Virtu Financial, Inc. (VIRT) Earnings
Virtu Financial, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $1.49. VIRT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +27.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.66 | $2.24 | +34.9% | $787M | +28.3% |
| Jan 29, 2026 | $1.28 | $1.85 | +44.5% | $970M | +84.2% |
| Oct 29, 2025 | $0.89 | $1.05 | +17.8% | $825M | +90.0% |
| Jul 30, 2025 | $1.36 | $1.53 | +12.5% | $1000M | +128.4% |
| Apr 23, 2025 | $1.19 | $1.30 | +9.2% | $838M | +108.8% |
| Jan 29, 2025 | $0.86 | $1.14 | +32.6% | $834M | +109.4% |
| Oct 24, 2024 | $0.79 | $0.82 | +3.8% | $707M | +86.4% |
| Jul 18, 2024 | $0.60 | $0.83 | +38.3% | $520M | +47.4% |
| Jan 25, 2024 | $0.42 | $0.27 | -35.7% | $352M | +19.3% |
| Nov 2, 2023 | $0.41 | $0.45 | +9.8% | $469M | +54.2% |
| Jul 26, 2023 | $0.40 | $0.37 | -7.5% | $366M | +20.4% |
| Apr 20, 2023 | $0.60 | $0.74 | +23.3% | $496M | +53.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Aaron highlighted that first quarter results show execution on the plan to grow through investing in infrastructure, acquiring top talent, and expanding capital base. In the last seven months, over $500 million in new trading capital was added and return on total capital was over 100%. All businesses performed well including customer and non - customer market making and execution services. - Cindy reviewed detailed financial results, mentioning adjusted net trading income, segment performance details, profitability metrics, operating expenses including cash compensation ratio, and capital information. - Joe discussed that growth is broad - based across asset classes and geographies, mentioned investments in personnel (hiring in trader, quant, researcher, engineering roles), and that execution services business has momentum with growth through the cycle, tied to technology and client penetration.
Guidance
- Continue to expand capital base, strengthen infrastructure, and deploy capital where opportunities are greatest while maintaining quarterly dividend of $0.24 per share. - Mentioned that when asked about the goal of $10 million a day in ante through the cycle, it's difficult to pinpoint where they are in the cycle as it depends on various factors including return on capital and environment, and that multiple investments in personnel and technology contribute to the growth plan. - Stated that they hope to get headcount close to 1,100 this year.
Segment performance
Market making reported an ante of $10.4 million per day for Q1. Execution services reached $2.5 million per day for the quarter and $2.1 million on the trailing 12 - month basis. This was the eighth consecutive quarter of increased total ante for VES. Adjusted net trading income for the first quarter was $787 million, with adjusted EPS of $2.24. For the last 12 months, adjusted EBITDA was $1.6 billion with a 66% margin and adjusted EPS was $6.66. Invested capital stands at $2.6 billion as of March 31st, generating an average return of 107%.
Risks & headwinds
- Today's call may include forward - looking statements subject to risks, assumptions, and uncertainties outside the company's control. Actual results may differ materially from forward - looking statements. Need to refer to disclaimers in press release and risk factors in annual report, Form 10 - K, and other public filings. - Concern about not having an infrastructure in place to manage a hedge fund setup as it could make the earnings variance problem worse and not in line with current business expertise.
Analyst Q&A
Q: Congrats on strong quarter, where saw most opportunity and sustainability of ANTI?
A: Joe said growth is broad - based across asset classes and geographies, hard to pinpoint, mentioned customer and non - customer market making, prop market making, and that environment was robust.
Q: Talk about hiring and expense growth?
A: Joe said hiring in trader, quant, researcher, engineering roles, trying to hire aggressively, hope headcount close to 1,100 this year; on expense growth, comp ratio within historical range, adjusting up to attract talent, infrastructure investment already heavy but will do incrementally more.
Q: Trends in cost of trading and environment in second quarter?
A: Alex asked about cost of trading divergence, Joe said all of the above, environment still good, execution services business has momentum.
Q: How investments contribute to profit over cycle and new asset classes?
A: Ken asked about multiplier on capital, Joe said capital is fungible, Aaron said trading income wouldn't have been achieved without increased capital; on new asset classes, Joe said it depends on volume, tokenization might be easier.
Q: Drivers of execution services momentum and AI?
A: Joe discussed execution services momentum tied to technology, client penetration, margins improving; on AI, said exploring, using to assist engineers but early to determine impact, no insight on competitive landscape from agentic AI.
Q: Risk management and hedge fund idea?
A: Craig asked about risk management changes, Joe said risk profile hasn't changed materially; on hedge fund idea, Joe said not contemplating starting a hedge fund as business is capacity constrained and would make earnings variance worse