Virtu Financial (VIRT) Q2 2026 earnings summary

Executive summary

• Achieved substantial progress on growth initiatives, including infrastructure investment, talent acquisition, and capital base expansion, with continued organic growth in both market making and execution services supported by technology and talent investments.

• Net income for Q2 2026 was $284.9 million, with Normalized Adjusted Net Income at $291.5 million and EPS of $1.63 (Normalized Adjusted EPS: $1.82).

• Total revenues for Q2 2026 increased 19% year-over-year to $1.19 billion, and trading income, net, increased 31.2% to $856.7 million.

• Trading capital increased to $3.4 billion, up from $2 billion year-over-year, supported by retained earnings and a term loan.

• Attrition rates at multi-year lows, reflecting a positive culture shift and successful hiring.

Financial highlights

• Adjusted Net Trading Income (ANTI/NTI) for Q2 2026 was $717.9 million, up 26.4% year-over-year, with average daily ANTI of $11.6 million.

• Adjusted EBITDA reached $437 million with a 61% margin; Adjusted EPS was $1.82.

• Net income margin was 23.9% for Q2 2026.

• EBITDA for Q2 2026 was $409.0 million; Adjusted EBITDA was $436.8 million.

• Trailing 12-month ANTI per day was $10.4 million, Adjusted EBITDA $1.7 billion, and Adjusted EPS $6.96—all record highs.

Outlook and guidance

• Continued focus on accumulating trading capital through free cash flow and opportunistic financing, with aggressive hiring expected in quantitative, trading, and engineering roles.

• Compensation ratio guidance remains in the low to mid-20% range on a cash basis.

• Management expects continued strong trading activity and institutional engagement to support revenue growth.

• Liquidity and capital resources are expected to be sufficient for the next twelve months, with cash and equivalents at $1.07 billion as of June 30, 2026.

• Forward-looking statements caution that results are subject to market volatility, trading volumes, regulatory changes, and technology risks.