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Virtu Financial VIRT Tax Receivable Agreement

Tax Receivable Agreement at other companies

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Other financials

Income statement

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Revenue$1.1B+30.7%
Net income$182.3M+82.9%
EPS (diluted)$1.99+84.3%

Balance sheet

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Cash & equivalents$1.0B+33.6%
Total debt$2.3B+15.8%
Total equity$1.7B+32.5%
Total assets$25.1B+43.1%

Cash flow

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Operating cash flow-$149.0K-101%
CapEx$5.6M-2.2%
Free cash flow-$5.8M-162%

Valuation

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Market cap$4.91B+36.7%
Enterprise value$6.18B+27.6%
P/E8.9×0.0×
P/S1.3×+0.2×

Profitability

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Net margin14.2%+3.7pp
FCF margin12.4%-20.0pp

Returns & leverage

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Return on equity36.2%+10.8pp
Debt / equity1.3×-0.2×

Where this comes from

Reported directly by Virtu Financial in its filing.

Tagged under the XBRL concept virt:DeferredTaxAssetsTaxReceivableAgreement.

The source filing: Virtu Financial’s 10-K, filed February 20, 2026.

Filed
Feb 20, 2026, 5:09 PM EST
Fiscal year
FY2025
Accession
0001592386-26-000009
(in thousands)December 31, 2025December 31, 2024
Deferred income tax assets
Tax Receivable Agreement$91,355$114,402
Share-based compensation16,07215,053
Fixed assets and other4,15332,980
Tax credits and net operating loss carryforwards7,88010,334
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

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Virtu Financial's tax receivable agreement?
Virtu Financial (VIRT) reported tax receivable agreement of $91.36M in Q4 2025.
How has Virtu Financial's tax receivable agreement changed year-over-year?
Virtu Financial's tax receivable agreement decreased by 20.1% year-over-year, from $114.4M to $91.36M.
What is the long-term trend for Virtu Financial's tax receivable agreement?
Over 5 years (2020 to 2025), Virtu Financial's tax receivable agreement has grown at a -14.4% compound annual growth rate (CAGR), from $199.11M to $91.36M.
What does tax receivable agreement mean?
This represents the asset value associated with contractual obligations to pay tax savings to former owners or partners. It reflects the future cash outflows required to settle liabilities arising from tax benefits realized by the company. Investors monitor this to assess potential future cash obligations linked to historical tax structuring.

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