)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Virtu Financial
Virtu Financial (VIRT) investor relations material
Virtu Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Fourth quarter and full year 2025 delivered strong financial results, with significant year-over-year growth in revenue, net income, and adjusted metrics, driven by favorable market conditions and diversified revenue streams.
Investments in infrastructure, talent, and capital base contributed to performance improvements and firm-wide growth.
Full-year 2025 normalized adjusted EPS reached $5.73, and adjusted net trading income per day was $8.6 million.
Invested capital increased by $625 million during 2025, supporting growth and returns.
Quarterly dividend of $0.24 per share was maintained throughout 2025.
Financial highlights
Q4 2025 adjusted net trading income was $613.4 million, up 34% year-over-year, the highest since Q1 2021.
Full year 2025 adjusted net trading income was $2,145.3 million.
Adjusted EBITDA for Q4 2025 was $442 million (72% margin), up 65% year-over-year; full year was $1,399 million (65% margin).
Normalized adjusted EPS for Q4 2025 was $1.85, and $5.73 for the full year, both highs since 2021.
Q4 2025 net income was $280.6 million, up from $176.1 million in Q4 2024; full year net income was $912.3 million.
Segment performance
Market Making segment contributed $488.7 million in adjusted net trading income in Q4 2025, representing 80% of total, up 43% year-over-year.
Execution Services segment delivered $124.8 million in adjusted net trading income in Q4 2025, up 14% year-over-year.
Market Making NT per day was $7.8 million in Q4, $6.7 million per day for 2025.
VES NT per day was $2 million in Q4, $1.9 million for 2025; seventh consecutive quarter of growth.
VES performance driven by technology investment, client acquisition, and expanded product offerings.
What drove Market Making segment's strong growth?
Elaborate on 'Other' adjustment components.
Mitigate market structure regulatory risks?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Virtu Financial earnings date
Q1 202622 Apr, 2026
Virtu Financial
Next Virtu Financial earnings date
Q1 202622 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage