43$600.0K$4.9M80
2024Joseph MollusoCo-President and Co-Chief Operating Officer57$600.0K$4.9M80
2024Stephen CavoliExecutive Vice President, Markets57$600.0K$4.9M80
2024Cindy LeeChief Financial Officer41$327.1K$1.2M80
2023Douglas A. CifuFormer CEO$1.2M$8.3M80
2023Brett FaircloughCo-President and Co-Chief Operating Officer43$600.0K$4.3M80
2023Joseph MollusoCo-President and Co-Chief Operating Officer57$600.0K$4.0M80
2023Stephen CavoliExecutive Vice President, Markets57$600.0K$3.8M80

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,725,337$698.5M0.0%+778,102
Vanguard Portfolio Management LLC5,982,692$356.4M0.0%+445,971
Fmr LLC4,724,931$281.5M0.0%−62,653
Vanguard Capital Management LLC3,709,026$220.9M0.0%+101,433
State Street Corp3,068,091$182.8M0.0%+159,200
Renaissance Technologies LLC2,868,268$170.9M0.2%−60,500
Aqr Capital Management LLC2,847,444$169.6M0.1%+1,484,925
Allspring Global Investments Holdings, LLC2,386,209$147.3M0.2%+457,700
Portolan Capital Management, LLC2,142,215$127.6M4.8%+930,328
Dimensional Fund Advisors LP1,825,725$108.7M0.0%−94,865
Morgan Stanley1,683,610$100.3M0.0%+165,140
Geode Capital Management, LLC1,656,126$98.7M0.0%+298,850
Citadel Advisors LLC1,614,787$96.2M0.1%−613,795
D. E. Shaw & Co., Inc.1,365,230$81.3M0.1%+202,297
Focus Partners Wealth1,051,137$62.6M0.1%+92,983
Charles Schwab Investment Management Inc1,044,470$62.2M0.0%−25,767
Stephens Investment Management Group LLC970,734$57.8M0.6%+454,368
Bank Of America Corp /de/889,211$53.0M0.0%+216,806
Artisan Partners Limited Partnership877,357$52.3M0.1%New
Principal Financial Group Inc842,962$50.2M0.0%+456,199
Wellington Management Group Llp782,114$46.6M0.0%+222,859
Raymond James Financial Inc740,965$44.1M0.0%+108,583
Qube Research & Technologies Ltd737,906$44.0M0.0%+128,879
Empowered Funds, LLC713,559$42.5M0.2%+606,784
Capital Impact Advisors, LLC678,658$40.4M2.3%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Virtu Financial is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVirtu Financial, Inc.2
  • CIK0001592386
  • Employer ID (EIN)32-042020624
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company24
  • Incorporated inDelaware24
  • Fiscal year endsDecember 312
  • Industry code (SIC)6211 Security Brokers, Dealers & Flotation Companies2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address1633 Broadway, New York, NY 100192
  • Phone212-418-01002
  • Shares outstanding86,602,648 Common Class A shares; 7,970,185 Common Class C shares; 60,091,740 Common Class D shares as of Feb 13, 202624
  • Public float$3.5B as of Jun 30, 202524
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; it also attests to the company’s internal control over financial reporting24
  • On EDGAR sinceDec 24, 20132
  • Filings774 in all: 4 (344), 8-K (152), 10-Q (35), 3 (32), SC 13G/A (24), 144 (18), CORRESP (16), SC 13G (16)2
    All 49 form types

    DEFA14A (12), UPLOAD (12), 10-K (11), 4/A (11), DEF 14A (11), SC 13D/A (11), S-8 (6), SCHEDULE 13G/A (6), S-1/A (5), ARS (4), 3/A (3), EFFECT (3), S-3ASR (3), SC 13D (3), SCHEDULE 13G (3), 424B4 (2), 424B5 (2), 424B7 (2), 8-A12B (2), DRSLTR (2), FWP (2), S-1 (2), 10-K/A (1), 10-Q/A (1), 144/A (1), 25 (1), 424B2 (1), 5 (1), 8-K/A (1), CERT (1), CERTNAS (1), DEF 14C (1), DEFR14A (1), DRS (1), DRS/A (1), PRE 14A (1), PRE 14C (1), S-3 (1), S-3/A (1), S-8 POS (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 20, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Aug 21, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.00001 per shareVIRTNew York Stock Exchange

From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).24

Risk factors and legal proceedings

The risks Virtu Financial names in Item 1A of its 10-K filed Feb 20, 2026: 47 risks under these headings, as written.24

  • Business and Operations
  • Legal and Regulatory
  • Organization and Structure
  • Class A Common Stock
  • Risks Related to Our Business and Operations
  • Our revenues and profitability depend on trading volume, volatility, retail participation and other characteristics of the markets in which we operate and the order flow with which we interact, and therefore are subject to factors beyond our control, are prone to significant fluctuations and are difficult to predict.
  • We are dependent upon our trading counterparties, clients and clearing houses to perform their obligations to us.
  • We may incur losses in our market making activities and our execution services businesses due to failures of our customized trading platform, due to market risk or from a lack of perfect information.
  • The valuation of the securities we hold at any particular time may result in large and occasionally anomalous swings in the value of our positions and in our earnings in any period.
  • We face substantial competition and other competitive dynamics which could harm our financial performance.
  • Our market making business is concentrated in U.S. equities; accordingly, our operating results may be negatively impacted by changes that affect the U.S. equity markets.
  • We could lose significant sources of revenues if we lose any of our larger clients or sources of order flow or lose access to an important exchange or other trading venue or if we fail to adapt to proposed new regulations, should they become final rules.
The other 40 risks
  • We are subject to liquidity risk in our operations.
  • Self‑clearing and other elements of our trade processing operations expose us to significant operational, financial and liquidity risks.
  • We have a substantial amount of indebtedness, which could negatively impact our business and financial condition, and may limit our flexibility in operating our business.
  • We are pursuing a growth strategy which involves increased investment in employee related expenses and technical infrastructure, and our ability to realize benefits from these investments is uncertain.
  • We depend on our technology, and our future results may be negatively impacted if we cannot remain technologically competitive.
  • Cryptocurrency and other digital assets are an emerging asset class that carries unique risk, including the risk of financial loss.
  • Artificial intelligence and machine learning are new and emerging technologies and could ultimately cause harm to our business.
  • Our reliance on our computer systems and software could expose us to material financial and reputational harm if any of our computer systems or software were subject to any material disruption or corruption.
  • We could be the target of a significant cyber-attack, threat or incident that impairs internal systems, results in adverse consequences to information our system process, store or transmit or causes reputation or monetary damages as a consequence.
  • Our business may be harmed by computer and communication systems malfunctions, human error, failures and delays.
  • Failure or poor performance of third‑party software, infrastructure or systems on which we rely could adversely affect our business.
  • The use of open source software may expose us to additional risks.
  • We may not be able to protect our intellectual property rights or may be prevented from using intellectual property necessary for our business.
  • Fluctuations in currency exchange rates could negatively impact our earnings.
  • We may incur material losses on foreign exchange transactions entered into on behalf of clients and be exposed to material liquidity risk due to counterparty defaults or errors.
  • We may experience risks associated with future growth or expansion of our operations or acquisitions, strategic investments or dispositions of businesses, and we may never realize the anticipated benefits of such activities.
  • Our future efforts to sell shares of our common stock or raise additional capital may be inhibited by regulations.
  • We are dependent on the continued service of certain key executives, the loss or diminished performance of whom could have a material adverse effect on our business, and our success depends in part on our ability to identify, recruit and retain skilled management and technical personnel.
  • We may be subject to increased risks or business disruption, incur losses or suffer reputational harm in relation to or as a result of climate change.
  • Legal and Regulatory Risks
  • Regulatory and legal uncertainties could harm our business.
  • Pending, proposed and other potential changes in laws and rules may adversely impact our business.
  • Non‑compliance with applicable laws or regulatory requirements could subject us to sanctions and could negatively impact our reputation, prospects, revenues and earnings.
  • We are subject to risks relating to litigation and potential securities law liability.
  • Proposed legislation in the European Union, the U.S. and other jurisdictions that would impose taxes on certain financial transactions could have a material adverse effect on our business and financial results.
  • We are exposed to risks associated with our international operations and expansion and failure to comply with laws and regulations applicable to our international operations may increase costs, reduce profits, limit growth or subject us to liability.
  • Brexit continues to pose a risk of negatively impacting the global economy, financial markets and our business.
  • In connection with our historical acquisitions, the Company is subject to potential liabilities that could materially and adversely affect our business.
  • Risks Related to Our Organization and Structure
  • We are a holding company and our principal asset is our 57.2% of equity interest in Virtu Financial, and we are accordingly dependent upon distributions from Virtu Financial to pay dividends, if any, taxes and other expenses.
  • We are controlled by the Founder Post‑IPO Member, whose interests in our business may be different than yours, and certain statutory provisions afforded to stockholders are not applicable to us.
  • We may be unable to remain in compliance with the covenants contained in our Credit Agreement and our obligation to comply with these covenants may adversely affect our ability to operate our business.
  • We are exempt from certain corporate governance requirements since we are a “controlled company” within the meaning of the NYSE rules, and as a result our stockholders do not have the protections afforded by these corporate governance requirements.
  • We are required to pay the Virtu Post‑IPO Members and the Investor Post‑IPO Stockholders for certain tax benefits we may claim, and the amounts we may pay could be significant.
  • Risks Related to Our Class A Common Stock
  • Substantial future sales of shares of our Class A common stock in the public market could cause our stock price to fall.
  • Failure to establish and maintain effective internal control over financial reporting could have a material adverse effect on our business, financial condition, results of operations and cash flows, and stock price.
  • We intend to pay regular dividends to our stockholders, but our ability to do so may be limited by our holding company structure, contractual restrictions and regulatory requirements.
  • Provisions in our charter documents and certain rules imposed by regulatory authorities may delay or prevent our acquisition by a third party.
  • General Risks Factors
  • Our stock price may be volatile.
  • We incur increased costs as a result of being a public company.
  • Our stock price and trading volume could decline as a result of inaccurate or unfavorable research, or the cessation of research cover, about our business published by securities or industry analysts.
  • We may incur losses as a result of unforeseen or catastrophic events, including the emergence of another pandemic, terrorist attacks, geopolitical and/or global conflict, war, extreme weather events or other natural disasters.

Legal proceedings

The information required by this item is set forth in the “Legal Proceedings” section in Note 16 “Commitments, Contingencies and Guarantees” to the Company’s Consolidated Financial Statements included in Part II, Item 8 “Financial Statements and Supplementary Data”, which is incorporated by reference herein.

The opening of Item 3, Legal Proceedings.24

Sources

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