third quarter 2026
Filed Oct 29, 2026Tradeweb reported third-quarter revenue growth of 14.9%, total ADV growth of 22.4%, and adjusted diluted EPS growth of 17.2%, while updating full-year 2026 adjusted expense guidance.
Revenue, ADV, operating income and adjusted earnings all increased from the prior-year period, led by Rates, Equities and Market Data, while adjusted EBITDA margin expanded to 54.5%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $584.5M | – | 14.9 % |
| Transaction fees and commissions, three months ended September 30, 2026GAAP | $491.8M | – | – |
| Subscription fees, three months ended September 30, 2026GAAP | $61.41M | – | – |
| LSEG market data fees, three months ended September 30, 2026GAAP | $26.54M | – | – |
| Other revenue, three months ended September 30, 2026GAAP | $4.80M | – | – |
| Total expenses, three months ended September 30, 2026GAAP | $331.1M | – | 11.0% |
| Employee compensation and benefits, three months ended September 30, 2026GAAP | $178.9M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $62.32M | – | – |
| Technology and communications, three months ended September 30, 2026GAAP | $44.62M | – | – |
| General and administrative, three months ended September 30, 2026GAAP | $17.32M | – | – |
| Professional fees, three months ended September 30, 2026GAAP | $19.76M | – | – |
| Occupancy, three months ended September 30, 2026GAAP | $8.16M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $253.4M | – | 20.5 % |
| Interest income, three months ended September 30, 2026GAAP | $18.35M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$522K | – | – |
| Other income (loss), net, three months ended September 30, 2026GAAP | $18.74M | – | decreased 52.5% |
| Income before taxes, three months ended September 30, 2026GAAP | $290.0M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | −$65.10M | – | – |
| Net income, three months ended September 30, 2026GAAP | $224.9M | – | 6.8 % |
| Net income attributable to Tradeweb Markets Inc., three months ended September 30, 2026GAAP | $197.5M | – | 6.4 % |
| Diluted EPS, three months ended September 30, 2026GAAP | $ 0.94 | – | 9.3 % |
| Net income margin, three months ended September 30, 2026GAAP | 38.5 % | – | -292 bps |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $318.9M | – | 16.2 % |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 54.5 % | – | +59 bps |
| Adjusted EBIT, three months ended September 30, 2026non-GAAP | $296.4M | – | 16.0 % |
| Adjusted EBIT margin, three months ended September 30, 2026non-GAAP | 50.7 % | – | +47 bps |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $238.8M | – | 15.6 % |
| Adjusted Diluted EPS, three months ended September 30, 2026non-GAAP | $ 1.02 | – | 17.2 % |
| Adjusted Expenses, three months ended September 30, 2026non-GAAP | $288.1M | – | 13.9% |
| Total ADV, third quarter 2026other | $3.15B | – | 22.44 % |
| Rates ADV, third quarter 2026other | 1,948,129 | – | 33.84 % |
| Credit ADV, third quarter 2026other | 60,918 | – | 44.96 % |
| Equities ADV, third quarter 2026other | 29,816 | – | 14.41 % |
| Money Markets ADV, third quarter 2026other | 1,114,211 | – | 5.95 % |
| Total revenue, nine months ended September 30, 2026GAAP | $1.76B | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $785.9M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $664.8M | – | – |
| Net income attributable to Tradeweb Markets Inc., nine months ended September 30, 2026GAAP | $584.1M | – | – |
| Diluted EPS, nine months ended September 30, 2026GAAP | $ 2.75 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $962.7M | – | – |
| Adjusted Net Income, nine months ended September 30, 2026non-GAAP | $722.1M | – | – |
| Adjusted Diluted EPS, nine months ended September 30, 2026non-GAAP | $ 3.07 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RatesRates ADV was up 33.8% from prior year period. U.S. government bond ADV was up 28.0%, swaps/swaptions ≥ 1-year ADV was up 42.4%, and European government bonds ADV was up 24.5%. | $324.5M | – | 18.2% |
| CreditU.S. credit ADV was up 23.9%, European credit ADV was up 8.4%, and credit derivatives ADV was up 61.3% from prior year period. | $133M | – | 9.6% |
| EquitiesEquities ADV was up 14.4% from prior year period, driven by institutional and wholesale activity, including U.S. and international ETFs and increased adoption of Tradeweb AiEX. | $38.4M | – | 28.8% |
| Money MarketsMoney Markets ADV was up 6.0% from prior year period, driven by global repurchase agreement ADV and Tradeweb ICD Portal activity, partly offset by less demand for commercial paper and discount notes. | $44.2M | – | 3.0% |
| Market DataGrowth was primarily due to amendments to the LSEG market data license agreement effective as of November 2025, including higher overall fees and more frequent delivery of periodic historical data sets. | $36.9M | – | 19.6% |
| OtherDecline was primarily due to lower digital asset revenue from Canton Network validation services and lower software development and implementation revenue. | $7.6M | – | (17.3)% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-Year 2026 outlook
- Tax rate~23.5% - 24.5%
- NoteAdjusted Expenses: $1,155 - 1,175 million (trending towards the middle of the range)
- NoteAcquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million
- NoteCash capital expenditures and capitalized software development: ~$107 - 117 million
- NoteLSEG Market Data Contract Revenue: ~$105 million
- NoteExpense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.
- NoteUpdated full-year 2026 guidance does not incorporate the impact of any potential strategic acquisitions that have been announced but not yet closed.
Capital returns
- 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.
What drove it
- Quarterly international revenues were $258.5 million, an increase of 22.4% compared to prior year period.
- U.S. government bond ADV growth was driven by robust institutional and wholesale activity.
- Swaps/swaptions ≥ 1-year ADV growth was driven by global central bank policy changes, continued geopolitical tensions and uncertainty surrounding inflation.
- U.S. credit growth reflected adoption across Portfolio Trading, Request-for-Quote and Tradeweb AllTrade®.
- Operating expenses increased primarily from employee compensation and benefits, AI and data strategy and infrastructure investment, volume-driven data and clearance fees, and higher professional fees.
- The company entered into a definitive agreement to acquire Trumid for a total purchase price of approximately $1.97 billion, comprising approximately $1.75 billion for the business and $220 million for tax assets being acquired (NPV; gross value ~$345 million).
Concerns
- Net income margin was 38.5 %, compared with 41.4 % in the prior-year period.
- Other income (loss), net of $18.7 million decreased 52.5% compared to $39.4 million in the prior-year period and included a $24.0 million unrealized loss relating to a decrease in fair value of Canton Coin holdings.
- Rates derivatives ≥ 1-year average variable fees per million declined 10.5% due primarily to higher compression activity and lower duration.
- Cash credit average variable fees per million declined 10.6% due primarily to mix shift away from municipal bonds and retail U.S. credit toward Portfolio Trading.
- Other revenue decreased 17.3%, primarily due to lower digital asset validation revenue and lower software development and implementation revenue.
- The Trumid acquisition cash component is $1.89 billion and is expected to be funded primarily with cash on hand.
What to watch
- Full-year 2026 adjusted expenses of $1,155 - 1,175 million, with management stating it is trending towards the middle of the range.
- Full-year 2026 LSEG Market Data Contract Revenue guidance of ~$105 million.
- The expected closing of the Trumid acquisition in the first half 2027, subject to customary purchase price adjustments, regulatory approvals and other customary closing conditions.
- The performance of average variable fees per million, particularly in rates derivatives and cash credit.
- Further Canton Network digital asset revenue and fair-value changes in Canton Coin holdings.
Balance sheet and cash flow
- $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of September 30, 2026.
- As of September 30, 2026, Tradeweb held 1.6 billion Canton Coins, valued at $207.5 million, of which 1.3 billion Canton Coins, valued at $163.7 million, were restricted in transferability.
- Free cash flow for the trailing twelve months ended September 30, 2026 was $1.1 billion, up 9.7% compared to prior year period.
- Cash flow from operating activities for the trailing twelve months ended September 30, 2026 was $ 1,201,204, compared with $ 1,093,722 for the trailing twelve months ended September 30, 2025.
- Free Cash Flow for the trailing twelve months ended September 30, 2026 was $ 1,082,883, compared with $ 987,479 for the trailing twelve months ended September 30, 2025.
- Cash paid for capital expenditures and capitalized software development during the third quarter of 2026 was $29.2 million.
- Cash paid for investments during the third quarter of 2026 was $20.0 million.
Analysis
Tradeweb delivered broad-based third-quarter growth. Total revenue was $ 584,545, up 14.9 %, while total ADV was $ 3,153,074, up 22.44 %. Rates was the largest contributor, with revenue of $324.5 million, up 18.2%, supported by 33.84% growth in Rates ADV. Equities revenue increased 28.8%, Market Data revenue increased 19.6%, and Credit revenue increased 9.6%. Money Markets grew 3.0%, while Other revenue decreased 17.3%.
The earnings profile strengthened on an adjusted basis. Operating income rose 20.5% to $ 253,430, outpacing revenue growth. Adjusted EBITDA increased 16.2% to $ 318,854 and adjusted EBITDA margin expanded to 54.5 % from 54.0 %. Adjusted Net Income increased 15.6% to $ 238,844, and Adjusted Diluted EPS increased 17.2% to $ 1.02. GAAP net income increased 6.8% to $ 224,905, but net income margin declined to 38.5 % from 41.4 %, while other income declined to $ 18,742 from $ 39,420.
Volume growth was especially strong in rates derivatives and credit derivatives, where ADV increased 46.01% and 61.26%, respectively. The release identifies client adoption across credit protocols and increased hedge fund and systematic account activity as credit drivers. Fee pressure accompanied the volume mix: rates derivatives ≥ 1-year average variable fees per million declined 10.5%, and cash credit average variable fees per million declined 10.6%. Market Data growth benefited from the amended LSEG license agreement, while Other revenue was pressured by lower Canton Network validation-services revenue.
Capital allocation included $209.8 million of Class A share repurchases, a declared $0.14 per-share quarterly cash dividend, and a proposed acquisition of Trumid for approximately $1.97 billion. Tradeweb reported $2.1 billion of cash and cash equivalents and an undrawn $500 million credit facility as of September 30, 2026; the $1.89 billion Trumid cash component is expected to be funded primarily with cash on hand. The company updated full-year adjusted expense guidance to $1,155 - 1,175 million and left its guidance for depreciation and amortization, non-GAAP tax rate, cash capital expenditures and capitalized software development, and LSEG Market Data Contract Revenue unchanged from the prior quarter.
Management, verbatim
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.
Billy Hult, CEO of Tradeweb
In October, we announced our agreement to acquire Trumid, the largest acquisition in our history and a significant step forward in our credit strategy.
Billy Hult, CEO of Tradeweb
Our strategy remains focused on solving real challenges for clients, expanding our capabilities and investing in the future of electronic markets.
Billy Hult, CEO of Tradeweb
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross margin was not reported.
- GAAP operating expense guidance was not provided.
- GAAP tax rate guidance was not provided.
- Full-year revenue guidance was not provided.
- Quarterly cash flow from operating activities was not reported.
- Quarterly free cash flow was not reported.
- Total debt was not reported.
- Prior-quarter comparisons were not reported for the reported financial metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.