Virtu Financial reported a sharp increase in third-quarter revenue and profit, with its Market Making business driving most of the improvement. The company also announced plans to change its state of incorporation from Delaware to Texas.
Total revenue rose 39.9% year over year to $1.15 billion in the three months ended September 30, 2026, according to the company’s earnings release. Consolidated net income increased 89.6% to $282.5 million from $149.1 million a year earlier.
Net income available to common stockholders was $153.3 million, after accounting for income attributable to noncontrolling interests. The group’s GAAP net income margin widened to 24.5% from 18.1%.
Market Making Drives the Increase
Market Making revenue climbed 47.7% to $986.8 million. The segment’s adjusted net trading income, a non-GAAP measure, increased 68.2% to $578.8 million.
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Execution Services posted more modest gains, with revenue rising 5.5% to $163.0 million. Adjusted net trading income in that business edged up 1.8% to $125.2 million.
Across the group, adjusted net trading income rose 50.7% to $704.0 million, while adjusted EBITDA increased 63.5% to $437.9 million. Virtu’s adjusted EBITDA margin reached 62.2%, compared with 57.3% a year earlier.
That margin uses adjusted net trading income, rather than total revenue, as its denominator. The adjusted measures should not be confused with GAAP revenue or profit.
Texas Reincorporation Planned
Virtu said its board unanimously approved the planned Texas reincorporation, which its controlling stockholder subsequently approved by written consent. The company expects to complete the move later this year without changing operations, management, strategy, assets or employee locations.
The board also declared a quarterly dividend of $0.24 per share, payable on December 15 to shareholders of record on December 1. At quarter-end, Virtu reported $1.58 billion in cash, cash equivalents and restricted cash, alongside $2.55 billion in long-term debt principal.
