Tradeweb Markets Inc Cls A
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.42%.
Did TW Beat Earnings? Q2 2026 Results
Tradeweb Markets Inc. posted a solid second-quarter 2026 beat, notching its fifth consecutive quarter of exceeding Wall Street's EPS expectations as adjusted diluted earnings of $0.97 per share edged past the $0.96 consensus estimate by 1.04%. Revenue climbed 9.0% year-over-year to $558.95 million, with the most consequential driver being a broad surge in electronic trading volumes, as average daily volume reached $3.01 trillion, up 18.2% from a year earlier. Rates, the company's largest segment at $302.49 million in revenue, led the way with 10.2% growth, propelled by a 23.1% rise in ADV amid volatile central bank policy expectations globally. GAAP operating income jumped 22.7% to $245.26 million, while adjusted EBITDA grew 9.4% to $304.13 million at a 54.4% margin. Looking ahead, management reaffirmed full-year 2026 adjusted expense guidance of $1.10 billion to $1.16 billion, noting results are trending toward the top half of that range.
- 18.2% increase in average daily volume to approximately $3.0 trillion
- Record ADV in rates futures, fully electronic U.S. high yield credit, convertibles/swaps/options, and repurchase agreements
- International revenue up 13.9% (12.3% constant currency)
- Swaps/swaptions ≥ 1-year ADV up 26.5% driven by fluctuating global central bank policy expectations and geopolitical uncertainty
- Continued client adoption of Tradeweb AiEX automated execution
- Amendments to LSEG market data license agreement effective November 2025 driving 22.6% Market Data revenue growth
- 19.0% share of fully electronic U.S. high grade TRACE, up 101 bps YoY
“Our second quarter results reflect the resilience and diversification of our global, multi-asset platform, with strong volume growth across the business despite more normalized volatility compared to the first quarter of 2026. International revenue continued to accelerate, and client adoption of Tradeweb AiEX continued to increase as clients further embedded automation into their trading workflows — a trend that continues to reinforce the long-term structural shift toward electronic trading.”
Tradeweb Markets CEO, on the earnings call
Forward Guidance & Outlook
Full-year 2026 guidance unchanged: Adjusted Expenses of $1,100 - $1,160 million (trending towards the top half of the range); Acquisition and Refinitiv Transaction related D&A expense of ~$160 million; Assumed non-GAAP tax rate of ~23.5% - 24.5%; Cash capital expenditures and capitalized software development of ~$107 - $117 million; LSEG Market Data Contract Revenue of ~$105 million. Expense guidance assumes an average 2026 Sterling/USD foreign exchange rate of 1.32.
TW YoY Financials
TW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.