v3.26.1
Pay vs Performance Disclosure
5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2025
Jul. 31, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
PAY VERSUS PERFORMANCE
The following table presents information required by Item 402(v) of Regulation S-K. For information regarding the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, please refer above to “Executive Compensation — Compensation Discussion and Analysis.”
Year
Summary
Compensation
Table Total for

CEO(1)
Compensation
Actually Paid
to CEO(3)
Average
Summary
Compensation
Table Total for
non-CEO
Named
Executive
Officers(2)
Average
Compensation
Actually Paid to
non-CEO
Named
Executive
Officers(4)
Value of Initial Fixed $100
Investment Based On:(5)
Net Income
Adjusted
EBITDA
(Company – 
Selected
Measure)(7)
Summary
Compensation
Table Total for
prior CEO(1)
Compensation
Actually Paid to
the prior

CEO(3)
Total
Shareholder
Return
Peer Group
Total
Shareholder
Return(6)
2025 16,727,125 16,178,080 27,279,619 30,518,416 5,834,960 4,553,557 $ 132.38 $ 271.54 $ 912,264 $ 1,399,223
2024 9,863,432 15,209,440 3,493,227 5,200,672 $ 142.79 $ 213.95 $ 534,535 $ 918,685
2023 8,251,865 9,129,803 3,269,016 3,564,802 $ 80.49 $ 147.59 $ 263,921 $ 567,767
2022 12,052,261 8,565,816 3,452,212 1,959,138 $ 81.09 $ 118.95 $ 468,332 $ 859,123
2021 10,107,261 14,939,149 3,309,375 3,033,721 $ 114.54 $ 128.94 $ 827,234 $ 1,301,233
(1)
Mr. Simons was appointed as our CEO on August 1, 2025. Mr. Cifu was our CEO for each of the years 2021-2024, and for 2025 until August 1.
(2)
Our non-CEO NEOs consisted of (i) Messrs. Molluso, Fairclough and Cavoli for each of the years presented, as well as Ms. Lee for 2025 and 2024 and former CFO Mr. Sean P. Galvin for 2024, 2023, 2022 and 2021.
(3)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below set forth each adjustment made during each year presented in the table to calculate the compensation “actually paid” to our CEO during each year in the table:
CEO
2025
(Mr. Simons)
2025
(Mr. Cifu)
2024
(Mr. Cifu)
2023
(Mr. Cifu)
2022
(Mr. Cifu)
2021
(Mr. Cifu)
Summary Compensation Table Total
16,727,125 27,279,619 9,863,432 8,251,865 12,052,261 10,107,261
Less, value of “Stock Awards,” as
reported in Summary Compensation
Table
(6,246,625) (6,013,500) (5,527,500) (4,974,000) (7,889,500) (6,590,500)
Plus, year-end fair value of outstanding and unvested awards granted in the year
2,271,958 6,503,531 7,953,051 4,604,182 4,057,161 3,706,982
Plus, fair value as of vesting date of equity awards granted and vested in the year
2,963,816 1,207,671 818,903 999,677 1,009,158 6,914,549
Plus (less), year over year change in
fair value of outstanding and
unvested equity awards granted in
prior years
(171,456) (175,466) 2,201,421 (7,591) (371,530) 251,656
Plus (less), year over year change in
fair value of equity awards granted in
prior years that vested in the year
462,329 1,415,628 (467,167) (127,421) (597,694) 229,648
Plus, dividends or other earnings paid during covered year, prior to vesting date of award
170,933 300,933 367,300 383,092 305,960 319,551
Compensation “Actually Paid” to CEO
16,178,080 30,518,416 15,209,440 9,129,803 8,565,816 14,939,149
(4)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below set forth each adjustment made during each year presented in the table to calculate the average compensation “actually paid” to our non-CEO NEO’s during each year in the table:
Non-CEO NEOs
2025
2024
2023
2022
2021
Summary Compensation Table Total
5,834,960 3,493,227 3,269,016 3,452,212 3,309,375
Less, value of “Stock Awards,” as reported in
Summary Compensation Table
(4,018,688) (1,934,468) (1,841,807) (2,032,213) (1,786,875)
Plus, year-end fair value of outstanding and unvested awards granted in the year
1,645,383 2,670,875 1,717,954 638,834 563,080
Plus, fair value as of vesting date of equity awards granted and vested in the year
476,359 256,760 369,392 414,794 385,950
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years
(144,297) 756,036 (4,106) (620,849) 307,181
Plus (less), year over year change in fair
value of equity awards granted in prior years
that vested in the year
570,522 (158,812) (56,921) 4,997 117,898
Less, fair value of awards granted prior to covered year that were forfeited during covered year
Plus, dividends or other earnings paid during
covered year, prior to vesting date of award
189,318 117,054 111,276 101,362 137,112
Average Compensation “Actually Paid” to Non-CEO NEOs
4,553,557 5,200,672 3,564,802 1,959,138 3,033,721
(5)
Assumes $100 was invested in our Class A Common Stock on December 31, 2020, and that dividends were reinvested on the date of payment without payment of any commissions or consideration of income taxes.
(6)
The peer group indices used by the Company consists of the NYSE Arca Securities Broker/Dealer Index. The calculation assumes $100 was invested in our Class A Common Stock on December 31, 2020, and that dividends were reinvested on the date of payment without payment of any commissions or consideration of income taxes.
(7)
“EBITDA” and “Adjusted EBITDA” are non-GAAP financial measures of financial performance. “EBITDA” measures our operating performance by adjusting net income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA” measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, COVID-19 one-time costs and donations for 2020, 2021 and 2022 and Other, net, which includes gains and losses from strategic investments and the sales of businesses. Reconciliations of Net Income to EBITDA and Adjusted EBITDA are available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.
       
Company Selected Measure Name     Adjusted EBITDA        
Named Executive Officers, Footnote    
(1)
Mr. Simons was appointed as our CEO on August 1, 2025. Mr. Cifu was our CEO for each of the years 2021-2024, and for 2025 until August 1.
(2)
Our non-CEO NEOs consisted of (i) Messrs. Molluso, Fairclough and Cavoli for each of the years presented, as well as Ms. Lee for 2025 and 2024 and former CFO Mr. Sean P. Galvin for 2024, 2023, 2022 and 2021.
       
Peer Group Issuers, Footnote    
(6)
The peer group indices used by the Company consists of the NYSE Arca Securities Broker/Dealer Index. The calculation assumes $100 was invested in our Class A Common Stock on December 31, 2020, and that dividends were reinvested on the date of payment without payment of any commissions or consideration of income taxes.
       
Adjustment To PEO Compensation, Footnote    
(3)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below set forth each adjustment made during each year presented in the table to calculate the compensation “actually paid” to our CEO during each year in the table:
CEO
2025
(Mr. Simons)
2025
(Mr. Cifu)
2024
(Mr. Cifu)
2023
(Mr. Cifu)
2022
(Mr. Cifu)
2021
(Mr. Cifu)
Summary Compensation Table Total
16,727,125 27,279,619 9,863,432 8,251,865 12,052,261 10,107,261
Less, value of “Stock Awards,” as
reported in Summary Compensation
Table
(6,246,625) (6,013,500) (5,527,500) (4,974,000) (7,889,500) (6,590,500)
Plus, year-end fair value of outstanding and unvested awards granted in the year
2,271,958 6,503,531 7,953,051 4,604,182 4,057,161 3,706,982
Plus, fair value as of vesting date of equity awards granted and vested in the year
2,963,816 1,207,671 818,903 999,677 1,009,158 6,914,549
Plus (less), year over year change in
fair value of outstanding and
unvested equity awards granted in
prior years
(171,456) (175,466) 2,201,421 (7,591) (371,530) 251,656
Plus (less), year over year change in
fair value of equity awards granted in
prior years that vested in the year
462,329 1,415,628 (467,167) (127,421) (597,694) 229,648
Plus, dividends or other earnings paid during covered year, prior to vesting date of award
170,933 300,933 367,300 383,092 305,960 319,551
Compensation “Actually Paid” to CEO
16,178,080 30,518,416 15,209,440 9,129,803 8,565,816 14,939,149
       
Non-PEO NEO Average Total Compensation Amount     $ 5,834,960 $ 3,493,227 $ 3,269,016 $ 3,452,212 $ 3,309,375
Non-PEO NEO Average Compensation Actually Paid Amount     $ 4,553,557 5,200,672 3,564,802 1,959,138 3,033,721
Adjustment to Non-PEO NEO Compensation Footnote    
(4)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The table below set forth each adjustment made during each year presented in the table to calculate the average compensation “actually paid” to our non-CEO NEO’s during each year in the table:
Non-CEO NEOs
2025
2024
2023
2022
2021
Summary Compensation Table Total
5,834,960 3,493,227 3,269,016 3,452,212 3,309,375
Less, value of “Stock Awards,” as reported in
Summary Compensation Table
(4,018,688) (1,934,468) (1,841,807) (2,032,213) (1,786,875)
Plus, year-end fair value of outstanding and unvested awards granted in the year
1,645,383 2,670,875 1,717,954 638,834 563,080
Plus, fair value as of vesting date of equity awards granted and vested in the year
476,359 256,760 369,392 414,794 385,950
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years
(144,297) 756,036 (4,106) (620,849) 307,181
Plus (less), year over year change in fair
value of equity awards granted in prior years
that vested in the year
570,522 (158,812) (56,921) 4,997 117,898
Less, fair value of awards granted prior to covered year that were forfeited during covered year
Plus, dividends or other earnings paid during
covered year, prior to vesting date of award
189,318 117,054 111,276 101,362 137,112
Average Compensation “Actually Paid” to Non-CEO NEOs
4,553,557 5,200,672 3,564,802 1,959,138 3,033,721
       
Compensation Actually Paid vs. Total Shareholder Return    
CAP versus Total Shareholder Return
The chart below shows the relationship between the CEO and other NEOs’ CAP amounts and the Company’s TSR. This is primarily due to the Company’s use of annual and long-term equity incentives, the value of which are tied directly to stock price performance and the Company’s financial performance.
[MISSING IMAGE: bc_capvsttlshr-4c.jpg]
       
Compensation Actually Paid vs. Net Income    
CAP versus Annual Net Income
The chart below shows the relationship between the CEO and other NEOs’ CAP amounts and the Company’s Net Income. This is primarily due to the Company’s use of quantitative financial performance metrics in determining annual bonus compensation of its NEOs.
[MISSING IMAGE: bc_capvsnetinc-4c.jpg]
       
Compensation Actually Paid vs. Company Selected Measure    
CAP versus Annual Adjusted EBITDA
The chart below shows the relationship between the CEO and other NEOs’ CAP amounts and the Company’s Adjusted EBITDA. This is primarily due to the Company’s use of quantitative financial performance metrics in determining annual bonus compensation of its NEOs.
[MISSING IMAGE: bc_capvsadjust-4c.jpg]
       
Total Shareholder Return Vs Peer Group    
CAP versus Total Shareholder Return
The chart below shows the relationship between the CEO and other NEOs’ CAP amounts and the Company’s TSR. This is primarily due to the Company’s use of annual and long-term equity incentives, the value of which are tied directly to stock price performance and the Company’s financial performance.
[MISSING IMAGE: bc_capvsttlshr-4c.jpg]
       
Tabular List, Table    
Most Important Financial Performance Measures
The following provides a list of the financial performance measures that we believe are the most important financial performance measures used to link the compensation awarded to our NEOs to the Company’s performance. For more information, please see the “Executive Compensation — Compensation Discussion and Analysis” section above.
1. Annual Adjusted EBITDA
2. Adjusted Net Trading Income
3. Adjusted Operating Expenses
       
Total Shareholder Return Amount     $ 132.38 142.79 80.49 81.09 114.54
Peer Group Total Shareholder Return Amount     271.54 213.95 147.59 118.95 128.94
Net Income (Loss)     $ 912,264 $ 534,535 $ 263,921 $ 468,332 $ 827,234
Company Selected Measure Amount     1,399,223 918,685 567,767 859,123 1,301,233
PEO Name Mr. Simons Mr. Cifu          
Measure:: 1              
Pay vs Performance Disclosure              
Name     Annual Adjusted EBITDA        
Non-GAAP Measure Description    
(7)
“EBITDA” and “Adjusted EBITDA” are non-GAAP financial measures of financial performance. “EBITDA” measures our operating performance by adjusting net income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA” measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, COVID-19 one-time costs and donations for 2020, 2021 and 2022 and Other, net, which includes gains and losses from strategic investments and the sales of businesses. Reconciliations of Net Income to EBITDA and Adjusted EBITDA are available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.
       
Measure:: 2              
Pay vs Performance Disclosure              
Name     Adjusted Net Trading Income        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Adjusted Operating Expenses        
Mr. Simons [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 16,727,125        
PEO Actually Paid Compensation Amount     16,178,080        
Mr.Cifu [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     27,279,619 $ 9,863,432 $ 8,251,865 $ 12,052,261 $ 10,107,261
PEO Actually Paid Compensation Amount     30,518,416 15,209,440 9,129,803 8,565,816 14,939,149
PEO | Mr. Simons [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (6,246,625)        
PEO | Mr. Simons [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,271,958        
PEO | Mr. Simons [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (171,456)        
PEO | Mr. Simons [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,963,816        
PEO | Mr. Simons [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     462,329        
PEO | Mr. Simons [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     170,933        
PEO | Mr.Cifu [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (6,013,500) (5,527,500) (4,974,000) (7,889,500) (6,590,500)
PEO | Mr.Cifu [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     6,503,531 7,953,051 4,604,182 4,057,161 3,706,982
PEO | Mr.Cifu [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (175,466) 2,201,421 (7,591) (371,530) 251,656
PEO | Mr.Cifu [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,207,671 818,903 999,677 1,009,158 6,914,549
PEO | Mr.Cifu [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,415,628 (467,167) (127,421) (597,694) 229,648
PEO | Mr.Cifu [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     300,933 367,300 383,092 305,960 319,551
Non-PEO NEO | Mr. Simons [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (4,018,688)        
Non-PEO NEO | Mr. Simons [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,645,383        
Non-PEO NEO | Mr. Simons [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (144,297)        
Non-PEO NEO | Mr. Simons [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     476,359        
Non-PEO NEO | Mr. Simons [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     570,522        
Non-PEO NEO | Mr. Simons [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount            
Non-PEO NEO | Mr. Simons [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 189,318        
Non-PEO NEO | Mr.Cifu [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       (1,934,468) (1,841,807) (2,032,213) (1,786,875)
Non-PEO NEO | Mr.Cifu [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       2,670,875 1,717,954 638,834 563,080
Non-PEO NEO | Mr.Cifu [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       756,036 (4,106) (620,849) 307,181
Non-PEO NEO | Mr.Cifu [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       256,760 369,392 414,794 385,950
Non-PEO NEO | Mr.Cifu [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       (158,812) (56,921) 4,997 117,898
Non-PEO NEO | Mr.Cifu [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount        
Non-PEO NEO | Mr.Cifu [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount       $ 117,054 $ 111,276 $ 101,362 $ 137,112