VIRT NYSE Russell 1000 Earnings call
Virtu Financial (VIRT) · Q2 2026 results and valuation
Share price: $59.51 · 2026-11-11
Virtu Financial is a financial firm that provides liquidity and trading solutions across multiple asset classes, including equities, fixed income, and cryptocurrencies. The company provides execution, analytics, and risk management tools to institutional and retail clients through its technology platform. It operates in global markets across more than 50 countries. Source: 10-K annual report (2026-02-20)
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 29 Apr 2026
Net income down 56.5% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−56.5%
Net income vs Q1 2026
Net income 150.9M vs 346.6M
Revenue +8.6%
Against the same quarter last year (Q2 2025) it is −0.2% — part of the move on last quarter is seasonal.
2 · How management spoke
Restrained
Less upbeat than 72% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Virtu Financial's total trading capital increased following a recent opportunistic term loan increase and 12 months of retained earnings.
Valuation
Is Virtu Financial undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 15.4% growth a year (3-year revenue growth), the model's fair value is $192.97 a share — the stock trades 69% below it. Today's price assumes 0.9% growth a year.
Current price
$59.51
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+0.9% for 10 yrs
Fair value / share
$192.97
Buy below
$144.73
Price vs fair value
Undervalued 69%
Price vs buy-below price
Undervalued 59%
Read between the lines
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Key theme
The company reported substantial progress in infrastructure by acquiring talent and growing its capital base.
Source quote
“in infrastructure, acquiring talent and growing our capital base. I'm happy to report substantial progress in that direction.”
-
Fading
Adjusted EPS was $2.24 and adjusted EBITDA reached $521 million with a 66% margin, resulting in what the company described as robust profitability.
Source quote
“We generated $521 million in adjusted EBITDA, representing a 66% margin. Our profitability this quarter was robust. Adjusted EPS was $2.24.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“A year ago, we announced our plans to pivot towards growth, including investing in infrastructure, acquiring talent and growing our capital base.”
“We continue to find new ways to leverage our technology to productively deploy our growing pool of capital across all markets, and we'll continue accumulating trading capital for future growth...”
“We will continue to grow our capital base organically and deploy capital where we see the greatest opportunities, all while maintaining our quarterly dividend of $0.24 per share.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.19B | 1.10B | +8.6% | 999.6M | +19.0% |
| Operating income | 342.6M | 409.6M | −16.4% | 347.0M | −1.3% |
| Net income | 150.9M | 346.6M | −56.5% | 151.2M | −0.2% |
| P/E today 9.4 | 9.9 | 7.3 | +2.6 | 10.2 | −0.3 |
Topics
Most discussed now
- For the second quarter of 2026, Virtu Financial generated adjusted net trading income or ANT of $11.6 million per day or...
- Market Making reported ANT of $9.4 million per day, while Execution Services reported an ANT of $2.2 million per day.
Top topics in Q1 2026
- Nothing dropped away.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Director or officer change · SEC 8-K
Virtu Financial, Inc. appointed Ms. Barbara Finigan as an independent Class I director on August 19, 2026, bringing her 35-year legal career to the board of eleven directors.
- Results of operations · SEC 8-K
The company filed its results of operations for the period ending July 30, 2026, as required by the Securities Exchange Act of 1934.
- Material agreement; New financial obligation · SEC 8-K
Virtu Financial, Inc. closed incremental term loans of $500 million, increasing the total term loan balance to $2,030 million.
- Results of operations; Regulation FD disclosure · SEC 8-K
The company filed a Regulation FD disclosure regarding a presentation for the potential upsizing of its term loans under its senior secured credit facility.
- Shareholder vote results · SEC 8-K · routine
- Director or officer change · SEC 8-K
Virtu Financial, Inc. entered into an amended employment agreement with CFO Cindy Lee, establishing an annual base salary of $500,000 and a special long-term equity award of 20,000 restricted shares.
- Results of operations · SEC 8-K
The company filed its results of operations for the period ending April 29, 2026, as required by the Securities Exchange Act of 1934.
- Results of operations · SEC 8-K
The company filed its results of operations on January 29, 2026, as required by the Securities Exchange Act of 1934.