Tradeweb: Q3 Earnings Snapshot

U.S. stocks fell and 10-year Treasury yield rose on Tuesday after October CPI data showed a 0.4% increase. Fed Governor Waller leaned toward a December rate hike. CME Group, ICE, Tradeweb, Nasdaq, and BGC Group reported increased trading volumes in interest rate products. CME Group's October ADV hit 30 million contracts, up 15% YoY, with interest rate ADV up 28%. ICE reported 14% YoY increase in total October ADV and 40% in interest rates ADV.

Tradeweb Markets Inc (TW) reported Q3 2026 revenue of $585M, up 14.9% YoY, with international revenue growing 22%. Adjusted EBITDA margins expanded to 54.5%. The company expects growth from the pending Trumid acquisition, despite some declines in retail credit and fees per million. Management discussed market share, interest rate impacts, and future opportunities.

Tradeweb (TW) reported its second-highest quarterly revenue ever, according to CEO William Hult. The company also announced a definitive agreement to acquire Trumid. Tradeweb updated its 2026 adjusted expenses to a range of $1.155B to $1.175B.

Tradeweb Markets Inc. (TW) reported Q3 2026 revenue of $584.5M, up 14.9% YoY, exceeding estimates. International revenue grew 22.4% YoY, contributing over 60% of growth. Adjusted EPS was $1.02, up 17.2% YoY. Rates, credit, and equities drove revenue growth. Market share expanded in global interest rate swaps and U.S. Treasuries.

Tradeweb Markets reported Q3 Non-GAAP EPS of $1.02, exceeding estimates by $0.01, with revenue of $584.55M, up 14.9% year-over-year, in line with expectations. The company updated its full-year 2026 guidance for adjusted expenses, targeting $1,155-1,175 million.

Tradeweb Markets reported 3Q 2026 revenue of $584.5M, up 14.9% YoY, with net income of $197.5M and EPS of $0.94. Growth was driven by higher transaction fees and commissions. The company agreed to acquire Trumid for $1.97B, expected to close in 1H 2027.