Each Quadrature Capital employee now brings in GBP 13.0m of revenue

Quadrature Capital, a UK company, reported revenue of GBP 2.2bn for FY2026, up 79.9% from GBP 1.2bn. It did this with 169 employees, fewer than the 173 a year earlier. Revenue per employee rose to GBP 13.0m from GBP 7.1m. Operating profit reached GBP 978m, an operating margin of 44.4%, close to the 45.4% of the year before. Costs therefore grew roughly in step with sales, and the extra revenue was not produced by extra people.

Revenue per employee jumps when sales grow without new hires, when work is outsourced, or when prices rise faster than volumes. The accounts do not show which applies here. Outsourced work would simply sit in another cost line. Cash is the other line I would watch: operating cash flow was GBP 163m, only 22.3% of the GBP 731m net profit, and equity fell 31.3% to GBP 212m. Revenue per head is impressive, but cash per unit of profit is the figure I would want explained.