10-K · February 20, 2026
Virtu reiterates a technology‑driven, low‑cost market making and execution services strategy with global scale (operations in "over 50 countries") and deep connectivity (ITG Net supports "approximately 9,000 global…
Earnings analysis · 10-Q
VIRT earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Virtu Financial reported a strong Q1 2026 with significant growth in revenues and EPS compared to both the prior period and prior year. Total revenues were $1.095 billion, increasing by 30.7% year-over-year, while EPS…
Read full summary
Virtu Financial reported a strong Q1 2026 with significant growth in revenues and EPS compared to both the prior period and prior year. Total revenues were $1.095 billion, increasing by 30.7% year-over-year, while EPS reached $1.99, a notable surprise exceeding the consensus estimate of $1.61. Segment growth was driven primarily by the Market Making segment, which benefited from higher trading volumes and increased liquidity.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.99
- Segment
- Market Making
- Segment
- Execution Services
What stood out
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Strong Revenue Growth
Revenue increased by 30.7% to $1.095 billion from $837.9 million in Q1 2025.
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Outsized EPS Performance
Diluted EPS doubled to $1.99, surpassing the estimated EPS of $1.61 by 23.4%.
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Market Making Segment Growth
Market Making segment revenue grew by 32.5% to $915.7 million year-over-year.
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Increased Adjusted Net Trading Income
Adjusted Net Trading Income soared by 58.2% to $786.5 million for the quarter.
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Decreased Operating Expenses
Operating expenses rose at a slower pace (11.7%) compared to revenue growth, enhancing margins.
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Improved Net Income Available to Stockholders
Net income available for common stockholders increased to $182.3 million from $99.7 million year-over-year.
What to watch
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Increased Operating Costs
Employee compensation increased by 74.5% to $208.4 million due to higher accrued incentives.
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Rising Interest Expense
Interest and dividends expense rose by 35.5% to $177.9 million due to loans and securities lending.
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Regulatory Compliance Risks
Potential changes in market regulations could impact operational and compliance costs.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · February 21, 2025
Virtu emphasizes a technology‑driven, low‑cost market making and execution services strategy, operating across multiple asset classes and geographies with connectivity to hundreds of venues in over 50 countries. The…
10-Q · July 26, 2024
Virtu reported a strong quarter with total revenue of $692,985 (in thousands) and diluted EPS of $0.71 for the three months ended June 30, 2024, versus $506,854 (in thousands) and $0.16 in Q2 2023. Trading income, the…
10-K · February 16, 2024
Virtu emphasizes a technology‑driven, low‑cost, multi-asset market making and execution services strategy built on a proprietary, scalable trading platform and global connectivity. The company highlights breadth of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.