Virtu Financial, Inc.

For Q2 2026, Virtu reported adjusted net trading income of $11.6 million per day, or $718 million per day in total, adjusted EBITDA of $437 million, a 61% margin, and adjusted EPS of $1.82. Over the last 12 months, ANT was $10.4 million per day, adjusted EBITDA was $1.7 billion, and adjusted EPS was $6.96, all of which management said were all-time highs on a trailing-12-month basis. Cash compensation ratio was 23% through June 30 and total compensation ratio was 28%; invested capital was $2.9 billion as of June 30 and trailing debt-to-EBITDA was 1.5x. Looking ahead, management did not give formal quarterly or full-year revenue/EPS guidance, but said it plans to keep building capital organically through free cash flow, maintain the $0.24 quarterly dividend, and that the current leverage level should be sustainable in the near to medium term.

Aaron Simons framed the quarter as evidence that Virtu’s pivot toward growth is working, pointing to investments in power, compute, talent, and partnerships, plus a larger trading capital base. He said the firm is “reestablishing our reputation as a firm run by technologists and traders,” and linked that to multiyear-low attrition. His tone was constructive and confident, but still pragmatic: capital will continue to be accumulated through free cash flow, and hiring will remain aggressive for the next couple of years.

Cindy Lee emphasized that profitability remained strong, with $437 million of adjusted EBITDA and a 61% margin, alongside adjusted EPS of $1.82. She highlighted the capital structure as still modestly leveraged, citing $2.9 billion of invested capital, an average return of 106% over the past year, an incremental $500 million of debt added in early July, and a 1.5x trailing debt-to-EBITDA ratio. She also said cash compensation was 23% and total compensation 28% through June 30, which she described as appropriate near-term levels, and reiterated the $0.24 quarterly dividend.

Analysts focused on how fast Virtu can keep building and deploying trading capital, and management said the near- to mid-term leverage level is largely set, with future capital growth expected mainly from free cash flow. On compensation, Joe Molluso said the company still expects a low- to mid-20s cash compensation ratio and that the second quarter’s 23% is in line with that framework. Questions also centered on where incremental capital and hiring are going; management said the effort is broad-based, with standout areas including global equities, retail, prop, crypto, options, block ETF, and a growing Execution Services business above $2 million a day for three straight quarters. On perpetual futures, management said it will participate if and when products become tradable and liquid, but does not view them as a brand-new asset class and does not see strong current demand from institutional customers.