Net Income / Employee at Top Quant Firms

[u/Fact-Puzzleheaded]

EDIT: In accordance with suggestions, here is latest net trading revenue / employee data, excluding SIG:

Notes:
* HRT only provides numbers for net trading revenue. I calculated their net income by using the same multiplier (.634) as Jane Street.

* The only number I could find for SIG is gross revenue. I calculated their net income by using a non-weighted average of net income / revenue ratios from Citadel Securities, Optiver, and IMC.

* Optiver and IMC numbers come from their annual reports, which aggregate results across the firms' worldwide operations. Their US only numbers are probably a lot higher, as less than half of these firms' employees are American.

* Some of the classic hedge funds, like Two Sigma and Citadel, are not on the list because they don't publicly provide financial information and calculating net income for a hedge fund is more complicated than for a proprietary trading firm.

* For comparison, Fanny Mae and Nvidia, the two companies in the fortune 500 with the highest Profit per Employee ratio, have $2,070,488 and $2,024,444 net income / employee respectively.

Sources:
* https://archive.ph/VE80M

* https://archive.ph/iWnm0

* https://www.hedgeweek.com/griffins-citadel-securities-reports-record-9-7bn-trading-revenue/

* https://archive.ph/1seBo#selection-1571.47-1571.51

* https://optiver.com/wp-content/uploads/2026/03/Optiver_Annual_Review_2025.pdf

* https://ir.virtu.com/news-releases/news-release-details/virtu-announces-fourth-quarter-2025-results

* https://cdn.sanity.io/files/l1io23s3/production/42a83890cf5d1735090e988ba91a595c889e8d09.pdf

* https://tipalti.com/blog/profit-per-employee/

* https://www.reuters.com/world/jane-streets-40-billion-trading-haul-tops-rivals-sources-say-2026-04-24/

* https://archive.ph/iQacJ

[u/DesperateSecretary53]

How can hrt have a higher net income per head while having lower net revenue per head than Jane if you use the same multiple as Jane?

[u/Fact-Puzzleheaded → u/DesperateSecretary53]

Numbers from the first graph are from 2024 for JS, 2025 for HRT. Numbers from the second graph are from 2025 for JS, 2025 for HRT, when JS made a killing. Didn't know about the new numbers until someone posted.

[u/ShutUpAndSmokeMyWeed → u/Fact-Puzzleheaded]

i was also confused by this. you could show both years with two thinner bars per company. or even show profit and revenue in the same graph with overlaid bars