Hudson River Trading posts $11.4B trading windfall amid market tumult

Hudson River Trading pulled in $11.4 billion in trading revenue during the second quarter of 2026, a single-quarter record. The New York-based quantitative market maker has turned market chaos into a cash machine, and Q2 was the loudest quarter yet. To put that number in perspective: HRT’s full-year 2025 net trading revenue was approximately $12.3 billion. The firm nearly replicated an entire year’s haul in 90 days. A first half for the record books HRT’s first quarter of 2026 was already a breakout performance, with $6.4 billion in trading revenue representing a 135% year-over-year increase. That Q1 figure alone accounted for more than half of the firm’s total 2025 earnings. First-quarter profits surged to roughly $4.2 billion, up approximately 175% from the prior year. Combined, HRT’s first-half 2026 trading revenue sits at approximately $17.8 billion. Why volatility is the house’s best friend Market-making firms like HRT don’t bet on whether stocks go up or down. They sit in the middle of trades, providing liquidity to buyers and sellers, and pocket the difference between bid and ask prices. When markets are calm, the spread between those prices compresses, and revenue thins out...