Virtu Financial: Model update

Research evidence excerpt

Virtu Financial: Model update

J P M O R G A N North America Equity Research

27 July 2026

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Virtu Financial Neutral

VIRT, VIRT US

Model update Price (24 Jul 26):$59.74

▲Price Target (Dec-26):$59.00

Prior (Dec-26):$51.00

We are marking our Virtu model ahead of 2Q26 earnings and on the back of Virtu’s

release of its preliminary results on July 14. When considering these preliminary Brokers, Asset Managers &

Exchangesresults, we overall raise adj. ANTI/day to ~$11.6mn but lower our operating

margin and below-the-line assumptions to arrive at adj. EBITDA of $437mn and Kenneth B. Worthington, CFA AC

adj. EPS of $1.82. The operating environment in 2Q26 seemed somewhat resilient (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

from the strength first posted in 1Q26 with realized volatility higher but industry

volumes slightly lower sequentially; however, Virtu’s monetization of such Madeline Daleiden

(1-212) 622-4911

opportunity declined. Going forward, we lower volume estimates to set up lower madeline.daleiden@jpmchase.com

comps from the strength we’ve observed 1H26, but we raise capture rates to

Michael Cho

account for Virtu’s elevated returns on incremental capital and better profitability (1-212) 622-3619

off Virtu’s continued investment in its market-making business. Our Virtu rating michael.cho@jpmchase.com

remains unchanged, but our price target rises to $59 on higher ANTI estimates. J.P. Morgan Securities LLC

Key Changes (FYE Dec)

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