Virtu Financial (VIRT) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter results in 1Q 2026, with all-time high Adjusted Net Trading Income (NTI) and Normalized Adjusted EPS, driven by robust market conditions, infrastructure investment, and strong performance in both market making and execution services.

• Net income for Q1 2026 was $346.6 million, up from $189.6 million year-over-year, and total revenues rose 30.7% to $1,095.3 million.

• Added over $500 million in new trading capital in the past seven months, with invested capital increasing by $144 million in Q1 2026 to $2.61 billion.

• All business segments, including market making and execution services, performed strongly, supported by key senior hires and continued investment in technology and infrastructure.

• Cumulative share repurchases since 2020 reached 55.1 million shares, representing 18.9% of shares outstanding.

Financial highlights

• Adjusted NTI reached $787 million in Q1 2026, up 56% year-over-year, with daily NTI at $12.9 million, the highest quarterly total on record.

• Adjusted EBITDA was $521 million with a 66% margin, up 63% year-over-year; Normalized Adjusted EPS was $2.24, up 72% year-over-year.

• Last 12 months Adjusted EBITDA was $1.6 billion (66% margin) and Adjusted EPS was $6.66.

• Trading income, net, increased 33.8% to $789.1 million year-over-year.

• Cash, cash equivalents, and restricted cash totaled $1,030.2 million as of March 31, 2026.

Outlook and guidance

• Management aims to continue expanding the capital base and investing in infrastructure and talent, with aggressive hiring in trading, quant, research, and engineering roles; headcount expected to approach 1,100.

• Compensation ratios may rise slightly to attract and retain top talent, but are not expected to impact EBITDA margins significantly.

• No specific quantitative guidance provided for future quarters; management emphasizes adaptability to market conditions and performance through the cycle.

• Forward-looking statements highlight risks from market volatility, regulatory changes, technology reliability, and competition.