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Market making drove the quarterly rise
Virtu Financial lifted revenue and profit in the three months ended 30 September 2026, with most of the revenue gain coming from its Market Making business. Total revenue was $1.15 billion, up 39.9% year over year. Consolidated net income reached $282.5 million, compared with $149.1 million a year earlier, an increase of 89.6%.
After income attributable to noncontrolling interests, $153.3 million of net income was available to common stockholders. The GAAP net income margin expanded to 24.5%, from 18.1% in the prior-year quarter.
Market Making revenue rose 47.7% to $986.8 million. Its adjusted net trading income, a non-GAAP measure, gained 68.2% to $578.8 million. Execution Services grew more slowly: revenue advanced 5.5% to $163.0 million, while adjusted net trading income increased 1.8% to $125.2 million.
For the group, adjusted net trading income reached $704.0 million, up 50.7%, and adjusted EBITDA was $437.9 million, a 63.5% rise. The adjusted EBITDA margin was 62.2%, against 57.3% a year earlier. That calculation divides adjusted EBITDA by adjusted net trading income, not total revenue; the adjusted figures are not GAAP revenue or profit.
Texas reincorporation and capital position
The board unanimously approved moving Virtu's incorporation from Delaware to Texas, and its controlling stockholder later approved the proposal by written consent. Virtu expects the change to take effect later this year and says it will not affect operations, management, strategy, assets or employee locations. The results and corporate move were also covered by Finance Magnates.
- The board declared a quarterly dividend of $0.24 per share, payable on 15 December to shareholders recorded on 1 December.
- Cash, cash equivalents and restricted cash totalled $1.58 billion at quarter-end.
- Long-term debt principal stood at $2.55 billion.
What to watch next
Operations teams should check with Virtu whether the change of incorporation requires updates to contracts, counterparty records or reporting processes. The company has said its operations will remain unchanged, but the release does not detail any documentation or systems work for clients and counterparties.
Finance and risk teams should also confirm how Virtu's adjusted net trading income and EBITDA figures map to their own reconciliations and performance reports. The EBITDA margin uses adjusted net trading income as its base, so it should not be read as a margin on total revenue.
