Hudson River Trading generated a record $11.4 billion in trading revenue during the second quarter of 2026, more than three times the year-earlier figure and nearly matching its approximately $12.3 billion full-year 2025 net trading revenue in a single quarter. Net profit reached $7.4 billion, while adjusted EBITDA was about $8 billion, up more than 350% from $1.75 billion a year earlier. HRT had already reported $6.4 billion in first-quarter trading revenue, up 135% year over year, with profits of roughly $4.2 billion, an approximately 175% increase; first-half 2026 trading revenue therefore reached approximately $17.8 billion. HRT remained profitable during July’s AI-stock selloff and did not have direct exposure to Situational Awareness. Jane Street, by contrast, recorded a $15 billion loss in July, its first monthly loss in a decade, with its investment in Situational Awareness among the factors cited. Market makers provide liquidity between buyers and sellers and generally benefit when volatility widens bid-ask spreads and increases trading volumes. HRT uses proprietary quantitative strategies across asset classes including equities and options, and competes with Jane Street and Citadel Securities. Its scale and the concentration of market-making activity in U.S. equities and options have drawn scrutiny from the SEC and other regulators over systemic risk.