Virtu's Trading Income Growth Accelerates After a Milder Quarter

The Tip Desk · November 5, 2026 · 3 min read

Trading income, net, rose 55.0% to $820.2 million in the third quarter as total revenues reached $1,153.9 million.

Virtu Financial (VIRT), a global market maker and provider of trading technology, reported trading income, net, of $820.2 million for the three months ended September 30, 2026, up 55.0% from $529.1 million a year earlier. That year-over-year increase was faster than the 31.2% rise recorded in the second quarter. Total revenues were $1,153.9 million, up 39.9% from $824.8 million in the year-ago quarter.

Net income was $282.5 million, compared with $149.1 million a year earlier. Basic and diluted earnings were $1.65 a share, versus $0.86. Normalized Adjusted Net Income, a non-GAAP measure, was $283.5 million, or $1.77 a share. The GAAP net income margin was 24.5%.

Sequentially, the quarter was milder. Total revenues were $1,153.9 million versus $1,190.0 million in the second quarter, and trading income, net, was $820.2 million versus $856.7 million. Net income was $282.5 million versus $284.9 million. Adjusted Net Trading Income was $704.0 million versus $717.9 million. Adjusted EBITDA was $437.9 million versus $436.8 million.

Market Making accounted for most of the year-over-year expansion. Segment total revenues were $986.8 million, versus $668.0 million a year earlier. Market Making Adjusted Net Trading Income was $578.8 million, versus $344.1 million. Execution Services total revenues were $163.0 million, versus $154.5 million, and Execution Services Adjusted Net Trading Income was $125.2 million, versus $122.9 million.

Companywide Adjusted Net Trading Income was $704.0 million, up 50.7% from $467.0 million a year earlier. Adjusted EBITDA was $437.9 million, up 63.5% from $267.8 million, with an Adjusted EBITDA margin of 62.2%. The company did not attribute the year-over-year trading-income increase to a specific product, asset class or market condition in the release.

Brokerage, exchange, clearance fees and payments for order flow, net, were $242.1 million, versus $178.3 million a year earlier. Interest and dividends expense was $197.5 million, versus $165.7 million. Employee compensation and payroll taxes were $199.0 million, versus $157.7 million. Communication and data processing was $71.2 million, versus $62.8 million.

As of September 30, 2026, Virtu 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. Cash and cash equivalents on the balance sheet were $1,516.6 million. Trading assets at fair value were $13.77 billion.

The board declared a quarterly cash dividend of $0.24 a share, payable December 15, 2026 to shareholders of record as of December 1, 2026, matching the dividend declared after the second quarter. The board also unanimously approved changing the company’s state of incorporation from Delaware to Texas. Virtu said the planned redomestication is expected later this year and is not expected to affect business operations, management, strategy, assets, or employee locations.