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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Virtu Financial (VIRT) investor relations material
Virtu Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Leadership transition with Aaron Simons appointed CEO in August 2025, focusing on broad-based growth, technology, and operational efficiency.
Total revenues for Q3 2025 increased 16.7% year-over-year to $824.8 million, with net income of $149.1 million and normalized adjusted EPS of $1.05.
Adjusted Net Trading Income for Q3 2025 was $467 million, reflecting strong performance in Market Making and Execution Services.
Major integrations completed, new asset classes established, and significant capital returned to shareholders in recent years.
Strategic pivot to invest in infrastructure, talent, and capital base to drive trading results and accelerate growth.
Financial highlights
Q3 2025 adjusted net trading income was $467 million, up 20.4% year-over-year.
Normalized adjusted EPS for Q3 2025 was $1.05, up from $0.82 in Q3 2024.
Adjusted EBITDA for Q3 2025 was $268 million, with a margin of 57.3%.
Net income for Q3 2025 was $149.1 million, with a net income margin of 18.1%.
Long-term debt at quarter-end was $2.07 billion.
Outlook and guidance
Targeting growth in adjusted net trading income toward the higher end of the $6–$10 million per day range as a base case.
Plans to double the capital base over time to support doubling P&L, with incremental capital accumulation through retained earnings and debt.
Management expects continued strong trading activity and institutional engagement to support revenue growth.
Liquidity and capital resources are considered sufficient to meet operational and strategic needs for the next twelve months.
Forward-looking statements caution about market volatility, regulatory changes, and technology risks.
What drove Execution Services commission growth?
Future share repurchase pace?
How did RFQ-hub sale impact Q3 net income?
Prioritize capital allocation for growth?
What is the options trading strategy?
How do buybacks fit into capital strategy?
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Next Virtu Financial earnings date
Q4 202530 Jan, 2026
Next Virtu Financial earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Virtu Financial, Inc provides data, analytics and connectivity products to clients worldwide. The Market Making segment executes market making, trading, and investment activities as a regulated financial institution under the Commodity Exchange Act (CEA) and other applicable regulatory regimes. Market Making segment also conducts proprietary trading in a range of asset classes on exchanges, dark venues and over-the-counter markets. The Execution Services segment provides brokerage services for the exchange and OTC trading businesses of third parties. Its advisory services include business development, risk management, affiliate relationships, and the design of efficient trade execution processes.
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