Executive Vice President Stephen Cavoli executed a sale of 28,370 shares of Virtu Financial Inc.'s Class A common stock on February 17, 2026, resulting in proceeds of approximately $1.1 million. The transaction carried a weighted average sale price of $38.9375 per share, with the individual trade prices reported between $38.7065 and $39.16.
Following the trades, Cavoli directly owns 116,191 shares of Virtu Financial's Class A common stock. In addition to his direct holdings, he is the beneficiary of 85,463 Restricted Stock Units (RSUs). Those RSUs were granted under the company's Second Amended and Restated 2015 Management Incentive Plan and represent contingent rights to receive one share of Class A common stock per RSU. The RSUs vest in installments in February 2027, February 2028 and February 2029.
The insider sale comes alongside the company's recently released fourth-quarter 2025 financial results. Virtu reported adjusted earnings per share of $1.85 for the quarter, compared with a projected $1.19, representing a 55.46% surprise to the upside. Revenue for the quarter totaled $613.45 million, exceeding forecasts by 21.56%.
Those quarterly figures were highlighted in market commentary and have drawn attention from investors and analysts assessing Virtu's latest performance. The disclosure of Cavoli's sale and his remaining equity and RSU position provides a contemporaneous snapshot of the executive's publicly reported holdings while the company navigates its financially strong quarter.
Contextual summary
The disclosed transaction documents a routine executive sale of Class A shares on a specific date at specified price points and leaves Cavoli with substantial direct and contingent equity interest in Virtu. Separately reported quarterly results show an earnings and revenue beat for the fourth quarter of 2025.
Additional details
- Sale date: February 17, 2026.
- Shares sold: 28,370 Class A common shares.
- Approximate proceeds: $1.1 million.
- Weighted average sale price: $38.9375; individual prices ranged from $38.7065 to $39.16.
- Direct holdings after sale: 116,191 Class A common shares.
- RSUs held: 85,463, granted under the Second Amended and Restated 2015 Management Incentive Plan; vesting in February 2027, February 2028 and February 2029.
- Fourth-quarter 2025 adjusted EPS: $1.85 (vs. projected $1.19) - a 55.46% surprise.
- Fourth-quarter 2025 revenue: $613.45 million, beating forecasts by 21.56%.
Market relevance
The insider filing documents a material sale by a senior executive and details of the company's most recent quarterly outperformance. The information may be of interest to shareholders, market analysts covering financial services and trading firms, and other stakeholders monitoring executive compensation and firm earnings.