Citadel Securities nets record US$12 billion trading haul

Published Wed, Mar 25, 2026 · 10:11 AM

[NEW YORK] Citadel Securities posted a record US$12.2 billion in trading revenue last year, as the market-making arm of billionaire Ken Griffin’s empire continues in its bid to compete with the largest trading desks globally.

The result marks a 25 per cent increase from the previous full-year record of US$9.7 billion in 2024, according to sources familiar with the matter, who asked not to be identified discussing private information. The company generated about US$6.5 billion in earnings before interest, taxes, depreciation and amortisation for 2025, also an increase on the prior year, the sources said.

Like its high-speed trading peers, Citadel Securities capitalises on market turbulence, stepping in as a liquidity provider during dislocations like those triggered by shifting tariff policies and geopolitical conflicts. The firm has also charted a global expansion to compete with Wall Street heavyweights, recruiting aggressively from those ranks along the way.

A representative for Miami-based Citadel Securities declined to comment on the results.

Costs have climbed alongside performance, with compensation expenses in the first 11 months of the year increasing to US$3.5 billion compared to roughly US$3 billion for all of 2024, said the sources.

Citadel Securities closed 2025 with US$21.8 billion in trading capital, funds it uses to hold inventory and facilitate continuous buying and selling across global markets, the sources said.

Debt deal

In the final three months of the year, Citadel Securities generated US$3.8 billion in net trading revenue and US$1.7 billion in net income. Profit for the full year was roughly US$5.4 billion, the sources said.

Citadel Securities has turned to the debt markets to fuel its expansion. On Tuesday (Mar 24), the firm sold a US$1.5 billion bond for working capital and general corporate purposes, Bloomberg reported.

Moody’s Ratings, which assigned the bonds investment-grade, said it expects the firm to continue expanding “its trading activities by asset class and geography”.

Citadel Securities has been on a hiring spree from big Wall Street banks, including Goldman Sachs and JPMorgan Chase. Earlier this year it started a high-touch equities trading platform to handle large equity block trades made for institutional clients.

The recent surges in trading volumes have intensified competition among trading firms. Jane Street and Hudson River Trading each have hedge fund-style trading units, in addition to market-making operations, which can add to earnings. Citadel’s hedge fund business sits outside the market-making firm and does not contribute to revenue figures.

Jane Street’s net trading revenue in the first nine months of 2025 surpassed US$24 billion, well past its previous annual record of US$20.5 billion set in 2024, Bloomberg reported.

Citadel Securities, founded in 2002, matches buyers and sellers in the equity and fixed-income markets. It serves asset managers, banks, broker-dealers, hedge funds, government agencies and public pension programmes. BLOOMBERG