Virtu Financial : Earnings Supplement 2026 Q1

Published: 2026-04-29 06:57:15 ET VIRT

Published on 04/29/2026 at 06:57 am EDT

Earnings Supplement

‌Performance Highlights

1Q 2026 Key Financials

Summary Recent Results

Adj. Net Trading Income / Day1

Normalized

Adj. NTI1

A dj. NTI/day1

Adj. EPS1

$787M

$12.9M

$2.24

A dj. EBITDA1

Adj. EBITDA

Margin1,2

Debt to LTM Adj. EBITDA1

$521M

66%

1.3x

$8.3M $9.2M $7.4M

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

Market Making

VES

Firm Total

Normalized Adj. EPS1

$1.30

$1.53

$1.05

$1.85

$2.24

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

Commentary & Highlights

Outstanding operating environment resulted in an all-time high quarterly Adj. NTI and Normalized Adj. EPS, driven by exemplary performance across both the market making and execution services segments

LTM Normalized Adj. EPS1 of $6.66 and LTM Adj. NTI/day1 of $9.8M

Increased invested capital1 by $144M from 12/31/2025 to 3/31/2026

$1.9M

$6.4M

$1.9M

$5.4M

$7.8M

$10.4M

$2.0M

$2.5M

$7.3M

Annual

($M)

2020

2021

2022

2023

2024

2025

Total Adjusted Net Trading Income1

Daily Average Adj. NTI 1

$2,271

$9.0

$1,910

$7.6

$1,468

$5.8

$1,211

$4.8

$1,598

$6.4

$2,145

$8.6

Trailing 5 Quarters

FY 2025

2Q 3Q

FY 2026

$497

$568

$467

$613

$787

$8.3

$9.2

$7.4

$9.7

$12.9

$382

$451

$344

$489

$637

$6.4

$7.3

$5.4

$7.8

$10.4

77%

80%

74%

80%

81%

$115

$116

$123

$125

$149

$1.9

$2.0

$2.5

23%

20%

26%

20%

19%

$177

$198

$199

$171

$266

$193

$214

$215

$189

$282

$320

$369

$268

$442

$521

64%

65%

57%

72%

66%

$1,768

$1,769

$2,069

$2,067

$2,052

1.7x

1.5x

1.7x

1.5x

1.3x

$1.30

$1.53

$1.05

$1.85

$2.24

Comparison

1Q 2026 v

4Q'25

1Q'25

+ 32%

+ 56%

+ 35%

+ 64%

+ 24%

+ 28%

+ 55%

+ 49%

+ 50%

+ 46%

+ 18%

- 6 pts

+ 63%

+ 2 pts

- 1%

+ 16%

+ 21%

+ 72%

Market Making Adj. NTI1

$1,782

$1,428

$1,058

$847

$1,195

$1,666

Market Making Daily Average Adj. NTI 1

$7.0

$5.7

$4.2

$3.4

$4.8

$6.7

Market Making % of Total

78%

75%

72%

70%

75%

78%

Execution Services Adj. NTI1

$489

$482

$409

$364

$403

$479

Execution Services Daily Average Adj. NTI 1

$1.9

$1.6

$1.5

$1.6

$1.9

Execution Services % of Total

22%

25%

28%

30%

25%

22%

Adjusted Cash Operating Expenses1

$623

$609

$643

$679

$746

Total Adjusted Operating Expenses1

$690

$677

$675

$706

$745

$811

Adjusted EBITDA1

$1,648

$1,301

$859

$568

$919

$1,399

Adjusted EBITDA Margin 1,2

73%

68%

59%

47%

58%

65%

Long-Term Debt (at end of period)

$1,670

$1,630

$1,824

$1,752

$1,767

$2,067

Debt / LTM Adjusted EBITDA 1

1.0x

1.3x

2.1x

3.1x

1.9x

1.5x

Normalized Adjusted EPS1

$5.76

$4.57

$3.00

$1.84

$3.55

$5.73

‌Key Financial Metrics

$14M

$12M

$10M

$8M

$6M

$4M

$2M

Daily Average Adj. NTI1 Trend

$12.7M

$11.9M

$12.9M

$10.6M

$7.1M

$7.6M

$8.1M

$7.3M

$8.3M

$9.2M

$9.7M

$7.4M

$5.7M

$5.4M $5.5M

$5.8M $5.2M

$6.0M

$6.0M $6.1M $6.1M

$4.4M

$4.5M $4.7M $4.1M

83%

17%

83%

17%

71%

29%

70%

30%

79%

21%

68%

32%

70% 77%

30% 23%

76%

24%

71%

29%

72%

28%

67%

33%

74%

26%

69%

70%

31% 30%

64% 75%

36% 25%

74%

26%

74% 76%

26% 24%

77% 80% 74%

23% 20% 26%

80%

20%

81%

19%

1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

‌Returns continue to increase on a growing

capital base

Return on Invested Capital1,2

$3.0B

$2.5B

$2.0B

$1.5B

$1.0B

$0.5B

160%

140%

120%

100%

80%

60%

40%

20%

FY'19 FY'20 FY'21 FY'22 FY'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

100%

95%

107%

65%

66%

71%

68%

78%

77%

91%

94%

100%

107%

139%

LTM ANTI (L) 1,2 LTM Return on Invested Capital (R) 1,3

Invested Capital1

$2,373M

$2,465M

$2,609M

$2,016M

$1,738M

$1,846M

$1,989M

$1,749M

$1,823M

$1,802M

$1,840M

$1,943M

$1,527M

$1,672M

‌VES strong performance continues

VES Adj. NTI1 by quarter since 2022

$123M

$104M

$93M

$89M

$95M

$85M

$90M

$93M

$100M

$110M

$115M

$116M

$123M

$125M

$149M

1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26

Performance Highlights

1Q 2026 was the 2nd-highest quarterly ANTI ever recorded by VES, which has now grown in 8 consecutive quarters

This quarter set all-time highs across a number of VES products, including Workflow Technology,

Algo, and ATM

‌Market Metrics

Annual

Trailing 5 Quarters

Comparison

FY 2025

FY 2026

1Q 2026 v

2020

2021

2022

2023

2024

2025

4Q'25

1Q'25

Market Metrics (Average Daily)

Volume Metrics

US Equity Consolidated Volume (M shares)

10,926

11,404

11,875

11,054

12,153

17,581

15,695

18,386

17,581

18,583

19,985

+ 8%

+ 27%

US Equity Consolidated Notional Volume ($B)

$479

$565

$573

$516

$608

$824

$734

$803

$827

$926

$1,088

+ 17%

+ 48%

Virtu Rule 605 Executed Shares (M)1

727

805

606

552

554

742

736

745

801

684

639

- 7%

- 13%

Virtu Rule 605 Dollar Value of Quoted Spreads ($M)1

$10.1

$12.8

$7.2

$5.4

$6.6

$8.3

$8.6

$8.7

$8.4

$7.7

$8.5

+ 11%

- 1%

IBKR Retail Equity Share Volume (M)

1,324

3,041

1,299

998

1,205

1,680

1,546

1,537

1,863

1,764

1,898

+ 8%

+ 23%

OCC ADV (M contracts)

+ 3%

+ 18%

CME FX ADV (K contracts)

861

798

989

962

1,030

982

1,152

1,096

838

854

1,196

+ 40%

+ 4%

Hotspot ADV FX ($B)

$35

$34

$40

$44

$46

$50

$49

$54

$47

$50

$66

+ 32%

+ 34%

Volatility Metrics

S&P 500 Average Implied Volatility (VIX)

29.3

19.7

25.6

16.8

15.5

18.9

18.5

23.6

16.0

17.7

20.4

+ 15%

+ 10%

S&P 500 Average Realized Volatility

30.5

13.0

24.0

12.9

12.5

16.6

16.0

29.3

8.9

12.5

14.1

+ 13%

- 12%

S&P 500 Intraday Volatility

1.7%

1.0%

1.8%

1.0%

0.9%

1.1%

1.2%

1.7%

0.7%

1.0%

1.1%

+ 14%

- 9%

SX5E Realized Volatility

30.2

14.8

22.7

13.6

13.1

15.8

15.5

23.6

12.9

11.4

17.2

+ 52%

+ 11%

NKY Realized Volatility

24.1

18.5

20.2

16.0

23.6

22.6

18.6

32.8

15.6

23.5

28.7

+ 22%

+ 54%

CVIX Realized Volatility

66.9

29.3

54.4

29.7

34.4

37.6

35.0

65.4

26.1

24.5

43.5

+ 78%

+ 24%

‌Operating Expenses and Long-Term Debt

Trailing 5 Quarters

2025

2026

$95

$110

$112

$81

$171

$177

$198

$199

$171

$266

$193

$214

$215

$189

$282

19%

24%

13%

22%

24%

23%

30%

18%

26%

Annual

Adjusted Operating Expenses

($M)

2020

2021

2022

2023

2024

2025

Adj. Cash Compensation1

$321

$314

$315

$320

$351

$399

Adj. Communications & Data Processing1

214

212

220

231

236

249

Adj. Operations & Administrative1

Adjusted Cash Operating Expenses1

$623

$609

$643

$679

$746

Depreciation & Amortization

Total Adjusted Operating Expenses1

$690

$677

$675

$706

$745

$811

Cash Compensation Ratio

14%

16%

21%

26%

22%

19%

Total Compensation Ratio

17%

19%

26%

32%

27%

23%

TTM 1Q'26

$475 256

104

$835

$900

19%

24%

Debt Description

($M)

Maturity

Effective Rate

Balance

Annual Interest

First Lien Term Loan2

Jun 2031

S + 2.50%

$1,530

$94

First Lien Notes

Jun 2031

7.50%

$500

$38

Japannext3

Jan 2029

5.00%

$22

Total4

6.48%

$2,052

$133

LTM Adjusted EBITDA1 $1,600

Debt / LTM Adjusted EBITDA 1 1.3x

‌GAAP Reconciliations and

Other Information

‌Historical Dividends & Buybacks

Cumulative Repurchases since 20201,2

80M

70M

60M

50M

40M

30M

20M

10M

25%

50M

52M

53M 54M 54M 54M

44M

46M

47M

49M

25M 27M

30M

32M

36M

39M

41M

16M

12M

Cumulative Notional ($B):

$0.9 $0.9 $1.0 $1.0 $1.1 $1.1 $1.1 $1.2 $1.2 $1.3 $1.3 $1.4 $1.4 $1.4 $1.4

20%

15%

10%

Steady Payout in All Environments

$2.24

$1.85

$1.44

$1.53

$1.14

$1.30

$1.05

$0.74

$0.76

$0.83

$0.82

$0.24

$0.46

FY19

(Avg)

FY20

(Avg)

FY21

(Avg)

FY22

(Avg)

FY23

(Avg)

1Q'24

2Q'24

3Q'24

4Q'24

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

Adj. EPS Dividends ($0.24 per Quarter)

2022

Total

186.1

- 16.34

+ 1.97

171.7

12.9%

177.7

104.0

104.4

2023

Total

171.7

- 12.48

+ 3.53

162.7

17.4%

167.8

94.1

2024

Total

162.7

- 6.70

+ 3.16

159.2

19.2%

161.8

87.5

87.8

‌Share Count Roll Forward

(M shares) 4Q 2020

1Q 2026

2021

Total

195.6

- 14.71

+ 5.16

186.1

5.6%

192.0

117.3

118.4

Beginning of Period Shares 197.1

Shares Repurchased - 1.44

Net Shares Issued - 0.05

158.9

2025

Total

159.2

- 3.48

+ 3.14

158.9

19.4%

159.5

85.2

85.3

Grand

Total

197.1

- 55.14

+ 17.95

159.9

18.9%

+ 1.03

End of Period Shares 195.6

159.9

Cumulative Repurchases as % of Shares Outstanding

0.8%

18.9%

Weighted Avg. Adj. Shares 197.5

Weighted Avg. Basic Shares 122.8

Weighted Avg. Diluted Shares 123.5

159.5

86.1

‌GAAP Balance Sheet

Assets

($M) As of:

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

12/31/24

12/31/25

3/31/26

Cash and cash equivalents

$732

$890

$1,071

$982

$820

$873

$1,062

$973

Cash & securities segregated under regulations & other

117

Securities borrowed

1,929

1,425

1,349

1,188

1,722

2,295

3,191

3,055

Securities purchased under agreements to resell

143

119

337

1,512

984

989

1,644

Receivables from broker-dealers & clearing organizations

1,319

1,684

1,027

1,115

738

1,101

1,896

3,811

Receivables from customers

104

214

146

106

150

162

298

Trading assets, at fair value

2,766

3,116

4,257

4,631

7,359

7,803

10,552

13,003

Property, equipment and capitalized software, net

116

114

100

104

Operating lease right-of-use assets

315

269

225

187

229

175

214

201

Goodwill

1,149

Intangibles (net of accumulated amortization)

530

454

386

321

258

203

155

143

Deferred taxes

215

193

159

147

134

135

Assets of business held for sale

Other assets

253

318

291

304

358

528

590

Total Assets

$9,609

$9,966

$10,320

$10,583

$14,466

$15,362

$20,151

$25,115

Liabilities and Equity

($M) As of:

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

12/31/24

12/31/25

3/31/26

Short-term borrowings, net

$73

$65

$62

$39

$12

$155

Securities loaned

1,600

948

1,142

1,060

1,329

2,432

3,478

3,723

Securities sold under agreements to repurchase

341

461

514

628

1,796

1,272

1,406

2,215

Payables to broker-dealers & clearing organizations

827

876

572

274

1,168

919

998

1,401

Payables to customers

119

Trading liabilities, at fair value

2,498

2,924

3,511

4,197

6,071

6,441

9,105

12,348

Accounts payable & accrued expenses & other liabilities

399

492

458

448

451

558

652

568

Operating lease liabilities

365

315

279

239

278

230

261

248

Tax receivable agreement obligations

269

271

259

239

216

197

182

166

Long-term borrowings, net

1,918

1,639

1,605

1,796

1,727

1,740

2,039

2,025

Liabilities of business held for sale

Total Liabilities

$8,380

$8,111

$8,456

$8,932

$13,061

$13,874

$18,177

$22,919

Equity

1,229

1,855

1,864

1,651

1,405

1,487

1,973

2,197

Total Liabilities and Equity

$9,609

$9,966

$10,320

$10,583

$14,466

$15,362

$20,151

$25,115

Invested Capital

($M) As of:

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

12/31/24

12/31/25

3/31/26

Trading Capital1 $1,604

$2,076

$2,165

$2,180

$1,905

$2,179

$3,025

$3,146

(-) Cash reserved for operations, taxes payable,

and other accrued and unpaid liabilities2 (77)

(338)

(319)

(191)

(233)

(339)

(561)

(536)

Invested Capital $1,527

$1,738

$1,846

$1,989

$1,672

$1,840

$2,465

$2,609

‌GAAP Income Statement

Annual

Income Statement

($M)

2020

2021

2022

2023

2024

2025

Trading income, net

$2,493

$2,105

$1,629

$1,301

$1,822

$2,437

Commissions, net and technology services

601

614

530

456

517

617

Interest and dividends income

159

463

462

509

Other, net

Total Revenues

$3,239

$2,811

$2,365

$2,293

$2,877

$3,632

Brokerage, exchange, clearance fees and payments for order flow, net

759

745

619

508

674

770

Communications and data processing

214

212

220

231

236

249

Employee compensation and payroll taxes

394

376

391

394

435

528

Interest and dividends expense

126

140

231

500

529

647

Operations and administrative

Depreciation and amortization

Amortization of purchased intangibles and acquired capitalized software

Termination of office leases

(6)

Debt issue cost related to debt refinancing and prepayment

Transaction fees and expenses

Financing interest expense

133

Total Operating Expenses

$1,856

$1,815

$1,808

$1,968

$2,232

$2,538

Income / (Loss) Before income taxes

$1,383

$997

$557

$325

$645

$1,094

Provision for income taxes (benefit)

262

170

110

182

Net Income (Loss)

$1,121

$827

$468

$264

$535

$912

Trailing 5 Quarters

FY 2025

2Q 3Q

2026

$590

$653

$529

$665

$789

151

154

157

187

109

128

127

144

128

(12)

(8)

$838

$1,000

$825

$970

$1,095

222

202

178

168

139

119

136

158

115

208

131

165

166

185

178

(7)

(0)

$614

$653

$645

$626

$686

$224

$347

$180

$344

$410

$190

$293

$149

$281

$347

‌Adjusted EBITDA & Normalized Adjusted EPS

Annual

Income Statement

($M)

2020

2021

2022

2023

2024

2025

Adjusted Net Trading Income

$2,271

$1,910

$1,468

$1,211

$1,598

$2,145

Trailing 5 Quarters

FY 2025

2Q 3Q

2026

$497

$568

$467

$613

$787

Adj. EBITDA / Adj. EPS

($M)

2020

2021

2022

2023

2024

2025

Income / (Loss) Before income taxes

$1,383

$997

$557

$325

$645

$1,094

(+) Financing interest expense

133

(+) Debt issue cost related to debt refinancing and prepayment

(+) Depreciation and amortization

(+) Amortization of purchased intangibles and acquired capitalized software

EBITDA

$1,640

$1,221

$810

$560

$889

$1,345

EBITDA Margin 1

72%

64%

55%

46%

56%

63%

(+) Severance

(+) Transaction fees and expenses

(+) Termination of office leases

(6)

(+) Share-based compensation

100

(+) Other

(75)

(11)

(34)

(66)

(70)

Adjusted EBITDA

$1,648

$1,301

$859

$568

$919

$1,399

Adjusted EBITDA Margin 2

73%

68%

59%

47%

58%

65%

(-) Financing interest expense

133

(-) Depreciation and amortization

Normalized Adjusted Pre-Tax Income

$1,494

$1,153

$701

$405

$755

$1,202

(-) Normalized provision for income taxes

358

277

168

181

288

Normalized Adjusted Net Income

$1,135

$876

$533

$308

$574

$913

Weighted average fully diluted shares outstanding

197

192

178

168

162

159

Normalized Adjusted EPS

$5.76

$4.57

$3.00

$1.84

$3.55

$5.73

FY 2025

2Q 3Q

2026

$224

$347

$180

$344

$410

$283

$409

$242

$412

$474

57%

72%

52%

67%

60%

(7)

(0)

(65)

(14)

(4)

$320

$369

$268

$442

$521

64%

65%

57%

72%

66%

$274

$321

$219

$387

$469

113

$208

$244

$167

$294

$357

160

159

160

$1.30

$1.53

$1.05

$1.85

$2.24

‌Adjusted Net Trading Income Reconciliation

Operating Segments

Annual

Adjusted Net Trading Income Reconciliation

($M)

2020

2021

2022

2023

2024

2025

Trading income, net

$2,493

$2,105

$1,629

$1,301

$1,822

$2,437

Commissions, net and technology services

601

614

530

456

517

617

Brokerage, exchange, clearance fees and payment for order flow, net

(759)

(745)

(619)

(508)

(674)

(770)

Interest and dividends, net

(64)

(72)

(38)

(67)

(139)

Adjusted Net Trading Income

$2,271

$1,910

$1,468

$1,211

$1,598

$2,145

Trailing 5 Quarters

2025 2025 2025 2025

1Q 2Q 3Q 4Q

2026

$590 $653 $529 $665

151 154 154 157

(222) (202) (178) (168)

(22) (37) (38) (41)

$789 187

(139)

(50)

$497 $568 $467 $613

$787

Annual

Market Making

Adjusted Net Trading Income Reconciliation ($M)

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

2025

Trading income, net

$2,455

$2,080

$1,608

$1,284

$1,799

$2,408

Commissions, net and technology services

Brokerage, exchange, clearance fees and payment for order flow, net

(663)

(635)

(525)

(421)

(573)

(650)

Interest and dividends, net

(62)

(58)

(67)

(46)

(73)

(143)

Adjusted Net Trading Income

$1,782

$1,428

$1,058

$847

$1,195

$1,666

Trailing 5 Quarters

2025 2025 2025 2025

1Q 2Q 3Q 4Q

2026

$583 $647 $521 $657

17 14 10 9

(194) (172) (148) (136)

(24) (38) (39) (42)

$782

(103)

(51)

$382 $451 $344 $489

$637

Annual

Execution Services

Adjusted Net Trading Income Reconciliation ($M)

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

2025

Trading income, net

$38

$26

$21

$18

$23

$29

Commissions, net and technology services

548

574

488

426

474

566

Brokerage, exchange, clearance fees and payment for order flow, net

(96)

(111)

(94)

(88)

(101)

(120)

Interest and dividends, net

(1)

(6)

(5)

Adjusted Net Trading Income

$489

$482

$409

$364

$403

$479

Trailing 5 Quarters

2025

2026

134

139

145

148

178

(28)

(30)

(31)

(32)

(36)

$115

$116

$123

$125

$149

Trailing 5 Quarters

FY 2025

2Q 3Q

FY 2026

$119

$136

$158

$115

$208

(24)

(26)

(46)

(34)

(37)

$95

$110

$112

$81

$171

$60

$61

$63

$65

$67

$60

$61

$63

$65

$67

$22

$26

$25

$29

(0)

(1)

$22

$26

$25

$28

$177

$198

$199

$171

$266

$16

$15

$17

$16

$193

$214

$215

$189

$282

‌Adjusted Operating Expense Reconciliation

Annual

Adjusted Operating Expenses Reconciliation

($M)

2020

2021

2022

2023

2024

2025

Employee compensation and payroll taxes

$394

$376

$391

$394

$435

$528

(-) Cash Compensation Adjustments1

(72)

(62)

(76)

(74)

(84)

(129)

Adj. Cash Compensation

$321

$314

$315

$320

$351

$399

Communications and data processing

$214

$212

$220

$231

$236

$249

(-) Communications & Data Processing Adjustments2

Adj. Communications & Data Processing

$214

$212

$220

$231

$236

$249

Operations and administrative

$95

$88

$86

$99

$97

$98

(-) Operations & Administrative Adjustments3

(6)

(12)

(7)

(6)

Adj. Operations & Administrative

$88

$83

$74

$92

$91

$98

Adjusted Cash Operating Expenses

$623

$609

$643

$679

$746

Depreciation and amortization

$67

$68

$66

$63

$66

$64

Total Adjusted Operating Expenses

$690

$677

$675

$706

$745

$811

‌Disclaimer

Cautionary Statement Regarding Forward Looking Statements

This presentation 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.

GAAP and Non-GAAP Results

This presentation includes or may include certain non-GAAP financial measures, including Adjusted EPS, Normalized Adjusted EPS, Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Pre-Tax Income, EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Trading Capital, Invested Capital, Adjusted Operating Expense and Adjusted Compensation Expense. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP. A reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included at the end of this presentation.

‌End Notes

These notes refer to metrics and/or defined terms presented on:

Slide 2 Performance Highlights

This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.

Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income.

Note: # of trading days used in Virtu's daily performance calculations: 60, 62, 63.5, 63, and 61 for 1Q 2025, 2Q 2025, 3Q 2025, 4Q 2025, and 1Q 2026, respectively.

Slide 3 Key Financial Metrics

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income.

Note: # of trading days used in Virtu's daily performance calculations: 253, 252, 251, 250, 250.5, 248.5, 60, 62, 63.5, 63, and 61 for FY 2020, FY 2021, FY 2022, FY 2023, FY 2024,

FY 2025, 1Q 2025, 2Q 2025, 3Q 2025, 4Q 2025, and 1Q 2026, respectively.

Slide 4 Returns continue to increase on a growing capital base

For periods pre-ITG acquisition, LTM ANTI includes ITG results adjusted for consistency with Virtu reporting. ANTI is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.

Return on Invested Capital (ROIC) is calculated as LTM ANTI divided by LTM Invested Capital. For periods post-ITG acquisition, LTM Invested Capital is calculated as the average of beginning-of-period and end-of-period Invested Capital. For periods pre-ITG acquisition, LTM Invested Capital is calculated as end-of-period Invested Capital. Invested Capital is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.

NOTE: ROIC has been calculated as LTM Adjusted EBITDA divided by LTM Invested Capital on previous earnings supplements and other presentations. Please refer to the end notes on those respective presentations for details on previous calculations.

Slide 5 VES strong performance continues

This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available:

https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.

*Beginning with 4Q 2024, days on which US equities exchanges close early or are otherwise operating for less than a full trading day are treated as half-days.

‌End Notes

These notes refer to metrics and/or defined terms presented on:

Slide 6 Market Metrics

Rule 605 volumes reflect information contained within reports publicly available on Virtu's website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting.

Slide 7 Operating Expenses and Long-Term Debt

Interest Expense includes a floor on SOFR of 0%.

3.5 billion JPY.

Blended rate.

Slide 9 Historical Dividends and Buybacks

Shares repurchased calculated on a settlement date basis.

Percentage of Shares Outstanding is calculated net of share issuances, and is calculated compared to shares outstanding on 9/30/2020 (Share Repurchase Program was incepted in November 2020).

Slide 10 Share Count Roll Forward

Note: Assumes that (1) holders of all vested and unvested non-voting Virtu Financial Units (together with corresponding shares of the Company's Class C Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B Common Stock on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Does not include diluted shares (e.g. options, warrants), and reflects shares outstanding at a prior point in time or projected to be outstanding as of a future point in time, as opposed to a weighted average over a period.

Slide 11 GAAP Balance Sheet

This reflects a non-GAAP measure, and it reflects the assets bracketed above less the liabilities bracketed above. Trading Capital at 12/31/24, 12/31/25, and 3/31/26 also include digital assets with a fair value of $81M, $152M, and $215M, respectively - which are reported in Other Assets. Prior period reconciliations available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx.

Comprises cash anticipated to be used in the operations of the business, including cash anticipated to be paid to satisfy tax and compensation liabilities, payments of debt pursuant to debt covenants, as well as dividends and other distributions to equity owners.

‌End Notes

These notes refer to metrics and/or defined terms presented on:

Slide 13 Adjusted EBITDA & Normalized Adjusted EPS

EBITDA Margin is calculated as EBITDA divided by Adjusted Net Trading Income.

Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income.

Slide 15 Adjusted Operating Expense Reconciliation

Includes severance, share-based compensation, one-time compensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction.

Includes connectivity early termination expenses.

Includes write-down of assets, reserve for legal matters, and one-time operations & administrative-related COVID-19 expenses (e.g. donations).

Disclaimer

Virtu Financial Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 10:56 UTC.