Virtu Financial, Inc. Q2 FY2026 Earnings Call

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Virtu Financial Q2 2026 Earnings Summary

Prepared Remarks Context: The company highlighted progress on its growth pivot announced a year ago, including infrastructure investments, talent acquisition, and capital expansion. Total trading capital reached $3.4 billion (up from $2 billion a year ago). Trailing 12-month metrics hit all-time highs.

Key Financial Metrics (Q2 2026)

  • Adjusted Net Trading Income (ANT): $11.6 million per day ($718 million total for the quarter). Market Making: $9.4 million per day; Execution Services: $2.2 million per day. Both segments benefited from favorable markets and execution.
  • Adjusted EBITDA: $437 million (61% margin).
  • Adjusted EPS: $1.82.
  • Trailing 12 Months (as of Q2 2026): ANT per day $10.4 million; Adjusted EBITDA $1.7 billion; Adjusted EPS $6.96 (all all-time highs, compared to prior periods).

Capital, Expenses & Returns

  • Invested Capital: $2.9 billion as of June 30, 2026 (up $270 million QoQ); generated 106% average return over the past year.
  • Compensation Ratios (through June 30): Cash compensation 23% of total; total compensation 28% (in line with near-term guidance of low-to-mid 20s on cash basis; up slightly YoY from ~20%).

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Operator: Hello, everyone. Thank you for joining us, and welcome to the Virtu Financial Second Quarter 2026 Earnings Call. I will now hand the conference over to Matthew Sandberg, Head of IR. Matthew, please go ahead. Matthew Sandberg: Thank you. Good morning. Our second quarter 2026 results were released this morning and are available on our website. With us today on this morning's call, we have Aaron Simons, our Chief Executive Officer; Cindy Lee, our Chief Financial Officer; and Joe Molluso, our Co-President and Co-Chief Operating Officer. We will begin with brief prepared remarks and then take your questions. First, a few reminders. Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be outside the company's control. Please note that our actual results and financial conditions may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual report, Form 10-K and other public filings. During today's call, in addition to GAAP measures, we

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