0001592386-26-000009 | 10-K | XBRL Viewer

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Borrowings - Credit Agreement (Details)						1 Months Ended	12 Months Ended
Borrowings - Credit Agreement (Details)	Feb. 19, 2025 USD ($)	Jun. 21, 2024 USD ($)	Dec. 12, 2023 USD ($)	Jan. 13, 2023 USD ($)	Jan. 31, 2022 USD ($) swap	Dec. 31, 2023 USD ($) swap	Dec. 31, 2025 USD ($)	Nov. 30, 2025 USD ($)	Sep. 23, 2025 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 13, 2022 USD ($)
Debt Instrument [Line Items]
Commitment fee (as a percent)							0.50%
Receivables from broker-dealers and clearing organizations							$ 1,896,405,000				$ 1,100,850,000
Total principal of long-term borrowings							2,067,334,000				1,767,265,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term					5 years	2 years
Derivative, notional amount					$ 525,000,000.0	$ 1,525,000,000							$ 1,075,000,000
Fixed interest rate percentage (as a percent)												4.50%
January 2022 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term					5 years
Derivative, notional amount					$ 1,000,000,000
Number of interest rate swaps \| swap					2
Fixed interest rate percentage (as a percent)										4.60%
December 2023 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term						2 years
Derivative, notional amount						$ 1,525,000,000
Number of interest rate swaps \| swap						2
Fixed interest rate percentage (as a percent)						7.50%
Receivables from broker-dealers and clearing organizations						$ 55,800,000
June 2024 Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount						1,525,000,000		$ 1,075,000,000
Receivables from broker-dealers and clearing organizations						2,000,000.0
Reclassification from AOCI to other income		$ 5,700,000
Committed facility
Debt Instrument [Line Items]
Total principal of long-term borrowings							$ 0				$ 0
Committed facility \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.00%
Committed facility \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.50%
Committed facility \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)							2.50%
Committed facility \| SOFR \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)							0.00%
Committed facility \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity														$ 250,000,000.0
Letter of credit \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity														20,000,000.0
Swingline subfacility \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity														20,000,000.0
Amended Credit Agreement \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)							0.50%
Amended Credit Agreement \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.00%
Senior Secured Second Lien Notes \| Scenario 1
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)							0.375%
Senior Secured Second Lien Notes \| Scenario 2
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)							0.25%
First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount							1.00%
Repayments of term loan			$ 55,000,000.0	$ 18,000,000.0
First Lien Term Loan Facility
Debt Instrument [Line Items]
Short-term debt							$ 0
First Lien Term Loan
Debt Instrument [Line Items]
Face amount														$ 1,800,000,000
First Lien Term Loan \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Face amount		500,000,000.0
Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Total principal of long-term borrowings							$ 1,545,000,000
Term Loan \| June 2024 Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate percentage (as a percent)								7.17%
Term Loan \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)							1.50%
Term Loan \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)							2.00%
Term Loan \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)							3.00%
Term Loan \| SOFR \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)							0.50%
Term Loan \| VFH \| Interest Rate Swap
Debt Instrument [Line Items]
Face amount						$ 1,525,000,000		$ 1,075,000,000		$ 1,000,000,000		$ 525,000,000.0
Fixed interest rate percentage (as a percent)								6.92%
Line of credit \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Face amount		$ 1,245,000,000
Debt instrument, term		3 years
Line of credit \| First Lien Notes Due 2031 \| Minimum
Debt Instrument [Line Items]
Total principal of long-term borrowings		$ 250,000,000.0
Line of credit \| First Lien Notes Due 2031 \| Maximum
Debt Instrument [Line Items]
Total principal of long-term borrowings		$ 300,000,000.0
Line of credit \| New Term Loans
Debt Instrument [Line Items]
Face amount	$ 1,245,000,000								$ 1,545,000,000
Total principal of long-term borrowings									$ 300,000,000.0
Line of credit \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.50%
Line of credit \| Component two \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	2.50%
Line of credit \| First Lien Term Loan \| Component one \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, additional basis spread on variable rate (as a percent)		1.75%
Line of credit \| First Lien Term Loan \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.00%
Line of credit \| Line of credit \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.50%	0.50%
Percentage of periodic payment (as a percent)	1.00%	1.00%
Line of credit \| Senior Secured Credit Facility \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.00%	1.00%
Line of credit \| Senior Secured Credit Facility \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.00%
Line of credit \| Secured debt \| Component two \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)	0.00%	0.00%
Line of credit \| Secured debt \| SOFR \| Component two \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, additional basis spread on variable rate (as a percent)		2.75%

Income Taxes - Income Before Tax and Provision for Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
U.S. operations	$ 792,839	$ 456,613	$ 248,987
Non-U.S. operations	301,490	188,357	76,144
Income before income taxes and noncontrolling interest	1,094,329	644,970	325,131
Current provision (benefit)
Federal	71,858	52,009	14,959
State and Local	19,512	18,634	12,972
Foreign	52,043	33,652	18,016
Deferred provision (benefit)
Federal	34,024	5,194	9,125
State and Local	4,674	875	1,832
Foreign	(46)	71	4,306
Provision for income taxes	$ 182,065	$ 110,435	$ 61,210

Borrowings - Short-Term Bank Loans (Details) - USD ($)	1 Months Ended
Borrowings - Short-Term Bank Loans (Details) - USD ($)	Nov. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Short-term bank loans		$ 2,400,000	$ 28,500,000
Weighted average interest rate		1.30%	5.00%
Short-term bank loan capacity	$ 50,000,000.0
Outstanding balance		$ 0	$ 0

Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the years ended December 31, 2025, 2024, and 2023:



	Year Ended December 31, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	50,949	$	429,354	$	—	$	480,303

Workflow technology	—		99,227		—		99,227
Analytics	—		37,495		—		37,495
Total revenue from contracts with customers	50,949		566,076		—		617,025

Other sources of revenue	2,898,272		102,116		14,705		3,015,093

Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118

Timing of revenue recognition:
Services transferred at a point in time	$	2,949,221	$	595,149	$	14,705	$	3,559,075
Services transferred over time	—		73,043		—		73,043
Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118


	Year Ended December 31, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,376	$	340,211	$	—	$	382,587

Workflow technology	—		95,827		—		95,827
Analytics	—		38,369		—		38,369
Total revenue from contracts with customers	42,376		474,407		—		516,783

Other sources of revenue	2,331,720		32,823		(4,377)		2,360,166

Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949

Timing of revenue recognition:
Services transferred at a point in time	$	2,374,096	$	435,503	$	(4,377)	$	2,805,222
Services transferred over time	—		71,727		—		71,727
Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949



	Year Ended December 31, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	29,571	$	297,089	$	—	$	326,660
Workflow technology	—		90,654		—		90,654
Analytics	—		38,284		—		38,284
Total revenue from contracts with customers	29,571		426,027		—		455,598

Other sources of revenue	1,813,952		20,515		3,308		1,837,775

Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373

Timing of revenue recognition:
Services transferred at a point in time	$	1,843,523	$	374,306	$	3,308	$	2,221,137
Services transferred over time	—		72,236		—		72,236
Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373

Financial Assets and Liabilities - Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Other, net
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Other, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 75,843	$ 81,805
Purchases	0	0
Total realized and unrealized gains / (losses)	10,648	(5,962)
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	86,491	75,843
Change in net unrealized gains / (losses) on investments still held at end of period	10,648	(5,962)
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	75,843	81,805
Purchases	0	0
Total realized and unrealized gains / (losses)	10,648	(5,962)
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	86,491	75,843
Change in net unrealized gains / (losses) on investments still held at end of period	$ 10,648	$ (5,962)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 912,264	$ 534,535	$ 263,921
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	64,420	65,816	63,306
Amortization of purchased intangibles and acquired capitalized software	47,132	50,471	63,960
Debt issue cost related to debt refinancing and prepayment	0	22,563	1,098
Amortization of debt issuance costs and deferred financing fees	7,136	6,861	11,388
Termination of office leases	(5,982)	16,224	455
Share-based compensation	100,403	75,475	63,933
Deferred taxes	39,273	4,247	19,069
Gain on sale of RFQ-hub	(66,988)	0	0
Other	(9,216)	(37,145)	(12,795)
Changes in operating assets and liabilities:
Securities borrowed	(896,609)	(572,089)	(534,766)
Securities purchased under agreements to resell	(4,988)	528,173	(1,175,115)
Receivables from broker-dealers and clearing organizations	(795,873)	(363,320)	290,193
Trading assets, at fair value	(2,748,905)	(444,041)	(2,728,059)
Receivables from customers	(11,757)	(43,559)	(25,415)
Operating lease right-of-use assets	(39,126)	44,422	(42,057)
Other assets	(123,177)	(57,404)	20,331
Securities loaned	1,045,953	1,102,432	269,014
Securities sold under agreements to repurchase	133,851	(524,206)	1,168,445
Payables to broker-dealers and clearing organizations	82,282	(244,057)	886,208
Payables to customers	(3,009)	22,883	(23,296)
Trading liabilities, at fair value	2,664,292	369,619	1,874,378
Operating lease liabilities	31,344	(48,492)	39,115
Accounts payable, accrued expenses and other liabilities	95,666	89,583	(1,534)
Net cash provided by (used in) operating activities	518,386	598,991	491,777
Cash flows from investing activities
Development of capitalized software	(40,697)	(41,886)	(38,355)
Acquisition of property and equipment	(22,802)	(12,427)	(37,774)
Proceeds from sale of RFQ-hub	37,932	0	0
Other investing activities	(15,055)	(7,534)	(18,355)
Net cash provided by (used in) investing activities	(40,622)	(61,847)	(94,484)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(349,347)	(299,403)	(306,136)
Repurchase of Class C common stock	(1,566)	0	(1,566)
Purchase of treasury stock	(188,794)	(191,138)	(229,012)
Stock options exercised	15,461	13,210	0
Short-term borrowings, net	(26,159)	38,541	(3,944)
Proceeds from long-term borrowings	1,545,000	1,741,888	0
Repayment of long-term borrowings	(1,245,000)	(1,727,000)	(73,000)
Proceeds from interest rate swaps	0	1,955	55,830
Payment of tax receivable agreement obligations	(20,773)	(20,226)	(23,275)
Debt issuance costs	(9,867)	(27,392)	(3,929)
Net cash provided by (used in) financing activities	(281,045)	(469,565)	(585,032)
Effect of exchange rate changes on cash and cash equivalents	15,731	(9,048)	4,957
Net increase (decrease) in cash and cash equivalents	212,450	58,531	(182,782)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	913,991	855,460	1,038,242
Cash, cash equivalents, and restricted or segregated cash, end of period	1,126,441	913,991	855,460
Supplementary disclosure of cash flow information
Cash paid for interest	654,622	586,279	632,263
Cash paid for taxes	121,948	43,418	38,687
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	24,983	23,162	19,691
Non-cash financing activities
Tax receivable agreement described in Note 5	(4,497)	(209)	(3,787)
Repurchase of Class C common stock	(1,018)	(76)	(2,330)
Purchase of treasury stock	$ (406)	$ (1,340)	$ 0

Earnings per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share:
Net income available for common stockholders	$ 468,361	$ 276,415	$ 142,036
Less: Dividends and undistributed earnings allocated to participating securities	(30,600)	(16,021)	(8,151)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 437,761	$ 260,394	$ 133,885
Weighted average shares of common stock outstanding:
Class A (in shares)	85,216,028	87,482,162	94,076,165
Basic earnings per share (in dollars per share)	$ 5.14	$ 2.98	$ 1.42
Class A
Weighted average shares of common stock outstanding:
Class A (in shares)	85,216,028	87,482,162	94,076,165

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Goodwill and Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 1,148,926	$ 1,148,926
Operating segments \| Market Making
Goodwill [Line Items]
Goodwill	755,292	755,292
Operating segments \| Execution Services
Goodwill [Line Items]
Goodwill	393,634	393,634
Corporate
Goodwill [Line Items]
Goodwill	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

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+ Details

Share-based Compensation - Schedule of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	5,564,532	4,903,174	3,954,833
Granted (in shares)	3,693,225	3,679,417	3,763,217
Forfeited (in shares)	(175,308)	(133,909)	(187,053)
Vested (in shares)	(3,306,413)	(2,884,150)	(2,627,823)
Outstanding at end of period (in shares)	5,776,036	5,564,532	4,903,174
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 21.77	$ 23.90	$ 28.13
Granted (in dollars per share)	39.27	18.74	19.28
Forfeited (in dollars per share)	25.52	21.67	26.45
Vested (in dollars per share)	25.37	21.54	23.46
Outstanding at end of period (in dollars per share)	$ 30.79	$ 21.77	$ 23.90
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	100,000

Tax Receivable Agreements	12 Months Ended
Tax Receivable Agreements	Dec. 31, 2025
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements In connection with the IPO and the Reorganization Transactions, the Company entered into tax receivable agreements (“TRA”) to make payments to certain pre-IPO equity holders (“Virtu Members”) or their permitted assignees that are generally equal to 85% of the applicable cash tax savings, if any, that the Company actually realizes as a result of favorable tax attributes that were and will continue to be available to the Company as a result of the Reorganization Transactions, exchanges of membership interests for Class A Common Stock or Class B common stock, par value $0.00001 per share (the “Class B Common Stock”), (an “Exchange”), and payments made under the tax receivable agreements. An Exchange during the year will give rise to favorable tax attributes that may generate cash tax savings specific to the Exchange to be realized over a specific period of time (generally 15 years). At each Exchange, management estimates the Company’s cumulative TRA obligations to be reported on the Consolidated Statements of Financial Condition, which amounted to $181.9 million and $196.6 million as of December 31, 2025 and December 31, 2024, respectively. The tax attributes are computed as the difference between the Company’s basis in the partnership interest (“outside basis”) as compared to the Company’s share of the adjusted tax basis of partnership property (“inside basis”) at the time of each Exchange. The computation of inside basis requires management to make judgments in estimating the components included in the inside basis as of the date of the Exchange (i.e., cash received by the Company on hypothetical sale of assets, allocation of gain/loss to the Company at the time of the Exchange taking into account complex partnership tax rules). In addition, management estimates the period of time that may generate cash tax savings of such tax attributes and the realizability of the tax attributes. Payments will occur only after the filing of the U.S. federal and state income tax returns and realization of the cash tax savings from the favorable tax attributes. The Company made payments totaling $134.8 million from February 2017 through December 2025 with respect to its TRA obligation. As a result of (i) the purchase of equity interests in Virtu Financial from certain Virtu Members in connection with the Reorganization Transactions, (ii) the purchase of non-voting common interest units in Virtu Financial (the “Virtu Financial Units”) (along with the corresponding shares of Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) from certain of the Virtu Members in connection with the IPO, (iii) the purchase of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) and the exchange of Virtu Financial Units (along with the corresponding shares of Class C Common Stock) for shares of Class A Common Stock in connection with the secondary offerings completed in November 2015 (the “November 2015 Secondary Offering”) and September 2016 (the “September 2016 Secondary Offering”), and (iv) the purchase of Virtu Financial Units (along with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”) in connection with the May 2018 Secondary Offering (defined below) and the May 2019 Secondary Offering (defined below, and, together with the November 2015 Secondary Offering, the September 2016 Secondary Offering, and the May 2018 Secondary Offering, the “Secondary Offerings”), payments to certain Virtu Members in respect of the purchases are expected to range from approximately $0.3 million to $22.5 million per year over the next 15 years. At December 31, 2025 and December 31, 2024, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $91.4 million and $114.4 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $181.9 million and $196.6 million for December 31, 2025 and December 31, 2024, respectively. The amounts recorded as of December 31, 2025 and December 31, 2024 are based on best estimates available at the respective dates and may be subject to change after the filing of the Company’s U.S. federal and state income tax returns for the years in which tax savings were realized. For the purposes of the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the IPO and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within income before taxes and noncontrolling interests in the Consolidated Statements of Comprehensive Income.

Summary of Significant Accounting Policies - Capitalized Software (Details) - Capitalized software	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year 6 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Revenues from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are received on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income.

Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services.

The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation, which is the trade date for that trade order routed, that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to Commissions, net using a residual allocation approach.

The Company participates in commission sharing arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date.

The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, are fixed and recognized at the point in time at which the customer is able to use and benefit from the

license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress.

Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client.

Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using:

(i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and

(ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer.

For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery.

Disaggregation of Revenues



	Year Ended December 31, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	50,949	$	429,354	$	—	$	480,303

Workflow technology	—		99,227		—		99,227
Analytics	—		37,495		—		37,495
Total revenue from contracts with customers	50,949		566,076		—		617,025

Other sources of revenue	2,898,272		102,116		14,705		3,015,093

Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118

Timing of revenue recognition:
Services transferred at a point in time	$	2,949,221	$	595,149	$	14,705	$	3,559,075
Services transferred over time	—		73,043		—		73,043
Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118


	Year Ended December 31, 2024
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,376	$	340,211	$	—	$	382,587

Workflow technology	—		95,827		—		95,827
Analytics	—		38,369		—		38,369
Total revenue from contracts with customers	42,376		474,407		—		516,783

Other sources of revenue	2,331,720		32,823		(4,377)		2,360,166

Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949

Timing of revenue recognition:
Services transferred at a point in time	$	2,374,096	$	435,503	$	(4,377)	$	2,805,222
Services transferred over time	—		71,727		—		71,727
Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949



	Year Ended December 31, 2023
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	29,571	$	297,089	$	—	$	326,660
Workflow technology	—		90,654		—		90,654
Analytics	—		38,284		—		38,284
Total revenue from contracts with customers	29,571		426,027		—		455,598

Other sources of revenue	1,813,952		20,515		3,308		1,837,775

Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373

Timing of revenue recognition:
Services transferred at a point in time	$	1,843,523	$	374,306	$	3,308	$	2,221,137
Services transferred over time	—		72,236		—		72,236
Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of December 31, 2025 and 2024, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $64.5 million and $62.1 million as of December 31, 2025 and December 31, 2024, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of December 31, 2025.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed

in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.2 million and $8.1 million as of December 31, 2025 and December 31, 2024, respectively. The Company recognized the full amount of revenue during the years ended December 31, 2025 and 2024, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Federal	$ 55,886
Income taxes, net of amounts refunded	121,948	$ 43,418	$ 38,687
New York City
Income Tax Contingency [Line Items]
State and local	11,287
All other states
Income Tax Contingency [Line Items]
State and local	7,783
United Kingdom
Income Tax Contingency [Line Items]
Foreign	22,007
Ireland
Income Tax Contingency [Line Items]
Foreign	13,981
All other jurisdictions
Income Tax Contingency [Line Items]
Foreign	$ 11,004

Sale of RFQ-hub - Schedule of Carrying Value and Gain on Sale of BondPoint (Details) - USD ($) $ in Thousands		12 Months Ended
	May 09, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business assets and liabilities held for sale:
Total sale proceeds received		$ 37,932	$ 0	$ 0
Liabilities		$ 0	(1,526)
RFQ-hub \| Disposed of by sale
Business assets and liabilities held for sale:
Total sale proceeds received	$ 37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Cash and cash equivalents	1,554
Receivables from broker-dealers and clearing organizations	512		194
Property, equipment and capitalized software (net)	736		854
Intangibles (net)	3,043		3,486
Other assets	3,939		81
Liabilities	(1,684)		(1,526)
Less: Total carrying value of RFQ-hub’s net assets	8,100		$ 3,089
Gain on sale of RFQ-hub	$ 66,988

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income Before Noncontrolling Interest to Net Income Available for Common Stockholders

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Years Ended December 31,
(in thousands)		2025		2024		2023
Income before income taxes and noncontrolling interest		$	1,094,329	$	644,970	$	325,131
Provision for income taxes		182,065		110,435		61,210
Net income		912,264		534,535		263,921



Noncontrolling interest		(443,903)		(258,120)		(121,885)

Net income available for common stockholders		$	468,361	$	276,415	$	142,036

Schedule of Basic Earnings Per Share

The calculation of basic and diluted earnings per share is presented below:


	Years Ended December 31,
(in thousands, except for share or per share data)		2025		2024		2023
Basic earnings per share:
Net income available for common stockholders		$	468,361	$	276,415	$	142,036

Less: Dividends and undistributed earnings allocated to participating securities		(30,600)		(16,021)		(8,151)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		437,761		260,394		133,885

Weighted average shares of common stock outstanding:
Class A		85,216,028		87,482,162		94,076,165

Basic earnings per share		$	5.14	$	2.98	$	1.42

Schedule of Diluted Earnings Per Share


	Years Ended December 31,
(in thousands, except for share or per share data)		2025		2024		2023
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	437,761	$	260,394	$	133,885

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		85,216,028		87,482,162		94,076,165
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan		102,408		339,414		—
		85,318,436		87,821,576		94,076,165

Diluted earnings per share		$	5.13	$	2.97	$	1.42

Derivative Instruments - Gain (Loss) From Derivative Instruments (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Jan. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				$ 305,214	$ 190,447	$ 162,784
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income				2,613	5,842	(35,990)
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				145,847	218,016	297,345
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				176,339	(93,647)	(150,071)
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				(13,756)	100,174	21,224
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years		2 years
Derivative, notional amount	$ 525,000	$ 1,075,000	$ 1,525,000			1,525,000
Gain on derivative instrument		$ 5,700
Interest Rate Swap \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				0	5,686	(1,720)
Interest Rate Swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income				2,613	5,842	(35,990)
Terminated Interest Rate Swaps \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net				$ (3,216)	$ (39,782)	$ (3,994)

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Equities futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	$ (60)	$ (541)
Notional	1,017,174	1,069,167
Equities futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	1,399	527
Notional	940,143	1,774,043
Commodity futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(20,294)	5,096
Notional	11,492,904	5,610,161
Commodity futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(4,409)	(277)
Notional	171,504	56,331
Currency futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	4,418	(6,093)
Notional	4,575,259	5,211,677
Currency futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	216	7,382
Notional	212,120	2,232,543
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Receivables from broker-dealers and clearing organizations
Derivatives Assets
Fair Value	(25)	(3,890)
Notional	11,711	110,748
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	(199)	(74)
Notional	383,154	21,077
Options
Derivatives Assets
Fair Value	97,459	55,423
Derivatives Liabilities
Fair Value	216,992	5,240
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	97,459	55,423
Notional	2,565,169	808,189
Options \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	216,992	5,240
Notional	2,637,691	820,023
Currency forwards
Derivatives Assets
Fair Value	211,856	716,970
Derivatives Liabilities
Fair Value	198,463	681,878
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments owned
Derivatives Assets
Fair Value	211,856	716,970
Notional	28,015,291	42,202,047
Currency forwards \| Derivative instruments not designated as hedging instruments \| Financial instruments sold, not yet purchased
Derivatives Liabilities
Fair Value	198,463	681,878
Notional	28,008,595	42,184,501
Interest Rate Swap
Derivatives Liabilities
Fair Value		2,572
Interest Rate Swap \| Derivative instruments designated as hedging instruments \| Payables to broker-dealers and clearing organizations
Derivatives Liabilities
Fair Value	0	2,572
Notional	$ 0	$ 1,075,000

Digital Assets Held (Tables)

12 Months Ended

Dec. 31, 2025

Crypto Asset, Cost [Abstract]

Schedule of Digital Assets Held

The following table summarizes Digital assets held at December 31, 2025 and December 31, 2024:



(in thousands, except units)	December 31, 2025					December 31, 2024
	Units	Cost Basis		Fair Value		Carrying Value
Bitcoin	1,274	$	112,392	$	111,760	$	59,925


Other	NM	41,802		42,850		22,871
Total Digital assets held		$	154,194	$	154,610	$	82,796

Schedule of Reconciliation of Digital Assets Held

The following table presents a reconciliation of the Company’s Digital assets held:


(in thousands)	Value of Digital Assets Held






At December 31, 2024	$	82,796
Cumulative-effect adjustment due to the adoption of ASU 2023-08	25,358
Additions (1)	118,691,937
Dispositions (2)	(118,594,821)
Gains (3)	20,147
Losses (3)	(70,807)
At December 31, 2025	$	154,610
(1) Additions primarily include purchases of digital assets.
(2) Dispositions primarily include sales of digital assets.
(3) Gains and losses are recorded primarily in Trading income, net within the Consolidated Statements of Comprehensive Income. These amounts include cumulative realized gains of $20.2 million and cumulative realized losses of $48.9 million during the year ended December 31, 2025.

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes activity related to stock options for the years ended December 31, 2025, 2024, and 2023:


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00
Granted	—	—		—	—	—
Exercised	—	—		—	—	—
Forfeited or expired	(10,000)	—		—	(10,000)	—
At December 31, 2023	1,511,776	$	19.00	1.24	1,511,776	$	19.00
Granted	—	—		—	—	—
Exercised	(695,276)	19.00		—	(695,276)	19.00
Forfeited or expired	(2,750)	—		—	(2,750)	—


At December 31, 2024	813,750	$	19.00	0.24	813,750	$	19.00
Granted	—	—		—	—	—
Exercised	(813,750)	19.00		—	(813,750)	19.00
Forfeited or expired	—	—		—	—	—
At December 31, 2025	—	$	—	0.00	—	$	—

Schedule of Activity Related to Restricted Stock Units

The following table summarizes activity related to RSUs and RSAs for the years ended December 31, 2025, 2024, and 2023:


	Number of RSUs and RSAs	Weighted Average Fair Value
At December 31, 2022	3,954,833	$	28.13
Granted	3,763,217	19.28
Forfeited	(187,053)	26.45
Vested	(2,627,823)	23.46
At December 31, 2023	4,903,174	$	23.90
Granted	3,679,417	18.74
Forfeited	(133,909)	21.67
Vested	(2,884,150)	21.54


At December 31, 2024	5,564,532	$	21.77
Granted (1)	3,693,225	39.27
Forfeited	(175,308)	25.52
Vested	(3,306,413)	25.37
At December 31, 2025	5,776,036	$	30.79
(1) Excluded in the number of RSUs and RSAs are 100,000 participating RSAs for the year ended December 31, 2025, where the grant date has not been achieved because the performance conditions have not been met.

Financial Assets and Liabilities - Fair Value Inputs (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 86,491	$ 75,843
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.050	0.050
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.162	0.164
Minimum \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	9.5	7.5
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.060	0.050
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.162	0.164
Maximum \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	20.1	18.0
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.053	0.050
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.162	0.164
Weighted Average \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	15.0	13.2

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 80,092
2027	75,738
2028	68,010
2029	24,378
2030	21,519
2031 and thereafter	28,375
Total lease payments	298,112
Less imputed interest	$ (36,943)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable, accrued expenses and other liabilities
Total lease liability	$ 261,169	$ 229,825
Finance Leases
2026	9,041
2027	7,871
2028	3,982
2029	662
2030	0
2031 and thereafter	0
Total lease payments	21,556
Less imputed interest	(1,572)
Total lease liability	$ 19,984

Sale of RFQ-hub

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Sale of RFQ-hub

RFQ‑hub is a multi‑asset platform for global listed and over‑the‑counter (“OTC”) financial instruments. It connects buy‑side trading desks and portfolio managers with a large network of sell‑side market makers in Europe, North America and the APAC region, allowing these trading desks to place requests‑for‑quotes (“RFQ”) in negotiated equities, futures, options, swaps, convertible bonds, structured products and commodities. In May 2022, the Company formed a consortium of strategic

partners and investors to own and support the growth of the RFQ-hub business. Through a series of related transactions, we sold a substantial minority interest in the business to multiple strategic partners and have maintained a majority ownership interest.

On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. (“MarketAxess”) pursuant to which the Company has agreed to sell a 49% interest in the multi-asset request-for-quote communication platform JV, RFQ-hub Holdings LLC (“RFQ-hub Holdings,” or collectively with its wholly owned or controlled subsidiaries, “RFQ-hub”, which includes RFQ-hub Americas LLC, or “RAL”).

On May 9, 2025, the Company completed the sale of a 49% interest in RFQ-hub to MarketAxess for total gross proceeds of $37.9 million in cash. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company deconsolidated RFQ-hub and recognized a gain on sale of $67.0 million, which was recorded in Other, net on the Consolidated Statements of Comprehensive Income.

A summary of the gain on sale and deconsolidation of RFQ-hub is as follows:


(in thousands)	May 9, 2025
Total sale proceeds received	$	37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Carrying value of RFQ-hub’s net assets:
Cash and cash equivalents	$	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	$	(1,684)

Less: Total carrying value of RFQ-hub’s net assets	$	8,100

Gain on sale of RFQ-hub	$	66,988

At December 31, 2024, the assets and liabilities of RFQ-hub classified as Assets and Liabilities of business held for sale on the Consolidated Statements of Financial Condition are summarized as follows:


(in thousands)	December 31, 2024

Business assets and liabilities held for sale:

Receivables from broker-dealers and clearing organizations	$	194
Property, equipment and capitalized software (net)	854
Intangibles (net)	3,486
Other assets	81
Liabilities	$	(1,526)

Total carrying value of RFQ-hub	$	3,089

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

12 Months Ended

Dec. 31, 2025

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Receivables From and Payables to Brokers-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2025 and December 31, 2024:



(in thousands)	December 31, 2025		December 31, 2024
Assets
Due from prime brokers	$	902,859	$	344,662
Deposits with clearing organizations	253,010		223,582
Net equity with futures commission merchants	455,105		199,771
Unsettled trades with clearing organizations	28,354		17,239
Securities failed to deliver	220,326		274,072
Commissions and fees	36,751		41,524
Total receivables from broker-dealers and clearing organizations	$	1,896,405	$	1,100,850

Liabilities
Due to prime brokers	$	612,679	$	583,914
Net equity with futures commission merchants (1)	(4,278)		(16,651)
Unsettled trades with clearing organizations	238,872		251,036
Securities failed to receive	145,548		94,941
Commissions and fees	5,455		5,326
Total payables to broker-dealers and clearing organizations	$	998,276	$	918,566

(1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

Financial Assets and Liabilities - Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Securities loaned
Gross Amounts of Recognized Liabilities	$ 3,477,831	$ 2,431,878
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	3,477,831	2,431,878
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(3,382,370)	(2,375,372)
Counterparty Netting/ Cash Collateral	(67,690)	(48,545)
Net Amount	27,771	7,961
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	1,405,639	1,271,788
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	1,405,639	1,271,788
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,404,924)	(1,271,573)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	715	215
Total
Gross Amounts of Recognized Liabilities	5,298,925	4,393,356
Amounts Offset in the Consolidated Statements of Financial Condition	(198,463)	(681,878)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	5,100,462	3,711,478
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(4,787,294)	(3,646,945)
Counterparty Netting/ Cash Collateral	(164,398)	(53,758)
Net Amount	148,770	10,775
Interest Rate Swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities		2,572
Amounts Offset in the Consolidated Statements of Financial Condition		0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		2,572
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral		0
Counterparty Netting/ Cash Collateral		0
Net Amount		2,572
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	198,463	681,878
Amounts Offset in the Consolidated Statements of Financial Condition	(198,463)	(681,878)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	0	0
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	216,992	5,240
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	216,992	5,240
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(96,708)	(5,213)
Net Amount	$ 120,284	$ 27

Borrowings - SBI Bonds (Details)	12 Months Ended
Borrowings - SBI Bonds (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 JPY (¥)	Dec. 31, 2024 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Outstanding principal amount	$ 2,067,334,000	$ 1,767,265,000
SBI bonds
Debt Instrument [Line Items]
Outstanding principal amount	22,334,000	22,265,000
VFH \| SBI bonds \| SBI Bonds
Debt Instrument [Line Items]
Face amount						$ 33,100,000	¥ 3,500,000,000
Outstanding principal amount	22,300,000	22,300,000		¥ 3,500,000,000	¥ 3,500,000,000
Gain (loss) on due to change in currency rates	$ (100,000)	$ 2,600,000	$ 1,900,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Digital Assets Held - Narrative (Details) - PYTH Tokens token in Millions, $ in Millions	Dec. 31, 2025 USD ($) token
Crypto Asset, Activity [Line Items]
Number of units subject to restriction (in tokens) \| token	50.0
Fair value of assets subject to restriction \| $	$ 2.8

Geographic Information and Business Segments - Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 3,632,118	$ 2,876,949	$ 2,293,373
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	769,774	674,426	508,358
Interest and dividends expense	647,448	529,177	500,467
Other segment items	1,120,567	1,028,376	959,417
Total operating expenses	2,537,789	2,231,979	1,968,242
Income before income taxes and noncontrolling interest	1,094,329	644,970	325,131
Operating segments \| Market Making
Revenues:
Total revenues	2,949,221	2,374,096	1,843,523
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	650,150	573,382	420,608
Interest and dividends expense	641,584	524,158	497,895
Other segment items	766,893	685,504	609,418
Total operating expenses	2,058,627	1,783,044	1,527,921
Income before income taxes and noncontrolling interest	890,594	591,052	315,602
Operating segments \| Execution Services
Revenues:
Total revenues	668,192	507,230	446,542
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	119,624	101,044	87,750
Interest and dividends expense	5,864	5,019	2,572
Other segment items	352,142	339,407	345,780
Total operating expenses	477,630	445,470	436,102
Income before income taxes and noncontrolling interest	190,562	61,760	10,440
Corporate
Revenues:
Total revenues	14,705	(4,377)	3,308
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	0	0	0
Interest and dividends expense	0	0	0
Other segment items	1,532	3,465	4,219
Total operating expenses	1,532	3,465	4,219
Income before income taxes and noncontrolling interest	$ 13,173	$ (7,842)	$ (911)

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2025	Oct. 07, 2024
Gain Contingencies [Line Items]
Penalty amount	$ 2.5
NLN Holdings LLC
Gain Contingencies [Line Items]
Ownership interest percentage		50.00%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its Consolidated Financial Statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these Consolidated Financial Statements or the notes thereto, except for the following: On January 29, 2026, the Company’s Board of Directors declared a dividend of $0.24 per share of Class A Common Stock and Class B Common Stock and per participating Restricted Stock Unit and Restricted Stock Award that will be paid on March 16, 2026 to holders of record as of February 27, 2026.

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	528,221	878,091	868,315
Increase (decrease) in accrued employee compensation expense	$ 44.9	$ 29.1	$ 22.2
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	56.5	46.4	$ 42.5
Unrecognized share-based compensation expense	$ 95.9	$ 53.5
Weighted average period for compensation expense expected to be recognized	1 year	10 months 24 days
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
2015 Management Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years
2015 Management Incentive Plan \| RSUs and RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Receivables from/Payables to Broker-Dealers and Clearing Organizations - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Outstanding principal balance	$ 203.8	$ 123.0

Geographic Information and Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues, Income (Loss) Before Income Taxes (“Pre-Tax Earnings”) and Total Assets by Segment

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the years ended December 31, 2025, 2024, and 2023 are summarized in the following table:



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2025
Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	650,150		119,624		—		769,774
Interest and dividends expense	641,584		5,864		—		647,448
Other segment items (2)	766,893		352,142		1,532		1,120,567
Total operating expenses	2,058,627		477,630		1,532		2,537,789
Income (loss) before income taxes and noncontrolling interest	$	890,594	$	190,562	$	13,173	$	1,094,329

2024
Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	573,382		101,044		—		674,426
Interest and dividends expense	524,158		5,019		—		529,177
Other segment items (2)	685,504		339,407		3,465		1,028,376
Total operating expenses	1,783,044		445,470		3,465		2,231,979
Income (loss) before income taxes and noncontrolling interest	$	591,052	$	61,760	$	(7,842)	$	644,970

2023
Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	420,608		87,750		—		508,358
Interest and dividends expense	497,895		2,572		—		500,467
Other segment items (2)	609,418		345,780		4,219		959,417
Total operating expenses	1,527,921		436,102		4,219		1,968,242
Income (loss) before income taxes and noncontrolling interest	$	315,602	$	10,440	$	(911)	$	325,131

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.

(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.

Schedule of Total Revenues by Geographic Area

The following table presents total revenues by geographic area for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Revenues:
United States		$	2,939,967	$	2,362,481	$	1,920,748
Ireland		386,992		273,215		206,507
Others		305,159		241,253		166,118
Total revenues		$	3,632,118	$	2,876,949	$	2,293,373

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2023-08 [Member]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24	$ 0.24

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Subsequent Events (Details) - $ / shares		12 Months Ended
Subsequent Events (Details) - $ / shares	Jan. 29, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24	$ 0.24
Class A Common Stock \| Subsequent event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Class B Common Stock \| Subsequent event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Geographic Information and Business Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Geographic Information and Business Segments

The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate.

The Market Making segment principally consists of market making in the cash, futures, and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker-dealers, banks and institutions. The Company engages in principal trading in the Market Making segment direct to clients as well as in a supplemental capacity on exchanges, Electronic Communications Networks (“ECNs”) and alternative trading systems (“ATSs”). The Company is an active participant on all major global equity and futures exchanges and also trades on substantially all domestic electronic options exchanges. As a complement to electronic market making, the cash trading business handles specialized orders and also transacts on the OTC Link ATS operated by OTC Markets Group Inc.

The Execution Services segment comprises client-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker-dealers. The Company earns commissions as an agent on behalf of clients as well as between principals to transactions; in addition, the Company will commit capital on behalf of clients as needed. Client-based, execution-only trading in the segment is done primarily through a variety of access points including: (i) algorithmic trading and order routing in global equities and options; (ii) institutional sales traders who offer portfolio trading and single stock sales trading which provides execution expertise for program, block and riskless principal trades in global equities and ETFs; and (iii) matching of client conditional orders in POSIT Alert and client orders in the Company’s ATSs, including Virtu MatchIt, and POSIT. The Execution Services segment also includes revenues derived from providing (a) proprietary risk management and trading infrastructure technology to select third parties for a service fee, (b) workflow technology, the Company’s integrated, broker-neutral trading tools delivered across the globe including trade order and execution management and order management software applications and network connectivity and (c) trading analytics, including (1) tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance, (2) portfolio construction and optimization decisions and (3) securities valuation. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

The Corporate segment contains the Company’s investments, principally in strategic trading-related opportunities and maintains corporate overhead expenses and all other income and expenses that are not attributable to the Company’s other segments. The segment is not considered a reportable operating segment as its results are not regularly reviewed by the Company’s Chief Operating Decisions Makers (“CODMs”).

The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies”. The Company’s CODMs are the Chief Executive Officer and the Chief Operating Officers. The CODMs use a top-line approach in regards to evaluating segment performance and making business decisions on resource allocations, focusing on each segment's trading-related activities. Revenues, including breakdown of key trading-driven components of revenues, trading-related operating expenses, and pre-tax earnings by segment are regularly provided to the CODMs. The CODMs review trading-related results by monitoring period-over-period trends and considering variances between actuals and expectations. Corporate overhead and other shared expenses, as well as assets and liabilities by segment are not used for evaluating segment performance or in deciding how to allocate resources to segments.



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2025
Total revenues	$	2,949,221	$	668,192	$	14,705	$	3,632,118
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	650,150		119,624		—		769,774
Interest and dividends expense	641,584		5,864		—		647,448
Other segment items (2)	766,893		352,142		1,532		1,120,567
Total operating expenses	2,058,627		477,630		1,532		2,537,789
Income (loss) before income taxes and noncontrolling interest	$	890,594	$	190,562	$	13,173	$	1,094,329

2024
Total revenues	$	2,374,096	$	507,230	$	(4,377)	$	2,876,949
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	573,382		101,044		—		674,426
Interest and dividends expense	524,158		5,019		—		529,177
Other segment items (2)	685,504		339,407		3,465		1,028,376
Total operating expenses	1,783,044		445,470		3,465		2,231,979
Income (loss) before income taxes and noncontrolling interest	$	591,052	$	61,760	$	(7,842)	$	644,970

2023
Total revenues	$	1,843,523	$	446,542	$	3,308	$	2,293,373
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	420,608		87,750		—		508,358
Interest and dividends expense	497,895		2,572		—		500,467
Other segment items (2)	609,418		345,780		4,219		959,417
Total operating expenses	1,527,921		436,102		4,219		1,968,242
Income (loss) before income taxes and noncontrolling interest	$	315,602	$	10,440	$	(911)	$	325,131

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.

The Company operates its business in the U.S. and internationally, primarily in Europe and Asia. Significant transactions and balances between geographic regions occur primarily as a result of certain of the Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Revenues:
United States		$	2,939,967	$	2,362,481	$	1,920,748
Ireland		386,992		273,215		206,507
Others		305,159		241,253		166,118
Total revenues		$	3,632,118	$	2,876,949	$	2,293,373

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Share-based Compensation - Schedule of Activity in Options (Details) - 2015 Management Incentive Plan - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding at beginning of period (in shares)	813,750	1,511,776	1,521,776
Granted (in shares)	0	0	0
Exercised (in shares)	(813,750)	(695,276)	0
Forfeited or expired (in shares)	0	(2,750)	(10,000)
Outstanding at end of period (in shares)	0	813,750	1,511,776	1,521,776
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00	$ 19.00	$ 19.00
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	19.00	19.00	0
Forfeited or expired (in dollars per share)	0	0	0
Outstanding at end of period (in dollars per share)	$ 0	$ 19.00	$ 19.00	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	0 years	2 months 26 days	1 year 2 months 26 days	2 years 2 months 26 days
Number of Options
Beginning balance, options exercisable, number of options (in shares)	813,750	1,511,776	1,521,776
Options granted, number of options (in shares)	0	0	0
Options exercised, number of options exercised (in shares)	(813,750)	(695,276)	0
Options exercisable, number of options forfeited or expired (in shares)	0	(2,750)	(10,000)
Ending balance, options exercisable, number of options (in shares)	0	813,750	1,511,776	1,521,776
Options exercisable, weighted average exercise price (in dollars per share)	$ 0	$ 19.00	$ 19.00	$ 19.00

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Financial Assets and Liabilities - Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash restricted or segregated under regulations and other	$ 64,744	$ 41,478
Receivables from broker-dealers and clearing organizations	1,896,405	1,100,850
Receivables from customers	161,561	149,804
Other assets	528,341	357,740
Liabilities
Payables to broker-dealers and clearing organizations	998,276	918,566
Payables to customers	43,103	46,112
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	1,061,697	872,513
Cash restricted or segregated under regulations and other	64,744	41,478
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0	0
Other assets	16,414	11,121
Total Assets	1,142,855	925,112
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	3,191,138	2,294,529
Securities purchased under agreements to resell	988,929	983,941
Receivables from broker-dealers and clearing organizations	1,567,471	1,049,255
Receivables from customers	161,561	149,804
Other assets	23,531	20,605
Total Assets	5,932,630	4,498,134
Liabilities
Short-term borrowings	12,382	38,541
Long-term borrowings	2,098,639	1,788,719
Securities loaned	3,477,831	2,431,878
Securities sold under agreements to repurchase	1,405,639	1,271,788
Payables to broker-dealers and clearing organizations	817,004	781,830
Payables to customers	43,103	46,112
Other liabilities	26,039	26,114
Total Liabilities	7,880,637	6,384,982
Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0	0
Other assets	0	0
Total Assets	0	0
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	0
Carrying Value
Assets
Cash and cash equivalents	1,061,697	872,513
Cash restricted or segregated under regulations and other	64,744	41,478
Securities borrowed	3,191,138	2,294,529
Securities purchased under agreements to resell	988,929	983,941
Receivables from broker-dealers and clearing organizations	1,567,471	1,049,255
Receivables from customers	161,561	149,804
Other assets	39,945	31,726
Total Assets	7,075,485	5,423,246
Liabilities
Short-term borrowings	12,382	38,541
Long-term borrowings	2,039,463	1,740,467
Securities loaned	3,477,831	2,431,878
Securities sold under agreements to repurchase	1,405,639	1,271,788
Payables to broker-dealers and clearing organizations	817,004	781,830
Payables to customers	43,103	46,112
Other liabilities	26,039	26,114
Total Liabilities	7,821,461	6,336,730
Fair Value
Assets
Cash and cash equivalents	1,061,697	872,513
Cash restricted or segregated under regulations and other	64,744	41,478
Securities borrowed	3,191,138	2,294,529
Securities purchased under agreements to resell	988,929	983,941
Receivables from broker-dealers and clearing organizations	1,567,471	1,049,255
Receivables from customers	161,561	149,804
Other assets	39,945	31,726
Total Assets	7,075,485	5,423,246
Liabilities
Short-term borrowings	12,382	38,541
Long-term borrowings	2,098,639	1,788,719
Securities loaned	3,477,831	2,431,878
Securities sold under agreements to repurchase	1,405,639	1,271,788
Payables to broker-dealers and clearing organizations	817,004	781,830
Payables to customers	43,103	46,112
Other liabilities	26,039	26,114
Total Liabilities	$ 7,880,637	$ 6,384,982

Borrowings - Broker-Dealer Credit Facilities (Details)	12 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	Dec. 31, 2025 USD ($) instrument base	Feb. 28, 2025 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| base	2
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities \| instrument	2
Maximum borrowing capacity	$ 650,000,000
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 650,000,000
Interest rate margin (as a percent)	1.25%
Broker-dealer credit facilities \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 350,000,000
Interest rate margin (as a percent)	2.50%
Broker-dealer credit facilities \| Virtu Financial Singapore Pte. Ltd.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Interest rate margin (as a percent)	3.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities \| instrument	1
Maximum borrowing capacity	$ 400,000,000

Geographic Information and Business Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2
Number of non-operating segments	1

Capital Structure - Narrative (Details)	12 Months Ended
Capital Structure - Narrative (Details)	Dec. 31, 2025 class vote shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares) \| shares	3,402,959	3,994,744
Number of non-voting common interest units forfeited or repurchased (in shares) \| shares	591,785	46,028
Virtu Financial
Class of Stock [Line Items]
Ownership interest	57.20%
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes \| vote	1
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes \| vote	10
Class C common stock and class D common stock \| Founder \| Virtu Financial
Class of Stock [Line Items]
Ownership interest	87.10%

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Trading income, net	$ 2,436,707	$ 1,822,437	$ 1,301,344
Interest and dividends income	508,817	462,070	462,566
Commissions, net and technology services	617,025	516,783	455,598
Other, net	69,569	75,659	73,865
Total revenue	3,632,118	2,876,949	2,293,373
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	769,774	674,426	508,358
Communication and data processing	249,207	236,446	230,760
Employee compensation and payroll taxes	528,085	434,823	394,039
Interest and dividends expense	647,448	529,177	500,467
Operations and administrative	97,922	97,002	98,972
Depreciation and amortization	64,420	65,816	63,306
Amortization of purchased intangibles and acquired capitalized software	47,132	50,471	63,960
Termination of office leases	(5,982)	16,224	455
Debt issue cost related to debt refinancing, prepayment and commitment fees	6,510	29,479	8,317
Transaction advisory fees and expenses	414	313	314
Financing interest expense on long-term borrowings	132,859	97,802	99,294
Total operating expenses	2,537,789	2,231,979	1,968,242
Income before income taxes and noncontrolling interest	1,094,329	644,970	325,131
Provision for income taxes	182,065	110,435	61,210
Net income	912,264	534,535	263,921
Noncontrolling interest	(443,903)	(258,120)	(121,885)
Net income available for common stockholders	$ 468,361	$ 276,415	$ 142,036
Earnings per share
Basic (in dollars per share)	$ 5.14	$ 2.98	$ 1.42
Diluted (in dollars per share)	$ 5.13	$ 2.97	$ 1.42
Weighted average common shares outstanding
Basic (in shares)	85,216,028	87,482,162	94,076,165
Diluted (in shares)	85,318,436	87,821,576	94,076,165
Net income	$ 912,264	$ 534,535	$ 263,921
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	15,731	(9,048)	4,957
Net change in unrealized cash flow hedges gain (loss), net of taxes	(397)	(32,251)	(36,993)
Comprehensive income	927,598	493,236	231,885
Less: Comprehensive income attributable to noncontrolling interest	(455,185)	(240,931)	(104,406)
Comprehensive income attributable to common stockholders	$ 472,413	$ 252,305	$ 127,479
Revenue from contract with customer, product and service [Extensible Enumeration]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]	Commissions, Net and Technology Services [Member]

Regulatory Requirement

12 Months Ended

Dec. 31, 2025

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Requirement

U.S. Subsidiary

The Company’s U.S. broker-dealer subsidiary, Virtu Americas LLC (“VAL”), is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to New York Stock Exchange (“NYSE”) rules, VAL was also required to maintain $1.2 million of capital in connection with the operation of its designated market maker (“DMM”) business as of December 31, 2025. The required amount is determined under the exchange rules as the greater of (i) $1.0 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM.

In June 2023, the Company’s U.S. broker-dealer subsidiary, RFQ-hub Americas LLC (“RAL”), became a U.S. broker-dealer and as such was subject to the SEC Uniform Net Capital Rule 15c3-1. As described in Note 3 “Sale of RFQ-hub”, the Company disposed of a 49% interest in RAL’s parent company RFQ-hub Holdings LLC (together with its subsidiaries, “RFQ-hub”) in May 2025 and we ceased to control, and deconsolidated, RFQ-hub at such time.

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiary as of December 31, 2025 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	561,242	$	1,000	$	560,242

As of December 31, 2025, VAL had $55.5 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $8.7 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Consolidated Statements of Financial Condition.

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiaries as of December 31, 2024 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	455,678	$	1,532	$	454,146
RFQ-hub Americas LLC	602		9		593

As of December 31, 2024, VAL had $34.9 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $6.4 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers.

Foreign Subsidiaries

The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Canadian Investment Regulatory Organization (“CIRO”), the Central Bank of Ireland (“CBI”), the Financial Conduct Authority (“FCA”) in the United Kingdom, the Australian Securities and Investments Commission (“ASIC”), the Securities and Futures Commission in Hong Kong (“SFC”), and the Monetary Authority of Singapore (“MAS”).

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2025 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	15,133	$	182	$	14,951


Ireland
Virtu Europe Trading Limited	86,656		28,283		58,373
Virtu Financial Ireland Limited	122,901		64,951		57,950
United Kingdom
Virtu ITG UK Limited	2,218		1,011		1,207
Asia Pacific
Virtu ITG Australia Limited	35,511		13,262		22,249
Virtu ITG Hong Kong Limited	8,200		586		7,614
Virtu ITG Singapore Pte Limited	1,062		218		844
Virtu Financial Singapore Pte. Ltd.	278,288		198,100		80,188

As of December 31, 2025, Virtu Europe Trading Limited had $0.3 million of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd. had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2024 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	12,327	$	174	$	12,153
Virtu Financial Canada ULC (1)	—		—		—
Ireland
Virtu Europe Trading Limited	57,834		26,359		31,475
Virtu Financial Ireland Limited	76,457		29,764		46,693
United Kingdom
Virtu ITG UK Limited	2,043		939		1,104
Asia Pacific
Virtu ITG Australia Limited	24,928		9,550		15,378
Virtu ITG Hong Kong Limited	5,392		426		4,966
Virtu ITG Singapore Pte Limited	1,120		166		954
Virtu Financial Singapore Pte. Ltd.	219,817		136,891		82,926
(1) Virtu Financial Canada ULC has resigned from membership with the Canadian Investment Regulatory Organization (“CIRO”) effective January 22, 2025, and its regulatory capital requirement as of December 31, 2024 was waived by CIRO.

As of December 31, 2024, Virtu Europe Trading Limited had $37 thousand of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

Borrowings - Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Interest expense	$ 132,859	$ 97,802	$ 99,294
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	8,427	7,909	6,238
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	4,399	3,823	5,431
Committed facility
Line of Credit Facility [Line Items]
Interest expense	3,357	3,614	533
Overdraft facility
Line of Credit Facility [Line Items]
Interest expense	$ 671	$ 472	$ 274

Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Borrowings

Short-term Borrowings, net

The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	December 31, 2025
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	2,382		—		2,382

	$	12,382	$	—	$	12,382


	December 31, 2024
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	28,541		—		28,541

	$	38,541	$	—	$	38,541

Broker-Dealer Credit Facilities

The Company is a party to two secured credit facilities with a financial institution to finance overnight securities positions purchased as part of its ordinary course U.S. broker-dealer market making activities. One of the facilities (the “Uncommitted Facility”) is provided on an uncommitted basis with an aggregate borrowing limit of $400 million, and is collateralized by VAL’s trading and deposit account maintained at the financial institution. The second credit facility (the “Committed Facility”) with the same financial institution has a borrowing limit of $650 million. The Committed Facility consists of two borrowing bases: Borrowing Base A Loan is to be used to finance the purchase and settlement of securities; Borrowing Base B Loan is to be used to fund margin deposit with the National Securities Clearing Corporation. Borrowing Base A Loans are available up to $650 million and bear interest at the adjusted Secured Overnight Financing Rate (“SOFR”) or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $300 million, which was amended to $350 million in February 2025, and bear interest at the adjusted SOFR or base rate plus 2.50% per annum. A commitment fee of 0.50% per annum on the average daily unused portion of this facility is payable quarterly in arrears.

Virtu Financial Singapore Pte. Ltd. is a party to a revolving credit facility with a financial institution (the “Overdraft Facility”) to provide a source of short-term financing. The facility has an aggregate borrowing limit of $10 million, and bears interest at the adjusted SOFR or base rate plus 3.5% per annum.

The following summarizes the Company’s broker-dealer credit facilities’ carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Consolidated Statements of Financial Condition.


	At December 31, 2025
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	4.81%	$	400,000	$	—	$	—	$	—
Committed facility (1)	5.09%	650,000		—		—		—
Overdraft facility	7.37%	10,000		10,000		—		10,000


		$	1,060,000	$	10,000	$	—	$	10,000


(1) $2.5 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition. Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.09% and 6.58%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2025.


	At December 31, 2024
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	5.50%	$	400,000	$	—	$	—	$	—
Committed facility (2)	5.75%	650,000		—		—		—
Overdraft facility	7.99%	10,000		10,000		—		10,000
		$	1,060,000	$	10,000	$	—	$	10,000
(1) $0.3 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition.
(2) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2024.

The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Consolidated Statements of Comprehensive Income.


	Years Ended December 31,
(in thousands)		2025		2024		2023
Broker-dealer credit facilities:
Uncommitted facility		$	4,399	$	3,823	$	5,431
Committed facility		3,357		3,614		533
Overdraft facility		671		472		274


		$	8,427	$	7,909	$	6,238

Short-Term Bank Loans

The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At December 31, 2025 and December 31, 2024, there were $2.4 million and $28.5 million, respectively, of short-term bank loans associated with international settlement activities outstanding under these facilities, at a weighted average interest rate of approximately 1.3% and 5.0%, respectively. Outstanding short-term bank loan balances are included within Short-term borrowings on the Consolidated Statements of Financial Condition.

In November 2024, Virtu Financial Singapore Pte. Ltd. entered into an agreement with a financial institution for a short-term bank loan with a total capacity of $50.0 million. At December 31, 2025 and December 31, 2024, there was no balance outstanding under this short-term bank loan.

Prime Brokerage Credit Facilities

The Company maintains short-term credit facilities with various prime brokers and other financial institutions from which it receives execution or clearing services. The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At December 31, 2025
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	5.71%	$	645,622	$	203,816
		$	645,622	$	203,816


	At December 31, 2024
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.69%	$	623,168	$	122,953
		$	623,168	$	122,953

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Consolidated Statements of Financial Condition.

Interest expense in relation to the facilities was $10.3 million, $9.7 million, and $13.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Long-Term Borrowings

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At December 31, 2025
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.22%	$	1,545,000	$	(2,432)	$	(18,102)	$	1,524,466
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(7,337)		492,663
SBI bonds	January 2029	5.00%	22,334		—		—		22,334
			$	2,067,334	$	(2,432)	$	(25,439)	$	2,039,463


		At December 31, 2024
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-1 Loan Facility	June 2031	7.11%	$	1,245,000	$	(2,876)	$	(15,242)	$	1,226,882
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(8,680)		491,320
SBI bonds	January 2026	5.00%	22,265		—		—		22,265
			$	1,767,265	$	(2,876)	$	(23,922)	$	1,740,467

Credit Agreement

On January 13, 2022 (the “Credit Agreement Closing Date”), Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”), entered into a credit agreement with the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, Barclays Bank plc, Jefferies Finance LLC, BMO Capital Markets Corp., and CIBC World Markets Corp., as joint lead arrangers and bookrunners (the “Original Credit Agreement”). The Original Credit Agreement provides (i) a senior secured first lien term loan in an aggregate principal amount of $1,800.0 million, drawn in its entirety on the Credit Agreement Closing Date, the proceeds of which were used by VFH to repay all amounts outstanding under the previous credit agreement entered into in relation to the ITG Acquisition, to pay fees and expenses in connection therewith, to fund share repurchases under the Company’s repurchase program, and for general corporate purposes, and (ii) a $250.0 million senior secured first lien revolving facility to VFH, with a $20.0 million letter of credit subfacility and a $20.0 million swingline subfacility.

The term loan borrowings and revolver borrowings under the Original Credit Agreement bear interest at a per annum rate equal to, at the Company’s election, either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) an adjusted term SOFR rate with an interest period of one month plus 1.00% and (d)(1) in the case of term loan borrowings, 1.50% and (2) in the case of revolver borrowings, 1.00%, plus, (x) in the case of term loan borrowings, 2.00% and (y) in the case of revolver borrowings, 1.50%, or (ii) the greater of (a) an adjusted term SOFR rate for the interest period in effect and (b) (1) in the case of term loan borrowings, 0.50% and (2) in the case of revolver borrowings, 0.00%, plus, (x) in the case of term loan borrowings, 3.00% and (y) in the case of revolver borrowings, 2.50%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the revolving facility, with step-downs to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears.

The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans and the Company repaid $18.0 million on January 13, 2023. On December 12, 2023, the Company made a voluntary prepayment of $55.0 million, and the payment is applied toward subsequent annual amortization installments.

In January 2022, in order to align the swap agreements with the Original Credit Agreement, the Company amended its existing five-year $525.0 million floating-to-fixed interest rate swap agreement and five-year $1,000.0 million floating-to-fixed interest rate swap agreement to align the floating rate term of such swap agreements to SOFR. These two interest rate swaps met the criteria to be considered and were designated as qualifying cash flow hedges under ASC 815, and they effectively fixed

interest payment obligations on $525.0 million and $1,000.0 million of principal under the first lien term loan facility in relation to the Original Credit Agreement at rates of 4.5% and 4.6% through September 2024 and January 2025, respectively.

In December 2023, the Company terminated the two interest rate swap arrangements and received $55.8 million in proceeds from the counterparty. The Company therefore dedesignated those cash flow hedges under ASC 815, and the amounts in AOCI related to the terminated swaps are amortized through interest expense. The Company simultaneously entered into a two-year $1,525.0 million floating-to-fixed interest rate swap agreement with the same counterparty (the “December 2023 Swap”). The December 2023 Swap met the criteria to be considered and was designated as a qualifying cash flow hedge under ASC 815 as of December 2023, and it effectively fixed interest payment obligations on $1,525.0 million of principal under the first lien term loan facility at a rate of 7.5% through November 2025, based on the interest rates set forth in the Original Credit Agreement.

On June 21, 2024 (the “Amendment No. 1 Effective Date”), the Company entered into Amendment No. 1 to the Original Credit Agreement (the “First Amended Credit Agreement”) and completed the issuance of the Notes (as defined below). Pursuant to the First Amended Credit Agreement, $1,245.0 million in aggregate principal amount of Senior Secured First Lien Term B-1 Loans due 2031 (the “Term B-1 Loans”) were issued, the proceeds of which were used, along with the proceeds of the Notes, to repay in full all term loans previously outstanding under the Original Credit Agreement. Additionally, the First Amended Credit Agreement provides an increase in its senior secured first lien revolving credit facility from $250.0 million to $300.0 million and an extension of the maturity thereof to three years after the Amendment No. 1 Effective Date.

The Term B-1 Loans bear interest, at the Company’s election, at either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) term SOFR for a borrowing with an interest period of one month plus 1.00% and (d) 1.00%, plus, in each case, 1.75%, or (ii) the greater of (x) term SOFR for the interest period in effect and (y) 0%, plus, in each case, 2.75%. The Term B-1 Loans will mature on the seventh anniversary of the Amendment No. 1 Effective Date and amortize in annual installments equal to 1.0% of the original aggregate principal amount of the Term B-1 Loans. The Term B-1 Loans are also subject to contingent principal payments based on excess cash flow and certain other triggering events.

In connection with its entry into the First Amended Credit Agreement and the associated reduction in term loan balance, the Company partially terminated the December 2023 Swap, reducing the notional amount thereof from $1,525.0 million to $1,075.0 million and received $2.0 million in proceeds from the counterparty. The cash flow hedge was proportionally dedesignated under ASC 815 as of June 21, 2024. As a result of the partial dedesignation, we recognized a gain of $5.7 million in Other Income. The remaining interest rate swap effectively fixed interest payment obligations on the $1,075.0 million of principal of the Term B-1 Loans at a rate of 7.17% through November 2025, based on the interest rates set forth in the First Amended Credit Agreement.

On February 19, 2025 (the “Amendment No. 2 Effective Date”), the Company entered into Amendment No. 2 to the First Amended Credit Agreement (“Amendment No. 2”). Amendment No. 2 amended the First Amended Credit Agreement (as amended, the “Credit Agreement”) to, among other things, effect a repricing of the $1,245.0 million in aggregate principal amount of Term B-1 Loans by establishing a new refinancing tranche of $1,245.0 million in aggregate principal amount of Senior Secured First Lien Term B-2 Loans (the “Original Term B-2 Loans”), the proceeds of which were used to repay in full the Term B-1 Loans on the Amendment No. 2 Effective Date.

On September 23, 2025 (the “Amendment No. 3 Effective Date”), the Company entered into Amendment No. 3 to the First Amended Credit Agreement (“Amendment No. 3”). Amendment No. 3 amended the Credit Agreement to effect the issuance of incremental Senior Secured First Lien Term B-2 Loans in the amount of $300.0 million, the proceeds of which were used for general corporate purposes, for a total Term B-2 Loan balance of $1,545.0 million (collectively, the “Term B-2 Loans”).

The Term B-2 Loans bear interest, at the Company’s election, at either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) term SOFR for a borrowing with an interest period of one month plus 1.0% and (d) 1.0%, plus, in each case, 1.50%, or (ii) the greater of (x) term SOFR for the interest period in effect and (y) 0%, plus, in each case, 2.50%. The Term B-2 Loans will mature on June 21, 2031 and amortize in annual installments equal to 1.0% of the original aggregate principal amount of the Term B-2 Loans due on each anniversary of the Amendment No. 2 Effective Date. The Term B-2 Loans are also subject to contingent principal payments based on excess cash flow and certain other triggering events.

The interest rate swap effectively fixed interest payment obligations on $1,075.0 million of principal of the Term B-2 Loans at a rate of 6.92% through November 2025, based on the interest rates set forth in the Credit Agreement. The cash flow hedge was discontinued upon the termination of the interest rate swap in November 2025.

The revolving facility under the Credit Agreement is subject to a springing net first lien leverage ratio test which may spring into effect as of the last day of a fiscal quarter if usage of the aggregate revolving commitments exceeds a specified level as of such date. VFH is also subject to contingent principal prepayments based on excess cash flow and certain other triggering events. Borrowings under the Credit Agreement are guaranteed by Virtu Financial and VFH’s material non-regulated domestic restricted subsidiaries and secured by substantially all of the assets of VFH and the guarantors, in each case, subject to certain exceptions.

The Credit Agreement contains certain customary covenants and events of default, including relating to a change of control. If an event of default occurs and is continuing, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Credit Agreement.

As of December 31, 2025, $1,545.0 million was outstanding under the current term loans, and there were no amounts outstanding under the first lien revolving facility.

Senior Secured First Lien Notes

On June 21, 2024, VFH and Valor Co-Issuer, Inc., a subsidiary of Virtu Financial, (the “Co-Issuer”) completed the offering of $500.0 million aggregate principal amount of 7.50% senior secured first lien notes due 2031 (the “Notes”). The Notes were issued under an Indenture, dated as of June 21, 2024 (the “Indenture”), among the VFH, the Co-Issuer, Virtu Financial and the subsidiary guarantors party thereto, and U.S. Bank Trust Company, National Association, as the trustee and collateral agent. The Notes mature on June 15, 2031. Interest on the Notes accrues at 7.50% per annum, payable every six months through maturity on each June 15 and December 15, beginning on December 15, 2024. We refer to VFH and the Co-Issuer together as, the “Issuers.”

The Notes and the related guarantees are secured by first-priority perfected liens on substantially all of the Issuers’ and guarantors’ existing and future assets, subject to certain exceptions, including all material personal property, a pledge of the

capital stock of the Issuers, the guarantors (other than Virtu Financial) and the direct subsidiaries of the Issuers and the guarantors and 100% of the non-voting capital stock and up to 65.0% of the voting capital stock of any now-owned or later acquired foreign subsidiaries that are directly owned by the Issuers or any of the guarantors, which assets also secure

obligations under the Credit Agreement on a first-priority basis.

The Indenture imposes certain limitations on our ability to (i) incur or guarantee additional indebtedness or issue preferred stock; (ii) pay dividends, make certain investments and make repayments on indebtedness that is subordinated in right of payment to the Notes and make other “restricted payments”; (iii) create liens on their assets to secure debt; (iv) enter into transactions with affiliates; (v) merge, consolidate or amalgamate with another company; (vi) transfer and sell assets; and (vii) permit restrictions on the payment of dividends by Virtu Financial’s subsidiaries. The Indenture also contains customary events of default, including, among others, payment defaults related to the failure to pay principal or interest on Notes, covenant defaults, final maturity default or cross-acceleration with respect to material indebtedness and certain bankruptcy events.

Prior to June 15, 2027, we may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to (but not including) the date of redemption, plus an applicable “make whole” premium.

Prior to June 15, 2027, we may also redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 107.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date of redemption.

Prior to June 15, 2027, we may also, on one or more occasions, redeem during each successive twelve-month period following June 21, 2024 up to 10% of the aggregate original principal amount of notes, at a redemption price equal to 103% of the principal amount of notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.

On or after June 15, 2027, we may redeem some or all of the Notes, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on June 15 of the years indicated below:


Period						Percentage
2027						103.750%
2028						101.875%
2029 and thereafter						100.000%

Upon the occurrence of specified change of control events as defined in the Indenture, we must offer to repurchase the outstanding Notes at 101% of the aggregate principal amount, plus accrued and unpaid interest, if any, to (but excluding) the purchase date.

SBI Bonds

On July 25, 2016, VFH issued Japanese Yen Bonds (collectively the “SBI Bonds”) in the aggregate principal amount of ¥3.5 billion ($33.1 million at issuance date) to SBI Life Insurance Co., Ltd. and SBI Insurance Co., Ltd. The proceeds from the SBI Bonds were used to partially fund the investment in Japannext Co., Ltd. (as described in Note 10 “Financial Assets and Liabilities”). The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in Other, net in the Consolidated Statements of Comprehensive Income. In December 2022, the maturity of the SBI Bonds was extended to 2026, and in December 2025, the maturity of the SBI Bonds was extended to 2029. The principal balance was ¥3.5 billion ($22.3 million) as of December 31, 2025 and December 31, 2024. The Company had a loss of $0.1 million, a gain of $2.6 million, and a gain of $1.9 million during the years ended December 31, 2025, 2024, and 2023, respectively, due to changes in foreign currency rates.

As of December 31, 2025, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)

2026	$	15,450
2027	15,450
2028	15,450
2029	37,784
2030	15,450
Thereafter	1,967,750
Total principal of long-term borrowings	$	2,067,334

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue from Contract with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 617,025	$ 516,783	$ 455,598
Total revenue	3,632,118	2,876,949	2,293,373
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	3,559,075	2,805,222	2,221,137
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	73,043	71,727	72,236
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	480,303	382,587	326,660
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	99,227	95,827	90,654
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	37,495	38,369	38,284
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	3,015,093	2,360,166	1,837,775
Operating segments \| Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50,949	42,376	29,571
Total revenue	2,949,221	2,374,096	1,843,523
Operating segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,949,221	2,374,096	1,843,523
Operating segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Operating segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50,949	42,376	29,571
Operating segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Operating segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Operating segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	2,898,272	2,331,720	1,813,952
Operating segments \| Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	566,076	474,407	426,027
Total revenue	668,192	507,230	446,542
Operating segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	595,149	435,503	374,306
Operating segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	73,043	71,727	72,236
Operating segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	429,354	340,211	297,089
Operating segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	99,227	95,827	90,654
Operating segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	37,495	38,369	38,284
Operating segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	102,116	32,823	20,515
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Total revenue	14,705	(4,377)	3,308
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	14,705	(4,377)	3,308
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 14,705	$ (4,377)	$ 3,308

Earnings per Share - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 1,094,329	$ 644,970	$ 325,131
Provision for income taxes	182,065	110,435	61,210
Net income	912,264	534,535	263,921
Noncontrolling interest	(443,903)	(258,120)	(121,885)
Net income available for common stockholders	$ 468,361	$ 276,415	$ 142,036

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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+ Details

Regulatory Requirement - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Ownership interest after disposal	49.00%
Virtu Financial Capital Markets Llc
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum capital required to be maintained in connection with the operation of the company's DMM business		$ 1,200
Required amount under exchange rules		1,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume		$ 75
Percentage of NYSE transaction dollar volume		0.10%
VAL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers		$ 55,500	$ 34,900
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers		8,700	6,400
Virtu Europe Trading Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade		300	37
Virtu ITG Hong Kong Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital settlement		$ 30	$ 30

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of NonConsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at December 31, 2025:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	92,127	$	—	$	92,127	$	422,006

The following table presents the Company’s nonconsolidated VIEs at December 31, 2024:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	66,970	$	—	$	66,970	$	345,235

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments on a Gross Basis

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2025 and December 31, 2024:


(in thousands)		December 31, 2025				December 31, 2024
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(60)	$	1,017,174	$	(541)	$	1,069,167
Commodity futures	Receivables from broker-dealers and clearing organizations	(20,294)		11,492,904		5,096		5,610,161
Currency futures	Receivables from broker-dealers and clearing organizations	4,418		4,575,259		(6,093)		5,211,677
Fixed income futures	Receivables from broker-dealers and clearing organizations	(25)		11,711		(3,890)		110,748

Options	Financial instruments owned	97,459		2,565,169		55,423		808,189
Currency forwards	Financial instruments owned	211,856		28,015,291		716,970		42,202,047





Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	1,399	$	940,143	$	527	$	1,774,043
Commodity futures	Payables to broker-dealers and clearing organizations	(4,409)		171,504		(277)		56,331
Currency futures	Payables to broker-dealers and clearing organizations	216		212,120		7,382		2,232,543
Fixed income futures	Payables to broker-dealers and clearing organizations	(199)		383,154		(74)		21,077
Options	Financial instruments sold, not yet purchased	216,992		2,637,691		5,240		820,023
Currency forwards	Financial instruments sold, not yet purchased	198,463		28,008,595		681,878		42,184,501

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		2,572		1,075,000

Schedule of Net Gain (Loss) From Derivative Instruments not Designated as Hedging Instruments

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are initially recorded in other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2025		2024		2023
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	145,847	$	218,016	$	297,345
Currency forwards	Trading income, net		176,339		(93,647)		(150,071)
Options	Trading income, net		(13,756)		100,174		21,224
Interest rate swap on term loans (1)	Other, net		—		5,686		(1,720)
Terminated interest rate swaps (2)	Financing interest expense on long-term borrowings		(3,216)		(39,782)		(3,994)
			$	305,214	$	190,447	$	162,784

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	2,613	$	5,842	$	(35,990)

			$	2,613	$	5,842	$	(35,990)

(1) The Company entered into a two-year $1,525 million floating-to-fixed interest rate agreement in December 2023 (the “December 2023 Swap”). The two-year interest rate swap met the criteria to be considered as a qualifying cash flow hedge under ASC 815 as of December 2023, and the mark-to-market gains (losses) on the instrument was deferred within Other comprehensive income on the Consolidated Statements of Comprehensive Income. In June 2024, the Company partially terminated and dedesignated a portion of our ongoing December 2023 Swap to an updated notional of $1,075 million, and recorded a gain of $5.7 million in Other, net. In November 2025, the cash flow hedge was discontinued upon the termination of the December 2023 Swap in accordance with its contractual terms, and no further gains or losses related to this instrument are recorded in Other comprehensive income. See Note 9 “Borrowings” for further details.

(2) The Company records the amortization of AOCI balances related to its previously terminated interest rate swaps in Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. See Note 9 “Borrowings” for further details on the previously terminated swaps.

Variable Interest Entities - Narrative (Details)	Dec. 31, 2025	May 09, 2025	Apr. 19, 2024
Disposed of by sale \| RFQ-hub
Variable Interest Entity [Line Items]
Divestiture of joint venture percentage		49.00%	49.00%
Disposal of minority interest, percentage		2.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV building microwave communication networks in US and Asia
Variable Interest Entity [Line Items]
Ownership of equity of JV held be each investor (as a percent)	12.50%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	9.80%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	12.70%
JV developing and operating cryptocurrency trading platform
Variable Interest Entity [Line Items]
Ownership interest	8.50%
JV Growth and expansion of multi-asset request-for-quote communication platform
Variable Interest Entity [Line Items]
Ownership interest			51.00%
Disposal of minority interest, percentage		2.00%

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 1,061,697	$ 872,513
Cash restricted or segregated under regulations and other	64,744	41,478
Securities borrowed	3,191,138	2,294,529
Securities purchased under agreements to resell	988,929	983,941
Receivables from broker-dealers and clearing organizations ($328,934 and $51,595 at fair value, as of December 31, 2025 and December 31, 2024, respectively)	1,896,405	1,100,850
Trading assets, at fair value:
Receivables from customers	161,561	149,804
Property, equipment and capitalized software (net of accumulated depreciation of $437,002 and $380,202 as of December 31, 2025 and December 31, 2024, respectively)	96,378	91,415
Operating lease right-of-use assets	213,707	175,046
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $475,592 and $428,460 as of December 31, 2025 and December 31, 2024, respectively)	154,931	203,188
Deferred tax assets	92,422	135,046
Assets of business held for sale	0	4,615
Other assets ($242,121 and $158,326, at fair value, as of December 31, 2025 and December 31, 2024, respectively)	528,341	357,740
Total assets	20,150,736	15,361,743
Liabilities
Short-term borrowings	12,382	38,541
Securities loaned	3,477,831	2,431,878
Securities sold under agreements to repurchase	1,405,639	1,271,788
Payables to broker-dealers and clearing organizations ($181,272 and $136,736, at fair value, as of December 31, 2025 and December 31, 2024, respectively)	998,276	918,566
Payables to customers	43,103	46,112
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	9,105,263	6,440,971
Tax receivable agreement obligations	181,855	196,592
Accounts payable, accrued expenses and other liabilities	652,352	558,100
Operating lease liabilities	261,169	229,825
Long-term borrowings	2,039,463	1,740,467
Liabilities of business held for sale	0	1,526
Total liabilities	18,177,333	13,874,366
Commitments and Contingencies (Note 16)
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	(1,475,666)	(1,339,913)
Additional paid-in capital	1,541,684	1,432,240
Retained earnings	1,519,270	1,168,908
Accumulated other comprehensive income (loss)	(3,011)	(7,063)
Total Virtu Financial Inc. stockholders' equity	1,582,279	1,254,174
Noncontrolling interest	391,124	233,203
Total equity	1,973,403	1,487,377
Total liabilities and equity	20,150,736	15,361,743
Class A Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Class B Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class C Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	0	0
Class D Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	1	1
Not pledged
Trading assets, at fair value:
Financial instruments owned	7,343,032	5,520,015
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 3,208,525	$ 2,282,637

Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities

Financial Instruments Measured at Fair Value

The fair value of equities, options, on-the-run U.S. government obligations, certain exchange traded notes and digital assets is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities, all other exchange traded notes and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts, other U.S. and non-U.S. government obligations and receivables and payables linked to digital assets have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange.

The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:


	December 31, 2025
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,511,213	$	2,839,183	$	—	$	—	$	4,350,396
U.S. and Non-U.S. government obligations	459,943		1,210,309		—		—		1,670,252
Corporate Bonds	—		1,207,385		—		—		1,207,385
Exchange traded notes	—		10,459		—		—		10,459
Currency forwards	—		211,856		—		(204,775)		7,081
Options	97,459		—		—		—		97,459
	$	2,068,615	$	5,479,192	$	—	$	(204,775)	$	7,343,032

Financial instruments owned, pledged as collateral:
Equity securities	$	1,896,091	$	1,304,254	$	—	$	—	$	3,200,345

Exchange traded notes	—		8,180		—		—		8,180
	$	1,896,091	$	1,312,434	$	—	$	—	$	3,208,525

Other Assets
Equity investment	$	—	$	—	$	86,491	$	—	$	86,491
Digital assets	154,610		—		—		—		154,610
Exchange stock	1,020		—		—		—		1,020
	$	155,630	$	—	$	86,491	$	—	$	242,121

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	328,934	$	—	$	—	$	328,934
	$	—	$	328,934	$	—	$	—	$	328,934

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	2,933,027	$	2,784,522	$	—	$	—	$	5,717,549
U.S. and Non-U.S. government obligations	234,169		1,155,901		—		—		1,390,070
Corporate Bonds	—		1,754,517		—		—		1,754,517
Exchange traded notes	—		26,135		—		—		26,135
Currency forwards	—		198,463		—		(198,463)		—
Options	216,992		—		—		—		216,992
	$	3,384,188	$	5,919,538	$	—	$	(198,463)	$	9,105,263

Payables to broker dealers and clearing organizations:

Payables linked to digital assets	$	—	$	181,272	$	—	$	—	$	181,272
	$	—	$	181,272	$	—	$	—	$	181,272

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2024:


	December 31, 2024
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	686,827	$	2,471,450	$	—	$	—	$	3,158,277
U.S. and Non-U.S. government obligations	348,761		908,625		—		—		1,257,386
Corporate Bonds	—		967,377		—		—		967,377
Exchange traded notes	885		40,602		—		—		41,487
Currency forwards	—		716,970		—		(676,905)		40,065
Options	55,423		—		—		—		55,423
	$	1,091,896	$	5,105,024	$	—	$	(676,905)	$	5,520,015
Financial instruments owned, pledged as collateral:
Equity securities	$	1,639,404	$	629,895	$	—	$	—	$	2,269,299

Exchange traded notes	—		13,338		—		—		13,338
	$	1,639,404	$	643,233	$	—	$	—	$	2,282,637
Other Assets
Equity investment	$	—	$	—	$	75,843	$	—	$	75,843
Digital assets	81,671		—		—		—		81,671
Exchange stock	812		—		—		—		812
	$	82,483	$	—	$	75,843	$	—	$	158,326

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	51,595	$	—	$	—	$	51,595
	$	—	$	51,595	$	—	$	—	$	51,595

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,837,195	$	1,854,883	$	—	$	—	$	3,692,078
U.S. and Non-U.S. government obligations	107,045		1,313,955		—		—		1,421,000
Corporate Bonds	—		1,249,413		—		—		1,249,413
Exchange traded notes	15		73,225		—		—		73,240
Currency forwards	—		681,878		—		(681,878)		—
Options	5,240		—		—		—		5,240
	$	1,949,495	$	5,173,354	$	—	$	(681,878)	$	6,440,971

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	2,572	$	—	$	—	$	2,572
Payables linked to digital assets	—		134,164		—		—		134,164
	$	—	$	136,736	$	—	$	—	$	136,736

JNX Investment

The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 9 “Borrowings”) and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of December 31, 2025 and December 31, 2024, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement.

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

86,491

Discounted cash flow

Estimated revenue growth

5.0% - 6.0%

5.3

Discount rate

16.2% - 16.2%

16.2

Market

Future enterprise value/ EBITDA ratio

9.5x - 20.1x

15.0x

December 31, 2024

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

75,843

Discounted cash flow

Estimated revenue growth

5.0% - 5.0%

5.0

Discount rate

16.4% - 16.4%

16.4

Market

Future enterprise value/ EBITDA ratio

7.5x - 18.0x

13.2x

Changes in the fair value of the JNX Investment are included within Other, net in the Consolidated Statements of Comprehensive Income.

The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:


	Year Ended December 31, 2025
(in thousands)	Balance at December 31, 2024		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2025
Assets
Other assets:
Equity investment	$	75,843	$	—	$	10,648	$	—	$	—	$	86,491	$	10,648

Total	$	75,843	$	—	$	10,648	$	—	$	—	$	86,491	$	10,648
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2024
(in thousands)	Balance at December 31, 2023		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2024		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2024
Assets
Other assets:
Equity investment	$	81,805	$	—	$	(5,962)	$	—	$	—	$	75,843	$	(5,962)

Total	$	81,805	$	—	$	(5,962)	$	—	$	—	$	75,843	$	(5,962)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Financial Instruments Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Consolidated Statements of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2025:


	December 31, 2025
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,061,697	$	1,061,697	$	1,061,697	$	—	$	—
Cash restricted or segregated under regulations and other	64,744		64,744		64,744		—		—
Securities borrowed	3,191,138		3,191,138		—		3,191,138		—
Securities purchased under agreements to resell	988,929		988,929		—		988,929		—
Receivables from broker-dealers and clearing organizations	1,567,471		1,567,471		—		1,567,471		—
Receivables from customers	161,561		161,561		—		161,561		—
Other assets (1)	39,945		39,945		16,414		23,531		—
Total Assets	$	7,075,485	$	7,075,485	$	1,142,855	$	5,932,630	$	—

Liabilities
Short-term borrowings	$	12,382	$	12,382	$	—	$	12,382	$	—
Long-term borrowings	2,039,463		2,098,639		—		2,098,639		—
Securities loaned	3,477,831		3,477,831		—		3,477,831		—
Securities sold under agreements to repurchase	1,405,639		1,405,639		—		1,405,639		—
Payables to broker-dealers and clearing organizations	817,004		817,004		—		817,004		—
Payables to customers	43,103		43,103		—		43,103		—
Other liabilities (2)	26,039		26,039		—		26,039		—
Total Liabilities	$	7,821,461	$	7,880,637	$	—	$	7,880,637	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2024:


	December 31, 2024
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	872,513	$	872,513	$	872,513	$	—	$	—
Cash restricted or segregated under regulations and other	41,478		41,478		41,478		—		—
Securities borrowed	2,294,529		2,294,529		—		2,294,529		—
Securities purchased under agreements to resell	983,941		983,941		—		983,941		—
Receivables from broker-dealers and clearing organizations	1,049,255		1,049,255		—		1,049,255		—
Receivables from customers	149,804		149,804		—		149,804		—
Other assets (1)	31,726		31,726		11,121		20,605		—
Total Assets	$	5,423,246	$	5,423,246	$	925,112	$	4,498,134	$	—

Liabilities
Short-term borrowings	$	38,541	$	38,541	$	—	$	38,541	$	—
Long-term borrowings	1,740,467		1,788,719		—		1,788,719		—
Securities loaned	2,431,878		2,431,878		—		2,431,878		—
Securities sold under agreements to repurchase	1,271,788		1,271,788		—		1,271,788		—
Payables to broker-dealers and clearing organizations	781,830		781,830		—		781,830		—
Payables to customers	46,112		46,112		—		46,112		—
Other liabilities (2)	26,114		26,114		—		26,114		—
Total Liabilities	$	6,336,730	$	6,384,982	$	—	$	6,384,982	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

Offsetting of Financial Assets and Liabilities

The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments.

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2025 and December 31, 2024:


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715


Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770


	December 31, 2024
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	2,294,529	$	—	$	2,294,529	$	(2,222,054)	$	(39,309)	$	33,166
Securities purchased under agreements to resell	983,941		—		983,941		(983,753)		—		188


Trading assets, at fair value:
Currency forwards	716,970		(676,905)		40,065		—		—		40,065
Options	55,423		—		55,423		—		(55,423)		—
Total	$	4,050,863	$	(676,905)	$	3,373,958	$	(3,205,807)	$	(94,732)	$	73,419


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	2,431,878	$	—	$	2,431,878	$	(2,375,372)	$	(48,545)	$	7,961
Securities sold under agreements to repurchase	1,271,788		—		1,271,788		(1,271,573)		—		215
Payables to broker-dealers and clearing organizations:
Interest rate swaps	2,572		—		2,572		—		—		2,572
Trading liabilities, at fair value:
Currency forwards	681,878		(681,878)		—		—		—		—
Options	5,240		—		5,240		—		(5,213)		27
Total	$	4,393,356	$	(681,878)	$	3,711,478	$	(3,646,945)	$	(53,758)	$	10,775

The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of December 31, 2025 and December 31, 2024:


	December 31, 2025
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	315,000	$	85,000	$	100,000	$	—	$	500,000
U.S. and Non-U.S. government obligations	905,639		—		—		—		—		905,639
Total	$	905,639	$	315,000	$	85,000	$	100,000	$	—	$	1,405,639

Securities loaned:
Equity securities	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831
Total	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831


	December 31, 2024
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	190,000	$	185,000	$	75,000	$	—	$	450,000
U.S. and Non-U.S. government obligations	821,788		—		—		—		—		821,788
Total	$	821,788	$	190,000	$	185,000	$	75,000	$	—	$	1,271,788

Securities loaned:
Equity securities	$	2,431,878	$	—	$	—	$	—	$	—	$	2,431,878
Total	$	2,431,878	$	—	$	—	$	—	$	—	$	2,431,878

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,061,697	$ 872,513
Cash restricted or segregated under regulations and other	64,744	41,478
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 1,126,441	$ 913,991	$ 855,460	$ 1,038,242

Capital Structure

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Capital Structure

The Company has four classes of authorized common stock. The Class A Common Stock and the Class C Common Stock have one vote per share. The Class B Common Stock and the Class D Common Stock have 10 votes per share. Shares of the Company’s common stock generally vote together as a single class on all matters submitted to a vote of the Company’s stockholders. The Founder Member controls approximately 87.1% of the combined voting power of our common stock as a result of its ownership of our Class A, Class C and Class D Common Stock. The Company holds approximately a 57.2% interest in Virtu Financial at December 31, 2025.

During the period prior to the Company’s IPO and certain reorganization transactions consummated in connection with the IPO, Class A-2 profits interests and Class B interests in Virtu Financial were issued to Employee Holdco (as defined below) on behalf of certain key employees and stakeholders. In connection with these reorganization transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of December 31, 2025 and December 31, 2024, there were 3,402,959 and 3,994,744 Virtu Financial Units outstanding held by Employee Holdco, respectively, and 591,785 and 46,028 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the years ended December 31, 2025 and 2024, respectively.

Second Amended and Restated 2015 Management Incentive Plan

The Company’s Board of Directors and stockholders adopted the 2015 Management Incentive Plan, which became effective upon consummation of the IPO, and was subsequently amended and restated following receipt of approval from the Company’s stockholders on June 30, 2017, June 5, 2020, June 2, 2022, and June 2, 2025. The Second Amended and Restated 2015 Management Incentive Plan provides for the grant of stock options, restricted stock units, and other awards based on an aggregate of 33,500,000 shares of Class A Common Stock, subject to additional sublimits, including limits on the total option grant to any one participant in a single year and the total performance award to any one participant in a single year.

On November 13, 2020, the Company amended its form award agreement for the issuance of RSUs to provide for the continued vesting of outstanding RSU awards upon the occurrence of a qualified retirement (the “RSU Amendment”). A qualified retirement generally means a voluntary resignation by the participant (i) after five years of service, (ii) the participant attaining the age of 50 and (iii) the sum of the participant’s age and service at the time of termination equaling or exceeding 65. Continued vesting is subject to the participant entering into a 2 year non-compete. The RSU Amendment was authorized and approved by the Compensation Committee of the Company’s Board of Directors. As a result of the RSU Amendment, currently issued and outstanding RSUs held by the Company’s employees, including its executive officers, shall be deemed to be subject to the amended terms of the form award agreement, and any future RSU awards shall also be governed by such amended terms.

Share Repurchase Program

On November 6, 2020, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021. On February 11, 2021, the Company’s Board of Directors authorized the expansion of the program by an additional $70 million in Class A Common Stock and Virtu Financial Units. On May 4, 2021, the Company’s Board of Directors authorized the expansion of the Company’s share repurchase program, increasing the total authorized amount by an additional $300 million in Class A Common Stock and Virtu Financial Units and extending the duration of the program through May 4, 2022. On November 3, 2021 the Company’s Board of Directors authorized another expansion of the program by an additional $750 million to $1,220 million and extending the duration of the program through November 3, 2023, which was subsequently extended through December 31, 2024. On April 24, 2024, the Company’s Board of Directors authorized the expansion of the program by an additional $500 million to $1,720 million and extended the duration through April 24, 2026. The share repurchase program authorizes the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases are also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions are determined by the Company’s management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors. From the inception of the program through December 31, 2025, the Company repurchased approximately 53.8 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,417.2 million. As of December 31, 2025, the Company has approximately $302.8 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Employee Exchanges

During the years ended December 31, 2025, 2024, and 2023, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial Units, certain current and former employees elected to exchange 566,924, 43,391, and 186,394 units, respectively, in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock.

Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,943	$	(3,785)	$	(1,158)	$	—
Foreign exchange translation adjustment	(12,006)		8,995		—		(3,011)
Total	$	(7,063)	$	5,210	$	(1,158)	$	(3,011)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. In November 2025, the cash flow hedge was discontinued upon the termination of the interest rate swap in accordance with its contractual terms, and the Company expects no further gains or losses related to the interest rate swap to be recorded in AOCI or reclassified from AOCI into earnings.

	Year Ended December 31, 2024
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	23,416	$	13,384	$	(31,857)	$	4,943
Foreign exchange translation adjustment	(6,369)		(5,637)		—		(12,006)
Total	$	17,047	$	7,747	$	(31,857)	$	(7,063)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

	Year Ended December 31, 2023
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	44,925	$	8,798	$	(30,307)	$	23,416
Foreign exchange translation adjustment	(13,321)		6,952		—		(6,369)
Total	$	31,604	$	15,750	$	(30,307)	$	17,047
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for equity.

+ References

+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per Share

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Years Ended December 31,
(in thousands)		2025		2024		2023
Income before income taxes and noncontrolling interest		$	1,094,329	$	644,970	$	325,131
Provision for income taxes		182,065		110,435		61,210
Net income		912,264		534,535		263,921



Noncontrolling interest		(443,903)		(258,120)		(121,885)

Net income available for common stockholders		$	468,361	$	276,415	$	142,036

The calculation of basic and diluted earnings per share is presented below:


	Years Ended December 31,
(in thousands, except for share or per share data)		2025		2024		2023
Basic earnings per share:
Net income available for common stockholders		$	468,361	$	276,415	$	142,036

Less: Dividends and undistributed earnings allocated to participating securities		(30,600)		(16,021)		(8,151)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		437,761		260,394		133,885

Weighted average shares of common stock outstanding:
Class A		85,216,028		87,482,162		94,076,165

Basic earnings per share		$	5.14	$	2.98	$	1.42


	Years Ended December 31,
(in thousands, except for share or per share data)		2025		2024		2023
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		$	437,761	$	260,394	$	133,885

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		85,216,028		87,482,162		94,076,165
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan		102,408		339,414		—
		85,318,436		87,821,576		94,076,165

Diluted earnings per share		$	5.13	$	2.97	$	1.42

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Financing interest expense on long-term borrowings	$ 132,859	$ 97,802	$ 99,294
Short-Term Credit Facilities
Line of Credit Facility [Line Items]
Financing interest expense on long-term borrowings	$ 10,300	$ 9,700	$ 13,100

Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity.

The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company has an interest in a joint venture (“JV”) that builds and maintains communication networks and related assets globally. The Company and its JV partners each pay monthly fees for the use of the communication networks in connection with their respective trading activities, and the JV may sell excess bandwidth that is not utilized by the JV members to third parties. As of December 31, 2025, the Company held a noncontrolling interest of 50.0% in the JV.

The Company previously held a noncontrolling interest of 12.5% in another JV that also builds and maintains communication networks and related assets and followed a similar fee arrangement. As of September 1, 2024, the Company had disposed of its interest in this JV.

The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of December 31, 2025, the Company held approximately a 9.8% noncontrolling interest in this JV.

The Company has an interest in a JV that operates a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the U.S. As of December 31, 2025, the Company held approximately a 12.7% noncontrolling interest in this JV.

The Company has an interest in a JV that was formed for the purpose of developing and operating a cryptocurrency trading platform with the goal of increasing competition and transparency, while improving trading performance and reducing operational risk. As of December 31, 2025, the Company held approximately a 8.5% noncontrolling interest in this JV.

The Company’s JVs noted above meet the criteria to be considered VIEs, which it does not consolidate. The Company records its interest in the JVs under the equity method of accounting and records its investment in the JVs within Other assets

and its amounts payable for communication services provided by the telecommunication JVs within Accounts payable, accrued expenses and other liabilities on the Statements of Financial Condition as applicable. The Company records its pro-rata share of each JV’s earnings or losses within Other, net and fees related to the use of communication services provided by the JVs within Communications and data processing on the Consolidated Statements of Comprehensive Income.

The Company’s exposure to the obligations of these VIEs is generally limited to its interests in each respective JV, which is the carrying value of the equity investment in each JV.

The following table presents the Company’s nonconsolidated VIEs at December 31, 2025:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	92,127	$	—	$	92,127	$	422,006

The following table presents the Company’s nonconsolidated VIEs at December 31, 2024:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	66,970	$	—	$	66,970	$	345,235

The Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform in 2022. Upon the formation of the JV, the Company held a 51% controlling interest. The JV met the criteria to be considered a VIE, and based on the standard for control set forth above, the Company consolidated this entity and recorded the interest that the Company did not own as noncontrolling interest in the Consolidated Financial Statements. On April 19, 2024, the Company entered into an agreement to sell a 49% interest in the multi-asset request-for-quote communication platform JV. The sale was completed on May 9, 2025. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company ceased to control, and deconsolidated, RFQ-hub at such time. See Note 3 “Sale of RFQ-hub” for further details.

Regulatory Requirement (Tables)

12 Months Ended

Dec. 31, 2025

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of Regulatory Capital and Regulatory Capital Requirements

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiary as of December 31, 2025 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	561,242	$	1,000	$	560,242

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiaries as of December 31, 2024 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	455,678	$	1,532	$	454,146
RFQ-hub Americas LLC	602		9		593

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2025 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	15,133	$	182	$	14,951


Ireland
Virtu Europe Trading Limited	86,656		28,283		58,373
Virtu Financial Ireland Limited	122,901		64,951		57,950
United Kingdom
Virtu ITG UK Limited	2,218		1,011		1,207
Asia Pacific
Virtu ITG Australia Limited	35,511		13,262		22,249
Virtu ITG Hong Kong Limited	8,200		586		7,614
Virtu ITG Singapore Pte Limited	1,062		218		844
Virtu Financial Singapore Pte. Ltd.	278,288		198,100		80,188

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2024 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	12,327	$	174	$	12,153
Virtu Financial Canada ULC (1)	—		—		—
Ireland
Virtu Europe Trading Limited	57,834		26,359		31,475
Virtu Financial Ireland Limited	76,457		29,764		46,693
United Kingdom
Virtu ITG UK Limited	2,043		939		1,104
Asia Pacific
Virtu ITG Australia Limited	24,928		9,550		15,378
Virtu ITG Hong Kong Limited	5,392		426		4,966
Virtu ITG Singapore Pte Limited	1,120		166		954
Virtu Financial Singapore Pte. Ltd.	219,817		136,891		82,926
(1) Virtu Financial Canada ULC has resigned from membership with the Canadian Investment Regulatory Organization (“CIRO”) effective January 22, 2025, and its regulatory capital requirement as of December 31, 2024 was waived by CIRO.

Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2025

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2025 and December 31, 2024:



(in thousands)	December 31, 2025		December 31, 2024
Assets
Due from prime brokers	$	902,859	$	344,662
Deposits with clearing organizations	253,010		223,582
Net equity with futures commission merchants	455,105		199,771
Unsettled trades with clearing organizations	28,354		17,239
Securities failed to deliver	220,326		274,072
Commissions and fees	36,751		41,524
Total receivables from broker-dealers and clearing organizations	$	1,896,405	$	1,100,850

Liabilities
Due to prime brokers	$	612,679	$	583,914
Net equity with futures commission merchants (1)	(4,278)		(16,651)
Unsettled trades with clearing organizations	238,872		251,036
Securities failed to receive	145,548		94,941
Commissions and fees	5,455		5,326
Total payables to broker-dealers and clearing organizations	$	998,276	$	918,566

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 9 “Borrowings”) of approximately $203.8 million and $123.0 million as of December 31, 2025 and December 31, 2024, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Tax Receivable Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended		106 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Debt Instrument [Line Items]
Tax receivable, percentage	85.00%		85.00%
Tax Receivable Agreement, Term	15 years
Tax receivable agreement obligations	$ 181,855	$ 196,592	$ 181,855
First payment made			134,800
Minimum tax receivable agreement obligation over the agreed period	300		300
Maximum tax receivable agreement obligation over the agreed period	$ 22,500		22,500
Period over which the obligations are to be settled	15 years	15 years
SBI bonds \| VFH
Debt Instrument [Line Items]
Deferred tax assets	$ 91,400	$ 114,400	$ 91,400
Class B Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,943	$	(3,785)	$	(1,158)	$	—
Foreign exchange translation adjustment	(12,006)		8,995		—		(3,011)
Total	$	(7,063)	$	5,210	$	(1,158)	$	(3,011)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income. In November 2025, the cash flow hedge was discontinued upon the termination of the interest rate swap in accordance with its contractual terms, and the Company expects no further gains or losses related to the interest rate swap to be recorded in AOCI or reclassified from AOCI into earnings.

	Year Ended December 31, 2024
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	23,416	$	13,384	$	(31,857)	$	4,943
Foreign exchange translation adjustment	(6,369)		(5,637)		—		(12,006)
Total	$	17,047	$	7,747	$	(31,857)	$	(7,063)
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

	Year Ended December 31, 2023
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	44,925	$	8,798	$	(30,307)	$	23,416
Foreign exchange translation adjustment	(13,321)		6,952		—		(6,369)
Total	$	31,604	$	15,750	$	(30,307)	$	17,047
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Consolidated Statements of Comprehensive Income.

Collateralized Transactions

12 Months Ended

Dec. 31, 2025

Collateralized Agreements [Abstract]

Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2025 and December 31, 2024, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at December 31, 2025 and December 31, 2024 are summarized as follows:


(in thousands)	December 31, 2025		December 31, 2024
Securities received as collateral:
Securities borrowed	$	3,083,612	$	2,222,054
Securities purchased under agreements to resell	988,274		983,753
	$	4,071,886	$	3,205,807

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2025 and December 31, 2024 consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Equities	$	3,200,345	$	2,269,299

Exchange traded notes	8,180		13,338
	$	3,208,525	$	2,282,637

Borrowings - Senior Secured First Lien Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Jun. 21, 2024	Jan. 13, 2022
Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	103.75%
Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	101.875%
Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	100.00%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,800,000,000
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	100.00%
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	107.50%
Percentage of principal amount redeemed (as a percent)	40.00%
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	103.00%
Percentage of principal amount redeemed (as a percent)	10.00%
Senior Secured First Lien Term Loan \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount		$ 500,000,000.0
Interest rate (as a percent)		7.50%
Senior Secured First Lien Term Loan \| Incremental Term Loans \| Line of credit
Debt Instrument [Line Items]
Percentage of non-voting capital stock (as a percent)	100.00%
Percentage of capital stock of material first tier foreign subsidiaries (as a percent)	65.00%
Line of credit \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,245,000,000
Senior Notes \| Debt Redemption Prior To June 15 2027 \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	101.00%

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
Operating lease right-of-use assets	$ 213,707	$ 175,046
Operating lease liabilities	261,169	229,825
Finance leases
Property and equipment, at cost	36,611	42,915
Accumulated depreciation	(17,703)	(20,755)
Finance lease liabilities	$ 19,984	$ 23,095

Collateralized Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Collateralized Agreements [Abstract]

Schedule of the Fair Value of Collateralized Transactions

The fair value of the collateralized transactions at December 31, 2025 and December 31, 2024 are summarized as follows:


(in thousands)	December 31, 2025		December 31, 2024
Securities received as collateral:
Securities borrowed	$	3,083,612	$	2,222,054
Securities purchased under agreements to resell	988,274		983,753
	$	4,071,886	$	3,205,807

Schedule of Financial Instruments Owned and Pledged, where Counterparty has Right to Repledge

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2025 and December 31, 2024 consisted of the following:


(in thousands)	December 31, 2025		December 31, 2024
Equities	$	3,200,345	$	2,269,299

Exchange traded notes	8,180		13,338
	$	3,208,525	$	2,282,637

Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended			62 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025	Apr. 24, 2024	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 1,018	$ 76	$ 3,896
Treasury stock purchases	187,861	$ 192,478	$ 230,781
Class A
Class of Stock [Line Items]
Share repurchase authorized amount					$ 1,720,000	$ 1,220,000			$ 100,000
Additional authorized amount					$ 500,000	$ 750,000	$ 300,000	$ 70,000
Stock repurchased during period, value				$ 53,800
Treasury stock purchases				1,417,200
Stock repurchase program, remaining authorized repurchase amount	$ 302,800			$ 302,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (475,592)	$ (428,460)
Gross Carrying Amount	630,523	631,648
Net Carrying Amount	154,931	203,188
Exchange memberships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	3,998	3,998
Other
Acquired Intangible Assets [Line Items]
Gross Carrying Amount		1,125
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	479,130	479,130
Accumulated Amortization	(328,411)	(281,315)
Net Carrying Amount	$ 150,719	$ 197,815
Customer relationships \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Customer relationships \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	12 years	12 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,000	$ 136,000
Accumulated Amortization	(136,000)	(136,000)
Net Carrying Amount	$ 0	$ 0
Technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(5,681)	(5,645)
Net Carrying Amount	$ 214	$ 250
Favorable occupancy leases \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Favorable occupancy leases \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Trade name
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,600	$ 3,600
Accumulated Amortization	(3,600)	(3,600)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years

Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 912,264	$ 534,535	$ 263,921
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	39,273	4,247	19,069
Net cash provided by (used in) operating activities	518,386	598,991	491,777
Cash flows from investing activities
Net cash provided by (used in) investing activities	(40,622)	(61,847)	(94,484)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(349,347)	(299,403)	(306,136)
Purchase of treasury stock	(1,566)	0	(1,566)
Tax receivable agreement obligations	(20,773)	(20,226)	(23,275)
Net cash provided by (used in) financing activities	(281,045)	(469,565)	(585,032)
Net increase (decrease) in cash and cash equivalents	212,450	58,531	(182,782)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	913,991	855,460	1,038,242
Cash, cash equivalents, and restricted or segregated cash, end of period	1,126,441	913,991	855,460
Supplementary disclosure of cash flow information
Taxes paid	121,948	43,418	38,687
Non-cash financing activities
Tax receivable agreement described in Note 5	4,497	209	3,787
Repurchase of Class C common stock	1,018	76	2,330
Purchase of treasury stock	(406)	(1,340)	0
VFH
Cash flows from operating activities
Net income	468,361	534,535	263,921
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	34,005	(139,113)	223,376
Tax receivable agreement obligation reduction	6,036	338	997
Deferred taxes	42,924	(1,224)	8,795
Changes in operating assets and liabilities:	(4,179)	50,878	1,129
Net cash provided by (used in) operating activities	547,147	445,414	498,218
Cash flows from investing activities
Investments in subsidiaries, equity basis	99,498	67,741	66,644
Net cash provided by (used in) investing activities	99,498	67,741	66,644
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(349,347)	(299,403)	(306,136)
Purchase of treasury stock	(188,794)	(191,138)	(229,012)
Tax receivable agreement obligations	(20,773)	(20,226)	(23,275)
Issuance of common stock in connection with secondary offering, net of offering costs	0	0	0
Net cash provided by (used in) financing activities	(560,480)	(510,767)	(559,989)
Net increase (decrease) in cash and cash equivalents	86,165	2,388	4,873
Cash, cash equivalents, and restricted or segregated cash, beginning of period	30,369	27,981	23,108
Cash, cash equivalents, and restricted or segregated cash, end of period	116,534	30,369	27,981
Supplementary disclosure of cash flow information
Taxes paid	67,427	10,675	14,957
Non-cash financing activities
Tax receivable agreement described in Note 5	(4,497)	(209)	(3,787)
Repurchase of Class C common stock	(1,018)	(76)	(2,330)
Purchase of treasury stock	(406)	(1,340)	0
VFH \| Class C Common Stock
Cash flows from financing activities
Repurchase of Class C common stock	$ (1,566)	$ 0	$ (1,566)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets
Tax Receivable Agreement	$ 91,355	$ 114,402
Share-based compensation	16,072	15,053
Fixed assets and other	4,153	32,980
Tax credits and net operating loss carryforwards	7,880	10,334
Less: Valuation allowance on net operating loss carryforwards and tax credits	(7,880)	(10,334)
Total deferred income tax assets	111,580	162,435
Deferred income tax liabilities
Intangibles	19,158	27,389
Fixed assets	685	431
Total deferred income tax liabilities	$ 19,843	$ 27,820

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A - shares	Nov. 13, 2020	Jun. 02, 2025
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)		33,500,000
Service period	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Equipment and Capitalized Software - Summary of Property, Equipment and Capitalized Software (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 533,380	$ 471,617
Less: Accumulated depreciation and amortization	(437,002)	(380,202)
Total property, equipment and capitalized software, net	96,378	91,415
Capitalized software costs
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	180,937	131,876
Leasehold improvements
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	22,364	21,143
Furniture and equipment
Property, Equipment and Capitalized Software
Property, equipment and capitalized software, gross	$ 330,079	$ 318,598

Digital Assets Held

12 Months Ended

Dec. 31, 2025

Crypto Asset, Cost [Abstract]

Digital Assets Held

The following table summarizes Digital assets held at December 31, 2025 and December 31, 2024:



(in thousands, except units)	December 31, 2025					December 31, 2024
	Units	Cost Basis		Fair Value		Carrying Value
Bitcoin	1,274	$	112,392	$	111,760	$	59,925


Other	NM	41,802		42,850		22,871
Total Digital assets held		$	154,194	$	154,610	$	82,796

As of December 31, 2025, 50.0 million PYTH tokens with a fair value of $2.8 million are subject to selling restrictions. The time-based selling restrictions will unlock annually between 2026 and 2027.

The following table presents a reconciliation of the Company’s Digital assets held:


(in thousands)	Value of Digital Assets Held






At December 31, 2024	$	82,796
Cumulative-effect adjustment due to the adoption of ASU 2023-08	25,358
Additions (1)	118,691,937
Dispositions (2)	(118,594,821)
Gains (3)	20,147
Losses (3)	(70,807)
At December 31, 2025	$	154,610
(1) Additions primarily include purchases of digital assets.
(2) Dispositions primarily include sales of digital assets.
(3) Gains and losses are recorded primarily in Trading income, net within the Consolidated Statements of Comprehensive Income. These amounts include cumulative realized gains of $20.2 million and cumulative realized losses of $48.9 million during the year ended December 31, 2025.

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal and Regulatory Proceedings In the ordinary course of business, the nature of the Company’s business subjects it to claims, lawsuits, regulatory examinations or investigations and other proceedings, any of which could result in the imposition of fines, penalties or other sanctions against the Company. The Company and its subsidiaries are subject to several of these matters at the present time. As previously disclosed in prior regulatory filings, the U.S. Securities and Exchange Commission (“SEC”) undertook an investigation of aspects of the Company’s internal information access barriers. The Company cooperated with this civil investigation and engaged in settlement discussions but was unable to reach a settlement. In September 2023, the SEC filed an action against the Company in federal court in the Southern District of New York, alleging violations of federal securities laws with respect to the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period. In December 2025, the matter was resolved as the Company voluntarily consented to the entry of a final order without admitting or denying the SEC’s allegations with respect to its policies and procedures. Pursuant to the order, the Company paid a penalty in the amount of $2.5 million and consented to an injunction with respect to violations of Section 15(g) of the Securities Exchange Act of 1934, while the SEC’s claims with respect to the Company’s statements were dismissed with prejudice. In matters related to the SEC investigation noted above, the Company and certain of its current and former executive officers were named as defendants on May 19, 2023 in Hiebert v. Virtu Financial, Inc., No. 23-cv-03770 and on October 31, 2023 in City of Birmingham Retirement and Relief System v. Virtu Financial, Inc., No. 23-cv-08123. The complaints were each filed by purported stockholders in the Eastern District of New York on behalf of a putative class and assert that the Company made materially false and misleading statements and omissions in its public filings in violation of federal securities laws. The complaints were subsequently consolidated and recaptioned in re Virtu Financial, Inc. Securities Litigation, No. 23-cv-03770. The Company believes the defendants have meritorious defenses against claims that its public disclosures were inadequate or misleading. The Company maintains that such disclosures were true and accurate and compliant with applicable law, and the defendants are defending themselves vigorously. The Company also has received requests for information related to the SEC investigation pursuant to Section 220 of the Delaware General Corporation Law from counsel for purported stockholders. On March 26, 2025, members of the Company’s Board of Directors and certain current and former executives were named in a derivative complaint in Adams v. Viola et al., No. 1:25-cv-1688 filed on behalf of the Company in the Eastern District of New York in which it is asserted that the defendants breached fiduciary duties to the Company related to the FS matter. A similar derivative complaint was filed on April 9, 2025 in Deisz v. Viola et al., 25-CV-1958 in the Eastern District of New York against current and former members of the Board of Directors and executives. The derivative complaints were subsequently consolidated and recaptioned In re Virtu Financial Inc. Derivative Litigation. On December 11, 2025, a complaint making similar allegations against current and former directors and officers, captioned Curti v. Viola et al., No. 2025-1441-KSJM, was filed in Delaware Chancery Court. The defendants in these cases deny that they breached any fiduciary duties related to the FS matter and are defending themselves vigorously. On November 30, 2020, the Company was named as a defendant in In re United States Oil Fund, LP Securities Litigation, No. 20-cv-4740. The consolidated amended complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with trading in United States Oil Fund, LP, a crude oil ETF. The complaint also names the ETF, its sponsor, and related individuals as defendants. The complaint did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated amended complaint on January 29, 2021; the motion was granted on September 29, 2025. In November, 2025, the plaintiffs moved for leave to file a proposed second amended complaint, briefing was completed on the motion and it is currently pending before the court. The Company believes that the claims are without merit and plans to continue defending itself vigorously if necessary. On March 7, 2022, the Company was named as a defendant in Iron Workers Local No. 55 Pension Fund v. Virtu Financial, Inc., No. 2022-0211-PAF pending in the Court of Chancery of the State of Delaware. The complaint, filed by a purported stockholder, seeks to compel the inspection of certain Company books and records pursuant to Section 220 of the Delaware General Corporation Law. The complaint (the “220 Complaint”) alleged that the stockholder sought Company information to investigate (a) whether wrongdoing or mismanagement occurred in connection with distributions made to the partners of Virtu Financial pursuant to the Company’s Up-C corporate structure; (b) the independence and disinterestedness of the Company’s directors and/or officers and whether the directors breached their fiduciary duties; and (c) potential damages relating thereto. The Company made substantial productions of documents and other information in response to plaintiff's requests. In January 2025, the plaintiff voluntarily dismissed the 220 Complaint and filed a complaint in the Court of Chancery of the State of Delaware naming the Company and its directors, officers, and controlling stockholder as defendants, captioned Iron Workers Local No. 55 Pension Fund v. Viola et al., No. 2025-0058-JTL, alleging breaches of fiduciary duties which purportedly have caused harm to holders of the Company’s Class A common stock. The defendants in these cases deny they breached their fiduciary duties and are defending themselves vigorously. On October 17, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Mallinckrodt PLC, et al. (Reorganized Debtors); Opioid Master Disbursement Trust II v. Argos Capital Appreciation Master Fund LP et al No. 20-12522. The complaint alleges that Mallinckrodt PLC engaged in a share repurchase program from 2015 through 2018 pursuant to which it repurchased its own shares in various open market transactions, a period during which it was allegedly insolvent. The debtor plaintiff is seeking to unwind the transactions consummated under the program, alleging such transactions constituted fraudulent transfers by the debtor. The Company believes it has meritorious defenses against any unwinding of transactions, and the court granted its motion to dismiss in March 2025. The debtor plaintiff appealed the dismissal to the United States District Court for the District of Delaware, and the district court affirmed the bankruptcy court’s dismissal in November 2025. On December 1, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Northwest Biotherapeutics, Inc. v. Canaccord Genuity LLC, et al No. 1:22-cv-10185, filed in United States District Court in the Southern District of New York. The initial complaint alleged that defendants engaged in market manipulation in the plaintiff’s stock during a period from 2018 to 2022. A first amended complaint was filed on April 10, 2023, bringing substantially the same allegations as the initial complaint. The first amended complaint was dismissed with leave to amend on February 14, 2024. Plaintiff filed a second amended complaint on March 18, 2024. Neither the operative complaint nor prior iterations specify the amount of alleged damages. On March 27, 2025, the district court partially granted the defendants’ motion to dismiss. On November 14, 2025, the Company’s subsidiary, along with another market maker, was named as a defendant in Genius Group Limited v. Citadel Securities LLC, et al No. 1:25-CV-09546, filed in United States District Court in the Southern District of New York. The putative class action complaint alleges that defendants engaged in market manipulation of the plaintiff’s stock during a period from 2022 to 2025. On January 7, 2026, the Company, along with several other parties, was named as a defendant in Asia Broadband, Inc. v. Virtu Financial Inc. et al No. 2:26-cv-00175, filed in United States District Court in the Central District of California. The putative class action complaint alleges that the defendants engaged in market manipulation of the plaintiff’s stock during a period from 2021 to 2025. The Company believes that all of these claims are without merit and is defending itself vigorously. On October 7, 2024, the Company and its 50% owned subsidiary, NLN Holdings, LLC, along with several other defendants, were named in a lawsuit brought by Skywave Networks, LLC in the United States District Court for the Northern District of Illinois, Skywave Networks, LLC v. DiSomma, et al., 1:24-cv-09650 (N.D.Ill.). The complaint alleges that defendants engaged in violations of federal law, 18 U.S.C. sec. 1962, in connection with the application for and utilization of various licenses issued by the Federal Communications Commission, purportedly harming plaintiffs’ attempts to offer certain network communications capacity on a commercial basis. The complaint does not specify any amount of alleged damages. On February 13, 2025, the plaintiffs filed a First Amended Complaint which does not specify any amount of alleged damages. On December 2, 2025, the court granted the Company’s motion to dismiss the complaint. On December 31, 2025, the Plaintiffs filed a notice of appeal with the 7th Circuit Court of Appeals. The Company believes that the claims are without merit and intends to continue to defend itself vigorously. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, particularly in regulatory examinations or investigations or other proceedings in which substantial or indeterminate judgments, settlements, disgorgements, restitution, penalties, injunctions, damages or fines are sought, or where such matters are in the early stages, the Company cannot estimate losses or ranges of losses for such matters where there is only a reasonable possibility that a loss may be incurred, and utilizes its judgment in accordance with applicable accounting standards in booking any associated estimated liability. It is not presently possible to determine the ultimate exposure to these matters and it is possible that the resolution of the outstanding matters will significantly exceed any estimated liabilities accrued by the Company. In addition, there are numerous factors that result in a greater degree of complexity in class-action lawsuits as compared to other types of litigation. There can be no assurance that these various legal proceedings will not significantly exceed any estimated liability accrued by the Company or have a material adverse effect on the Company’s results of operations in any future period, and a material judgment, fine or sanction could have a material adverse impact on the Company’s financial condition, results of operations and cash flows. However, it is the opinion of management, after consultation with legal counsel that, based on information currently available, the ultimate outcome of these matters will not have a material adverse impact on the business, financial condition or operating results of the Company, although they might be material to the operating results for any particular reporting period. The Company carries directors’ and officers’ liability insurance coverage and other insurance coverage for potential claims, including securities actions, against the Company and its respective directors and officers. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company’s systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company’s regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been increased regulatory, congressional and media scrutiny of U.S. equities market structure, the retail trading environment in the U.S., wholesale market making and the relationships between retail broker-dealers and market making firms including, but not limited to, payment for order flow arrangements, other remuneration arrangements such as profit-sharing relationships and exchange fee and rebate structures, alternative trading systems and off-exchange trading more generally, high frequency trading, short selling, market fragmentation, colocation, and access to market data feeds. In 2022 and 2023, the SEC under the prior administration proposed several rule changes focused on equity market structure reform, certain of which have been adopted, while others remain pending while others have been withdrawn. The SEC has recently (i) adopted rule amendments to minimum pricing increments under Rule 612 of Regulation NMS, access fee caps under Rule 610 of Regulation NMS, acceleration of the implementation of certain Market Data Infrastructure Rules, and an amendment to the odd-lot information definition adopted under the MDI rules (collectively referred to as the “tick size, access fees and infrastructure rule proposals”), which had a previous compliance date commencing in November 2025, and the compliance date for tick size and access fees rule changes have been delayed until November 2026, and the infrastructure rule proposal concerning odd lots has been delayed until May 2026, (ii) adopted amendments to Rule 605 of Regulation NMS, which had an initial compliance date on or about December 15, 2025 which has been postponed until August 1, 2026, and (iii) approved a funding model submitted by several exchanges in relation to the Consolidated Audit Trail (CAT) which provided for fee collection commencing in November 2024 but which was ultimately struck down by the 11th Circuit Court of Appeals. In June of 2025, under Chair Atkins, the SEC withdrew the following previously pending proposals: (i) Proposed Rule 615 of Regulation NMS (i.e., the Order Competition Rule), (ii) Regulation Best Execution, (iii) a series of amendments to the definition of Exchange and Alternative Trading Systems (ATS), (iv) proposed amendments to expand and update Regulation Systems Compliance and Integrity (SCI), and (v) a proposal to restrict volume based tiered pricing by equity exchanges in certain cases. Further, the FTC took steps to dismiss its appeal and accede to a vacatur of its previously announced final rule banning most non-compete clauses in employer-employee contracts. Other recent developments in law and regulation relating to digital assets and cryptocurrency include the adoption of the Guiding and Establishing National innovation for U.S. Stablecoins Act (the “GENIUS Act”) and the proposal of the Digital Asset Market Clarity Act (the “CLARITY Act”) and the “Responsible Financial Innovation Act of 2025” in the United States, and the adoption of the Markets in Crypto-Assets Regulation (MiCAR) in the EU. These remaining pending or potential rule changes in law, rule or regulation, to the extent adopted, along with those that have recently been adopted, could adversely affect the Company’s business or the Company’s industry, though may also have positive impacts. As indicated above, from time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority (“FINRA”), state attorneys general, and other regulators and governmental authorities. It is the Company’s practice to cooperate and comply with the requests for information and documents. As indicated above, the Company is currently the subject of various regulatory reviews and investigations by state, federal and foreign regulators and SROs, including the SEC and FINRA. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. Further, as noted in the above Legal and Regulatory Proceedings section, there is inherent difficulty in predicting the outcome of regulatory examinations or investigations, and the Company cannot estimate losses or ranges of losses for these matters above what has already been accrued for. Representations and Warranties; Indemnification Arrangements In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations, including indemnification obligations in connection with the Acquisition of KCG and the ITG Acquisition. The Company’s maximum exposure under these arrangements is currently unknown, as such exposure could relate to claims not yet brought or events which have not yet occurred. Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and general indemnifications. The Company has also provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any claims.

Cash

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,061,697	$	872,513
Cash restricted or segregated under regulations and other	64,744		41,478

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,126,441	$	913,991

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025		2024		2023
(in thousands)
U.S. operations	$	792,839	$	456,613	$	248,987
Non-U.S. operations	301,490		188,357		76,144
	$	1,094,329	$	644,970	$	325,131

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current provision (benefit)
Federal	$	71,858	$	52,009	$	14,959
State and Local	19,512		18,634		12,972
Foreign	52,043		33,652		18,016
Deferred provision (benefit)
Federal	34,024		5,194		9,125
State and Local	4,674		875		1,832
Foreign	(46)		71		4,306
Provision for income taxes	$	182,065	$	110,435	$	61,210

Schedule of Reconciliation of the Tax Provision at U.s. Federal Statutory Rate to the Provision for Income Taxes

A reconciliation of the provision of income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2025
	(in thousands)		Percent
U.S. federal statutory tax rate	$	229,809	21.0	%
Less: provision attributable to noncontrolling interest	(98,361)		(9.0)
State and local income tax, net of federal income tax effects (1)	24,754		2.3
Foreign tax effects
Ireland	17,428		1.6
United Kingdom	16,246		1.5
Singapore	11,589		1.1
All other jurisdictions	6,734		0.6

Effect of cross-border tax laws	(50)		0.0
Tax credits
Foreign tax credit	(29,307)		(2.7)
All other credits	(3,491)		(0.3)

Nontaxable or nondeductible items	285		0.0
Changes in unrecognized tax benefits	10,014		0.9
Other, net	(3,585)		(0.4)
Effective tax rate	$	182,065	16.6	%
(1) State and local taxes in New York and New York City contributed to the majority of the tax effect in this category.

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the

years ended December 31, 2024 and 2023 is as follows:


	Years Ended December 31,
	2024		2023
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(9.0)	%	(8.7)	%
State and local taxes, net of federal benefit	2.4	%	3.5	%


Non-deductible expenses, net	0.3	%	0.5	%
Excess tax benefit (deficiency) from share based compensation	0.1	%	0.3	%
Foreign taxes	5.2	%	6.9	%
Foreign tax credits	(2.3)	%	(3.8)	%
Other, net	(0.6)	%	(0.9)	%
Effective tax rate	17.1	%	18.8	%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31,
(in thousands)	2025		2024
Deferred income tax assets
Tax Receivable Agreement	$	91,355	$	114,402
Share-based compensation	16,072		15,053

Fixed assets and other	4,153		32,980
Tax credits and net operating loss carryforwards	7,880		10,334
Less: Valuation allowance on net operating loss carryforwards and tax credits	(7,880)		(10,334)
Total deferred income tax assets	$	111,580	$	162,435

Deferred income tax liabilities
Intangibles	$	19,158	$	27,389
Fixed assets	685		431
Total deferred income tax liabilities	$	19,843	$	27,820

Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in Accounts payable and accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.


(in thousands)




Balance at December 31, 2023	$	6,802
Decreases based on tax positions related to prior period	—
Increase based on tax positions related to current period	1,464
Balance at December 31, 2024	8,266

Decreases based on tax positions related to prior period	(5,533)
Increase based on tax positions related to current period	16,444
Balance at December 31, 2025	$	19,177

Schedule of Income Taxes Paid

The amounts of cash income taxes paid by the Company were as follows:


	Year Ended December 31,
(in thousands)	2025
Federal	$	55,886
State and local
New York City	11,287
All other states	7,783
Foreign
United Kingdom	22,007
Ireland	13,981
All other foreign	11,004
Income taxes, net of amounts refunded	$	121,948

Sale of RFQ-hub - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 09, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 19, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 37,932	$ 0	$ 0
Disposed of by sale \| RFQ-hub
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of joint venture percentage	49.00%				49.00%
Total sale proceeds received	$ 37,932
Disposal of minority interest, percentage	2.00%
Gain on sale of RFQ-hub	$ 66,988

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Earnings per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 437,761	$ 260,394	$ 133,885
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	85,216,028	87,482,162	94,076,165
Weighted average shares of common stock outstanding (in shares)	85,318,436	87,821,576	94,076,165
Diluted earnings per share (in dollars per share)	$ 5.13	$ 2.97	$ 1.42
Class A
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	85,216,028	87,482,162	94,076,165
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan (in shares)	102,408	339,414	0
Weighted average shares of common stock outstanding (in shares)	85,318,436	87,821,576	94,076,165

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease cost:
Fixed	$ 70,553	$ 73,046	$ 76,424
Variable	6,745	5,856	6,151
Impairment of ROU Asset	465	10,031	0
Total Operating lease cost	77,763	88,933	82,575
Sublease income	13,077	16,896	19,506
Finance lease cost:
Amortization of ROU Asset	7,751	10,512	9,079
Interest on lease liabilities	1,224	1,559	1,156
Total Finance lease cost	$ 8,975	$ 12,071	$ 10,235

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory tax rate	$ 229,809
Less: provision attributable to noncontrolling interest	(98,361)
State and local income tax, net of federal income tax effects	24,754
Effect of cross-border tax laws	(50)
Foreign tax credit	(29,307)
All other credits	(3,491)
Nontaxable or nondeductible items	285
Changes in unrecognized tax benefits	10,014
Other, net	(3,585)
Provision for income taxes	$ 182,065	$ 110,435	$ 61,210
Percent
Tax provision at the U.S. federal statutory rate	21.00%	21.00%	21.00%
Less: rate attributable to noncontrolling interest	(9.00%)	(9.00%)	(8.70%)
State and local taxes, net of federal benefit	2.30%	2.40%	3.50%
Foreign taxes		5.20%	6.90%
Effect of cross-border tax laws	0.00%
Non-deductible expenses, net	0.00%	0.30%	0.50%
Excess tax benefit (deficiency) from share based compensation		0.10%	0.30%
Foreign tax credits	(2.70%)	(2.30%)	(3.80%)
All other credits	(0.30%)
Changes in unrecognized tax benefits	0.90%
Other, net	(0.40%)	(0.60%)	(0.90%)
Effective tax rate	16.60%	17.10%	18.80%
Ireland
Amount
Foreign tax effects	$ 17,428
Percent
Foreign taxes	1.60%
United Kingdom
Amount
Foreign tax effects	$ 16,246
Percent
Foreign taxes	1.50%
Singapore
Amount
Foreign tax effects	$ 11,589
Percent
Foreign taxes	1.10%
All other jurisdictions
Amount
Foreign tax effects	$ 6,734
Percent
Foreign taxes	0.60%

Organization and Basis of Presentation (Details) instrument in Thousands	12 Months Ended
	Dec. 31, 2025 instrument venue country acquisition segment	May 09, 2025	Apr. 19, 2024
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments \| instrument	25
Number of venues \| venue	250
Number of countries in which entity operates \| country	40
Company’s product offering in number of counties (over) \| country	50
Number of significant acquisitions \| acquisition	2
Number of operating segments \| segment	2
Number of non-operating segments \| segment	1
Disposed of by sale \| RFQ-hub
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Divestiture of joint venture percentage		49.00%	49.00%
Disposal of minority interest, percentage		2.00%
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	57.20%

Sale of RFQ-hub (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Value and Gain on Sale of BondPoint

A summary of the gain on sale and deconsolidation of RFQ-hub is as follows:


(in thousands)	May 9, 2025
Total sale proceeds received	$	37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Carrying value of RFQ-hub’s net assets:
Cash and cash equivalents	$	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	$	(1,684)

Less: Total carrying value of RFQ-hub’s net assets	$	8,100

Gain on sale of RFQ-hub	$	66,988


(in thousands)	December 31, 2024

Business assets and liabilities held for sale:

Receivables from broker-dealers and clearing organizations	$	194
Property, equipment and capitalized software (net)	854
Intangibles (net)	3,486
Other assets	81
Liabilities	$	(1,526)

Total carrying value of RFQ-hub	$	3,089

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Summary of Significant Accounting Policies - Share-Based Compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Number of days prior to the grant that common stock and restricted stock units fair value is determined based on	3 days
Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property, Equipment and Capitalized Software - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19.7	$ 24.5	$ 25.6
Capitalized software development costs	46.5	44.7	40.4
Amortization expense on capitalized software development costs	$ 44.7	$ 41.3	$ 37.7

Borrowings - Prime Brokerage Credit Facilities, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-term Debt [Line Items]
Weighted Average Interest Rate	1.30%	5.00%
Total principal of long-term borrowings	$ 2,067,334	$ 1,767,265
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	5.71%	6.69%
Financing Available	$ 645,622	$ 623,168
Total principal of long-term borrowings	$ 203,816	$ 122,953

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	New York, New York

Property, Equipment and Capitalized Software

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2025 and December 31, 2024:


(in thousands)	December 31, 2025		December 31, 2024
Capitalized software costs	$	180,937	$	131,876
Leasehold improvements	22,364		21,143
Furniture and equipment	330,079		318,598

Total	533,380		471,617
Less: Accumulated depreciation and amortization	(437,002)		(380,202)
Total property, equipment and capitalized software, net	$	96,378	$	91,415

Depreciation expense for property and equipment for the years ended December 31, 2025, 2024, and 2023 was approximately $19.7 million, $24.5 million, and $25.6 million, respectively, and is included within depreciation and amortization expense in the Consolidated Statements of Comprehensive Income.

The Company’s capitalized software development costs were approximately $46.5 million, $44.7 million, and $40.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. The related amortization expense was approximately $44.7 million, $41.3 million, and $37.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, and is included within Depreciation and amortization in the Consolidated Statements of Comprehensive Income.

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	$ 1,487,377	$ 1,405,356	$ 1,651,427
Balance at end of period	1,973,403	1,487,377	1,405,356
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	(7,063)	17,047	31,604
Amounts recorded in AOCI	5,210	7,747	15,750
Amounts reclassified from AOCI to income	(1,158)	(31,857)	(30,307)
Balance at end of period	(3,011)	(7,063)	17,047
Net change in unrealized cash flow hedges gains (losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	4,943	23,416	44,925
Amounts recorded in AOCI	(3,785)	13,384	8,798
Amounts reclassified from AOCI to income	(1,158)	(31,857)	(30,307)
Balance at end of period	0	4,943	23,416
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	(12,006)	(6,369)	(13,321)
Amounts recorded in AOCI	8,995	(5,637)	6,952
Amounts reclassified from AOCI to income	0	0	0
Balance at end of period	$ (3,011)	$ (12,006)	$ (6,369)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The Company’s Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates. Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future. The Company grants restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), certain of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSAs and participating unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method. Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), and special reserve accounts for the exclusive benefit of proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases. Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its securities borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the Consolidated Statements of Financial Condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the Consolidated Statements of Financial Condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income. Receivables from/Payables to Broker-dealers and Clearing Organizations Receivables from and payables to broker-dealers and clearing organizations primarily represent amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges, and balances due from or due to prime brokers in relation to the Company’s trading. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers to minimize the risk of any losses from these counterparties. Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, and Financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in Trading income, net, in the Consolidated Statements of Comprehensive Income. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in Other, net in the Consolidated Statements of Comprehensive Income. The decision to elect the fair value option is determined on an instrument by instrument basis, which must be applied to an entire instrument and is irrevocable once elected. Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. The Company does not apply hedge accounting as defined in ASC 815, Derivatives and Hedging, and accordingly gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings. The Company had entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. For interest rate swap agreements designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Digital Assets Held Effective January 1, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60) using a modified retrospective approach. This ASU requires measurement of in-scope crypto assets at fair value with gains or losses from remeasurement recognized in net income. The Company, through a foreign subsidiary, had previously entered into certain token purchase, grant and/or similar agreements to purchase, be granted and/or otherwise acquire a certain amount of crypto tokens. At December 31, 2024, based on the nature of the assets, these tokens were recorded at cost within Intangibles on the Consolidated Statements of Financial Condition, in accordance with ASC 350, Intangibles—Goodwill and Other. Upon adoption, the Company records these tokens at fair value within Other assets on the Consolidated Statements of Financial Condition. As of January 1, 2025, the Company recorded a fair value adjustment of $25.4 million and established a deferred tax liability of $3.6 million, for a net cumulative-effect adjustment of $21.8 million in the beginning balance of Retained earnings. Subsequently, the Company remeasures these tokens at fair value at the end of each reporting period with changes recognized through Other, net on the Consolidated Statements of Comprehensive Income. The Company has other digital assets which were measured at fair value at December 31, 2024 based on the nature of the assets and the specialized accounting applied. The Company uses the “first-in, first-out” method to determine the cost basis for its Digital assets held. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the life of the improvement or the term of the lease. Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll-related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software. Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use (“ROU”) assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company’s lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2025, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified. Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment when impairment indicators are present, and if impaired, they are written down to fair value. Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges. Trading Income, net Trading income, net is primarily composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income. Commissions, net and Technology Services Commissions, net, which primarily comprise commissions earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology. Interest and Dividends Income/Interest and Dividends Expense Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis. Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net Brokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company. Income Taxes The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company’s subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. The provision for income tax comprises current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year. Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments, net of taxes and mark-to-market gains and losses on the Company’s derivative instruments designated as hedging instruments under ASC 815, net of taxes. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in Accumulated OCI, a component of stockholders’ equity. While certain of the Company’s foreign subsidiaries use the U.S. dollar as their functional currency, the Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are initially included in Accumulated OCI on the Consolidated Statements of Financial Condition and OCI on the Consolidated Statements of Comprehensive Income, as the hedged item affects earnings. Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company’s initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Second Amended and Restated 2015 Management Incentive Plan”) are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options. Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accounting Pronouncements, Recently Adopted Business Combinations—Joint Venture Formations - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60). This ASU provides updated guidance on accounting for the formation of joint ventures. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Intangibles—Goodwill and Other—Crypto Assets - In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60). This ASU requires measurement of in-scope crypto assets at fair value and provides updated guidance on presentation and disclosure requirements for crypto assets. The Company adopted this ASU on January 1, 2025. See above and Note 11 “Digital Assets Held” for details on the impact of the adoption. Compensation—Stock Compensation - In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718). This ASU clarifies ASC 718 scope application for profits interest or similar awards through illustrative examples. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Codification Improvements - In March 2024, the FASB issued ASU 2024-02, Codification Improvements. This ASU aims to improve and simplify the language and structure of the Codification by removing references to Concepts Statements. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Income Taxes - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU requires disclosure of additional disaggregated information on effective tax rate reconciliation and income taxes paid. This ASU is effective for periods beginning after December 15, 2024. The Company adopted this ASU on a prospective basis during the year ended December 31, 2025 and included additional required disclosures in Note 15 “Income Taxes.” The ASU did not have other material impact on the Company’s Consolidated Financial Statements. Accounting Pronouncements, Not Yet Adopted as of December 31, 2025 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). These ASUs require disclosure of disaggregated information of Income Statement expense captions that include certain costs, such as employee compensation, depreciation, and intangible asset amortization. They also require disclosure of the total amounts of selling expenses, along with an entity's definition of selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of these ASUs, but does not expect them to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810). This ASU clarifies the requirement for identifying the accounting acquirer in a business combination involving a Variable Interest Entity (“VIE”). This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Intangibles—Goodwill and Other—Internal-Use Software - In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This ASU updates the capitalization criteria for internal-use software cost by removing references to software development project stages. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Derivatives and Hedging - In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815). This ASU incorporates targeted improvements to the hedge accounting guidance intended to better align financial reporting with the economics of an entity’s risk management activities. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Interim Reporting - In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This ASU provides clarity and enhances the navigability of existing interim disclosures required by U.S. GAAP. This ASU is effective for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Codification Improvements - In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Evergreen). This ASU improves the ASC for a broad range of Topics through technical corrections, clarifications, and other minor enhancements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Due from prime brokers	$ 902,859	$ 344,662
Deposits with clearing organizations	253,010	223,582
Net equity with futures commission merchants	455,105	199,771
Unsettled trades with clearing organizations	28,354	17,239
Securities failed to deliver	220,326	274,072
Commissions and fees	36,751	41,524
Total receivables from broker-dealers and clearing organizations	1,896,405	1,100,850
Liabilities
Due to prime brokers	612,679	583,914
Net equity with futures commission merchants	(4,278)	(16,651)
Unsettled trades with clearing organizations	238,872	251,036
Securities failed to receive	145,548	94,941
Commissions and fees	5,455	5,326
Total payables to broker-dealers and clearing organizations	$ 998,276	$ 918,566

Financial Assets and Liabilities - Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Securities borrowed
Gross Amounts of Recognized Assets	$ 3,191,138	$ 2,294,529
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	3,191,138	2,294,529
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(3,083,612)	(2,222,054)
Counterparty Netting/ Cash Collateral	(53,461)	(39,309)
Net Amount	54,065	33,166
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	988,929	983,941
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	988,929	983,941
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(988,274)	(983,753)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	655	188
Amounts Not Offset in the Consolidated Statements of Financial Condition
Net Amount	54,065	33,166
Total
Gross Amounts of Recognized Assets	4,489,382	4,050,863
Amounts Offset in the Consolidated Statements of Financial Condition	(204,775)	(676,905)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	4,284,607	3,373,958
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	(4,071,886)	(3,205,807)
Counterparty Netting/ Cash Collateral	(150,169)	(94,732)
Net Amount	62,552	73,419
Currency forwards
Amounts Not Offset in the Consolidated Statements of Financial Condition
Net Amount	7,081	40,065
Trading assets, at fair value:
Gross Amounts of Recognized Assets	211,856	716,970
Amounts Offset in the Consolidated Statements of Financial Condition	(204,775)	(676,905)
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	7,081	40,065
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	7,081	40,065
Options
Amounts Not Offset in the Consolidated Statements of Financial Condition
Net Amount	751	0
Trading assets, at fair value:
Gross Amounts of Recognized Assets	97,459	55,423
Amounts Offset in the Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition	97,459	55,423
Amounts Not Offset in the Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(96,708)	(55,423)
Net Amount	$ 751	$ 0

Parent Company - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 3,632,118	$ 2,876,949	$ 2,293,373
Operating Expenses:
Operations and administrative	97,922	97,002	98,972
Net income	912,264	534,535	263,921
Net income available for common stockholders	468,361	276,415	142,036
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	15,731	(9,048)	4,957
Net change in unrealized cash flow hedges gains (losses), net of taxes	(397)	(32,251)	(36,993)
Comprehensive income attributable to common stockholders	472,413	252,305	127,479
VFH
Revenues:
Total revenues	0	0	0
Operating Expenses:
Operations and administrative	(1,801)	(142)	(213)
Income (loss) before equity in income of subsidiary	1,801	142	213
Equity in income (loss) of subsidiary, net of tax	466,560	534,393	263,708
Net income	468,361	534,535	263,921
Net income available for common stockholders	468,361	534,535	263,921
Other comprehensive income (loss):
Foreign exchange translation adjustment, net of taxes	8,995	(5,637)	6,952
Net change in unrealized cash flow hedges gains (losses), net of taxes	(4,943)	(18,473)	(21,509)
Comprehensive income attributable to common stockholders	472,413	510,425	249,364
VFH \| Other Income
Revenues:
Total revenues	$ 0	$ 0	$ 0

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term
Operating leases	4 years 4 months 24 days	4 years 7 months 6 days
Finance leases	2 years 6 months 29 days	3 years 6 months 10 days
Weighted average discount rate
Operating leases	5.95%	6.36%
Finance leases	5.83%	5.97%

Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at December 31, 2025 and December 31, 2024:


(in thousands)		December 31, 2025				December 31, 2024
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	(60)	$	1,017,174	$	(541)	$	1,069,167
Commodity futures	Receivables from broker-dealers and clearing organizations	(20,294)		11,492,904		5,096		5,610,161
Currency futures	Receivables from broker-dealers and clearing organizations	4,418		4,575,259		(6,093)		5,211,677
Fixed income futures	Receivables from broker-dealers and clearing organizations	(25)		11,711		(3,890)		110,748

Options	Financial instruments owned	97,459		2,565,169		55,423		808,189
Currency forwards	Financial instruments owned	211,856		28,015,291		716,970		42,202,047





Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	1,399	$	940,143	$	527	$	1,774,043
Commodity futures	Payables to broker-dealers and clearing organizations	(4,409)		171,504		(277)		56,331
Currency futures	Payables to broker-dealers and clearing organizations	216		212,120		7,382		2,232,543
Fixed income futures	Payables to broker-dealers and clearing organizations	(199)		383,154		(74)		21,077
Options	Financial instruments sold, not yet purchased	216,992		2,637,691		5,240		820,023
Currency forwards	Financial instruments sold, not yet purchased	198,463		28,008,595		681,878		42,184,501

Derivative instruments designated as hedging instruments:

Interest rate swaps	Payables to broker-dealers and clearing organizations	—		—		2,572		1,075,000

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps.


		Years Ended December 31,
(in thousands)	Financial Statements Location		2025		2024		2023
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net		$	145,847	$	218,016	$	297,345
Currency forwards	Trading income, net		176,339		(93,647)		(150,071)
Options	Trading income, net		(13,756)		100,174		21,224
Interest rate swap on term loans (1)	Other, net		—		5,686		(1,720)
Terminated interest rate swaps (2)	Financing interest expense on long-term borrowings		(3,216)		(39,782)		(3,994)
			$	305,214	$	190,447	$	162,784

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income		$	2,613	$	5,842	$	(35,990)

			$	2,613	$	5,842	$	(35,990)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 8,266	$ 6,802
Decreases based on tax positions related to prior period	(5,533)	0
Increase based on tax positions related to current period	16,444	1,464
Ending balance	$ 19,177	$ 8,266

Digital Assets Held - Schedule of Reconciliation of Digital Assets Held (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Crypto Asset [Roll Forward]
Fair Value of Digital assets held, Beginning Balance	$ 82,796
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2023-08 [Member]
Addition	118,691,937
Dispositions	(118,594,821)
Gains	$ 20,147
Crypto Asset Realized And Unrealized Gain Loss Operating Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Gains (3)
Losses	$ (70,807)
Crypto Asset Realized And Unrealized Gain Loss Non Operating Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Losses (3)
Fair Value of Digital assets held, Ending Balance	$ 154,610	$ 82,796
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2023-08 [Member]
Cumulative realized gain	20,200
Cumulative realized loss	48,900
Adjustment
Crypto Asset [Roll Forward]
Fair Value of Digital assets held, Beginning Balance	$ 25,358
Fair Value of Digital assets held, Ending Balance		$ 25,358

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The Company’s Consolidated Financial Statements are prepared in conformity with U.S. GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, allowance for doubtful accounts, goodwill and intangibles, compensation accruals, capitalized software, income tax, tax receivable agreements, leases, litigation accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is calculated on both a basic and diluted basis. Basic EPS excludes dilution and is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is calculated by dividing the net income available for common stockholders by the diluted weighted average shares outstanding for that period. Diluted EPS includes the determinants of the basic EPS and, in addition, reflects the dilutive effect of shares of common stock estimated to be distributed in the future. The Company grants restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), certain of which entitle recipients to receive non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. As a result, the unvested RSAs and participating unvested RSUs meet the definition of a participating security requiring the application of the two-class method. Under the two-class method, earnings available to common shareholders, including both distributed and undistributed earnings, are allocated to each class of common stock and participating securities according to dividends declared and participating rights in undistributed earnings, which may cause diluted EPS to be more dilutive than the calculation using the treasury stock method.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include money market accounts, which are payable on demand, and short-term investments with an original maturity of less than 90 days. The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Company manages this risk by selecting financial institutions deemed highly creditworthy to minimize the risk. Cash restricted or segregated under regulations and other represents (i) special reserve bank accounts for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by VAL in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), and special reserve accounts for the exclusive benefit of proprietary accounts of broker-dealers, (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers in Hong Kong, and (iv) funds relating to the securitization of bank guarantees supporting certain of the Company’s foreign leases.
Securities Borrowed and Securities Loaned	Securities Borrowed and Securities Loaned The Company conducts securities borrowing and lending activities with external counterparties. In connection with these transactions, the Company receives or posts collateral, which comprises cash and/or securities. In accordance with substantially all of its securities borrow agreements, the Company is permitted to sell or repledge the securities received. Securities borrowed or loaned are recorded based on the amount of cash collateral advanced or received. The initial cash collateral advanced or received generally approximates or is greater than 102% of the fair value of the underlying securities borrowed or loaned. The Company monitors the fair value of securities borrowed and loaned, and delivers or obtains additional collateral as appropriate. Receivables and payables with the same counterparty are not offset in the Consolidated Statements of Financial Condition. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase In a repurchase agreement, securities sold under agreements to repurchase are treated as collateralized financing transactions and are recorded at contract value, plus accrued interest, which approximates fair value. It is the Company's policy that its custodian take possession of the underlying collateral securities with a fair value approximately equal to the principal amount of the repurchase transaction, including accrued interest. For reverse repurchase agreements, the Company typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the Consolidated Statements of Financial Condition. To ensure that the fair value of the underlying collateral remains sufficient, the collateral is valued daily with additional collateral obtained or excess collateral returned, as permitted under contractual provisions. The Company does not net securities purchased under agreements to resell transactions with securities sold under agreements to repurchase transactions entered into with the same counterparty. The Company has entered into bilateral and tri-party term and overnight repurchase and other collateralized financing agreements which bear interest at negotiated rates. The Company receives cash and makes delivery of financial instruments to a custodian who monitors the market value of these instruments on a daily basis. The market value of the instruments delivered must be equal to or in excess of the principal amount loaned under the repurchase agreements plus the agreed upon margin requirement. The custodian may request additional collateral, if appropriate. Interest received or paid by the Company for these transactions is recorded gross on an accrual basis under Interest and dividends income or Interest and dividends expense in the Consolidated Statements of Comprehensive Income.
Receivables from/Payables to Broker-dealers and Clearing Organizations	Receivables from/Payables to Broker-dealers and Clearing Organizations Receivables from and payables to broker-dealers and clearing organizations primarily represent amounts due for unsettled trades, open equity in futures transactions, securities failed to deliver or failed to receive, deposits with clearing organizations or exchanges, and balances due from or due to prime brokers in relation to the Company’s trading. Amounts receivable from broker-dealers and clearing organizations may be restricted to the extent that they serve as deposits for securities sold, not yet purchased. The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met. In the normal course of business, a significant portion of the Company’s securities transactions, money balances, and security positions are transacted with several third-party brokers. The Company is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of such brokers to minimize the risk of any losses from these counterparties.
Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased	Financial Instruments Owned Including Those Pledged as Collateral and Financial Instruments Sold, Not Yet Purchased Financial instruments owned and Financial instruments sold, not yet purchased relate to market making and trading activities, and include listed and other equity securities, listed equity options and fixed income securities. The Company records Financial instruments owned, Financial instruments owned and pledged, and Financial instruments sold, not yet purchased at fair value. Gains and losses arising from financial instrument transactions are recorded net on a trade-date basis in Trading income, net, in the Consolidated Statements of Comprehensive Income.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The recognition of “block discounts” for large holdings of unrestricted financial instruments where quoted prices are readily and regularly available in an active market is prohibited. The Company categorizes its financial instruments into a three level hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy level assigned to each financial instrument is based on the assessment of the transparency and reliability of the inputs used in the valuation of such financial instruments at the measurement date based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories based on inputs: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active and financial instruments for which all significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Fair Value Option	Fair Value Option The fair value option election allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are recorded in Other, net in the Consolidated Statements of Comprehensive Income. The decision to elect the fair value option is determined on an instrument by instrument basis, which must be applied to an entire instrument and is irrevocable once elected.
Derivative Instruments	Derivative Instruments - Trading Derivative instruments are used for trading purposes, including economic hedges of trading instruments, are carried at fair value, and include futures, forward contracts, and options. The Company does not apply hedge accounting as defined in ASC 815, Derivatives and Hedging, and accordingly gains or losses on these derivative instruments are recognized currently within Trading income, net in the Consolidated Statements of Comprehensive Income. Fair values for exchange-traded derivatives, principally futures, are based on quoted market prices. Fair values for over-the-counter derivative instruments, principally forward contracts, are based on the values of the underlying financial instruments within the contract. The underlying instruments are currencies, which are actively traded. The Company presents its trading derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Derivative Instruments - Hedging The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings. The Company had entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with its long-term debt obligations. For interest rate swap agreements designated as hedges, the Company assesses its risk management objectives and strategy, including identification of the hedging instrument, the hedged item and the risk exposure and how effectiveness is to be assessed prospectively and retrospectively. The effectiveness of the hedge is assessed based on the overall changes in the fair value of the interest rate swaps. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses, to the extent effective, are included in Accumulated other comprehensive income on the Consolidated Statements of Financial Condition and Other comprehensive income on the Consolidated Statements of Comprehensive Income. The ineffective portion, if any, is recorded in Other, net on the Consolidated Statements of Comprehensive Income. The Company presents its hedging derivatives balances on a net-by-counterparty basis when the criteria for offsetting are met. Balances associated with hedging derivatives are recorded within Receivables from/Payables to broker-dealers and clearing organizations on the Consolidated Statements of Financial Condition. Cash flows associated with such derivative activities are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.
Digital Assets Held	Digital Assets Held Effective January 1, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60) using a modified retrospective approach. This ASU requires measurement of in-scope crypto assets at fair value with gains or losses from remeasurement recognized in net income.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, except for the assets acquired in connection with acquisitions using the purchase accounting method, which were recorded at fair value on date of acquisition. Depreciation is provided using the straight-line method over estimated useful lives of the underlying assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that appreciably extend the useful life of the assets are capitalized. When property and equipment are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable. Furniture, fixtures, and equipment are depreciated over three to seven years. Leasehold improvements are amortized over the lesser of the life of the improvement or the term of the lease.
Capitalized Software	Capitalized Software The Company capitalizes costs of materials, consultants, and payroll and payroll-related costs for employees incurred in developing internal-use software. Costs incurred during the preliminary project and post-implementation stages are charged to expense. Management’s judgment is required in determining the point at which various projects enter the stages at which costs may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized. Capitalized software development costs and related accumulated amortization are included in Property, equipment and capitalized software in the accompanying Consolidated Statements of Financial Condition and are amortized over a period of 1.5 to 3 years, which represents the estimated useful lives of the underlying software.
Leases	Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in Operating lease right-of-use (“ROU”) assets and Operating lease liabilities on the Consolidated Statements of Financial Condition. Operating lease ROU assets are assets that represent the lessee’s right to use, or control the use of, a specified asset for the lease term. Finance leases consist primarily of leases for technology and equipment and are included in Property, equipment, and capitalized software and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate, based on the information available at the commencement date of the lease, in determining the present value of future payments. The ROU assets are reduced by lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases and amortization of the finance lease ROU asset is recognized on a straight-line basis over the lease term. Lease expense related to the leasing of corporate office space is recorded in Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income. Lease expense related to the leasing of data centers and other technology is recorded in Communication and Data Processing on the Consolidated Statements of Comprehensive Income. Certain of the Company’s lease agreements contain fixed lease payments that contain lease and non-lease components; for such leases, the Company accounts for the lease and non-lease components as a single lease component. The Company nets its sublease income against corresponding lease expenses within Operations and Administrative expenses on the Consolidated Statements of Comprehensive Income.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the underlying net tangible and intangible assets of the Company’s acquisitions. Goodwill is not amortized but is assessed for impairment on an annual basis and between annual assessments whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is assessed at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company assesses goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events occur or certain circumstances exist. In the impairment assessment as of July 1, 2025, the Company assessed qualitative factors as described in ASC 350-20 for each of its reporting units for any indicators that the fair values of the reporting units were less than their carrying values. No impairment was identified.
Intangible Assets	Intangible Assets The Company amortizes finite-lived intangible assets over their estimated useful lives. Finite-lived intangible assets are tested for impairment when impairment indicators are present, and if impaired, they are written down to fair value.
Exchange Memberships and Stock	Exchange Memberships and Stock Exchange memberships are recorded at cost or, if any other than temporary impairment in value has occurred, at a value that reflects management’s estimate of fair value. Exchange stock includes shares that entitle the Company to certain trading privileges.
Trading Income, net	Trading Income, net Trading income, net is primarily composed of changes in the fair value of trading assets and liabilities (i.e., unrealized gains and losses) and realized gains and losses on trading assets and liabilities. Trading gains and losses on financial instruments owned and financial instruments sold, not yet purchased are recorded on the trade date and reported on a net basis in the Consolidated Statements of Comprehensive Income.
Commissions, net and Technology Services	Commissions, net and Technology Services Commissions, net, which primarily comprise commissions earned on institutional client orders, are recorded on a trade date basis. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. The Company provides order management software (“OMS”) and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. The Company also provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics products and services may be bundled with trade execution services, in which case commissions are allocated to the analytics performance obligations using an allocation methodology.
Interest and Dividends Income/Interest and Dividends Expense	Interest and Dividends Income/Interest and Dividends Expense Interest income and interest expense are accrued in accordance with contractual rates. Interest income consists of interest earned on collateralized financing arrangements and on cash held by brokers. Interest expense includes interest expense from collateralized transactions, margin and related lines of credit. Dividends on financial instruments owned including those pledged as collateral and financial instruments sold, not yet purchased are recorded on the ex-dividend date and interest is recognized on an accrual basis.
Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net	Brokerage, Exchange, Clearance Fees and Payments for Order Flow, Net Brokerage, exchange, clearance fees and payments for order flow, net, comprise the costs of executing and clearing trades and are accrued on a trade date basis in the Consolidated Statements of Comprehensive Income. These costs are net of rebates, which consist of volume discounts, credits or payments received from exchanges or other marketplaces related to the placement and/or removal of liquidity from the order flow in the marketplace. Rebates are recorded on an accrual basis. Payments for order flow represent payments to broker-dealer clients, in the normal course of business, for directing their order flow in U.S. equities to the Company.
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes on its taxable income. The Company’s subsidiaries are subject to income taxes in the respective jurisdictions (including foreign jurisdictions) in which they operate. The provision for income tax comprises current tax and deferred tax. Current tax represents the tax on current year tax returns, using tax rates enacted at the balance sheet date. Deferred tax assets are recognized in full and then reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be recognized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the applicable taxing authority, including resolution of the appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit for each such position that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Many factors are considered when evaluating and estimating the tax positions and tax benefits. Such estimates involve interpretations of regulations, rulings, case law, etc. and are inherently complex. The Company’s estimates may require periodic adjustments and may not accurately anticipate actual outcomes as resolution of income tax treatments in individual jurisdictions typically would not be known for several years after completion of any fiscal year.
Comprehensive Income	Comprehensive Income Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Company’s OCI comprises foreign currency translation adjustments, net of taxes and mark-to-market gains and losses on the Company’s derivative instruments designated as hedging instruments under ASC 815, net of taxes. Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at period-end exchange rates, and revenues and expenses are translated at weighted average exchange rates for the period. Gains and losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in Accumulated OCI, a component of stockholders’ equity. While certain of the Company’s foreign subsidiaries use the U.S. dollar as their functional currency, the Company also has subsidiaries that utilize a functional currency other than the U.S. dollar, primarily comprising its subsidiaries domiciled in Ireland, which utilize the Euro and Pound Sterling as the functional currency, and subsidiaries domiciled in Canada, which utilize the Canadian dollar as the functional currency. The Company may use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk. For instruments that meet the criteria to be considered hedging instruments under ASC 815, any gains or losses are initially included in Accumulated OCI on the Consolidated Statements of Financial Condition and OCI on the Consolidated Statements of Comprehensive Income, as the hedged item affects earnings.
Share-Based Compensation	Share-Based Compensation Share-based awards issued for compensation in connection with or subsequent to the Company’s initial public offering in April 2015 (the “IPO”) and certain reorganization transactions consummated in connection with the IPO (the “Reorganization Transactions”) pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended, the “Second Amended and Restated 2015 Management Incentive Plan”) are in the form of stock options, Class A common stock, par value $0.00001 per share (the “Class A Common Stock”), RSAs and RSUs, as applicable. The fair values of the Class A Common Stock and RSUs are determined based on the volume weighted average price for the three days preceding the grant. With respect to the RSUs, forfeitures are accounted for as they occur. The fair value of RSAs is determined based on the closing price as of the grant date. The fair value of share-based awards granted to employees is expensed based on the vesting conditions and is recognized on a straight-line basis over the vesting period, or, in the case of RSAs subject to performance conditions, from the date that achievement of the performance target becomes probable through the remainder of the vesting period. The Company records as treasury stock shares repurchased from its employees for the purpose of settling tax liabilities incurred upon the issuance of Class A Common Stock, the vesting of RSUs or the exercise of stock options.
Variable Interest Entities	Variable Interest Entities A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements, Recently Adopted Business Combinations—Joint Venture Formations - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60). This ASU provides updated guidance on accounting for the formation of joint ventures. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Intangibles—Goodwill and Other—Crypto Assets - In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60). This ASU requires measurement of in-scope crypto assets at fair value and provides updated guidance on presentation and disclosure requirements for crypto assets. The Company adopted this ASU on January 1, 2025. See above and Note 11 “Digital Assets Held” for details on the impact of the adoption. Compensation—Stock Compensation - In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718). This ASU clarifies ASC 718 scope application for profits interest or similar awards through illustrative examples. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Codification Improvements - In March 2024, the FASB issued ASU 2024-02, Codification Improvements. This ASU aims to improve and simplify the language and structure of the Codification by removing references to Concepts Statements. The Company adopted this ASU on January 1, 2025, and it did not have a material impact on the Company’s Consolidated Financial Statements. Income Taxes - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This ASU requires disclosure of additional disaggregated information on effective tax rate reconciliation and income taxes paid. This ASU is effective for periods beginning after December 15, 2024. The Company adopted this ASU on a prospective basis during the year ended December 31, 2025 and included additional required disclosures in Note 15 “Income Taxes.” The ASU did not have other material impact on the Company’s Consolidated Financial Statements. Accounting Pronouncements, Not Yet Adopted as of December 31, 2025 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). These ASUs require disclosure of disaggregated information of Income Statement expense captions that include certain costs, such as employee compensation, depreciation, and intangible asset amortization. They also require disclosure of the total amounts of selling expenses, along with an entity's definition of selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of these ASUs, but does not expect them to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810). This ASU clarifies the requirement for identifying the accounting acquirer in a business combination involving a Variable Interest Entity (“VIE”). This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Intangibles—Goodwill and Other—Internal-Use Software - In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This ASU updates the capitalization criteria for internal-use software cost by removing references to software development project stages. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Derivatives and Hedging - In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815). This ASU incorporates targeted improvements to the hedge accounting guidance intended to better align financial reporting with the economics of an entity’s risk management activities. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Interim Reporting - In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This ASU provides clarity and enhances the navigability of existing interim disclosures required by U.S. GAAP. This ASU is effective for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures. Codification Improvements - In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Evergreen). This ASU improves the ASC for a broad range of Topics through technical corrections, clarifications, and other minor enhancements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.
Revenues from Contracts with Customers	Revenues from Contracts with Customers Commissions, net. The Company earns commission revenue by acting as an agent on behalf of customers. The Company’s performance obligations consist of trade execution and clearing services and are satisfied on the trade date; accordingly, commission revenues are recorded on the trade date. Commission revenues are received on settlement date; therefore, a receivable is recognized as of the trade date. Under a commission management program, the Company allows institutional clients to allocate a portion of their gross commissions to pay for research and other services provided by third parties. As the Company acts as an agent in these transactions, it records such expenses on a net basis within Commissions, net and technology services in the Consolidated Statements of Comprehensive Income. Workflow technology. Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation, which is the trade date for that trade order routed, that is satisfied at a point in time. Commissions earned are fixed and revenue is recognized on the trade date. A portion of the commissions earned on the trade is then allocated to workflow technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to Commissions, net using a residual allocation approach. The Company participates in commission sharing arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, are fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. Analytics. The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery.

Cash (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,061,697	$	872,513
Cash restricted or segregated under regulations and other	64,744		41,478

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,126,441	$	913,991

Schedule of Restrictions on Segregated Cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	1,061,697	$	872,513
Cash restricted or segregated under regulations and other	64,744		41,478

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,126,441	$	913,991

Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company

VFI is the managing member of Virtu Financial, which guarantees the indebtedness of its direct subsidiary under the First Lien Term B-2 Loan Facility (see Note 9 “Borrowings”). VFI is limited in its ability to receive distributions (including for purposes of paying corporate and other overhead expenses and dividends) from Virtu Financial under the Credit Agreement. The following financial statements (the “Parent Company Only Financial Statements”) should be read in conjunction with the Consolidated Financial Statements of the Company and the foregoing.

Virtu Financial, Inc.

(Parent Company Only)

Statements of Financial Condition


(In thousands except interest data)	December 31, 2025		December 31, 2024
Assets
Cash	$	116,534	$	30,369
Deferred tax asset	88,644		131,568
Investment in subsidiary	3,305,034		3,039,061
Other assets	—		18,942
Total assets	$	3,510,212	$	3,219,940

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,743,480	$	1,741,974
Accounts payable and accrued expenses and other liabilities	598		25,200
Deferred tax liabilities	2,000		2,000
Tax receivable agreement obligations	181,855		196,592
Total liabilities	1,927,933		1,965,766

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 140,877,669 and 137,479,751 shares, Outstanding — 84,919,931 and 84,976,325 shares at December 31, 2025 and December 31, 2024, respectively	1		1
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2025 and December 31, 2024, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 7,970,185 and 8,561,970 shares at December 31, 2025 and December 31, 2024, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2025 and December 31, 2024, respectively	1		1
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	(1,475,666)		(1,339,913)
Additional paid-in capital	1,541,684		1,432,240
Retained earnings	1,519,270		1,168,908
Accumulated other comprehensive income (loss)	(3,011)		(7,063)
Total Virtu Financial Inc. stockholders' equity	1,582,279		1,254,174

Total liabilities and stockholders' equity	$	3,510,212	$	3,219,940

Virtu Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2025		2024		2023
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	(1,801)		(142)		(213)

Income (loss) before equity in income of subsidiary	1,801		142		213
Equity in income (loss) of subsidiary, net of tax	466,560		534,393		263,708
Net income (loss)	$	468,361	$	534,535	$	263,921

Net income (loss) attributable to common stockholders	$	468,361	$	534,535	$	263,921
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	8,995		(5,637)		6,952
Net change in unrealized cash flow hedges gains (losses), net of taxes	(4,943)		(18,473)		(21,509)
Comprehensive income (loss)	$	472,413	$	510,425	$	249,364

Virtu Financial, Inc.

(Parent Company Only)

Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash flows from operating activities
Net income	$	468,361	$	534,535	$	263,921

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	34,005		(139,113)		223,376
Tax receivable agreement obligation reduction	6,036		338		997
Deferred taxes	42,924		(1,224)		8,795

Changes in operating assets and liabilities:	(4,179)		50,878		1,129
Net cash provided by operating activities	547,147		445,414		498,218

Cash flows from investing activities

Investments in subsidiaries, equity basis	99,498		67,741		66,644
Net cash provided by investing activities	99,498		67,741		66,644

Cash flows from financing activities

Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(349,347)		(299,403)		(306,136)


Repurchase of Class C common stock	(1,566)		—		(1,566)
Purchase of treasury stock	(188,794)		(191,138)		(229,012)
Tax receivable agreement obligations	(20,773)		(20,226)		(23,275)


Issuance of common stock in connection with secondary offering, net of offering costs	—		—		—

Net cash used in financing activities	(560,480)		(510,767)		(559,989)

Net increase (decrease) in Cash	86,165		2,388		4,873
Cash, beginning of period	30,369		27,981		23,108
Cash, end of period	$	116,534	$	30,369	$	27,981

Supplemental disclosure of cash flow information:
Taxes paid	$	67,427	$	10,675	$	14,957

Non-cash financing activities
Tax receivable agreement described in Note 5	(4,497)		(209)		(3,787)

Repurchase of Class C common stock	(1,018)		(76)		(2,330)
Purchase of treasury stock	(406)		(1,340)		—

Revenue from Contract with Customers - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation	$ 64,500,000	$ 62,100,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	$ 9,200,000	$ 8,100,000

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of December 31, 2025 and December 31, 2024, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the years ended December 31, 2025 and 2024.

The following table presents the details of goodwill by segment as of December 31, 2025 and December 31, 2024:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

As of December 31, 2025 and December 31, 2024, the Company’s total amount of intangible assets recorded was $154.9 million and $203.2 million, respectively. Acquired intangible assets consisted of the following as of December 31, 2025 and December 31, 2024:


	As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(328,411)	$	150,719	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,681)		214		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(475,592)	$	154,931


	As of December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(281,315)	$	197,815	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,645)		250		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	1,125		—		1,125		Indefinite
	$	631,648	$	(428,460)	$	203,188

At December 31, 2024, as described in Note 3 “Sale of RFQ-hub”, the Company reclassified an aggregated net carrying amount of $3.5 million ($7.5 million of gross carrying amount net of $4.0 million accumulated amortization) from Intangible assets to Assets of business held for sale. The sale of RFQ-hub was completed on May 9, 2025, and the Company disposed of these Assets of business held for sale at such time.

Amortization expense relating to finite-lived intangible assets was approximately $47.1 million, $50.5 million, and $64.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Consolidated Statements of Comprehensive Income.

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)

2026	$	47,132
2027	47,132
2028	47,132
2029	9,466
2030	36

Summary of Significant Accounting Policies - Securities Borrowed and Securities Loaned (Details)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Minimum initial collateral advanced or received expressed as a percentage of fair value of the underlying securities borrowed or loaned	102.00%

Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements Measured on a Recurring Basis

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:


	December 31, 2025
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,511,213	$	2,839,183	$	—	$	—	$	4,350,396
U.S. and Non-U.S. government obligations	459,943		1,210,309		—		—		1,670,252
Corporate Bonds	—		1,207,385		—		—		1,207,385
Exchange traded notes	—		10,459		—		—		10,459
Currency forwards	—		211,856		—		(204,775)		7,081
Options	97,459		—		—		—		97,459
	$	2,068,615	$	5,479,192	$	—	$	(204,775)	$	7,343,032

Financial instruments owned, pledged as collateral:
Equity securities	$	1,896,091	$	1,304,254	$	—	$	—	$	3,200,345

Exchange traded notes	—		8,180		—		—		8,180
	$	1,896,091	$	1,312,434	$	—	$	—	$	3,208,525

Other Assets
Equity investment	$	—	$	—	$	86,491	$	—	$	86,491
Digital assets	154,610		—		—		—		154,610
Exchange stock	1,020		—		—		—		1,020
	$	155,630	$	—	$	86,491	$	—	$	242,121

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	328,934	$	—	$	—	$	328,934
	$	—	$	328,934	$	—	$	—	$	328,934

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	2,933,027	$	2,784,522	$	—	$	—	$	5,717,549
U.S. and Non-U.S. government obligations	234,169		1,155,901		—		—		1,390,070
Corporate Bonds	—		1,754,517		—		—		1,754,517
Exchange traded notes	—		26,135		—		—		26,135
Currency forwards	—		198,463		—		(198,463)		—
Options	216,992		—		—		—		216,992
	$	3,384,188	$	5,919,538	$	—	$	(198,463)	$	9,105,263

Payables to broker dealers and clearing organizations:

Payables linked to digital assets	$	—	$	181,272	$	—	$	—	$	181,272
	$	—	$	181,272	$	—	$	—	$	181,272

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2024:


	December 31, 2024
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	686,827	$	2,471,450	$	—	$	—	$	3,158,277
U.S. and Non-U.S. government obligations	348,761		908,625		—		—		1,257,386
Corporate Bonds	—		967,377		—		—		967,377
Exchange traded notes	885		40,602		—		—		41,487
Currency forwards	—		716,970		—		(676,905)		40,065
Options	55,423		—		—		—		55,423
	$	1,091,896	$	5,105,024	$	—	$	(676,905)	$	5,520,015
Financial instruments owned, pledged as collateral:
Equity securities	$	1,639,404	$	629,895	$	—	$	—	$	2,269,299

Exchange traded notes	—		13,338		—		—		13,338
	$	1,639,404	$	643,233	$	—	$	—	$	2,282,637
Other Assets
Equity investment	$	—	$	—	$	75,843	$	—	$	75,843
Digital assets	81,671		—		—		—		81,671
Exchange stock	812		—		—		—		812
	$	82,483	$	—	$	75,843	$	—	$	158,326

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	51,595	$	—	$	—	$	51,595
	$	—	$	51,595	$	—	$	—	$	51,595

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,837,195	$	1,854,883	$	—	$	—	$	3,692,078
U.S. and Non-U.S. government obligations	107,045		1,313,955		—		—		1,421,000
Corporate Bonds	—		1,249,413		—		—		1,249,413
Exchange traded notes	15		73,225		—		—		73,240
Currency forwards	—		681,878		—		(681,878)		—
Options	5,240		—		—		—		5,240
	$	1,949,495	$	5,173,354	$	—	$	(681,878)	$	6,440,971

Payables to broker dealers and clearing organizations:
Interest rate swap	$	—	$	2,572	$	—	$	—	$	2,572
Payables linked to digital assets	—		134,164		—		—		134,164
	$	—	$	136,736	$	—	$	—	$	136,736

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2025:


	December 31, 2025
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,061,697	$	1,061,697	$	1,061,697	$	—	$	—
Cash restricted or segregated under regulations and other	64,744		64,744		64,744		—		—
Securities borrowed	3,191,138		3,191,138		—		3,191,138		—
Securities purchased under agreements to resell	988,929		988,929		—		988,929		—
Receivables from broker-dealers and clearing organizations	1,567,471		1,567,471		—		1,567,471		—
Receivables from customers	161,561		161,561		—		161,561		—
Other assets (1)	39,945		39,945		16,414		23,531		—
Total Assets	$	7,075,485	$	7,075,485	$	1,142,855	$	5,932,630	$	—

Liabilities
Short-term borrowings	$	12,382	$	12,382	$	—	$	12,382	$	—
Long-term borrowings	2,039,463		2,098,639		—		2,098,639		—
Securities loaned	3,477,831		3,477,831		—		3,477,831		—
Securities sold under agreements to repurchase	1,405,639		1,405,639		—		1,405,639		—
Payables to broker-dealers and clearing organizations	817,004		817,004		—		817,004		—
Payables to customers	43,103		43,103		—		43,103		—
Other liabilities (2)	26,039		26,039		—		26,039		—
Total Liabilities	$	7,821,461	$	7,880,637	$	—	$	7,880,637	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2024:


	December 31, 2024
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	872,513	$	872,513	$	872,513	$	—	$	—
Cash restricted or segregated under regulations and other	41,478		41,478		41,478		—		—
Securities borrowed	2,294,529		2,294,529		—		2,294,529		—
Securities purchased under agreements to resell	983,941		983,941		—		983,941		—
Receivables from broker-dealers and clearing organizations	1,049,255		1,049,255		—		1,049,255		—
Receivables from customers	149,804		149,804		—		149,804		—
Other assets (1)	31,726		31,726		11,121		20,605		—
Total Assets	$	5,423,246	$	5,423,246	$	925,112	$	4,498,134	$	—

Liabilities
Short-term borrowings	$	38,541	$	38,541	$	—	$	38,541	$	—
Long-term borrowings	1,740,467		1,788,719		—		1,788,719		—
Securities loaned	2,431,878		2,431,878		—		2,431,878		—
Securities sold under agreements to repurchase	1,271,788		1,271,788		—		1,271,788		—
Payables to broker-dealers and clearing organizations	781,830		781,830		—		781,830		—
Payables to customers	46,112		46,112		—		46,112		—
Other liabilities (2)	26,114		26,114		—		26,114		—
Total Liabilities	$	6,336,730	$	6,384,982	$	—	$	6,384,982	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

86,491

Discounted cash flow

Estimated revenue growth

5.0% - 6.0%

5.3

Discount rate

16.2% - 16.2%

16.2

Market

Future enterprise value/ EBITDA ratio

9.5x - 20.1x

15.0x

December 31, 2024

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

75,843

Discounted cash flow

Estimated revenue growth

5.0% - 5.0%

5.0

Discount rate

16.4% - 16.4%

16.4

Market

Future enterprise value/ EBITDA ratio

7.5x - 18.0x

13.2x

Schedule of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:


	Year Ended December 31, 2025
(in thousands)	Balance at December 31, 2024		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2025
Assets
Other assets:
Equity investment	$	75,843	$	—	$	10,648	$	—	$	—	$	86,491	$	10,648

Total	$	75,843	$	—	$	10,648	$	—	$	—	$	86,491	$	10,648
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Year Ended December 31, 2024
(in thousands)	Balance at December 31, 2023		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at December 31, 2024		Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2024
Assets
Other assets:
Equity investment	$	81,805	$	—	$	(5,962)	$	—	$	—	$	75,843	$	(5,962)

Total	$	81,805	$	—	$	(5,962)	$	—	$	—	$	75,843	$	(5,962)
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Schedule of Netting of Certain Financial Assets

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2025 and December 31, 2024:


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715


Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770


	December 31, 2024
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	2,294,529	$	—	$	2,294,529	$	(2,222,054)	$	(39,309)	$	33,166
Securities purchased under agreements to resell	983,941		—		983,941		(983,753)		—		188


Trading assets, at fair value:
Currency forwards	716,970		(676,905)		40,065		—		—		40,065
Options	55,423		—		55,423		—		(55,423)		—
Total	$	4,050,863	$	(676,905)	$	3,373,958	$	(3,205,807)	$	(94,732)	$	73,419


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	2,431,878	$	—	$	2,431,878	$	(2,375,372)	$	(48,545)	$	7,961
Securities sold under agreements to repurchase	1,271,788		—		1,271,788		(1,271,573)		—		215
Payables to broker-dealers and clearing organizations:
Interest rate swaps	2,572		—		2,572		—		—		2,572
Trading liabilities, at fair value:
Currency forwards	681,878		(681,878)		—		—		—		—
Options	5,240		—		5,240		—		(5,213)		27
Total	$	4,393,356	$	(681,878)	$	3,711,478	$	(3,646,945)	$	(53,758)	$	10,775

Schedule of Netting of Certain Financial Liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of December 31, 2025 and December 31, 2024:


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715


Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770


	December 31, 2024
	Gross Amounts of Recognized Assets		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	2,294,529	$	—	$	2,294,529	$	(2,222,054)	$	(39,309)	$	33,166
Securities purchased under agreements to resell	983,941		—		983,941		(983,753)		—		188


Trading assets, at fair value:
Currency forwards	716,970		(676,905)		40,065		—		—		40,065
Options	55,423		—		55,423		—		(55,423)		—
Total	$	4,050,863	$	(676,905)	$	3,373,958	$	(3,205,807)	$	(94,732)	$	73,419


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Consolidated Statements of Financial Condition		Amounts Not Offset in the Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	2,431,878	$	—	$	2,431,878	$	(2,375,372)	$	(48,545)	$	7,961
Securities sold under agreements to repurchase	1,271,788		—		1,271,788		(1,271,573)		—		215
Payables to broker-dealers and clearing organizations:
Interest rate swaps	2,572		—		2,572		—		—		2,572
Trading liabilities, at fair value:
Currency forwards	681,878		(681,878)		—		—		—		—
Options	5,240		—		5,240		—		(5,213)		27
Total	$	4,393,356	$	(681,878)	$	3,711,478	$	(3,646,945)	$	(53,758)	$	10,775

Schedule of Gross Obligations for Repurchase Agreement and Securities Borrowed Transactions by Remaining Contractual Maturity and Class of Collateral Pledged


	December 31, 2025
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	315,000	$	85,000	$	100,000	$	—	$	500,000
U.S. and Non-U.S. government obligations	905,639		—		—		—		—		905,639
Total	$	905,639	$	315,000	$	85,000	$	100,000	$	—	$	1,405,639

Securities loaned:
Equity securities	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831
Total	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831


	December 31, 2024
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	190,000	$	185,000	$	75,000	$	—	$	450,000
U.S. and Non-U.S. government obligations	821,788		—		—		—		—		821,788
Total	$	821,788	$	190,000	$	185,000	$	75,000	$	—	$	1,271,788

Securities loaned:
Equity securities	$	2,431,878	$	—	$	—	$	—	$	—	$	2,431,878
Total	$	2,431,878	$	—	$	—	$	—	$	—	$	2,431,878

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Goodwill and Intangible Assets - Narrative (Details)		12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jul. 01, 2021 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Number of operating segments \| segment		2
Number of reportable segments \| segment		2
Number of non-operating segments \| segment		1
Goodwill		$ 1,148,926,000	$ 1,148,926,000
Goodwill impairment	$ 0	0	0
Intangible assets		154,931,000	203,188,000
Gross carrying amount		630,523,000	631,648,000
Intangibles, accumulated amortization		475,592,000	428,460,000
Amortization expense relating to finite-lived intangible assets		$ 47,132,000	50,471,000	$ 63,960,000
Disposed of by sale \| RFQ-hub
Goodwill [Line Items]
Intangible assets			3,500,000
Gross carrying amount			7,500,000
Intangibles, accumulated amortization			$ 4,000,000.0

Parent Company - Statements of Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Jan. 01, 2025	Dec. 31, 2024
Assets
Cash	$ 1,061,697		$ 872,513
Deferred tax asset	92,422		135,046
Other assets	528,341		357,740
Total assets	20,150,736		15,361,743
Liabilities
Accounts payable, accrued expenses and other liabilities	652,352		558,100
Tax receivable agreement obligations	181,855		196,592
Total liabilities	18,177,333		13,874,366
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	(1,475,666)		(1,339,913)
Additional paid-in capital	1,541,684		1,432,240
Retained earnings	1,519,270		1,168,908
Accumulated other comprehensive income (loss)	(3,011)		(7,063)
Total Virtu Financial Inc. stockholders' equity	1,582,279	$ 21,800	1,254,174
Total liabilities and stockholders' equity	$ 20,150,736		$ 15,361,743
Treasury stock, shares (in shares)	55,957,738		52,503,426
Related party
Liabilities
Payable to affiliate	$ 10,600		$ 100
Class A
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	140,877,669		137,479,751
Common stock, shares outstanding (in shares)	84,919,931		84,976,325
Class B Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
Class C Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	90,000,000		90,000,000
Common stock, shares issued (in shares)	7,970,185		8,561,970
Common stock, shares outstanding (in shares)	7,970,185		8,561,970
Class D Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	60,091,740		60,091,740
Common stock, shares outstanding (in shares)	60,091,740		60,091,740
VFH
Assets
Cash	$ 116,534		$ 30,369
Deferred tax asset	88,644		131,568
Investment in subsidiary	3,305,034		3,039,061
Other assets	0		18,942
Total assets	3,510,212		3,219,940
Liabilities
Accounts payable, accrued expenses and other liabilities	598		25,200
Deferred tax liabilities	2,000		2,000
Tax receivable agreement obligations	181,855		196,592
Total liabilities	1,927,933		1,965,766
Virtu Financial Inc. Stockholders' equity
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	(1,475,666)		(1,339,913)
Additional paid-in capital	1,541,684		1,432,240
Retained earnings	1,519,270		1,168,908
Accumulated other comprehensive income (loss)	(3,011)		(7,063)
Total Virtu Financial Inc. stockholders' equity	1,582,279		1,254,174
Total liabilities and stockholders' equity	$ 3,510,212		$ 3,219,940
Treasury stock, shares (in shares)	55,957,738		52,503,426
VFH \| Related party
Liabilities
Payable to affiliate	$ 1,743,480		$ 1,741,974
VFH \| Class A
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	140,877,669		137,479,751
Common stock, shares outstanding (in shares)	84,919,931		84,976,325
VFH \| Class B Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
VFH \| Class C Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	90,000,000		90,000,000
Common stock, shares issued (in shares)	7,970,185		8,561,970
Common stock, shares outstanding (in shares)	7,970,185		8,561,970
VFH \| Class D Common Stock
Virtu Financial Inc. Stockholders' equity
Common stock	$ 1		$ 1
Common stock, par value (in dollars per share)	$ 0.00001		$ 0.00001
Common stock, shares authorized (in shares)	175,000,000		175,000,000
Common stock, shares issued (in shares)	60,091,740		60,091,740
Common stock, shares outstanding (in shares)	60,091,740		60,091,740

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Tax Credit Carryforward [Line Items]
Current income taxes receivable	$ 36,800,000	$ 13,200,000
Current taxes payable	37,800,000	22,500,000
Unrecognized tax benefits that would impact effective tax rate	19,200,000
Non-US
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	46,800,000	58,200,000
Deferred tax asset, operating loss carryforward	7,900,000	10,300,000
Valuation allowance on deferred taxes	$ 0	$ 0

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables from broker-dealers and clearing organizations	$ 1,896,405	$ 1,100,850
Accumulated depreciation	437,002	380,202
Intangibles, accumulated amortization	475,592	428,460
Fair value of other assets	242,121	158,326
Payables to broker dealers and clearing organizations	$ 998,276	$ 918,566
Treasury stock, shares (in shares)	55,957,738	52,503,426
Interest Rate Swap
Payables to broker dealers and clearing organizations		$ 2,572
Fair Value
Receivables from broker-dealers and clearing organizations	$ 1,567,471	1,049,255
Payables to broker dealers and clearing organizations	817,004	781,830
Fair Value \| Interest Rate Swap
Receivables from broker-dealers and clearing organizations	328,934	51,595
Payables to broker dealers and clearing organizations	$ 181,272	$ 136,736
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	140,877,669	137,479,751
Common stock, shares outstanding (in shares)	84,919,931	84,976,325
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	7,970,185	8,561,970
Common stock, shares outstanding (in shares)	7,970,185	8,561,970
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 15,450
2027	15,450
2028	15,450
2029	37,784
2030	15,450
Thereafter	1,967,750
Total principal of long-term borrowings	$ 2,067,334	$ 1,767,265

Borrowings - Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Total principal of long-term borrowings	$ 2,067,334,000	$ 1,767,265,000
Deferred Debt Issuance Cost	(25,439,000)	(23,922,000)
Outstanding Borrowings, net	2,039,463,000	1,740,467,000
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,060,000,000	1,060,000,000
Total principal of long-term borrowings	10,000,000	10,000,000
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 10,000,000	$ 10,000,000
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	4.81%	5.50%
Financing Available	$ 400,000,000	$ 400,000,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	0	0
Uncommitted facility \| Receivables from broker-dealers and clearing organizations
Line of Credit Facility [Line Items]
Deferred Debt Issuance Cost	$ (2,500,000)	(300,000)
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	5.09%
Financing Available	$ 650,000,000	650,000,000
Total principal of long-term borrowings	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 0	$ 0
Committed facility \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Interest Rate	5.09%	5.75%
Committed facility \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Interest Rate	6.58%	7.00%
Outstanding Borrowings, net	$ 0	$ 0
Overdraft facility
Line of Credit Facility [Line Items]
Interest Rate	7.37%	7.99%
Financing Available	$ 10,000,000	$ 10,000,000
Total principal of long-term borrowings	10,000,000	10,000,000
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 10,000,000	$ 10,000,000

Summary of Significant Accounting Policies - Digital Assets Held (Details) - USD ($) $ in Thousands	Jan. 01, 2025	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Fair value adjustment	$ 25,400
Deferred tax liabilities	3,600
Net cumulative-effect adjustment	$ 21,800	$ 1,582,279	$ 1,254,174

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Collateralized Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Securities received as collateral:
Securities borrowed	$ 3,083,612	$ 2,222,054
Securities purchased under agreements to resell	988,274	983,753
Securities received as collateral	4,071,886	3,205,807
Pledged
Securities received as collateral:
Financial instruments owned	3,208,525	2,282,637
Equities \| Pledged
Securities received as collateral:
Financial instruments owned	3,200,345	2,269,299
Exchange traded notes \| Pledged
Securities received as collateral:
Financial instruments owned	$ 8,180	$ 13,338

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Short-term debt

The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	December 31, 2025
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	2,382		—		2,382

	$	12,382	$	—	$	12,382


	December 31, 2024
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	28,541		—		28,541

	$	38,541	$	—	$	38,541

Schedule of Outstanding Borrowings and Financing Capacity or Unused Available Capacity Under the Company’s Borrowing Arrangements


	At December 31, 2025
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	4.81%	$	400,000	$	—	$	—	$	—
Committed facility (1)	5.09%	650,000		—		—		—
Overdraft facility	7.37%	10,000		10,000		—		10,000


		$	1,060,000	$	10,000	$	—	$	10,000


(1) $2.5 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition. Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.09% and 6.58%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2025.


	At December 31, 2024
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	5.50%	$	400,000	$	—	$	—	$	—
Committed facility (2)	5.75%	650,000		—		—		—
Overdraft facility	7.99%	10,000		10,000		—		10,000
		$	1,060,000	$	10,000	$	—	$	10,000
(1) $0.3 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition.
(2) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2024.

Schedule of Interest Expense on Debt


	Years Ended December 31,
(in thousands)		2025		2024		2023
Broker-dealer credit facilities:
Uncommitted facility		$	4,399	$	3,823	$	5,431
Committed facility		3,357		3,614		533
Overdraft facility		671		472		274


		$	8,427	$	7,909	$	6,238

Schedule of Reconciliation of the Senior Secured Credit Facility

The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At December 31, 2025
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	5.71%	$	645,622	$	203,816
		$	645,622	$	203,816


	At December 31, 2024
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.69%	$	623,168	$	122,953
		$	623,168	$	122,953

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Consolidated Statements of Financial Condition.

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At December 31, 2025
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.22%	$	1,545,000	$	(2,432)	$	(18,102)	$	1,524,466
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(7,337)		492,663
SBI bonds	January 2029	5.00%	22,334		—		—		22,334
			$	2,067,334	$	(2,432)	$	(25,439)	$	2,039,463


		At December 31, 2024
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-1 Loan Facility	June 2031	7.11%	$	1,245,000	$	(2,876)	$	(15,242)	$	1,226,882
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(8,680)		491,320
SBI bonds	January 2026	5.00%	22,265		—		—		22,265
			$	1,767,265	$	(2,876)	$	(23,922)	$	1,740,467

Schedule of Redemption Prices


Period						Percentage
2027						103.750%
2028						101.875%
2029 and thereafter						100.000%

Schedule of Aggregate Future Required Principal Payments Based on Terms of Loan

As of December 31, 2025, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)

2026	$	15,450
2027	15,450
2028	15,450
2029	37,784
2030	15,450
Thereafter	1,967,750
Total principal of long-term borrowings	$	2,067,334

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Variable Interest Entities - Non Consolidated VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Asset	$ 20,150,736	$ 15,361,743
Liability	18,177,333	13,874,366
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Asset	92,127	66,970
Liability	0	0
Maximum Exposure to Loss	92,127	66,970
VIEs' assets	$ 422,006	$ 345,235

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table presents the details of goodwill by segment as of December 31, 2025 and December 31, 2024:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

Schedule of Acquired Intangible Assets

Acquired intangible assets consisted of the following as of December 31, 2025 and December 31, 2024:


	As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(328,411)	$	150,719	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,681)		214		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(475,592)	$	154,931


	As of December 31, 2024
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(281,315)	$	197,815	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,645)		250		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9
Other	1,125		—		1,125		Indefinite
	$	631,648	$	(428,460)	$	203,188

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)

2026	$	47,132
2027	47,132
2028	47,132
2029	9,466
2030	36

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Geographic Information and Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers [Line Items]
Total revenues	$ 3,632,118	$ 2,876,949	$ 2,293,373
United States
Revenues from External Customers [Line Items]
Total revenues	2,939,967	2,362,481	1,920,748
Ireland
Revenues from External Customers [Line Items]
Total revenues	386,992	273,215	206,507
Others
Revenues from External Customers [Line Items]
Total revenues	$ 305,159	$ 241,253	$ 166,118

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2025		December 31, 2024
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	213,707	$	175,046
Operating lease liabilities	Operating lease liabilities	261,169		229,825

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,611		42,915
Accumulated depreciation	Property, equipment, and capitalized software, net	(17,703)		(20,755)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	19,984		23,095

Schedule of Lease Term, Discount Rate and Components of Lease Expense

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term
Operating leases	4.40 years		4.60 years
Finance leases	2.58 years		3.53 years
Weighted average discount rate
Operating leases	5.95	%	6.36	%
Finance leases	5.83	%	5.97	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2025		2024		2023
Operating lease cost:
Fixed		$	70,553	$	73,046	$	76,424
Variable		6,745		5,856		6,151
Impairment of ROU Asset		465		10,031		—
Total Operating lease cost		$	77,763	$	88,933	$	82,575

Sublease income		13,077		16,896		19,506

Finance lease cost:
Amortization of ROU Asset		$	7,751	$	10,512	$	9,079
Interest on lease liabilities		1,224		1,559		1,156
Total Finance lease cost		$	8,975	$	12,071	$	10,235

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2025, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	80,092	$	9,041
2027	75,738		7,871
2028	68,010		3,982
2029	24,378		662
2030	21,519		—
2031 and thereafter	28,375		—
Total lease payments	$	298,112	$	21,556
Less imputed interest	(36,943)		(1,572)
Total lease liability	$	261,169	$	19,984

Schedule of Future Minimum Lease Payments Under Finance Leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2025, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	80,092	$	9,041
2027	75,738		7,871
2028	68,010		3,982
2029	24,378		662
2030	21,519		—
2031 and thereafter	28,375		—
Total lease payments	$	298,112	$	21,556
Less imputed interest	(36,943)		(1,572)
Total lease liability	$	261,169	$	19,984

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Virtu has established a Global Security team that, together with the Company’s Chief Information Security Officer (“CISO”), is responsible for the strategic planning, execution, and enforcement of security initiatives and policies for the Company’s business units (the “Security Program”). The CISO reports directly to the Chief Executive Officer, and together with the Global Security team, possesses significant experience in various roles involving managing information security, developing cybersecurity strategy, and implementing effective information and cybersecurity programs. Specifically, the CISO holds a degree in computer engineering and possesses over 25 years of relevant technical experience, having held roles of increasing seniority across development, infrastructure, IT and cybersecurity functions at the Company, a predecessor, and other organizations. As part of its Security Program, the Company has developed policies and procedures governing cybersecurity (the “Cybersecurity Program”). Virtu’s Cybersecurity Program is driven by a threat analysis, laying out standards and requirements pertaining to, but not limited to, penetration testing, endpoint protection, incident management, access controls, mobile security, data classification, third-party access, encryption, system hardening and patching, vulnerability management, passwords, data destruction, physical security, and vendor risk assessment. We also conduct training and awareness exercises to mitigate employee-related cyber risks. In addition to these elements of the Cybersecurity Program aimed at mitigating risk, the Company has developed an Incident Management procedure that addresses escalation and reporting of security incidents in the event that they do occur and has conducted various cross-functional table top exercises to develop and refine a coordinated response plan. The Company also maintains insurance coverage that, subject to its terms and conditions, is intended to address costs associated with certain aspects of cyber-related incidents. These processes are intended to identify and remediate cybersecurity incidents, and also provide the framework for our proactive identification, assessment, and management of potentially material risks from a wide range of cybersecurity threats. Risks identified through these processes are identified to and evaluated by our CISO, who periodically reports to our Board and Risk Committee as described below on any such risks determined by the Global Security team to be potentially material.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Virtu has established a Global Security team that, together with the Company’s Chief Information Security Officer (“CISO”), is responsible for the strategic planning, execution, and enforcement of security initiatives and policies for the Company’s business units (the “Security Program”). The CISO reports directly to the Chief Executive Officer, and together with the Global Security team, possesses significant experience in various roles involving managing information security, developing cybersecurity strategy, and implementing effective information and cybersecurity programs. Specifically, the CISO holds a degree in computer engineering and possesses over 25 years of relevant technical experience, having held roles of increasing seniority across development, infrastructure, IT and cybersecurity functions at the Company, a predecessor, and other organizations. As part of its Security Program, the Company has developed policies and procedures governing cybersecurity (the “Cybersecurity Program”).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Cybersecurity Program is periodically evaluated by internal and external experts through penetration and vulnerability testing and other exercises which help us identify and assess material risks, evaluate the effectiveness of our Security Program in mitigating and managing these risks, and improve our security measures and planning, including by comparison to other companies and to industry standards. The results of these assessments are reviewed by our CISO and other members of management and are shared with the Risk Committee of our Board of Directors (the “Risk Committee”). Our Risk Committee assists our Board of Directors (the “Board”) in its oversight of cybersecurity risk in accordance with its charter. The Risk Committee receives at least annually, and the Board receives periodically, reports from our CISO and other members of senior management, which include updates on the Company’s cyber risks and threats, its Cybersecurity Program, the status of projects to augment our information security systems, assessments of the Security Program, and the emerging threat landscape. We face a number of cybersecurity risks in connection with our business. Although we maintain and enforce our Cybersecurity Program, we may not detect or prevent all attempts to compromise our systems or otherwise cause breaches or disruptions, which could result in material impacts to our operations or financial condition. As of the date of the filing of this Annual Report on Form 10-K, we are not aware of any material impact to our results of operations or financial conditions resulting from cyberattacks or other information security breaches. For more information about the cybersecurity risks we face, see the risk factor entitled “We could be the target of a significant cyber-attack, threat or incident that impairs internal systems, results in adverse consequences to information our system process, store or transmit or causes reputation or monetary damages as a consequence” in Item 1A - Risk Factors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Risk Committee assists our Board of Directors (the “Board”) in its oversight of cybersecurity risk in accordance with its charter.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Risks identified through these processes are identified to and evaluated by our CISO, who periodically reports to our Board and Risk Committee as described below on any such risks determined by the Global Security team to be potentially material.
Cybersecurity Risk Role of Management [Text Block]	Our Risk Committee assists our Board of Directors (the “Board”) in its oversight of cybersecurity risk in accordance with its charter. The Risk Committee receives at least annually, and the Board receives periodically, reports from our CISO and other members of senior management, which include updates on the Company’s cyber risks and threats, its Cybersecurity Program, the status of projects to augment our information security systems, assessments of the Security Program, and the emerging threat landscape. We face a number of cybersecurity risks in connection with our business. Although we maintain and enforce our Cybersecurity Program, we may not detect or prevent all attempts to compromise our systems or otherwise cause breaches or disruptions, which could result in material impacts to our operations or financial condition. As of the date of the filing of this Annual Report on Form 10-K, we are not aware of any material impact to our results of operations or financial conditions resulting from cyberattacks or other information security breaches. For more information about the cybersecurity risks we face, see the risk factor entitled “We could be the target of a significant cyber-attack, threat or incident that impairs internal systems, results in adverse consequences to information our system process, store or transmit or causes reputation or monetary damages as a consequence” in Item 1A - Risk Factors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Virtu has established a Global Security team that, together with the Company’s Chief Information Security Officer (“CISO”), is responsible for the strategic planning, execution, and enforcement of security initiatives and policies for the Company’s business units (the “Security Program”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO reports directly to the Chief Executive Officer, and together with the Global Security team, possesses significant experience in various roles involving managing information security, developing cybersecurity strategy, and implementing effective information and cybersecurity programs. Specifically, the CISO holds a degree in computer engineering and possesses over 25 years of relevant technical experience, having held roles of increasing seniority across development, infrastructure, IT and cybersecurity functions at the Company, a predecessor, and other organizations. As part of its Security Program, the Company has developed policies and procedures governing cybersecurity (the “Cybersecurity Program”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The results of these assessments are reviewed by our CISO and other members of management and are shared with the Risk Committee of our Board of Directors (the “Risk Committee”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Borrowings - Long-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Outstanding Principal	$ 2,067,334	$ 1,767,265
Discount	(2,432)	(2,876)
Deferred Debt Issuance Cost	(25,439)	(23,922)
Outstanding Borrowings, net	$ 2,039,463	$ 1,740,467
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 22,334	$ 22,265
Discount	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 22,334	$ 22,265
Senior Secured First Lien Notes \| Senior Secured First Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	7.50%	7.50%
Outstanding Principal	$ 500,000	$ 500,000
Discount	0	0
Deferred Debt Issuance Cost	(7,337)	(8,680)
Outstanding Borrowings, net	$ 492,663	$ 491,320
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	6.22%	7.11%
Outstanding Principal	$ 1,545,000	$ 1,245,000
Discount	(2,432)	(2,876)
Deferred Debt Issuance Cost	(18,102)	(15,242)
Outstanding Borrowings, net	$ 1,524,466	$ 1,226,882

Share-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, and in connection with the IPO, non-qualified stock options to purchase shares of Class A Common Stock were granted, each of which vests in equal annual installments over a period of 4 years from grant date and expires not later than 10 years from the date of grant.

The following table summarizes activity related to stock options for the years ended December 31, 2025, 2024, and 2023:


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share
At December 31, 2022	1,521,776	$	19.00	2.24	1,521,776	$	19.00
Granted	—	—		—	—	—
Exercised	—	—		—	—	—
Forfeited or expired	(10,000)	—		—	(10,000)	—
At December 31, 2023	1,511,776	$	19.00	1.24	1,511,776	$	19.00
Granted	—	—		—	—	—
Exercised	(695,276)	19.00		—	(695,276)	19.00
Forfeited or expired	(2,750)	—		—	(2,750)	—


At December 31, 2024	813,750	$	19.00	0.24	813,750	$	19.00
Granted	—	—		—	—	—
Exercised	(813,750)	19.00		—	(813,750)	19.00
Forfeited or expired	—	—		—	—	—
At December 31, 2025	—	$	—	0.00	—	$	—

The expected life was determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price.

Class A Common Stock, Restricted Stock Units and Restricted Stock Awards

Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, subsequent to the IPO, shares of immediately vested Class A Common Stock, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company’s adjusted EBITDA for certain future periods. For the years ended December 31, 2025, 2024, and 2023, respectively, there were 528,221, 878,091, and 868,315 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $44.9 million, $29.1 million, and $22.2 million for the years ended December 31, 2025, 2024, and 2023, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

The following table summarizes activity related to RSUs and RSAs for the years ended December 31, 2025, 2024, and 2023:


	Number of RSUs and RSAs	Weighted Average Fair Value
At December 31, 2022	3,954,833	$	28.13
Granted	3,763,217	19.28
Forfeited	(187,053)	26.45
Vested	(2,627,823)	23.46
At December 31, 2023	4,903,174	$	23.90
Granted	3,679,417	18.74
Forfeited	(133,909)	21.67
Vested	(2,884,150)	21.54


At December 31, 2024	5,564,532	$	21.77
Granted (1)	3,693,225	39.27
Forfeited	(175,308)	25.52
Vested	(3,306,413)	25.37
At December 31, 2025	5,776,036	$	30.79
(1) Excluded in the number of RSUs and RSAs are 100,000 participating RSAs for the year ended December 31, 2025, where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $56.5 million, $46.4 million, and $42.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, of compensation expense in relation to RSUs. As of December 31, 2025 and December 31, 2024, total unrecognized share-based compensation expense related to unvested RSUs was $95.9 million and $53.5 million, respectively, and this amount is to be recognized over a weighted average period of 1.0 year and 0.9 years, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the “DCP”). The DCP permits eligible executive officers and other employees to defer cash or equity-based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals of cash compensation may also be directed to notional investments in certain of the employee investment opportunities.

Capital Structure - Employee Exchanges (Details) - VFH	12 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Dec. 31, 2025 shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1	1
Class A
Class of Stock [Line Items]
Issuance of common stock in connection with employee exchanges (in shares)	566,924	43,391	186,394

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Expects Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 47,132
2027	47,132
2028	47,132
2029	9,466
2030	$ 36

Borrowings - Short-term Borrowings, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (25,439)	$ (23,922)
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding	2,382	28,541
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	2,382	28,541
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	12,382	38,541
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	12,382	38,541
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	10,000	10,000
Deferred Debt Issuance Cost	0	0
Short-term Borrowings, net	$ 10,000	$ 10,000

Summary of Significant Accounting Policies - Property and Equipment (Details) - Furniture and equipment	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company’s leases are primarily for corporate office space, datacenters, and technology equipment. The leases have remaining terms of one to ten years, some of which include options to extend the initial term at the Company’s discretion. The lease terms used in calculating ROU assets and lease liabilities include the options to extend the initial term when the Company is reasonably certain of exercising the options. The Company’s lease agreements do not contain any material residual value guarantees, restrictions or covenants. In addition to the base rental costs, the Company’s lease agreements for corporate office space generally provide for rent escalations resulting from increased assessments for operating expenses, real estate taxes and other charges. Payments for such reimbursable expenses are considered variable and are recognized as variable lease costs in the period in which the obligation for those payments was incurred.

The Company also subleases certain office space and facilities to third parties. The subleases have remaining terms of one to six years. The Company recognizes amounts received from subleases on a straight-line basis over the term of the sublease within Operations and administrative expense on the Consolidated Statements of Comprehensive Income.

As the implied discount rate for most of the Company’s leases is not readily determinable, the Company uses its incremental borrowing rate on its secured borrowings in determining the present value of lease payments.

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2025		December 31, 2024
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	213,707	$	175,046
Operating lease liabilities	Operating lease liabilities	261,169		229,825

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,611		42,915
Accumulated depreciation	Property, equipment, and capitalized software, net	(17,703)		(20,755)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	19,984		23,095

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term
Operating leases	4.40 years		4.60 years
Finance leases	2.58 years		3.53 years
Weighted average discount rate
Operating leases	5.95	%	6.36	%
Finance leases	5.83	%	5.97	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2025		2024		2023
Operating lease cost:
Fixed		$	70,553	$	73,046	$	76,424
Variable		6,745		5,856		6,151
Impairment of ROU Asset		465		10,031		—
Total Operating lease cost		$	77,763	$	88,933	$	82,575

Sublease income		13,077		16,896		19,506

Finance lease cost:
Amortization of ROU Asset		$	7,751	$	10,512	$	9,079
Interest on lease liabilities		1,224		1,559		1,156
Total Finance lease cost		$	8,975	$	12,071	$	10,235

See Note 2 “Summary of Significant Accounting Policies” in Part II Item 8 “Financial Statements and Supplementary Data” of this Form 10-K for details on the classification of these expenses in the Consolidated Statements of Comprehensive Income.

For the year ended December 31, 2024, the Company recognized $16.2 million in Termination of office leases on the Consolidated Statements of Comprehensive Income, primarily comprising of $10.0 million of impairments of ROU assets and $6.5 million of cost related to asset retirement obligations associated with certain leased office spaces. In September 2025, in connection with the finalization of an agreement related to the restoration requirements for such leased office spaces, the Company recorded a reduction of $6.5 million in its asset retirement obligations and the related cost within Termination of office leases.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2025, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	80,092	$	9,041
2027	75,738		7,871
2028	68,010		3,982
2029	24,378		662
2030	21,519		—
2031 and thereafter	28,375		—
Total lease payments	$	298,112	$	21,556
Less imputed interest	(36,943)		(1,572)
Total lease liability	$	261,169	$	19,984

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	December 31, 2025		December 31, 2024
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	213,707	$	175,046
Operating lease liabilities	Operating lease liabilities	261,169		229,825

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	36,611		42,915
Accumulated depreciation	Property, equipment, and capitalized software, net	(17,703)		(20,755)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	19,984		23,095

Weighted average remaining lease term and discount rate are as follows:


	December 31, 2025		December 31, 2024
Weighted average remaining lease term
Operating leases	4.40 years		4.60 years
Finance leases	2.58 years		3.53 years
Weighted average discount rate
Operating leases	5.95	%	6.36	%
Finance leases	5.83	%	5.97	%

The components of lease expense are as follows:


	Years Ended December 31,
(in thousands)		2025		2024		2023
Operating lease cost:
Fixed		$	70,553	$	73,046	$	76,424
Variable		6,745		5,856		6,151
Impairment of ROU Asset		465		10,031		—
Total Operating lease cost		$	77,763	$	88,933	$	82,575

Sublease income		13,077		16,896		19,506

Finance lease cost:
Amortization of ROU Asset		$	7,751	$	10,512	$	9,079
Interest on lease liabilities		1,224		1,559		1,156
Total Finance lease cost		$	8,975	$	12,071	$	10,235

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of December 31, 2025, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	80,092	$	9,041
2027	75,738		7,871
2028	68,010		3,982
2029	24,378		662
2030	21,519		—
2031 and thereafter	28,375		—
Total lease payments	$	298,112	$	21,556
Less imputed interest	(36,943)		(1,572)
Total lease liability	$	261,169	$	19,984

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Adjustment	Class A Common Stock	Class C Common Stock	Class D Common Stock	Total Virtu Financial Inc. Stockholders' Equity	Total Virtu Financial Inc. Stockholders' Equity Adjustment	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Adjustment	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at beginning period (in shares) at Dec. 31, 2022								133,071,754	9,030,066	60,091,740
Balance at beginning period of period at Dec. 31, 2022	$ 1,651,427					$ 1,341,899		$ 1	$ 0	$ 1	$ (954,637)	$ 1,292,613	$ 972,317		$ 31,604	$ 309,528
Balance at beginning period (in shares) at Dec. 31, 2022											(34,522,290)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								2,627,823
Share based compensation	66,644					66,644						66,644
Repurchase of Class C common stock (in shares)									(235,674)
Repurchase of Class C common stock	(3,896)					(3,896)						(3,896)
Treasury stock purchases (in shares)								(984,934)			(11,286,061)
Treasury stock purchases	(230,781)					(230,781)					$ (211,662)		(19,119)
Net income	263,921					142,036							142,036			121,885
Foreign exchange translation adjustment	4,957					6,952									6,952	(1,995)
Net change in unrealized cash flow hedges gains	(36,993)					(21,509)									(21,509)	(15,484)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(306,136)					(94,831)							(94,831)			(211,305)
Issuance of common stock in connection with employee exchanges (in shares)								186,394
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(186,394)
Issuance of tax receivable agreements in connection with employee exchange	(3,787)					(3,787)						(3,787)
Balance at end of period (in shares) at Dec. 31, 2023								134,901,037	8,607,998	60,091,740
Balance at end of period at Dec. 31, 2023	1,405,356					1,202,727		$ 1	$ 0	$ 1	$ (1,166,299)	1,351,574	1,000,403		17,047	202,629
Balance at end of period (in shares) at Dec. 31, 2023											(45,808,351)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								2,884,150
Share based compensation	67,741					67,741						67,741
Repurchase of Class C common stock (in shares)									(2,637)
Repurchase of Class C common stock	(76)					(76)						(76)
Treasury stock purchases (in shares)								(1,044,103)			(6,695,075)
Treasury stock purchases	(192,478)					(192,478)					$ (173,614)		(18,864)
Stock options exercised (in shares)								695,276
Stock options exercised	13,210					13,210						13,210
Net income	534,535					276,415							276,415			258,120
Foreign exchange translation adjustment	(9,048)					(5,637)									(5,637)	(3,411)
Net change in unrealized cash flow hedges gains	(32,251)					(18,473)									(18,473)	(13,778)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(299,403)					(89,046)							(89,046)			(210,357)
Issuance of common stock in connection with employee exchanges (in shares)								43,391
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(43,391)
Issuance of tax receivable agreements in connection with employee exchange	(209)					(209)						(209)
Balance at end of period (in shares) at Dec. 31, 2024			84,976,325	8,561,970	60,091,740			137,479,751	8,561,970	60,091,740
Balance at end of period at Dec. 31, 2024	$ 1,487,377	$ 21,800				1,254,174	$ 21,800	$ 1	$ 0	$ 1	$ (1,339,913)	1,432,240	1,168,908	$ 21,800	(7,063)	233,203
Balance at end of period (in shares) at Dec. 31, 2024	(52,503,426)										(52,503,426)
Increase (decrease) in stockholder's/members' equity
Deconsolidation of RFQ-hub	$ (35,608)															(35,608)
Share based compensation (in shares)								3,306,413
Share based compensation	99,498					99,498						99,498
Repurchase of Class C common stock (in shares)									(24,861)
Repurchase of Class C common stock	(1,018)					(1,018)						(1,018)
Treasury stock purchases (in shares)								(1,289,169)			(3,454,312)
Treasury stock purchases	(187,861)					(187,861)					$ (135,753)		(52,108)
Stock options exercised (in shares)								813,750
Stock options exercised	15,461					15,461						15,461
Net income	912,264					468,361							468,361			443,903
Foreign exchange translation adjustment	15,731					8,995									8,995	6,736
Net change in unrealized cash flow hedges gains	(397)					(4,943)									(4,943)	4,546
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(349,347)					(87,691)							(87,691)			(261,656)
Issuance of common stock in connection with employee exchanges (in shares)								566,924
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(566,924)
Issuance of tax receivable agreements in connection with employee exchange	(4,497)					(4,497)						(4,497)
Balance at end of period (in shares) at Dec. 31, 2025			84,919,931	7,970,185	60,091,740			140,877,669	7,970,185	60,091,740
Balance at end of period at Dec. 31, 2025	$ 1,973,403					$ 1,582,279		$ 1	$ 0	$ 1	$ (1,475,666)	$ 1,541,684	$ 1,519,270		$ (3,011)	$ 391,124
Balance at end of period (in shares) at Dec. 31, 2025	(55,957,738)										(55,957,738)

Borrowings - Redemption Prices (Details) - Debt Redemption Prior To June 15 2027	12 Months Ended
	Dec. 31, 2025
2027
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	103.75%
2028
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	101.875%
2029 and thereafter
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Termination of office leases		$ (5,982)	$ 16,224	$ 455
Impairment of ROU Asset		$ 465	10,031	$ 0
Costs related to asset retirement obligations			$ 6,500
Reduction of asset retirement obligations	$ 6,500
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract		1 year
Sublease, term of contract		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract		10 years
Sublease, term of contract		6 years

Regulatory Requirement - Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 561,242	$ 455,678
Regulatory Capital Requirement	1,000	1,532
Excess Regulatory Capital	560,242	454,146
RFQ-hub Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		602
Regulatory Capital Requirement		9
Excess Regulatory Capital		593
Virtu Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	15,133
Regulatory Capital Requirement	182
Excess Regulatory Capital	14,951
Virtu Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		12,327
Regulatory Capital Requirement		174
Excess Regulatory Capital		12,153
Virtu Financial Canada ULC \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		0
Regulatory Capital Requirement		0
Excess Regulatory Capital		0
Virtu Europe Trading Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	86,656	57,834
Regulatory Capital Requirement	28,283	26,359
Excess Regulatory Capital	58,373	31,475
Virtu Financial Ireland Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	122,901	76,457
Regulatory Capital Requirement	64,951	29,764
Excess Regulatory Capital	57,950	46,693
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,218	2,043
Regulatory Capital Requirement	1,011	939
Excess Regulatory Capital	1,207	1,104
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	35,511	24,928
Regulatory Capital Requirement	13,262	9,550
Excess Regulatory Capital	22,249	15,378
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	8,200	5,392
Regulatory Capital Requirement	586	426
Excess Regulatory Capital	7,614	4,966
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,062	1,120
Regulatory Capital Requirement	218	166
Excess Regulatory Capital	844	954
Virtu Financial Singapore Pte. Ltd. \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	278,288	219,817
Regulatory Capital Requirement	198,100	136,891
Excess Regulatory Capital	$ 80,188	$ 82,926

Property, Equipment and Capitalized Software (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Capitalized Software

Property, equipment and capitalized software consisted of the following at December 31, 2025 and December 31, 2024:


(in thousands)	December 31, 2025		December 31, 2024
Capitalized software costs	$	180,937	$	131,876
Leasehold improvements	22,364		21,143
Furniture and equipment	330,079		318,598

Total	533,380		471,617
Less: Accumulated depreciation and amortization	(437,002)		(380,202)
Total property, equipment and capitalized software, net	$	96,378	$	91,415

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of December 31, 2025, and December 31, 2024, the Company had a net payables to its affiliates of $10.6 million and a net payables to its affiliates of $0.1 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 10 “Financial Assets and Liabilities”). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $11.3 million, $11.1 million, and $12.1 million for the years ended December 31, 2025, 2024, and 2023, respectively, to JNX for these trading activities. The Company pays monthly use fees and makes certain contributions to a JV in which it holds an interest (see Note 13 “Variable Interest Entities”). These monthly fees are for the use of communication networks operated by the JV and are recorded within Communications and data processing on the Consolidated Statements of Comprehensive Income. The Company previously held a similar arrangement with another telecommunication JV and paid a monthly use fee, and the Company disposed of its interests in this JV and ended the monthly fee arrangement as of September 1, 2024. The Company made payments to these JVs of $45.1 million, $35.5 million, and $32.6 million to the JVs for the years ended December 31, 2025, 2024, and 2023, respectively. The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company paid $5.5 million, $8.0 million, and $4.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company made a one-time payment of $0.1 million to a founder-affiliated corporation in 2024 for expenses related to the Company’s corporate events held during the period. In the second quarter of 2022, the Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform and consolidated this JV. See Note 13 “Variable Interest Entities” for further details. On April 19, 2024, the Company entered into an agreement to sell a 49% interest in this JV. The sale was completed on May 9, 2025. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company ceased to control, and deconsolidated, RFQ-hub at such time. See Note 3 “Sale of RFQ-hub” for further details.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Virtu Financial, Inc.

(Parent Company Only)

Statements of Financial Condition


(In thousands except interest data)	December 31, 2025		December 31, 2024
Assets
Cash	$	116,534	$	30,369
Deferred tax asset	88,644		131,568
Investment in subsidiary	3,305,034		3,039,061
Other assets	—		18,942
Total assets	$	3,510,212	$	3,219,940

Liabilities, redeemable membership interest and equity
Liabilities
Payable to affiliate	$	1,743,480	$	1,741,974
Accounts payable and accrued expenses and other liabilities	598		25,200
Deferred tax liabilities	2,000		2,000
Tax receivable agreement obligations	181,855		196,592
Total liabilities	1,927,933		1,965,766

Virtu Financial Inc. Stockholders' equity


Class A common stock (par value $0.00001), Authorized — 1,000,000,000 and 1,000,000,000 shares, Issued — 140,877,669 and 137,479,751 shares, Outstanding — 84,919,931 and 84,976,325 shares at December 31, 2025 and December 31, 2024, respectively	1		1
Class B common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 0 and 0 shares at December 31, 2025 and December 31, 2024, respectively	—		—
Class C common stock (par value $0.00001), Authorized — 90,000,000 and 90,000,000 shares, Issued and Outstanding — 7,970,185 and 8,561,970 shares at December 31, 2025 and December 31, 2024, respectively	—		—
Class D common stock (par value $0.00001), Authorized — 175,000,000 and 175,000,000 shares, Issued and Outstanding — 60,091,740 and 60,091,740 shares at December 31, 2025 and December 31, 2024, respectively	1		1
Treasury stock, at cost, 55,957,738 and 52,503,426 shares at December 31, 2025 and December 31, 2024, respectively	(1,475,666)		(1,339,913)
Additional paid-in capital	1,541,684		1,432,240
Retained earnings	1,519,270		1,168,908
Accumulated other comprehensive income (loss)	(3,011)		(7,063)
Total Virtu Financial Inc. stockholders' equity	1,582,279		1,254,174

Total liabilities and stockholders' equity	$	3,510,212	$	3,219,940

Condensed Statements of Comprehensive Income

Virtu Financial, Inc.

(Parent Company Only)

Statements of Comprehensive Income


	Years Ended December 31,
(in thousands)	2025		2024		2023
Revenues:

Other Income	$	—	$	—	$	—
	—		—		—

Operating Expenses:
Operations and administrative	(1,801)		(142)		(213)

Income (loss) before equity in income of subsidiary	1,801		142		213
Equity in income (loss) of subsidiary, net of tax	466,560		534,393		263,708
Net income (loss)	$	468,361	$	534,535	$	263,921

Net income (loss) attributable to common stockholders	$	468,361	$	534,535	$	263,921
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	8,995		(5,637)		6,952
Net change in unrealized cash flow hedges gains (losses), net of taxes	(4,943)		(18,473)		(21,509)
Comprehensive income (loss)	$	472,413	$	510,425	$	249,364

Condensed Statements of Cash Flows

Virtu Financial, Inc.

(Parent Company Only)

Statements of Cash Flows


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash flows from operating activities
Net income	$	468,361	$	534,535	$	263,921

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of subsidiary, net of tax	34,005		(139,113)		223,376
Tax receivable agreement obligation reduction	6,036		338		997
Deferred taxes	42,924		(1,224)		8,795

Changes in operating assets and liabilities:	(4,179)		50,878		1,129
Net cash provided by operating activities	547,147		445,414		498,218

Cash flows from investing activities

Investments in subsidiaries, equity basis	99,498		67,741		66,644
Net cash provided by investing activities	99,498		67,741		66,644

Cash flows from financing activities

Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(349,347)		(299,403)		(306,136)


Repurchase of Class C common stock	(1,566)		—		(1,566)
Purchase of treasury stock	(188,794)		(191,138)		(229,012)
Tax receivable agreement obligations	(20,773)		(20,226)		(23,275)


Issuance of common stock in connection with secondary offering, net of offering costs	—		—		—

Net cash used in financing activities	(560,480)		(510,767)		(559,989)

Net increase (decrease) in Cash	86,165		2,388		4,873
Cash, beginning of period	30,369		27,981		23,108
Cash, end of period	$	116,534	$	30,369	$	27,981

Supplemental disclosure of cash flow information:
Taxes paid	$	67,427	$	10,675	$	14,957

Non-cash financing activities
Tax receivable agreement described in Note 5	(4,497)		(209)		(3,787)

Repurchase of Class C common stock	(1,018)		(76)		(2,330)
Purchase of treasury stock	(406)		(1,340)		—

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 09, 2025	Apr. 19, 2024
Disposed of by sale \| RFQ-hub
Related Party Transaction [Line Items]
Divestiture of joint venture percentage				49.00%	49.00%
Disposal of minority interest, percentage				2.00%
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 11.3	$ 11.1	$ 12.1
JV Growth and expansion of multi-asset request-for-quote communication platform
Related Party Transaction [Line Items]
Disposal of minority interest, percentage				2.00%
Related party
Related Party Transaction [Line Items]
Other liabilities	10.6	0.1
Payments to related party			32.6
Regulatory and transaction fees	5.5	8.0	$ 4.8
One time payment related to expense		0.1
Related party \| Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 45.1	$ 35.5

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37352
Entity Registrant Name	Virtu Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0420206
Entity Address, Address Line One	1633 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	418-0100
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	VIRT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 3,542.7
Documents Incorporated by Reference	Portions of Part III of this Form 10-K are incorporated by reference from the Registrant’s definitive proxy statement (the “2026 Proxy Statement”) for its 2026 annual meeting of shareholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year.
Entity Central Index Key	0001592386
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		86,602,648
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		7,970,185
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying Consolidated Financial Statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of December 31, 2025, VFI owned approximately 57.2% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”). The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 25,000 financial instruments, on over 250 venues, in 40 countries worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, Exchange-Traded Funds (“ETFs”), options, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets. The Company has completed two significant acquisitions that have expanded and complemented Virtu Financial's original electronic trading and marking making business. On July 20, 2017, the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction (the “ITG Acquisition”). Virtu Financial’s principal United States (“U.S.”) subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre- and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited (“VFIL”) and Virtu Europe Trading Limited (“VETL”) (f/k/a Virtu ITG Europe Limited), each formed in Ireland; Virtu ITG UK Limited (“VIUK”), formed in the United Kingdom; Virtu Canada Corp (f/k/a Virtu ITG Canada Corp.), formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions. The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 23 “Geographic Information and Business Segments” for a further discussion of the Company’s segments. On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. (“MarketAxess”) to sell a 49% interest in the multi-asset request-for-quote communication platform joint venture (“JV”), RFQ-hub Holdings LLC (“RFQ-hub Holdings,” or collectively with its wholly owned or controlled subsidiaries, “RFQ-hub”). The sale was completed on May 9, 2025. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company ceased to control, and deconsolidated, RFQ-hub at such time. See Note 3 “Sale of RFQ-hub” for further details. Basis of Consolidation and Form of Presentation These Consolidated Financial Statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-K and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. The Consolidated Financial Statements of the Company include its equity interests in Virtu Financial and its subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
	2025		2024		2023
(in thousands)
U.S. operations	$	792,839	$	456,613	$	248,987
Non-U.S. operations	301,490		188,357		76,144
	$	1,094,329	$	644,970	$	325,131

The provision for income taxes consists of the following for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current provision (benefit)
Federal	$	71,858	$	52,009	$	14,959
State and Local	19,512		18,634		12,972
Foreign	52,043		33,652		18,016
Deferred provision (benefit)
Federal	34,024		5,194		9,125
State and Local	4,674		875		1,832
Foreign	(46)		71		4,306
Provision for income taxes	$	182,065	$	110,435	$	61,210


	Year Ended December 31,
	2025
	(in thousands)		Percent
U.S. federal statutory tax rate	$	229,809	21.0	%
Less: provision attributable to noncontrolling interest	(98,361)		(9.0)
State and local income tax, net of federal income tax effects (1)	24,754		2.3
Foreign tax effects
Ireland	17,428		1.6
United Kingdom	16,246		1.5
Singapore	11,589		1.1
All other jurisdictions	6,734		0.6

Effect of cross-border tax laws	(50)		0.0
Tax credits
Foreign tax credit	(29,307)		(2.7)
All other credits	(3,491)		(0.3)

Nontaxable or nondeductible items	285		0.0
Changes in unrecognized tax benefits	10,014		0.9
Other, net	(3,585)		(0.4)
Effective tax rate	$	182,065	16.6	%
(1) State and local taxes in New York and New York City contributed to the majority of the tax effect in this category.

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the

years ended December 31, 2024 and 2023 is as follows:


	Years Ended December 31,
	2024		2023
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	21.0	%	21.0	%
Less: rate attributable to noncontrolling interest	(9.0)	%	(8.7)	%
State and local taxes, net of federal benefit	2.4	%	3.5	%


Non-deductible expenses, net	0.3	%	0.5	%
Excess tax benefit (deficiency) from share based compensation	0.1	%	0.3	%
Foreign taxes	5.2	%	6.9	%
Foreign tax credits	(2.3)	%	(3.8)	%
Other, net	(0.6)	%	(0.9)	%
Effective tax rate	17.1	%	18.8	%

The components of the deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31,
(in thousands)	2025		2024
Deferred income tax assets
Tax Receivable Agreement	$	91,355	$	114,402
Share-based compensation	16,072		15,053

Fixed assets and other	4,153		32,980
Tax credits and net operating loss carryforwards	7,880		10,334
Less: Valuation allowance on net operating loss carryforwards and tax credits	(7,880)		(10,334)
Total deferred income tax assets	$	111,580	$	162,435

Deferred income tax liabilities
Intangibles	$	19,158	$	27,389
Fixed assets	685		431
Total deferred income tax liabilities	$	19,843	$	27,820

The Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations for the share of income that is not attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation at the partner level. Accordingly, for the years ended December 31, 2025, 2024, and 2023, the income attributable to these noncontrolling interests is reported in the Consolidated Statements of Comprehensive Income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is the obligation of the individual partners. Income tax expense includes foreign, state and local income tax where certain of the Company’s subsidiaries are subject to corporate taxation.

Included in Other assets on the Consolidated Statements of Financial Condition at December 31, 2025 and December 31, 2024 are current income tax receivables of $36.8 million and $13.2 million, respectively. These balances primarily comprise prepayments of income tax and income tax benefits due to the Company from federal, state and local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition at December 31, 2025 and December 31, 2024 are current tax liabilities of $37.8 million and $22.5 million, respectively. These balances primarily comprise income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes.

Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 5 “Tax Receivable Agreements”), differences in the valuation of financial assets and liabilities, and other temporary differences arising from the deductibility of compensation, depreciation, and other expenses in different time periods for book and income tax return purposes.

There are no expiration dates on the deferred tax assets. The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the need to establish valuation allowances for deferred

tax assets is assessed periodically with appropriate consideration given to all positive and negative evidence related to the realization of the deferred tax assets. At December 31, 2025, the Company did not have any U.S. federal, state or local net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to any federal net operating loss carryforwards.

The Company has non-U.S. net operating losses at December 31, 2025 and 2024 of $46.8 million and $58.2 million, respectively, and has recorded related deferred tax assets of $7.9 million and $10.3 million, respectively. A full valuation allowance was recorded against these deferred tax assets at December 31, 2025 and 2024 as it is more likely than not that these deferred tax assets will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of December 31, 2025 and 2024 because it is more likely than not that these deferred tax assets will be fully realized.

The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As of December 31, 2025, the Company’s tax years for 2015 through 2024 and 2017 through 2024 are subject to examination by U.S. and non-U.S. tax authorities, respectively. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2013 through 2024. The outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments to the unrecognized tax benefits, if any, will not result in a material change to the financial condition, results of operations and cash flows.

The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income or loss before income taxes and noncontrolling interest. Penalties, if any, are recorded in Operations and administrative expense and interest received or paid is recorded in Other, net or Operations and administrative expense in the Consolidated Statements of Comprehensive Income, respectively.

The Company had $19.2 million of unrecognized tax benefits as of December 31, 2025, all of which would affect the Company’s effective tax rate if recognized. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of December 31, 2025.


(in thousands)




Balance at December 31, 2023	$	6,802
Decreases based on tax positions related to prior period	—
Increase based on tax positions related to current period	1,464
Balance at December 31, 2024	8,266

Decreases based on tax positions related to prior period	(5,533)
Increase based on tax positions related to current period	16,444
Balance at December 31, 2025	$	19,177

The amounts of cash income taxes paid by the Company were as follows:


	Year Ended December 31,
(in thousands)	2025
Federal	$	55,886
State and local
New York City	11,287
All other states	7,783
Foreign
United Kingdom	22,007
Ireland	13,981
All other foreign	11,004
Income taxes, net of amounts refunded	$	121,948

Public Law No. 119-21, commonly referred to as the One Big Beautiful Bill Act (“OBBB”), was signed into law on July 4, 2025. The OBBB, amongst other things, extends permanently, with modifications, certain tax provisions enacted as part of Public Law No. 115-97, commonly referred to as The Tax Cuts and Jobs Act (“TCJA”). Certain domestic provisions have retroactive effects beginning in 2025, while the international provisions are generally effective for years beginning after December 31, 2025. The Company determined that the OBBB did not have a material impact on its Consolidated Financial Statements and related disclosures for the year ended December 31, 2025. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Digital Assets Held - Schedule of Digital Assets Held (Details) $ in Thousands	Dec. 31, 2025 USD ($) token	Dec. 31, 2024 USD ($)
Crypto Asset, Activity [Line Items]
Cost Basis	$ 154,194
Fair Value	$ 154,610	$ 82,796
Carrying Value		82,796
Bitcoin
Crypto Asset, Activity [Line Items]
Units \| token	1,274
Cost Basis	$ 112,392
Fair Value	111,760
Carrying Value		59,925
Other
Crypto Asset, Activity [Line Items]
Cost Basis	41,802
Fair Value	$ 42,850
Carrying Value		$ 22,871

Financial Assets and Liabilities - Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 1,405,639	$ 1,271,788
Remaining contractual maturity for securities loaned	3,477,831	2,431,878
Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	905,639	821,788
Remaining contractual maturity for securities loaned	3,477,831	2,431,878
Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	315,000	190,000
Remaining contractual maturity for securities loaned	0	0
30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	85,000	185,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	75,000
Remaining contractual maturity for securities loaned	0	0
Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	500,000	450,000
Remaining contractual maturity for securities loaned	3,477,831	2,431,878
Equity securities \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	3,477,831	2,431,878
Equity securities \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	315,000	190,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	85,000	185,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	75,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	905,639	821,788
U.S. and Non-U.S. government obligations \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	905,639	821,788
U.S. and Non-U.S. government obligations \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 0	$ 0