Virtu Financial reported a standout first quarter for 2026, with adjusted net trading income (ANT) totaling $12.9 million per day ($787 million for the quarter), the highest quarterly NTI in the company’s history. Market Making contributed $10.4 million per day, and Execution Services added $2.5 million per day, underscoring a broad-based performance across Virtu’s two core segments. GAAP revenue reached $1.095 billion, gross profit was $683.5 million, and operating income was $446.1 million, yielding an operating margin of approximately 40.7% and an EBITDA of $474.3 million. Importantly, Virtu generated $521 million of adjusted EBITDA for the quarter, representing a 66% margin, with net income of $182.3 million and EPS of $2.12. Over the last twelve months, adjusted EBITDA aggregated to $1.6 billion at a 66% margin, with adjusted EPS of $6.66. Management attributes the strength to ongoing investments in capital, technology, and talent, including adding over $500 million in trading capital in the past seven months and sustaining a total capital return in excess of 100%. The invested capital stood at $2.6 billion as of March 31, 2026, delivering an average return on capital of 107% over the trailing year, and the company remains committed to deploying capital where opportunities are most compelling while maintaining a quarterly dividend of $0.24 per share. Virtu also highlighted disciplined hiring and an emphasis on top-tier personnel, with headcount expected to approach ~1,100 this year. Management signaled a cautious but constructive stance on AI, describing exploratory work aimed at productivity gains for software development, with material benefits anticipated over the next 12–24 months. No material changes to risk management were reported, and Virtu reiterated that it is not pursuing a hedge fund strategy. Overall, the quarter demonstrates robust profitability, strong cash generation, and an expanding capital base that positions Virtu for continued outperformance in a favorable market environment, albeit with the usual sensitivity to market conditions and ongoing investments in capabilities.