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Virtu Financial VIRT Market Making — Operating Expenses

Other segment segments

Execution Services
$146.04M+31.5%

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Other financials

Income statement

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Revenue$1.1B+30.7%
Net income$182.3M+82.9%
EPS (diluted)$1.99+84.3%

Balance sheet

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Cash & equivalents$1.0B+33.6%
Total debt$2.3B+15.8%
Total equity$1.7B+32.5%
Total assets$25.1B+43.1%

Cash flow

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Operating cash flow-$149.0K-101%
CapEx$5.6M-2.2%
Free cash flow-$5.8M-162%

Valuation

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Market cap$4.91B+36.7%
Enterprise value$6.18B+27.6%
P/E8.9×0.0×
P/S1.3×+0.2×

Profitability

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Net margin14.2%+3.7pp
FCF margin12.4%-20.0pp

Returns & leverage

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Return on equity36.2%+10.8pp
Debt / equity1.3×-0.2×

Where this comes from

Reported directly by Virtu Financial in its filing.

Tagged under the XBRL concept us-gaap:OperatingExpenses.

The source filing: Virtu Financial’s 10-Q, filed May 1, 2026.

Filed
May 1, 2026, 4:02 PM EDT
Fiscal quarter
Q4 FY2026
Calendar quarter
Q4 2026
Accession
0001592386-26-000016
(in thousands)Market MakingExecution ServicesCorporate (1)Consolidated Total
Brokerage, exchange, clearance fees and payments for order flow, net102,75836,070138,828
Interest and dividends expense176,3411,586177,927
Other segment items (2)260,154108,385461369,000
Total operating expenses539,253146,041461685,755
Income (loss) before income taxes and noncontrolling interest$376,444$41,090$(7,962)$409,572
2025
Total revenues$691,172$141,008$5,689$837,869
Operating expenses:

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Virtu Financial's market making — operating expenses?
Virtu Financial (VIRT) reported market making — operating expenses of $539.25M in Q1 2026.
How has Virtu Financial's market making — operating expenses changed year-over-year?
Virtu Financial's market making — operating expenses increased by 7.4% year-over-year, from $501.99M to $539.25M.
What is the long-term trend for Virtu Financial's market making — operating expenses?
Over 3 years (2022 to 2025), Virtu Financial's market making — operating expenses has grown at a 15.6% compound annual growth rate (CAGR), from $1.33B to $2.06B.
What does market making — operating expenses mean?
Aggregates all costs incurred to operate the market making segment, including personnel, technology, infrastructure, and administrative overhead. This metric is a key measure of the segment's cost discipline and operational leverage. Lower relative operating expenses indicate a more scalable and efficient trading platform.

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