VirtuFinancial reported a sharp jump in first-quarter earnings today (Wednesday),with net income nearly doubling year over year as elevated trading volumeslifted revenue across its market-making business. Singapore Summit: Meet the largestAPAC brokers you know (and those you still don't!)Virtu Q1 Net Income Margin Widens to 31.6% TheNYSE-listed firm said total revenue climbed 30.7% to $1.1 billion in the threemonths ended March 31, while net income reached $346.6 million, up from $189.6million in the same period a year earlier.The resultbuilds on a strong full-year 2025, when Virtu posted $3.63 billion in revenueand $912.3 million in net income. Diluted earnings per share came in at $1.99for the latest quarter, compared with $1.08 a year earlier, while normalizedadjusted EPS hit $2.24, up from $1.30.Q1 2026 Key Performance IndicatorsSource:Virtu Financial Q1 2026 earnings releaseMarket-Making EngineCarries the QuarterThe bulk ofthe year-over-year gain came from the company's core market-making operations.Adjusted Net Trading Income from the segment rose to $637.1 million from $382.0million, a 66.8% increase, while the Execution Services arm contributed $149.5million, up 29.9% from $115.1 million.Tradingincome, net, climbed 33.8% to $789.1 million, while commissions and technologyservices revenue grew to $186.6 million from $151.3 million. Interest anddividend income reached $127.5 million, up from $109.1 million.GroupAdjusted Net Trading Income rose 58.2% to $786.5 million, and Adjusted EBITDAincreased 62.7% to $520.6 million. The Adjusted EBITDA margin widened to 66.2%from 64.4%. Theperformance follows what was already a strong period for the company, with Virtu's full-year 2025 tradingincome jumping33.7% on the back of broad-based market activity.Operatingexpenses rose to $685.8 million from $614.1 million, with the increaseconcentrated in employee compensation and interest and dividend expense.Compensation and payroll taxes climbed to $208.4 million from $119.4 million.First Full Year Under NewCEOThe latestresults are the first quarterly print fully under Aaron Simons, who took over as chief executive in mid-2025 from co-founder DouglasCifu. Simons, a former Virtu CTO who joined the firm in 2008, oversaw thetechnology integrations that followed the KCG and ITG acquisitions beforestepping into the top job.Since theleadership transition, Virtu has continued to widen its product footprint,including a partnership with Swedish firm Limina on a post-trade platform aimedat T+1 settlement, and the addition of Scotte Moegling, a former Flow Tradersand Citigroup executive, to lead digital asset businessdevelopment.The firmhas also lent its name to newer ventures in the retail execution space. Earlierthis year, Optimal Market, a FINRA-approved broker-dealer backed by Virtu andOptiver, said its US execution platform would become commercially available in Q12026, targetingbrokers serving an active retail options audience.Capital Returns andBalance SheetVirtu'sboard declared a quarterly cash dividend of $0.24 per share, payable on June 15to shareholders of record as of June 1. The dividend has been held at thatlevel for several years.The companyended March with $1.03 billion in cash, cash equivalents and restricted cash,down from $1.13 billion at year-end. Long-term borrowings stood at $2.05billion in aggregate principal. Totalassets rose to $25.1 billion from $20.2 billion at the end of 2025, reflectinghigher trading assets and receivables as positions and balances expanded withactivity.This article was written by Damian Chmiel at www.financemagnates.com.