Tradeweb Reports Third Quarter 2026 Financial Results

By Business Wire | October 29, 2026, 7:00 AM

NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported financial results for the quarter ended September 30, 2026.

$584.5 million quarterly revenues, an increase of 14.9% (15.4% on a constant currency basis) compared to prior year period

$258.5 million quarterly international revenues, an increase of 22.4% (23.8% on a constant current basis) compared to prior year period

$3.2 trillion average daily volume (“ADV”) for the quarter, an increase of 22.4% compared to prior year period; quarterly ADV records in municipal bonds

$224.9 million net income and $238.8 million adjusted net income for the quarter, increases of 6.8% and 15.6%, respectively, from prior year period

54.5% adjusted EBITDA margin and $318.9 million adjusted EBITDA for the quarter, compared to 54.0% and $274.4 million, respectively, for prior year period

$0.94 diluted earnings per share (“Diluted EPS”) and $1.02 adjusted diluted earnings per share for the quarter

$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period

Billy Hult, CEO of Tradeweb:

“Our third quarter 2026 revenue and volumes reflect the strength and breadth of our global, multi-asset platform, with average daily volume increasing 22.4% year-over-year. Against a backdrop of rising Treasury yields, shifting central bank policy and geopolitical uncertainty, we continued helping clients access liquidity and manage risk while investing in opportunities to drive our long-term growth.

Innovation was a constant across our core and frontier markets. We enhanced Tradeweb Ai-Price with more responsive corporate bond pricing, expanded our Saudi debt market offering, and reached new milestones in digital assets, including transactions involving tokenized U.S. Treasuries and fully on-chain repo. These developments underscore our focus on bringing new efficiencies to trading, settlement and collateral mobility.

In October, we announced our agreement to acquire Trumid, the largest acquisition in our history and a significant step forward in our credit strategy. We've always been builders of marketplaces, and this transaction reflects our belief in combining strategic acquisitions with organic innovation. By bringing together Trumid's differentiated trading protocols and hedge fund relationships with our global reach and institutional network, we see significant opportunities to connect trading across the entire bond lifecycle, develop new solutions with our partners and accelerate innovation in global credit markets.

Our strategy remains focused on solving real challenges for clients, expanding our capabilities and investing in the future of electronic markets. We believe this approach positions Tradeweb to capture new opportunities and deliver sustainable, long-term growth across a range of market conditions.”

SELECT FINANCIAL RESULTS	3Q26			3Q25			Change			Constant Currency Change⁽¹⁾
(dollars in thousands, except per share amounts)(Unaudited)
GAAP Financial Measures
Total revenue	$	584,545		$	508,598		14.9		%	15.4		%
Rates	$	324,459		$	274,497		18.2		%	18.9		%
Credit	$	132,990		$	121,334		9.6		%	10.0		%
Equities	$	38,420		$	29,829		28.8		%	29.8		%
Money Markets	$	44,173		$	42,889		3.0		%	3.0		%
Market Data	$	36,872		$	30,817		19.6		%	19.7		%
Other	$	7,631		$	9,232		(17.3	)	%	(17.3	)	%
Operating Income	$	253,430		$	210,371		20.5		%
Net income	$	224,905		$	210,549		6.8		%
Net income attributable to Tradeweb Markets Inc. ⁽²⁾	$	197,457		$	185,636		6.4		%
Net income attributable to Tradeweb Markets Inc. ⁽²⁾	$	197,457		$	185,636		6.4		%
Diluted EPS	$	0.94		$	0.86		9.3		%
Net income margin		38.5	%		41.4	%	-292		bps
Non-GAAP Financial Measures
Adjusted EBITDA ⁽¹⁾	$	318,854		$	274,423		16.2		%	16.0		%
Adjusted EBITDA margin ⁽¹⁾		54.5	%		54.0	%	+59		bps	+25		bps
Adjusted EBIT ⁽¹⁾	$	296,437		$	255,546		16.0		%	15.7		%
Adjusted EBIT margin ⁽¹⁾		50.7	%		50.2	%	+47		bps	+13		bps
Adjusted Net Income ⁽¹⁾	$	238,844		$	206,529		15.6		%	15.4		%
Adjusted Diluted EPS⁽¹⁾	$	1.02		$	0.87		17.2		%	17.4		%

(1)	Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.
(2)	Represents net income less net income attributable to non-controlling interests.

ADV (US $bn) (Unaudited)
Asset Class	Product	3Q26		3Q25		YoY
Rates	Cash	$	603	$	535	12.9	%
	Derivatives		1,345		921	46.0	%
	Total		1,948		1,456	33.8	%
Credit	Cash		19		16	18.9	%
	Derivatives		42		26	61.3	%
	Total		61		42	45.0	%
Equities	Cash		15		12	26.0	%
	Derivatives		15		14	4.8	%
	Total		30		26	14.4	%
Money Markets	Cash		1,114		1,052	6.0	%
	Total		1,114		1,052	6.0	%
	Total	$	3,153	$	2,575	22.4	%

DISCUSSION OF RESULTS

Rates – Revenues of $324.5 million in the third quarter of 2026 increased 18.2% compared to prior year period (increased 18.9% on a constant currency basis). Rates ADV was up 33.8% from prior year period. U.S. government bond ADV was up 28.0% from prior year period, driven by robust institutional and wholesale activity, with September 2026 marking the most active month for U.S. government bond trading on our platform this year. Swaps/swaptions ≥ 1-year ADV was up 42.4% from prior year period, driven by global central bank policy changes, continued geopolitical tensions and uncertainty surrounding inflation. European government bonds ADV was up 24.5% from prior year period led by strong volumes across our institutional client channel and a growing number of clients trading across a diverse set of trading protocols. Mortgages ADV was down 3.6% from prior year period, against exceptionally strong prior-year performance. The 10.5% decline in rates derivatives ≥ 1-year average variable fees per million in the third quarter of 2026 compared to prior year period was primarily driven by higher compression activity which carries a comparatively lower fee per million as well as lower duration.

Credit – Revenues of $133.0 million in the third quarter of 2026 increased 9.6% compared to prior year period (increased 10.0% on a constant currency basis). U.S. credit ADV was up 23.9% from prior year period, as client adoption continued across trading protocols, most notably in Portfolio Trading ("PT"), Request-for-Quote ("RFQ") and Tradeweb AllTrade®. European credit ADV was up 8.4% from prior year period, driven by a diverse set of protocols, particularly Tradeweb Automated Intelligent Execution ("AiEX"), which reached a record in September 2026 as clients increasingly turned to automated execution. Credit derivatives ADV was up 61.3% from prior year period, driven by increased hedge fund and systematic account activity year-over-year ("YoY") which led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity. Municipal bond ADV was up 9.7% from prior year period, relative to the broader market which was up 13% from prior year period, based on the Municipal Securities Rulemaking Board ("MSRB"), driven by elevated new issuance which Tradeweb does not participate in. We reported 19.9% share of fully electronic U.S. high grade TRACE⁽³⁾, up 130 basis points (bps) from prior year period and 7.9% share of fully electronic U.S. high yield TRACE, up 40 bps from prior year period. We also reported 27.9% total share of U.S. high grade TRACE, up 170 bps from prior year period and 9.9% total share of U.S. high yield TRACE, up 10 bps from prior year period. The 10.6% decline in cash credit average variable fees per million in the third quarter of 2026 compared to prior year period was primarily driven by a mix shift away from higher fee per million municipal bonds and retail U.S. credit and towards PT which carries a comparatively lower fee per million.

Equities – Revenues of $38.4 million in the third quarter of 2026 increased 28.8% compared to prior year period (increased 29.8% on a constant currency basis). Equities ADV was up 14.4% from prior year period, driven by robust activity in our institutional and wholesale channels, including strong activity in U.S. and international exchange traded funds ("ETFs"), which included an expanded client base and clients' increased adoption of Tradeweb AiEX YoY.

Money Markets – Revenues of $44.2 million in the third quarter of 2026 increased 3.0% compared to prior year period (increased 3.0% on a constant currency basis). Money Markets ADV was up 6.0% from prior year period, driven by strong global repurchase agreement ADV as a result of increased client activity across the platform, as well as Tradeweb ICD Portal activity, which was driven by continued activity from existing clients and new client additions. This was partially offset by less client demand for commercial paper and discount notes YoY.

Market Data – Revenues of $36.9 million in the third quarter of 2026 increased 19.6% compared to prior year period (increased 19.7% on a constant currency basis), primarily due to amendments to our LSEG market data license agreement which were effective as of November 2025. The amended market data license agreement included higher overall fees and a change in the timing of the delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding increase in revenue during the third quarter of 2026.

Other – Revenues of $7.6 million in the third quarter of 2026 decreased 17.3% compared to prior year period (decreased 17.3% on a constant currency basis), primarily due to lower digital asset revenue earned for performing validation services on the Canton Network, driven by scheduled changes in the Canton Network’s minting curve and its allocation of rewards to Super Validators and lower software development and implementation revenue on behalf of certain clients.

Operating Expenses of $331.1 million in the third quarter of 2026 increased 11.0% compared to $298.2 million in prior year period, primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in incentive compensation expense tied to our financial performance and an increase in headcount and related salaries, benefits and stock-based compensation associated with our continued growth, (ii) an increase in technology and communication expense primarily due to increased investment in our artificial intelligence ("AI") and data strategy and infrastructure, as well as higher data and clearance fees driven primarily by higher trading volumes period-over-period and (iii) an increase in professional fees primarily due to higher technology consulting expenses and professional fees primarily related to mergers and acquisitions and other strategic investing activities.

Adjusted Expenses of $288.1 million in the third quarter of 2026 increased 13.9% (increased 15.1% on a constant currency basis) compared to $253.1 million in prior year period primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in incentive compensation expense tied to our financial performance and an increase in headcount and related salaries, benefits and stock-based compensation associated with our continued growth and (ii) an increase in technology and communication expense due to increased investment in our AI and data strategy and infrastructure, as well as higher data and clearance fees driven primarily by higher trading volumes period-over-period. Please see "Non-GAAP Financial Measures" below for additional information.

Non-operating Income – Other income (loss), net of $18.7 million of income in the third quarter of 2026 decreased 52.5% compared to $39.4 million in prior year period. Third quarter 2026 other income was primarily due to the reclassification of $27.5 million of unrealized gains from accumulated other comprehensive income into other income upon the July 1, 2026 conversion of our holding of a convertible note into publicly traded common shares of Securitize and $14.4 million in unrealized gains on a minority equity investment, partially offset by a $24.0 million unrealized loss relating to a decrease in fair value of our Canton Coin holdings. Other income (loss), net is excluded from all non-GAAP financial measures.

RECENT HIGHLIGHTS

October 2026

Entered into a definitive agreement to acquire Trumid Holdings, LLC (“Trumid”), a financial technology company and electronic credit trading marketplace, for a total purchase price of approximately $1.97 billion ($1.89 billion cash, $82.0 million equity), subject to customary adjustments, comprising approximately $1.75 billion for the business and $220 million for tax assets being acquired (NPV⁽⁴⁾; gross value ~$345 million).
Participated in Capitolis’ $220 million round of financing, including a $120 million Series E equity financing round at a $1.9 billion valuation.
Recognized in numerous awards, including: Americas Swap Execution Facility of the Year – Tradeweb (2026 GlobalCapital Americas Derivatives Awards).

Third Quarter 2026

Core Markets

Introduced a suite of advancements to Tradeweb Ai-Price, Tradeweb's automated bond pricing engine, including expanded data inputs, upgraded machine learning models and more real-time, intraday-responsive pricing.
Launched a local-to-local trading and post-trade workflow on Tradeweb’s Alternative Trading System ("ATS") for Sukuk and Saudi Riyal ("SAR")-denominated debt instruments in the Kingdom of Saudi Arabia.
Partnered with Ultumus, a SIX company, to bring Ultumus’ Portfolio Composition File ("PCF") calculation and distribution service directly into Tradeweb’s indicative net asset value ("iNAV") calculation engine.
Extended the distribution of our licensed Tradeweb FTSE Benchmark Closing Prices through Pyth Network's Data Marketplace, alongside pricing derived from our electronic fixed income marketplaces.
Announced our multi-year partnership with professional golfer James Nicholas.

Frontier Markets

Completed the first landmark real-time transaction involving tokenized U.S. Treasuries on Tradeweb with the Canton Network.
Participated in the Depository Trust & Clearing Corporation ("DTCC")'s successful processing of U.S. Treasury transactions using tokenized assets held at The Depository Trust Company ("DTC") - the largest tokenization production initiative to date.

Awards

Recognized in numerous awards, including: Most Influential in European Finance – Enrico Bruni (Financial News); Best Fixed Income Trading Solution – Tradeweb (Capital Markets Technology Awards APAC 2026)

CAPITAL MANAGEMENT

$2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of September 30, 2026
The $1.89 billion cash component of the Trumid acquisition is expected to be funded primarily with cash on hand, and the acquisition is currently targeted to close in the first half 2027, subject to customary purchase price adjustments and the satisfaction of regulatory approvals and other customary closing conditions
As of September 30, 2026, we held 1.6 billion Canton Coins, valued at $207.5 million of which we are restricted in our ability to transfer 1.3 billion Canton Coins, valued at $163.7 million
Free cash flow for the trailing twelve months ended September 30, 2026 of $1.1 billion, up 9.7% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
Cash paid for capital expenditures and capitalized software development during the third quarter of 2026 of $29.2 million
Cash paid for investments during the third quarter of 2026 of $20.0 million
During the third quarter of 2026, Tradeweb purchased a total of 2,020,555 shares of Class A common stock, at an average price per share of $103.83, for purchases totaling $209.8 million. As of September 30, 2026, $124.5 million in share repurchase authorization remained
$0.9 million in shares of Class A common stock were withheld during the third quarter of 2026 to satisfy tax obligations related to the vesting or exercise of employee stock-based compensation awards
The Board declared a quarterly cash dividend of $0.14 per share of Class A common stock and Class B common stock. The dividend will be payable on December 15, 2026 to stockholders of record as of December 1, 2026

OTHER MATTERS

Updated Full-Year 2026 Guidance*

Adjusted Expenses: $1,155 - 1,175 million (trending towards the middle of the range)
Acquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million
Assumed non-GAAP tax rate: ~23.5% - 24.5%
Cash capital expenditures and capitalized software development: ~$107 - 117 million
LSEG Market Data Contract Revenue: ~$105 million

The adjusted expense guidance has been revised to reflect the year-to-date revenue growth coupled with our current expectations for the remainder of the year. Depreciation and amortization, assumed non-GAAP tax rate, expenditures and LSEG Market Data Contract Revenue guidance is unchanged from the guidance we provided last quarter.

*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32. Our updated full-year 2026 guidance does not incorporate the impact of any potential strategic acquisitions that have been announced by us but not yet closed.

CONFERENCE CALL

Tradeweb Markets will hold a conference call to discuss third quarter 2026 results starting at 9:30 AM EDT today, October 29, 2026. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.

To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/2y57g9xz/
To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BIa47df4d165244f798b20531067a7d252. Registered participants will receive an email confirmation with a unique PIN to access the conference call.

An archived recording of the call will be available afterward at https://investors.tradeweb.com.

ABOUT TRADEWEB MARKETS

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $3.0 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

³ Beginning August 31, 2026, FINRA changed a TRACE reporting rule to exclude certain duplicate, affiliated trades that had been previously counted in industry volumes. Most market participants began reporting on a voluntary basis under the amended rule for September 2026 reporting, with mandatory compliance beginning August 2, 2027. This change resulted in lowered reported U.S. High Grade TRACE volumes and increased Tradeweb's U.S. High Grade electronic share growth as a percentage of TRACE for the third quarter of 2026. The impact on the third quarter of 2026 U.S. High Yield share growth was minimal. TRACE and Tradeweb have not restated prior periods and therefore these amounts may not be comparable.

⁴ Net present value of tax assets estimated based on 7% discount rate.


TRADEWEB MARKETS INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
	(dollars in thousands, except per share amounts)
Revenues
Transaction fees and commissions		$	491,797		$	421,309		$	1,480,965		$	1,272,421
Subscription fees			61,410			60,830			183,407			173,999
LSEG market data fees			26,539			20,534			79,777			70,028
Other			4,799			5,925			17,106			14,798
Total revenue			584,545			508,598			1,761,255			1,531,246

Expenses
Employee compensation and benefits			178,927			164,993			549,182			511,563
Depreciation and amortization			62,319			64,351			184,515			190,098
Technology and communications			44,623			33,867			126,148			92,807
General and administrative			17,324			16,892			45,884			66,616
Professional fees			19,757			11,483			44,846			38,100
Occupancy			8,165			6,641			24,735			17,737
Total expenses			331,115			298,227			975,310			916,921
Operating income			253,430			210,371			785,945			614,325
Interest income			18,353			20,348			53,955			49,169
Interest expense			(522	)		(522	)		(1,651	)		(1,538	)
Other income (loss), net			18,742			39,420			24,864			56,306
Income before taxes			290,003			269,617			863,113			718,262
Provision for income taxes			(65,098	)		(59,068	)		(198,355	)		(163,886	)
Net income			224,905			210,549			664,758			554,376
Less: Net income attributable to non-controlling interests			27,448			24,913			80,699			66,576
Net income attributable to Tradeweb Markets Inc.		$	197,457		$	185,636		$	584,059		$	487,800

Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic		$	0.94		$	0.87		$	2.76		$	2.29
Diluted		$	0.94		$	0.86		$	2.75		$	2.27
Weighted average shares outstanding:
Basic			210,409,905			213,359,090			211,844,545			213,263,111
Diluted			210,903,847			214,983,486			212,332,878			214,951,279

TRADEWEB MARKETS INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

	Three Months Ended						Nine Months Ended
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin	September 30,						September 30,
	2026			2025			2026			2025

	(dollars in thousands)
Net income	$	224,905		$	210,549		$	664,758		$	554,376
Merger and acquisition transaction and integration costs ⁽¹⁾		4,170			466			4,652			6,734
Interest income		(18,353	)		(20,348	)		(53,955	)		(49,169	)
Interest expense		522			522			1,651			1,538
Depreciation and amortization		62,319			64,351			184,515			190,098
Stock-based compensation expense ⁽²⁾		357			607			1,791			1,802
Provision for income taxes		65,098			59,068			198,355			163,886
Foreign exchange (gains) / losses ⁽³⁾		(1,422	)		(1,372	)		(14,231	)		17,579
Tax receivable agreement liability adjustment ⁽⁴⁾		—			—			—			—
Other (income) loss, net		(18,742	)		(39,420	)		(24,864	)		(56,306	)
Adjusted EBITDA	$	318,854		$	274,423		$	962,672		$	830,538
Less: Depreciation and amortization		(62,319	)		(64,351	)		(184,515	)		(190,098	)
Add: D&A related to acquisitions and the Refinitiv Transaction ⁽⁵⁾		39,902			45,474			119,706			136,421
Adjusted EBIT	$	296,437		$	255,546		$	897,863		$	776,861
Net income margin⁽⁶⁾		38.5	%		41.4	%		37.7	%		36.2	%
Adjusted EBITDA margin ⁽⁶⁾		54.5	%		54.0	%		54.7	%		54.2	%
Adjusted EBIT margin ⁽⁶⁾		50.7	%		50.2	%		51.0	%		50.7	%

Contacts

Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com

Sameer Murukutla + 1 646 767 4864
Sameer.Murukutla@Tradeweb.com

Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com

Savannah Steele + 1 646 767 4941
Savannah.Steele@Tradeweb.com

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Tradeweb Reports Third Quarter 2026 Financial Results

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