Highlights

  • Virtu shows 37.21% one-year basic EPS growth, a P/E of 9.27 and PEG of -17.50.
  • Second quarter total revenue was $1,189,953 thousand, against $999,573 thousand.
  • Adjusted EBITDA, a non-GAAP measure, was $436,778 thousand, against $369,449 thousand.
  • Virtu added $500.0 million of Term B-2 Loans and declared a $0.24 dividend.

One-year earnings growth of 37.21%, paired with a trailing twelve-month P/E of 9.27 and an expected-basis PEG of -17.50, puts Virtu Financial (NYSE:VIRT) among undervalued growth stocks, with shares trading at USD 55.00 on October 28, 2026, up 0.02%. Alongside those figures, the market maker and execution services provider added $500.0 million of incremental Term B-2 Loans on July 23, 2026, declared a $0.24 per share dividend on July 30, and filed its second quarter 2026 report showing total revenue of $1,189,953 thousand on July 31.

Virtu Financial, Inc. is a Delaware corporation with its principal executive offices at 1633 Broadway in New York. It describes itself as a financial services firm that uses technology to deliver liquidity to global markets and trading solutions to clients, across equities, ETFs, options, foreign exchange, futures, fixed income, cryptocurrencies and other commodities. It has two operating segments, Market Making and Execution Services, and a non-operating Corporate segment.

Growth: Second Quarter Earnings, Revenue and Segment Trading Income

Net income was $284,929 thousand in the second quarter against $292,976 thousand a year earlier, and $631,525 thousand for the six months against $482,611 thousand. Net income available for common stockholders was $150,899 thousand against $151,187 thousand. Basic and diluted earnings per share were both $1.63 against $1.65, and six-month basic earnings per share were $3.62 against $2.74.

Total revenue was $1,189,953 thousand against $999,573 thousand, with trading income, net of $856,691 thousand against $652,796 thousand. Other, net revenue was $7,831 thousand against $64,512 thousand, which included a $66,988 thousand gain on the sale of RFQ-hub in the prior year. Market Making revenue was $1,009,174 thousand against $786,593 thousand, and Execution Services revenue was $173,461 thousand against $214,488 thousand.

Adjusted Net Trading Income, a non-GAAP measure, was $717,870 thousand, up 26.4%, with Market Making up 28.4% and Execution Services up 18.7%.

Valuation: P/E of 9.27, PEG of -17.50 and Earnings Metrics

The P/E ratio of 9.27 is measured on trailing twelve-month earnings, and the PEG ratio of -17.50 on an expected basis. Normalized Adjusted EPS, a non-GAAP measure, was $1.82 against $1.53. GAAP net income margin was 23.9% against 29.3%, and adjusted EBITDA margin was 60.8% against 65.1%. Net cash provided by operating activities was $117.0 million for the six months against $77.7 million.

On the second quarter call, Chief Executive Officer Aaron Simons said the company set out a year earlier to pivot toward growth through infrastructure, talent and a larger capital base, and described progress in each.

Capital: Term Loan, Dividends and Liquidity

Cash and cash equivalents were $1,069.3 million at June 30, 2026. Long-term debt had an aggregate principal amount of approximately $2,051.1 million, alongside approximately $261.3 million of borrowings under prime brokerage credit facilities. The July 23 amendment brought the Term B-2 Loan balance to $2,029.6 million, maturing June 21, 2031, and the company also has $500.0 million of 7.50% senior secured first lien notes due June 15, 2031.

The board declared a dividend of $0.24 per share on July 30, 2026, payable September 15, 2026 to stockholders as of September 1. Dividends and distributions to noncontrolling interests were $274.5 million in the six months, and purchases of treasury stock were $57.8 million. The share repurchase program, expanded to $1,720 million, ran through April 24, 2026, with approximately 53.8 million shares and units repurchased for approximately $1,417.2 million since inception. Management said cash flows, available cash and available borrowings should meet liquidity needs for the next twelve months.

Disclosed Risks and Outlook

Execution Services income before income taxes and noncontrolling interest was $26,174 thousand against $94,126 thousand. The company disclosed that the SEC matter over its information barriers was resolved in December 2025 with a $2.5 million penalty, while stockholder class action and derivative suits tied to that matter continue, and the company is defending them.

Other disclosed matters include appeals in the Mallinckrodt opioid trust case, with oral argument scheduled for September 10, 2026, market manipulation suits from issuers including Northwest Biotherapeutics and Genius Group, and a patent suit filed by SpectraNet on May 20, 2026 over shortwave trading methods. The company said it cannot estimate losses or ranges of losses where only a reasonable possibility of loss exists, and that resolutions may exceed amounts accrued. It also lists regulatory scrutiny of electronic and off-exchange trading among risks.

Virtu issued no numeric guidance in the filing. On the call, management said it will keep accumulating trading capital through free cash flow, expects hiring to continue at a pace Simons described as aggressive for at least the next couple of years, and intends to keep the $0.24 quarterly dividend. Molluso said leverage is set for the near to midterm.