Virtu Financial Q2 Earnings Call Highlights

Virtu generated $718 million in second-quarter adjusted net trading income, $437 million in adjusted EBITDA and adjusted EPS of $1.82. Trailing 12-month ANTI, EBITDA and EPS reached company records. Total trading capital rose to $3.4 billion from $2 billion a year earlier, supported by retained earnings and a $500 million term-loan increase. Management said leverage remains modest and reaffirmed its $0.24 quarterly dividend. Virtu is hiring in quantitative research, trading, engineering and software while investing broadly in technology, infrastructure and talent. Management cited lower attrition and ongoing opportunities in crypto, options, block ETFs and other markets.

Virtu Financial NYSE: VIRT said its second-quarter 2026 performance reflected favorable market conditions, continued growth in its trading-capital base and investments in technology and talent, with management pointing to all-time highs in several trailing 12-month profitability measures. Chief Executive Officer Aaron Simons said the company has made progress on a growth plan announced a year earlier, which included investments in infrastructure, talent and capital. He said Virtu has invested in power and computing capacity, begun establishing select partnerships through investments, and continued recruiting in key technical and trading roles.

Chief Financial Officer Cindy Lee said Virtu generated adjusted net trading income, or ANTI, of $11.6 million per day during the second quarter, with a quarterly total of $718 million. Market Making contributed $9.4 million of ANTI per day, while Execution Services generated $2.2 million per day. The company reported adjusted EBITDA of $437 million, representing a 61% margin, and adjusted earnings per share of $1.82. Over the past 12 months, Virtu recorded ANTI per day of $10.4 million, adjusted EBITDA of $1.7 billion and adjusted EPS of $6.96, all of which Lee described as company records on a trailing 12-month basis. Management said both operating segments benefited from market conditions and execution by Virtu’s teams. Co-President and Co-Chief Operating Officer Joseph Molluso cited continued growth in crypto, options and block exchange-traded fund markets. He also identified global equities, retail and proprietary trading activity as standouts during the quarter. Molluso said the Execution Services business, or VES, has generated more than $2 million in daily ANTI for three consecutive quarters. He described the consistency of that performance as a meaningful contributor to results.

Virtu’s total trading capital reached $3.4 billion, up from $2 billion a year earlier, Simons said. The increase followed 12 months of retained earnings and an opportunistic increase in the company’s term loan. Lee said invested capital stood at $2.9 billion as of June 30 and produced an average return of 106% over the past year. In early July, the company increased its term loan by $500 million. Its trailing debt-to-EBITDA ratio was 1.5 times, which Lee characterized as modest leverage. Molluso said the debt financing was completed because market conditions provided an attractive opportunity, rather than because the company needed to raise funds immediately. He said the offering was oversubscribed and was executed at what management viewed as an attractive price...