0001592386-26-000016
SEC filingVirtu Q1 营收与净利大增，Adjusted Net Trading Income 同比+58.2%，盈利质量显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenue | $1,095.3M | $837.9M | +30.7% |
| Trading income, net | $789.1M | $590.0M | +33.8% |
| Interest and dividends income | $127.5M | $109.1M | +16.9% |
| Commissions, net and technology services | $186.6M | $151.3M | +23.3% |
| Other, net | -$8.0M | -$12.5M | +36.2% |
| Total operating expenses | $685.8M | $614.1M | +11.7% |
| Income before income taxes and noncontrolling interest | $409.6M | $223.7M | +83.1% |
| Net income | $346.6M | $189.6M | +82.8% |
| Diluted EPS | $1.99 | $1.08 | +84.3% |
| Adjusted Net Trading Income | $786.5M | $497.1M | +58.2% |
| Adjusted EBITDA | $520.6M | $319.9M | +62.7% |
| Operating cash flow | -$0.1M | $15.0M | — |
| Free Cash Flow | -$36.2M | -$31.0M | — |
Q1 营收增长 30.7%，主要由 Trading income, net 增加 $199.1M 驱动，反映全球市场交易量与机会提升。Adjusted Net Trading Income 增长 58.2%，日均 $12.9M，显示核心做市业务盈利能力显著增强。Brokerage, exchange, clearance fees 下降 37.4%，主因 Section 31 fees 降低，进一步推高 Adjusted Net Trading Income。
利润率方面，GAAP Net income margin 从 22.6% 提升至 31.6%，Non-GAAP Net income margin 从 38.1% 提升至 44.1%，Adjusted EBITDA margin 从 64.4% 提升至 66.2%。盈利质量改善主要来自收入增长与费用控制，但 Employee compensation 大增 74.5% 至 $208.4M，反映盈利驱动的激励薪酬增加。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Market Making | $915.7M | +32.5% | $376.4M | 41.1% | Trading income, net 增 34.3%，Adjusted Net Trading Income $637.1M，+66.8% |
| Execution Services | $187.1M | +32.7% | $41.1M | 22.0% | Commissions, net and technology services 增 32.8%，Adjusted Net Trading Income $149.5M，+29.8% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $973.2M | -$88.5M |
| Total assets | $25,115.3M | +$4,964.5M |
| Long-term borrowings | $2,025.1M | -$14.4M |
| Short-term borrowings | $155.0M | +$142.6M |
| Total equity | $2,196.5M | +$223.1M |
| Operating cash flow | -$0.1M | -$15.1M |
| Capex | $31.6M | +$1.9M |
| Free Cash Flow | -$36.2M | -$5.2M |
前瞻指引: 公司未提供具体财务指引，但管理层认为现有流动性足以满足未来12个月需求。
一次性异常项: SEC 信息壁垒案和解罚款 $2.5M，JNX 投资公允价值下降 $5.9M，Digital assets 重估收益。
主要风险: 市场波动与交易量依赖、监管与法律诉讼、数字资产波动。