Virtu Announces Preliminary Estimated Second Quarter 2026 Results and Commences Marketing of Incremental First Lien Term Loan
Rhea-AI Summary
Virtu Financial (NYSE: VIRT) issued preliminary estimates for its quarter ended June 30, 2026 and began marketing $400 million in Incremental First Lien Term Loans, which would raise total term loans under its senior secured credit facility to $1.93 billion.
For Q2 2026, Virtu preliminarily expects net income of $285 million, basic and diluted EPS of $1.63, and Normalized Adjusted Net Income of $292 million or Normalized Adjusted EPS of $1.82. Trading income, net, is estimated at $857 million and Adjusted Net Trading Income at $718 million, compared with $568 million in Q2 2025. Preliminary Adjusted EBITDA is estimated at $437 million, versus $369 million a year earlier. According to Virtu, these non-GAAP metrics are management tools and should be considered alongside U.S. GAAP results. All figures are unaudited, subject to normal closing procedures, and may change materially when final Q2 2026 results are released on July 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Adjusted Net Trading Income $718m vs. $568m in Q2 2025
- Trading income, net $857m vs. $653m in Q2 2025
- Adjusted EBITDA $437m vs. $369m in Q2 2025
- Normalized Adjusted Net Income $292m vs. $244m in Q2 2025
- Normalized Adjusted EPS $1.82 vs. $1.53 in Q2 2025
Negative
- Net income $285m vs. $293m in Q2 2025
- Plans additional $400m first lien term loan, debt to $1.93b
- All Q2 2026 figures are preliminary and may change materially
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 29 | Q1 2026 earnings | Positive | +3.9% | Reported strong Q1 2026 revenue, net income, EPS and Adjusted EBITDA with dividend. |
| Jan 29 | Q4 2025 earnings | Positive | +8.5% | Announced Q4 and full‑year 2025 results, dividend declaration and share repurchases. |
| Oct 29 | Q3 2025 earnings | Positive | -0.5% | Detailed Q3 2025 revenue, trading income, Adjusted NTI, EBITDA and dividend with buybacks. |
| Jul 30 | Q2 2025 earnings | Positive | +1.7% | Highlighted strong Q2 2025 net income, revenues, Adjusted EBITDA and shareholder returns. |
| Apr 23 | Q1 2025 earnings | Positive | +1.4% | Reported Q1 2025 growth in revenue, trading income, Adjusted NTI, EBITDA and dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across recent earnings releases, VIRT has typically seen a positive next‑day move, with an average reaction of about 2.98 on such events.
Key Terms
incremental term loans financial
senior secured credit facility financial
ebitda financial
adjusted ebitda financial
non-gaap financial measures financial
credit agreement financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE: VIRT) (the “Company”), a global market maker, broker and leading provider of global financial services technology, today announced preliminary estimates of its results of operations for the quarter ended June 30, 2026 in connection with the commencement of marketing of incremental term loans in the amount of
Actual results for the second quarter 2026 are scheduled to be reported on July 30, 2026.
On a preliminary estimated basis:
Virtu expects its results of operations for the quarter ended June 30, 2026 to reflect:
- Net income of
$285 million ; Normalized Adjusted Net Income1 of$292 million - Basic and diluted earnings per share of
$1.63 ; Normalized Adjusted EPS1 of$1.82 - Trading income, net, of
$857 million ; Adjusted Net Trading Income1 of$718 million - Average daily Adjusted NTI1 of
$11.6 million
- Average daily Adjusted NTI1 of
- Adjusted EBITDA1 of
$437 million
Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
The preliminary financial and other data set forth above has been prepared by, and is the responsibility of our management. The foregoing information and estimates have not been compiled or examined by our independent registered public accounting firm nor have our independent registered public accounting firm performed any procedures with respect to this information or expressed any opinion or any form of assurance of such information. In addition, the foregoing information and estimates are subject to revision as we prepare our consolidated financial statements and other disclosures as of and for the three months ended June 30, 2026, including all disclosures required by U.S. GAAP. Because we have not completed our normal quarterly closing and review procedures for the three months ended June 30, 2026, and subsequent events may occur that require material adjustments to these results, the final results and other disclosures for the three months ended June 30, 2026, may differ materially from these estimates. These estimates should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP or as a measure of performance. In addition, these estimated results of operations for the three months ended June 30, 2026, are not necessarily indicative of the results to be achieved for any future period. See “Cautionary Note Regarding Forward-looking Statements” These estimated results of operations should be read together with subsequent filings and announcements, including any subsequent press release announcing the Company’s earnings for the quarter ended June 30, 2026, and our consolidated financial statements and related notes to be filed on Form 10-Q on or before August 10, 2026.
Non-GAAP Financial Measures and Other Items
To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:
- “Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.
- “EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.
- “Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately
24% .
Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.
Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:
- they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
- our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
- they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
- they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
- they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.
Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.
Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS and selected Operating Margins.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in millions, except for earnings per share) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Reconciliation of Trading income, net to Adjusted Net Trading Income | |||||||||||||||
| Trading income, net | $ | 857 | $ | 653 | $ | 1,646 | $ | 1,243 | |||||||
| Commissions, net and technology services | 180 | 154 | 366 | 305 | |||||||||||
| Interest and dividends income | 146 | 128 | 273 | 237 | |||||||||||
| Brokerage, exchange, clearance fees and payments for order flow, net | (259 | ) | (202 | ) | (398 | ) | (424 | ) | |||||||
| Interest and dividends expense | (205 | ) | (165 | ) | (383 | ) | (297 | ) | |||||||
| Adjusted Net Trading Income | $ | 718 | $ | 568 | $ | 1,504 | $ | 1,065 | |||||||
| Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Normalized Adjusted Net Income | |||||||||||||||
| Net income | 285 | 293 | 632 | 483 | |||||||||||
| Financing interest expense on long-term borrowings | 35 | 33 | 70 | 62 | |||||||||||
| Debt issue cost related to debt refinancing, prepayment and commitment fees | 1 | 2 | 3 | 3 | |||||||||||
| Depreciation and amortization | 18 | 16 | 35 | 32 | |||||||||||
| Amortization of purchased intangibles and acquired capitalized software | 12 | 12 | 24 | 24 | |||||||||||
| Provision for income taxes | 58 | 54 | 121 | 88 | |||||||||||
| EBITDA | $ | 409 | $ | 409 | $ | 883 | $ | 692 | |||||||
| Severance | 1 | 3 | 4 | 5 | |||||||||||
| Termination of office leases | 1 | — | 1 | — | |||||||||||
| Gain on sale of RFQ-hub | — | (67 | ) | — | (67 | ) | |||||||||
| Other | (8 | ) | 2 | 1 | 14 | ||||||||||
| Share based compensation | 33 | 23 | 68 | 44 | |||||||||||
| Adjusted EBITDA | $ | 437 | $ | 369 | $ | 957 | $ | 689 | |||||||
| Financing interest expense on long-term borrowings | 35 | 33 | 70 | 62 | |||||||||||
| Depreciation and amortization | 18 | 16 | 35 | 32 | |||||||||||
| Normalized Adjusted Net Income before income taxes | $ | 384 | $ | 321 | $ | 853 | $ | 595 | |||||||
| Normalized provision for income taxes (1) | 92 | 77 | 205 | 143 | |||||||||||
| Normalized Adjusted Net Income | $ | 292 | $ | 244 | $ | 648 | $ | 453 | |||||||
| Weighted Average Adjusted shares outstanding (2) | 160 | 160 | 160 | 160 | |||||||||||
| Normalized Adjusted EPS | $ | 1.82 | $ | 1.53 | $ | 4.06 | $ | 2.83 | |||||||
(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value
About Virtu Financial, Inc.
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
CONTACT
Investor Relations
Matthew Sandberg
investor_relations@virtu.com
