VIRT — what changed in the latest 10-Q
A section-by-section comparison of VIRT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-31 vs the prior 10-Q · 2026-05-01
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +62 | −45 | ~32 | 149 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 15 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-31
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
The following table shows our results of operations for the three and six months ended June 30, 2026 and 2025:
Amortization of purchased intangibles and acquired capitalized software11,783 11,783 23,566 23,566
Debt issue cost related to debt refinancing, prepayment and commitment fees1,474 1,682 3,130 3,363
Debt issue cost related to debt refinancing, prepayment, and commitment fees1,474 1,682 3,130 3,363
Text removed vs the prior filing · source: 10-Q · 2026-05-01
Income (loss) before income taxes and noncontrolling interest376,444 189,180
Income (loss) before income taxes and noncontrolling interest(7,962)4,631
Income (loss) before income taxes and noncontrolling interest$409,572 $223,736
The following table shows our results of operations for the three months ended March 31, 2026 and 2025:
Brokerage, exchange, clearance fees and payments for order flow, net138,828 221,875
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice