Virtu Announces Third Quarter 2026 Results
Virtu Financial, Inc. (VIRT) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Virtu Announces Third Quarter 2026 Results NEW YORK, NY, November 5, 2026 - Virtu Financial, Inc. (NYSE: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its cl
How this was made
The 30-second read
Why it matters
The earnings beat and dividend launch provide fresh material for traders to consider positioning in Virtu and related market‑making stocks.
Market read
Virtu's robust earnings and dividend initiation could drive short‑term price appreciation and affect the broader electronic trading sector.
What to watch
The announced redomestication to Texas could entail legal and tax costs not reflected in the earnings.
Virtu Announces Third Quarter 2026 Results
Third-quarter total revenues increased 39.9% to $1,153.9 million, trading income, net increased 55.0% to $820.2 million, net income increased to $282.5 million from $149.1 million, and Adjusted EBITDA increased 63.5% to $437.9 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $1.15B | – | 39.9% |
| Trading income, net, three months ended September 30, 2026GAAP | $820.2M | – | 55.0% |
| Interest and dividends income, three months ended September 30, 2026GAAP | 151.2M | – | – |
| Commissions, net and technology services, three months ended September 30, 2026GAAP | 172.2M | – | – |
| Other, net, three months ended September 30, 2026GAAP | 10.36M | – | – |
| Brokerage, exchange, clearance fees and payments for order flow, net, three months ended September 30, 2026GAAP | 242.1M | – | – |
| Communication and data processing, three months ended September 30, 2026GAAP | 71.19M | – | – |
| Employee compensation and payroll taxes, three months ended September 30, 2026GAAP | 199.0M | – | – |
| Interest and dividends expense, three months ended September 30, 2026GAAP | 197.5M | – | – |
| Operations and administrative, three months ended September 30, 2026GAAP | 34.80M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | 21.73M | – | – |
| Amortization of purchased intangibles and acquired capitalized software, three months ended September 30, 2026GAAP | 11.78M | – | – |
| Termination of office leases, three months ended September 30, 2026GAAP | 5K | – | – |
| Debt issue cost related to debt refinancing, prepayment and commitment fees, three months ended September 30, 2026GAAP | 1.56M | – | – |
| Transaction advisory fees and expenses, three months ended September 30, 2026GAAP | — | – | – |
| Financing interest expense on long-term borrowings, three months ended September 30, 2026GAAP | 43.18M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | 822.8M | – | – |
| Income before income taxes and noncontrolling interest, three months ended September 30, 2026GAAP | 331.1M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | 48.56M | – | – |
| Net income, three months ended September 30, 2026GAAP | $282.5M | – | – |
| Net income available for common stockholders, three months ended September 30, 2026GAAP | 153.3M | – | – |
| Basic earnings per share, three months ended September 30, 2026GAAP | $1.65 | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $1.65 | – | – |
| GAAP Net income Margin, three months ended September 30, 2026GAAP | 24.5% | – | – |
| Adjusted Net Trading Income, three months ended September 30, 2026non-GAAP | $704M | – | 50.7% |
| EBITDA, three months ended September 30, 2026non-GAAP | 409.4M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $437.9M | – | 63.5% |
| Non-GAAP Net income Margin, three months ended September 30, 2026non-GAAP | 40.1% | – | – |
| EBITDA Margin, three months ended September 30, 2026non-GAAP | 58.1% | – | – |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 62.2% | – | – |
| Normalized Adjusted Net Income before income taxes, three months ended September 30, 2026non-GAAP | 373.0M | – | – |
| Normalized provision for income taxes, three months ended September 30, 2026non-GAAP | 89.51M | – | – |
| Normalized Adjusted Net Income, three months ended September 30, 2026non-GAAP | $283.5M | – | 70.2% |
| Normalized Adjusted EPS, three months ended September 30, 2026non-GAAP | $1.77 | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | 3.44B | – | – |
| Trading income, net, nine months ended September 30, 2026GAAP | 2.47B | – | – |
| Net income, nine months ended September 30, 2026GAAP | 914.1M | – | – |
| Basic earnings per share, nine months ended September 30, 2026GAAP | $5.27 | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $5.27 | – | – |
| Adjusted Net Trading Income, nine months ended September 30, 2026non-GAAP | 2.21B | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | 1.40B | – | – |
| Normalized Adjusted Net Income, nine months ended September 30, 2026non-GAAP | 931.6M | – | – |
| Normalized Adjusted EPS, nine months ended September 30, 2026non-GAAP | $5.83 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Market Making, three months ended September 30, 2026Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. | $986.8M | – | – |
| Execution Services, three months ended September 30, 2026Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. | $163.0M | – | – |
| Corporate, three months ended September 30, 2026Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses. | $4.13M | – | – |
| Market Making, nine months ended September 30, 2026Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. | $2.91B | – | – |
| Execution Services, nine months ended September 30, 2026Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. | $523.6M | – | – |
| Corporate, nine months ended September 30, 2026Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses. | $3.95M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Board of Directors declared a quarterly cash dividend of $0.24 per share.
- The dividend is payable on December 15, 2026 to shareholders of record as of December 1, 2026.
What drove it
- Trading income, net increased 55.0% to $820.2 million for the quarter compared to $529.1 million for the same period in 2025.
- Adjusted Net Trading Income increased 50.7% to $704.0 million for the quarter compared to $467.0 million for the same period in 2025.
- Adjusted EBITDA increased 63.5% to $437.9 million for the quarter compared to $267.8 million for the same period in 2025.
- Market Making total revenues were $986,778 (in thousands) for the three months ended September 30, 2026, compared with $668,017 (in thousands) for the three months ended September 30, 2025.
- Execution Services total revenues were $163,031 (in thousands) for the three months ended September 30, 2026, compared with $154,506 (in thousands) for the three months ended September 30, 2025.
Concerns
- Interest and dividends expense was 197,549 (in thousands) for the three months ended September 30, 2026, compared with 165,691 (in thousands) for the three months ended September 30, 2025.
- Financing interest expense on long-term borrowings was 43,179 (in thousands) for the three months ended September 30, 2026, compared with 33,297 (in thousands) for the three months ended September 30, 2025.
- Employee compensation and payroll taxes were 198,989 (in thousands) for the three months ended September 30, 2026, compared with 157,669 (in thousands) for the three months ended September 30, 2025.
- The filing identifies fluctuations in trading volume and volatilities, potential trading losses, counterparty and clearing-house performance, regulatory and legal uncertainties, and technology and cybersecurity risks among its risk factors.
What to watch
- Trading income, net and Adjusted Net Trading Income, which respectively increased 55.0% and 50.7% in the third quarter.
- Market Making revenue, which was $986,778 (in thousands) in the third quarter, and Execution Services revenue, which was $163,031 (in thousands).
- Adjusted EBITDA Margin, which was 62.2% in the third quarter compared with 57.3% in the same period in 2025.
- Interest and dividends expense and financing interest expense on long-term borrowings.
- The planned redomestication from Delaware to Texas, which is expected to occur later this year and is not expected to affect business operations, management, strategy, assets, or employee locations.
Balance sheet and cash flow
- As of September 30, 2026, cash, cash equivalents and restricted cash were $1,575.4 million.
- Cash and cash equivalents were $1,516,624 (in thousands) as of September 30, 2026, compared with $1,061,697 (in thousands) as of December 31, 2025.
- Cash and securities segregated under regulations and other were $58,759 (in thousands) as of September 30, 2026, compared with $64,744 (in thousands) as of December 31, 2025.
- Total long-term debt outstanding in an aggregate principal amount was $2,551.8 million as of September 30, 2026.
- Long-term borrowings, net were $2,520,360 (in thousands) as of September 30, 2026, compared with $2,039,463 (in thousands) as of December 31, 2025.
- Short-term borrowings, net were $184,119 (in thousands) as of September 30, 2026, compared with $12,382 (in thousands) as of December 31, 2025.
- Total assets were $26,385,285 (in thousands) as of September 30, 2026, compared with $20,150,736 (in thousands) as of December 31, 2025.
- Total liabilities were $23,896,162 (in thousands) as of September 30, 2026, compared with $18,177,333 (in thousands) as of December 31, 2025.
- Total equity was $2,489,123 (in thousands) as of September 30, 2026, compared with $1,973,403 (in thousands) as of December 31, 2025.
Analysis
Virtu reported a strong third quarter ended September 30, 2026. Total revenues increased 39.9% to $1,153.9 million, led by a 55.0% increase in trading income, net to $820.2 million. Net income was $282.5 million, compared with $149.1 million in the prior-year quarter, while basic and diluted earnings per share were $1.65 compared with $0.86.
The reported mix reflects a substantially larger Market Making contribution. Market Making total revenues were $986,778 (in thousands), compared with $668,017 (in thousands) in the prior-year quarter. Execution Services total revenues were $163,031 (in thousands), compared with $154,506 (in thousands). Within the consolidated revenue lines, commissions, net and technology services were 172,226 (in thousands), interest and dividends income was 151,155 (in thousands), and other, net was 10,361 (in thousands).
Profitability expanded on both GAAP and non-GAAP measures. GAAP Net income Margin was 24.5%, compared with 18.1%. Adjusted Net Trading Income increased 50.7% to $704.0 million, Adjusted EBITDA increased 63.5% to $437.9 million, and Adjusted EBITDA Margin was 62.2%, compared with 57.3%. Normalized Adjusted Net Income increased 70.2% to $283.5 million and Normalized Adjusted EPS was $1.77, compared with $1.05.
The expense base also increased. Employee compensation and payroll taxes were 198,989 (in thousands), interest and dividends expense was 197,549 (in thousands), brokerage, exchange, clearance fees and payments for order flow, net were 242,063 (in thousands), and financing interest expense on long-term borrowings was 43,179 (in thousands). Total operating expenses were 822,841 (in thousands), compared with 644,799 (in thousands).
Capital returns included a quarterly cash dividend of $0.24 per share, payable on December 15, 2026 to shareholders of record as of December 1, 2026. As of September 30, 2026, the company had $1,575.4 million in cash, cash equivalents and restricted cash and total long-term debt outstanding in an aggregate principal amount of $2,551.8 million. The release provided no financial outlook. Separately, the Board approved changing the company's state of incorporation from Delaware to Texas, with the planned redomestication expected later this year.
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Prior-period outlook was not provided.
- Gross margin was not reported.
- Operating income was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Prior-quarter comparisons were not reported.
- Named executive commentary and named executive quotes were not provided.
- A CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Virtu Financial filed an 8‑K reporting its third‑quarter 2026 financial results, including revenue, earnings, dividend declaration, and a planned redomestication.
Ticker impact
Q3 2026 results showing 39.9% revenue growth, $1.15B revenue, $282.5M net income and a $0.24 dividend
likely upward pressure as the market prices in the earnings beat and dividend launch
Revenue up 39.9% YoY, net income more than doubled, and a new dividend suggest improved profitability and cash flow.
Market effects
Positive for market‑making and execution‑services firms as Virtu's growth highlights demand for liquidity services.
U.S. equity markets may see a modest lift from the earnings surprise.
Virtu's global trading footprint means its results can influence sentiment in worldwide electronic trading sectors.
Counterpoint
The strong results may already be priced in; a pullback could occur if expectations were too high.
Key entities
- companyVirtu Financial, Inc.
U.S. listed market‑making and execution services firm (NYSE: VIRT).
