Virtu Financial, Inc. Q2 FY2025 Earnings Call

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Virtu Financial Q2 2025 Earnings Summary

  • Adjusted Net Trading Income: $568 million ($9.2M/day) in Q2 2025, up 50% from $6.1M/day in Q2 2024. This marks the sixth straight quarter of increasing adjusted net trading income.
  • Adjusted EPS: $1.53, an 83% increase from Q2 2024.
  • Adjusted EBITDA Margin: 65%, highest since Q1 2022.
  • Segment Performance:
    • Market Making: $451 million in revenue.
    • Execution Services: $116 million, near recent daily highs of $1.9 million/day.
  • Growth Initiatives: Record $1.3 million/day (15% of total income). Strongest areas: ETF block franchise, digital assets, and options market making.
  • Volatility Metrics: Mean realized volatility of 30, VIX averaged 24. Equity TCV up 17% QoQ, U.S. notional equity volumes up 9% QoQ.
  • Crypto: Virtu expanded coverage across futures, spot, perpetual futures, and ETFs. Strong outlook on institutional crypto growth, stablecoin adoption, and tokenization.
  • Cost Discipline:
    • Adjusted cash operating expenses: $198 million.
    • Compensation ratio: 19% cash, 23% including stock.

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Operator: Hello, everybody, and welcome to the Virtu Financial 2025 Second Quarter Results. My name is Elliot, and I'll be your coordinator for today. [Operator Instructions] I would now like to hand over to Andrew Smith, Head of Investor Relations. Please go ahead. Andrew Smith: Thank you, Elliot. Good morning, everyone. Thank you for joining us. Our second quarter 2025 results were released this morning and are available on our website. With us today on this morning's call, we have Mr. Douglas Cifu, our Chief Executive Officer; Mr. Joseph Molluso, our Co-President and Co-Chief Operating Officer; and Ms. Cindy Lee, our Chief Financial Officer. We will begin with prepared remarks and then take your questions. First, a few reminders. Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore subject to risks, assumptions and uncertainties, which may be outside the company's control. Please note that our actual results and financial conditions may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual r

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