Virtu Financial (VIRT) Q4 2025 Earnings Transcript

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• Added complexity in market space with different trading protocols is relative competitive advantage for Virtu

  80% confidence

• Virtu generated 100% return on incremental capital in Q4, though doesn't expect this to always be the case

  80% confidence

• Non-customer market making businesses performed very well, including global equities presence

  80% confidence

• VES had record quarter with accelerating client engagement, new clients onboarding, and existing clients doing more business across all products and geographies

  80% confidence

• Virtu will achieve capital growth through organic growth and incremental borrowings where prudent

  80% confidence

• Incremental capital added and dynamic deployment had meaningful impact on Q4 results

  80% confidence

• Virtu increased invested capital by $625 million in 2025, with $448 million in second half, while generating 100% average return

  80% confidence

• Q4 performance driven by favorable operating environment with elevated realized volatility, VIX, and equity share volumes

  80% confidence

• Virtu deployed pretty much all of the incremental $628 million in trading capital while maintaining substantial buffers in regulated entities

  80% confidence

• Virtu will maintain quarterly dividend of $0.24 per share while continuing to expand capital base

  80% confidence

• VES stated goal was $2 million per day through the cycle and is well on way to achieving it

  80% confidence

• Virtu stated long-term goal of $10 million per day ANTI through the cycle

  80% confidence

• ETF growth and electronification/tokenization is generally positive for Virtu's business

  80% confidence

• Q4 2025 ANTI of $9.7 million per day was highest quarterly total since Q1 2021

  80% confidence

• Virtu is not focusing on small number of growth initiatives but growing everywhere in the firm and responding dynamically to market opportunities

  80% confidence

• Virtu plans to grow trading by investing in infrastructure, acquiring talent and expanding capital base, with growth being a broad effort across the firm

  80% confidence

• Virtu is optimistic about prediction markets but being careful given lack of perfect regulatory or legal certainty

  80% confidence

• VES reached seventh consecutive quarter of increased ANTI and high watermark since early 2022

  80% confidence

• Expected long-term returns on capital in the 50-70% range, not 100%

  80% confidence

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