VIRT (Virtu Financial) Operating Income: $2,151 Mil (TTM As of Jun. 2026)

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VIRT Virtu Financial Inc VIRT
80 GF Score
Price $61.19
GF Value $45.24
Valuation Significantly Overvalued
! 11 Warning Signs
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What is Virtu Financial Operating Income?

Virtu Financial VIRT +2.02% 80 Operating Income is $2,151 Mil as of Jun. 2026. GuruFocus rates VIRT with a GF Score™ of 80/100 and a GF Value™ of $45.24 (Significantly Overvalued). The stock has 11 warning signs investors should review.

Virtu Financial's Operating Income for the three months ended in Jun. 2026 was $585 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was $2,151 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Virtu Financial's Operating Income for the three months ended in Jun. 2026 was $585 Mil. Virtu Financial's Revenue for the three months ended in Jun. 2026 was $1,190 Mil. Therefore, Virtu Financial's Operating Margin % for the quarter that ended in Jun. 2026 was 49.16%.

Good Sign:

Virtu Financial Inc operating margin is expanding. Margin expansion is usually a good sign.

Virtu Financial's 5-Year average Growth Rate for Operating Margin % was 0.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Virtu Financial's annualized ROC % for the quarter that ended in Jun. 2026 was 8.44%. Virtu Financial's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 118.56%.


Virtu Financial  (NYSE:VIRT) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Virtu Financial's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=2339.844 * ( 1 - 16.82% )/( (21936.485 + 24168.21)/ 2 )
=1946.2822392/23052.3475
=8.44 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=25115.26 - 2205.55 - ( 973.225 - max(0, 2360.523 - 5139.005+973.225))
=21936.485

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=27477.122 - 2239.658 - ( 1069.254 - max(0, 2593.599 - 4650.43+1069.254))
=24168.21

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Virtu Financial's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2330.6/( ( (304.889 + max(1960.23, 0)) + (325.02 + max(1341.518, 0)) )/ 2 )
=2330.6/( ( 2265.119 + 1666.538 )/ 2 )
=2330.6/1965.8285
=118.56 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4108.804 + 0 + 56.976) - (2205.55 + 0 + 0)
=1960.23

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3517.417 + 0 + 63.759) - (2239.658 + 0 + 4.5474735088646E-13)
=1341.518

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Virtu Financial's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=584.961/1189.953
=49.16 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Virtu Financial Operating Income Related Terms


Virtu Financial Operating Income Historical Data

* Premium members only.

The historical data trend for Virtu Financial's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Virtu Financial Operating Income Chart

Virtu Financial Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,252.15 917.91 933.98 1,317.97 1,875.58

Virtu Financial Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 546.54 374.00 568.06 623.98 584.96
VIRT
80GF Score
Virtu Financial Inc VIRT
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Virtu Financial Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $2,151 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $2,151 Mil mean?
Virtu Financial (VIRT) has a Operating Income of $2,151 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Virtu Financial and its competitors.
Is Virtu Financial's Operating Income too high?
Virtu Financial's current Operating Income is $2,151 Mil. Overall, Virtu Financial has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Virtu Financial's Operating Income compare to PIPR and MC?
Virtu Financial's Operating Income of $2,151 Mil can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Capital Markets company?
A good Operating Income depends on the Capital Markets industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Virtu Financial and its competitors. Virtu Financial's current Operating Income is $2,151 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Virtu Financial stock overvalued right now?
Based on GuruFocus' analysis, Virtu Financial (VIRT) is currently considered Significantly Overvalued. The stock's GF Value™ is $45.24, compared to a current price of $61.19 — trading 35.3% above its estimated fair value. The current Operating Income is $2,151 Mil. Virtu Financial's overall GF Score™ is 80/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Virtu Financial (VIRT), the current Operating Income is $2,151 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Virtu Financial (VIRT) Overvalued in 2026?

Based on GuruFocus' analysis, Virtu Financial stock appears to be overvalued. The current stock price of $61.19 is trading 35.3% above its estimated GF Value™ of $45.24. GuruFocus considers Virtu Financial to be Significantly Overvalued.

Key valuation signals for VIRT:

  • Operating Income: $2,151 Mil
  • GF Value™: $45.24 vs. price of $61.19 (35.3% above fair value)
  • GF Score™: 80/100 with 11 warning signs

No single metric tells the full story. See the VIRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Virtu Financial Business Description

Address 1633 Broadway, New York, NY, USA, 10019
Virtu Financial Inc is a financial firm that leverages technology to deliver liquidity to the world-wide markets and transparent trading solutions to its clients. The company's operating segment includes Market Making; and Execution Services. The non-operating segment of the company includes the Corporate segment. The company generates maximum revenue from the market-making segment. The Market Making segment principally consists of market-making in the cash, futures, and options markets across equities, options, fixed income, currencies, and commodities. Geographically, it derives a majority of its revenue from the United States and also has a presence in Ireland and Other Countries.
80GF Score

Get the complete analysis for VIRT

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$61.19
Price
$45.24
GF Value