Slides
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Instructions are not visible during Show Mode To insert image • Drag the image from your source folder into the grey area • If the image overlaps/hides the text, right click on the image and select Arrange > Send to Back Slide Instructions Presentation Title in Title Case Presentation subtitle in sentence case Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX Third Quarter 2026 Earnings Supplement © 2026 Virtu Financial. All rights reserved.
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2 • Growth of our trading capital1 base – which has now reached $3.4 billion – has allowed us to capitalize on market opportunities and expand organically across all asset classes. • Execution Services continued to perform well despite lower addressable market volumes in the quarter, demonstrating the resilience and stability of those product offerings. Normalized Adj. EPS1 $1.77 Commentary & Highlights 3Q 2026 Key Financials Summary Recent Results Adj. NTI1 $704M Adj. NTI/day1 $11.0M Adj. EBITDA1 $438M Adj. EBITDA Margin1,2 62% Debt to LTM Adj. EBITDA1 1.4x Performance Highlights See endnotes at end of this supplement $5.4M $7.8M $10.4M $9.4M $9.0M$1.9M $2.0M $2.5M $2.2M $2.0M$7.4M $9.7M $12.9M $11.6M $11.0M 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Market Making VES Firm Total $1.05 $1.85 $2.24 $1.82 $1.77 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Adj. Net Trading Income / Day 1 Normalized Adj. EPS1
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3 Key Financial Metrics See endnotes at end of this supplement FY FY FY FY FY YTD 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q 2Q'26 3Q'25 Total Adjusted Net Trading Income 1 $1,910 $1,468 $1,211 $1,598 $2,145 $2,208 $467 $613 $787 $718 $704 Daily Average Adj. NTI 1 $7.6 $5.8 $4.8 $6.4 $8.6 $11.8 $7.4 $9.7 $12.9 $11.6 $11.0 Market Making Adj. NTI1 $1,428 $1,058 $847 $1,195 $1,666 $1,796 $344 $489 $637 $580 $579 Market Making Daily Average Adj. NTI 1 $5.7 $4.2 $3.4 $4.8 $6.7 $9.6 $5.4 $7.8 $10.4 $9.4 $9.0 Market Making % of Total 75% 72% 70% 75% 78% 81% 74% 80% 81% 81% 82% Execution Services Adj. NTI1 $482 $409 $364 $403 $479 $413 $123 $125 $149 $138 $125 Execution Services Daily Average Adj. NTI 1 $1.9 $1.6 $1.5 $1.6 $1.9 $2.2 $1.9 $2.0 $2.5 $2.2 $2.0 Execution Services % of Total 25% 28% 30% 25% 22% 19% 26% 20% 19% 19% 18% Adjusted Cash Operating Expenses1 $609 $609 $643 $679 $746 $813 $199 $171 $266 $281 $266 - 5% + 34% Total Adjusted Operating Expenses1 $677 $675 $706 $745 $811 $870 $215 $189 $282 $299 $288 - 4% + 34% Adjusted EBITDA1 $1,301 $859 $568 $919 $1,399 $1,395 $268 $442 $521 $437 $438 + 0% + 64% Adjusted EBITDA Margin 1,2 68% 59% 47% 58% 65% 63% 57% 72% 66% 61% 62% + 1 pts + 5 pts Long-Term Debt (at end of period) $1,630 $1,824 $1,752 $1,767 $2,067 $2,552 $2,069 $2,067 $2,052 $2,051 $2,552 + 24% + 23% Debt / LTM Adjusted EBITDA 1 1.3x 2.1x 3.1x 1.9x 1.5x 1.5x 1.7x 1.5x 1.3x 1.2x 1.4x Normalized Adjusted EPS 1 $4.57 $3.00 $1.84 $3.55 $5.73 $5.83 $1.05 $1.85 $2.24 $1.82 $1.77 - 3% + 69% - 12% + 1% 3Q 2026 v - 5% + 50% - 3% + 67% FY 2026 Trailing 5 Years Trailing 5 Quarters Comparison ($M) FY 2025 21% 32% 30% 23% 24% 29% 28% 33% 26% 31% 30% 36% 25% 26% 26% 24% 23% 20% 26% 20% 19% 19% 18% 79% 68% 70% 77% 76% 71% 72% 67% 74% 69% 70% 64% 75% 74% 74% 76% 77% 80% 74% 80% 81% 81% 82% $11.9M $5.4M $5.5M $7.6M $8.1M $5.8M $5.2M $4.4M $6.0M $4.5M $4.7M $4.1M $6.0M $6.1M $6.1M $7.3M $8.3M $9.2M $7.4M $9.7M $12.9M $11.6M $11.0M - $2M $4M $6M $8M $10M $12M $14M 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Daily Average Adj. NTI1 Trend Execution Services Market Making
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4 Return on Invested Capital1,2 See endnotes at end of this supplement Returns remain elevated on a growing capital base Invested Capital1 68% 139% 107% 77% 66% 65% 71% 78% 91% 94% 100% 95% 100% 107% 106% 98% 0% 20% 40% 60% 80% 100% 120% 140% 160% - $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B FY'19 FY'20 FY'21 FY'22 FY'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 LTM ANTI (L) LTM Return on Invested Capital (R) 1,2 1,3
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5 Operating Expenses and Long-Term Debt Operating Expense Results Debt Structure at September 30, 2026 See endnotes at end of this supplement Adjusted Operating Expenses FY FY FY YTD 2025 2025 2026 2026 2026 TTM ($M) 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q 3Q'26 Adj. Communications & Data Processing1 $212 $220 $231 $236 $249 $208 $63 $65 $67 $70 $71 $273 Adj. Operations & Administrative1 83 74 92 91 98 89 25 25 28 29 32 114 Non-Compensation Operating Expenses 295 293 322 328 347 297 88 90 95 99 103 387 Adj. Cash Compensation1 314 315 320 351 399 516 112 81 171 182 163 597 Adjusted Cash Operating Expenses1 $609 $609 $643 $679 $746 $813 $199 $171 $266 $281 $266 $985 Depreciation & Amortization 68 66 63 66 64 57 15 17 16 18 22 74 Total Adjusted Operating Expenses1 $677 $675 $706 $745 $811 $870 $215 $189 $282 $299 $288 $1,059 Cash Compensation Ratio 16% 21% 26% 22% 19% 23% 24% 13% 22% 25% 23% 21% Total Compensation Ratio 19% 26% 32% 27% 23% 28% 30% 18% 26% 30% 28% 26% Trailing 5 Years Trailing 5 Quarters FY 2021 FY 2022 Debt Description ($M) Maturity Effective Rate Balance Annual Interest First Lien Term Loan2 Jun 2031 S + 2.50% $2,030 $130 First Lien Notes Jun 2031 7.50% $500 $38 Japannext3 Jan 2029 5.00% $22 $1 Total4 6.61% $2,552 $169 LTM Adjusted EBITDA1 $1,837 Debt / LTM Adjusted EBITDA1 1.4x
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Instructions are not visible during Show Mode To insert image • Drag the image from your source folder into the grey area • If the image overlaps/hides the text, right click on the image and select Arrange > Send to Back Slide Instructions GAAP Reconciliations and Other Information
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Market Metrics 7See endnotes at end of this supplement FY FY FY FY FY YTD 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q 2Q'26 3Q'25 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 11,404 11,875 11,054 12,153 17,581 19,019 17,581 18,583 19,985 20,211 16,942 - 16% - 4% US Equity Consolidated Notional Volume ($B) $565 $573 $516 $608 $824 $1,055 $827 $926 $1,088 $1,102 $979 - 11% + 18% Virtu Rule 605 Executed Shares (M)1 805 606 552 554 742 742 801 684 639 716 867 + 21% + 8% Virtu Rule 605 Dollar Value of Quoted Spreads ($M)1 $12.8 $7.2 $5.4 $6.6 $8.3 $10.7 $8.4 $7.7 $8.5 $11.1 $12.4 + 11% + 48% IBKR Retail Equity Share Volume (M) 3,041 1,299 998 1,205 1,680 1,680 1,863 1,764 1,898 1,745 1,410 - 19% - 24% OCC ADV (M contracts) 39 41 44 48 61 71 61 67 69 73 70 - 4% + 15% CME FX ADV (K contracts) 798 989 962 1,030 982 1,057 838 854 1,196 990 988 - 0% + 18% Hotspot ADV FX ($B) $34 $40 $44 $46 $50 $60 $47 $50 $66 $56 $57 + 1% + 21% Volatility Metrics S&P 500 Average Implied Volatility (VIX) 19.7 25.6 16.8 15.5 18.9 18.2 16.0 17.7 20.4 18.3 16.1 - 12% + 0% S&P 500 Average Realized Volatility 13.0 24.0 12.9 12.5 16.6 12.9 8.9 12.5 14.1 13.9 10.7 - 23% + 21% S&P 500 Intraday Volatility 1.0% 1.8% 1.0% 0.9% 1.1% 1.0% 0.7% 1.0% 1.1% 1.0% 0.8% - 21% + 12% SX5E Realized Volatility 14.8 22.7 13.6 13.1 15.8 16.1 12.9 11.4 17.2 19.3 11.8 - 39% - 8% NKY Realized Volatility 18.5 20.2 16.0 23.6 22.6 29.2 15.6 23.5 28.7 33.0 26.2 - 21% + 68% CVIX Realized Volatility 29.3 54.4 29.7 34.4 37.6 33.8 26.1 24.5 43.5 30.3 27.8 - 8% + 7% FY 2026FY 2025 Trailing 5 Years Trailing 5 Quarters Comparison 3Q 2026 v SEC Rule 605 reporting methodology changed in August 2026. The values presented on this page represent the prevailing reporting methodology for each time period.
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8 Share Count Roll Forward See endnotes at end of this supplement (M shares) 4Q 2020 2021 Total 2022 Total 2023 Total 2024 Total 2025 Total 1Q 2026 2Q 2026 3Q 2026 Grand Total Beginning of Period Shares 197.1 195.6 186.1 171.7 162.7 159.2 158.9 159.9 159.9 197.1 Shares Repurchased - 1.44 - 14.71 - 16.34 - 12.48 - 6.70 - 3.48 - - - - 55.14 Net Shares Issued - 0.05 + 5.16 + 1.97 + 3.53 + 3.16 + 3.14 + 1.03 - 0.03 - 0.10 + 17.82 End of Period Shares 195.6 186.1 171.7 162.7 159.2 158.9 159.9 159.9 159.8 159.8 Cumulative Repurchases as % of Shares Outstanding 0.8% 5.6% 12.9% 17.4% 19.2% 19.4% 18.9% 18.9% 18.9% 18.9% Weighted Avg. Adj. Shares 197.5 192.0 177.7 167.8 161.8 159.5 159.5 159.9 159.8 Weighted Avg. Basic Shares 122.8 117.3 104.0 94.1 87.5 85.2 86.1 87.6 88.5 Weighted Avg. Diluted Shares 123.5 118.4 104.4 94.1 87.8 85.3 86.1 87.6 88.5
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9 GAAP Balance Sheet See endnotes at end of this supplement Assets ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/26 Cash and cash equivalents $732 $890 $1,071 $982 $820 $873 $1,062 $1,517 Cash & securities segregated under regulations & other 41 117 49 57 35 41 65 59 Securities borrowed 1,929 1,425 1,349 1,188 1,722 2,295 3,191 3,566 Securities purchased under agreements to resell 143 23 119 337 1,512 984 989 1,730 Receivables from broker-dealers & clearing organizations 1,319 1,684 1,027 1,115 738 1,101 1,896 3,067 Receivables from customers 104 214 146 81 106 150 162 221 Trading assets, at fair value 2,766 3,116 4,257 4,631 7,359 7,803 10,552 13,772 Property, equipment and capitalized software, net 116 114 90 85 100 91 96 175 Operating lease right-of-use assets 315 269 225 187 229 175 214 219 Goodwill 1,149 1,149 1,149 1,149 1,149 1,149 1,149 1,149 Intangibles (net of accumulated amortization) 530 454 386 321 258 203 155 120 Deferred taxes 215 193 159 147 134 135 92 79 Assets of business held for sale - - - - - 5 - - Other assets 253 318 291 304 304 358 528 712 Total Assets $9,609 $9,966 $10,320 $10,583 $14,466 $15,362 $20,151 $26,385 Liabilities and Equity ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/26 Short-term borrowings, net $73 $65 $62 $4 - $39 $12 $184 Securities loaned 1,600 948 1,142 1,060 1,329 2,432 3,478 4,009 Securities sold under agreements to repurchase 341 461 514 628 1,796 1,272 1,406 2,093 Payables to broker-dealers & clearing organizations 827 876 572 274 1,168 919 998 1,465 Payables to customers 90 119 55 47 23 46 43 64 Trading liabilities, at fair value 2,498 2,924 3,511 4,197 6,071 6,441 9,105 12,192 Accounts payable & accrued expenses & other liabilities 399 492 458 448 451 558 652 931 Operating lease liabilities 365 315 279 239 278 230 261 265 Tax receivable agreement obligations 269 271 259 239 216 197 182 173 Long-term borrowings, net 1,918 1,639 1,605 1,796 1,727 1,740 2,039 2,520 Liabilities of business held for sale 2 - - Total Liabilities $8,380 $8,111 $8,456 $8,932 $13,061 $13,874 $18,177 $23,896 Equity 1,229 1,855 1,864 1,651 1,405 1,487 1,973 2,489 Total Liabilities and Equity $9,609 $9,966 $10,320 $10,583 $14,466 $15,362 $20,151 $26,385 Invested Capital ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/26 Trading Capital 1 $1,604 $2,076 $2,165 $2,180 $1,905 $2,179 $3,025 $4,165 (-) Cash reserved for operations, taxes payable, and other accrued and unpaid liabilities2 (77) (338) (319) (191) (233) (339) (561) (779) Invested Capital $1,527 $1,738 $1,846 $1,989 $1,672 $1,840 $2,465 $3,386
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10 GAAP Income Statement See endnotes at end of this supplement FY FY FY FY FY YTD 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q Trading income, net $2,105 $1,629 $1,301 $1,822 $2,437 $2,466 $529 $665 $789 $857 $820 Commissions, net and technology services 614 530 456 517 617 538 154 157 187 180 172 Interest and dividends income 75 159 463 462 509 425 127 144 128 146 151 Other, net 16 47 74 76 70 10 14 4 (8) 8 10 Total Revenues $2,811 $2,365 $2,293 $2,877 $3,632 $3,439 $825 $970 $1,095 $1,190 $1,154 Brokerage, exchange, clearance fees and payments for order flow, net 745 619 508 674 770 640 178 168 139 259 242 Communications and data processing 212 220 231 236 249 208 63 65 67 70 71 Employee compensation and payroll taxes 376 391 394 435 528 624 158 115 208 217 199 Interest and dividends expense 140 231 500 529 647 581 166 185 178 205 198 Operations and administrative 88 86 99 97 98 93 25 25 29 29 35 Depreciation and amortization 68 66 63 66 64 57 15 17 16 18 22 Amortization of purchased intangibles and acquired capitalized software 70 65 64 50 47 35 12 12 12 12 12 Termination of office leases 28 7 0 16 (6) 1 (7) 1 (0) 1 0 Debt issue cost related to debt refinancing and prepayment 7 30 8 29 7 5 2 2 2 1 2 Transaction fees and expenses 1 1 0 0 0 - 0 0 - - - Financing interest expense 80 92 99 98 133 113 33 37 35 35 43 Total Operating Expenses $1,815 $1,808 $1,968 $2,232 $2,538 $2,356 $645 $626 $686 $847 $823 Income / (Loss) Before income taxes $997 $557 $325 $645 $1,094 $1,083 $180 $344 $410 $343 $331 Provision for income taxes (benefit) 170 88 61 110 182 169 31 63 63 58 49 Net Income (Loss) $827 $468 $264 $535 $912 $914 $149 $281 $347 $285 $283 Trailing 5 Years Trailing 5 Quarters Income Statement ($M) FY 2025 2026
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11 Adjusted Net Trading Income $975 $784 $669 $362 $456 $2,271 $724 Adjusted EBITDA & Normalized Adjusted EPS See endnotes at end of this supplement FY FY FY FY FY YTD 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q Adjusted Net Trading Income $1,910 $1,468 $1,211 $1,598 $2,145 $2,208 $467 $613 $787 $718 $704 FY FY FY FY FY YTD 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q Income / (Loss) Before income taxes $997 $557 $325 $645 $1,094 $1,083 $180 $344 $410 $343 $331 (+) Financing interest expense 80 92 99 98 133 113 33 37 35 35 43 (+) Debt issue cost related to debt refinancing and prepayment 7 30 8 29 7 5 2 2 2 1 2 (+) Depreciation and amortization 68 66 63 66 64 57 15 17 16 18 22 (+) Amortization of purchased intangibles and acquired capitalized software 70 65 64 50 47 35 12 12 12 12 12 EBITDA $1,221 $810 $560 $889 $1,345 $1,293 $242 $412 $474 $409 $409 EBITDA Margin 1 64% 55% 46% 56% 63% 59% 52% 67% 60% 57% 58% (+) Severance 6 8 9 8 29 6 19 5 3 1 2 (+) Transaction fees and expenses 1 1 0 0 0 - 0 0 - - - (+) Termination of office leases 28 7 0 16 (6) 1 (7) 1 (0) 1 0 (+) Share-based compensation 56 67 64 75 100 102 27 29 34 33 34 (+) Other (11) (34) (66) (70) (70) (6) (14) (4) 9 (8) (8) Adjusted EBITDA $1,301 $859 $568 $919 $1,399 $1,395 $268 $442 $521 $437 $438 Adjusted EBITDA Margin 2 68% 59% 47% 58% 65% 63% 57% 72% 66% 61% 62% (-) Financing interest expense 80 92 99 98 133 113 33 37 35 35 43 (-) Depreciation and amortization 68 66 63 66 64 57 15 17 16 18 22 Normalized Adjusted Pre-Tax Income $1,153 $701 $405 $755 $1,202 $1,226 $219 $387 $469 $384 $373 (-) Normalized provision for income taxes 277 168 97 181 288 294 53 93 113 92 90 Normalized Adjusted Net Income $876 $533 $308 $574 $913 $932 $167 $294 $357 $292 $283 Weighted average fully diluted shares outstanding 192 178 168 162 159 160 159 159 160 160 160 Normalized Adjusted EPS $4.57 $3.00 $1.84 $3.55 $5.73 $5.83 $1.05 $1.85 $2.24 $1.82 $1.77 Adj. EBITDA / Adj. EPS ($M) FY 2025 2026 FY 2025 2026Income Statement ($M) Trailing 5 Years Trailing 5 Quarters
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12 Adjusted Net Trading Income Reconciliation Operating Segments See endnotes at end of this supplement FY YTD 2025 2025 2026 2026 2026 2025 2026 3Q 4Q 1Q 2Q 3Q Trading income, net $2,105 $1,629 $1,301 $1,822 $2,437 $2,466 $529 $665 $789 $857 $820 Commissions, net and technology services 614 530 456 517 617 538 154 157 187 180 172 Brokerage, exchange, clearance fees and payment for order flow, net (745) (619) (508) (674) (770) (640) (178) (168) (139) (259) (242) Interest and dividends, net (64) (72) (38) (67) (139) (156) (38) (41) (50) (59) (46) Adjusted Net Trading Income $1,910 $1,468 $1,211 $1,598 $2,145 $2,208 $467 $613 $787 $718 $704 Trailing 5 Years Trailing 5 Quarters Adjusted Net Trading Income Reconciliation ($M) FY 2021 FY 2022 FY 2023 FY 2024 FY YTD 2025 2025 2026 2026 2026 2025 2026 3Q 4Q 1Q 2Q 3Q Trading income, net $2,080 $1,608 $1,284 $1,799 $2,408 $2,452 $521 $657 $782 $849 $820 Commissions, net and technology services 41 42 30 42 51 42 10 9 9 16 18 Brokerage, exchange, clearance fees and payment for order flow, net (635) (525) (421) (573) (650) (538) (148) (136) (103) (226) (210) Interest and dividends, net (58) (67) (46) (73) (143) (160) (39) (42) (51) (60) (49) Adjusted Net Trading Income $1,428 $1,058 $847 $1,195 $1,666 $1,796 $344 $489 $637 $580 $579 FY YTD 2025 2025 2026 2026 2026 2025 2026 3Q 4Q 1Q 2Q 3Q Trading income, net $26 $21 $18 $23 $29 $14 $8 $8 $7 $7 $0 Commissions, net and technology services 574 488 426 474 566 496 145 148 178 164 155 Brokerage, exchange, clearance fees and payment for order flow, net (111) (94) (88) (101) (120) (102) (31) (32) (36) (33) (32) Interest and dividends, net (6) (5) 8 6 4 4 1 0 1 0 2 Adjusted Net Trading Income $482 $409 $364 $403 $479 $413 $123 $125 $149 $138 $125 Annual Trailing 5 Quarters Execution Services Adjusted Net Trading Income Reconciliation ($M) FY 2021 FY 2022 FY 2023 FY 2024 Annual Trailing 5 Quarters Market Making Adjusted Net Trading Income Reconciliation ($M) FY 2021 FY 2022 FY 2023 FY 2024
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13 Adjusted Operating Expense Reconciliation See endnotes at end of this supplement Adjusted Operating Expenses Reconciliation FY FY FY FY FY YTD ($M) 2021 2022 2023 2024 2025 2026 3Q 4Q 1Q 2Q 3Q Employee compensation and payroll taxes $376 $391 $394 $435 $528 $624 $158 $115 $208 $217 $199 (-) Cash Compensation Adjustments1 (62) (76) (74) (84) (129) (108) (46) (34) (37) (35) (36) Adj. Cash Compensation $314 $315 $320 $351 $399 $516 $112 $81 $171 $182 $163 Communications and data processing $212 $220 $231 $236 $249 $208 $63 $65 $67 $70 $71 (-) Communications & Data Processing Adjustments 2 - - - - - 0 - - - - 0 Adj. Communications & Data Processing $212 $220 $231 $236 $249 $208 $63 $65 $67 $70 $71 Operations and administrative $88 $86 $99 $97 $98 $93 $25 $25 $29 $29 $35 (-) Operations & Administrative Adjustments3 (6) (12) (7) (6) 0 (4) (0) (0) (1) - (3) Adj. Operations & Administrative $83 $74 $92 $91 $98 $89 $25 $25 $28 $29 $32 Adjusted Cash Operating Expenses $609 $609 $643 $679 $746 $813 $199 $171 $266 $281 $266 Depreciation and amortization $68 $66 $63 $66 $64 $57 $15 $17 $16 $18 $22 Total Adjusted Operating Expenses $677 $675 $706 $745 $811 $870 $215 $189 $282 $299 $288 Trailing 5 Years Trailing 5 Quarters FY 2025 FY 2026
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14 Disclaimer Cautionary Statement Regarding Forward Looking Statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; regulatory and legal uncertainties and other potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. GAAP and Non-GAAP Results This presentation includes or may include certain non-GAAP financial measures, including Adjusted EPS, Normalized Adjusted EPS, Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Pre-Tax Income, EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Trading Capital, Invested Capital, Adjusted Operating Expense and Adjusted Compensation Expense. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non‐GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non‐GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non‐GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non‐GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP. A reconciliation of non‐GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included at the end of this presentation.
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15 Slide 2 Performance Highlights 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Note: # of trading days used in Virtu's daily performance calculations: 63.5, 63, 61, 62, and 64 for 3Q 2025, 4Q 2025, 1Q 202 6, 2Q 2026, and 3Q 2026, respectively. Slide 3 Key Financial Metrics 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Note: # of trading days used in Virtu's daily performance calculations: 252, 251, 250, 250.5, 248.5, 187, 63.5, 63, 61, 62, a nd 64 for FY 2021, FY 2022, FY 2023, FY 2024, FY 2025, YTD 2026, 3Q 2025, 4Q 2025, 1Q 2026, 2Q 2026, and 3Q 2026, respectively. Slide 4 Returns remain elevated on a growing capital base 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GA AP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. For periods pre-ITG acquisition, LTM ANTI includes ITG results adjusted for consistency with Virtu reporting. ANTI is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 3. Return on Invested Capital (ROIC) is calculated as LTM ANTI divided by LTM Invested Capital. For periods post-ITG acquisition, LTM Invested Capital is calculated as the average of beginning-of-period and end-of-period Invested Capital. For periods pre-ITG acquisition, LTM Invested Capital is calculated as end-of-period Invested Capital. Invested Capital is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. NOTE: ROIC has been calculated as LTM Adjusted EBITDA divided by LTM Invested Capital on previous earnings supplements and other presentations. Please refer to the end notes on those respective presentations for details on previous calculations. Slide 5 Operating Expenses and Long-Term Debt 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Interest Expense includes a floor on SOFR of 0%. 3. 3.5 billion JPY. 4. Blended rate. End Notes These notes refer to metrics and/or defined terms presented on: *Beginning with 4Q 2024, days on which US equities exchanges close early or are otherwise operating for less than a full trading day are treated as half-days. Trading days during and average daily results pertaining to prior periods have not been restated as the impact of the change is immaterial.
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16 Slide 7 Market Metrics 1. Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. Reporting methodology thereof has changed as of August 2026. To maintain consistency with previously reported market centers, the numbers presented represent NITE, NITQ, and VIRT only. Slide 8 Share Count Roll Forward Note: Assumes that (1) holders of all vested and unvested non-voting Virtu Financial Units (together with corresponding shares of the Company's Class C Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B Common Stock on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for- one basis. Does not include diluted shares (e.g. options, warrants), and reflects shares outstanding at a prior point in tim e or projected to be outstanding as of a future point in time, as opposed to a weighted average over a period. Slide 9 GAAP Balance Sheet 1. This reflects a non-GAAP measure, and it reflects the assets bracketed above less the liabilities bracketed above. Trading Capital at 12/31/24, 12/31/25, and 9/30/26 also include digital assets with a fair value of $81M, $152M, and $240M, respectively – which are reported in Other Assets. Prior period reconciliations available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Comprises cash anticipated to be used in the operations of the business, including cash anticipated to be paid to satisfy tax and compensation liabilities, payments of debt pursuant to debt covenants, as well as dividends and other distributions to equity owners. Slide 11 Adjusted EBITDA & Normalized Adjusted EPS 1. EBITDA Margin is calculated as EBITDA divided by Adjusted Net Trading Income. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Slide 13 Adjusted Operating Expense Reconciliation 1. Includes severance, share-based compensation, one-time compensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction. 2. Includes connectivity early termination expenses. 3. Includes write-down of assets, reserve for legal matters, and one-time operations & administrative-related COVID-19 expenses (e.g. donations). End Notes These notes refer to metrics and/or defined terms presented on: