Hội nghị công bố kết quả kinh doanh quý 3/2026 của Virtu Financial (VIRT): NTI đạt 704 triệu USD

Điểm nhấn chính

• Virtu Financial đạt thu nhập giao dịch ròng (NTI) điều chỉnh quý 3/2026 là 704 triệu USD, tương đương 11 triệu USD mỗi ngày, bất chấp hoạt động thị trường suy giảm so với nửa đầu năm 2026.
• EBITDA điều chỉnh đạt 438 triệu USD, với biên lợi nhuận 62%, trong khi EPS điều chỉnh đạt 1,77 USD.
• Mảng Tạo lập thị trường đóng góp 9 triệu USD NTI điều chỉnh mỗi ngày, nhờ các cơ hội ngoài thị trường cổ phiếu Mỹ, bao gồm hợp đồng tương lai vĩnh cửu cổ phiếu quốc tế, các sự kiện liên quan đến tiền mã hóa, cùng nhóm cổ phiếu AI và bán dẫn tại nhiều thị trường.
• Mảng Dịch vụ thực thi lệnh mang lại 2 triệu USD NTI điều chỉnh mỗi ngày. Ban lãnh đạo mô tả bộ phận này có ý nghĩa chiến lược, dẫn chứng 1.400 khách hàng blue-chip và biên lợi nhuận đã tăng hơn gấp đôi so với mức của ITG trước khi được mua lại.
• Vốn đầu tư đạt 3,4 tỷ USD sau khi Virtu huy động 500 triệu USD nợ vào tháng 7. Tỷ lệ nợ/EBITDA trượt ở mức 1,4 lần.
• NTI điều chỉnh trượt 12 tháng đạt 11,3 triệu USD mỗi ngày, EBITDA điều chỉnh đạt 1,8 tỷ USD và EPS điều chỉnh đạt 7,69 USD, đều là các mức kỷ lục của công ty tính trên cơ sở 12 tháng trượt.

Dữ liệu tài chính quan trọng

Kết quả kinh doanh và hoạt động

Khối lượng giao dịch và biến động thị trường đã giảm so với nửa đầu năm 2026 nhưng vẫn duy trì trên mức trung bình lịch sử. Virtu cho biết các chiến lược giao dịch đa dạng hóa đã giúp bù đắp cho môi trường thị trường kém sôi động hơn.

Mảng Tạo lập thị trường hưởng lợi từ các hoạt động ngoài cổ phiếu truyền thống của Mỹ. Ban lãnh đạo nhấn mạnh vào hợp đồng tương lai vĩnh cửu cổ phiếu quốc tế, các sự kiện trên thị trường tiền mã hóa, cùng hoạt động giao dịch cổ phiếu AI và bán dẫn tại nhiều quốc gia. Công ty kỳ vọng kết quả kinh doanh sẽ ít tương quan hơn với khối lượng và biến động của thị trường cổ phiếu Mỹ so với trước đây khi quá trình đa dạng hóa tiếp diễn.

Theo ban lãnh đạo, Dịch vụ thực thi lệnh vẫn là mảng kinh doanh mang tính chiến lược. Bộ phận này phục vụ 1.400 khách hàng blue-chip trên toàn cầu, và Virtu cho biết công nghệ nền tảng của họ tạo ra sự khác biệt cho các sản phẩm. Ban lãnh đạo từ chối bình luận về các thông tin truyền thông liên quan đến khả năng bán lại mảng này.

Virtu đã giải ngân phần lớn trong số 500 triệu USD huy động được vào tháng 7 một cách tương đối nhanh chóng, đồng thời vẫn duy trì các bộ đệm giao dịch nội bộ, thanh khoản và an toàn theo quy định. Công ty cho biết nguồn vốn bổ sung đã giảm thiểu nhu cầu sử dụng các hạn mức thanh khoản dự phòng.

Hoạt động đầu tư cho công nghệ tiếp tục được triển khai trên các mảng năng lực tính toán, năng lượng, lưu trữ và cơ sở hạ tầng vật lý. Ban lãnh đạo mô tả các khoản chi này là mức tăng dần phù hợp với các kế hoạch đã công bố trước đó, chứ không phải một sự tăng tốc bất ngờ.

Triển vọng từ ban lãnh đạo

Virtu tái khẳng định mục tiêu vốn giao dịch trong ngắn hạn vào khoảng hơn 4 tỷ USD. Ban lãnh đạo nhấn mạnh đây là mục tiêu ngắn hạn chứ không phải mức trần cố định và cho biết công ty có thể đạt được mục tiêu vốn trung hạn mà không cần bán bớt tài sản.

Công ty có kế hoạch tiếp tục mở rộng quy mô vốn một cách tự thân và có thể tận dụng cơ hội để huy động thêm nợ khi thu nhập giao dịch ròng và khả năng sinh lời tăng lên.

Hoạt động tuyển dụng dự kiến sẽ duy trì ở mức cao cho đến năm 2027, đặc biệt là trong các mảng giao dịch, nghiên cứu và phát triển. Virtu có gần 1.100 nhân viên tại thời điểm diễn ra cuộc họp và dự kiến sẽ vượt mức này trong thời gian tới. Ban lãnh đạo cho biết xu hướng chi phí và thù lao hiện tại có thể được coi là cơ sở hợp lý cho các kỳ vọng trong ngắn hạn.

Rủi ro và các yếu tố cần theo dõi

• Hoạt động thị trường hạ nhiệt so với quý trước, điều này nhìn chung làm giảm mức sử dụng vốn và có thể ảnh hưởng đến các cơ hội giao dịch.
• Biên độ phân bổ lãi lỗ hàng ngày của Virtu rộng hơn so với thời điểm IPO do hoạt động kinh doanh hiện bao gồm bán buôn cho nhà đầu tư cá nhân, giao dịch lô lớn ETF và các chiến lược khác. Ban lãnh đạo cho biết những ngày thua lỗ vẫn rất hiếm nhưng không còn là hoàn toàn không có.
• Các sản phẩm mới có các yêu cầu thanh toán và ký quỹ khác nhau, điều này có thể ảnh hưởng đến hiệu quả và mức sử dụng vốn.
• Chi tiêu cho cơ sở hạ tầng liên quan đến AI đang diễn ra trong bối cảnh chuỗi cung ứng bị thắt chặt và chi phí gia tăng, mặc dù ban lãnh đạo cho biết các kế hoạch đầu tư hiện tại vẫn nằm trong tầm kiểm soát.
• Virtu vẫn còn các vị trí tuyển dụng chưa được lấp đầy và áp dụng tiêu chuẩn chất lượng cao, tạo ra sự không chắc chắn về thời điểm hoàn thành các mục tiêu tuyển dụng.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Khả năng chống chịu của mảng Tạo lập thị trường: Ban lãnh đạo cho rằng kết quả của mảng này đến từ việc đa dạng hóa sản phẩm và khu vực địa lý rộng hơn, thay vì chỉ phụ thuộc vào hoạt động của thị trường cổ phiếu Mỹ.

Chiến lược mảng Dịch vụ thực thi lệnh: Virtu từ chối bình luận về tin đồn bán lại nhưng nhấn mạnh vào tệp khách hàng toàn cầu, công nghệ, biên lợi nhuận được cải thiện và giá trị chiến lược của bộ phận này.

Khẩu vị rủi ro: Ban lãnh đạo cho biết hồ sơ rủi ro của công ty không có thay đổi đáng kể trong năm qua. Sự dịch chuyển lớn hơn đã diễn ra giữa giai đoạn Virtu IPO và giai đoạn mở rộng sau thương vụ thâu tóm KCG.

Thời gian nắm giữ vị thế: Virtu cho biết không có một khoảng thời gian nắm giữ trung bình duy nhất nào do các chiến lược giao dịch có sự khác biệt đáng kể. Khoảng thời gian nắm giữ cũng không thay đổi nhiều trong năm qua.

Phân bổ vốn: Phần lớn số tiền thu được từ đợt phát hành nợ vào tháng 7 đã được giải ngân nhanh chóng, nhưng ban lãnh đạo nhấn mạnh các bộ đệm vận hành, thanh khoản và an toàn theo quy định vẫn được duy trì đầy đủ.

Chi tiêu công nghệ: Virtu coi cạnh tranh công nghệ là một đặc trưng lâu dài của giao dịch điện tử. Các khoản đầu tư hiện tại đang gia tăng theo đà mở rộng của công ty, nhưng ban lãnh đạo dự kiến mức chi tiêu sẽ không vượt quá các mức đã thông báo trước đó.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Hello, everyone. Thank you for joining us, and welcome to the Virtu Financial Third Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question-and-answer session. [Operator Instructions] I will now hand the conference over to Matthew Sandberg, Head of IR. Matthew, please go ahead.

Matthew Sandberg

Thank you. Good morning, everyone. Thanks for joining us. Our third quarter 2026 results were released this morning and are available on our website. With us today on this call, we have Simons, our Chief Executive Officer; Cindy Lee, our Chief Financial Officer; and Joe Molluso, our Co-President and Co-Chief Operating Officer. We will begin with brief prepared remarks and then take your questions.

First, a few reminders. Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be outside the company's control. Please note that our actual results and financial conditions may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual report, Form 10-K and other public filings.

During today's call, in addition to GAAP measures, we may refer to certain non-GAAP measures, including adjusted net trading income, adjusted net income, adjusted EBITDA and adjusted EBITDA margin. These non-GAAP measures should be considered as supplemental to and not as superior to financial measures as reported in accordance with GAAP. We direct listeners to consult the Investor portion of our website, where you'll find additional supplemental information referred to on this call as well as a reconciliation of non-GAAP measures to the equivalent GAAP term in the earnings materials with an explanation of why we deem this information to be meaningful as well as how management uses these measures.

With that, I'd like to turn the call over to Aaron.

Aaron Simons

Thank you. Good morning, everyone. Volume and volatility in the quarter were somewhat lower than the first half of the year, although they remain elevated relative to historical averages. Despite the moderation in the operating environment, our diversified set of trading strategies allowed us to perform at a high level. We are continuing our plans to grow capital in all forms. At the beginning of the quarter, we raised $500 million in the form of new debt helping to bring our overall trading capital base to $3.4 billion. On the human capital side, hiring is continuing according to plan and turnover remains our focus is on adding to our research and development teams while maintaining a high bar for quality and preserving our open collaborative culture.

Lastly, we are continuing to invest in our physical infrastructure in order to stay at the forefront of technological competition. We have provided additional perspective on the quarter and our detailed financial supplement, and we'll be answering your questions shortly.

First, Cindy Lee, our Chief Financial Officer, will review the financial results for this quarter.

Cindy Lee

Thanks, Aaron. Good morning, everyone. For the third quarter of 2026, we generated adjusted net trading income or NTI of $11 million per day or a total of $704 million. Market Making recorded a fee of $9 million per day, while Execution Services reported an ANTI of $2 million per day. As Aaron mentioned earlier, despite a notable decrease in market activity quarter-over-quarter, volumes and volatilities remain above historical averages. And in both of our operating segments continue to execute and capitalize on their respective opportunities.

Our profitability this quarter was strong. We generated $438 million per day in adjusted EBITDA, representing a 62% margin. Adjusted EPS was $1.77. Over the last 12 months, we have reported the ANT per day of $11.3 million per day, adjusted EBITDA of $1.8 billion and adjusted EPS of $7.69, all of these numbers represent all-time highs for Virtu from a trailing 12 months perspective.

On Slide 5 of our supplemental materials, we provided a summary of our operating expenses. Our third quarter 2026 cash compensation ratio was at 23%, which is consistent with our expectations. Through September 30, our year-to-date cash compensation ratio is 23% and our total compensation ratio is 28%. Again, these are levels that we have stated would be appropriate in the near term.

Turning to capital. After raising $500 million through new debt in July, our invested capital stands at $3.4 billion as of September 30. Our trailing debt-to-EBITDA ratio is 1.4x. So we remain modestly leveraged. We will continue to grow our capital base organically and deploy capital where we see the greatest opportunities, all while maintaining our quarterly dividend at $0.24 per share.

We will now take your questions.

Operator

We will now be entering the question-and-answer portion of the event. [Operator Instructions] Your first question comes from Patrick Molly with Piper Sandler.

Phần hỏi đáp

Patrick Moley

Yes. So maybe start on marketing. You did about $9 million a day, down only about 4% sequentially, and it came in a quarter where USD volumes are down mid-teens realized vol was down more than 20%. So you clearly outperformed the backdrop. Could you maybe just help us understand what drove that? Any color there would be great.

Joseph Molluso

Patrick, thanks. Sure. So as you noted, U.S. equity volumes were down, but that's not the only place where we're trading, obviously. So there was definitely some heightened activity, other places like there's been a lot of the offshore equity perpetuals that have come online. There have been some interesting events in the crypto space. Obviously, there are episodic things going on with AI and chip stocks in multiple countries around the world, not just U.S. equities, so I think it's, again, just another kind of piece of evidence that we're really diversifying the firm and trying to grow trading, not just concentrated in U.S. equities and especially not just concentrated and wholesaling of U.S. equities. .

And so I think you can expect that going forward, that it's not going to be as correlated with those metrics as it used to be.

Patrick Moley

Sure. Great color. And then just as a follow-up, I also wanted to ask about execution services. There's been some media reports that you could be exploring a sale of that business. I understand that you might be limited in what you can say, but maybe just at a high level, do you feel like the market gives you credit for VS inside of Virtu? And maybe just how do you think about the strategic fit between that and the Market Making business going forward? .

Joseph Molluso

Well, I'll answer the question in the abstract, Patrick. This is Joe because we don't -- when that in response to the new story, we said we don't comment on rumors. And your question, do we get credit for ES inside of Virtu -- the public market may not give us credit for Virtu inside of Virtu. But I'll tell you that Virtu Execution Services is a strategic business for us. It's done exceptionally well. You can see the growth in net trading income on a quarterly basis. This is a business that has 1,400 blue-chip clients truly a global business. And we don't break it out, but if you went back and looked at ITG's margins prior to us buying them, we have more than double those margins. And so we think it's operated in a best-in-class way among its peers.

Clients will tell you that the technology is differentiating the technology that underlies the products that are spread across these 1,400 clients. So we like the business. There's a lot of questions we've gotten around this in terms of capital and incremental capital deployment. And I saw your math when the new story came out. And look, what I'd say in the past, we've articulated a near-term capital goal of around $4 billion plus, we called it. That's not a forever goal. It's a near-term goal.

But as Aaron mentioned, when you look at where we are today, we're well on our way to achieving that goal. We've accumulated, I think, $900 million-ish of trading capital this year, around half of it organically, half of it from supplementing our debt stack. So I think we feel very good about how we've grown the capital base and deployed it. And to get to our long-term goal -- medium-term goal, we don't need to do anything in terms of asset [indiscernible] And all that being said, we're always focused on shareholder value, as you know, Patrick. So that would be sort of how we answer that question.

Operator

Your next question comes from the line of Ei Abboud with Bank of America.

Eli Abboud

When you IPO-ed in 2013, you said at the time that you only had 1 money-losing day in the past 4 years. We're often asked by investors whether Virtu's appetite for risk has changed since the CEO change. So to that end, when you look at the past year, how many months closing days has there been.

Aaron Simons

I'll take that question. So we don't break out in granularity like especially the level of a number of days of any certain level of P&L. But I will say that if you look at when we IPO-ed, the statistical distribution of our P&L was such that a losing day represents an operational error rather than any result of the trading strategies themselves.

But since we've grown a lot since then, the business has changed a lot, beginning with our acquisition of KCG, I would say that materially, the distribution of that P&L changed quite a lot. The retail wholesaling business, the ETF block trading businesses, those are just kind of different animals than the sort of very traditional on-screen market making that we were doing back in those days, which was a long time ago at this point.

So Definitely, the width of the distribution of our P&L has increased meaningfully from our IPO days. But fortunately, we've also increased the mean of the distribution quite a bit, such that bouncing off of 0 is still quite rare, although not 0. And so I think since I took over, I don't think the distribution has really changed meaningfully, like we are open to more trading opportunities than we perhaps were, but qualitatively, there's a bigger difference between our IPO in 2014 and even 2018, '19 than there is between 1.5 years ago and today.

Eli Abboud

Got it. That's very helpful. And then has there been any change in how long you are warehousing? I think in the past, you've described your average holding period is a few seconds. Is that something that has changed?

Aaron Simons

I haven't described it in that way. I don't know exactly where that statement came from. There's not like a 1 number that I could even point to, to be honest. There's very different segments of trading that have very different holding times. But I would say that the set of holding times of our various trading strategies has not changed meaningfully in the last year.

Operator

Your next question comes from the line of Ken Worthington with JPMorgan.

Kenneth Worthington

You raised $500 million of debt at the end of July, did the capital raise make it to the trading desks near instantly or did it migrate at a more measured pace over the quarter? And how would you judge the returns on the incremental capital relative to the market conditions versus the entire book of trading capital.

Joseph Molluso

What I would say to you, Ken, is we -- this is Joe. We don't measure kind of incremental returns because cash is fungible, capital is fungible and it's spread across our various businesses and our various legal entities in our various jurisdictions. So what I will tell you is we maintain buffers, internal buffers, as you would expect from a trading standpoint, a usage standpoint, a regulatory standpoint in those legal entities and trading desks.

And prior to that capital raise, we were seeing opportunity where we were using some of the buffer in a business as usual way. And also from time to time, using some of our contingent liquidity in terms of revolvers, et cetera. And that has largely come to an end. So we always want to operate with belt and suspenders, trading capital belt and suspenders, excess trading capital and the environment at the time allowed us to, I'd say, deploy most of it right away.

But when we say deployed, we mean deploy with adequate buffer. So I think the environment has slowed down a little bit as was noted at the beginning of the call, and that usually causes us to use less capital, all things equal, but all things are never equal, I think Aaron mentioned some of the highlights of kind of new products and these new products have various levels of efficiency around settlement and margin that drives capital usage as well.

I would say net-net, we were able to deploy the capital. We have adequate buffers and we're going to continue to organically grow the capital base. And then as we continue to reset the bar at higher level net trading income and higher levels of profitability. We'll always look to opportunistically supplement the -- our debt capitalization as well.

Kenneth Worthington

Great. And for the follow-up, how would you characterize the investment that the industry is making in new technologies like AI and other? Is it sort of business as usual? Or do you see this as sort of a being in the midst of a technology arms race. And if so, does Virtu have to change the level of investing that it's making from current levels. .

Aaron Simons

I mean, I guess it's tough to answer. I mean, again, trading is a pretty diversified business. And so there are different types of trading with different technological requirements. I mean, on the one hand, we've been in a technological arms race since the founding in 2008. I think it's just much more visible now and the dollar amounts are higher because of the AI spend that people are doing, and there's a bit of a price difference just because of supply chain constraints and other things. So we are continuing to spend a significant fraction of dollars on technology, but that it's not really new, are representing some great acceleration.

We are incrementally investing more as we are growing into our sort of like physical capital base and compute and power and storage and everything else. So I mean, yes, it is an uptick, which we've highlighted before that we were going to do. So I don't think it's anything surprising -- but I think we feel very comfortable where we're at and don't feel a need to do anything beyond what we've sort of telegraphed.

Operator

Your next question comes from the line of Dan Fannon with Jefferies.

Daniel Fannon

So I was curious about where you think you are in terms of your hiring goals. You talked about investing in the business and people. Is that something that has a time period to it? Or is this something we should be thinking about that's going to be ongoing as we go into next year and beyond? .

Aaron Simons

Well, I guess, I don't know how forward-looking you want to be certainly into the next year. I don't think you're going to see any change. We still have quite a few unmet hiring goals, and we're trying hard to fill them. I mean we don't -- this business changes quite quickly. And so we do have sort of near term and what we would call medium-term goals and medium term for us is probably at most a year. So I don't think I can predict beyond that. I mean we would love to be in a state where we just keep finding new trading strategies, keep making more money, keep hiring more people, but it's hard to really play in beyond sort of the next year at most.

Daniel Fannon

Understood. And then in the context of expenses, as we think about the -- what you mentioned in terms of investing in the business plus the people, any change in philosophy about or how we should think about expense growth sequentially as we think about the end of the year, but also again into next year given what appears to be a more consistent investment period of hiring and other investments. .

Aaron Simons

No, Dan. I mean, I think you could see the numbers, right? Expenses have gone up. We don't think they've gone up any more than we expected them to. On the people front, I think just to underline what Aaron said, we've already increased our hiring meaningfully. We're at the end of the -- as we speak here, we're just below 1,100 people, and we expect to be over 1,100 in the near term. So hiring has stepped up, and it's been driven in sort of the high-value areas in terms of trading and development. And you could see the comp ratio sort of as Cindy mentioned, is where we've guided it to. So I think you can look at the trends and extrapolate pretty accurately.

Operator

[Operator Instructions]

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.