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Virtu Financial (VIRT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Virtu Financial (VIRT) Q3 2026 earnings results →

Q3 2026 Revenue up 40% year over year to $1.2B · 13¢ of every $1 of revenue kept as net profit · operating margin 28.7%

Virtu Financial made $1.2B in Q3 2026 (+40% Y/Y). Operating margin 28.7%, net earnings $153M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$1.2B
Year over year+40%
Operating margin28.7%
Net earnings$153M
Operating cash flow$344M

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Virtu Financial Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Virtu Financial Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.2B in Q3 2026, up 40% year over year and down 3% from the previous quarter.

Operating profit was $0.33B, a 28.7% margin (up 6.9 points year over year). Of the extra revenue versus Q3 2025, 46% reached operating profit, above the 22% margin then. Total costs grew 28% against revenue growth of 40%. The fastest-growing cost line was General & admin (+40%). Net earnings were $0.15B, up 97% year over year. The effective tax rate was 14.7%.

Operating cash flow was $0.34B, 122% of net income including minority interests. Non-cash charges added back $0.03B of share-based compensation. Working capital and other items added $0.03B. Capital expenditures of $0.06B left free cash flow of $0.28B.

Quarterly history

Virtu Financial revenue by quarterVirtu Financial revenue by quarter$838MQ1 2025$1.0BQ2 2025$825MQ3 2025$970MQ4 2025$1.1BQ1 2026$1.2BQ2 2026$1.2BQ3 2026
Virtu Financial net earnings by quarterVirtu Financial net earnings by quarter$99.7MQ1 2025$151MQ2 2025$77.6MQ3 2025$140MQ4 2025$182MQ1 2026$151MQ2 2026$153MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$1.2B+40%28.7%$153M$344M
Q2 202610-QJul 31, 2026$1.2B+19%28.8%$151M$117M
Q1 202610-QMay 1, 2026$1.1B+31%37.4%$182M−$149K
Q4 202510-KFeb 20, 2026$970M+16%35.4%$140M$509M
Q3 202510-QOct 30, 2025$825M+17%21.8%$77.6M−$68.7M
Q2 202510-QJul 31, 2025$1.0B+44%34.7%$151M$62.8M
Q1 202510-QApr 29, 2025$838M+30%26.7%$99.7M$15.0M

Charts

Virtu Financial: revenue growth, year over year and quarter over quarterVirtu Financial: revenue growth, year over year and quarter over quarterY/YQ/Q+30%Q1 2025+44%+19%Q2 2025+17%-17%Q3 2025+16%+18%Q4 2025+31%+13%Q1 2026+19%+9%Q2 2026+40%-3%Q3 2026
Latest (Q3 2026): Y/Y +40%, Q/Q -3%.
Virtu Financial: where the cash came from (+) and went (−), TTM to Q3 2026Virtu Financial: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$970MCash drawn (+) / kept (−)−$820MNet borrowing (+) / repaid (−)$543MPartners−$429MOther financing−$104MCapital spending−$91.7MOther investing−$63.2MExchange rates−$5.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Virtu Financial: profit against cash, quarter by quarterVirtu Financial: profit against cash, quarter by quarterNet incomeOperating cash flow$176M$391MQ4 2024$190M$15.0MQ1 2025$293M$62.8MQ2 2025$149M−$68.7MQ3 2025$281M$509MQ4 2025$347M−$149KQ1 2026$285M$117MQ2 2026$283M$344MQ3 2026
Latest (Q3 2026): Net income $283M, Operating cash flow $344M.
Virtu Financial: diluted shares by fiscal yearVirtu Financial: diluted shares by fiscal year122MFY2020118MFY2021104MFY202294MFY202388MFY202485MFY2025
-30.3% since FY2020: buybacks shrank the count.
Virtu Financial: long-term debt falling due (FY2025)Virtu Financial: long-term debt falling due (FY2025)$15.4M2026$15.4M2027$15.4M2028$37.8M2029$15.4M2030$2.0BLater
Cash $1.1B, short-term investments —, long-term debt $2.0B at 2025-12-31.
Virtu Financial in its industry: growth against margin (24 companies, SIC 6211)Virtu Financial in its industry: growth against margin (24 companies, SIC 6211)revenue growth, year over year →↑ operating marginmedian +13%median 18%MSGSGLXYBLKSCHWJones Financial Companies LllpRJFJEFIBKRSFHOODFRHCSEICPIPROPYMIAXNAVINavient CorpMKTXWTCOHNSIEBDOMHVIRT (+40%, 29%)
Security Brokers, Dealers & Flotation Companies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Virtu Financial

We are a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. Leveraging our global market structure expertise and scaled, multi-asset infrastructure, we provide our clients a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Our product offerings allow our clients to trade on hundreds of venues across over 50 countries and in multiple asset classes, including global equities, Exchange Traded Funds (“ETFs”), options, foreign exchange, futures, fixed income, cryptocurrencies, and myriad other commodities.

In its own words, from its 10-K, filed Feb 20, 2026.

Virtu Financial against its Security Brokers, Dealers & Flotation Companies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +40% against the peers' median +13%. Operating margin: 28.7% against the peers' median 28.7%.

CompanyQuarterRevenueY/YOp. margin
VIRT Virtu FinancialQ3 2026$1.2B+40%28.7%
MS Morgan StanleyQ3 2026$20.3B+12%31.9%
GS Goldman Sachs GroupQ3 2026$18.7B+23%37.5%
GLXY Galaxy DigitalQ3 2026$8.1B-72%4.3%
BLK BlackRockQ3 2026$7.8B+19%30.0%
SCHW Schwab CharlesQ3 2026$7.2B+17%52.7%
Jones Financial Companies LllpQ3 2026$5.2B+13%0.0%
RJF Raymond James FinancialQ4 FY26$4.7B+13%18.2%
JEF Jefferies Financial GroupQ3 FY26$3.2B+11%10.9%

Source: Virtu Financial 10-Q on SEC EDGAR · CIK 1592386 · Security Brokers, Dealers & Flotation Companies

Guidance and outlook

Virtu Financial: what its forward-looking statements are about (10-Q filed 2026-11-06)Virtu Financial: what its forward-looking statements are about (10-Q filed 2026-11-06)Other11Capital spending2Financing2Costs1Margins1Supply chain1Demand1Tax1
20 statements; tone +0.35 (−1 all cautious, +1 all confident); 2 hedged.
Virtu Financial: outlook statements against the filing beforeVirtu Financial: outlook statements against the filing beforeConfident7

13F: who owns VIRT and who is buying

Largest holders of VIRT (13F)Largest holders of VIRT (13F)BlackRock$698MVanguard Portfolio Management LLC$356MVanguard Group$326MFMR LLC$281MVanguard Capital Management LLC$221MState Street$183MRenaissance Technologies LLC$171MAQR Capital Management LLC$170MAllspring Global Investments Hold…$147MPortolan Capital Management, LLC$128M
Funds' net buying of VIRT by quarter (13F)Funds' net buying of VIRT by quarter (13F)−$109M2024-09−$36.0M2024-12−$98.9M2025-03$38.7M2025-06$12.2M2025-09$61.7M2025-12$79.4M2026-03$289M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on VIRT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Virtu Financial（VIRT）财报

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