Virtu Q3 Revenue Rises 39.9% to $1.15 Billion on Market Making

Virtu Financial booked $1.15 billion in total revenue for the third quarter, up 39.9% year over year, with its Market Making segment supplying almost all of the growth. The three months ended September 30, 2026 produced a 89.6% jump in consolidated net income, to $282.5 million from $149.1 million a year earlier, according to the company's earnings release.

The GAAP net income margin widened to 24.5% from 18.1%. Net income available to common stockholders came in at $153.3 million, after deducting income attributable to noncontrolling interests.

For desks that route flow to Virtu, the composition of the numbers matters more than the headline. The gap between GAAP revenue and the adjusted measures the firm emphasizes is wide, and it widened further this quarter.

Where the growth sits

Market Making revenue rose 47.7% to $986.8 million. The segment's adjusted net trading income, a non-GAAP measure that strips out much of the gross revenue base, increased 68.2% to $578.8 million. That 68.2% figure against a 47.7% revenue gain indicates the spread between what Virtu pays for and sells liquidity improved faster than volumes alone would explain.

Execution Services, the agency-facing business, grew far more slowly:

• Revenue: up 5.5% to $163.0 million
• Adjusted net trading income: up 1.8% to $125.2 million

The divergence is stark. Market Making generated roughly six times Execution Services' revenue and delivered the bulk of the group's profit expansion. Buy-side desks evaluating retail-wholesale and market-making counterparties should read this as confirmation of where the current trading environment pays: principal risk-taking, not agency execution.

What the adjusted figures actually say

Across the group, adjusted net trading income rose 50.7% to $704.0 million, and adjusted EBITDA increased 63.5% to $437.9 million. Virtu reported an adjusted EBITDA margin of 62.2%, against 57.3% a year earlier.

One caution on that margin: it uses adjusted net trading income, not total revenue, as its denominator. A margin computed on GAAP revenue would be materially lower. The adjusted measures should not be confused with GAAP revenue or profit — the company presents both, and the distinction is standard practice for market makers whose gross revenues embed pass-through costs.

Texas reincorporation approved

Alongside the results, Virtu announced a change of state of incorporation from Delaware to Texas. The board unanimously approved the plan, and the controlling stockholder approved it by written consent. Virtu expects to complete the move later this year.

The company stated the reincorporation will not change operations, management, strategy, assets or employee locations. That framing positions the move as a legal domicile shift rather than an operational one, though counterparties will want to confirm any consequential changes to contract counterparties and governing law once the filing takes effect.

Balance sheet and dividend

The board declared a quarterly dividend of $0.24 per share, payable December 15 to shareholders of record on December 1.

At quarter-end, Virtu reported:

• $1.58 billion in cash, cash equivalents and restricted cash
• $2.55 billion in long-term debt principal

The cash-to-debt position leaves the firm levered, which is consistent with a market-making model that runs capital against inventory, but it is a figure credit teams will track if volatility-dependent income normalizes.

The open question is durability. Market Making income at this level reflects trading conditions during the quarter; Virtu has not indicated whether it expects the segment's adjusted income to hold, and the Texas move, dividend and debt schedule are the firm's next dated milestones.