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Capital Structure - Share Repurchase Program (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended						66 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Apr. 24, 2026	Apr. 24, 2024	Nov. 03, 2021	May 04, 2021	Feb. 11, 2021	Nov. 06, 2020
Class of Stock [Line Items]
Treasury stock purchases	$ 6,743	$ 1,622	$ 55,792	$ 30,818	$ 67,817	$ 88,761
Class A
Class of Stock [Line Items]
Share repurchase authorized amount								$ 1,720,000	$ 1,220,000			$ 100,000
Additional authorized amount								$ 500,000	$ 750,000	$ 300,000	$ 70,000
Repurchase of common stock (in shares)							53.8
Treasury stock purchases							$ 1,417,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Borrowings - Senior Secured First Lien Notes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2026	Jun. 21, 2024	Jan. 13, 2022
Debt Redemption Prior To June 15 2027 \| Period one
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	103.75%
Debt Redemption Prior To June 15 2027 \| Period two
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	101.875%
Debt Redemption Prior To June 15 2027 \| Period three
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	100.00%
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,800,000,000
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Period one
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	100.00%
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Period two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	107.50%
Percentage of principal amount redeemed (as a percent)	40.00%
Senior Secured First Lien Term Loan \| Debt Redemption Prior To June 15 2027 \| Period three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	103.00%
Percentage of principal amount redeemed (as a percent)	10.00%
Senior Secured First Lien Term Loan \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount		$ 500,000,000.0
Interest rate (as a percent)		7.50%
Senior Secured First Lien Term Loan \| Incremental Term Loans \| Line of credit
Debt Instrument [Line Items]
Percentage of non-voting capital stock (as a percent)	100.00%
Percentage of capital stock of material first tier foreign subsidiaries (as a percent)	65.00%
Line of credit \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,245,000,000
Senior Notes \| Debt Redemption Prior To June 15 2027 \| Period four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as a percent)	101.00%

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 05, 2026	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Subsequent Event [Line Items]
Dividends declared (in dollars per share)		$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.24
Class A Common Stock \| Subsequent event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24
Class B Common Stock \| Subsequent event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.24

Capital Structure (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the three and nine months ended September 30, 2026 and 2025:



	Three Months Ended September 30, 2026
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(5,836)	$	(877)	$	—	$	(6,713)
Total	$	(5,836)	$	(877)	$	—	$	(6,713)


	Three Months Ended September 30, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,359	$	55	$	96	$	4,510
Foreign exchange translation adjustment	(2,126)		(1,552)		—		(3,678)
Total	$	2,233	$	(1,497)	$	96	$	832
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income.


	Nine Months Ended September 30, 2026
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(3,011)	$	(3,702)	$	—	$	(6,713)
Total	$	(3,011)	$	(3,702)	$	—	$	(6,713)


	Nine Months Ended September 30, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,943	$	908	$	(1,341)	$	4,510
Foreign exchange translation adjustment	(12,006)		8,328		—		(3,678)
Total	$	(7,063)	$	9,236	$	(1,341)	$	832
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income.

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		0		0
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			717,206	528,221
Increase (decrease) in accrued employee compensation expense	$ 18.4	$ 15.0	$ 55.8	$ 33.3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	15.6	$ 12.2	46.0	$ 39.1
Unrecognized share-based compensation expense	$ 116.6		$ 116.6		$ 95.9
Weighted average period for compensation expense expected to be recognized			1 year 1 month 6 days		1 year
2015 Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		0		0		813,750
Granted (in shares)				0
2015 Management Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Expiration period			10 years
2015 Management Incentive Plan \| RSUs and RSAs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Operating lease cost:
Fixed	$ 20,590	$ 17,371	$ 58,584	$ 52,602
Variable	2,435	1,845	7,204	4,895
Impairment of ROU Asset	0	0	832	0
Total Operating lease cost	23,025	19,216	66,620	57,497
Sublease income	2,791	3,190	8,779	9,832
Finance lease cost:
Amortization of ROU Asset	6,127	1,740	10,915	5,702
Interest on lease liabilities	934	280	1,567	921
Total Finance lease cost	$ 7,061	$ 2,020	$ 12,482	$ 6,623

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion of the Company's significant accounting policies, see Note 2 “Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. Accounting Pronouncements Not Yet Adopted as of September 30, 2026 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). These ASUs require disclosure of disaggregated information of Income Statement expense captions that include certain costs, such as employee compensation, depreciation, and intangible asset amortization. They also require disclosure of the total amounts of selling expenses, along with an entity's definition of selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of these ASUs, but does not expect them to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810). This ASU clarifies the requirement for identifying the accounting acquirer in a business combination involving a Variable Interest Entity (“VIE”). This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Intangibles—Goodwill and Other—Internal-Use Software - In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This ASU updates the capitalization criteria for internal-use software cost by removing references to software development project stages. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Derivatives and Hedging - In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815). This ASU incorporates targeted improvements to the hedge accounting guidance intended to better align financial reporting with the economics of an entity’s risk management activities. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Interim Reporting - In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This ASU provides clarity and enhances the navigability of existing interim disclosures required by U.S. GAAP. This ASU is effective for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Codification Improvements - In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Evergreen). This ASU improves the ASC for a broad range of Topics through technical corrections, clarifications, and other minor enhancements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization The accompanying Condensed Consolidated Financial Statements include the accounts and operations of Virtu Financial, Inc. (“VFI” or, collectively with its wholly owned or controlled subsidiaries, “Virtu” or the “Company”). VFI is a Delaware corporation whose primary asset is its ownership interest in Virtu Financial LLC (“Virtu Financial”). As of September 30, 2026, VFI owned approximately 58.3% of the membership interests of Virtu Financial. VFI is the sole managing member of Virtu Financial and operates and controls all of the businesses and affairs of Virtu Financial and its subsidiaries (the “Group”). The Company is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. The Company provides deep liquidity in over 50,000 financial instruments, on over 150 venues worldwide to help create more efficient markets. Leveraging its global market structure expertise and scaled, multi-asset infrastructure, the Company provides its clients with a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The Company’s product offerings allow its clients to trade on hundreds of venues in over 50 countries and across multiple asset classes, including global equities, Exchange-Traded Funds (“ETFs”), options, foreign exchange, futures, fixed income, cryptocurrencies, and other commodities. The Company’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that its clients rely upon to invest, trade and manage risk across global markets. The Company has completed two significant acquisitions that have expanded and complemented Virtu Financial's original electronic trading and market making business. On July 20, 2017, the Company completed the all-cash acquisition of KCG Holdings, Inc. (“KCG”) (the “Acquisition of KCG”). On March 1, 2019 (the “ITG Closing Date”), the Company completed the acquisition of Investment Technology Group, Inc. and its subsidiaries (“ITG”) in an all-cash transaction (the “ITG Acquisition”). Virtu Financial’s principal United States (“U.S.”) subsidiary is Virtu Americas LLC (“VAL”), which is a U.S. broker-dealer. Other principal U.S. subsidiaries include Virtu Financial Global Markets LLC, a U.S. trading entity focused on futures and currencies; Virtu ITG Analytics LLC, a provider of pre- and post-trade analysis, fair value, and trade optimization services; and Virtu ITG Platforms LLC, a provider of workflow technology solutions and network connectivity services. Principal foreign subsidiaries include Virtu Financial Ireland Limited (“VFIL”) and Virtu Europe Trading Limited (“VETL”), each formed in Ireland; Virtu ITG UK Limited (“VIUK”), formed in the United Kingdom; Virtu Canada Corp (f/k/a Virtu ITG Canada Corp.), formed in Canada; Virtu Financial Asia Pty Ltd. and Virtu ITG Australia Limited, each formed in Australia; Virtu ITG Hong Kong Limited, formed in Hong Kong; and Virtu Financial Singapore Pte. Ltd. and Virtu ITG Singapore Pte. Ltd., each formed in Singapore, all of which are trading entities focused on asset classes in their respective geographic regions. The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate. See Note 22 “Geographic Information and Business Segments” for a further discussion of the Company’s segments. On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. (“MarketAxess”) to sell a 49% interest in the multi-asset request-for-quote communication platform joint venture (“JV”), RFQ-hub Holdings LLC (“RFQ-hub Holdings,” or collectively with its wholly owned or controlled subsidiaries, “RFQ-hub”). The sale was completed on May 9, 2025. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company ceased to control, and deconsolidated, RFQ-hub at such time. See Note 3 “Sale of RFQ-hub” for further details. Basis of Consolidation and Form of Presentation These Condensed Consolidated Financial Statements are presented in U.S. dollars, have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding financial reporting with respect to Form 10-Q and accounting standards generally accepted in the United States of America (“U.S. GAAP”) promulgated by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or the “Codification”), and reflect all adjustments that, in the opinion of management, are normal and recurring, and that are necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with SEC rules and regulations. The Condensed Consolidated Financial Statements of the Company include its equity interests in Virtu Financial and its subsidiaries. As sole managing member of Virtu Financial, the Company exerts control over the Group’s operations. The Company consolidates Virtu Financial and its subsidiaries’ financial statements and records the interests in Virtu Financial that the Company does not own as noncontrolling interests. All intercompany accounts and transactions have been eliminated in consolidation.

Geographic Information and Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2
Number of non-operating segments	1

Collateralized Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Securities received as collateral:
Securities borrowed	$ 3,469,463	$ 3,083,612
Securities purchased under agreements to resell	1,728,233	988,274
Securities received as collateral	5,197,696	4,071,886
Pledged
Securities received as collateral:
Financial instruments owned	3,700,754	3,208,525
Equities \| Pledged
Securities received as collateral:
Financial instruments owned	3,694,210	3,200,345
Exchange traded notes \| Pledged
Securities received as collateral:
Financial instruments owned	$ 6,544	$ 8,180

Borrowings - Prime Brokerage Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Line of Credit Facility [Line Items]
Financing interest expense on long-term borrowings	$ 43,179	$ 33,297	$ 112,851	$ 95,739
Short-Term Credit Facilities
Line of Credit Facility [Line Items]
Financing interest expense on long-term borrowings	$ 2,600	$ 3,000	$ 12,300	$ 8,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Instruments - Schedule of Gain (Loss) From Derivative Instruments (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			$ 128,711	$ (19,939)	$ 372,107	$ 192,362
Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income			0	430	0	2,252
Futures \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			35,477	52,183	149,128	78,568
Currency forwards \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			16,740	(14,985)	94,510	146,979
Options \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			76,494	(57,011)	128,469	(30,024)
Terminated interest rate swaps \| Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Trading income, net and other, net			0	(126)	0	(3,161)
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract term	5 years	2 years
Derivative, notional amount	$ 525,000	$ 1,525,000
Interest rate swap \| Derivative instruments designed as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive income			$ 0	$ 430	$ 0	$ 2,252

Borrowings - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Remainder of 2026	$ 0
2027	20,501
2028	20,501
2029	42,736
2030	20,501
2031	2,447,546
Total principal of long-term borrowings	$ 2,551,785	$ 2,067,334

Capital Structure - Employee Exchanges (Details) - VFH	9 Months Ended
Capital Structure - Employee Exchanges (Details) - VFH	Sep. 30, 2026 exchange	Sep. 30, 2025 shares
Class of Stock [Line Items]
Common stock exchange ratio	1	1
Class A
Class of Stock [Line Items]
Number of employee exchanges \| exchange	1,368,898
Issuance of common stock in connection with employee exchanges (in shares) \| shares		566,924

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes activity related to stock options for the nine months ended September 30, 2025. There was no such activity for the nine months ended September 30, 2026.


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share




At December 31, 2024	813,750	$	19.00	0.24	813,750	$	19.00
Granted	—	—		—	—	—
Exercised	(813,750)	19.00		—	(813,750)	19.00
Forfeited or expired	—	—		—	—	—
At September 30, 2025	—	$	—	0.00	—	$	—

Schedule of Activity Related to Restricted Stock Units

The following table summarizes activity related to RSUs and RSAs for the nine months ended September 30, 2026 and 2025:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2024	5,564,532	$	21.77
Granted (1)	3,657,658	39.66
Forfeited	(155,915)	25.72
Vested	(3,279,347)	25.29
At September 30, 2025	5,786,928	$	30.98

At December 31, 2025	5,776,036	$	30.79
Granted (1)	2,565,128	43.50
Forfeited	(74,651)	34.20
Vested	(3,858,114)	29.82
At September 30, 2026	4,408,399	$	38.97
(1) Excluded in the number of RSUs and RSAs are 50,000 and 100,000 participating RSAs for the three and nine months ended September 30, 2026 and 2025, where the grant date has not been achieved because the performance conditions have not been met.

Receivables from/Payables to Broker-Dealers and Clearing Organizations

9 Months Ended

Sep. 30, 2026

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2026 and December 31, 2025:



(in thousands)	September 30, 2026		December 31, 2025
Assets
Due from prime brokers	$	1,370,749	$	902,859
Deposits with clearing organizations	584,663		253,010
Net equity with futures commission merchants	500,570		455,105
Unsettled trades with clearing organizations	90,654		28,354
Securities failed to deliver	476,424		220,326
Commissions and fees	43,631		36,751
Total receivables from broker-dealers and clearing organizations	$	3,066,691	$	1,896,405

Liabilities
Due to prime brokers	$	1,201,534	$	612,679
Net equity with futures commission merchants (1)	(27,857)		(4,278)
Unsettled trades with clearing organizations	93,637		238,872
Securities failed to receive	192,505		145,548
Commissions and fees	4,873		5,455
Total payables to broker-dealers and clearing organizations	$	1,464,692	$	998,276

(1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 9 “Borrowings”) of approximately $272.2 million and $203.8 million as of September 30, 2026 and December 31, 2025, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.

Cash

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.


(in thousands)	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,516,624	$	1,061,697
Cash restricted or segregated under regulations and other	58,759		64,744

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,575,383	$	1,126,441

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of September 30, 2026 and December 31, 2025 the Company had net payables to its affiliates of $2.8 million and $10.6 million, respectively. The Company has held a minority interest in JNX since 2016 (see Note 10 “Financial Instruments and Fair Value Measurements”). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $3.0 million and $2.6 million for the three months ended September 30, 2026 and 2025, respectively, and $8.3 million and $8.1 million for the nine months ended September 30, 2026 and 2025, respectively, to JNX for these trading activities. The Company pays monthly use fees and makes certain contributions to a JV in which it holds an interest (see Note 13 “Variable Interest Entities”). These monthly fees are for the use of communication networks operated by the JV and are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments to the JV of $12.5 million and $18.9 million for the three months ended September 30, 2026 and 2025, respectively, and $37.0 million and $33.3 million for the nine months ended September 30, 2026 and 2025, respectively. The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company received payments of $2.3 million and made payments of $2.4 million for the three months ended September 30, 2026 and 2025, respectively, and received payments of $8.2 million and made payments of $7.8 million for the nine months ended September 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of NonConsolidated VIE

The following table presents the Company’s nonconsolidated VIEs at September 30, 2026:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	89,517	$	—	$	89,517	$	562,931

The following table presents the Company’s nonconsolidated VIEs at December 31, 2025:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	92,127	$	—	$	92,127	$	422,006

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income Before Noncontrolling Interest to Net Income Available for Common Stockholders

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Income before income taxes and noncontrolling interest	$	331,099	$	179,990	$	1,083,228	$	750,746
Provision for income taxes	48,557		30,939		169,161		119,084
Net income	282,542		149,051		914,067		631,662



Noncontrolling interest	(129,285)		(71,423)		(427,602)		(303,166)

Net income available for common stockholders	$	153,257	$	77,628	$	486,465	$	328,496

Schedule of Basic Earnings Per Share

The calculation of basic and diluted earnings per share is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except for share or per share data)	2026		2025		2026		2025
Basic earnings per share:
Net income available for common stockholders	$	153,257	$	77,628	$	486,465	$	328,496

Less: Dividends and undistributed earnings allocated to participating securities	(7,472)		(5,032)		(25,839)		(21,523)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	145,785		72,596		460,626		306,973

Weighted average shares of common stock outstanding:
Class A	88,465,017		84,797,006		87,396,136		85,319,476

Basic earnings per share	$	1.65	$	0.86	$	5.27	$	3.60

Schedule of Diluted Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except for share or per share data)	2026		2025		2026		2025
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	145,785	$	72,596	$	460,626	$	306,973

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	88,465,017		84,797,006		87,396,136		85,319,476
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan	—		—		—		141,632
	88,465,017		84,797,006		87,396,136		85,461,108

Diluted earnings per share	$	1.65	$	0.86	$	5.27	$	3.59

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements Measured on a Recurring Basis

Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2026:


	September 30, 2026
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,832,907	$	5,272,731	$	—	$	—	$	7,105,638
U.S. and Non-U.S. government obligations	669,379		1,872,054		—		—		2,541,433
Corporate Bonds	—		394,356		—		—		394,356
Exchange traded notes	—		12,004		—		—		12,004
Currency forwards	—		464,136		—		(459,227)		4,909
Options	13,070		—		—		—		13,070
	$	2,515,356	$	8,015,281	$	—	$	(459,227)	$	10,071,410

Financial instruments owned, pledged as collateral:
Equity securities	$	2,423,134	$	1,271,076	$	—	$	—	$	3,694,210

Exchange traded notes	—		6,544		—		—		6,544
	$	2,423,134	$	1,277,620	$	—	$	—	$	3,700,754

Other Assets
Equity investment	$	—	$	—	$	91,254	$	—	$	91,254
Digital assets	222,178		—		—		—		222,178
USDC (1)	20,065		—		—		—		20,065
Exchange stock	966		—		—		—		966
	$	243,209	$	—	$	91,254	$	—	$	334,463

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets and USDC	$	—	$	297,208	$	—	$	—	$	297,208
	$	—	$	297,208	$	—	$	—	$	297,208

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	3,876,761	$	4,313,708	$	—	$	—	$	8,190,469
U.S. and Non-U.S. government obligations	432,419		2,623,775		—		—		3,056,194
Corporate Bonds	—		899,119		—		—		899,119
Exchange traded notes	—		34,422		—		—		34,422
Currency forwards	—		467,331		—		(467,331)		—
Options	12,090		—		—		—		12,090
	$	4,321,270	$	8,338,355	$	—	$	(467,331)	$	12,192,294

Payables to broker dealers and clearing organizations:

Payables linked to digital assets and USDC	$	—	$	323,170	$	—	$	—	$	323,170
	$	—	$	323,170	$	—	$	—	$	323,170
(1) USDC is a stablecoin that can be redeemed on a one-to-one basis for U.S. dollars and is accounted for as a financial asset.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:


	December 31, 2025
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,511,213	$	2,839,183	$	—	$	—	$	4,350,396
U.S. and Non-U.S. government obligations	459,943		1,210,309		—		—		1,670,252
Corporate Bonds	—		1,207,385		—		—		1,207,385
Exchange traded notes	—		10,459		—		—		10,459
Currency forwards	—		211,856		—		(204,775)		7,081
Options	97,459		—		—		—		97,459
	$	2,068,615	$	5,479,192	$	—	$	(204,775)	$	7,343,032
Financial instruments owned, pledged as collateral:
Equity securities	$	1,896,091	$	1,304,254	$	—	$	—	$	3,200,345

Exchange traded notes	—		8,180		—		—		8,180
	$	1,896,091	$	1,312,434	$	—	$	—	$	3,208,525
Other Assets
Equity investment	$	—	$	—	$	86,491	$	—	$	86,491
Digital assets	154,610		—		—		—		154,610
Exchange stock	1,020		—		—		—		1,020
	$	155,630	$	—	$	86,491	$	—	$	242,121

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	328,934	$	—	$	—	$	328,934
	$	—	$	328,934	$	—	$	—	$	328,934

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	2,933,027	$	2,784,522	$	—	$	—	$	5,717,549
U.S. and Non-U.S. government obligations	234,169		1,155,901		—		—		1,390,070
Corporate Bonds	—		1,754,517		—		—		1,754,517
Exchange traded notes	—		26,135		—		—		26,135
Currency forwards	—		198,463		—		(198,463)		—
Options	216,992		—		—		—		216,992
	$	3,384,188	$	5,919,538	$	—	$	(198,463)	$	9,105,263

Payables to broker dealers and clearing organizations:

Payables linked to digital assets	$	—	$	181,272	$	—	$	—	$	181,272
	$	—	$	181,272	$	—	$	—	$	181,272

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2026:


	September 30, 2026
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,516,624	$	1,516,624	$	1,516,624	$	—	$	—
Cash restricted or segregated under regulations and other	58,759		58,759		58,759		—		—
Securities borrowed	3,565,819		3,565,819		—		3,565,819		—
Securities purchased under agreements to resell	1,730,184		1,730,184		—		1,730,184		—
Receivables from broker-dealers and clearing organizations	2,769,483		2,769,483		—		2,769,483		—
Receivables from customers	220,701		220,701		—		220,701		—
Other assets (1)	53,914		53,914		15,302		38,612		—
Total Assets	$	9,915,484	$	9,915,484	$	1,590,685	$	8,324,799	$	—

Liabilities
Short-term borrowings	$	184,119	$	185,000	$	—	$	185,000	$	—
Long-term borrowings	2,520,360		2,553,940		—		2,553,940		—
Securities loaned	4,008,974		4,008,974		—		4,008,974		—
Securities sold under agreements to repurchase	2,092,530		2,092,530		—		2,092,530		—
Payables to broker-dealers and clearing organizations	1,141,522		1,141,522		—		1,141,522		—
Payables to customers	63,747		63,747		—		63,747		—
Other liabilities (2)	41,081		41,081		—		41,081		—
Total Liabilities	$	10,052,333	$	10,086,794	$	—	$	10,086,794	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2025:


	December 31, 2025
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,061,697	$	1,061,697	$	1,061,697	$	—	$	—
Cash restricted or segregated under regulations and other	64,744		64,744		64,744		—		—
Securities borrowed	3,191,138		3,191,138		—		3,191,138		—
Securities purchased under agreements to resell	988,929		988,929		—		988,929		—
Receivables from broker-dealers and clearing organizations	1,567,471		1,567,471		—		1,567,471		—
Receivables from customers	161,561		161,561		—		161,561		—
Other assets (1)	39,945		39,945		16,414		23,531		—
Total Assets	$	7,075,485	$	7,075,485	$	1,142,855	$	5,932,630	$	—

Liabilities
Short-term borrowings	$	12,382	$	12,382	$	—	$	12,382	$	—
Long-term borrowings	2,039,463		2,098,639		—		2,098,639		—
Securities loaned	3,477,831		3,477,831		—		3,477,831		—
Securities sold under agreements to repurchase	1,405,639		1,405,639		—		1,405,639		—
Payables to broker-dealers and clearing organizations	817,004		817,004		—		817,004		—
Payables to customers	43,103		43,103		—		43,103		—
Other liabilities (2)	26,039		26,039		—		26,039		—
Total Liabilities	$	7,821,461	$	7,880,637	$	—	$	7,880,637	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

September 30, 2026

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

91,254

Discounted cash flow

Estimated revenue growth

5.0% - 31.5%

11.1

Discount rate

17.1% - 17.1%

17.1

Market

Future enterprise value/ EBITDA ratio

8.0x - 21.1x

11.5x

December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

86,491

Discounted cash flow

Estimated revenue growth

5.0% - 6.0%

5.3

Discount rate

16.2% - 16.2%

16.2

Market

Future enterprise value/ EBITDA ratio

9.5x - 20.1x

15.0x

Schedule of Changes in Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis

The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:


	Three Months Ended September 30, 2026
(in thousands)	Balance at June 30, 2026		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2026		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2026
Assets
Other assets:
Equity investment	$	85,903	$	—	$	5,351	$	—	$	—	$	91,254	$	5,351
Other	—		—		—		—		—		—		—
Total	$	85,903	$	—	$	5,351	$	—	$	—	$	91,254	$	5,351
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Three Months Ended September 30, 2025
(in thousands)	Balance at June 30, 2025		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment	$	85,990	$	—	$	2,262	$	—	$	—	$	88,252	$	2,262
Other	—		—		—		—		—		—		—
Total	$	85,990	$	—	$	2,262	$	—	$	—	$	88,252	$	2,262
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Nine Months Ended September 30, 2026
(in thousands)	Balance at December 31, 2025		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2026		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2026
Assets
Other assets:
Equity investment	$	86,491	$	—	$	4,763	$	—	$	—	$	91,254	$	4,763

Total	$	86,491	$	—	$	4,763	$	—	$	—	$	91,254	$	4,763
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Nine Months Ended September 30, 2025
(in thousands)	Balance at December 31, 2024		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment	$	75,843	$	—	$	12,409	$	—	$	—	$	88,252	$	12,409

Total	$	75,843	$	—	$	12,409	$	—	$	—	$	88,252	$	12,409
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Schedule of Netting of Certain Financial Assets

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2026 and December 31, 2025:


	September 30, 2026
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,565,819	$	—	$	3,565,819	$	(3,469,463)	$	(38,801)	$	57,555
Securities purchased under agreements to resell	1,730,184		—		1,730,184		(1,728,233)		—		1,951


Trading assets, at fair value:
Currency forwards	464,136		(459,227)		4,909		—		—		4,909
Options	13,070		—		13,070		—		(10,552)		2,518
Total	$	5,773,209	$	(459,227)	$	5,313,982	$	(5,197,696)	$	(49,353)	$	66,933


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	4,008,974	$	—	$	4,008,974	$	(3,927,186)	$	(55,978)	$	25,810
Securities sold under agreements to repurchase	2,092,530		—		2,092,530		(2,091,384)		—		1,146


Trading liabilities, at fair value:
Currency forwards	467,331		(467,331)		—		—		—		—
Options	12,090		—		12,090		—		(12,090)		—
Total	$	6,580,925	$	(467,331)	$	6,113,594	$	(6,018,570)	$	(68,068)	$	26,956


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715
Payables to broker-dealers and clearing organizations:
Interest rate swaps	—		—		—		—		—		—
Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770

Schedule of Netting of Certain Financial Liabilities

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2026 and December 31, 2025:


	September 30, 2026
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,565,819	$	—	$	3,565,819	$	(3,469,463)	$	(38,801)	$	57,555
Securities purchased under agreements to resell	1,730,184		—		1,730,184		(1,728,233)		—		1,951


Trading assets, at fair value:
Currency forwards	464,136		(459,227)		4,909		—		—		4,909
Options	13,070		—		13,070		—		(10,552)		2,518
Total	$	5,773,209	$	(459,227)	$	5,313,982	$	(5,197,696)	$	(49,353)	$	66,933


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	4,008,974	$	—	$	4,008,974	$	(3,927,186)	$	(55,978)	$	25,810
Securities sold under agreements to repurchase	2,092,530		—		2,092,530		(2,091,384)		—		1,146


Trading liabilities, at fair value:
Currency forwards	467,331		(467,331)		—		—		—		—
Options	12,090		—		12,090		—		(12,090)		—
Total	$	6,580,925	$	(467,331)	$	6,113,594	$	(6,018,570)	$	(68,068)	$	26,956


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715
Payables to broker-dealers and clearing organizations:
Interest rate swaps	—		—		—		—		—		—
Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770

Schedule of Gross Obligations for Repurchase Agreement and Securities Borrowed Transactions by Remaining Contractual Maturity and Class of Collateral Pledged

The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of September 30, 2026 and December 31, 2025:


	September 30, 2026
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	340,000	$	85,000	$	100,000	$	—	$	525,000
U.S. and Non-U.S. government obligations	1,567,530		—		—		—		—		1,567,530
Total	$	1,567,530	$	340,000	$	85,000	$	100,000	$	—	$	2,092,530

Securities loaned:
Equity securities	$	4,008,974	$	—	$	—	$	—	$	—	$	4,008,974
Total	$	4,008,974	$	—	$	—	$	—	$	—	$	4,008,974


	December 31, 2025
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	315,000	$	85,000	$	100,000	$	—	$	500,000
U.S. and Non-U.S. government obligations	905,639		—		—		—		—		905,639
Total	$	905,639	$	315,000	$	85,000	$	100,000	$	—	$	1,405,639

Securities loaned:
Equity securities	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831
Total	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details

Receivables from/Payables to Broker-Dealers and Clearing Organizations (Tables)

9 Months Ended

Sep. 30, 2026

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Receivables From and Payables to Brokers-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2026 and December 31, 2025:



(in thousands)	September 30, 2026		December 31, 2025
Assets
Due from prime brokers	$	1,370,749	$	902,859
Deposits with clearing organizations	584,663		253,010
Net equity with futures commission merchants	500,570		455,105
Unsettled trades with clearing organizations	90,654		28,354
Securities failed to deliver	476,424		220,326
Commissions and fees	43,631		36,751
Total receivables from broker-dealers and clearing organizations	$	3,066,691	$	1,896,405

Liabilities
Due to prime brokers	$	1,201,534	$	612,679
Net equity with futures commission merchants (1)	(27,857)		(4,278)
Unsettled trades with clearing organizations	93,637		238,872
Securities failed to receive	192,505		145,548
Commissions and fees	4,873		5,455
Total payables to broker-dealers and clearing organizations	$	1,464,692	$	998,276

Share-based Compensation - Schedule of Activity in Options (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Options
Outstanding at end of period (in shares)	0
2015 Management Incentive Plan
Number of Options
Outstanding at beginning of period (in shares)	813,750
Granted (in shares)	0
Exercised (in shares)	(813,750)
Forfeited or expired (in shares)	0
Outstanding at end of period (in shares)	0	813,750
Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share)	$ 19.00
Granted (in dollars per share)	0
Exercised (in dollars per share)	19.00
Forfeited or expired (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 0	$ 19.00
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life	0 years	2 months 26 days
Number of Options
Beginning balance, options exercisable, number of options (in shares)	813,750
Options granted, number of options (in shares)	0
Options exercised, number of options exercised (in shares)	(813,750)
Options exercisable, number of options forfeited or expired (in shares)	0
Ending balance, options exercisable, number of options (in shares)	0	813,750
Options exercisable, weighted average exercise price (in dollars per share)	$ 0	$ 19.00

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill by Segment

The following table presents the details of goodwill by segment as of September 30, 2026 and December 31, 2025:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

Schedule of Acquired Intangible Assets

Acquired intangible assets consisted of the following as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(363,734)	$	115,396	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,707)		188		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(510,941)	$	119,582


	As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(328,411)	$	150,719	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,681)		214		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(475,592)	$	154,931

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)
Remainder of 2026	$	11,783
2027	47,132
2028	47,132
2029	9,466
2030	36
2031	36

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Inputs (Details) $ in Thousands	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 91,254	$ 86,491
Minimum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.050	0.050
Minimum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.171	0.162
Minimum \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.0	9.5
Maximum \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.315	0.060
Maximum \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.171	0.162
Maximum \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	21.1	20.1
Weighted Average \| Discounted cash flow \| Estimated revenue growth
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.111	0.053
Weighted Average \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.171	0.162
Weighted Average \| Market \| Future enterprise value/ EBITDA ratio
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.5	15.0

Sale of RFQ-hub

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Sale of RFQ-hub

RFQ‑hub is a multi‑asset platform for global listed and over‑the‑counter (“OTC”) financial instruments. It connects buy‑side trading desks and portfolio managers with a large network of sell‑side market makers in Europe, North America and the APAC region, allowing these trading desks to place requests‑for‑quotes (“RFQ”) in negotiated equities, futures, options, swaps, convertible bonds, structured products and commodities. In May 2022, the Company formed a consortium of strategic partners and investors to own and support the growth of the RFQ-hub business. Through a series of related transactions at that time in 2022, we sold a substantial minority interest in the business to multiple strategic partners and maintained a majority ownership interest.

On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. (“MarketAxess”) pursuant to which the Company has agreed to sell a 49% interest in the multi-asset request-for-quote communication platform JV, RFQ-hub Holdings LLC (“RFQ-hub Holdings,” or collectively with its wholly owned or controlled subsidiaries, “RFQ-hub”, which includes RFQ-hub Americas LLC, or “RAL”).

On May 9, 2025, the Company completed the sale of a 49% interest in RFQ-hub to MarketAxess for total gross proceeds of $37.9 million in cash. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company deconsolidated RFQ-hub and recognized a gain on sale of $67.0 million, which was recorded in Other, net on the Condensed Consolidated Statements of Comprehensive Income.

A summary of the gain on sale and deconsolidation of RFQ-hub is as follows:


(in thousands)	May 9, 2025
Total sale proceeds received	$	37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Carrying value of RFQ-hub’s net assets:
Cash and cash equivalents	$	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	$	(1,684)

Less: Total carrying value of RFQ-hub’s net assets	$	8,100

Gain on sale of RFQ-hub	$	66,988

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Digital Assets Held (Tables)

9 Months Ended

Sep. 30, 2026

Crypto Asset, Cost [Abstract]

Schedule of Digital Assets Held

The following table summarizes Digital assets held at September 30, 2026 and December 31, 2025:



(in thousands, except units)	September 30, 2026
	Units	Cost Basis		Fair Value
Bitcoin	1,030	$	83,744	$	86,205
Ethereum	14,707	39,652		39,450
XRP	26,936,141	41,203		40,092
Other	NM	54,000		56,431
Total Digital assets held		$	218,599	$	222,178



(in thousands, except units)	December 31, 2025
	Units	Cost Basis		Fair Value
Bitcoin	1,274	$	112,392	$	111,760


Other	NM	41,802		42,850
Total Digital assets held		$	154,194	$	154,610

Cash (Tables)

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.


(in thousands)	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,516,624	$	1,061,697
Cash restricted or segregated under regulations and other	58,759		64,744

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,575,383	$	1,126,441

Schedule of Restrictions on Segregated Cash

The following table provides a reconciliation of cash and cash equivalents together with restricted or segregated cash

as reported within the Condensed Consolidated Statements of Financial Condition to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.


(in thousands)	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	1,516,624	$	1,061,697
Cash restricted or segregated under regulations and other	58,759		64,744

Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,575,383	$	1,126,441

Geographic Information and Business Segments

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Geographic Information and Business Segments

The Company has two operating segments: (i) Market Making and (ii) Execution Services; and one non-operating segment: Corporate.

The Market Making segment principally consists of market making in the cash, futures, and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker-dealers, banks and institutions. The Company engages in principal trading in the Market Making segment direct to clients as well as in a supplemental capacity on exchanges, Electronic Communications Networks (“ECNs”) and alternative trading systems (“ATSs”). The Company is an active participant on all major global equity and futures exchanges and also trades on substantially all domestic electronic options exchanges. As a complement to electronic market making, the cash trading business handles specialized orders and also transacts on the OTC Link ATS operated by OTC Markets Group Inc.

The Execution Services segment comprises client-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker-dealers. The Company earns commissions as an agent on behalf of clients as well as between principals to transactions; in addition, the Company will commit capital on behalf of clients as needed. Client-based, execution-only trading in the segment is done primarily through a variety of access points including: (i) algorithmic trading and order routing in global equities and options; (ii) institutional sales traders who offer portfolio trading and single stock sales trading which provides execution expertise for program, block and riskless principal trades in global equities and ETFs; and (iii) matching of client conditional orders in POSIT Alert and client orders in the Company’s ATSs, including Virtu MatchIt, and POSIT. The Execution Services segment also includes revenues derived from providing (a) proprietary risk management and trading infrastructure technology to select third parties for a service fee, (b) workflow technology, the Company’s integrated, broker-neutral trading tools delivered across the globe including trade order and execution management and order management software applications and network connectivity and (c) trading analytics, including (1) tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance, (2) portfolio construction and optimization decisions and (3) securities valuation. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

The Corporate segment contains the Company’s investments, principally in strategic trading-related opportunities and maintains corporate overhead expenses and all other income and expenses that are not attributable to the Company’s other

segments. The segment is not considered a reportable operating segment as its results are not regularly reviewed by the Company’s Chief Operating Decision Makers (“CODMs”).

The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies”. The Company’s CODMs are the Chief Executive Officer and the Chief Operating Officers. The CODMs use a top-line approach in regards to evaluating segment performance and making business decisions on resource allocations, focusing on each segment's trading-related activities. Revenues, including breakdown of key trading-driven components of revenues, trading-related operating expenses, and pre-tax earnings by segment are regularly provided to the CODMs. The CODMs review trading-related results by monitoring period-over-period trends and considering variances between actuals and expectations. Corporate overhead and other shared expenses, as well as assets and liabilities by segment are not used for evaluating segment performance or in deciding how to allocate resources to segments.

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the three months ended September 30, 2026 and 2025 are summarized in the following table:



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2026
Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	209,758		32,305		—		242,063
Interest and dividends expense	196,704		845		—		197,549
Other segment items (2)	270,800		108,761		3,668		383,229
Total operating expenses	677,262		141,911		3,668		822,841
Income (loss) before income taxes and noncontrolling interest	$	309,516	$	21,120	$	463	$	331,099

2025
Total revenues	$	668,017	$	154,506	$	2,266	$	824,789
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	147,522		30,734		—		178,256
Interest and dividends expense	164,374		1,317		—		165,691
Other segment items (2)	205,674		94,045		1,133		300,852
Total operating expenses	517,570		126,096		1,133		644,799
Income (loss) before income taxes and noncontrolling interest	$	150,447	$	28,410	$	1,133	$	179,990

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.

(2) Other segment items for both reportable segments include: Communication and data processing, Employee compensation and payroll taxes, Operations and administrative, Depreciation and amortization, Financing interest expense on long-term borrowings, and Debt issue cost related to debt refinancing, prepayment and commitment fees.

The Company’s total revenues, operating expenses, and income (loss) before income taxes and noncontrolling interest (“Pre-tax earnings”) by segment for the nine months ended September 30, 2026 and 2025 are summarized in the following table:



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2026
Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	538,331		101,546		—		639,877
Interest and dividends expense	576,027		4,715		—		580,742
Other segment items (2)	801,597		328,978		4,798		1,135,373
Total operating expenses	1,915,955		435,239		4,798		2,355,992
Income (loss) before income taxes and noncontrolling interest	$	995,694	$	88,383	$	(849)	$	1,083,228

2025
Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	514,136		88,120		—		602,256
Interest and dividends expense	458,296		3,936		—		462,232
Other segment items (2)	578,261		265,485		3,251		846,997
Total operating expenses	1,550,693		357,541		3,251		1,911,485
Income (loss) before income taxes and noncontrolling interest	$	595,089	$	152,461	$	3,196	$	750,746

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.

The Company operates its business in the U.S. and internationally, primarily in Europe and Asia. Significant transactions and balances between geographic regions occur primarily as a result of certain of the Company’s subsidiaries incurring operating expenses such as employee compensation, communications and data processing and other overhead costs, for the purpose of providing execution, clearing and other support services to affiliates. Charges for transactions between regions are designed to approximate full costs. Intra-region income and expenses and related balances have been eliminated in the geographic information presented below to accurately reflect the external business conducted in each geographical region. The revenues are attributed to countries based on the locations of the subsidiaries. The following table presents total revenues by geographic area for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Revenues:
United States	$	894,617	$	627,070	$	2,660,531	$	2,153,152
Ireland	110,820		87,570		374,383		280,313
Others	148,503		110,149		404,306		228,766
Total revenues	$	1,153,940	$	824,789	$	3,439,220	$	2,662,231

- Definition

The entire disclosure for segment reporting.

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+ Details

Variable Interest Entities - Narrative (Details)	Sep. 30, 2026	May 09, 2025	Apr. 19, 2024
Disposed of by sale \| RFQ-hub
Variable Interest Entity [Line Items]
Divestiture of joint venture percentage		49.00%	49.00%
Disposal of minority interest, percentage		2.00%
JV building microwave communication networks in US and Europe
Variable Interest Entity [Line Items]
Ownership interest	50.00%
JV offering derivatives trading technology and execution services
Variable Interest Entity [Line Items]
Ownership interest	9.80%
JV developing a member-owned equities exchange with the goal of increasing competition
Variable Interest Entity [Line Items]
Ownership interest	12.60%
JV developing and operating cryptocurrency trading platform
Variable Interest Entity [Line Items]
Ownership interest	6.40%
JV Growth and expansion of multi-asset request-for-quote communication platform
Variable Interest Entity [Line Items]
Ownership interest		51.00%
Disposal of minority interest, percentage		2.00%

Receivables from/Payables to Broker-Dealers and Clearing Organizations - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Due to and from Broker-Dealers and Clearing Organizations [Abstract]
Outstanding principal balance	$ 272.2	$ 203.8

Borrowings - Schedule of Broker-Dealer Credit Facilities Carrying Values, Net (Details) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Borrowing Outstanding	$ 2,551,785,000	$ 2,067,334,000
Deferred Debt Issuance Cost	(28,145,000)	(25,439,000)
Outstanding Borrowings, net	2,520,360,000	2,039,463,000
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Financing Available	1,050,000,000	1,060,000,000
Borrowing Outstanding	185,000,000	10,000,000
Deferred Debt Issuance Cost	(881,000)	0
Outstanding Borrowings, net	$ 184,119,000	$ 10,000,000
Uncommitted facility
Line of Credit Facility [Line Items]
Interest Rate	5.03%	4.81%
Financing Available	$ 400,000,000	$ 400,000,000
Borrowing Outstanding	135,000,000	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 135,000,000	0
Uncommitted facility \| Balance Sheet Location [Axis]: us-gaap:OtherAssets
Line of Credit Facility [Line Items]
Deferred Debt Issuance Cost		(2,500,000)
Committed facility
Line of Credit Facility [Line Items]
Interest Rate	5.27%
Financing Available	$ 650,000,000	650,000,000
Borrowing Outstanding	50,000,000	0
Deferred Debt Issuance Cost	(881,000)	0
Outstanding Borrowings, net	$ 49,119,000	$ 0
Committed facility \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Interest Rate	5.27%	5.09%
Committed facility \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Interest Rate	6.30%	6.58%
Outstanding Borrowings, net	$ 0	$ 0
Overdraft facility
Line of Credit Facility [Line Items]
Interest Rate		7.37%
Financing Available		$ 10,000,000
Borrowing Outstanding		10,000,000
Deferred Debt Issuance Cost		0
Outstanding Borrowings, net		$ 10,000,000

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

The Company primarily enters into lessee arrangements for corporate office space, data centers, and technology equipment. For more information on lease accounting, see Note 2 “Summary of Significant Accounting Policies” and Note 17 “Leases” to the Consolidated Financial Statements of the Company’s 2025 Annual Report on Form 10-K.

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	September 30, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	219,385	$	213,707
Operating lease liabilities	Operating lease liabilities	264,963		261,169

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	103,562		36,611
Accumulated depreciation	Property, equipment, and capitalized software, net	(27,974)		(17,703)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	76,941		19,984

Weighted average remaining lease term and discount rate are as follows:


	September 30, 2026		December 31, 2025
Weighted average remaining lease term
Operating leases	5.40 years		4.40 years
Finance leases	3.19 years		2.58 years
Weighted average discount rate
Operating leases	6.15	%	5.95	%
Finance leases	5.09	%	5.83	%

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost:
Fixed	$	20,590	$	17,371	$	58,584	$	52,602
Variable	2,435		1,845		7,204		4,895
Impairment of ROU Asset	—		—		832		—
Total Operating lease cost	$	23,025	$	19,216	$	66,620	$	57,497

Sublease income	2,791		3,190		8,779		9,832

Finance lease cost:
Amortization of ROU Asset	$	6,127	$	1,740	$	10,915	$	5,702
Interest on lease liabilities	934		280		1,567		921
Total Finance lease cost	$	7,061	$	2,020	$	12,482	$	6,623

In September 2025, in connection with the finalization of an agreement related to the restoration requirements for certain leased office spaces, the Company recorded a reduction of $6.5 million in its asset retirement obligations and the related cost within Termination of office leases.

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2026, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	21,334	$	7,184
2027	75,054		28,217
2028	76,449		24,328
2029	30,708		17,006
2030	27,162		6,746
2031 and thereafter	90,977		—
Total lease payments	$	321,684	$	83,481
Less imputed interest	(56,721)		(6,540)
Total lease liability	$	264,963	$	76,941

Leases

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	September 30, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	219,385	$	213,707
Operating lease liabilities	Operating lease liabilities	264,963		261,169

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	103,562		36,611
Accumulated depreciation	Property, equipment, and capitalized software, net	(27,974)		(17,703)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	76,941		19,984

Weighted average remaining lease term and discount rate are as follows:


	September 30, 2026		December 31, 2025
Weighted average remaining lease term
Operating leases	5.40 years		4.40 years
Finance leases	3.19 years		2.58 years
Weighted average discount rate
Operating leases	6.15	%	5.95	%
Finance leases	5.09	%	5.83	%

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost:
Fixed	$	20,590	$	17,371	$	58,584	$	52,602
Variable	2,435		1,845		7,204		4,895
Impairment of ROU Asset	—		—		832		—
Total Operating lease cost	$	23,025	$	19,216	$	66,620	$	57,497

Sublease income	2,791		3,190		8,779		9,832

Finance lease cost:
Amortization of ROU Asset	$	6,127	$	1,740	$	10,915	$	5,702
Interest on lease liabilities	934		280		1,567		921
Total Finance lease cost	$	7,061	$	2,020	$	12,482	$	6,623

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2026, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	21,334	$	7,184
2027	75,054		28,217
2028	76,449		24,328
2029	30,708		17,006
2030	27,162		6,746
2031 and thereafter	90,977		—
Total lease payments	$	321,684	$	83,481
Less imputed interest	(56,721)		(6,540)
Total lease liability	$	264,963	$	76,941

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 48,557,000	$ 30,939,000	$ 169,161,000	$ 119,084,000
Effective tax rate	14.70%	17.20%	15.60%	15.90%
Current income taxes receivable	$ 62,300,000		$ 62,300,000		$ 36,800,000
Current taxes payable	24,400,000		24,400,000		37,800,000
Valuation allowance on deferred taxes	0		0		0
Unrecognized tax benefits that would impact effective tax rate	3,500,000		3,500,000
Non-US
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	31,700,000		31,700,000		46,800,000
Deferred tax asset, operating loss carryforward	$ 5,200,000		$ 5,200,000		$ 7,900,000

Borrowings (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Short-term debt

The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	September 30, 2026
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	185,000	$	(881)	$	184,119


	$	185,000	$	(881)	$	184,119


	December 31, 2025
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	2,382		—		2,382

	$	12,382	$	—	$	12,382

Schedule of Outstanding Borrowings and Financing Capacity or Unused Available Capacity Under the Company’s Borrowing Arrangements

The following summarizes the Company’s broker-dealer credit facilities’ carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition.


	At September 30, 2026
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	5.03%	$	400,000	$	135,000	$	—	$	135,000
Committed facility (1)	5.27%	650,000		50,000		(881)		49,119



		$	1,050,000	$	185,000	$	(881)	$	184,119


(1) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.27% and 6.30%, respectively. There was no balance outstanding under Borrowing Base B Loan as of September 30, 2026.


	At December 31, 2025
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	4.81%	$	400,000	$	—	$	—	$	—
Committed facility (1)	5.09%	650,000		—		—		—
Overdraft facility	7.37%	10,000		10,000		—		10,000
		$	1,060,000	$	10,000	$	—	$	10,000


(1) $2.5 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition. Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.09% and 6.58%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2025.

Schedule of Interest Expense on Debt

The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Broker-dealer credit facilities:
Uncommitted facility	$	1,460	$	957	$	4,145	$	3,276
Committed facility	899		838		2,537		2,545
Overdraft facility	—		172		200		520


	$	2,359	$	1,967	$	6,882	$	6,341

Schedule of Reconciliation of the Senior Secured Credit Facility

The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At September 30, 2026
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.11%	$	671,403	$	272,230
		$	671,403	$	272,230


	At December 31, 2025
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	5.71%	$	645,622	$	203,816
		$	645,622	$	203,816

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At September 30, 2026
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.40%	$	2,029,550	$	(3,280)	$	(21,807)	$	2,004,463
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(6,338)		493,662
SBI bonds	January 2029	5.00%	22,235		—		—		22,235
			$	2,551,785	$	(3,280)	$	(28,145)	$	2,520,360


		At December 31, 2025
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.22%	$	1,545,000	$	(2,432)	$	(18,102)	$	1,524,466
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(7,337)		492,663
SBI bonds	January 2029	5.00%	22,334		—		—		22,334
			$	2,067,334	$	(2,432)	$	(25,439)	$	2,039,463

Schedule of Redemption Prices

On or after June 15, 2027, we may redeem some or all of the Notes, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on June 15 of the years indicated below:


Period						Percentage
2027						103.750%
2028						101.875%
2029 and thereafter						100.000%

Schedule of Aggregate Future Required Principal Payments Based on Terms of Loan

As of September 30, 2026, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)
Remainder of 2026	$	—
2027	20,501
2028	20,501
2029	42,736
2030	20,501
2031	2,447,546

Total principal of long-term borrowings	$	2,551,785

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Borrowings - Schedule of Short-term Borrowings, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Short-term Debt [Line Items]
Deferred Debt Issuance Cost	$ (28,145)	$ (25,439)
Loans Payable
Short-term Debt [Line Items]
Borrowing Outstanding	185,000	12,382
Deferred Debt Issuance Cost	(881)	0
Short-term Borrowings, net	184,119	12,382
Short-term bank loans
Short-term Debt [Line Items]
Borrowing Outstanding		2,382
Deferred Debt Issuance Cost		0
Short-term Borrowings, net		2,382
Broker-dealer credit facilities
Short-term Debt [Line Items]
Borrowing Outstanding	185,000	10,000
Deferred Debt Issuance Cost	(881)	0
Short-term Borrowings, net	$ 184,119	$ 10,000

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References + Details

Geographic Information and Business Segments (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Revenues, Income (Loss) Before Income Taxes (“Pre-Tax Earnings”) and Total Assets by Segment



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2026
Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	209,758		32,305		—		242,063
Interest and dividends expense	196,704		845		—		197,549
Other segment items (2)	270,800		108,761		3,668		383,229
Total operating expenses	677,262		141,911		3,668		822,841
Income (loss) before income taxes and noncontrolling interest	$	309,516	$	21,120	$	463	$	331,099

2025
Total revenues	$	668,017	$	154,506	$	2,266	$	824,789
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	147,522		30,734		—		178,256
Interest and dividends expense	164,374		1,317		—		165,691
Other segment items (2)	205,674		94,045		1,133		300,852
Total operating expenses	517,570		126,096		1,133		644,799
Income (loss) before income taxes and noncontrolling interest	$	150,447	$	28,410	$	1,133	$	179,990

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.



(in thousands)	Market Making		Execution Services		Corporate (1)		Consolidated Total
2026
Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	538,331		101,546		—		639,877
Interest and dividends expense	576,027		4,715		—		580,742
Other segment items (2)	801,597		328,978		4,798		1,135,373
Total operating expenses	1,915,955		435,239		4,798		2,355,992
Income (loss) before income taxes and noncontrolling interest	$	995,694	$	88,383	$	(849)	$	1,083,228

2025
Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231
Operating expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	514,136		88,120		—		602,256
Interest and dividends expense	458,296		3,936		—		462,232
Other segment items (2)	578,261		265,485		3,251		846,997
Total operating expenses	1,550,693		357,541		3,251		1,911,485
Income (loss) before income taxes and noncontrolling interest	$	595,089	$	152,461	$	3,196	$	750,746

(1) Corporate is a non-operating segment. The Company presents its information as a part of reconciliation to Consolidated Totals.

Schedule of Total Revenues by Geographic Area

The following table presents total revenues by geographic area for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Revenues:
United States	$	894,617	$	627,070	$	2,660,531	$	2,153,152
Ireland	110,820		87,570		374,383		280,313
Others	148,503		110,149		404,306		228,766
Total revenues	$	1,153,940	$	824,789	$	3,439,220	$	2,662,231

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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+ Details

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair Value

The fair value of equities, options, on-the-run U.S. government obligations, certain exchange traded notes, USDC, and digital assets is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities, all other exchange traded notes and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts, other U.S. and non-U.S. government obligations and receivables and payables linked to digital assets have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange.

The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2.

Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2026:


	September 30, 2026
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,832,907	$	5,272,731	$	—	$	—	$	7,105,638
U.S. and Non-U.S. government obligations	669,379		1,872,054		—		—		2,541,433
Corporate Bonds	—		394,356		—		—		394,356
Exchange traded notes	—		12,004		—		—		12,004
Currency forwards	—		464,136		—		(459,227)		4,909
Options	13,070		—		—		—		13,070
	$	2,515,356	$	8,015,281	$	—	$	(459,227)	$	10,071,410

Financial instruments owned, pledged as collateral:
Equity securities	$	2,423,134	$	1,271,076	$	—	$	—	$	3,694,210

Exchange traded notes	—		6,544		—		—		6,544
	$	2,423,134	$	1,277,620	$	—	$	—	$	3,700,754

Other Assets
Equity investment	$	—	$	—	$	91,254	$	—	$	91,254
Digital assets	222,178		—		—		—		222,178
USDC (1)	20,065		—		—		—		20,065
Exchange stock	966		—		—		—		966
	$	243,209	$	—	$	91,254	$	—	$	334,463

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets and USDC	$	—	$	297,208	$	—	$	—	$	297,208
	$	—	$	297,208	$	—	$	—	$	297,208

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	3,876,761	$	4,313,708	$	—	$	—	$	8,190,469
U.S. and Non-U.S. government obligations	432,419		2,623,775		—		—		3,056,194
Corporate Bonds	—		899,119		—		—		899,119
Exchange traded notes	—		34,422		—		—		34,422
Currency forwards	—		467,331		—		(467,331)		—
Options	12,090		—		—		—		12,090
	$	4,321,270	$	8,338,355	$	—	$	(467,331)	$	12,192,294

Payables to broker dealers and clearing organizations:

Payables linked to digital assets and USDC	$	—	$	323,170	$	—	$	—	$	323,170
	$	—	$	323,170	$	—	$	—	$	323,170
(1) USDC is a stablecoin that can be redeemed on a one-to-one basis for U.S. dollars and is accounted for as a financial asset.

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2025:


	December 31, 2025
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Counterparty and Cash Collateral Netting		Total Fair Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,511,213	$	2,839,183	$	—	$	—	$	4,350,396
U.S. and Non-U.S. government obligations	459,943		1,210,309		—		—		1,670,252
Corporate Bonds	—		1,207,385		—		—		1,207,385
Exchange traded notes	—		10,459		—		—		10,459
Currency forwards	—		211,856		—		(204,775)		7,081
Options	97,459		—		—		—		97,459
	$	2,068,615	$	5,479,192	$	—	$	(204,775)	$	7,343,032
Financial instruments owned, pledged as collateral:
Equity securities	$	1,896,091	$	1,304,254	$	—	$	—	$	3,200,345

Exchange traded notes	—		8,180		—		—		8,180
	$	1,896,091	$	1,312,434	$	—	$	—	$	3,208,525
Other Assets
Equity investment	$	—	$	—	$	86,491	$	—	$	86,491
Digital assets	154,610		—		—		—		154,610
Exchange stock	1,020		—		—		—		1,020
	$	155,630	$	—	$	86,491	$	—	$	242,121

Receivables from broker dealers and clearing organizations:

Receivables linked to digital assets	$	—	$	328,934	$	—	$	—	$	328,934
	$	—	$	328,934	$	—	$	—	$	328,934

Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	2,933,027	$	2,784,522	$	—	$	—	$	5,717,549
U.S. and Non-U.S. government obligations	234,169		1,155,901		—		—		1,390,070
Corporate Bonds	—		1,754,517		—		—		1,754,517
Exchange traded notes	—		26,135		—		—		26,135
Currency forwards	—		198,463		—		(198,463)		—
Options	216,992		—		—		—		216,992
	$	3,384,188	$	5,919,538	$	—	$	(198,463)	$	9,105,263

Payables to broker dealers and clearing organizations:

Payables linked to digital assets	$	—	$	181,272	$	—	$	—	$	181,272
	$	—	$	181,272	$	—	$	—	$	181,272

JNX Investment

The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 9 “Borrowings”) and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of September 30, 2026 and December 31, 2025, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement.

The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

September 30, 2026

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

91,254

Discounted cash flow

Estimated revenue growth

5.0% - 31.5%

11.1

Discount rate

17.1% - 17.1%

17.1

Market

Future enterprise value/ EBITDA ratio

8.0x - 21.1x

11.5x

December 31, 2025

(in thousands)

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Equity investment

86,491

Discounted cash flow

Estimated revenue growth

5.0% - 6.0%

5.3

Discount rate

16.2% - 16.2%

16.2

Market

Future enterprise value/ EBITDA ratio

9.5x - 20.1x

15.0x

Changes in the fair value of the JNX Investment are included within Other, net in the Condensed Consolidated Statements of Comprehensive Income.

The following presents the changes in the Company’s Level 3 financial instruments measured at fair value on a recurring basis:


	Three Months Ended September 30, 2026
(in thousands)	Balance at June 30, 2026		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2026		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2026
Assets
Other assets:
Equity investment	$	85,903	$	—	$	5,351	$	—	$	—	$	91,254	$	5,351
Other	—		—		—		—		—		—		—
Total	$	85,903	$	—	$	5,351	$	—	$	—	$	91,254	$	5,351
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Three Months Ended September 30, 2025
(in thousands)	Balance at June 30, 2025		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment	$	85,990	$	—	$	2,262	$	—	$	—	$	88,252	$	2,262
Other	—		—		—		—		—		—		—
Total	$	85,990	$	—	$	2,262	$	—	$	—	$	88,252	$	2,262
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Nine Months Ended September 30, 2026
(in thousands)	Balance at December 31, 2025		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2026		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2026
Assets
Other assets:
Equity investment	$	86,491	$	—	$	4,763	$	—	$	—	$	91,254	$	4,763

Total	$	86,491	$	—	$	4,763	$	—	$	—	$	91,254	$	4,763
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.


	Nine Months Ended September 30, 2025
(in thousands)	Balance at December 31, 2024		Purchases		Total Realized and Unrealized Gains / (Losses) (1)		Net Transfers into (out of) Level 3		Settlement		Balance at September 30, 2025		Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2025
Assets
Other assets:
Equity investment	$	75,843	$	—	$	12,409	$	—	$	—	$	88,252	$	12,409

Total	$	75,843	$	—	$	12,409	$	—	$	—	$	88,252	$	12,409
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.

Financial Instruments Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Condensed Consolidated Statements of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2026:


	September 30, 2026
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,516,624	$	1,516,624	$	1,516,624	$	—	$	—
Cash restricted or segregated under regulations and other	58,759		58,759		58,759		—		—
Securities borrowed	3,565,819		3,565,819		—		3,565,819		—
Securities purchased under agreements to resell	1,730,184		1,730,184		—		1,730,184		—
Receivables from broker-dealers and clearing organizations	2,769,483		2,769,483		—		2,769,483		—
Receivables from customers	220,701		220,701		—		220,701		—
Other assets (1)	53,914		53,914		15,302		38,612		—
Total Assets	$	9,915,484	$	9,915,484	$	1,590,685	$	8,324,799	$	—

Liabilities
Short-term borrowings	$	184,119	$	185,000	$	—	$	185,000	$	—
Long-term borrowings	2,520,360		2,553,940		—		2,553,940		—
Securities loaned	4,008,974		4,008,974		—		4,008,974		—
Securities sold under agreements to repurchase	2,092,530		2,092,530		—		2,092,530		—
Payables to broker-dealers and clearing organizations	1,141,522		1,141,522		—		1,141,522		—
Payables to customers	63,747		63,747		—		63,747		—
Other liabilities (2)	41,081		41,081		—		41,081		—
Total Liabilities	$	10,052,333	$	10,086,794	$	—	$	10,086,794	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.

(2) Includes deposits, interest and dividends payable.

The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2025:


	December 31, 2025
	Carrying Value				Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets
Cash and cash equivalents	$	1,061,697	$	1,061,697	$	1,061,697	$	—	$	—
Cash restricted or segregated under regulations and other	64,744		64,744		64,744		—		—
Securities borrowed	3,191,138		3,191,138		—		3,191,138		—
Securities purchased under agreements to resell	988,929		988,929		—		988,929		—
Receivables from broker-dealers and clearing organizations	1,567,471		1,567,471		—		1,567,471		—
Receivables from customers	161,561		161,561		—		161,561		—
Other assets (1)	39,945		39,945		16,414		23,531		—
Total Assets	$	7,075,485	$	7,075,485	$	1,142,855	$	5,932,630	$	—

Liabilities
Short-term borrowings	$	12,382	$	12,382	$	—	$	12,382	$	—
Long-term borrowings	2,039,463		2,098,639		—		2,098,639		—
Securities loaned	3,477,831		3,477,831		—		3,477,831		—
Securities sold under agreements to repurchase	1,405,639		1,405,639		—		1,405,639		—
Payables to broker-dealers and clearing organizations	817,004		817,004		—		817,004		—
Payables to customers	43,103		43,103		—		43,103		—
Other liabilities (2)	26,039		26,039		—		26,039		—
Total Liabilities	$	7,821,461	$	7,880,637	$	—	$	7,880,637	$	—
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.

Offsetting of Financial Assets and Liabilities

The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Condensed Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Condensed Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments.

The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2026 and December 31, 2025:


	September 30, 2026
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,565,819	$	—	$	3,565,819	$	(3,469,463)	$	(38,801)	$	57,555
Securities purchased under agreements to resell	1,730,184		—		1,730,184		(1,728,233)		—		1,951


Trading assets, at fair value:
Currency forwards	464,136		(459,227)		4,909		—		—		4,909
Options	13,070		—		13,070		—		(10,552)		2,518
Total	$	5,773,209	$	(459,227)	$	5,313,982	$	(5,197,696)	$	(49,353)	$	66,933


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	4,008,974	$	—	$	4,008,974	$	(3,927,186)	$	(55,978)	$	25,810
Securities sold under agreements to repurchase	2,092,530		—		2,092,530		(2,091,384)		—		1,146


Trading liabilities, at fair value:
Currency forwards	467,331		(467,331)		—		—		—		—
Options	12,090		—		12,090		—		(12,090)		—
Total	$	6,580,925	$	(467,331)	$	6,113,594	$	(6,018,570)	$	(68,068)	$	26,956


	December 31, 2025
	Gross Amounts of Recognized Assets		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	3,191,138	$	—	$	3,191,138	$	(3,083,612)	$	(53,461)	$	54,065
Securities purchased under agreements to resell	988,929		—		988,929		(988,274)		—		655


Trading assets, at fair value:
Currency forwards	211,856		(204,775)		7,081		—		—		7,081
Options	97,459		—		97,459		—		(96,708)		751
Total	$	4,489,382	$	(204,775)	$	4,284,607	$	(4,071,886)	$	(150,169)	$	62,552


	Gross Amounts of Recognized Liabilities		Amounts Offset in the Condensed Consolidated Statements of Financial Condition		Net Amounts of Liabilities Presented in the Condensed Consolidated Statements of Financial Condition		Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition

(in thousands)							Financial Instrument Collateral		Counterparty Netting/ Cash Collateral		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	3,477,831	$	—	$	3,477,831	$	(3,382,370)	$	(67,690)	$	27,771
Securities sold under agreements to repurchase	1,405,639		—		1,405,639		(1,404,924)		—		715
Payables to broker-dealers and clearing organizations:
Interest rate swaps	—		—		—		—		—		—
Trading liabilities, at fair value:
Currency forwards	198,463		(198,463)		—		—		—		—
Options	216,992		—		216,992		—		(96,708)		120,284
Total	$	5,298,925	$	(198,463)	$	5,100,462	$	(4,787,294)	$	(164,398)	$	148,770


	September 30, 2026
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	340,000	$	85,000	$	100,000	$	—	$	525,000
U.S. and Non-U.S. government obligations	1,567,530		—		—		—		—		1,567,530
Total	$	1,567,530	$	340,000	$	85,000	$	100,000	$	—	$	2,092,530

Securities loaned:
Equity securities	$	4,008,974	$	—	$	—	$	—	$	—	$	4,008,974
Total	$	4,008,974	$	—	$	—	$	—	$	—	$	4,008,974


	December 31, 2025
	Remaining Contractual Maturity
(in thousands)	Overnight and Continuous		Less than 30 days		30 - 60 days		61 - 90 Days		Greater than 90 days		Total

Securities sold under agreements to repurchase:
Equity securities	$	—	$	315,000	$	85,000	$	100,000	$	—	$	500,000
U.S. and Non-U.S. government obligations	905,639		—		—		—		—		905,639
Total	$	905,639	$	315,000	$	85,000	$	100,000	$	—	$	1,405,639

Securities loaned:
Equity securities	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831
Total	$	3,477,831	$	—	$	—	$	—	$	—	$	3,477,831

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three and nine months ended September 30, 2026 and 2025:



	Three Months Ended September 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	17,614	$	118,941	$	—	$	136,555

Workflow technology	—		25,717		—		25,717
Analytics	—		9,954		—		9,954
Total revenue from contracts with customers	17,614		154,612		—		172,226

Other sources of revenue	969,164		8,419		4,131		981,714

Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940

Timing of revenue recognition:
Services transferred at a point in time	$	986,778	$	143,445	$	4,131	$	1,134,354
Services transferred over time	—		19,586		—		19,586
Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940



	Three Months Ended September 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,821	$	112,426	$	—	$	122,247
Workflow technology	—		23,180		—		23,180
Analytics	—		9,056		—		9,056
Total revenue from contracts with customers	9,821		144,662		—		154,483

Other sources of revenue	658,196		9,844		2,266		670,306

Total revenues	$	668,017	$	154,506	$	2,266	$	824,789

Timing of revenue recognition:
Services transferred at a point in time	$	668,017	$	136,276	$	2,266	$	806,559
Services transferred over time	—		18,230		—		18,230
Total revenues	$	668,017	$	154,506	$	2,266	$	824,789



	Nine Months Ended September 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,233	$	387,131	$	—	$	429,364

Workflow technology	—		80,382		—		80,382
Analytics	—		28,650		—		28,650
Total revenue from contracts with customers	42,233		496,163		—		538,396

Other sources of revenue	2,869,416		27,459		3,949		2,900,824

Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220

Timing of revenue recognition:
Services transferred at a point in time	$	2,911,649	$	466,129	$	3,949	$	3,381,727
Services transferred over time	—		57,493		—		57,493
Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220


	Nine Months Ended September 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	41,547	$	314,327	$	—	$	355,874

Workflow technology	—		75,684		—		75,684
Analytics	—		28,091		—		28,091
Total revenue from contracts with customers	41,547		418,102		—		459,649

Other sources of revenue	2,104,235		91,900		6,447		2,202,582

Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231

Timing of revenue recognition:
Services transferred at a point in time	$	2,145,782	$	455,488	$	6,447	$	2,607,717
Services transferred over time	—		54,514		—		54,514
Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Acquired Intangible Assets [Line Items]
Accumulated Amortization	$ (510,941)	$ (475,592)
Gross Carrying Amount	630,523	630,523
Net Carrying Amount	119,582	154,931
Exchange memberships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	3,998	3,998
Customer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	479,130	479,130
Accumulated Amortization	(363,734)	(328,411)
Net Carrying Amount	$ 115,396	$ 150,719
Customer relationships \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	10 years	10 years
Customer relationships \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	12 years	12 years
Technology
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 136,000	$ 136,000
Accumulated Amortization	(136,000)	(136,000)
Net Carrying Amount	$ 0	$ 0
Technology \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	1 year	1 year
Technology \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	6 years	6 years
Favorable occupancy leases
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,895	$ 5,895
Accumulated Amortization	(5,707)	(5,681)
Net Carrying Amount	$ 188	$ 214
Favorable occupancy leases \| Minimum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	3 years	3 years
Favorable occupancy leases \| Maximum
Acquired Intangible Assets [Line Items]
Useful Lives (Years)	15 years	15 years
Trade name
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,600	$ 3,600
Accumulated Amortization	(3,600)	(3,600)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	3 years	3 years
ETF issuer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years
ETF buyer relationships
Acquired Intangible Assets [Line Items]
Gross Carrying Amount	$ 950	$ 950
Accumulated Amortization	(950)	(950)
Net Carrying Amount	$ 0	$ 0
Useful Lives (Years)	9 years	9 years

Earnings per Share - Schedule of Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Income before income taxes and noncontrolling interest	$ 331,099			$ 179,990			$ 1,083,228	$ 750,746
Provision for income taxes	48,557			30,939			169,161	119,084
Net income	282,542	$ 284,929	$ 346,596	149,051	$ 292,976	$ 189,635	914,067	631,662
Noncontrolling interest	(129,285)			(71,423)			(427,602)	(303,166)
Net income available for common stockholders	$ 153,257			$ 77,628			$ 486,465	$ 328,496

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Capital Structure - Amended and Restated 2015 Management Incentive Plan (Details) - 2015 Management Incentive Plan - Class A - shares	Nov. 13, 2020	Jun. 02, 2025
Class of Stock [Line Items]
Number of shares of stock authorized (in shares)		33,500,000
Service period	5 years
Non-compete period	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		9 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Number of non-operating segments \| segment			1
Goodwill	$ 1,148,926,000		$ 1,148,926,000		$ 1,148,926,000
Goodwill impairment	0	$ 0	0	$ 0
Intangible assets	119,582,000		119,582,000		$ 154,931,000
Amortization expense relating to finite-lived intangible assets	$ 11,783,000	$ 11,783,000	$ 35,349,000	$ 35,349,000

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Sale of RFQ-hub - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	May 09, 2025	Sep. 30, 2026	Sep. 30, 2025	Apr. 19, 2024
Disposal Group, Including Discontinued Operations [Line Items]
Total sale proceeds received		$ 0	$ 37,932
Disposed of by sale \| RFQ-hub
Disposal Group, Including Discontinued Operations [Line Items]
Divestiture of joint venture percentage	49.00%			49.00%
Total sale proceeds received	$ 37,932
Disposal of minority interest, percentage	2.00%
Gain on sale of RFQ-hub	$ 66,988

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Borrowings

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Borrowings

Short-term Borrowings, net

The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	September 30, 2026
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	185,000	$	(881)	$	184,119


	$	185,000	$	(881)	$	184,119


	December 31, 2025
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	2,382		—		2,382

	$	12,382	$	—	$	12,382

Broker-Dealer Credit Facilities

The Company is a party to two secured credit facilities with a financial institution to finance overnight securities positions purchased as part of its ordinary course U.S. broker-dealer market making activities. One of the facilities (the “Uncommitted Facility”) is provided on an uncommitted basis with an aggregate borrowing limit of $400 million, and is collateralized by VAL’s trading and deposit account maintained at the financial institution. The second credit facility (the “Committed Facility”) with the same financial institution has a borrowing limit of $650 million. The Committed Facility consists of two borrowing bases: Borrowing Base A Loan is to be used to finance the purchase and settlement of securities; Borrowing Base B Loan is to be used to fund margin deposit with the National Securities Clearing Corporation. Borrowing Base A Loans are available up to $650 million and bear interest at the adjusted Secured Overnight Financing Rate (“SOFR”) or base rate plus 1.25% per annum. Borrowing Base B Loans are subject to a sublimit of $300 million, which was amended to $350 million in February 2025, and bear interest at the adjusted SOFR or base rate plus 2.50% per annum. A commitment fee of 0.50% per annum on the average daily unused portion of this facility is payable quarterly in arrears.

Virtu Financial Singapore Pte. Ltd. was a party to a revolving credit facility with a financial institution (the “Overdraft Facility”) to provide a source of short-term financing. The facility had an aggregate borrowing limit of $10 million, and bore interest at the adjusted SOFR or base rate plus 3.5% per annum. The Overdraft Facility expired during the nine months ended September 30, 2026.


	At September 30, 2026
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	5.03%	$	400,000	$	135,000	$	—	$	135,000
Committed facility (1)	5.27%	650,000		50,000		(881)		49,119



		$	1,050,000	$	185,000	$	(881)	$	184,119


(1) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.27% and 6.30%, respectively. There was no balance outstanding under Borrowing Base B Loan as of September 30, 2026.


	At December 31, 2025
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	4.81%	$	400,000	$	—	$	—	$	—
Committed facility (1)	5.09%	650,000		—		—		—
Overdraft facility	7.37%	10,000		10,000		—		10,000
		$	1,060,000	$	10,000	$	—	$	10,000


(1) $2.5 million of deferred debt issuance costs are included within Other assets on the Consolidated Statements of Financial Condition. Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.09% and 6.58%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Broker-dealer credit facilities:
Uncommitted facility	$	1,460	$	957	$	4,145	$	3,276
Committed facility	899		838		2,537		2,545
Overdraft facility	—		172		200		520


	$	2,359	$	1,967	$	6,882	$	6,341

Short-Term Bank Loans

The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At September 30, 2026, there were no balances associated with international settlement activities outstanding under these facilities. At December 31, 2025, there were $2.4 million of short-term bank loans associated with international settlement activities outstanding under these facilities at a weighted average interest rate of approximately 1.3%. Outstanding short-term bank loan balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition.

In November 2024, Virtu Financial Singapore Pte. Ltd. entered into an agreement with a financial institution for a short-term bank loan with a total capacity of $50.0 million. In September 2026, Virtu Financial Singapore Pte. Ltd. entered into an agreement with another financial institution for a short-term bank loan with a total capacity of $50.0 million. At September 30, 2026 and December 31, 2025, there were no balances outstanding under these short-term bank loans.

Prime Brokerage Credit Facilities

The Company maintains short-term credit facilities with various prime brokers and other financial institutions from which it receives execution or clearing services. The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At September 30, 2026
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.11%	$	671,403	$	272,230
		$	671,403	$	272,230


	At December 31, 2025
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	5.71%	$	645,622	$	203,816
		$	645,622	$	203,816

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.

Interest expense in relation to the facilities was $2.6 million and $3.0 million for the three months ended September 30, 2026 and 2025, respectively, and $12.3 million and $8.0 million for the nine months ended September 30, 2026 and 2025, respectively.

Long-Term Borrowings

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At September 30, 2026
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.40%	$	2,029,550	$	(3,280)	$	(21,807)	$	2,004,463
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(6,338)		493,662
SBI bonds	January 2029	5.00%	22,235		—		—		22,235
			$	2,551,785	$	(3,280)	$	(28,145)	$	2,520,360


		At December 31, 2025
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.22%	$	1,545,000	$	(2,432)	$	(18,102)	$	1,524,466
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(7,337)		492,663
SBI bonds	January 2029	5.00%	22,334		—		—		22,334
			$	2,067,334	$	(2,432)	$	(25,439)	$	2,039,463

Credit Agreement

On January 13, 2022 (the “Credit Agreement Closing Date”), Virtu Financial, VFH Parent LLC, a Delaware limited liability company and a subsidiary of Virtu Financial (“VFH”), entered into a credit agreement with the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent and JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, RBC Capital Markets, Barclays Bank plc, Jefferies Finance LLC, BMO Capital Markets Corp., and CIBC World Markets Corp., as joint lead arrangers and bookrunners (the “Original Credit Agreement”). The Original Credit Agreement provides (i) a senior secured first lien term loan in an aggregate principal amount of $1,800.0 million, drawn in its entirety on the Credit Agreement Closing Date, the proceeds of which were used by VFH to repay all amounts outstanding under the previous credit agreement entered into in relation to the ITG Acquisition, to pay fees and expenses in connection therewith, to fund share repurchases under the Company’s repurchase program, and for general corporate purposes, and (ii) a $250.0 million senior secured first lien revolving facility to VFH, with a $20.0 million letter of credit subfacility and a $20.0 million swingline subfacility.

The term loan borrowings and revolver borrowings under the Original Credit Agreement bear interest at a per annum rate equal to, at the Company’s election, either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) an adjusted term SOFR rate with an interest period of one month plus 1.00% and (d)(1) in the case of term loan borrowings, 1.50% and (2) in the case of revolver borrowings, 1.00%, plus, (x) in the case of term loan borrowings, 2.00% and (y) in the case of revolver borrowings, 1.50%, or (ii) the greater of (a) an adjusted term SOFR rate for the interest period in effect and (b) (1) in the case of term loan borrowings, 0.50% and (2) in the case of revolver borrowings, 0.00%, plus, (x) in the case of term loan borrowings, 3.00% and (y) in the case of revolver borrowings, 2.50%. In addition, a commitment fee accrues at a rate of 0.50% per annum on the average daily unused amount of the revolving facility, with step-downs to 0.375% and 0.25% per annum based on VFH’s first lien leverage ratio, and is payable quarterly in arrears.

The term loans amortize in annual installments equal to 1.0% of the original aggregate principal amount of the term loans and the Company repaid $18.0 million on January 13, 2023. On December 12, 2023, the Company made a voluntary prepayment of $55.0 million, and the payment is applied toward subsequent annual amortization installments.

In January 2022, in order to align the Company’s existing swap agreements with the Original Credit Agreement, the Company amended its existing five-year $525.0 million floating-to-fixed interest rate swap agreement and five-year $1,000.0 million floating-to-fixed interest rate swap agreement to align the floating rate term of such swap agreements to SOFR. These two interest rate swaps met the criteria to be considered and were designated as qualifying cash flow hedges under ASC 815, and they effectively fixed interest payment obligations on $525.0 million and $1,000.0 million of principal under the first lien term loan facility in relation to the Original Credit Agreement at rates of 4.5% and 4.6% through September 2024 and January 2025, respectively.

In December 2023, the Company terminated the two interest rate swap arrangements and received $55.8 million in proceeds from the counterparty. The Company therefore dedesignated those cash flow hedges under ASC 815, and the amounts in AOCI related to the terminated swaps are amortized through interest expense. The Company simultaneously entered into a two-year $1,525.0 million floating-to-fixed interest rate swap agreement with the same counterparty (the “December 2023 Swap”). The December 2023 Swap met the criteria to be considered and was designated as a qualifying cash flow hedge under ASC 815 as of December 2023, and it effectively fixed interest payment obligations on $1,525.0 million of principal under the first lien term loan facility at a rate of 7.5% through November 2025, based on the interest rates set forth in the Original Credit Agreement.

On June 21, 2024 (the “Amendment No. 1 Effective Date”), the Company entered into Amendment No. 1 to the Original Credit Agreement (as amended, the “First Amended Credit Agreement”) and completed the issuance of the Notes (as defined below). Pursuant to the First Amended Credit Agreement, $1,245.0 million in aggregate principal amount of Senior Secured First Lien Term B-1 Loans due 2031 (the “Term B-1 Loans”) were issued, the proceeds of which were used, along with the proceeds of the Notes, to repay in full all term loans previously outstanding under the Original Credit Agreement. Additionally, the First Amended Credit Agreement provides an increase in its senior secured first lien revolving credit facility from $250.0 million to $300.0 million and an extension of the maturity thereof to three years after the Amendment No. 1 Effective Date.

The Term B-1 Loans bear interest, at the Company’s election, at either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) term SOFR for a borrowing with an interest period of one month plus 1.00% and (d) 1.00%, plus, in each case, 1.75%, or (ii) the greater of (x) term SOFR for the interest period in effect and (y) 0%, plus, in each case, 2.75%. The Term B-1 Loans will

mature on the seventh anniversary of the Amendment No. 1 Effective Date and amortize in annual installments equal to 1.0% of the original aggregate principal amount of the Term B-1 Loans. The Term B-1 Loans are also subject to contingent principal payments based on excess cash flow and certain other triggering events.

In connection with its entry into the First Amended Credit Agreement and the associated reduction in term loan balance, the Company partially terminated the December 2023 Swap, reducing the notional amount thereof from $1,525.0 million to $1,075.0 million and received $2.0 million in proceeds from the counterparty. The cash flow hedge was proportionally dedesignated under ASC 815 as of June 21, 2024. As a result of the partial dedesignation, we recognized a gain of $5.7 million in Other Income. The remaining interest rate swap effectively fixed interest payment obligations on the $1,075.0 million of principal of the Term B-1 Loans at a rate of 7.17% through November 2025, based on the interest rates set forth in the First Amended Credit Agreement.

On February 19, 2025 (the “Amendment No. 2 Effective Date”), the Company entered into Amendment No. 2 to the First Amended Credit Agreement (“Amendment No. 2”). Amendment No. 2 amended the First Amended Credit Agreement (as amended, the “Second Amended Credit Agreement”) to, among other things, effect a repricing of the $1,245.0 million in aggregate principal amount of Term B-1 Loans by establishing a new refinancing tranche of $1,245.0 million in aggregate principal amount of Senior Secured First Lien Term B-2 Loans, the proceeds of which were used to repay in full the Term B-1 Loans on the Amendment No. 2 Effective Date.

On September 23, 2025 (the “Amendment No. 3 Effective Date”), the Company entered into Amendment No. 3 to the Second Amended Credit Agreement (“Amendment No. 3”). Amendment No. 3 amended the Second Amended Credit Agreement (as amended, the “Third Amended Credit Agreement”) to effect the issuance of incremental Senior Secured First Lien Term B-2 Loans in the amount of $300.0 million, the proceeds of which were used for general corporate purposes, for a total Term B-2 Loan balance of $1,545.0 million.

On July 23, 2026 (the “Amendment No. 4 Effective Date”), the Company entered into Amendment No. 4 to the Third Amended Credit Agreement (“Amendment No. 4”). Amendment No. 4 amended the Third Amended Credit Agreement (as amended, the “Credit Agreement”) to effect the issuance of incremental Senior Secured First Lien Term B-2 Loans in the amount of $500.0 million, the proceeds of which will be used for general corporate purposes, for a total Term B-2 Loan balance of $2,029.6 million (collectively, the “Term B-2 Loans”).

The Term B-2 Loans bear interest, at the Company’s election, at either (i) the greatest of (a) the prime rate in effect, (b) the greater of (1) the federal funds effective rate and (2) the overnight bank funding rate, in each case plus 0.50%, (c) term SOFR for a borrowing with an interest period of one month plus 1.0% and (d) 1.0%, plus, in each case, 1.50%, or (ii) the greater of (x) term SOFR for the interest period in effect and (y) 0%, plus, in each case, 2.50%. The Term B-2 Loans will mature on June 21, 2031 and amortize in annual installments equal to approximately 1.0% of the aggregate principal amount of the Term B-2 Loans due on each anniversary of the Amendment No. 2 Effective Date. On February 19, 2026, the Company repaid $15.5 million. The Term B-2 Loans are also subject to contingent principal payments based on excess cash flow and certain other triggering events.

The interest rate swap effectively fixed interest payment obligations on $1,075.0 million of principal of the Term B-2 Loans at a rate of 6.92% through November 2025, based on the interest rates set forth in the Credit Agreement. The designation of the interest rate swap as a cash flow hedge was discontinued upon the termination of the swap in November 2025.

The revolving facility under the Credit Agreement is subject to a springing net first lien leverage ratio test which may spring into effect as of the last day of a fiscal quarter if usage of the aggregate revolving commitments exceeds a specified level as of such date. VFH is also subject to contingent principal prepayments based on excess cash flow and certain other triggering events. Borrowings under the Credit Agreement are guaranteed by Virtu Financial and VFH’s material non-regulated domestic restricted subsidiaries and secured by substantially all of the assets of VFH and the guarantors, in each case, subject to certain exceptions.

The Credit Agreement contains certain customary covenants and events of default, including relating to a change of control. If an event of default occurs and is continuing, the lenders under the Credit Agreement will be entitled to take various actions, including the acceleration of amounts outstanding under the Credit Agreement and all actions permitted to be taken by a secured creditor in respect of the collateral securing the obligations under the Credit Agreement.

As of September 30, 2026, $2,029.6 million was outstanding under the current term loans, and there were no amounts outstanding under the first lien revolving facility.

Senior Secured First Lien Notes

On June 21, 2024, VFH and Valor Co-Issuer, Inc., a subsidiary of Virtu Financial, (the “Co-Issuer”) completed the offering of $500.0 million aggregate principal amount of 7.50% senior secured first lien notes due 2031 (the “Notes”). The Notes were issued under an Indenture, dated as of June 21, 2024 (the “Indenture”), among VFH, the Co-Issuer, Virtu Financial and the subsidiary guarantors party thereto, and U.S. Bank Trust Company, National Association, as the trustee and collateral agent. The Notes mature on June 15, 2031. Interest on the Notes accrues at 7.50% per annum, payable every six months through maturity on each June 15 and December 15, beginning on December 15, 2024. We refer to VFH and the Co-Issuer together as, the “Issuers.”

The Notes and the related guarantees are secured by first-priority perfected liens on substantially all of the Issuers’ and guarantors’ existing and future assets, subject to certain exceptions, including all material personal property, a pledge of the

capital stock of the Issuers, the guarantors (other than Virtu Financial) and the direct subsidiaries of the Issuers and the guarantors and 100% of the non-voting capital stock and up to 65.0% of the voting capital stock of any now-owned or later acquired foreign subsidiaries that are directly owned by the Issuers or any of the guarantors, which assets also secure

obligations under the Credit Agreement on a first-priority basis.

The Indenture imposes certain limitations on our ability to (i) incur or guarantee additional indebtedness or issue preferred stock; (ii) pay dividends, make certain investments and make repayments on indebtedness that is subordinated in right of payment to the Notes and make other “restricted payments”; (iii) create liens on their assets to secure debt; (iv) enter into transactions with affiliates; (v) merge, consolidate or amalgamate with another company; (vi) transfer and sell assets; and (vii) permit restrictions on the payment of dividends by Virtu Financial’s subsidiaries. The Indenture also contains customary events of default, including, among others, payment defaults related to the failure to pay principal or interest on Notes, covenant defaults, final maturity default or cross-acceleration with respect to material indebtedness and certain bankruptcy events.

Prior to June 15, 2027, we may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, to (but not including) the date of redemption, plus an applicable “make whole” premium.

Prior to June 15, 2027, we may also redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a redemption price equal to 107.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the date of redemption.

Prior to June 15, 2027, we may also, on one or more occasions, redeem during each successive twelve-month period following June 21, 2024 up to 10% of the aggregate original principal amount of notes, at a redemption price equal to 103% of the principal amount of notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.


Period						Percentage
2027						103.750%
2028						101.875%
2029 and thereafter						100.000%

Upon the occurrence of specified change of control events as defined in the Indenture, we must offer to repurchase the outstanding Notes at 101% of the aggregate principal amount, plus accrued and unpaid interest, if any, to (but excluding) the purchase date.

SBI Bonds

On July 25, 2016, VFH issued Japanese Yen Bonds (collectively the “SBI Bonds”) in the aggregate principal amount of ¥3.5 billion ($33.1 million at issuance date) to SBI Life Insurance Co., Ltd. and SBI Insurance Co., Ltd. The proceeds from the SBI Bonds were used to partially fund the investment in Japannext Co., Ltd. (as described in Note 10 “Financial Instruments and Fair Value Measurements”). The SBI Bonds are guaranteed by Virtu Financial. The SBI Bonds are subject to fluctuations on the Japanese Yen currency rates relative to the Company’s reporting currency (U.S. Dollar) with the changes reflected in Other, net in the Condensed Consolidated Statements of Comprehensive Income. In December 2022, the maturity of the SBI Bonds was extended to 2026, and in December 2025, the maturity of the SBI Bonds was extended to 2029. The principal balance was ¥3.5 billion ($22.2 million) and ¥3.5 billion ($22.3 million) as of September 30, 2026 and December 31, 2025, respectively. The Company had a loss of $0.7 million and a gain of $0.6 million during the three months ended September 30, 2026 and 2025, respectively, and a gain of $0.1 million and a loss of $1.4 million during the nine months ended September 30, 2026 and 2025, respectively, due to changes in foreign currency rates.

As of September 30, 2026, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)
Remainder of 2026	$	—
2027	20,501
2028	20,501
2029	42,736
2030	20,501
2031	2,447,546

Total principal of long-term borrowings	$	2,551,785

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Variable Interest Entities - Schedule of Non Consolidated VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
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Liability	23,896,162	18,177,333
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Asset	89,517	92,127
Liability	0	0
Maximum Exposure to Loss	89,517	92,127
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- Definition

Amount of asset recognized for present right to economic benefit.

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 30, 2026
Entity Information [Line Items]
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Entity File Number	001-37352
Entity Registrant Name	Virtu Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0420206
Entity Address, Address Line One	1633 Broadway, 41st Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	418-0100
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	VIRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001592386
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		88,592,399
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		6,597,369
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		60,091,740

Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,516,624	$ 1,061,697
Cash restricted or segregated under regulations and other	58,759	64,744
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 1,575,383	$ 1,126,441	$ 755,412	$ 913,991

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Regulatory Requirement (Tables)

9 Months Ended

Sep. 30, 2026

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of Regulatory Capital and Regulatory Capital Requirements

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiary as of September 30, 2026 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	644,998	$	2,868	$	642,130

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiaries as of December 31, 2025 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	561,242	$	1,000	$	560,242

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of September 30, 2026 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	28,668	$	176	$	28,492


Ireland
Virtu Europe Trading Limited	96,417		38,735		57,682
Virtu Financial Ireland Limited	182,489		56,737		125,752
United Kingdom
Virtu ITG UK Limited	2,178		995		1,183
Asia Pacific
Virtu ITG Australia Limited	54,917		19,240		35,677
Virtu ITG Hong Kong Limited	8,971		419		8,552
Virtu ITG Singapore Pte Limited	1,243		216		1,027
Virtu Financial Singapore Pte. Ltd.	337,634		231,386		106,248

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2025 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	15,133	$	182	$	14,951

Ireland
Virtu Europe Trading Limited	86,656		28,283		58,373
Virtu Financial Ireland Limited	122,901		64,951		57,950
United Kingdom
Virtu ITG UK Limited	2,218		1,011		1,207
Asia Pacific
Virtu ITG Australia Limited	35,511		13,262		22,249
Virtu ITG Hong Kong Limited	8,200		586		7,614
Virtu ITG Singapore Pte Limited	1,062		218		844
Virtu Financial Singapore Pte. Ltd.	278,288		198,100		80,188

Derivative Instruments

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2026 and December 31, 2025:


(in thousands)		September 30, 2026				December 31, 2025
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	9,859	$	2,331,440	$	(60)	$	1,017,174
Commodity futures	Receivables from broker-dealers and clearing organizations	65,295		11,931,529		(20,294)		11,492,904
Currency futures	Receivables from broker-dealers and clearing organizations	1,780		4,002,854		4,418		4,575,259
Fixed income futures	Receivables from broker-dealers and clearing organizations	(582)		428,279		(25)		11,711

Options	Financial instruments owned	13,070		1,731,412		97,459		2,565,169
Currency forwards	Financial instruments owned	464,136		35,713,665		211,856		28,015,291





Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	(2,234)	$	2,155,426	$	1,399	$	940,143
Commodity futures	Payables to broker-dealers and clearing organizations	(2,248)		119,551		(4,409)		171,504
Currency futures	Payables to broker-dealers and clearing organizations	—		499		216		212,120
Fixed income futures	Payables to broker-dealers and clearing organizations	28		3,184		(199)		383,154
Options	Financial instruments sold, not yet purchased	12,090		1,784,768		216,992		2,637,691
Currency forwards	Financial instruments sold, not yet purchased	467,331		35,715,262		198,463		28,008,595

Amounts included in receivables from and payables to broker-dealers and clearing organizations represent net variation margin on long and short futures contracts as well as amounts receivable or payable on interest rate swaps.

The following table summarizes the net gain (loss) from derivative instruments not designated as hedging instruments under ASC 815, which are recorded in total revenues, and from those designated as hedging instruments under ASC 815, which are initially recorded in other comprehensive income in the accompanying Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2026 and 2025.


		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	Financial Statements Location	2026		2025		2026		2025
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	35,477	$	52,183	$	149,128	$	78,568
Currency forwards	Trading income, net	16,740		(14,985)		94,510		146,979
Options	Trading income, net	76,494		(57,011)		128,469		(30,024)

Terminated interest rate swaps (2)	Financing interest expense on long-term borrowings	—		(126)		—		(3,161)
		$	128,711	$	(19,939)	$	372,107	$	192,362

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income	$	—	$	430	$	—	$	2,252

		$	—	$	430	$	—	$	2,252

(1) The Company entered into a two-year $1,525 million floating-to-fixed interest rate swap agreement in December 2023 (the “December 2023 Swap”). The two-year interest rate swap met the criteria to be considered as a qualifying cash flow hedge under ASC 815 as of December 2023, and the mark-to-market gains (losses) on the instrument were deferred within Other comprehensive income on the Condensed Consolidated Statements of Comprehensive Income. In November 2025, the designation of the interest rate swap as a cash flow hedge was discontinued upon the termination of the December 2023 Swap in accordance with its contractual terms, and no further gains or losses related to this instrument are recorded in Other comprehensive income. See Note 9 “Borrowings” for further details.

(2) The Company records the amortization of AOCI balances related to its previously terminated interest rate swaps in Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income. See Note 9 “Borrowings” for further details on the previously terminated swaps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Netting of Certain Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Securities borrowed
Gross Amounts of Recognized Assets	$ 3,565,819	$ 3,191,138
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	3,565,819	3,191,138
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(3,469,463)	(3,083,612)
Counterparty Netting/ Cash Collateral	(38,801)	(53,461)
Net Amount	57,555	54,065
Securities purchased under agreements to resell
Gross Amounts of Recognized Assets	1,730,184	988,929
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	1,730,184	988,929
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(1,728,233)	(988,274)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	1,951	655
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Net Amount	57,555	54,065
Total
Gross Amounts of Recognized Assets	5,773,209	4,489,382
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	(459,227)	(204,775)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	5,313,982	4,284,607
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(5,197,696)	(4,071,886)
Counterparty Netting/ Cash Collateral	(49,353)	(150,169)
Net Amount	66,933	62,552
Currency forwards
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Net Amount	4,909	7,081
Trading assets, at fair value:
Gross Amounts of Recognized Assets	464,136	211,856
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	(459,227)	(204,775)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	4,909	7,081
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	4,909	7,081
Options
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Net Amount	2,518	751
Trading assets, at fair value:
Gross Amounts of Recognized Assets	13,070	97,459
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	13,070	97,459
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(10,552)	(96,708)
Net Amount	$ 2,518	$ 751

Organization and Basis of Presentation (Details) instrument in Thousands	9 Months Ended
	Sep. 30, 2026 instrument venue country acquisition segment	May 09, 2025	Apr. 19, 2024
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of financial instruments \| instrument	50
Number of venues \| venue	150
Company’s product offering in number of counties (over) \| country	50
Number of significant acquisitions \| acquisition	2
Number of operating segments	2
Number of non-operating segments	1
Disposed of by sale \| RFQ-hub
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Divestiture of joint venture percentage		49.00%	49.00%
Disposal of minority interest, percentage		2.00%
Virtu Financial
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Ownership interest	58.30%

Commitments, Contingencies and Guarantees	9 Months Ended
Commitments, Contingencies and Guarantees	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal and Regulatory Proceedings In the ordinary course of business, the nature of the Company’s business subjects it to claims, lawsuits, regulatory examinations or investigations and other proceedings, any of which could result in the imposition of fines, penalties or other sanctions against the Company. The Company and its subsidiaries are subject to several of these matters at the present time. As previously disclosed in prior regulatory filings, the U.S. Securities and Exchange Commission (“SEC”) undertook an investigation of aspects of the Company’s internal information access barriers. The Company cooperated with this civil investigation and engaged in settlement discussions but was unable to reach a settlement. In September 2023, the SEC filed an action against the Company in federal court in the Southern District of New York, alleging violations of federal securities laws with respect to the Company’s information barriers policies and procedures for a specified time period in and around January 2018 to April 2019 and related statements made by the Company during such period. In December 2025, the matter was resolved as the Company voluntarily consented to the entry of a final order without admitting or denying the SEC’s allegations with respect to its policies and procedures. Pursuant to the order, the Company paid a penalty in the amount of $2.5 million and consented to an injunction with respect to violations of Section 15(g) of the Securities Exchange Act of 1934, while the SEC’s claims with respect to the Company’s statements were dismissed with prejudice. In matters related to the SEC investigation noted above, the Company and certain of its current and former executive officers were named as defendants on May 19, 2023 in Hiebert v. Virtu Financial, Inc., No. 23-cv-03770 and on October 31, 2023 in City of Birmingham Retirement and Relief System v. Virtu Financial, Inc., No. 23-cv-08123. The complaints were each filed by purported stockholders in the Eastern District of New York on behalf of a putative class and assert that the Company made materially false and misleading statements and omissions in its public filings in violation of federal securities laws. The complaints were subsequently consolidated and recaptioned In re Virtu Financial, Inc. Securities Litigation, No. 23-cv-03770. The Company believes the defendants have meritorious defenses against claims that its public disclosures were inadequate or misleading. The Company maintains that such disclosures were true and accurate and compliant with applicable law, and the defendants are defending themselves vigorously. The Company also has received requests for information related to the SEC investigation pursuant to Section 220 of the Delaware General Corporation Law from counsel for purported stockholders. On March 26, 2025, members of the Company’s Board of Directors and certain current and former executives were named in a derivative complaint in Adams v. Viola et al., No. 1:25-cv-1688 filed on behalf of the Company in the Eastern District of New York in which it is asserted that the defendants breached fiduciary duties to the Company related to the FS matter. A similar derivative complaint was filed on April 9, 2025 in Deisz v. Viola et al., 25-CV-1958 in the Eastern District of New York against current and former members of the Board of Directors and executives. The derivative complaints were subsequently consolidated and recaptioned In re Virtu Financial Inc. Derivative Litigation. On December 11, 2025, a complaint making similar allegations against current and former directors and officers, captioned Curti v. Viola et al., No. 2025-1441-KSJM, was filed in Delaware Chancery Court. The defendants in these cases deny that they breached any fiduciary duties related to the FS matter and are defending themselves vigorously. On November 30, 2020, the Company was named as a defendant in In re United States Oil Fund, LP Securities Litigation, No. 20-cv-4740. The consolidated amended complaint was filed in federal district court in New York on behalf of a putative class, and asserts claims against the Company and numerous other financial institutions under Section 11 of the Securities Act of 1933 in connection with trading in United States Oil Fund, LP, a crude oil ETF. The complaint also names the ETF, its sponsor, and related individuals as defendants. The complaint did not specify the amount of alleged damages. Defendants moved to dismiss the consolidated amended complaint on January 29, 2021; the motion was granted on September 29, 2025. In November, 2025, the plaintiffs moved for leave to file a proposed second amended complaint, briefing was completed on the motion and it is currently pending before the court. The Company believes that the claims are without merit and plans to continue defending itself vigorously if necessary. On March 7, 2022, the Company was named as a defendant in Iron Workers Local No. 55 Pension Fund v. Virtu Financial, Inc., No. 2022-0211-PAF pending in the Court of Chancery of the State of Delaware. The complaint (the “220 Complaint”), filed by a purported stockholder, seeks to compel the inspection of certain Company books and records pursuant to Section 220 of the Delaware General Corporation Law. The 220 Complaint alleged that the stockholder sought Company information to investigate (a) whether wrongdoing or mismanagement occurred in connection with distributions made to the partners of Virtu Financial pursuant to the Company’s Up-C corporate structure; (b) the independence and disinterestedness of the Company’s directors and/or officers and whether the directors breached their fiduciary duties; and (c) potential damages relating thereto. The Company made substantial productions of documents and other information in response to plaintiff's requests. In January 2025, the plaintiff voluntarily dismissed the 220 Complaint and filed a complaint in the Court of Chancery of the State of Delaware naming the Company and its directors, officers, and controlling stockholder as defendants, captioned Iron Workers Local No. 55 Pension Fund v. Viola et al., No. 2025-0058-JTL, alleging breaches of fiduciary duties which purportedly have caused harm to holders of the Company’s Class A common stock. The defendants in these cases deny they breached their fiduciary duties and are defending themselves vigorously. A motion to dismiss was denied on June 2, 2026, and the case is proceeding to discovery. On October 17, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Mallinckrodt PLC, et al. (Reorganized Debtors); Opioid Master Disbursement Trust II v. Argos Capital Appreciation Master Fund LP et al No. 20-12522. The complaint alleges that Mallinckrodt PLC engaged in a share repurchase program from 2015 through 2018 pursuant to which it repurchased its own shares in various open market transactions, a period during which it was allegedly insolvent. The debtor plaintiff is seeking to unwind the transactions consummated under the program, alleging such transactions constituted fraudulent transfers by the debtor. The Company believes it has meritorious defenses against any unwinding of transactions, and the court granted its motion to dismiss in March 2025. The debtor plaintiff appealed the dismissal to the United States District Court for the District of Delaware, and the district court affirmed the bankruptcy court’s dismissal in November 2025. On December 1, 2022, the Company’s subsidiary, along with several other parties, was named as a defendant in Northwest Biotherapeutics, Inc. v. Canaccord Genuity LLC, et al No. 1:22-cv-10185, filed in United States District Court in the Southern District of New York. The initial complaint alleged that defendants engaged in market manipulation in the plaintiff’s stock during a period from 2018 to 2022. A first amended complaint was filed on April 10, 2023, bringing substantially the same allegations as the initial complaint. The first amended complaint was dismissed with leave to amend on February 14, 2024. Plaintiff filed a second amended complaint on March 18, 2024. Neither the operative complaint nor prior iterations specify the amount of alleged damages. On March 27, 2025, the district court partially granted the defendants’ motion to dismiss. On November 14, 2025, the Company’s subsidiary, along with another market maker, was named as a defendant in Genius Group Limited v. Citadel Securities LLC, et al No. 1:25-CV-09546, filed in United States District Court in the Southern District of New York. The putative class action complaint alleges that defendants engaged in market manipulation of the plaintiff’s stock during a period from 2022 to 2025. On June 29, 2026, plaintiff filed a notice of voluntary dismissal in the Southern District Court of New York and filed a new putative securities class action against the same defendants in the Southern District of Florida, captioned Reynolds v. Citadel Securities LLC and Virtu Americas LLC, No. 1:26-cv-24485 (S.D. Fla.), which the Company and the other defendant are seeking to transfer to the Southern District of New York. On January 7, 2026, the Company, along with several other parties, was named as a defendant in Asia Broadband, Inc. v. Virtu Financial Inc. et al No. 2:26-cv-00175, filed in United States District Court in the Central District of California. The putative class action complaint alleges that the defendants engaged in market manipulation of the plaintiff’s stock during a period from 2021 to 2025. Following a motion to dismiss filed by the defendants, the plaintiff voluntarily dismissed the case. The Company subsequently filed a motion seeking sanctions, which is currently pending. On August 7, 2026, the Company was named as a defendant in In re Meta Materials, Inc., No. 26-5036-gs (Bankr. D. Nev.), in which a debtor and trustee in bankruptcy proceeding allege that the defendants engaged in market manipulation of the plaintiff’s stock during a period from 2021 to 2024. The Company believes that all of these claims are without merit and is defending itself vigorously. On October 7, 2024, the Company and its 50% owned subsidiary, NLN Holdings, LLC, along with several other defendants, were named in a lawsuit brought by Skywave Networks, LLC in the United States District Court for the Northern District of Illinois, Skywave Networks, LLC v. DiSomma, et al., 1:24-cv-09650 (N.D.Ill.). The complaint alleges that defendants engaged in violations of federal law, 18 U.S.C. sec. 1962, in connection with the application for and utilization of various licenses issued by the Federal Communications Commission, purportedly harming plaintiffs’ attempts to offer certain network communications capacity on a commercial basis. The complaint does not specify any amount of alleged damages. On February 13, 2025, the plaintiffs filed a First Amended Complaint which does not specify any amount of alleged damages. On December 2, 2025, the court granted the Company’s motion to dismiss the complaint. On December 31, 2025, the Plaintiffs filed a notice of appeal with the 7th Circuit Court of Appeals. Oral argument on the appeal was heard on September 10, 2026, and we await the appellate court’s decision. The Company believes that the claims are without merit and intends to continue to defend itself vigorously. On May 20, 2026, SpectraNet Technologies LLC (“SpectraNet”) filed a lawsuit against VFI and other entities in the U.S. District Court for the Northern District of Illinois alleging that their collective and individual use of shortwave trading methods comprises a patented ionospheric radio frequency transmission of a message in a high frequency (HF) band to a remote receiving device and, thus, allegedly infringes certain claims of U.S. Patent No. 10,959,123, No. 11,516,694, and No. 12,414,002. SpectraNet seeks unspecified monetary damages, subject to trebling under 35 U.S.C. § 284, and an injunction or, alternatively, an ongoing royalty of an unspecified percentage or amount. No scheduling order has been entered. No trial date has been set. VFI believes these claims are without merit and intends to defend itself vigorously. On July 29, 2026, the Company and several other defendants were named in a lawsuit captioned Hughes v. DraftKings Inc. et al., 2026-CP-10-04063 (Charleston County Court of Common Pleas). The case was brought by an individual against a group of named and unnamed defendants alleging that various activities related to prediction markets contracts traded on Commodity Futures Trading Commission registered Designated Contract Markets violate state gaming law in South Carolina and give rise to Plaintiff’s right to recover losses incurred by market participants located in South Carolina. The Company believes that the claims are without merit and intends to defend itself vigorously. Given the inherent difficulty of predicting the outcome of litigation and regulatory matters, particularly in regulatory examinations or investigations or other proceedings in which substantial or indeterminate judgments, settlements, disgorgements, restitution, penalties, injunctions, damages or fines are sought, or where such matters are in the early stages, the Company cannot estimate losses or ranges of losses for such matters where there is only a reasonable possibility that a loss may be incurred, and utilizes its judgment in accordance with applicable accounting standards in booking any associated estimated liability. It is not presently possible to determine the ultimate exposure to these matters and it is possible that the resolution of the outstanding matters will significantly exceed any estimated liabilities accrued by the Company. In addition, there are numerous factors that result in a greater degree of complexity in class-action lawsuits as compared to other types of litigation. There can be no assurance that these various legal proceedings will not significantly exceed any estimated liability accrued by the Company or have a material adverse effect on the Company’s results of operations in any future period, and a material judgment, fine or sanction could have a material adverse impact on the Company’s financial condition, results of operations and cash flows. However, it is the opinion of management, after consultation with legal counsel that, based on information currently available, the ultimate outcome of these matters will not have a material adverse impact on the business, financial condition or operating results of the Company, although they might be material to the operating results for any particular reporting period. The Company carries directors’ and officers’ liability insurance coverage and other insurance coverage for potential claims, including securities actions, against the Company and its respective directors and officers. Other Legal and Regulatory Matters The Company owns subsidiaries including regulated entities that are subject to extensive oversight under federal, state and applicable international laws as well as self-regulatory organization (“SRO”) rules. Changes in market structure and the need to remain competitive require constant changes to the Company’s systems, order routing and order handling procedures. The Company makes these changes while continuously endeavoring to comply with many complex laws and rules. Compliance, surveillance and trading issues common in the securities industry are monitored by, reported to, and/or reviewed in the ordinary course of business by the Company’s regulators in the U.S. and abroad. As a major order flow execution destination, the Company is named from time to time in, or is asked to respond to a number of regulatory matters brought by U.S. regulators, foreign regulators, SROs, as well as actions brought by private plaintiffs, which arise from its business activities. There has recently been an increased focus by regulators on Anti-Money Laundering and sanctions compliance by broker-dealers and similar entities, as well as an enhanced interest on suspicious activity reporting and transactions involving microcap and low-priced securities. In addition, there has been increased regulatory, congressional and media scrutiny of U.S. equities market structure, the retail trading environment in the U.S., wholesale market making and the relationships between retail broker-dealers and market making firms including, but not limited to, payment for order flow arrangements, other remuneration arrangements such as profit-sharing relationships and exchange fee and rebate structures, alternative trading systems and off-exchange trading more generally, high frequency trading, short selling, market fragmentation, colocation, and access to market data feeds. In 2022 and 2023, the SEC under the prior administration proposed several rule changes focused on equity market structure reform, certain of which have been adopted, while others remain pending while others have been withdrawn. The SEC has recently (i) adopted rule amendments to minimum pricing increments under Rule 612 of Regulation NMS, access fee caps under Rule 610 of Regulation NMS, acceleration of the implementation of certain Market Data Infrastructure Rules, and an amendment to the odd-lot information definition adopted under the MDI rules (collectively referred to as the “tick size, access fees and infrastructure rule proposals”), which had a previous compliance date commencing in November 2025, and the compliance date for tick size and access fees rule changes have been delayed until November 2027, and the infrastructure rule proposal concerning odd lots has been delayed until May 2026, (ii) adopted amendments to Rule 605 of Regulation NMS, which had an initial compliance date on or about December 15, 2025 which has been postponed until August 1, 2026, and (iii) approved a funding model submitted by several exchanges in relation to the Consolidated Audit Trail (CAT) which provided for fee collection commencing in November 2024 but which was ultimately struck down by the 11th Circuit Court of Appeals. On March 16, 2026, the SEC approved a revised CAT funding model on a two-year limited basis. On March 25, 2026, a petition was filed in the 11th Circuit Court of Appeals for a review of the revised plan. On April 16, 2026, the SEC issued a concept release seeking public comment on the CAT as part of the SEC’s comprehensive review. On June 11, 2026, the SEC proposed amendments to Regulation NMS to rescind Rule 611 (the Trade-Through Rule) and Rule 610(e) (the Locked and Crossed Markets Rule). And on September 17, 2026, the SEC issued the Innovation Exemption, a five-year conditional order that exempts certain tokenized securities venues from the definition of ‘exchange,’ and certain proprietary-capital liquidity providers from the definition of ‘dealer,’ for on-chain trading of tokenized NMS stock through automated market makers and liquidity pools. In June of 2025, under Chair Atkins, the SEC withdrew the following previously pending proposals: (i) Proposed Rule 615 of Regulation NMS (i.e., the Order Competition Rule), (ii) Regulation Best Execution, (iii) a series of amendments to the definition of Exchange and Alternative Trading Systems (ATS), (iv) proposed amendments to expand and update Regulation Systems Compliance and Integrity (SCI), and (v) a proposal to restrict volume based tiered pricing by equity exchanges in certain cases. Further, the FTC took steps to dismiss its appeal and accede to a vacatur of its previously announced final rule banning most non-compete clauses in employer-employee contracts. Other recent developments in law and regulation relating to digital assets and cryptocurrency include the adoption of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) and the proposal of the Digital Asset Market Clarity Act (the “CLARITY Act”) and the “Responsible Financial Innovation Act of 2025” in the United States, and the adoption of the Markets in Crypto-Assets Regulation (MiCAR) in the EU. These remaining pending or potential rule changes in law, rule or regulation, to the extent adopted, along with those that have recently been adopted, could adversely affect the Company’s business or the Company’s industry, though may also have positive impacts. As indicated above, from time to time, the Company is the subject of requests for information and documents from the SEC, the Financial Industry Regulatory Authority (“FINRA”), state attorneys general, and other regulators and governmental authorities. It is the Company’s practice to cooperate and comply with the requests for information and documents. Additional information regarding legal and regulatory risks is described within the “Risk Factors” section under the sub header of “Legal and Regulatory Risks” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As indicated above, the Company is currently the subject of various regulatory reviews and investigations by state, federal and foreign regulators and SROs, including the SEC and FINRA. In some instances, these matters may result in a disciplinary action and/or a civil or administrative action. Further, as noted in the above Legal and Regulatory Proceedings section, there is inherent difficulty in predicting the outcome of regulatory examinations or investigations, and the Company cannot estimate losses or ranges of losses for these matters above what has already been accrued for. Representations and Warranties; Indemnification Arrangements In the normal course of its operations, the Company enters into contracts that contain a variety of representations and warranties in addition to indemnification obligations, including indemnification obligations in connection with the Acquisition of KCG and the ITG Acquisition. The Company’s maximum exposure under these arrangements is currently unknown, as such exposure could relate to claims not yet brought or events which have not yet occurred. Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties and general indemnifications. The Company has also provided general indemnifications to its managers, officers, directors, employees, and agents against expenses, legal fees, judgments, fines, settlements, and other amounts actually and reasonably incurred by such persons under certain circumstances as more fully disclosed in its operating agreement. The overall maximum amount of the obligations (if any) cannot reasonably be estimated as it will depend on the facts and circumstances that give rise to any claims.

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments on a Gross Basis

The fair value of the Company’s derivative instruments on a gross basis consisted of the following at September 30, 2026 and December 31, 2025:


(in thousands)		September 30, 2026				December 31, 2025
Derivatives Assets	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Receivables from broker-dealers and clearing organizations	$	9,859	$	2,331,440	$	(60)	$	1,017,174
Commodity futures	Receivables from broker-dealers and clearing organizations	65,295		11,931,529		(20,294)		11,492,904
Currency futures	Receivables from broker-dealers and clearing organizations	1,780		4,002,854		4,418		4,575,259
Fixed income futures	Receivables from broker-dealers and clearing organizations	(582)		428,279		(25)		11,711

Options	Financial instruments owned	13,070		1,731,412		97,459		2,565,169
Currency forwards	Financial instruments owned	464,136		35,713,665		211,856		28,015,291





Derivatives Liabilities	Financial Statement Location	Fair Value		Notional		Fair Value		Notional
Derivative instruments not designated as hedging instruments:
Equities futures	Payables to broker-dealers and clearing organizations	$	(2,234)	$	2,155,426	$	1,399	$	940,143
Commodity futures	Payables to broker-dealers and clearing organizations	(2,248)		119,551		(4,409)		171,504
Currency futures	Payables to broker-dealers and clearing organizations	—		499		216		212,120
Fixed income futures	Payables to broker-dealers and clearing organizations	28		3,184		(199)		383,154
Options	Financial instruments sold, not yet purchased	12,090		1,784,768		216,992		2,637,691
Currency forwards	Financial instruments sold, not yet purchased	467,331		35,715,262		198,463		28,008,595

Schedule of Net Gain (Loss) From Derivative Instruments not Designated as Hedging Instruments


		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	Financial Statements Location	2026		2025		2026		2025
Derivative instruments not designated as hedging instruments:
Futures	Trading income, net	$	35,477	$	52,183	$	149,128	$	78,568
Currency forwards	Trading income, net	16,740		(14,985)		94,510		146,979
Options	Trading income, net	76,494		(57,011)		128,469		(30,024)

Terminated interest rate swaps (2)	Financing interest expense on long-term borrowings	—		(126)		—		(3,161)
		$	128,711	$	(19,939)	$	372,107	$	192,362

Derivative instruments designated as hedging instruments:
Interest rate swaps (1)	Other comprehensive income	$	—	$	430	$	—	$	2,252

		$	—	$	430	$	—	$	2,252

Geographic Information and Business Segments - Schedule of Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Total revenues	$ 1,153,940	$ 824,789	$ 3,439,220	$ 2,662,231
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	242,063	178,256	639,877	602,256
Interest and dividends expense	197,549	165,691	580,742	462,232
Other segment items	383,229	300,852	1,135,373	846,997
Total operating expenses	822,841	644,799	2,355,992	1,911,485
Income before income taxes and noncontrolling interest	331,099	179,990	1,083,228	750,746
Operating segments \| Market Making
Revenues:
Total revenues	986,778	668,017	2,911,649	2,145,782
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	209,758	147,522	538,331	514,136
Interest and dividends expense	196,704	164,374	576,027	458,296
Other segment items	270,800	205,674	801,597	578,261
Total operating expenses	677,262	517,570	1,915,955	1,550,693
Income before income taxes and noncontrolling interest	309,516	150,447	995,694	595,089
Operating segments \| Execution Services
Revenues:
Total revenues	163,031	154,506	523,622	510,002
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	32,305	30,734	101,546	88,120
Interest and dividends expense	845	1,317	4,715	3,936
Other segment items	108,761	94,045	328,978	265,485
Total operating expenses	141,911	126,096	435,239	357,541
Income before income taxes and noncontrolling interest	21,120	28,410	88,383	152,461
Corporate
Revenues:
Total revenues	4,131	2,266	3,949	6,447
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	0	0	0	0
Interest and dividends expense	0	0	0	0
Other segment items	3,668	1,133	4,798	3,251
Total operating expenses	3,668	1,133	4,798	3,251
Income before income taxes and noncontrolling interest	$ 463	$ 1,133	$ (849)	$ 3,196

Regulatory Requirement - Schedule of Regulatory Capital and Capital Requirements (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Virtu Americas LLC
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	$ 644,998	$ 561,242
Regulatory Capital Requirement	2,868	1,000
Excess Regulatory Capital	642,130	560,242
Virtu Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	28,668
Regulatory Capital Requirement	176
Excess Regulatory Capital	28,492
Virtu Canada Corp \| Canada
Public Utilities, General Disclosures [Line Items]
Regulatory Capital		15,133
Regulatory Capital Requirement		182
Excess Regulatory Capital		14,951
Virtu Europe Trading Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	96,417	86,656
Regulatory Capital Requirement	38,735	28,283
Excess Regulatory Capital	57,682	58,373
Virtu Financial Ireland Limited \| Ireland
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	182,489	122,901
Regulatory Capital Requirement	56,737	64,951
Excess Regulatory Capital	125,752	57,950
Virtu ITG UK Limited \| United Kingdom
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	2,178	2,218
Regulatory Capital Requirement	995	1,011
Excess Regulatory Capital	1,183	1,207
Virtu ITG Australia Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	54,917	35,511
Regulatory Capital Requirement	19,240	13,262
Excess Regulatory Capital	35,677	22,249
Virtu ITG Hong Kong Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	8,971	8,200
Regulatory Capital Requirement	419	586
Excess Regulatory Capital	8,552	7,614
Virtu ITG Singapore Pte Limited \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	1,243	1,062
Regulatory Capital Requirement	216	218
Excess Regulatory Capital	1,027	844
Virtu Financial Singapore Pte. Ltd. \| Asia Pacific
Public Utilities, General Disclosures [Line Items]
Regulatory Capital	337,634	278,288
Regulatory Capital Requirement	231,386	198,100
Excess Regulatory Capital	$ 106,248	$ 80,188

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Lease assets and liabilities are summarized as follows:


(in thousands)	Financial Statement Location	September 30, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets	Operating lease right-of-use assets	$	219,385	$	213,707
Operating lease liabilities	Operating lease liabilities	264,963		261,169

Finance leases
Property and equipment, at cost	Property, equipment, and capitalized software, net	103,562		36,611
Accumulated depreciation	Property, equipment, and capitalized software, net	(27,974)		(17,703)
Finance lease liabilities	Accounts payable, accrued expenses, and other liabilities	76,941		19,984

Schedule of Lease Term, Discount Rate and Components of Lease Expense

Weighted average remaining lease term and discount rate are as follows:


	September 30, 2026		December 31, 2025
Weighted average remaining lease term
Operating leases	5.40 years		4.40 years
Finance leases	3.19 years		2.58 years
Weighted average discount rate
Operating leases	6.15	%	5.95	%
Finance leases	5.09	%	5.83	%

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost:
Fixed	$	20,590	$	17,371	$	58,584	$	52,602
Variable	2,435		1,845		7,204		4,895
Impairment of ROU Asset	—		—		832		—
Total Operating lease cost	$	23,025	$	19,216	$	66,620	$	57,497

Sublease income	2,791		3,190		8,779		9,832

Finance lease cost:
Amortization of ROU Asset	$	6,127	$	1,740	$	10,915	$	5,702
Interest on lease liabilities	934		280		1,567		921
Total Finance lease cost	$	7,061	$	2,020	$	12,482	$	6,623

Schedule of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2026, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	21,334	$	7,184
2027	75,054		28,217
2028	76,449		24,328
2029	30,708		17,006
2030	27,162		6,746
2031 and thereafter	90,977		—
Total lease payments	$	321,684	$	83,481
Less imputed interest	(56,721)		(6,540)
Total lease liability	$	264,963	$	76,941

Schedule of Future Minimum Lease Payments Under Finance Leases

Future minimum lease payments under operating and finance leases with non-cancelable lease terms, as of September 30, 2026, are as follows:



(in thousands)	Operating Leases		Finance Leases
2026	$	21,334	$	7,184
2027	75,054		28,217
2028	76,449		24,328
2029	30,708		17,006
2030	27,162		6,746
2031 and thereafter	90,977		—
Total lease payments	$	321,684	$	83,481
Less imputed interest	(56,721)		(6,540)
Total lease liability	$	264,963	$	76,941

Revenues from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 172,226	$ 154,483	$ 538,396	$ 459,649
Total revenue	1,153,940	824,789	3,439,220	2,662,231
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	1,134,354	806,559	3,381,727	2,607,717
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	19,586	18,230	57,493	54,514
Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	136,555	122,247	429,364	355,874
Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	25,717	23,180	80,382	75,684
Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,954	9,056	28,650	28,091
Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	981,714	670,306	2,900,824	2,202,582
Operating segments \| Market Making
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,614	9,821	42,233	41,547
Total revenue	986,778	668,017	2,911,649	2,145,782
Operating segments \| Market Making \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	986,778	668,017	2,911,649	2,145,782
Operating segments \| Market Making \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating segments \| Market Making \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,614	9,821	42,233	41,547
Operating segments \| Market Making \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments \| Market Making \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments \| Market Making \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	969,164	658,196	2,869,416	2,104,235
Operating segments \| Execution Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	154,612	144,662	496,163	418,102
Total revenue	163,031	154,506	523,622	510,002
Operating segments \| Execution Services \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	143,445	136,276	466,129	455,488
Operating segments \| Execution Services \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	19,586	18,230	57,493	54,514
Operating segments \| Execution Services \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	118,941	112,426	387,131	314,327
Operating segments \| Execution Services \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	25,717	23,180	80,382	75,684
Operating segments \| Execution Services \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	9,954	9,056	28,650	28,091
Operating segments \| Execution Services \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	8,419	9,844	27,459	91,900
Corporate
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Total revenue	4,131	2,266	3,949	6,447
Corporate \| Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	4,131	2,266	3,949	6,447
Corporate \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate \| Commissions, net
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Corporate \| Workflow technology
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Corporate \| Analytics
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Corporate \| Other sources of revenue
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 4,131	$ 2,266	$ 3,949	$ 6,447

Variable Interest Entities

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

A variable interest entity (“VIE”) is an entity that lacks one or more of the following characteristics: (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity.

The Company will be considered to have a controlling financial interest and will consolidate a VIE if it has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company has an interest in a joint venture (“JV”) that builds and maintains communication networks and related assets globally. The Company and its JV partners each pay monthly fees for the use of the communication networks in connection with their respective trading activities, and the JV may sell excess bandwidth that is not utilized by the JV members to third parties. As of September 30, 2026, the Company held a noncontrolling interest of 50.0% in the JV.

The Company has an interest in a JV that offers derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. As of September 30, 2026, the Company held approximately a 9.8% noncontrolling interest in this JV.

The Company has an interest in a JV that operates a member-owned equities exchange with the goal of increasing competition and transparency, while reducing fixed costs and simplifying execution of equity trading in the U.S. As of September 30, 2026, the Company held approximately a 12.6% noncontrolling interest in this JV.

The Company has an interest in a JV that was formed for the purpose of developing and operating a cryptocurrency trading platform with the goal of increasing competition and transparency, while improving trading performance and reducing operational risk. As of September 30, 2026, the Company held approximately a 6.4% noncontrolling interest in this JV.

The Company’s JVs noted above meet the criteria to be considered VIEs, which it does not consolidate. The Company records its interest in the JVs under the equity method of accounting and records its investment in the JVs within Other assets

and its amounts payable for communication services provided by the telecommunications JV within Accounts payable, accrued expenses and other liabilities on the Statements of Financial Condition as applicable. The Company records its pro-rata share of the JVs’ earnings or losses within Other, net and fees related to the use of communication services provided by the telecommunications JV within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income.

The Company’s exposure to the obligations of these VIEs is generally limited to its interests in each respective JV, which is the carrying value of the equity investment in each JV.

The following table presents the Company’s nonconsolidated VIEs at September 30, 2026:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	89,517	$	—	$	89,517	$	562,931

The following table presents the Company’s nonconsolidated VIEs at December 31, 2025:


	Carrying Amount				Maximum Exposure to Loss		VIEs' assets
(in thousands)	Asset		Liability
Equity investment	$	92,127	$	—	$	92,127	$	422,006

The Company formed a JV to support the growth and expansion of a multi-asset request-for-quote communication platform in 2022. Upon the formation of the JV, the Company held a 51% controlling interest. The JV met the criteria to be considered a VIE, and based on the standard for control set forth above, the Company consolidated this entity and recorded the interest that the Company did not own as noncontrolling interest in the Condensed Consolidated Financial Statements. On May 9, 2025, the Company completed the sale of a 49% interest in the multi-asset request-for-quote communication platform JV. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company ceased to control, and deconsolidated, RFQ-hub at such time. See Note 3 “Sale of RFQ-hub” for further details.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events for adjustment to or disclosure in its Condensed Consolidated Financial Statements through the date of this report, and has not identified any recordable or disclosable events, not otherwise reported in these Condensed Consolidated Financial Statements or the notes thereto, except for the following: On November 4, 2026, the Company’s Board of Directors, upon the unanimous recommendation of a special committee of the Board, adopted resolutions (the “Reincorporation Resolutions”) approving a Plan of Conversion (the “Plan of Conversion”) pursuant to which the Company will convert from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Texas (the “Reincorporation”). Also on November 4, 2026, TJMT Holdings LLC, which holds a majority of the aggregate voting power of the issued and outstanding common stock of the Company entitled to vote on the Reincorporation, approved and adopted by written consent the Reincorporation, the Plan of Conversion and the Reincorporation Resolutions. The Reincorporation will not become effective until the conditions set forth in the Plan of Conversion are satisfied. On November 5, 2026, the Company’s Board of Directors declared a dividend of $0.24 per share of Class A Common Stock and Class B Common Stock and per participating Restricted Stock Unit and Restricted Stock Award that will be paid on December 15, 2026 to holders of record as of December 1, 2026.

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Operating leases
Operating lease right-of-use assets	$ 219,385	$ 213,707
Operating lease liabilities	264,963	261,169
Finance leases
Property and equipment, at cost	103,562	36,611
Accumulated depreciation	(27,974)	(17,703)
Finance lease liabilities	$ 76,941	$ 19,984

Tax Receivable Agreements	9 Months Ended
Tax Receivable Agreements	Sep. 30, 2026
Tax Receivable Agreements [Abstract]
Tax Receivable Agreements	Tax Receivable Agreements For a detailed discussion of the Company’s tax receivable agreements, see Note 5 “Tax Receivable Agreements” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. For the purposes of the tax receivable agreements discussed above, the cash savings realized by the Company are computed by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been (i) no increase to the tax basis of the assets of Virtu Financial as a result of the purchase or exchange of Virtu Financial Units, (ii) no tax benefit from the tax basis in the intangible assets of Virtu Financial on the date of the Company’s initial public offering (the “IPO”) and (iii) no tax benefit as a result of the Net Operating Losses (“NOLs”) and other tax attributes of Virtu Financial. Subsequent adjustments of the tax receivable agreements obligations due to certain events (e.g., changes to the expected realization of NOLs or changes in tax rates) will be recognized within income before taxes and noncontrolling interests in the Condensed Consolidated Statements of Comprehensive Income. The Company made payments totaling $155.8 million from February 2017 through September 2026 with respect to its TRA obligation. Tax receivable payments are expected to range from approximately $0.7 million to $23.2 million per year over the next 15 years. At September 30, 2026 and December 31, 2025, the Company’s remaining deferred tax assets that relate to the matters described above were approximately $77.3 million and $91.4 million, respectively, and the Company’s liabilities over the next 15 years pursuant to the tax receivable agreements were approximately $173.1 million and $181.9 million for September 30, 2026 and December 31, 2025, respectively. The amounts recorded as of September 30, 2026 and December 31, 2025 are based on best estimates available at the respective dates and may be subject to change after the filing of the Company’s U.S. federal and state income tax returns for the years in which tax savings were realized.

Borrowings - Broker-Dealer Credit Facilities (Details)	9 Months Ended
Borrowings - Broker-Dealer Credit Facilities (Details)	Sep. 30, 2026 USD ($) instrument base	Feb. 28, 2025 USD ($)
Line of Credit Facility [Line Items]
Number of borrowing bases \| base	2
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Number of secured credit facilities (in instruments) \| instrument	2
Maximum borrowing capacity	$ 650,000,000
Commitment fee (as a percent)	0.50%
Broker-dealer credit facilities \| Borrowing Base A Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 650,000,000
Interest rate margin (as a percent)	1.25%
Broker-dealer credit facilities \| Borrowing Base B Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 350,000,000
Interest rate margin (as a percent)	2.50%
Broker-dealer credit facilities \| Virtu Financial Singapore Pte. Ltd.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000
Interest rate margin (as a percent)	3.50%
Broker-dealer credit facility on an uncommitted basis
Line of Credit Facility [Line Items]
Number of secured credit facilities (in instruments) \| instrument	1
Maximum borrowing capacity	$ 400,000,000

Financial Instruments and Fair Value Measurements - Schedule of Netting of Certain Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Securities loaned
Gross Amounts of Recognized Liabilities	$ 4,008,974	$ 3,477,831
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	4,008,974	3,477,831
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(3,927,186)	(3,382,370)
Counterparty Netting/ Cash Collateral	(55,978)	(67,690)
Net Amount	25,810	27,771
Securities sold under agreements to repurchase
Gross Amounts of Recognized Liabilities	2,092,530	1,405,639
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	2,092,530	1,405,639
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(2,091,384)	(1,404,924)
Counterparty Netting/ Cash Collateral	0	0
Net Amount	1,146	715
Total
Gross Amounts of Recognized Liabilities	6,580,925	5,298,925
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	(467,331)	(198,463)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	6,113,594	5,100,462
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	(6,018,570)	(4,787,294)
Counterparty Netting/ Cash Collateral	(68,068)	(164,398)
Net Amount	26,956	148,770
Interest rate swap
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities		0
Amounts Offset in the Condensed Consolidated Statements of Financial Condition		0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition		0
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral		0
Counterparty Netting/ Cash Collateral		0
Net Amount		0
Currency forwards
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	467,331	198,463
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	(467,331)	(198,463)
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	0	0
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	0	0
Net Amount	0	0
Options
Trading liabilities, at fair value:
Gross Amounts of Recognized Liabilities	12,090	216,992
Amounts Offset in the Condensed Consolidated Statements of Financial Condition	0	0
Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition	12,090	216,992
Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition
Financial Instrument Collateral	0	0
Counterparty Netting/ Cash Collateral	(12,090)	(96,708)
Net Amount	$ 0	$ 120,284

Digital Assets Held - Narrative (Details) - PYTH Tokens token in Millions, $ in Millions	Sep. 30, 2026 USD ($) token
Crypto Asset, Activity [Line Items]
Number of units subject to restriction (in tokens) \| token	25.0
Fair value of assets subject to restriction \| $	$ 1.9

Sale of RFQ-hub - Schedule of Carrying Value and Gain on Sale of BondPoint (Details) - USD ($) $ in Thousands		9 Months Ended
	May 09, 2025	Sep. 30, 2026	Sep. 30, 2025
Business assets and liabilities held for sale:
Total sale proceeds received		$ 0	$ 37,932
RFQ-hub \| Disposed of by sale
Business assets and liabilities held for sale:
Total sale proceeds received	$ 37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Cash and cash equivalents	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	(1,684)
Less: Total carrying value of RFQ-hub’s net assets	8,100
Gain on sale of RFQ-hub	$ 66,988

Borrowings - Schedule of Interest Expense on Broker-Dealer Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Line of Credit Facility [Line Items]
Interest expense	$ 43,179	$ 33,297	$ 112,851	$ 95,739
Broker-dealer credit facilities
Line of Credit Facility [Line Items]
Interest expense	2,359	1,967	6,882	6,341
Uncommitted facility
Line of Credit Facility [Line Items]
Interest expense	1,460	957	4,145	3,276
Committed facility
Line of Credit Facility [Line Items]
Interest expense	899	838	2,537	2,545
Overdraft facility
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 172	$ 200	$ 520

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per Share - Schedule of Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Basic earnings per share:
Net income available for common stockholders	$ 153,257	$ 77,628	$ 486,465	$ 328,496
Less: Dividends and undistributed earnings allocated to participating securities	(7,472)	(5,032)	(25,839)	(21,523)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 145,785	$ 72,596	$ 460,626	$ 306,973
Weighted average shares of common stock outstanding:
Class A (in shares)	88,465,017	84,797,006	87,396,136	85,319,476
Basic earnings per share (in dollars per share)	$ 1.65	$ 0.86	$ 5.27	$ 3.60
Class A
Weighted average shares of common stock outstanding:
Class A (in shares)	88,465,017	84,797,006	87,396,136	85,319,476

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
SBI
Related Party Transaction [Line Items]
Payments to related party	$ 3.0	$ 2.6	$ 8.3	$ 8.1
Related party
Related Party Transaction [Line Items]
Other liabilities	2.8		2.8		$ 10.6
Regulatory and transaction fee proceeds (payments)	2.3	(2.4)	8.2	(7.8)
Related party \| Microwave communication network JVs
Related Party Transaction [Line Items]
Payments to related party	$ 12.5	$ 18.9	$ 37.0	$ 33.3

- Definition

Amount of liabilities classified as other.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per Share - Schedule of Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$ 145,785	$ 72,596	$ 460,626	$ 306,973
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	88,465,017	84,797,006	87,396,136	85,319,476
Weighted average shares of common stock outstanding (in shares)	88,465,017	84,797,006	87,396,136	85,461,108
Diluted earnings per share (in dollars per share)	$ 1.65	$ 0.86	$ 5.27	$ 3.59
Class A
Weighted average shares of common stock outstanding:
Issued and outstanding (in shares)	88,465,017	84,797,006	87,396,136	85,319,476
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan (in shares)	0	0	0	141,632
Weighted average shares of common stock outstanding (in shares)	88,465,017	84,797,006	87,396,136	85,461,108

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 1,516,624	$ 1,061,697
Cash restricted or segregated under regulations and other	58,759	64,744
Securities borrowed	3,565,819	3,191,138
Securities purchased under agreements to resell	1,730,184	988,929
Receivables from broker-dealers and clearing organizations ($297,208 and $328,934 at fair value, as of September 30, 2026 and December 31, 2025, respectively)	3,066,691	1,896,405
Trading assets, at fair value:
Receivables from customers	220,701	161,561
Property, equipment and capitalized software (net of accumulated depreciation of $491,469 and $437,002 as of September 30, 2026 and December 31, 2025, respectively)	175,337	96,378
Operating lease right-of-use assets	219,385	213,707
Goodwill	1,148,926	1,148,926
Intangibles (net of accumulated amortization of $510,941 and $475,592 as of September 30, 2026 and December 31, 2025, respectively)	119,582	154,931
Deferred tax assets	78,627	92,422
Other assets ($334,463 and $242,121, at fair value, as of September 30, 2026 and December 31, 2025, respectively)	712,486	528,341
Total assets	26,385,285	20,150,736
Liabilities
Short-term borrowings	184,119	12,382
Securities loaned	4,008,974	3,477,831
Securities sold under agreements to repurchase	2,092,530	1,405,639
Payables to broker-dealers and clearing organizations ($323,170 and $181,272, at fair value, as of September 30, 2026 and December 31, 2025, respectively)	1,464,692	998,276
Payables to customers	63,747	43,103
Trading liabilities, at fair value:
Financial instruments sold, not yet purchased	12,192,294	9,105,263
Tax receivable agreement obligations	173,090	181,855
Accounts payable, accrued expenses and other liabilities	931,393	652,352
Operating lease liabilities	264,963	261,169
Long-term borrowings	2,520,360	2,039,463
Total liabilities	23,896,162	18,177,333
Commitments and Contingencies (Note 16)
Virtu Financial Inc. Stockholders’ equity
Treasury stock, at cost, 55,957,738 and 55,957,738 shares at September 30, 2026 and December 31, 2025, respectively	(1,475,666)	(1,475,666)
Additional paid-in capital	1,620,745	1,541,684
Retained earnings	1,874,842	1,519,270
Accumulated other comprehensive income (loss)	(6,713)	(3,011)
Total Virtu Financial Inc. stockholders’ equity	2,013,210	1,582,279
Noncontrolling interest	475,913	391,124
Total equity	2,489,123	1,973,403
Total liabilities and equity	26,385,285	20,150,736
Class A Common Stock
Virtu Financial Inc. Stockholders’ equity
Common stock	1	1
Class B Common Stock
Virtu Financial Inc. Stockholders’ equity
Common stock	0	0
Class C Common Stock
Virtu Financial Inc. Stockholders’ equity
Common stock	0	0
Class D Common Stock
Virtu Financial Inc. Stockholders’ equity
Common stock	1	1
Not pledged
Trading assets, at fair value:
Financial instruments owned	10,071,410	7,343,032
Pledged
Trading assets, at fair value:
Financial instruments owned	$ 3,700,754	$ 3,208,525

Goodwill and Intangible Assets - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Goodwill [Line Items]
Goodwill	$ 1,148,926	$ 1,148,926
Operating segments \| Market Making
Goodwill [Line Items]
Goodwill	755,292	755,292
Operating segments \| Execution Services
Goodwill [Line Items]
Goodwill	393,634	393,634
Corporate
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Borrowings - Schedule of Prime Brokerage Credit Facilities, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Short-term Debt [Line Items]
Weighted Average Interest Rate		1.30%
Borrowing Outstanding	$ 2,551,785	$ 2,067,334
Short-Term Credit Facilities
Short-term Debt [Line Items]
Weighted Average Interest Rate	6.11%	5.71%
Financing Available	$ 671,403	$ 645,622
Borrowing Outstanding	$ 272,230	$ 203,816

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Trading income, net	$ 820,198	$ 529,060	$ 2,466,035	$ 1,771,839
Interest and dividends income	151,155	127,419	424,559	364,878
Commissions, net and technology services	172,226	154,483	538,396	459,649
Other, net	10,361	13,827	10,230	65,865
Total revenue	1,153,940	824,789	3,439,220	2,662,231
Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net	242,063	178,256	639,877	602,256
Communication and data processing	71,185	62,774	207,772	184,012
Employee compensation and payroll taxes	198,989	157,669	624,027	413,206
Interest and dividends expense	197,549	165,691	580,742	462,232
Operations and administrative	34,795	24,908	93,313	72,939
Depreciation and amortization	21,731	15,401	56,543	46,951
Amortization of purchased intangibles and acquired capitalized software	11,783	11,783	35,349	35,349
Termination of office leases	5	(6,510)	826	(6,489)
Debt issue cost related to debt refinancing, prepayment and commitment fees	1,562	1,517	4,692	4,880
Transaction advisory fees and expenses	0	13	0	410
Financing interest expense on long-term borrowings	43,179	33,297	112,851	95,739
Total operating expenses	822,841	644,799	2,355,992	1,911,485
Income before income taxes and noncontrolling interest	331,099	179,990	1,083,228	750,746
Provision for income taxes	48,557	30,939	169,161	119,084
Net income	282,542	149,051	914,067	631,662
Noncontrolling interest	(129,285)	(71,423)	(427,602)	(303,166)
Net income available for common stockholders	$ 153,257	$ 77,628	$ 486,465	$ 328,496
Earnings per share
Basic (in dollars per share)	$ 1.65	$ 0.86	$ 5.27	$ 3.60
Diluted (in dollars per share)	$ 1.65	$ 0.86	$ 5.27	$ 3.59
Weighted average common shares outstanding
Basic (in shares)	88,465,017	84,797,006	87,396,136	85,319,476
Diluted (in shares)	88,465,017	84,797,006	87,396,136	85,461,108
Net income	$ 282,542	$ 149,051	$ 914,067	$ 631,662
Other comprehensive income
Foreign exchange translation adjustment, net of taxes	(1,702)	(2,715)	(6,602)	14,564
Net change in unrealized cash flow hedges gain (loss), net of taxes	0	264	0	(748)
Comprehensive income	280,840	146,600	907,465	645,478
Less: Comprehensive income attributable to noncontrolling interest	(128,460)	(70,373)	(424,702)	(309,087)
Comprehensive income attributable to common stockholders	$ 152,380	$ 76,227	$ 482,763	$ 336,391

Collateralized Transactions

9 Months Ended

Sep. 30, 2026

Collateralized Agreements [Abstract]

Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At September 30, 2026 and December 31, 2025, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at September 30, 2026 and December 31, 2025 are summarized as follows:


(in thousands)	September 30, 2026		December 31, 2025
Securities received as collateral:
Securities borrowed	$	3,469,463	$	3,083,612
Securities purchased under agreements to resell	1,728,233		988,274
	$	5,197,696	$	4,071,886

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2026 and December 31, 2025 consisted of the following:


(in thousands)	September 30, 2026		December 31, 2025
Equities	$	3,694,210	$	3,200,345

Exchange traded notes	6,544		8,180
	$	3,700,754	$	3,208,525

Capital Structure - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	$ 2,325,010	$ 1,633,341	$ 1,973,403	$ 1,487,377
Balance at end of period	2,489,123	1,700,817	2,489,123	1,700,817
AOCI attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	(5,836)	2,233	(3,011)	(7,063)
Amounts recorded in AOCI	(877)	(1,497)	(3,702)	9,236
Amounts reclassified from AOCI to income	0	96	0	(1,341)
Balance at end of period	(6,713)	832	(6,713)	832
Net change in unrealized cash flow hedges gains (losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period		4,359		4,943
Amounts recorded in AOCI		55		908
Amounts reclassified from AOCI to income		96		(1,341)
Balance at end of period		4,510		4,510
Foreign exchange translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning period of period	(5,836)	(2,126)	(3,011)	(12,006)
Amounts recorded in AOCI	(877)	(1,552)	(3,702)	8,328
Amounts reclassified from AOCI to income	0	0	0	0
Balance at end of period	$ (6,713)	$ (3,678)	$ (6,713)	$ (3,678)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Borrowings - Schedule of Redemption Prices (Details) - Debt Redemption Prior To June 15 2027	9 Months Ended
	Sep. 30, 2026
2027
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	103.75%
2028
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	101.875%
2029 and thereafter
Debt Instrument [Line Items]
Percentage of principal amount redeemed (as a percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 85,903	$ 85,990	$ 86,491	$ 75,843
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	5,351	2,262	4,763	12,409
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	91,254	88,252	91,254	88,252
Change in net unrealized gains / (losses) on investments still held at end of period	5,351	2,262	4,763	12,409
Equity investment
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	85,903	85,990	86,491	75,843
Purchases	0	0	0	0
Total realized and unrealized gains / (losses)	5,351	2,262	4,763	12,409
Net Transfers into (out of) Level 3	0	0	0	0
Settlement	0	0	0	0
Ending balance	91,254	88,252	91,254	88,252
Change in net unrealized gains / (losses) on investments still held at end of period	5,351	2,262	4,763	12,409
Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Purchases	0	0
Total realized and unrealized gains / (losses)	0	0
Net Transfers into (out of) Level 3	0	0
Settlement	0	0
Ending balance	0	0	$ 0	$ 0
Change in net unrealized gains / (losses) on investments still held at end of period	$ 0	$ 0

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of September 30, 2026 and December 31, 2025, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three and nine months ended September 30, 2026 and 2025.

The following table presents the details of goodwill by segment as of September 30, 2026 and December 31, 2025:


(in thousands)	Market Making		Execution Services		Corporate		Total



Balance as of period-end	$	755,292	$	393,634	$	—	$	1,148,926

As of September 30, 2026 and December 31, 2025, the Company’s total amount of intangible assets recorded was $119.6 million and $154.9 million, respectively. Acquired intangible assets consisted of the following as of September 30, 2026 and December 31, 2025:


	As of September 30, 2026
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(363,734)	$	115,396	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,707)		188		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(510,941)	$	119,582


	As of December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Customer relationships	$	479,130	$	(328,411)	$	150,719	10	to	12
Technology	136,000		(136,000)		—		1	to	6
Favorable occupancy leases	5,895		(5,681)		214		3	to	15
Exchange memberships	3,998		—		3,998		Indefinite
Trade name	3,600		(3,600)		—			3
ETF issuer relationships	950		(950)		—			9
ETF buyer relationships	950		(950)		—			9

	$	630,523	$	(475,592)	$	154,931

Amortization expense relating to finite-lived intangible assets was approximately $11.8 million and $11.8 million for the three months ended September 30, 2026 and 2025, respectively, and $35.3 million and $35.3 million for the nine months ended September 30, 2026 and 2025, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Condensed Consolidated Statements of Comprehensive Income.

The Company expects to record amortization expense as follows over the next five subsequent years:


(in thousands)
Remainder of 2026	$	11,783
2027	47,132
2028	47,132
2029	9,466
2030	36
2031	36

Commitments, Contingencies and Guarantees (Details) - USD ($) $ in Millions		1 Months Ended
	Mar. 16, 2026	Dec. 31, 2025	Oct. 07, 2024
Gain Contingencies [Line Items]
Penalty amount		$ 2.5
Funding model term	2 years
NLN Holdings LLC
Gain Contingencies [Line Items]
Ownership interest percentage			50.00%

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income tax at the rate applicable to corporations for the share of income that is not attributable to the noncontrolling interest in Virtu Financial. These noncontrolling interests are subject to U.S. taxation at the partner level. Accordingly, for the three and nine months ended September 30, 2026 and 2025, the income attributable to these noncontrolling interests was reported in the Condensed Consolidated Statements of Comprehensive Income, but the related U.S. income tax expense attributable to these noncontrolling interests was not reported by the Company as it is the obligation of the individual partners. The Company’s non-U.S. subsidiaries are subject to foreign income taxes in the jurisdictions in which they operate. The Company’s provisions for income taxes and effective tax rates were $48.6 million, and 14.7%, and $30.9 million, and 17.2% for the three months ended September 30, 2026 and 2025, respectively, and $169.2 million, and 15.6%, and $119.1 million, and 15.9% for the nine months ended September 30, 2026 and 2025, respectively. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation. Included in Other assets on the Condensed Consolidated Statements of Financial Condition at September 30, 2026 and December 31, 2025 are current income tax receivables of $62.3 million and $36.8 million, respectively. The balances at September 30, 2026 and December 31, 2025 primarily comprised prepayments of income tax and income tax benefits due to the Company from federal, state, local, and foreign tax jurisdictions based on income before taxes. Included in Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition at September 30, 2026 and December 31, 2025 are current tax liabilities of $24.4 million and $37.8 million, respectively. The balances at September 30, 2026 and December 31, 2025 primarily comprise income taxes owed to federal, state and local, and foreign tax jurisdictions based on income before taxes. Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the IPO (see Note 5 “Tax Receivable Agreements”), differences in the valuation of financial assets and liabilities, and other temporary differences arising from the deductibility of compensation, depreciation, and other expenses in different time periods for book and income tax return purposes. There are no expiration dates on the deferred tax assets. The provisions of ASC 740 require that carrying amounts of deferred tax assets be reduced by a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically with appropriate consideration given to all positive and negative evidence related to the realization of the deferred tax assets. At September 30, 2026 and December 31, 2025, the Company did not have any U.S. federal, state or local net operating loss carryforwards and therefore the Company did not record a deferred tax asset related to any federal net operating loss carryforwards. The Company has non-U.S. net operating losses at September 30, 2026 and December 31, 2025, of $31.7 million and $46.8 million, respectively, and has recorded related deferred tax assets of $5.2 million and $7.9 million, respectively. A full valuation allowance was recorded against these deferred tax assets at September 30, 2026 and December 31, 2025 as it is more likely than not that these deferred tax assets will not be realized. No valuation allowance against the remaining deferred taxes was recorded as of September 30, 2026 and December 31, 2025 because it is more likely than not that these deferred tax assets will be fully realized. The Company is subject to taxation in U.S. federal, state, local and foreign jurisdictions. As of September 30, 2026, the Company’s tax years for 2022 through 2025 and 2018 through 2025 are subject to examination by U.S. and non-U.S. tax authorities, respectively. In addition, the Company is subject to state and local income tax examinations in various jurisdictions for the tax years 2018 through 2025. The final outcome of these examinations is not yet determinable. However, the Company anticipates that adjustments related to these examinations, if any, will not result in a material change to its financial condition, results of operations and cash flows. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income or loss before income taxes and noncontrolling interest. Penalties, if any, are recorded in Operations and administrative expense and interest received or paid is recorded in Other, net or Operations and administrative expense in the Condensed Consolidated Statements of Comprehensive Income, respectively. The Company had $3.5 million of unrecognized tax benefits as of September 30, 2026, all of which would affect the Company’s effective tax rate if recognized. The Company has determined that there are no uncertain tax positions that would have a material impact on the Company’s financial position as of September 30, 2026.

- Definition

The entire disclosure for income tax.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Receivables from/Payables to Broker-Dealers and Clearing Organizations - Schedule of Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets
Due from prime brokers	$ 1,370,749	$ 902,859
Deposits with clearing organizations	584,663	253,010
Net equity with futures commission merchants	500,570	455,105
Unsettled trades with clearing organizations	90,654	28,354
Securities failed to deliver	476,424	220,326
Commissions and fees	43,631	36,751
Total receivables from broker-dealers and clearing organizations	3,066,691	1,896,405
Liabilities
Due to prime brokers	1,201,534	612,679
Net equity with futures commission merchants	(27,857)	(4,278)
Unsettled trades with clearing organizations	93,637	238,872
Securities failed to receive	192,505	145,548
Commissions and fees	4,873	5,455
Total payables to broker-dealers and clearing organizations	$ 1,464,692	$ 998,276

Collateralized Transactions (Tables)

9 Months Ended

Sep. 30, 2026

Collateralized Agreements [Abstract]

Schedule of the Fair Value of Collateralized Transactions

The fair value of the collateralized transactions at September 30, 2026 and December 31, 2025 are summarized as follows:


(in thousands)	September 30, 2026		December 31, 2025
Securities received as collateral:
Securities borrowed	$	3,469,463	$	3,083,612
Securities purchased under agreements to resell	1,728,233		988,274
	$	5,197,696	$	4,071,886

Schedule of Financial Instruments Owned and Pledged, where Counterparty has Right to Repledge

Financial instruments owned and pledged, where the counterparty has the right to repledge, at September 30, 2026 and December 31, 2025 consisted of the following:


(in thousands)	September 30, 2026		December 31, 2025
Equities	$	3,694,210	$	3,200,345

Exchange traded notes	6,544		8,180
	$	3,700,754	$	3,208,525

Sale of RFQ-hub (Tables)

9 Months Ended

Sep. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Value and Gain on Sale of BondPoint

A summary of the gain on sale and deconsolidation of RFQ-hub is as follows:


(in thousands)	May 9, 2025
Total sale proceeds received	$	37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Carrying value of RFQ-hub’s net assets:
Cash and cash equivalents	$	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	$	(1,684)

Less: Total carrying value of RFQ-hub’s net assets	$	8,100

Gain on sale of RFQ-hub	$	66,988

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section S99
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

Borrowings - SBI Bonds (Details)	3 Months Ended		9 Months Ended
Borrowings - SBI Bonds (Details)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 JPY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 JPY (¥)	Jul. 25, 2016 USD ($)	Jul. 25, 2016 JPY (¥)
Debt Instrument [Line Items]
Borrowing Outstanding	$ 2,551,785,000		$ 2,551,785,000			$ 2,067,334,000
SBI bonds
Debt Instrument [Line Items]
Borrowing Outstanding	22,235,000		22,235,000			22,334,000
VFH \| SBI bonds \| SBI Bonds
Debt Instrument [Line Items]
Aggregate principal amount								$ 33,100,000	¥ 3,500,000,000
Borrowing Outstanding	22,200,000		22,200,000		¥ 3,500,000,000	$ 22,300,000	¥ 3,500,000,000
Gain (loss) due to change in currency rates	$ (700,000)	$ 600,000	$ 100,000	$ (1,400,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets - Schedule of Expects Amortization Expense (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 11,783
2027	47,132
2028	47,132
2029	9,466
2030	36
2031	$ 36

Financial Instruments and Fair Value Measurements - Schedule of Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets
Cash restricted or segregated under regulations and other	$ 58,759	$ 64,744
Receivables from broker-dealers and clearing organizations	3,066,691	1,896,405
Receivables from customers	220,701	161,561
Other assets	712,486	528,341
Liabilities
Payables to broker-dealers and clearing organizations	1,464,692	998,276
Payables to customers	63,747	43,103
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash and cash equivalents	1,516,624	1,061,697
Cash restricted or segregated under regulations and other	58,759	64,744
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0	0
Other assets	15,302	16,414
Total Assets	1,590,685	1,142,855
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	3,565,819	3,191,138
Securities purchased under agreements to resell	1,730,184	988,929
Receivables from broker-dealers and clearing organizations	2,769,483	1,567,471
Receivables from customers	220,701	161,561
Other assets	38,612	23,531
Total Assets	8,324,799	5,932,630
Liabilities
Short-term borrowings	185,000	12,382
Long-term borrowings	2,553,940	2,098,639
Securities loaned	4,008,974	3,477,831
Securities sold under agreements to repurchase	2,092,530	1,405,639
Payables to broker-dealers and clearing organizations	1,141,522	817,004
Payables to customers	63,747	43,103
Other liabilities	41,081	26,039
Total Liabilities	10,086,794	7,880,637
Significant Unobservable Inputs (Level 3)
Assets
Cash and cash equivalents	0	0
Cash restricted or segregated under regulations and other	0	0
Securities borrowed	0	0
Securities purchased under agreements to resell	0	0
Receivables from broker-dealers and clearing organizations	0	0
Receivables from customers	0	0
Other assets	0	0
Total Assets	0	0
Liabilities
Short-term borrowings	0	0
Long-term borrowings	0	0
Securities loaned	0	0
Securities sold under agreements to repurchase	0	0
Payables to broker-dealers and clearing organizations	0	0
Payables to customers	0	0
Other liabilities	0	0
Total Liabilities	0	0
Carrying Value
Assets
Cash and cash equivalents	1,516,624	1,061,697
Cash restricted or segregated under regulations and other	58,759	64,744
Securities borrowed	3,565,819	3,191,138
Securities purchased under agreements to resell	1,730,184	988,929
Receivables from broker-dealers and clearing organizations	2,769,483	1,567,471
Receivables from customers	220,701	161,561
Other assets	53,914	39,945
Total Assets	9,915,484	7,075,485
Liabilities
Short-term borrowings	184,119	12,382
Long-term borrowings	2,520,360	2,039,463
Securities loaned	4,008,974	3,477,831
Securities sold under agreements to repurchase	2,092,530	1,405,639
Payables to broker-dealers and clearing organizations	1,141,522	817,004
Payables to customers	63,747	43,103
Other liabilities	41,081	26,039
Total Liabilities	10,052,333	7,821,461
Fair Value
Assets
Cash and cash equivalents	1,516,624	1,061,697
Cash restricted or segregated under regulations and other	58,759	64,744
Securities borrowed	3,565,819	3,191,138
Securities purchased under agreements to resell	1,730,184	988,929
Receivables from broker-dealers and clearing organizations	2,769,483	1,567,471
Receivables from customers	220,701	161,561
Other assets	53,914	39,945
Total Assets	9,915,484	7,075,485
Liabilities
Short-term borrowings	185,000	12,382
Long-term borrowings	2,553,940	2,098,639
Securities loaned	4,008,974	3,477,831
Securities sold under agreements to repurchase	2,092,530	1,405,639
Payables to broker-dealers and clearing organizations	1,141,522	817,004
Payables to customers	63,747	43,103
Other liabilities	41,081	26,039
Total Liabilities	$ 10,086,794	$ 7,880,637

Earnings per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings per Share

The below table contains a reconciliation of Net income before income taxes and noncontrolling interest to Net income available for common stockholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Income before income taxes and noncontrolling interest	$	331,099	$	179,990	$	1,083,228	$	750,746
Provision for income taxes	48,557		30,939		169,161		119,084
Net income	282,542		149,051		914,067		631,662



Noncontrolling interest	(129,285)		(71,423)		(427,602)		(303,166)

Net income available for common stockholders	$	153,257	$	77,628	$	486,465	$	328,496

The calculation of basic and diluted earnings per share is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except for share or per share data)	2026		2025		2026		2025
Basic earnings per share:
Net income available for common stockholders	$	153,257	$	77,628	$	486,465	$	328,496

Less: Dividends and undistributed earnings allocated to participating securities	(7,472)		(5,032)		(25,839)		(21,523)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	145,785		72,596		460,626		306,973

Weighted average shares of common stock outstanding:
Class A	88,465,017		84,797,006		87,396,136		85,319,476

Basic earnings per share	$	1.65	$	0.86	$	5.27	$	3.60


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except for share or per share data)	2026		2025		2026		2025
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	145,785	$	72,596	$	460,626	$	306,973

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding	88,465,017		84,797,006		87,396,136		85,319,476
Issuable pursuant to Second Amended and Restated 2015 Management Incentive Plan	—		—		—		141,632
	88,465,017		84,797,006		87,396,136		85,461,108

Diluted earnings per share	$	1.65	$	0.86	$	5.27	$	3.59

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income	$ 914,067	$ 631,662
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	56,543	46,951
Amortization of purchased intangibles and acquired capitalized software	35,349	35,349
Debt issue cost related to debt refinancing and prepayment	200	0
Amortization of debt issuance costs and deferred financing fees	6,025	5,160
Termination of office leases	826	(6,489)
Share-based compensation	101,625	71,341
Deferred taxes	16,883	18,778
Gain on sale of RFQ-hub	0	(66,988)
Other	7,423	(8,973)
Changes in operating assets and liabilities:
Securities borrowed	(374,681)	(804,137)
Securities purchased under agreements to resell	(741,255)	(282,165)
Receivables from broker-dealers and clearing organizations	(1,170,286)	(1,532,797)
Trading assets, at fair value	(3,220,607)	(3,139,619)
Receivables from customers	(59,140)	(42,659)
Operating lease right-of-use assets	(6,510)	30,196
Other assets	(167,833)	(306,953)
Securities loaned	531,143	541,645
Securities sold under agreements to repurchase	686,891	4,889
Payables to broker-dealers and clearing organizations	466,416	760,535
Payables to customers	20,644	32,832
Trading liabilities, at fair value	3,087,031	3,965,479
Operating lease liabilities	3,794	(35,732)
Accounts payable, accrued expenses and other liabilities	266,522	90,697
Net cash provided by (used in) operating activities	461,070	9,002
Cash flows from investing activities
Development of capitalized software	(37,562)	(35,145)
Acquisition of property and equipment	(87,804)	(18,945)
Proceeds from sale of RFQ-hub	0	37,932
Other investing activities	(26,680)	(21,625)
Net cash provided by (used in) investing activities	(152,046)	(37,783)
Cash flows from financing activities
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest	(406,649)	(326,688)
Repurchase of Class C common stock	0	(1,566)
Purchase of treasury stock	(64,563)	(188,325)
Stock options exercised	0	15,461
Short-term borrowings, net	172,618	86,459
Proceeds from long-term borrowings	498,750	1,545,000
Repayment of long-term borrowings	(15,450)	(1,245,000)
Payment of tax receivable agreement obligations	(20,983)	(20,773)
Debt issuance costs	(6,565)	(8,930)
Repayment of finance lease liabilities	(10,638)	0
Net cash provided by (used in) financing activities	146,520	(144,362)
Effect of exchange rate changes on cash and cash equivalents	(6,602)	14,564
Net increase (decrease) in cash and cash equivalents	448,942	(158,579)
Cash, cash equivalents, and restricted or segregated cash, beginning of period	1,126,441	913,991
Cash, cash equivalents, and restricted or segregated cash, end of period	1,575,383	755,412
Supplementary disclosure of cash flow information
Cash paid for interest	584,946	472,179
Cash paid for taxes	149,878	90,258
Non-cash investing activities
Share-based and accrued incentive compensation to developers relating to capitalized software	31,261	14,595
Non-cash financing activities
Tax receivable agreement described in Note 5	(12,218)	0
Repurchase of Class C common stock	(230)	(1,018)
Purchase of treasury stock	$ 0	$ (411)

Revenues from Contracts with Customers - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation	$ 72,100,000	$ 64,500,000
Impairment losses on receivables	0
Deferred revenue related to contracts with customers	$ 9,700,000	$ 9,200,000

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical)	12 Months Ended
	Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]
Accounting standards update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-7

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
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-Section 65
-Paragraph 7
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 93: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 94: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 95: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 96: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 97: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 98: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 99: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 100: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

Reference 101: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476151/220-40-65-1

+ Details

Borrowings - Credit Agreement (Details)							1 Months Ended	9 Months Ended
Borrowings - Credit Agreement (Details)	Feb. 19, 2026 USD ($)	Feb. 19, 2025 USD ($)	Jun. 21, 2024 USD ($)	Dec. 12, 2023 USD ($)	Jan. 13, 2023 USD ($)	Jan. 31, 2022 USD ($) swap	Dec. 31, 2023 USD ($) swap	Sep. 30, 2026 USD ($)	Jul. 23, 2026 USD ($)	Dec. 31, 2025 USD ($)	Nov. 30, 2025 USD ($)	Sep. 23, 2025 USD ($)	Jan. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jan. 13, 2022 USD ($)
Debt Instrument [Line Items]
Commitment fee (as a percent)								0.50%
Receivables from broker-dealers and clearing organizations								$ 3,066,691,000		$ 1,896,405,000
Total principal of long-term borrowings								2,551,785,000		2,067,334,000
Long-term borrowings								$ 2,520,360,000		2,039,463,000
Interest rate swap
Debt Instrument [Line Items]
Derivative contract term						5 years	2 years
Derivative, notional amount						$ 525,000,000.0	$ 1,525,000,000
Fixed interest rate percentage (as a percent)														4.50%
January 2022 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term						5 years
Derivative, notional amount						$ 1,000,000,000
Number of interest rate swaps \| swap						2
Fixed interest rate percentage (as a percent)													4.60%
December 2023 Interest Rate Swap
Debt Instrument [Line Items]
Derivative contract term							2 years
Derivative, notional amount							$ 1,525,000,000
Number of interest rate swaps \| swap							2
Fixed interest rate percentage (as a percent)							7.50%
Receivables from broker-dealers and clearing organizations							$ 55,800,000
June 2024 Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount							1,525,000,000				$ 1,075,000,000
Receivables from broker-dealers and clearing organizations							2,000,000.0
Reclassification from AOCI to other income			$ 5,700,000
First Lien Term Loan
Debt Instrument [Line Items]
Debt amortization, percentage of original aggregate principal amount								1.00%
Repayments of term loan				$ 55,000,000.0	$ 18,000,000.0
Committed facility
Debt Instrument [Line Items]
Total principal of long-term borrowings								$ 50,000,000		0
Long-term borrowings								$ 49,119,000		$ 0
Committed facility \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)								1.00%
Committed facility \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)								1.50%
Committed facility \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)								2.50%
Committed facility \| SOFR \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)								0.00%
Committed facility \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity															$ 250,000,000.0
Letter of credit \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity															20,000,000.0
Swingline subfacility \| VFH
Debt Instrument [Line Items]
Maximum borrowing capacity															20,000,000.0
Amended Credit Agreement \| Overnight Bank Funding Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)								0.50%
Amended Credit Agreement \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)								1.00%
Senior Secured Second Lien Notes \| Scenario 1
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)								0.375%
Senior Secured Second Lien Notes \| Scenario 2
Debt Instrument [Line Items]
Commitment fee stepdown (as a percent)								0.25%
First Lien Term Loan Facility
Debt Instrument [Line Items]
Short-term debt								$ 0
First Lien Term Loan
Debt Instrument [Line Items]
Face amount															$ 1,800,000,000
First Lien Term Loan \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Face amount			500,000,000.0
Term Loan \| Interest rate swap
Debt Instrument [Line Items]
Total principal of long-term borrowings								$ 2,029,600,000
Term Loan \| June 2024 Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate percentage (as a percent)											7.17%
Term Loan \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)								1.50%
Term Loan \| Scenario 2
Debt Instrument [Line Items]
Interest rate margin (as a percent)								2.00%
Term Loan \| SOFR
Debt Instrument [Line Items]
Interest rate margin (as a percent)								3.00%
Term Loan \| SOFR \| Scenario 1
Debt Instrument [Line Items]
Interest rate margin (as a percent)								0.50%
Term Loan \| VFH \| Interest rate swap
Debt Instrument [Line Items]
Face amount							$ 1,525,000,000				$ 1,075,000,000		$ 1,000,000,000	$ 525,000,000.0
Fixed interest rate percentage (as a percent)											6.92%
Line of credit \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Face amount			$ 1,245,000,000
Debt instrument, term			3 years
Line of credit \| First Lien Notes Due 2031 \| Minimum
Debt Instrument [Line Items]
Total principal of long-term borrowings			$ 250,000,000.0
Line of credit \| First Lien Notes Due 2031 \| Maximum
Debt Instrument [Line Items]
Total principal of long-term borrowings			$ 300,000,000.0
Line of credit \| New Term Loans
Debt Instrument [Line Items]
Face amount		$ 1,245,000,000										$ 1,545,000,000
Total principal of long-term borrowings												$ 300,000,000.0
Line of credit \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.50%
Line of credit \| Component two \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		2.50%
Line of credit \| First Lien Term Loan \| Component one \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, additional basis spread on variable rate (as a percent)			1.75%
Line of credit \| First Lien Term Loan \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)			1.00%
Line of credit \| Line of credit \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		0.50%	0.50%
Percentage of periodic payment (as a percent)		1.00%	1.00%
Line of credit \| Senior Secured Credit Facility \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.00%	1.00%
Line of credit \| Senior Secured Credit Facility \| Component one \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.00%
Line of credit \| Secured debt \| Incremental Term B-2 Loans
Debt Instrument [Line Items]
Face amount									$ 500,000,000.0
Long-term borrowings									$ 2,029,600,000
Line of credit \| Secured debt \| Component two \| New Term Loans
Debt Instrument [Line Items]
Interest rate margin (as a percent)		0.00%	0.00%
Line of credit \| Secured debt \| SOFR \| Component two \| First Lien Notes Due 2031
Debt Instrument [Line Items]
Debt instrument, additional basis spread on variable rate (as a percent)			2.75%
Secured debt \| New Term Loans
Debt Instrument [Line Items]
Company repaid	$ 15,500,000

Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Receivables from broker-dealers and clearing organizations	$ 3,066,691	$ 1,896,405
Accumulated depreciation	491,469	437,002
Intangibles, accumulated amortization	510,941	475,592
Fair value of other assets	334,463	242,121
Payables to broker dealers and clearing organizations	$ 1,464,692	$ 998,276
Treasury stock, shares (in shares)	55,957,738	55,957,738
Class A Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	144,550,137	140,877,669
Common stock, shares outstanding (in shares)	88,592,399	84,919,931
Class B Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	6,597,369	7,970,185
Common stock, shares outstanding (in shares)	6,597,369	7,970,185
Class D Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	60,091,740	60,091,740
Common stock, shares outstanding (in shares)	60,091,740	60,091,740
Fair Value
Statement [Line Items]
Receivables from broker-dealers and clearing organizations	$ 2,769,483	$ 1,567,471
Payables to broker dealers and clearing organizations	1,141,522	817,004
Fair Value \| Interest rate swap
Statement [Line Items]
Receivables from broker-dealers and clearing organizations	297,208	328,934
Payables to broker dealers and clearing organizations	$ 323,170	$ 181,272

Regulatory Requirement

9 Months Ended

Sep. 30, 2026

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Requirement

U.S. Subsidiary

The Company’s U.S. broker-dealer subsidiary, Virtu Americas LLC (“VAL”), is subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital as detailed in the table below. Pursuant to New York Stock Exchange (“NYSE”) rules, VAL was also required to maintain $1.3 million of capital in connection with the operation of its designated market maker (“DMM”) business as of September 30, 2026. The required amount is determined under the exchange rules as the greater of (i) $1.0 million or (ii) $75,000 for every 0.1% of NYSE transaction dollar volume in each of the securities for which the Company is registered as the DMM.

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiary as of September 30, 2026 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	644,998	$	2,868	$	642,130

As of September 30, 2026, VAL had $49.6 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $8.9 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers. The balances are included within Cash restricted or segregated under regulations and other on the Condensed Consolidated Statements of Financial Condition.

The regulatory capital and regulatory capital requirements of the Company’s U.S. subsidiaries as of December 31, 2025 was as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Virtu Americas LLC	$	561,242	$	1,000	$	560,242

As of December 31, 2025, VAL had $55.5 million of cash in special reserve bank accounts for the benefit of customers pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements, and $8.7 million of cash in reserve bank accounts for the benefit of proprietary accounts of brokers.

Foreign Subsidiaries

The Company’s foreign subsidiaries are subject to regulatory capital requirements set by local regulatory bodies, including the Canadian Investment Regulatory Organization (“CIRO”), the Central Bank of Ireland (“CBI”), the Financial Conduct Authority (“FCA”) in the United Kingdom, the Australian Securities and Investments Commission (“ASIC”), the Securities and Futures Commission in Hong Kong (“SFC”), and the Monetary Authority of Singapore (“MAS”).

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of September 30, 2026 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	28,668	$	176	$	28,492


Ireland
Virtu Europe Trading Limited	96,417		38,735		57,682
Virtu Financial Ireland Limited	182,489		56,737		125,752
United Kingdom
Virtu ITG UK Limited	2,178		995		1,183
Asia Pacific
Virtu ITG Australia Limited	54,917		19,240		35,677
Virtu ITG Hong Kong Limited	8,971		419		8,552
Virtu ITG Singapore Pte Limited	1,243		216		1,027
Virtu Financial Singapore Pte. Ltd.	337,634		231,386		106,248

As of September 30, 2026, Virtu Europe Trading Limited had $0.1 million of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd. had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

The regulatory net capital balances and regulatory capital requirements applicable to the Company’s foreign subsidiaries as of December 31, 2025 were as follows:


(in thousands)	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
Canada
Virtu Canada Corp	$	15,133	$	182	$	14,951

Ireland
Virtu Europe Trading Limited	86,656		28,283		58,373
Virtu Financial Ireland Limited	122,901		64,951		57,950
United Kingdom
Virtu ITG UK Limited	2,218		1,011		1,207
Asia Pacific
Virtu ITG Australia Limited	35,511		13,262		22,249
Virtu ITG Hong Kong Limited	8,200		586		7,614
Virtu ITG Singapore Pte Limited	1,062		218		844
Virtu Financial Singapore Pte. Ltd.	278,288		198,100		80,188

As of December 31, 2025, Virtu Europe Trading Limited had $0.3 million of segregated funds on deposit for trade clearing and settlement activity, and Virtu ITG Hong Kong Ltd had $30 thousand of segregated balances under a collateral account control agreement for the benefit of certain customers.

Capital Structure

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Capital Structure

The Company has four classes of authorized common stock. The Class A Common Stock and the Class C Common Stock have one vote per share. The Class B Common Stock and the Class D Common Stock have 10 votes per share. Shares of the Company’s common stock generally vote together as a single class on all matters submitted to a vote of the Company’s stockholders. Mr. Vincent Viola together with certain affiliates controls approximately 87.3% of the combined voting power of our common stock as a result of their ownership of our Class A, Class C and Class D Common Stock. The Company holds approximately a 58.3% interest in Virtu Financial at September 30, 2026.

During the period prior to the Company’s IPO and certain reorganization transactions consummated in connection with the IPO, Class A-2 profits interests and Class B interests in Virtu Financial were issued to Employee Holdco (as defined below) on behalf of certain key employees and stakeholders. In connection with these reorganization transactions, all Class A-2 profits interests and Class B interests were reclassified into Virtu Financial Units. As of September 30, 2026 and December 31, 2025, there were 2,830,143 and 3,402,959 Virtu Financial Units outstanding held by Employee Holdco, respectively, and 572,816 and 591,785 of such Virtu Financial Units and corresponding Class C Common Stock were exchanged into Class A Common Stock, forfeited or repurchased during the nine months ended September 30, 2026 and September 30, 2025, respectively.

Second Amended and Restated 2015 Management Incentive Plan

The Company’s Board of Directors and stockholders adopted the 2015 Management Incentive Plan, which became effective upon consummation of the IPO, and was subsequently amended and restated following receipt of approval from the Company’s stockholders on June 30, 2017, June 5, 2020, June 2, 2022, and June 2, 2025. The Second Amended and Restated 2015 Management Incentive Plan provides for the grant of stock options, restricted stock units, and other awards based on an aggregate of 33,500,000 shares of Class A Common Stock, subject to additional sublimits, including limits on the total option grant to any one participant in a single year and the total performance award to any one participant in a single year.

On November 13, 2020, the Company amended its form award agreement for the issuance of RSUs to provide for the continued vesting of outstanding RSU awards upon the occurrence of a qualified retirement (the “RSU Amendment”). A qualified retirement generally means a voluntary resignation by the participant (i) after five years of service, (ii) the participant attaining the age of 50 and (iii) the sum of the participant’s age and service at the time of termination equaling or exceeding 65. Continued vesting is subject to the participant entering into a 2 year non-compete. The RSU Amendment was authorized and approved by the Compensation Committee of the Company’s Board of Directors. As a result of the RSU Amendment, currently issued and outstanding RSUs held by the Company’s employees, including its executive officers, shall be deemed to be subject to the amended terms of the form award agreement, and any future RSU awards shall also be governed by such amended terms.

Share Repurchase Program

On November 6, 2020, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million in Class A common stock and Virtu Financial Units by December 31, 2021. On February 11, 2021, the Company’s Board of Directors authorized the expansion of the program by an additional $70 million in Class A Common Stock and Virtu Financial Units. On May 4, 2021, the Company’s Board of Directors authorized the expansion of the Company’s share repurchase program, increasing the total authorized amount by an additional $300 million in Class A Common Stock and Virtu Financial Units and extending the duration of the program through May 4, 2022. On November 3, 2021 the Company’s Board of Directors authorized another expansion of the program by an additional $750 million to $1,220 million and extending the duration of the program through November 3, 2023, which was subsequently extended through December 31, 2024. On April 24, 2024, the Company’s Board of Directors authorized the expansion of the program by an additional $500 million to $1,720 million and extended the duration through April 24, 2026. The share repurchase program authorized the Company to repurchase shares from time to time in open market transactions, privately negotiated transactions or by other means. Repurchases were also permitted to be made under Rule 10b5-1 plans. The timing and amount of repurchase transactions were determined by the Company’s management based on its evaluation of market conditions, share price, cash sources, legal requirements and other factors. From the inception of the program through April 24, 2026, the Company repurchased approximately 53.8 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,417.2 million.

Employee Exchanges

During the nine months ended September 30, 2026 and September 30, 2025, pursuant to the exchange agreement by and among the Company, Virtu Financial and holders of Virtu Financial Units, certain current and former employees elected to exchange 1,368,898 and 566,924 units, respectively, in Virtu Financial held directly or on their behalf by Virtu Employee Holdco LLC (“Employee Holdco”) on a one-for-one basis for shares of Class A Common Stock.

Accumulated Other Comprehensive Income

The following table presents the changes in Other Comprehensive Income for the three and nine months ended September 30, 2026 and 2025:



	Three Months Ended September 30, 2026
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(5,836)	$	(877)	$	—	$	(6,713)
Total	$	(5,836)	$	(877)	$	—	$	(6,713)


	Three Months Ended September 30, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,359	$	55	$	96	$	4,510
Foreign exchange translation adjustment	(2,126)		(1,552)		—		(3,678)
Total	$	2,233	$	(1,497)	$	96	$	832
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income.


	Nine Months Ended September 30, 2026
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance

Foreign exchange translation adjustment	$	(3,011)	$	(3,702)	$	—	$	(6,713)
Total	$	(3,011)	$	(3,702)	$	—	$	(6,713)


	Nine Months Ended September 30, 2025
(in thousands)	AOCI Beginning Balance		Amounts recorded in AOCI		Amounts reclassified from AOCI to income		AOCI Ending Balance
Net change in unrealized cash flow hedges gains (losses) (1)	$	4,943	$	908	$	(1,341)	$	4,510
Foreign exchange translation adjustment	(12,006)		8,328		—		(3,678)
Total	$	(7,063)	$	9,236	$	(1,341)	$	832
(1) Amounts reclassified from AOCI to income are included within Financing interest expense on long-term borrowings on the Condensed Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Digital Assets Held

9 Months Ended

Sep. 30, 2026

Crypto Asset, Cost [Abstract]

Digital Assets Held

The following table summarizes Digital assets held at September 30, 2026 and December 31, 2025:



(in thousands, except units)	September 30, 2026
	Units	Cost Basis		Fair Value
Bitcoin	1,030	$	83,744	$	86,205
Ethereum	14,707	39,652		39,450
XRP	26,936,141	41,203		40,092
Other	NM	54,000		56,431
Total Digital assets held		$	218,599	$	222,178



(in thousands, except units)	December 31, 2025
	Units	Cost Basis		Fair Value
Bitcoin	1,274	$	112,392	$	111,760


Other	NM	41,802		42,850
Total Digital assets held		$	154,194	$	154,610

As of September 30, 2026, 25.0 million PYTH tokens with a fair value of $1.9 million are subject to selling restrictions. The time-based selling restrictions will unlock in 2027.

Share-based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, and in connection with the IPO, non-qualified stock options to purchase shares of Class A Common Stock were granted, each of which vests in equal annual installments over a period of 4 years from grant date and expires not later than 10 years from the date of grant. There were no options outstanding as of September 30, 2025.

The following table summarizes activity related to stock options for the nine months ended September 30, 2025. There was no such activity for the nine months ended September 30, 2026.


	Options Outstanding				Options Exercisable
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life	Number of Options	Weighted Average Exercise Price Per Share




At December 31, 2024	813,750	$	19.00	0.24	813,750	$	19.00
Granted	—	—		—	—	—
Exercised	(813,750)	19.00		—	(813,750)	19.00
Forfeited or expired	—	—		—	—	—
At September 30, 2025	—	$	—	0.00	—	$	—

The expected life was determined based on an average of vesting and contractual period. The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined based on historical volatilities of comparable companies. The expected dividend yield was determined based on estimated future dividend payments divided by the IPO stock price.

Class A Common Stock, Restricted Stock Units and Restricted Stock Awards

Pursuant to the Second Amended and Restated 2015 Management Incentive Plan as described in Note 19 “Capital Structure”, subsequent to the IPO, shares of immediately vested Class A Common Stock, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) were granted, with RSUs and RSAs vesting over a period of up to 4 years. The fair value of the Class A Common Stock and RSUs was determined based on a volume weighted average price and the expense is recognized on a straight-line basis over the vesting period. The fair value of the RSAs was determined based on the closing price as of the date of grant and the expense is recognized from the date that achievement of the performance target becomes probable through the remainder of the vesting period. Performance targets are based on the Company’s adjusted EBITDA for certain future periods. For the nine months ended September 30, 2026 and 2025, respectively, there were 717,206 and 528,221 shares of immediately vested Class A Common Stock granted as part of year-end compensation. In addition, the Company accrued compensation expense of $18.4 million and $15.0 million for the three months ended September 30, 2026 and 2025, respectively, and $55.8 million and $33.3 million for the nine months ended September 30, 2026 and 2025, respectively, related to immediately vested Class A Common Stock expected to be awarded as part of year-end incentive compensation, which was included in Employee compensation and payroll taxes on the Condensed Consolidated Statements of Comprehensive Income and Accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Statements of Financial Condition.

The following table summarizes activity related to RSUs and RSAs for the nine months ended September 30, 2026 and 2025:


	Number of RSUs and RSAs	Weighted Average Fair Value




At December 31, 2024	5,564,532	$	21.77
Granted (1)	3,657,658	39.66
Forfeited	(155,915)	25.72
Vested	(3,279,347)	25.29
At September 30, 2025	5,786,928	$	30.98

At December 31, 2025	5,776,036	$	30.79
Granted (1)	2,565,128	43.50
Forfeited	(74,651)	34.20
Vested	(3,858,114)	29.82
At September 30, 2026	4,408,399	$	38.97
(1) Excluded in the number of RSUs and RSAs are 50,000 and 100,000 participating RSAs for the three and nine months ended September 30, 2026 and 2025, where the grant date has not been achieved because the performance conditions have not been met.

The Company recognized $15.6 million and $12.2 million for the three months ended September 30, 2026 and 2025, respectively, and $46.0 million and $39.1 million for the nine months ended September 30, 2026 and 2025, respectively, of compensation expense in relation to RSUs. As of September 30, 2026 and December 31, 2025, total unrecognized share-based compensation expense related to unvested RSUs was $116.6 million and $95.9 million, respectively, and this amount is to be recognized over a weighted average period of 1.1 years and 1.0 year, respectively. Awards in which the specific performance conditions have not been met are not included in unrecognized share-based compensation expense.

On November 13, 2020, the Company adopted the Virtu Financial, Inc. Deferred Compensation Plan (the “DCP”). The DCP permits eligible executive officers and other employees to defer cash or equity-based compensation beginning in the calendar year ending December 31, 2021, subject to certain limitations and restrictions. Deferrals of cash compensation may also be directed to notional investments in certain of the employee investment opportunities.

Leases - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2026	Dec. 31, 2025
Weighted average remaining lease term
Operating leases	5 years 4 months 24 days	4 years 4 months 24 days
Finance leases	3 years 2 months 8 days	2 years 6 months 29 days
Weighted average discount rate
Operating leases	6.15%	5.95%
Finance leases	5.09%	5.83%

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Adjustment	Class A Common Stock	Class C Common Stock	Class D Common Stock	Total Virtu Financial Inc. Stockholders' Equity	Total Virtu Financial Inc. Stockholders' Equity Adjustment	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Adjustment	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Balance at beginning period (in shares) at Dec. 31, 2024								137,479,751	8,561,970	60,091,740
Balance at beginning period of period at Dec. 31, 2024	$ 1,487,377	$ 21,800				$ 1,254,174	$ 21,800	$ 1	$ 0	$ 1	$ (1,339,913)	$ 1,432,240	$ 1,168,908	$ 21,800	$ (7,063)	$ 233,203
Balance at beginning period (in shares) at Dec. 31, 2024											(52,503,426)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								2,650,096
Share based compensation	42,028					42,028						42,028
Repurchase of Class C common stock (in shares)									(16,265)
Repurchase of Class C common stock	(645)					(645)						(645)
Treasury stock purchases (in shares)								(1,018,757)			(1,321,211)
Treasury stock purchases	(88,761)					(88,761)					$ (47,982)		(40,779)
Stock options exercised (in shares)								120,000
Stock options exercised	2,280					2,280						2,280
Net income	189,635					99,681							99,681			89,954
Foreign exchange translation adjustment	4,740					2,720									2,720	2,020
Net change in unrealized cash flow hedges gains	(2,110)					(1,211)									(1,211)	(899)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(94,688)					(22,164)							(22,164)			(72,524)
Issuance of common stock in connection with employee exchanges (in shares)								350,858
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(350,858)
Balance at end of period (in shares) at Mar. 31, 2025								139,581,948	8,194,847	60,091,740
Balance at end of period at Mar. 31, 2025	1,561,656					1,309,902		$ 1	$ 0	$ 1	$ (1,387,895)	1,475,903	1,227,446		(5,554)	251,754
Balance at end of period (in shares) at Mar. 31, 2025											(53,824,637)
Balance at beginning period (in shares) at Dec. 31, 2024								137,479,751	8,561,970	60,091,740
Balance at beginning period of period at Dec. 31, 2024	1,487,377	$ 21,800				1,254,174	$ 21,800	$ 1	$ 0	$ 1	$ (1,339,913)	1,432,240	1,168,908	$ 21,800	(7,063)	233,203
Balance at beginning period (in shares) at Dec. 31, 2024											(52,503,426)
Increase (decrease) in stockholder's/members' equity
Net income	631,662
Foreign exchange translation adjustment	14,564
Net change in unrealized cash flow hedges gains	(748)
Balance at end of period (in shares) at Sep. 30, 2025								140,864,441	7,970,185	60,091,740
Balance at end of period at Sep. 30, 2025	1,700,817					1,454,926		$ 1	$ 0	$ 1	$ (1,475,671)	1,528,094	1,401,669		832	245,891
Balance at end of period (in shares) at Sep. 30, 2025											(55,957,738)
Balance at beginning period (in shares) at Mar. 31, 2025								139,581,948	8,194,847	60,091,740
Balance at beginning period of period at Mar. 31, 2025	1,561,656					1,309,902		$ 1	$ 0	$ 1	$ (1,387,895)	1,475,903	1,227,446		(5,554)	251,754
Balance at beginning period (in shares) at Mar. 31, 2025											(53,824,637)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								62,556
Share based compensation	15,074					15,074						15,074
Deconsolidation of RFQ-hub	(35,608)															(35,608)
Treasury stock purchases (in shares)								(24,464)			(1,658,514)
Treasury stock purchases	(67,817)					(67,817)					$ (66,821)		(996)
Stock options exercised (in shares)								693,750
Stock options exercised	13,181					13,181						13,181
Net income	292,976					151,187							151,187			141,789
Foreign exchange translation adjustment	12,539					7,160									7,160	5,379
Net change in unrealized cash flow hedges gains	1,098					627									627	471
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(159,758)					(21,949)							(21,949)			(137,809)
Balance at end of period (in shares) at Jun. 30, 2025								140,313,790	8,194,847	60,091,740
Balance at end of period at Jun. 30, 2025	1,633,341					1,407,365		$ 1	$ 0	$ 1	$ (1,454,716)	1,504,158	1,355,688		2,233	225,976
Balance at end of period (in shares) at Jun. 30, 2025											(55,483,151)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								566,695
Share based compensation	24,309					24,309						24,309
Repurchase of Class C common stock (in shares)									(8,596)
Repurchase of Class C common stock	(373)					(373)						(373)
Treasury stock purchases (in shares)								(232,110)			(474,587)
Treasury stock purchases	(30,818)					(30,818)					$ (20,955)		(9,863)
Net income	149,051					77,628							77,628			71,423
Foreign exchange translation adjustment	(2,715)					(1,552)									(1,552)	(1,163)
Net change in unrealized cash flow hedges gains	264					151									151	113
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(72,242)					(21,784)							(21,784)			(50,458)
Issuance of common stock in connection with employee exchanges (in shares)								216,066
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(216,066)
Balance at end of period (in shares) at Sep. 30, 2025								140,864,441	7,970,185	60,091,740
Balance at end of period at Sep. 30, 2025	1,700,817					1,454,926		$ 1	$ 0	$ 1	$ (1,475,671)	1,528,094	1,401,669		832	245,891
Balance at end of period (in shares) at Sep. 30, 2025											(55,957,738)
Balance at beginning period (in shares) at Dec. 31, 2025			84,919,931	7,970,185	60,091,740			140,877,669	7,970,185	60,091,740
Balance at beginning period of period at Dec. 31, 2025	$ 1,973,403					1,582,279		$ 1	$ 0	$ 1	$ (1,475,666)	1,541,684	1,519,270		(3,011)	391,124
Balance at beginning period (in shares) at Dec. 31, 2025	(55,957,738)										(55,957,738)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								3,514,983
Share based compensation	$ 50,237					50,237						50,237
Treasury stock purchases (in shares)								(1,412,745)
Treasury stock purchases	(55,792)					(55,792)							(55,792)
Net income	346,596					182,309							182,309			164,287
Foreign exchange translation adjustment	(3,420)					(1,964)									(1,964)	(1,456)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(114,490)					(22,094)							(22,094)			(92,396)
Balance at end of period (in shares) at Mar. 31, 2026								142,979,907	7,970,185	60,091,740
Balance at end of period at Mar. 31, 2026	2,196,534					1,734,975		$ 1	$ 0	$ 1	$ (1,475,666)	1,591,921	1,623,693		(4,975)	461,559
Balance at end of period (in shares) at Mar. 31, 2026											(55,957,738)
Balance at beginning period (in shares) at Dec. 31, 2025			84,919,931	7,970,185	60,091,740			140,877,669	7,970,185	60,091,740
Balance at beginning period of period at Dec. 31, 2025	$ 1,973,403					1,582,279		$ 1	$ 0	$ 1	$ (1,475,666)	1,541,684	1,519,270		(3,011)	391,124
Balance at beginning period (in shares) at Dec. 31, 2025	(55,957,738)										(55,957,738)
Increase (decrease) in stockholder's/members' equity
Net income	$ 914,067
Foreign exchange translation adjustment	(6,602)
Net change in unrealized cash flow hedges gains	0
Balance at end of period (in shares) at Sep. 30, 2026			88,592,399	6,597,369	60,091,740			144,550,137	6,597,369	60,091,740
Balance at end of period at Sep. 30, 2026	$ 2,489,123					2,013,210		$ 1	$ 0	$ 1	$ (1,475,666)	1,620,745	1,874,842		(6,713)	475,913
Balance at end of period (in shares) at Sep. 30, 2026	(55,957,738)										(55,957,738)
Balance at beginning period (in shares) at Mar. 31, 2026								142,979,907	7,970,185	60,091,740
Balance at beginning period of period at Mar. 31, 2026	$ 2,196,534					1,734,975		$ 1	$ 0	$ 1	$ (1,475,666)	1,591,921	1,623,693		(4,975)	461,559
Balance at beginning period (in shares) at Mar. 31, 2026											(55,957,738)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								70,889
Share based compensation	15,808					15,808						15,808
Treasury stock purchases (in shares)								(31,840)
Treasury stock purchases	(1,622)					(1,622)							(1,622)
Net income	284,929					150,899							150,899			134,030
Foreign exchange translation adjustment	(1,480)					(861)									(861)	(619)
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(160,029)					(22,309)							(22,309)			(137,720)
Issuance of common stock in connection with employee exchanges (in shares)								1,162,376
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(1,162,376)
Issuance of tax receivable agreements in connection with employee exchange	(9,130)					(9,130)						(9,130)
Balance at end of period (in shares) at Jun. 30, 2026								144,181,332	6,807,809	60,091,740
Balance at end of period at Jun. 30, 2026	2,325,010					1,867,760		$ 1	$ 0	$ 1	$ (1,475,666)	1,598,599	1,750,661		(5,836)	457,250
Balance at end of period (in shares) at Jun. 30, 2026											(55,957,738)
Increase (decrease) in stockholder's/members' equity
Share based compensation (in shares)								272,242
Share based compensation	22,376					22,376						22,376
Repurchase of Class C common stock (in shares)									(3,918)
Repurchase of Class C common stock	(230)					(230)						(230)
Treasury stock purchases (in shares)								(109,959)
Treasury stock purchases	(6,743)					(6,743)							(6,743)
Net income	282,542					153,257							153,257			129,285
Foreign exchange translation adjustment	(1,702)					(877)									(877)	(825)
Net change in unrealized cash flow hedges gains	0
Dividends ($0.24 per share of Class A common stock and participating Restricted Stock Units and Restricted Stock Awards) and distributions from Virtu Financial to noncontrolling interest	(132,130)					(22,333)							(22,333)			(109,797)
Issuance of common stock in connection with employee exchanges (in shares)								206,522
Repurchase of Virtu Financial Units and corresponding number of Class C common stock in connection with employee exchanges (in shares)									(206,522)
Balance at end of period (in shares) at Sep. 30, 2026			88,592,399	6,597,369	60,091,740			144,550,137	6,597,369	60,091,740
Balance at end of period at Sep. 30, 2026	$ 2,489,123					$ 2,013,210		$ 1	$ 0	$ 1	$ (1,475,666)	$ 1,620,745	$ 1,874,842		$ (6,713)	$ 475,913
Balance at end of period (in shares) at Sep. 30, 2026	(55,957,738)										(55,957,738)

Financial Instruments and Fair Value Measurements - Schedule of Recurring Basis (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Assets
Other Assets	$ 334,463	$ 242,121
Receivables from broker-dealers and clearing organizations	3,066,691	1,896,405
Liabilities
Financial instruments sold, not yet purchased, at fair value	12,192,294	9,105,263
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(467,331)	(198,463)
Payables to broker-dealers and clearing organizations	1,464,692	998,276
Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting	(467,331)	(198,463)
Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	12,090	216,992
Not pledged
Assets
Financial instruments owned, at fair value	10,071,410	7,343,032
Financial instruments owned, at fair value, counterparty and cash collateral netting	(459,227)	(204,775)
Not pledged \| Currency forwards
Assets
Financial instruments owned, at fair value	4,909	7,081
Financial instruments owned, at fair value, counterparty and cash collateral netting	(459,227)	(204,775)
Not pledged \| Options
Assets
Financial instruments owned, at fair value	13,070	97,459
Pledged
Assets
Financial instruments owned, at fair value	3,700,754	3,208,525
Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	8,190,469	5,717,549
Equity securities \| Not pledged
Assets
Financial instruments owned, at fair value	7,105,638	4,350,396
Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	3,694,210	3,200,345
U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	3,056,194	1,390,070
U.S. and Non-U.S. government obligations \| Not pledged
Assets
Financial instruments owned, at fair value	2,541,433	1,670,252
Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	899,119	1,754,517
Corporate Bonds \| Not pledged
Assets
Financial instruments owned, at fair value	394,356	1,207,385
Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	34,422	26,135
Exchange traded notes \| Not pledged
Assets
Financial instruments owned, at fair value	12,004	10,459
Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	6,544	8,180
Equity investment
Assets
Other Assets	91,254	86,491
USDC
Assets
Other Assets	$ 20,065
Liabilities
USDC conversion ratio	1
Exchange stock
Assets
Other Assets	$ 966	1,020
Interest rate swaps and digital assets
Assets
Receivables from broker-dealers and clearing organizations	297,208	328,934
Receivables linked to digital assets and USDC
Assets
Other Assets	222,178	154,610
Receivables from broker-dealers and clearing organizations	297,208	328,934
Liabilities
Payables to broker-dealers and clearing organizations	323,170	181,272
Payables linked to broker dealers and clearing organizations
Liabilities
Payables to broker-dealers and clearing organizations	323,170	181,272
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other Assets	243,209	155,630
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,321,270	3,384,188
Payables to broker-dealers and clearing organizations	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	12,090	216,992
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Not pledged
Assets
Financial instruments owned, at fair value	2,515,356	2,068,615
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Not pledged \| Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Not pledged \| Options
Assets
Financial instruments owned, at fair value	13,070	97,459
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pledged
Assets
Financial instruments owned, at fair value	2,423,134	1,896,091
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	3,876,761	2,933,027
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities \| Not pledged
Assets
Financial instruments owned, at fair value	1,832,907	1,511,213
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	2,423,134	1,896,091
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	432,419	234,169
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. and Non-U.S. government obligations \| Not pledged
Assets
Financial instruments owned, at fair value	669,379	459,943
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate Bonds \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity investment
Assets
Other Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| USDC
Assets
Other Assets	20,065
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Exchange stock
Assets
Other Assets	966	1,020
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Interest rate swaps and digital assets
Assets
Receivables from broker-dealers and clearing organizations	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Receivables linked to digital assets and USDC
Assets
Other Assets	222,178	154,610
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Payables to broker-dealers and clearing organizations	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Payables linked to broker dealers and clearing organizations
Liabilities
Payables to broker-dealers and clearing organizations	0	0
Significant Other Observable Inputs (Level 2)
Assets
Other Assets	0	0
Receivables from broker-dealers and clearing organizations	2,769,483	1,567,471
Liabilities
Financial instruments sold, not yet purchased, at fair value	8,338,355	5,919,538
Payables to broker-dealers and clearing organizations	1,141,522	817,004
Significant Other Observable Inputs (Level 2) \| Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	467,331	198,463
Significant Other Observable Inputs (Level 2) \| Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Not pledged
Assets
Financial instruments owned, at fair value	8,015,281	5,479,192
Significant Other Observable Inputs (Level 2) \| Not pledged \| Currency forwards
Assets
Financial instruments owned, at fair value	464,136	211,856
Significant Other Observable Inputs (Level 2) \| Not pledged \| Options
Assets
Financial instruments owned, at fair value	0	0
Significant Other Observable Inputs (Level 2) \| Pledged
Assets
Financial instruments owned, at fair value	1,277,620	1,312,434
Significant Other Observable Inputs (Level 2) \| Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	4,313,708	2,784,522
Significant Other Observable Inputs (Level 2) \| Equity securities \| Not pledged
Assets
Financial instruments owned, at fair value	5,272,731	2,839,183
Significant Other Observable Inputs (Level 2) \| Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	1,271,076	1,304,254
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	2,623,775	1,155,901
Significant Other Observable Inputs (Level 2) \| U.S. and Non-U.S. government obligations \| Not pledged
Assets
Financial instruments owned, at fair value	1,872,054	1,210,309
Significant Other Observable Inputs (Level 2) \| Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	899,119	1,754,517
Significant Other Observable Inputs (Level 2) \| Corporate Bonds \| Not pledged
Assets
Financial instruments owned, at fair value	394,356	1,207,385
Significant Other Observable Inputs (Level 2) \| Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	34,422	26,135
Significant Other Observable Inputs (Level 2) \| Exchange traded notes \| Not pledged
Assets
Financial instruments owned, at fair value	12,004	10,459
Significant Other Observable Inputs (Level 2) \| Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	6,544	8,180
Significant Other Observable Inputs (Level 2) \| Equity investment
Assets
Other Assets	0	0
Significant Other Observable Inputs (Level 2) \| USDC
Assets
Other Assets	0
Significant Other Observable Inputs (Level 2) \| Exchange stock
Assets
Other Assets	0	0
Significant Other Observable Inputs (Level 2) \| Interest rate swaps and digital assets
Assets
Receivables from broker-dealers and clearing organizations	297,208	328,934
Significant Other Observable Inputs (Level 2) \| Receivables linked to digital assets and USDC
Assets
Other Assets	0	0
Receivables from broker-dealers and clearing organizations	297,208	328,934
Liabilities
Payables to broker-dealers and clearing organizations	323,170	181,272
Significant Other Observable Inputs (Level 2) \| Payables linked to broker dealers and clearing organizations
Liabilities
Payables to broker-dealers and clearing organizations	323,170	181,272
Significant Unobservable Inputs (Level 3)
Assets
Other Assets	91,254	86,491
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Payables to broker-dealers and clearing organizations	0	0
Significant Unobservable Inputs (Level 3) \| Currency forwards
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Options
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Not pledged \| Currency forwards
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Not pledged \| Options
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity securities
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity securities \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity securities \| Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| U.S. and Non-U.S. government obligations
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| U.S. and Non-U.S. government obligations \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Corporate Bonds \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes
Liabilities
Financial instruments sold, not yet purchased, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes \| Not pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Exchange traded notes \| Pledged
Assets
Financial instruments owned, at fair value	0	0
Significant Unobservable Inputs (Level 3) \| Equity investment
Assets
Other Assets	91,254	86,491
Significant Unobservable Inputs (Level 3) \| USDC
Assets
Other Assets	0
Significant Unobservable Inputs (Level 3) \| Exchange stock
Assets
Other Assets	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate swaps and digital assets
Assets
Receivables from broker-dealers and clearing organizations	0	0
Significant Unobservable Inputs (Level 3) \| Receivables linked to digital assets and USDC
Assets
Other Assets	0	0
Receivables from broker-dealers and clearing organizations	0	0
Liabilities
Payables to broker-dealers and clearing organizations	0	0
Significant Unobservable Inputs (Level 3) \| Payables linked to broker dealers and clearing organizations
Liabilities
Payables to broker-dealers and clearing organizations	$ 0	$ 0

Digital Assets Held - Schedule of Digital Assets Held (Details) $ in Thousands	Sep. 30, 2026 USD ($) token	Dec. 31, 2025 USD ($) token
Crypto Asset, Activity [Line Items]
Cost Basis	$ 218,599	$ 154,194
Fair Value	$ 222,178	$ 154,610
Bitcoin
Crypto Asset, Activity [Line Items]
Units (in tokens) \| token	1,030	1,274
Cost Basis	$ 83,744	$ 112,392
Fair Value	$ 86,205	111,760
Ethereum
Crypto Asset, Activity [Line Items]
Units (in tokens) \| token	14,707,000
Cost Basis	$ 39,652
Fair Value	$ 39,450
XRP
Crypto Asset, Activity [Line Items]
Units (in tokens) \| token	26,936,141,000
Cost Basis	$ 41,203
Fair Value	40,092
Other
Crypto Asset, Activity [Line Items]
Cost Basis	54,000	41,802
Fair Value	$ 56,431	$ 42,850

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Accounting Pronouncements Not Yet Adopted as of September 30, 2026	Accounting Pronouncements Not Yet Adopted as of September 30, 2026 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). These ASUs require disclosure of disaggregated information of Income Statement expense captions that include certain costs, such as employee compensation, depreciation, and intangible asset amortization. They also require disclosure of the total amounts of selling expenses, along with an entity's definition of selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of these ASUs, but does not expect them to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810). This ASU clarifies the requirement for identifying the accounting acquirer in a business combination involving a Variable Interest Entity (“VIE”). This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Intangibles—Goodwill and Other—Internal-Use Software - In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This ASU updates the capitalization criteria for internal-use software cost by removing references to software development project stages. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Derivatives and Hedging - In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815). This ASU incorporates targeted improvements to the hedge accounting guidance intended to better align financial reporting with the economics of an entity’s risk management activities. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Interim Reporting - In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This ASU provides clarity and enhances the navigability of existing interim disclosures required by U.S. GAAP. This ASU is effective for interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures. Codification Improvements - In December 2025, the FASB issued ASU 2025-12, Codification Improvements (Evergreen). This ASU improves the ASC for a broad range of Topics through technical corrections, clarifications, and other minor enhancements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company is currently evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.

Borrowings - Schedule of Long-Term Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Outstanding Principal	$ 2,551,785	$ 2,067,334
Discount	(3,280)	(2,432)
Deferred Debt Issuance Cost	(28,145)	(25,439)
Outstanding Borrowings, net	$ 2,520,360	$ 2,039,463
SBI bonds
Line of Credit Facility [Line Items]
Interest Rate	5.00%	5.00%
Outstanding Principal	$ 22,235	$ 22,334
Discount	0	0
Deferred Debt Issuance Cost	0	0
Outstanding Borrowings, net	$ 22,235	$ 22,334
Senior Secured First Lien Notes \| Senior Secured First Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	7.50%	7.50%
Outstanding Principal	$ 500,000	$ 500,000
Discount	0	0
Deferred Debt Issuance Cost	(6,338)	(7,337)
Outstanding Borrowings, net	$ 493,662	$ 492,663
Senior Secured Credit Facility \| Senior Secured Second Lien Notes
Line of Credit Facility [Line Items]
Interest Rate	6.40%	6.22%
Outstanding Principal	$ 2,029,550	$ 1,545,000
Discount	(3,280)	(2,432)
Deferred Debt Issuance Cost	(21,807)	(18,102)
Outstanding Borrowings, net	$ 2,004,463	$ 1,524,466

Tax Receivable Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended	115 Months Ended
	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2026
Debt Instrument [Line Items]
First payment made			$ 155,800
Minimum tax receivable agreement obligation over the agreed period	$ 700		700
Maximum tax receivable agreement obligation over the agreed period	$ 23,200		23,200
Period over which the obligations are to be settled	15 years	15 years
Tax receivable agreement obligations	$ 173,090	$ 181,855	173,090
SBI bonds \| VFH
Debt Instrument [Line Items]
Deferred tax assets	$ 77,300	$ 91,400	$ 77,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-based Compensation - Schedule of Activity in RSUs and RSAs (Details) - 2015 Management Incentive Plan - $ / shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
RSUs and RSAs
Number of RSUs and RSAs
Outstanding at beginning of period (in shares)	5,776,036	5,564,532
Granted (in shares)	2,565,128	3,657,658
Forfeited (in shares)	(74,651)	(155,915)
Vested (in shares)	(3,858,114)	(3,279,347)
Outstanding at end of period (in shares)	4,408,399	5,786,928
Weighted Average Fair Value
Outstanding at beginning of period (in dollars per share)	$ 30.79	$ 21.77
Granted (in dollars per share)	43.50	39.66
Forfeited (in dollars per share)	34.20	25.72
Vested (in dollars per share)	29.82	25.29
Outstanding at end of period (in dollars per share)	$ 38.97	$ 30.98
RSUs and RSAs, performance-based
Number of RSUs and RSAs
Granted (in shares)	50,000	100,000

Borrowings - Short-Term Bank Loans (Details) - USD ($)	1 Months Ended
Borrowings - Short-Term Bank Loans (Details) - USD ($)	Sep. 30, 2026	Nov. 30, 2024	Dec. 31, 2025
Debt Disclosure [Abstract]
Short-term bank loans	$ 0		$ 2,400,000
Weighted average interest rate			1.30%
Short-term bank loan capacity	50,000,000.0	$ 50,000,000.0
Outstanding balance	$ 0		$ 0

Geographic Information and Business Segments - Schedule of Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues from External Customers [Line Items]
Total revenues	$ 1,153,940	$ 824,789	$ 3,439,220	$ 2,662,231
United States
Revenues from External Customers [Line Items]
Total revenues	894,617	627,070	2,660,531	2,153,152
Ireland
Revenues from External Customers [Line Items]
Total revenues	110,820	87,570	374,383	280,313
Others
Revenues from External Customers [Line Items]
Total revenues	$ 148,503	$ 110,149	$ 404,306	$ 228,766

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Equities futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: srt:PayablesToBrokerDealersAndClearingOrganizations
Derivatives Liabilities
Fair Value	$ (2,234)	$ 1,399
Notional	2,155,426	940,143
Equities futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations
Derivatives Assets
Fair Value	9,859	(60)
Notional	2,331,440	1,017,174
Commodity futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: srt:PayablesToBrokerDealersAndClearingOrganizations
Derivatives Liabilities
Fair Value	(2,248)	(4,409)
Notional	119,551	171,504
Commodity futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations
Derivatives Assets
Fair Value	65,295	(20,294)
Notional	11,931,529	11,492,904
Currency futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: srt:PayablesToBrokerDealersAndClearingOrganizations
Derivatives Liabilities
Fair Value	0	216
Notional	499	212,120
Currency futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations
Derivatives Assets
Fair Value	1,780	4,418
Notional	4,002,854	4,575,259
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: srt:PayablesToBrokerDealersAndClearingOrganizations
Derivatives Liabilities
Fair Value	28	(199)
Notional	3,184	383,154
Fixed income futures \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:ReceivablesFromBrokersDealersAndClearingOrganizations
Derivatives Assets
Fair Value	(582)	(25)
Notional	428,279	11,711
Options
Derivatives Assets
Fair Value	13,070	97,459
Derivatives Liabilities
Fair Value	12,090	216,992
Options \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsOwnedAtFairValue
Derivatives Assets
Fair Value	13,070	97,459
Notional	1,731,412	2,565,169
Options \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue
Derivatives Liabilities
Fair Value	12,090	216,992
Notional	1,784,768	2,637,691
Currency forwards
Derivatives Assets
Fair Value	464,136	211,856
Derivatives Liabilities
Fair Value	467,331	198,463
Currency forwards \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsOwnedAtFairValue
Derivatives Assets
Fair Value	464,136	211,856
Notional	35,713,665	28,015,291
Currency forwards \| Derivative instruments not designated as hedging instruments \| Balance Sheet Location [Axis]: us-gaap:FinancialInstrumentsSoldNotYetPurchasedAtFairValue
Derivatives Liabilities
Fair Value	467,331	198,463
Notional	$ 35,715,262	$ 28,008,595

Capital Structure - Narrative (Details)	9 Months Ended
Capital Structure - Narrative (Details)	Sep. 30, 2026 class vote shares	Sep. 30, 2025 shares	Dec. 31, 2025 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	4
Non-voting common interest units outstanding (in shares)	2,830,143		3,402,959
Number of non-voting common interest units forfeited or repurchased (in shares)	572,816
Virtu Financial
Class of Stock [Line Items]
Ownership interest	58.30%
Class A common stock and Class C common stock
Class of Stock [Line Items]
Number of votes \| vote	1
Class B common stock and Class D common stock
Class of Stock [Line Items]
Number of votes \| vote	10
Class C common stock and class D common stock \| Mr. Vincent Viola \| Virtu Financial
Class of Stock [Line Items]
Ownership interest	87.30%
Class C Common Stock
Class of Stock [Line Items]
Number of non-voting common interest units forfeited or repurchased (in shares)		591,785

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Operating Leases
2026	$ 21,334
2027	75,054
2028	76,449
2029	30,708
2030	27,162
2031 and thereafter	90,977
Total lease payments	321,684
Less imputed interest	(56,721)
Total lease liability	264,963	$ 261,169
Finance Leases
2026	7,184
2027	28,217
2028	24,328
2029	17,006
2030	6,746
2031 and thereafter	0
Total lease payments	83,481
Less imputed interest	(6,540)
Total lease liability	$ 76,941

Regulatory Requirement - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Virtu Financial Capital Markets Llc
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum capital required to be maintained in connection with the operation of the company's DMM business	$ 1,300
Required amount under exchange rules	1,000
Required amount under exchange rules for every 0.1% NYSE transaction dollar volume	$ 75
Percentage of NYSE transaction dollar volume	0.10%
VAL
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cash in special reserve bank accounts for the benefit of customers	$ 49,600	$ 55,500
Cash in reserve bank accounts for the benefit of proprietary accounts of brokers	8,900	8,700
Virtu Europe Trading Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Deposit funds for trade	100	300
Virtu ITG Hong Kong Limited
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital settlement	$ 30	$ 30

Revenues from Contracts with Customers

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

For more information on revenue recognition and the nature of services provided, see Note 2 “Summary of Significant Accounting Policies” and Note 14 “Revenues from Contracts with Customers” to the Consolidated Financial Statements of the Company’s 2025 Annual Report on Form 10-K.

Disaggregation of Revenues



	Three Months Ended September 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	17,614	$	118,941	$	—	$	136,555

Workflow technology	—		25,717		—		25,717
Analytics	—		9,954		—		9,954
Total revenue from contracts with customers	17,614		154,612		—		172,226

Other sources of revenue	969,164		8,419		4,131		981,714

Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940

Timing of revenue recognition:
Services transferred at a point in time	$	986,778	$	143,445	$	4,131	$	1,134,354
Services transferred over time	—		19,586		—		19,586
Total revenues	$	986,778	$	163,031	$	4,131	$	1,153,940



	Three Months Ended September 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	9,821	$	112,426	$	—	$	122,247
Workflow technology	—		23,180		—		23,180
Analytics	—		9,056		—		9,056
Total revenue from contracts with customers	9,821		144,662		—		154,483

Other sources of revenue	658,196		9,844		2,266		670,306

Total revenues	$	668,017	$	154,506	$	2,266	$	824,789

Timing of revenue recognition:
Services transferred at a point in time	$	668,017	$	136,276	$	2,266	$	806,559
Services transferred over time	—		18,230		—		18,230
Total revenues	$	668,017	$	154,506	$	2,266	$	824,789



	Nine Months Ended September 30, 2026
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	42,233	$	387,131	$	—	$	429,364

Workflow technology	—		80,382		—		80,382
Analytics	—		28,650		—		28,650
Total revenue from contracts with customers	42,233		496,163		—		538,396

Other sources of revenue	2,869,416		27,459		3,949		2,900,824

Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220

Timing of revenue recognition:
Services transferred at a point in time	$	2,911,649	$	466,129	$	3,949	$	3,381,727
Services transferred over time	—		57,493		—		57,493
Total revenues	$	2,911,649	$	523,622	$	3,949	$	3,439,220


	Nine Months Ended September 30, 2025
(in thousands)	Market Making		Execution Services		Corporate		Total
Revenues from contracts with customers:
Commissions, net	$	41,547	$	314,327	$	—	$	355,874

Workflow technology	—		75,684		—		75,684
Analytics	—		28,091		—		28,091
Total revenue from contracts with customers	41,547		418,102		—		459,649

Other sources of revenue	2,104,235		91,900		6,447		2,202,582

Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231

Timing of revenue recognition:
Services transferred at a point in time	$	2,145,782	$	455,488	$	6,447	$	2,607,717
Services transferred over time	—		54,514		—		54,514
Total revenues	$	2,145,782	$	510,002	$	6,447	$	2,662,231

Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations

As of September 30, 2026 and 2025, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material.

Contract Assets and Contract Liabilities

The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs.

Receivables related to revenues from contracts with customers amounted to $72.1 million and $64.5 million as of September 30, 2026 and December 31, 2025, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2026.

Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.7 million and $9.2 million as of September 30, 2026 and December 31, 2025, respectively. The Company recognized the full amount of revenue during the nine months ended September 30, 2026 and 2025, that had been recorded as deferred revenue in the respective prior year.

The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Financial Instruments and Fair Value Measurements - Schedule of Gross Obligations For Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 2,092,530	$ 1,405,639
Remaining contractual maturity for securities loaned	4,008,974	3,477,831
Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	1,567,530	905,639
Remaining contractual maturity for securities loaned	4,008,974	3,477,831
Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	340,000	315,000
Remaining contractual maturity for securities loaned	0	0
30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	85,000	85,000
Remaining contractual maturity for securities loaned	0	0
61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	100,000
Remaining contractual maturity for securities loaned	0	0
Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	525,000	500,000
Remaining contractual maturity for securities loaned	4,008,974	3,477,831
Equity securities \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	4,008,974	3,477,831
Equity securities \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	340,000	315,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	85,000	85,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	100,000	100,000
Remaining contractual maturity for securities loaned	0	0
Equity securities \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
Remaining contractual maturity for securities loaned	0	0
U.S. and Non-U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	1,567,530	905,639
U.S. and Non-U.S. government obligations \| Overnight and Continuous
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	1,567,530	905,639
U.S. and Non-U.S. government obligations \| Less than 30 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 30 - 60 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| 61 - 90 Days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	0	0
U.S. and Non-U.S. government obligations \| Greater than 90 days
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining contractual maturity for securities sold under agreements to repurchase	$ 0	$ 0