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Presentation Title in Title Case Presentation subtitle in sentence case Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX Second Quarter 2025 Earnings Supplement © 2025 Virtu Financial. All rights reserved.
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2 • LTM 2Q’25 EPS1 of $4.78 and LTM 2Q’25 Adj. NTI/day1 of $7.7M • Outstanding results in a favorable market environment across both market making and execution services • Operating costs and capital remain in line • Repurchased 1.7M shares for $66M in 2Q 20253 o Cumulative repurchases of 54M shares for $1.42B, representing 19.5% of shares outstanding, net of issuances3,4 Normalized Adj. EPS1 $1.53 Commentary & Highlights 2Q 2025 Key Financials Summary Recent Results Adj. NTI1 $568M Adj. NTI/day1 $9.2M Adj. EBITDA1 $369M Adj. EBITDA Margin1,2 65% Debt to LTM Adj. EBITDA1 1.5x Performance Highlights See endnotes at end of this supplement $6.1M $6.1M $7.3M $8.3M $9.2M 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 $0.83 $0.82 $1.14 $1.30 $1.53 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Adj. Net Trading Income / Day 1 Normalized Adj. EPS1
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3 Key Financial Metrics See endnotes at end of this supplement FY FY FY FY FY YTD 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q 1Q'25 2Q'24 Total Adjusted Net Trading Income 1 $2,271 $1,910 $1,468 $1,211 $1,598 $1,065 $385 $388 $458 $497 $568 Daily Average Adj. NTI 1 $9.0 $7.6 $5.8 $4.8 $6.4 $8.7 $6.1 $6.1 $7.3 $8.3 $9.2 Market Making Adj. NTI1 $1,782 $1,428 $1,058 $847 $1,195 $833 $286 $288 $348 $382 $451 Market Making Daily Average Adj. NTI 1 $7.0 $5.7 $4.2 $3.4 $4.8 $6.8 $4.5 $4.5 $5.5 $6.4 $7.3 Market Making % of Total 78% 75% 72% 70% 75% 78% 74% 74% 76% 77% 80% Execution Services Adj. NTI1 $489 $482 $409 $364 $403 $231 $100 $100 $110 $115 $116 Execution Services Daily Average Adj. NTI 1 $1.9 $1.9 $1.6 $1.5 $1.6 $1.9 $1.6 $1.6 $1.7 $1.9 $1.9 Execution Services % of Total 22% 25% 28% 30% 25% 22% 26% 26% 24% 23% 20% Adjusted Cash Operating Expenses1 $623 $609 $609 $643 $679 $375 $168 $173 $174 $177 $198 + 12% + 18% Total Adjusted Operating Expenses1 $690 $677 $675 $706 $745 $407 $184 $190 $191 $193 $214 + 11% + 16% Adjusted EBITDA1 $1,648 $1,301 $859 $568 $919 $689 $218 $215 $284 $320 $369 + 15% + 70% Adjusted EBITDA Margin 1,2 73% 68% 59% 47% 58% 65% 56% 55% 62% 64% 65% + 1 pts + 9 pts Long-Term Debt (at end of period) $1,670 $1,630 $1,824 $1,752 $1,767 $1,769 $1,767 $1,769 $1,767 $1,768 $1,769 + 0% + 0% Debt / LTM Adjusted EBITDA 1 1.0x 1.3x 2.1x 3.1x 1.9x 1.5x 2.7x 2.4x 1.9x 1.7x 1.5x Normalized Adjusted EPS 1 $5.76 $4.57 $3.00 $1.84 $3.55 $2.83 $0.83 $0.82 $1.14 $1.30 $1.53 + 17% + 83% - 2% + 19% + 11% + 50% + 14% + 61% 2Q 2025 v Annual Trailing 5 Quarters Comparison ($M) FY 2024 FY 2025 17% 17% 29% 30% 21% 32% 30% 23% 24% 29% 28% 33% 26% 31% 30% 36% 25% 26% 26% 24% 23% 20% 83% 83% 71% 70% 79% 68% 70% 77% 76% 71% 72% 67% 74% 69% 70% 64% 75% 74% 74% 76% 77% 80% $12.7M $10.6M $5.7M $7.1M $11.9M $5.4M $5.5M $7.6M $8.1M $5.8M $5.2M $4.4M $6.0M $4.5M $4.7M $4.1M $6.0M $6.1M $6.1M $7.3M $8.3M $9.2M - $2M $4M $6M $8M $10M $12M $14M 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Daily Average Adj. NTI1 Trend Execution Services Market Making
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Market Metrics 4See endnotes at end of this supplement FY FY FY FY YTD 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q 1Q'25 2Q'24 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 10,926 11,404 11,875 11,054 12,153 17,062 11,760 11,503 13,581 15,695 18,386 + 17% + 56% US Equity Consolidated Notional Volume ($B) $479 $565 $573 $516 $608 $769 $589 $586 $632 $734 $803 + 9% + 36% Virtu Rule 605 Executed Shares (M)1 727 805 606 552 554 734 513 551 612 736 731 - 1% + 42% Virtu Rule 605 Dollar Value of Quoted Spreads ($M)1 $10.1 $12.8 $7.2 $5.4 $6.6 $8.7 $6.1 $6.3 $7.1 $8.6 $8.8 + 3% + 45% IBKR Retail Equity Share Volume (M) 1,324 3,041 1,299 998 1,205 1,541 1,175 1,114 1,522 1,546 1,537 - 1% + 31% OCC ADV (M contracts) 30 39 41 44 48 58 46 50 52 58 57 - 2% + 23% CME FX ADV (K contracts) 861 798 989 962 1,030 1,141 1,080 1,089 968 1,152 1,131 - 2% + 5% Hotspot ADV FX ($B) $35 $34 $40 $44 $46 $51 $47 $47 $44 $49 $53 + 8% + 14% Volatility Metrics S&P 500 Average Implied Volatility (VIX) 29.3 19.7 25.6 16.8 15.5 21.1 14.0 17.1 17.4 18.5 23.6 + 28% + 69% S&P 500 Average Realized Volatility 30.5 13.0 24.0 12.9 12.5 23.3 10.5 15.9 12.5 16.3 30.0 + 84% + 186% S&P 500 Intraday Volatility 1.7% 1.0% 1.8% 1.0% 0.9% 1.5% 0.9% 1.1% 0.8% 1.2% 1.7% + 36% + 93% SX5E Realized Volatility 30.2 14.8 22.7 13.6 13.1 19.7 12.8 16.4 12.8 15.5 23.6 + 52% + 85% NKY Realized Volatility 24.1 18.5 20.2 16.0 23.6 25.8 16.3 43.7 16.8 18.6 32.8 + 77% + 101% CVIX Realized Volatility 66.9 29.3 54.4 29.7 34.5 52.1 39.0 36.9 30.0 35.6 68.1 + 91% + 75% FY 2024 FY 2025 2Q 2025 v Annual Trailing 5 Quarters Comparison FY 2020
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5 Non-customer market making business has significant opportunities for diversified growth See endnotes at end of this supplement Options volumes continue to rise OCC ADV Recent volatility is akin to levels seen in 2021-2022 SPX Implied & Realized Volatility ETP volumes have grown across regions Americas & EMEA ETP Notional Value Traded ADV Crypto remains a critical aspect of the marketplace Bitcoin Volume & Market Cap - 10M 20M 30M 40M 50M 60M 70M 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 - 5 10 15 20 25 30 35 SPX Implied Volatility (VIX) SPX Realized Volatility - $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T - $10B $20B $30B $40B $50B $60B $70B $80B 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Bitcoin Notional ADV (L) Bitcoin Market Cap (R) - 50T 100T 150T 200T 250T 300T 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
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6 1,4 68% 139% 107% 77% 69% 64% 64% 66% 65% 71% 78% 91% 94% 100% 0% 20% 40% 60% 80% 100% 120% 140% 160% 0 500 1,000 1,500 2,000 2,500 FY'19 FY'20 FY'21 FY'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Return on Invested Capital (%) Period Average Invested Capital ($M) Average of LTM Invested Capital LTM ANTI LTM Return on Invested Capital 1,5 1,6 Avg: 1.4M ($34M) 3.7M ($101M) 4.0M ($115M) 3.9M ($76M) 2.3M ($42M) 2.7M ($49M) 2.4M ($44M) 2.0M ($36M) 1.4M ($31M) 1.7M ($48M) 1.7M ($57M) 1.3M ($48M) 1.7M ($66M) 198M 198M 192M 178M 171M 169M 167M 164M 163M 162M 162M 160M 160M 160M 197M 196M 186M 172M 170M 168M 165M 163M 163M 161M 161M 159M 160M 159M 135.0 138.0 141.0 144.0 147.0 150.0 153.0 156.0 159.0 162.0 165.0 168.0 171.0 174.0 177.0 180.0 183.0 186.0 189.0 192.0 195.0 198.0 201.0 204.0 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 3Q20 4Q20 FY21 FY22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Weighted Avg. Share Count Period-End Share Count Shares Repurchased ` Quarterly Dividend of $0.24 Adj. EPS $0.24 $1.44 $1.14 $0.74 $0.74 $0.37 $0.45 $0.27 $0.76 $0.83 $0.82 $1.14 $1.30 $1.53 FY19 (Avg) FY20 (Avg) FY21 (Avg) FY22 (Avg) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Capital Management We continue to return capital to shareholders through dividends and share repurchases Steady Payout in All Environments Share Buybacks2,3 Dividends declared per share and Adjusted EPS1, quarterly Shares outstanding and share repurchases, quarterly Return on Invested Capital1,4 See endnotes at end of this supplement
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7 Update on Share Buybacks See endnotes at end of this supplement 7M 12M 16M 25M 27M 30M 32M 36M 39M 41M 44M 46M 47M 49M 50M 52M 53M $0.9 Cumulative Notional ($B): $0.9 $1.0 $1.0 $1.1 $1.1 $1.1 $1.2 $1.2 $1.3 $1.3 $1.4 0% 5% 10% 15% 20% 25% - 10M 20M 30M 40M 50M 60M 70M 80M Cumulative Shares Repurchased to Date1,2 Cumulative Shares Repurchased % of Shares Outstanding (Net) $34M $63M$101M$139M$102M $287M $47M $81M $45M $76M $42M $49M $44M $36M $31M $48M $57M $48M $66M $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 - $100M $200M $300M $400M $500M Total Buybacks per Quarter1 Total Repurchased (L) Average Price (R)
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8 Operating Expenses and Long-Term Debt Disciplined focus on expense management Operating Expense Results Debt Structure at June 30, 2025 See endnotes at end of this supplement Adjusted Operating Expenses FY FY YTD 2024 2024 2024 2025 2025 ($M) 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Adj. Cash Compensation1 $321 $314 $315 $320 $351 $206 $86 $89 $92 $95 $110 Adj. Communications & Data Processing1 214 212 220 231 236 121 59 60 59 60 61 Adj. Operations & Administrative1 88 83 74 92 91 49 22 25 23 22 26 Adjusted Cash Operating Expenses1 $623 $609 $609 $643 $679 $375 $168 $173 $174 $177 $198 Depreciation & Amortization 67 68 66 63 66 32 16 16 17 16 16 Total Adjusted Operating Expenses1 $690 $677 $675 $706 $745 $407 $184 $190 $191 $193 $214 Cash Compensation Ratio 14% 16% 21% 26% 22% 19% 22% 23% 20% 19% 19% Total Compensation Ratio 17% 19% 26% 32% 27% 23% 27% 28% 25% 24% 23% Annual Trailing 5 Quarters FY 2020 FY 2021 FY 2022 Debt Description ($M) Maturity Effective Rate Balance Annual Interest First Lien Term Loan - Floating2 Jun 2031 S + 2.50% $170 $12 First Lien Term Loan - Fixed with Swap2,3 Jun 2031 6.92% $1,075 $74 First Lien Notes Jun 2031 7.50% $500 $38 Japannext4 Jan 2026 5.00% $24 $1 Total5 7.05% $1,769 $125 LTM Adjusted EBITDA1 $1,188 Debt / LTM Adjusted EBITDA1 1.5x
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GAAP Reconciliations and Other Information
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Organic Business Growth 10See endnotes at end of this supplement • Options Market Making: Continued investment in our technology infrastructure and model enhancements leaves us optimistic about various opportunities in Options. • ETF Block: Client expansion and broadening of liquidity distribution has led to robust business activity. • Crypto: Legislation providing regulatory clarity around digital assets as well as continued adoption by market participants benefit Virtu’s outlook in this space. Daily Average Adj. NTI1 from Organic Growth Initiatives Adj. NTI from Organic Growth Initiatives1 $40M $64M $162M $136M $153M $124M $197M $139M $42M $40M $53M $55M $84M % of Firmwide Adj. NTI1 3% 6% 7% 7% 10% 10% 12% 13% 11% 10% 12% 11% 15% Annual Trailing 5 Quarters $161K per day $255K per day $641K per day $540K per day $611K per day $494K per day $787K per day $1,136K per day $670K per day $630K per day $847K per day $916K per day $1,348K per day FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 YTD'25 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
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11 Share Count Roll Forward See endnotes at end of this supplement (M shares) 4Q 2020 2021 Total 2022 Total 2023 Total 2024 Total 1Q 2025 2Q 2025 Grand Total Beginning of Period Shares 197.1 195.6 186.1 171.7 162.7 159.2 160.2 197.1 Shares Repurchased - 1.44 - 14.71 - 16.34 - 12.48 - 6.70 - 1.34 - 1.66 - 54.66 Net Shares Issued - 0.05 + 5.16 + 1.97 + 3.53 + 3.16 + 2.36 + 0.64 + 16.77 End of Period Shares 195.6 186.1 171.7 162.7 159.2 160.2 159.2 159.2 Cumulative Repurchases as % of Shares Outstanding 0.8% 5.6% 12.9% 17.4% 19.2% 18.7% 19.2% 19.2% Weighted Avg. Adj. Shares 197.5 192.0 177.7 167.8 161.8 160.3 160.0 Weighted Avg. Basic Shares 122.8 117.3 104.0 94.1 87.5 85.7 85.5 Weighted Avg. Diluted Shares 123.5 118.4 104.4 94.1 87.8 86.0 85.5
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12 GAAP Balance Sheet See endnotes at end of this supplement Assets ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 6/30/25 Cash and cash equivalents $732 $890 $1,071 $982 $820 $873 $724 $752 Cash & securities segregated under regulations & other 41 117 49 57 35 41 47 38 Securities borrowed 1,929 1,425 1,349 1,188 1,722 2,295 2,780 2,654 Securities purchased under agreements to resell 143 23 119 337 1,512 984 1,153 1,084 Receivables from broker-dealers & clearing organizations 1,319 1,684 1,027 1,115 738 1,101 1,858 1,336 Receivables from customers 104 214 146 81 106 150 189 360 Trading assets, at fair value 2,766 3,116 4,257 4,631 7,359 7,803 8,721 10,929 Property, equipment and capitalized software, net 116 114 90 85 100 91 93 92 Operating lease right-of-use assets 315 269 225 187 229 175 163 157 Goodwill 1,149 1,149 1,149 1,149 1,149 1,149 1,149 1,149 Intangibles (net of accumulated amortization) 530 454 386 321 258 203 190 178 Deferred taxes 215 193 159 147 134 135 126 118 Assets of business held for sale - - - - - 5 5 - Other assets 253 318 291 304 304 358 350 436 Total Assets $9,609 $9,966 $10,320 $10,583 $14,466 $15,362 $17,548 $19,284 Liabilities and Equity ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 6/30/25 Short-term borrowings, net $73 $65 $62 $4 - $39 $112 $252 Securities loaned 1,600 948 1,142 1,060 1,329 2,432 2,827 3,118 Securities sold under agreements to repurchase 341 461 514 628 1,796 1,272 1,461 1,907 Payables to broker-dealers & clearing organizations 827 876 572 274 1,168 919 775 1,234 Payables to customers 90 119 55 47 23 46 67 50 Trading liabilities, at fair value 2,498 2,924 3,511 4,197 6,071 6,441 8,117 8,424 Accounts payable & accrued expenses & other liabilities 399 492 458 448 451 558 493 539 Operating lease liabilities 365 315 279 239 278 230 216 208 Tax receivable agreement obligations 269 271 259 239 216 197 176 176 Long-term borrowings, net 1,918 1,639 1,605 1,796 1,727 1,740 1,741 1,743 Liabilities of business held for sale 2 1 - Total Liabilities $8,380 $8,111 $8,456 $8,932 $13,061 $13,874 $15,987 $17,651 Equity 1,229 1,855 1,864 1,651 1,405 1,487 1,562 1,633 Total Liabilities and Equity $9,609 $9,966 $10,320 $10,583 $14,466 $15,362 $17,548 $19,284 Invested Capital ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 6/30/25 Trading Capital 1 $1,604 $2,076 $2,165 $2,180 $1,905 $2,180 $2,147 $2,264 (-) Cash reserved for operations, taxes payable, and other accrued and unpaid liabilities2 (77) (338) (319) (191) (233) (339) (204) (248) Invested Capital $1,527 $1,738 $1,846 $1,989 $1,672 $1,840 $1,943 $2,016
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13 GAAP Income Statement See endnotes at end of this supplement FY FY FY FY FY YTD 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $1,243 $426 $444 $544 $590 $653 Commissions, net and technology services 601 614 530 456 517 305 126 132 140 151 154 Interest and dividends income 62 75 159 463 462 237 107 125 124 109 128 Other, net 83 16 47 74 76 52 33 6 26 (12) 65 Total Revenues $3,239 $2,811 $2,365 $2,293 $2,877 $1,837 $693 $707 $834 $838 $1,000 Brokerage, exchange, clearance fees and payments for order flow, net 759 745 619 508 674 424 151 177 207 222 202 Communications and data processing 214 212 220 231 236 121 59 60 59 60 61 Employee compensation and payroll taxes 394 376 391 394 435 256 106 108 121 119 136 Interest and dividends expense 126 140 231 500 529 297 124 136 143 131 165 Operations and administrative 95 88 86 99 97 48 22 25 28 22 26 Depreciation and amortization 67 68 66 63 66 32 16 16 17 16 16 Amortization of purchased intangibles and acquired capitalized software 74 70 65 64 50 24 12 12 12 12 12 Termination of office leases 10 28 7 0 16 0 0 0 16 0 0 Debt issue cost related to debt refinancing and prepayment 29 7 30 8 29 3 24 2 2 2 2 Transaction fees and expenses 3 1 1 0 0 0 0 0 0 0 0 Financing interest expense 88 80 92 99 98 62 23 24 27 30 33 Total Operating Expenses $1,856 $1,815 $1,808 $1,968 $2,232 $1,267 $538 $560 $632 $614 $653 Income (Loss) Before income taxes $1,383 $997 $557 $325 $645 $571 $155 $147 $203 $224 $347 Provision for income taxes (benefit) 262 170 88 61 110 88 27 28 27 34 54 Net Income (Loss) $1,121 $827 $468 $264 $535 $483 $128 $119 $176 $190 $293 Annual Trailing 5 Quarters Income Statement ($M) FY 2024 FY 2025
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14 Adjusted Net Trading Income $975 $784 $669 $362 $456 $2,271 $724 Adjusted EBITDA & Normalized Adjusted EPS See endnotes at end of this supplement FY FY FY FY FY YTD 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $1,065 $385 $388 $458 $497 $568 FY FY FY FY FY YTD 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Income (Loss) Before income taxes $1,383 $997 $557 $325 $645 $571 $155 $147 $203 $224 $347 (+) Financing interest expense 88 80 92 99 98 62 23 24 27 30 33 (+) Debt issue cost related to debt refinancing and prepayment 29 7 30 8 29 3 24 2 2 2 2 (+) Depreciation and amortization 67 68 66 63 66 32 16 16 17 16 16 (+) Amortization of purchased intangibles and acquired capitalized software 74 70 65 64 50 24 12 12 12 12 12 EBITDA $1,640 $1,221 $810 $560 $889 $692 $231 $202 $260 $283 $409 EBITDA Margin 1 72% 64% 55% 46% 56% 65% 60% 52% 57% 57% 72% (+) Severance 10 6 8 9 8 5 1 1 4 2 3 (+) Transaction fees and expenses 3 1 1 0 0 0 0 0 0 0 0 (+) Termination of office leases 10 28 7 0 16 0 0 0 16 0 0 (+) Share-based compensation 60 56 67 64 75 44 18 18 25 22 23 (+) Other (75) (11) (34) (66) (70) (53) (33) (6) (21) 13 (65) Adjusted EBITDA $1,648 $1,301 $859 $568 $919 $689 $218 $215 $284 $320 $369 Adjusted EBITDA Margin 2 73% 68% 59% 47% 58% 65% 56% 55% 62% 64% 65% (-) Financing interest expense 88 80 92 99 98 62 23 24 27 30 33 (-) Depreciation and amortization 67 68 66 63 66 32 16 16 17 16 16 Normalized Adjusted Pre-Tax Income $1,494 $1,153 $701 $405 $755 $595 $178 $174 $240 $274 $321 (-) Normalized provision for income taxes 358 277 168 97 181 143 43 42 58 66 77 Normalized Adjusted Net Income $1,135 $876 $533 $308 $574 $453 $135 $132 $182 $208 $244 Weighted average fully diluted shares outstanding 197 192 178 168 162 160 162 162 160 160 160 Normalized Adjusted EPS $5.76 $4.57 $3.00 $1.84 $3.55 $2.83 $0.83 $0.82 $1.14 $1.30 $1.53 Adj. EBITDA / Adj. EPS ($M) FY 2024 FY 2025 Annual Trailing 5 Quarters Income Statement ($M) FY 2024 FY 2025
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15 Adjusted Net Trading Income Reconciliation Operating Segments See endnotes at end of this supplement YTD 2024 2024 2024 2025 2025 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $1,243 $426 $444 $544 $590 $653 Commissions, net and technology services 601 614 530 456 517 305 126 132 140 151 154 Brokerage, exchange, clearance fees and payment for order flow, net (759) (745) (619) (508) (674) (424) (151) (177) (207) (222) (202) Interest and dividends, net (64) (64) (72) (38) (67) (59) (17) (11) (20) (22) (37) Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $1,065 $385 $388 $458 $497 $568 Annual Trailing 5 Quarters Adjusted Net Trading Income Reconciliation ($M) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 YTD 2024 2024 2024 2025 2025 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $2,455 $2,080 $1,608 $1,284 $1,799 $1,230 $420 $440 $535 $583 $647 Commissions, net and technology services 52 41 42 30 42 32 9 13 13 17 14 Brokerage, exchange, clearance fees and payment for order flow, net (663) (635) (525) (421) (573) (367) (126) (152) (179) (194) (172) Interest and dividends, net (62) (58) (67) (46) (73) (62) (18) (13) (21) (24) (38) Adjusted Net Trading Income $1,782 $1,428 $1,058 $847 $1,195 $833 $286 $288 $348 $382 $451 YTD 2024 2024 2024 2025 2025 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $38 $26 $21 $18 $23 $13 $6 $4 $9 $7 $5 Commissions, net and technology services 548 574 488 426 474 273 117 119 127 134 139 Brokerage, exchange, clearance fees and payment for order flow, net (96) (111) (94) (88) (101) (57) (25) (24) (28) (28) (30) Interest and dividends, net (1) (6) (5) 8 6 3 1 2 1 1 1 Adjusted Net Trading Income $489 $482 $409 $364 $403 $231 $100 $100 $110 $115 $116 Annual Trailing 5 Quarters Execution Services Adjusted Net Trading Income Reconciliation ($M) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Annual Trailing 5 Quarters Market Making Adjusted Net Trading Income Reconciliation ($M) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
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16 Adjusted Net Trading Income Reconciliation Organic Growth Initiatives See endnotes at end of this supplement YTD 2024 2024 2024 2025 2025 2025 2Q 3Q 4Q 1Q 2Q Trading income, net $241 $144 $180 $184 $291 $191 $62 $64 $76 $82 $109 Commissions, net and technology services 24 38 29 19 29 21 8 8 8 8 13 Brokerage, exchange, clearance fees and payment for order flow, net (88) (32) (30) (43) (82) (51) (19) (21) (22) (25) (27) Interest and dividends, net (15) (15) (26) (36) (41) (22) (9) (10) (9) (10) (12) Adjusted Net Trading Income $162 $136 $153 $124 $197 $139 $42 $40 $53 $55 $84 Annual Trailing 5 Quarters Organic Growth Initiatives Adjusted Net Trading Income Reconciliation ($M) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
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17 Adjusted Operating Expense Reconciliation See endnotes at end of this supplement Adjusted Operating Expenses Reconciliation FY FY FY FY FY YTD ($M) 2020 2021 2022 2023 2024 2025 2Q 3Q 4Q 1Q 2Q Employee compensation and payroll taxes $394 $376 $391 $394 $435 $256 $106 $108 $121 $119 $136 (-) Cash Compensation Adjustments1 (72) (62) (76) (74) (84) (50) (19) (19) (29) (24) (26) Adj. Cash Compensation $321 $314 $315 $320 $351 $206 $86 $89 $92 $95 $110 Communications and data processing $214 $212 $220 $231 $236 $121 $59 $60 $59 $60 $61 (-) Communications & Data Processing Adjustments 2 - - - - - - - - - - - Adj. Communications & Data Processing $214 $212 $220 $231 $236 $121 $59 $60 $59 $60 $61 Operations and administrative $95 $88 $86 $99 $97 $48 $22 $25 $28 $22 $26 (-) Operations & Administrative Adjustments3 (6) (6) (12) (7) (6) 0 (0) (0) (5) (0) 1 Adj. Operations & Administrative $88 $83 $74 $92 $91 $49 $22 $25 $23 $22 $26 Adjusted Cash Operating Expenses $623 $609 $609 $643 $679 $375 $168 $173 $174 $177 $198 Depreciation and amortization $67 $68 $66 $63 $66 $32 $16 $16 $17 $16 $16 Total Adjusted Operating Expenses $690 $677 $675 $706 $745 $407 $184 $190 $191 $193 $214 Annual Trailing 5 Quarters FY 2024 FY 2025
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18 Disclaimer Cautionary Statement Regarding Forward Looking Statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. GAAP and Non-GAAP Results This presentation includes or may include certain non-GAAP financial measures, including Adjusted EPS, Normalized Adjusted EPS, Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Pre-Tax Income, EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Trading Capital, Invested Capital, Adjusted Operating Expense and Adjusted Compensation Expense. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non‐GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non‐GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non‐GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non‐GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP. A reconciliation of non‐GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included at the end of this presentation.
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19 Slide 2 Performance Highlights 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. 3. Shares repurchased calculated on a settlement date basis. 4. Percentage of shares repurchased, net of issuances, is calculated compared to shares outstanding on 9/30/2020 (Share Repurchase Program was incepted in November 2020). Note: # of trading days used in Virtu's daily performance calculations: 63, 64, 63, 60, and 62 for 2Q 2024, 3Q 2024, 4Q 2024, 1Q 2025, and 2Q 2025, respectively. Slide 3 Key Financial Metrics 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Note: # of trading days used in Virtu's daily performance calculations: 253, 252, 251, 250, 250.5, 122, 63, 64, 63, 60, and 6 2 for FY 2020, FY 2021, FY 2022, FY 2023, FY 2024, YTD 2025, 2Q 2024, 3Q 2024, 4Q 2024, 1Q 2025, and 2Q 2025, respectively. Slide 4 Market Metrics 1. Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. Note that 2Q 2025 Rule 605 metrics exclude June 2025, which was not publicly available at the time of posting. End Notes These notes refer to metrics and/or defined terms presented on: *Beginning with 4Q 2024, days on which US equities exchanges close early or are otherwise operating for less than a full trading day are treated as half-days. Trading days during and average daily results pertaining to prior periods have not been restated as the impact of the change is immaterial.
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20 Slide 6 Capital Management 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Weighted average fully diluted shares assumes that (1) holders of all vested and unvested non-voting common interest units in Virtu Financial (“Virtu Financial Units”) (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan and the Amended a nd Restated ITG 2007 Equity Plan as well as warrants issued in connection with the Founder Member Loan Facility (as defined in Virtu’s Annual Report on Form 10-K). 3. Shares repurchased calculated on a settlement date basis. 4. For periods post-ITG acquisition, LTM Invested Capital is calculated as the average of beginning-of-period and end-of-period Invested Capital. For periods pre-ITG acquisition, LTM Invested Capital is calculated as end-of-period Invested Capital. Invested Capital is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 5. For periods pre-ITG acquisition, LTM ANTI includes ITG results adjusted for consistency with Virtu reporting. ANTI is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 6. Return on Invested Capital (ROIC) is calculated as LTM ANTI divided by LTM Invested Capital. NOTE: ROIC has been calculated as LTM Adjusted EBITDA divided by LTM Invested Capital on previous earnings supplements and other presentations. Please refer to the end notes on those respective presentations for details on previous calculations. Slide 7 Update on Share Buybacks 1. Shares repurchased calculated on a settlement date basis. 2. Percentage of Shares Outstanding is calculated net of share issuances, and is calculated compared to shares outstanding on 9/30/2020 (Share Repurchase Program was incepted in November 2020). Slide 8 Operating Expenses and Long-Term Debt 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Interest Expense includes a floor on SOFR of 0%. 3. Virtu entered into a fixed-for-floating interest rate swap ending November 2025. 4. 3.5 billion JPY. 5. Blended rate. End Notes These notes refer to metrics and/or defined terms presented on:
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21 End Notes Slide 10 Organic Business Growth 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. Note: # of trading days used in Virtu's daily performance calculations: 251, 252, 253, 252, 251, 250, 250.5, 122, 63, 64, 63, 60, and 62 for FY 2018, FY 2019, FY 2020, FY 2021, FY 2022, FY 2023, FY 2024, YTD 2025, 2Q 2024, 3Q 2024, 4Q 2024, 1Q 2025, and 2Q 2025, respectively. Note: The computation of adjusted net trading income derived from organic growth initiatives requires the application of judgment. These computations are reviewed periodically for methodological consistency and accuracy, which may result from time to time in adjustments to previously published figures. Slide 11 Share Count Roll Forward Note: Assumes that (1) holders of all vested and unvested non-voting Virtu Financial Units (together with corresponding shares of the Company's Class C Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B Common Stock on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Does not include diluted shares (e.g. options, warrants), and reflects shares outstanding at a prior point in time or projected to be outstanding as of a future point in time, as opposed to a weighted average over a period. Slide 12 GAAP Balance Sheet 1. This reflects a non-GAAP measure, and it reflects the assets bracketed above less the liabilities bracketed above. Trading Capital at 12/31/24, 3/31/25, and 6/30/25 also include digital assets with a fair value of $81M, $33M, and $96M, respectively – which are reported in Other Assets. Prior period reconciliations available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Comprises cash anticipated to be used in the operations of the business, including cash anticipated to be paid to satisfy tax and compensation liabilities, payments of debt pursuant to debt covenants, as well as dividends and other distributions to equity owners. Slide 14 Adjusted EBITDA & Normalized Adjusted EPS 1. EBITDA Margin is calculated as EBITDA divided by Adjusted Net Trading Income. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Slide 17 Adjusted Operating Expense Reconciliation 1. Includes severance, share-based compensation, one-time compensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction. 2. Includes connectivity early termination expenses. 3. Includes write-down of assets, reserve for legal matters, and one-time operations & administrative-related COVID-19 expenses (e.g. donations). These notes refer to metrics and/or defined terms presented on: