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MarketBeat Week in Review – 04/27 - 05/01Virtu Financial NYSE: VIRT said its second-quarter 2026 performance reflected favorable market conditions, continued growth in its trading-capital base and investments in technology and talent, with management pointing to all-time highs in several trailing 12-month profitability measures.

Chief Executive Officer Aaron Simons said the company has made progress on a growth plan announced a year earlier, which included investments in infrastructure, talent and capital. He said Virtu has invested in power and computing capacity, begun establishing select partnerships through investments, and continued recruiting in key technical and trading roles.

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The Volatility Harvester That Thrives in Market Chaos“We are reestablishing our reputation as a firm run by technologists and traders,” Simons said, adding that attrition has declined to multiyear lows.

Quarterly profitability and segment performance Chief Financial Officer Cindy Lee said Virtu generated adjusted net trading income, or ANTI, of $11.6 million per day during the second quarter, with a quarterly total of $718 million. Market Making contributed $9.4 million of ANTI per day, while Execution Services generated $2.2 million per day.

The company reported adjusted EBITDA of $437 million, representing a 61% margin, and adjusted earnings per share of $1.82. Over the past 12 months, Virtu recorded ANTI per day of $10.4 million, adjusted EBITDA of $1.7 billion and adjusted EPS of $6.96, all of which Lee described as company records on a trailing 12-month basis.

Management said both operating segments benefited from market conditions and execution by Virtu’s teams. Co-President and Co-Chief Operating Officer Joseph Molluso cited continued growth in crypto, options and block exchange-traded fund markets. He also identified global equities, retail and proprietary trading activity as standouts during the quarter.

Molluso said the Execution Services business, or VES, has generated more than $2 million in daily ANTI for three consecutive quarters. He described the consistency of that performance as a meaningful contributor to results.

Capital build supported by debt issuance and retained earnings Virtu’s total trading capital reached $3.4 billion, up from $2 billion a year earlier, Simons said. The increase followed 12 months of retained earnings and an opportunistic increase in the company’s term loan.

Lee said invested capital stood at $2.9 billion as of June 30 and produced an average return of 106% over the past year. In early July, the company increased its term loan by $500 million. Its trailing debt-to-EBITDA ratio was 1.5 times, which Lee characterized as modest leverage.

Molluso said the debt financing was completed because market conditions provided an attractive opportunity, rather than because the company needed to raise funds immediately. He said the offering was oversubscribed and was executed at what management viewed as an attractive price and tight spread levels.

“You raise money when you can, not when you have to,” Molluso said of conditions in the debt and leveraged-loan markets.

Management said the additional capital is already deployed and that it had previously used some short-term liquidity to capture market opportunities. Molluso said Virtu considers its current debt level sustainable in the near to medium term, and expects further capital accumulation to come primarily through free cash flow generation. The company said it intends to maintain its quarterly dividend of $0.24 per share.

Hiring investment and compensation Virtu said it is continuing to hire aggressively in areas including quantitative research, trading, engineering and software development. Simons said the company does not have a specific headcount target and expects to continue hiring at a strong pace for at least the next several years.

He said the company’s hiring efforts are part of a broader cultural shift that has been recognized by current employees and prospective candidates, contributing to lower attrition and increased interest from the talent pool.

Through June 30, Virtu’s cash compensation ratio was 23% and its total compensation ratio was 28%, according to Lee. Molluso said management’s guidance remains for a low-to-mid-20% cash compensation ratio, noting that the company has been willing to tolerate an investment period as it recruits talent.

He said the company takes a top-down approach to compensation early in the year and refines accruals as it approaches year-end. Management advised investors to focus on the year-to-date compensation ratio rather than a single quarter.

Broad-based deployment and evolving products Simons said Virtu is directing incremental capital and personnel broadly across the business rather than toward one specific asset class, product or geography. He noted that allocations can shift quickly as opportunities change because of the company’s relatively flat structure and ability to move capital opportunistically.

On the potential development of regulated perpetual futures in the United States, Simons said Virtu does not seek to predict where trading volumes will ultimately settle. He said new trading methods and market fragmentation have historically contributed to higher volumes, at least in the short term.

Molluso said Virtu does not view perpetual futures as an entirely new asset class, but rather as an evolution of existing asset classes. He said Virtu Execution Services is not currently seeing significant institutional demand for the products, while Virtu itself does not have direct retail customers. Still, management said it intends to provide pricing, liquidity and trading services as products become liquid and tradable.

About Virtu Financial (NYSE:VIRT)Virtu Financial, Inc is a technology-driven electronic trading firm and market maker that provides liquidity and price discovery across a wide range of financial instruments. Leveraging advanced analytics, high-performance computing and proprietary algorithms, Virtu operates in equities, fixed income, foreign exchange, commodities and derivative products. Its technology platform is designed to capture bid-ask spreads in real time, manage risk through automated controls and adapt to changing market conditions.

The company offers a suite of execution services and market-making solutions to institutional clients such as asset managers, banks, broker-dealers and hedge funds.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- 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 clients and liquidity to the global markets, today reported results for the second quarter ended June 30, 2026.

Second Quarter 2026:

Net income of $284.9 million; Normalized Adjusted Net Income1 of $291.5 millionBasic and diluted earnings per share of $1.63; Normalized Adjusted EPS1 of $1.82Total revenues of $1,190.0 million; Trading income, net, of $856.7 million; Net income Margin of 23.9%2 Adjusted Net Trading Income1 of $717.9 million Adjusted EBITDA1 of $436.8 million; Adjusted EBITDA Margin1 of 60.8%
The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on September 15, 2026 to shareholders of record as of September 1, 2026.

Note 1: Non-GAAP financial measures. Please see "Non-GAAP Financial Measures and Other Items" for more information.
Note 2: Calculated by dividing Net income by Total revenue.

Financial Results

Second Quarter 2026:

Total revenues increased 19.0% to $1,190.0 million for this quarter, compared to $999.6 million for the same period in 2025. Trading income, net, increased 31.2% to $856.7 million for the quarter compared to $652.8 million for the same period in 2025. Net income totaled $284.9 million for this quarter, compared to net income of $293.0 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $1.63, compared to basic and diluted earnings per share of $1.65 for the same period in 2025.

Adjusted Net Trading Income increased 26.4% to $717.9 million for this quarter, compared to $567.7 million for the same period in 2025. Adjusted EBITDA increased 18.2% to $436.8 million for this quarter, compared to $369.4 million for the same period in 2025. Normalized Adjusted Net Income increased 19.4% to $291.5 million for this quarter, compared to $244.2 million for the same period in 2025.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $1.82 for this quarter, compared to $1.53 for the same period in 2025.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution 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. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company's capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company's investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and six months ended June 30, 2026 and 2025.

Total revenues by segment
(in thousands, unaudited)

  Three Months Ended June 30, 2026 Three Months Ended June 30, 2025  Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $849,402 $7,289 $— $856,691 $647,344  $5,452 $—  $652,796Commissions, net and technology services  15,944  163,601  —  179,545  14,414   139,445  —   153,859Interest and dividends income  143,322  2,564  —  145,886  125,893   2,513  —   128,406Other, net  506  7  7,318  7,831  (1,058)  67,078  (1,508)  64,512Total Revenues $1,009,174 $173,461 $7,318 $1,189,953 $786,593  $214,488 $(1,508) $999,573                    Six Months Ended June 30, 2026 Six Months Ended June 30, 2025  Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $1,631,821 $14,016 $—  $1,645,837  $1,229,966  $12,813 $— $1,242,779Commissions, net and technology services  24,619  341,551  —   366,170   31,726   273,440  —  305,166Interest and dividends income  268,384  5,020  —   273,404   232,331   5,128  —  237,459Other, net  47  5  (183)  (131)  (16,258)  64,115  4,181  52,038Total Revenues $1,924,871 $360,592 $(183) $2,285,280  $1,477,765  $355,496 $4,181 $1,837,442                             Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

  Three Months Ended June 30, 2026 Three Months Ended June 30, 2025  Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $849,402  $7,289  $— $856,691  $647,344  $5,452  $— $652,796 Commissions, net and technology services  15,944   163,601   —  179,545   14,414   139,445   —  153,859 Interest and dividends income  143,322   2,564   —  145,886   125,893   2,513   —  128,406 Brokerage, exchange, clearance fees and payments for order flow, net  (225,815)  (33,171)  —  (258,986)  (172,311)  (29,814)  —  (202,125)Interest and dividends expense  (202,982)  (2,284)  —  (205,266)  (163,871)  (1,342)  —  (165,213)Adjusted Net Trading Income $579,871  $137,999  $— $717,870  $451,469  $116,254  $— $567,723                     Six Months Ended June 30, 2026 Six Months Ended June 30, 2025  Market Making Execution Services Corporate Total Market Making Execution Services Corporate TotalTrading income, net $1,631,821  $14,016  $— $1,645,837  $1,229,966  $12,813  $— $1,242,779 Commissions, net and technology services  24,619   341,551   —  366,170   31,726   273,440   —  305,166 Interest and dividends income  268,384   5,020   —  273,404   232,331   5,128   —  237,459 Brokerage, exchange, clearance fees and payments for order flow, net  (328,573)  (69,241)  —  (397,814)  (366,614)  (57,386)  —  (424,000)Interest and dividends expense  (379,323)  (3,870)  —  (383,193)  (293,922)  (2,619)  —  (296,541)Adjusted Net Trading Income $1,216,928  $287,476  $— $1,504,404  $833,487  $231,376  $— $1,064,863                                 Financial Condition

As of June 30, 2026, Virtu had $1,133.0 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $2,051.1 million.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its second quarter 2026 financial performance today, July 30th, 2026, at 7:00 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our X account (x.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), we use the following non-GAAP measures of financial performance:

“Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
“EBITDA”, which 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”, which 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, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
“Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; andthey do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us. Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)       Three Months Ended
June 30, Six Months Ended
June 30,(in thousands, except share and per share data)  2026   2025   2026   2025          Revenues:        Trading income, net $856,691  $652,796  $1,645,837  $1,242,779 Interest and dividends income  145,886   128,406   273,404   237,459 Commissions, net and technology services  179,545   153,859   366,170   305,166 Other, net  7,831   64,512   (131)  52,038 Total revenues  1,189,953   999,573   2,285,280   1,837,442          Operating Expenses:        Brokerage, exchange, clearance fees and payments for order flow, net  258,986   202,125   397,814   424,000 Communication and data processing  69,712   61,435   136,587   121,238 Employee compensation and payroll taxes  216,683   136,181   425,038   255,537 Interest and dividends expense  205,266   165,213   383,193   296,541 Operations and administrative  29,445   25,895   58,518   48,031 Depreciation and amortization  18,383   15,618   34,812   31,550 Amortization of purchased intangibles and acquired capitalized software  11,783   11,783   23,566   23,566 Termination of office leases  837   11   821   21 Debt issue cost related to debt refinancing, prepayment and commitment fees  1,474   1,682   3,130   3,363 Transaction advisory fees and expenses  —   59   —   397 Financing interest expense on long-term borrowings  34,827   32,551   69,672   62,442 Total operating expenses  847,396   652,553   1,533,151   1,266,686          Income before income taxes and noncontrolling interest  342,557   347,020   752,129   570,756 Provision for income taxes  57,628   54,044   120,604   88,145 Net income $284,929  $292,976  $631,525  $482,611          Noncontrolling interest  (134,030)  (141,789)  (298,317)  (231,743)         Net income available for common stockholders $150,899  $151,187  $333,208  $250,868          Earnings per share:        Basic $1.63  $1.65  $3.62  $2.74 Diluted $1.63  $1.65  $3.62  $2.73          Weighted average common shares outstanding        Basic  87,603,606   85,490,121   86,852,837   85,585,040 Diluted  87,603,606   85,530,426   86,852,837   85,794,619          Comprehensive income:        Net income $284,929  $292,976  $631,525  $482,611 Other comprehensive income        Foreign exchange translation adjustment, net of taxes  (1,480)  12,539   (4,900)  17,279 Net change in unrealized cash flow hedges gain (loss), net of taxes  —   1,098   —   (1,012)Comprehensive income $283,449  $306,613  $626,625  $498,878 Less: Comprehensive income attributable to noncontrolling interest  (133,411)  (147,639)  (296,242)  (238,714)Comprehensive income available for common stockholders $150,038  $158,974  $330,383  $260,164                   Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited) The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.       Three Months Ended
June 30, Six Months Ended
June 30,(in thousands, except percentages)  2026   2025   2026   2025          Reconciliation of Trading income, net to Adjusted Net Trading Income        Trading income, net $856,691  $652,796  $1,645,837  $1,242,779 Commissions, net and technology services  179,545   153,859   366,170   305,166 Interest and dividends income  145,886   128,406   273,404   237,459 Brokerage, exchange, clearance fees and payments for order flow, net  (258,986)  (202,125)  (397,814)  (424,000)Interest and dividends expense  (205,266)  (165,213)  (383,193)  (296,541)Adjusted Net Trading Income $717,870  $567,723  $1,504,404  $1,064,863          Reconciliation of Net Income to EBITDA and Adjusted EBITDA        Net income  284,929   292,976   631,525   482,611 Financing interest expense on long-term borrowings  34,827   32,551   69,672   62,442 Debt issue cost related to debt refinancing, prepayment and commitment fees  1,474   1,682   3,130   3,363 Depreciation and amortization  18,383   15,618   34,812   31,550 Amortization of purchased intangibles and acquired capitalized software  11,783   11,783   23,566   23,566 Provision for income taxes  57,628   54,044   120,604   88,145 EBITDA $409,024  $408,654  $883,309  $691,677 Severance  1,386   3,178   3,920   5,357 Transaction advisory fees and expenses  —   59   —   397 Termination of office leases  837   11   821   21 Gain on sale of RFQ-hub  —   (66,988)  —   (66,988)Other  (7,831)  1,964   1,480   14,465 Share based compensation  33,362   22,571   67,821   44,459 Adjusted EBITDA $436,778  $369,449  $957,351  $689,388          Selected Operating Margins        GAAP Net income Margin (1)  23.9%  29.3%  27.6%  26.3%Non-GAAP Net income Margin (2)  39.7%  51.6%  42.0%  45.3%EBITDA Margin (3)  57.0%  72.0%  58.7%  65.0%Adjusted EBITDA Margin (4)  60.8%  65.1%  63.6%  64.7%         1 Calculated by dividing Net income by Total revenue.
      2 Calculated by dividing Net income by Adjusted Net Trading Income.
      3 Calculated by dividing EBITDA by Adjusted Net Trading Income.
      4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.
                Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued) The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.   Three Months Ended
June 30, Six Months Ended
June 30,(in thousands, except share and per share data)  2026   2025  2026
  2025          Reconciliation of Net Income to Normalized Adjusted Net Income        Net income $284,929  $292,976  $631,525 $482,611 Provision for income taxes  57,628   54,044   120,604  88,145 Income before income taxes and noncontrolling interest $342,557  $347,020  $752,129 $570,756 Amortization of purchased intangibles and acquired capitalized software  11,783   11,783   23,566  23,566 Debt issue cost related to debt refinancing, prepayment and commitment fees  1,474   1,682   3,130  3,363 Severance  1,386   3,178   3,920  5,357 Transaction advisory fees and expenses  —   59   —  397 Termination of office leases  837   11   821  21 Gain on sale of RFQ-hub  —   (66,988)  —  (66,988)Other  (7,831)  1,964   1,480  14,465 Share based compensation  33,362   22,571   67,821  44,459 Normalized Adjusted Net Income before income taxes $383,568  $321,280  $852,867 $595,396 Normalized provision for income taxes (1)  92,056   77,107   204,688  142,894 Normalized Adjusted Net Income $291,512  $244,173  $648,179 $452,502          Weighted Average Adjusted shares outstanding (2)  159,860,687   159,952,792   159,700,858  160,133,364          Normalized Adjusted EPS $1.82  $1.53  $4.06 $2.83          (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of restricted stock units and restricted stock awards outstanding under the Second Amended and Restated 2015 Management Incentive Plan during the three and six months ended June 30, 2026 and 2025.  Virtu Financial, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)     (in thousands, except share data) June 30,
2026 December 31,
2025     Assets    Cash and cash equivalents $1,069,254 $1,061,697 Cash and securities segregated under regulations and other  63,759  64,744 Securities borrowed  3,774,108  3,191,138 Securities purchased under agreements to resell  1,857,034  988,929 Receivables from broker-dealers and clearing organizations  3,207,464  1,896,405 Receivables from customers  309,953  161,561 Trading assets, at fair value  14,886,249  10,551,557 Property, equipment and capitalized software, net  118,632  96,378 Operating lease right-of-use assets  206,388  213,707 Goodwill  1,148,926  1,148,926 Intangibles (net of accumulated amortization)  131,365  154,931 Deferred taxes  84,267  92,422 Other assets  619,723  528,341 Total assets  27,477,122  20,150,736      Liabilities and equity    Liabilities    Short-term borrowings, net  353,941  12,382 Securities loaned  4,089,659  3,477,831 Securities sold under agreements to repurchase  2,620,126  1,405,639 Payables to broker-dealers and clearing organizations  1,036,371  998,276 Payables to customers  226,743  43,103 Trading liabilities, at fair value  13,569,647  9,105,263 Tax receivable agreement obligations  173,090  181,855 Accounts payable and accrued expenses and other liabilities  803,454  652,352 Operating lease liabilities  253,198  261,169 Long-term borrowings, net  2,025,883  2,039,463 Total liabilities  25,152,112  18,177,333      Total equity  2,325,010  1,973,403      Total liabilities and equity $27,477,122 $20,150,736        As of June 30, 2026Ownership of Virtu Financial LLC Interests: Interests %Virtu Financial, Inc. - Class A Common Stock and Restricted Stock Units  92,955,915  58.1%Non-controlling Interests (Virtu Financial LLC)  66,899,549  41.9%Total Virtu Financial LLC Interests  159,855,464  100.0%         About Virtu Financial, Inc.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor Relations
Matthew Sandberg
[email protected]

NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE: VIRT) (the “Company”), a global market maker, broker and leading provider of global financial services technology, today announced preliminary estimates of its results of operations for the quarter ended June 30, 2026 in connection with the commencement of marketing of incremental term loans in the amount of $400 million (the “Incremental Term Loans”). The Incremental Term Loans would increase the total term loan balance under the Company’s senior secured credit facility to $1,930 million (the “Term Loans”).

Actual results for the second quarter 2026 are scheduled to be reported on July 30, 2026.

On a preliminary estimated basis:

Virtu expects its results of operations for the quarter ended June 30, 2026 to reflect:

Net income of $285 million; Normalized Adjusted Net Income1 of $292 millionBasic and diluted earnings per share of $1.63; Normalized Adjusted EPS1 of $1.82Trading income, net, of $857 million; Adjusted Net Trading Income1 of $718 million Average daily Adjusted NTI1 of $11.6 million Adjusted EBITDA1 of $437 million
Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.

The preliminary financial and other data set forth above has been prepared by, and is the responsibility of our management. The foregoing information and estimates have not been compiled or examined by our independent registered public accounting firm nor have our independent registered public accounting firm performed any procedures with respect to this information or expressed any opinion or any form of assurance of such information. In addition, the foregoing information and estimates are subject to revision as we prepare our consolidated financial statements and other disclosures as of and for the three months ended June 30, 2026, including all disclosures required by U.S. GAAP. Because we have not completed our normal quarterly closing and review procedures for the three months ended June 30, 2026, and subsequent events may occur that require material adjustments to these results, the final results and other disclosures for the three months ended June 30, 2026, may differ materially from these estimates. These estimates should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP or as a measure of performance. In addition, these estimated results of operations for the three months ended June 30, 2026, are not necessarily indicative of the results to be achieved for any future period. See “Cautionary Note Regarding Forward-looking Statements” These estimated results of operations should be read together with subsequent filings and announcements, including any subsequent press release announcing the Company’s earnings for the quarter ended June 30, 2026, and our consolidated financial statements and related notes to be filed on Form 10-Q on or before August 10, 2026.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

“Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
“EBITDA”, which 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”, which 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, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
“Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.
Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; andthey do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us. Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS and selected Operating Margins.

 Three Months Ended
June 30, Six Months Ended
June 30,(in millions, except for earnings per share)2026
 2025
 2026
 2025
        Reconciliation of Trading income, net to Adjusted Net Trading Income       Trading income, net$857  $653  $1,646  $1,243 Commissions, net and technology services 180   154   366   305 Interest and dividends income 146   128   273   237 Brokerage, exchange, clearance fees and payments for order flow, net (259)  (202)  (398)  (424)Interest and dividends expense (205)  (165)  (383)  (297)Adjusted Net Trading Income$718  $568  $1,504  $1,065         Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income       Net income 285   293   632   483 Financing interest expense on long-term borrowings 35   33   70   62 Debt issue cost related to debt refinancing, prepayment and commitment fees 1   2   3   3 Depreciation and amortization 18   16   35   32 Amortization of purchased intangibles and acquired capitalized software 12   12   24   24 Provision for income taxes 58   54   121   88 EBITDA$409  $409  $883  $692 Severance 1   3   4   5 Termination of office leases 1   —   1   — Gain on sale of RFQ-hub —   (67)  —   (67)Other (8)  2   1   14 Share based compensation 33   23   68   44 Adjusted EBITDA$437  $369  $957  $689 Financing interest expense on long-term borrowings 35   33   70   62 Depreciation and amortization 18   16   35   32 Normalized Adjusted Net Income before income taxes$384  $321  $853  $595 Normalized provision for income taxes (1) 92   77   205   143 Normalized Adjusted Net Income$292  $244  $648  $453         Weighted Average Adjusted shares outstanding (2) 160   160   160   160         Normalized Adjusted EPS$1.82  $1.53  $4.06  $2.83                  (1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.

(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis.

About Virtu Financial, Inc.

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor Relations
Matthew Sandberg
[email protected]