Virtu Financial (VIRT) Q4 2025 Earnings Transcript

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Jan. 29, 2026 astatine 8 a.m. ET

• Chief Executive Officer — Aaron Simons

• Chief Financial Officer — Cindy Lee

• Co-President and Co-Chief Operating Officer — Joseph Molluso

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Matthew Sandberg: Thank you, and bully morning, everyone. Thank you for joining us. Our 4th fourth 2025 results were released this greeting and are disposable connected our website. With america contiguous connected this morning's call, we person Aaron Simons, our Chief Executive Officer; Cindy Lee; our Chief Financial Officer; and Joe Molluso, our Co-President and Co-Chief Operating Officer. We volition statesman with little prepared remarks and past instrumentality your questions. First, if you punctual us, today's telephone whitethorn see forward-looking statements, which correspond Virtu's existent content regarding aboriginal events and are, therefore, taxable to risks, assumptions and uncertainties, which whitethorn beryllium extracurricular the company's control.

Please enactment that our existent results and fiscal conditions whitethorn disagree materially from what is indicated successful these forward-looking statements. It is important to enactment that immoderate forward-looking statements made connected this telephone are based connected accusation presently disposable to the company, and we bash not undertake to update oregon revise immoderate forward-looking statements arsenic caller accusation becomes available. We notation you to disclaimers successful our property merchandise and promote you to reappraisal the statement of hazard factors contained successful our yearly report, Form 10-K and different nationalist filings. During today's call, successful summation to GAAP measures, we whitethorn notation to definite non-GAAP measures, including adjusted nett trading income, adjusted nett income, adjusted EBITDA and adjusted EBITDA margin.

These non-GAAP measures should not -- should beryllium considered arsenic supplemental to and not arsenic superior to fiscal measures arsenic reported successful accordance with GAAP. We nonstop listeners to consult the Investor information of our website wherever you'll find further supplemental accusation referred to connected this telephone arsenic good arsenic a reconciliation of non-GAAP measures to the equivalent GAAP word successful the net materials with an mentation of wherefore we deem this accusation to beryllium meaningful arsenic good arsenic however absorption uses these measures. With that, I volition crook the telephone implicit to Aaron.

Aaron Simons: Thanks, Matt. Good morning, everyone. As a reminder, the prepared remarks for net calls moving forward, volition absorption predominantly connected our fiscal results, allowing america to get to Q&A much quickly. Last call, we spoke astir our plans to turn our trading by investing successful our infrastructure, acquiring endowment and expanding our superior base. We besides stress that this maturation would beryllium a wide effort crossed the steadfast not constricted to a fistful of initiatives. The 4th fourth was a preview of the interaction of this renewed absorption connected growth.