Virtu Financial, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2026 was one of the strongest quarters in Virtu’s history, supported by a highly favorable trading environment.
  • Leadership highlighted that the firm’s strategic investments in infrastructure, talent, and capital were critical drivers of performance.
  • Virtu has added over $500 million in new trading capital over the past 7 months and maintained a trailing 12‑month return on invested capital above 100%.

Key Financial Results (Q1 2026)

  • Adjusted net trading income (NTI) per day: $12.9M • Total NTI: $787M, the highest quarterly total in company history. • Compared to Q4 2025, management noted that the environment was even more favorable.
  • Segment performance: • Market Making: $10.4M NTI per day • Execution Services: $2.5M NTI per day (vs. $2.1M on trailing 12‑month basis), marking the 8th consecutive quarter of NTI growth.
  • Adjusted EBITDA: $521M, a 66% margin. • Trailing 12‑month adjusted EBITDA: $1.6B, also at a 66% margin.
  • Adjusted EPS: $2.24, an all‑time quarterly high.
  • Invested capital: $2.6B (as of March 31). • Trailing 12‑month average return: 107%.
  • Dividend maintained at $0.24 per share.

Operational Commentary

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Operator: Hello, everyone. Thank you for joining us, and welcome to the Virtu Financial First Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Matthew Sandberg, Head of IR and FP&A. Matthew, please go ahead. Matthew Sandberg: Thank you. Good morning, everyone. Our first 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 to

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