Virtu Financial: 2Q26 Print Mirrors Pre-Announcement; Strategy to Grow Human and Investment Capital Base Continues

Research evidence excerpt

Virtu Financial: 2Q26 Print Mirrors Pre-Announcement; Strategy to Grow Human and Investment Capital Base Continues

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

31 July 2026

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Virtu Financial Neutral

VIRT, VIRT US

2Q26 Print Mirrors Pre-Announcement; Strategy to Price (30 Jul 26):$59.16

Grow Human and Investment Capital Base Continues ▲Price Target (Dec-26):$61.00 Prior (Dec-26):$59.00

Virtu reported adjusted EPS of $1.82 in 2Q26, in-line with the pre-announcement

on July 14. 2Q26 printed another set of quarterly results embodying Virtu’s shift Brokers, Asset Managers &

Exchangesin strategy with strong annual growth and resilient investment returns despite a

slightly more muted environment than earlier this year. Adjusted net trading Kenneth B. Worthington, CFA AC

income (ANTI) totaled $718mn in 2Q26 (-9% q/q, +26% y/y), resulting in ~ (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

$11.6mn ANTI/day. Virtu adj EBITDA totaled $437mn, -16% q/q, +18% y/y. Our

rating is unchanged, but our Dec-2026 price target moves slightly higher to $61 as Madeline Daleiden

(1-212) 622-4911

lower modeled margins are offset by higher expected revenue run rate as a result madeline.daleiden@jpmchase.com

of increased investment in Virtu’s human and investment capital bases.

Michael Cho

• 2Q26 still a solid operating environment. While industry volumes were (1-212)michael.cho@jpmchase.com622-3619

higher sequentially, realized volatility trended lower in 2Q26, likely weighing J.P.