Tradeweb (Nasdaq: TW) posts Q1 2026 growth and updates full-year guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Tradeweb Markets Inc. reported strong first quarter 2026 results, with revenue of $617.8 million, up 21.2% year over year, driven by higher trading volumes across rates, credit, equities and money markets. Net income rose to $233.2 million, and diluted EPS reached $0.96.
Adjusted EBITDA increased to $339.7 million, with a 55.0% margin, while Adjusted Diluted EPS was $1.08. Free cash flow for the twelve months ended March 31, 2026 was $1.10 billion, up 31.5%. The company ended the quarter with $1.9 billion in cash, repurchased 482,621 shares for $50.7 million, and declared a quarterly dividend of $0.14 per share.
Positive
- Strong top-line and bottom-line growth: Q1 2026 revenue rose 21.2% to $617.8 million, Adjusted EBITDA increased to $339.7 million with a 55.0% margin, and Adjusted Diluted EPS climbed to $1.08, indicating robust operating leverage and profitability.
Negative
- None.
Insights
Tradeweb posts broad-based Q1 growth with strong margins and cash generation.
Tradeweb delivered Q1 2026 revenue of $617.8 million, up 21.2%, with notable volume gains in rates, credit, equities and money markets. Net income increased to $233.2 million, and Adjusted EBITDA reached $339.7 million with a 55.0% margin, highlighting a highly profitable model.
Segment data show especially strong momentum in rates, where revenues grew 29.7%, and in equities with 31.5% revenue growth. International revenue of $274.1 million, up 29.4%, underscores global traction. Some metrics, like market data revenue and cash credit fees per million, declined as business mix and contract terms evolved.
Capital allocation remains robust: trailing twelve-month free cash flow was $1.10 billion, up 31.5%, supporting $50.7 million of share repurchases in Q1 and a $0.14 per-share dividend payable on June 15, 2026. Updated 2026 guidance calls for Adjusted Expenses of $1,100–1,160 million, trending toward the top half of the range, reflecting investment alongside revenue strength.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue: $617.8M
Net income: $233.2M
Diluted EPS: $0.96
+5 more
8 metrics
Revenue
$617.8M
Q1 2026 total revenue, up 21.2% year over year
Net income
$233.2M
Q1 2026 consolidated net income
Diluted EPS
$0.96
Q1 2026 earnings per diluted share
Adjusted EBITDA
$339.7M
Q1 2026 Adjusted EBITDA with 55.0% margin
Adjusted Diluted EPS
$1.08
Q1 2026 Adjusted Diluted EPS vs. $0.86 in Q1 2025
Free Cash Flow
$1.10B
Trailing twelve months ended March 31, 2026, up 31.5%
Cash and cash equivalents
$1.9B
Balance as of March 31, 2026
Adjusted Expenses guidance
$1,100–1,160M
Full-year 2026, trending toward top half of range
Key Terms
Adjusted EBITDA, Free Cash Flow, constant currency, LSEG market data license agreement, +2 more
6 terms
Adjusted EBITDA financial
"Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Reconciliation of Cash Flow from Operating Activities to Free Cash Flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
constant currency financial
"an increase of 21.2% ( 17.5% on a constant currency basis) compared to prior year period"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
LSEG market data license agreement financial
"primarily due to the amendments to our LSEG market data license agreement effective November 1, 2025"
Canton Coin financial
"unrealized gains (losses) on our Canton Coin holdings, which totaled a loss of $2.9 million in the first quarter of 2026"
swap execution facility financial
"the first trade executed on the Tradeweb swap execution facility ("TW SEF")"
A Swap Execution Facility is a special online platform where people and companies can buy and sell swap agreements, which are contracts to exchange financial benefits or risks. It helps ensure these trades happen fairly and transparently, making financial markets safer and more organized—kind of like an auction site for financial contracts.
Earnings Snapshot
Revenue: $617.8M · Guidance included
Q1 2026
Revenue
$617.8M
+21.2% YoY
Net income
$233.2M
Diluted EPS
$0.96
Adjusted EBITDA
$339.7M
Adjusted Diluted EPS
$1.08
Free Cash Flow (TTM)
$1.10B
+31.5% YoY
Guidance
For full-year 2026, Tradeweb guided Adjusted Expenses to $1,100–1,160 million (trending toward the top half of the range), Acquisition and Refinitiv-related depreciation and amortization expense of $160 million, an assumed non-GAAP tax rate of ~23.5–24.5%, cash capex of ~$107–117 million, and LSEG Market Data Contract Revenue of ~$105 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________
FORM 8-K
_____________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2026
______________________________________________________________________________
(Exact name of registrant as specified in charter)
______________________________________________________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (646 ) 430-6000
______________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, the Company issued a press release, a copy of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference, announcing financial results for the quarter ended March 31, 2026.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press Release of Tradeweb Markets Inc., dated April 29, 2026, announcing First Quarter 2026 Financial Results. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TRADEWEB MARKETS INC. | |||||||||||
Date: April 29, 2026 | By: | /s/ Douglas Friedman | |||||||||
| Name: Douglas Friedman | |||||||||||
| Title: Chief Legal Officer | |||||||||||
 | 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 | ||||||||||||
TRADEWEB REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS | ||||||||||||||||||||||||||||||||||||||||||||
New York, April 29, 2026 – Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported financial results for the quarter ended March 31, 2026. | ||||||||||||||||||||||||||||||||||||||||||||
$617.8 million quarterly revenues, an increase of 21.2% (17.5% on a constant currency basis) compared to prior year period $274.1 million quarterly international revenues, an increase of 29.4% (20.7% on a constant current basis) compared to prior year period $3.3 trillion average daily volume (“ADV”) for the quarter, an increase of 31.4% compared to prior year period; quarterly ADV records in U.S. and European government bonds, mortgages, swaps/swaptions ≥ 1-year and < 1-year, futures, fully electronic U.S. high grade and high yield credit, electronically processed U.S. high grade credit, European credit, credit derivatives, U.S. and international ETFs, repurchase agreements and other money markets $233.2 million net income and $255.1 million adjusted net income for the quarter, increases of 38.5% and 24.0%, respectively, from prior year period 55.0% adjusted EBITDA margin and $339.7 million adjusted EBITDA for the quarter, compared to 54.6% and $278.2 million respectively for prior year period $0.96 diluted earnings per share (“Diluted EPS”) and $1.08 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: “The record quarterly revenue and volumes we delivered underscore the strength of our global, multi-asset platform and the continued structural shift toward electronic trading. We saw strong momentum in international client engagement and adoption, alongside accelerating use of automated trading workflows, as clients increasingly turned to electronic solutions — particularly amid heightened global volatility in March. In our core markets, we continued to enhance our rates offering by advancing dealer algo execution for U.S. Treasuries, completing the first fully electronic swaption termination and launching multi-asset package trading for USD swaps. We also partnered with MAXEX to broaden institutional access to U.S. residential mortgages. In credit, increased adoption of electronic block trading continued to underscore the ongoing structural shift toward electronification, while ETFs remained an important and growing part of the ecosystem. At the same time, we are investing in frontier areas that are shaping the future of electronic trading. Our investment in and partnership with Kalshi marks an important milestone in bringing institutional access to prediction markets into sharper focus. In digital assets, our initiatives, including on-chain repo activity on the Canton Network, build directly on our core strengths and support the evolution toward more continuous, 24/7 trading. We also led a $31 million Series B financing round of Crossover Markets and established a strategic partnership with the goal to deliver institutional spot crypto liquidity to clients globally. In parallel, we are continuing to advance our AI capabilities, ensuring we remain well positioned as these markets continue to evolve. Taken together, we believe these efforts enable us to play a leading role in the convergence of traditional finance and digital markets. With a strong foundation in place, we remain focused on delivering for clients, investing in our platform and building on momentum across both our core business and emerging growth areas.” | |||||||||||||||||||||||||||||||||||||||||||
| SELECT FINANCIAL RESULTS | 1Q26 | 1Q25 | Change | Constant Currency Change(1) | ADV (US $bn) (Unaudited) | |||||||||||||||||||||||||||||||||||||||
| (dollars in thousands, except per share amounts)(Unaudited) | Asset Class | Product | 1Q26 | 1Q25 | YoY | |||||||||||||||||||||||||||||||||||||||
| GAAP Financial Measures | Rates | Cash | $ | 670 | $ | 559 | 19.9 | % | ||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 617,764 | $ | 509,677 | 21.2 | % | 17.5 | % | Derivatives | 1,411 | 884 | 59.6 | % | |||||||||||||||||||||||||||||||
| Rates | $ | 344,172 | $ | 265,432 | 29.7 | % | 24.9 | % | Total | 2,081 | 1,443 | 44.2 | % | |||||||||||||||||||||||||||||||
| Credit | $ | 138,226 | $ | 124,000 | 11.5 | % | 8.7 | % | Credit | Cash | 20 | 18 | 11.7 | % | ||||||||||||||||||||||||||||||
| Equities | $ | 41,309 | $ | 31,410 | 31.5 | % | 25.2 | % | Derivatives | 49 | 30 | 59.5 | % | |||||||||||||||||||||||||||||||
| Money Markets | $ | 47,107 | $ | 43,712 | 7.8 | % | 6.0 | % | Total | 69 | 49 | 41.6 | % | |||||||||||||||||||||||||||||||
| Market Data | $ | 36,927 | $ | 38,707 | (4.6) | % | (5.5) | % | Equities | Cash | 17 | 12 | 38.2 | % | ||||||||||||||||||||||||||||||
| Other | $ | 10,023 | $ | 6,416 | 56.2 | % | 56.1 | % | Derivatives | 15 | 14 | 8.8 | % | |||||||||||||||||||||||||||||||
| Operating Income | $ | 287,253 | $ | 204,101 | 40.7 | % | Total | 33 | 27 | 22.6 | % | |||||||||||||||||||||||||||||||||
| Net income | $ | 233,167 | $ | 168,305 | 38.5 | % | Money Markets | Cash | 1,165 | 1,029 | 13.2 | % | ||||||||||||||||||||||||||||||||
Net income attributable to Tradeweb Markets Inc. (2) | $ | 205,284 | $ | 148,382 | 38.3 | % | Total | 1,165 | 1,029 | 13.2 | % | |||||||||||||||||||||||||||||||||
| Total | $ | 3,348 | $ | 2,547 | 31.4 | % | ||||||||||||||||||||||||||||||||||||||
| Diluted EPS | $ | 0.96 | $ | 0.69 | 39.1 | % | ||||||||||||||||||||||||||||||||||||||
| Net income margin | 37.7 | % | 33.0 | % | +472 | bps | ||||||||||||||||||||||||||||||||||||||
| Non-GAAP Financial Measures | (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. | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 339,683 | $ | 278,219 | 22.1 | % | 19.7 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin (1) | 55.0 | % | 54.6 | % | +40 | bps | +99 | bps | ||||||||||||||||||||||||||||||||||||
Adjusted EBIT (1) | $ | 318,876 | $ | 260,993 | 22.2 | % | 19.6 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBIT margin (1) | 51.6 | % | 51.2 | % | +41 | bps | +91 | bps | ||||||||||||||||||||||||||||||||||||
Adjusted Net Income (1) | $ | 255,134 | $ | 205,691 | 24.0 | % | 21.5 | % | ||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS (1) | $ | 1.08 | $ | 0.86 | 25.6 | % | 22.7 | % | ||||||||||||||||||||||||||||||||||||
DISCUSSION OF RESULTS
Rates – Revenues of $344.2 million in the first quarter of 2026 increased 29.7% compared to prior year period (increased 24.9% on a constant currency basis). Rates ADV was up 44.2% from prior year period, driven by record ADV in U.S. government bonds, swaps/swaptions ≥ and < 1-year, mortgages and European government bonds. U.S. government bond ADV was up 15.9% from prior year period, driven by record institutional activity. Swaps/swaptions ≥ 1-year ADV was up 38.2% from prior year period, driven by a strong increase in risk trading activity due to overall inflationary and central bank policy concerns and global market sensitivity to geopolitical developments. European government bonds ADV was up 32.6% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 20.5% from prior year period, reflecting elevated rate volatility amid macro uncertainty, alongside continued client adoption of electronic trading and sustained institutional engagement across mortgage products, including To-Be-Announced ("TBA") activity. Tradeweb's specified pool platform saw higher trading activity year-over-year ("YoY"), reflecting continued growth in client adoption.
Credit – Revenues of $138.2 million in the first quarter of 2026 increased 11.5% compared to prior year period (increased 8.7% on a constant currency basis). Credit derivatives ADV was up 59.5% from prior year period, driven by increased hedge fund and systematic account activity YoY and heightened credit volatility which led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity. U.S. credit ADV was up 14.0% from prior year period, driven by record ADV in fully electronic U.S. high grade credit, fully electronic U.S. high yield credit and electronically processed U.S. high grade credit, as well as strong client adoption across Tradeweb protocols, including in Portfolio Trading ("PT"), request-for-quote ("RFQ") and Tradeweb AllTrade®. Record European credit ADV was up 21.2% from prior year period, driven by strong activity across a wide range of protocols, including record traded volume in Tradeweb's Automated Intelligent Execution ("AiEX") tool. Municipal bond ADV was up 5.0% from prior year period, outperforming the market which was down 1% from prior year period (based on MSRB), led by strong growth across the retail and institutional client sectors. We reported 17.7% share of fully electronic U.S. high grade TRACE, down 33 basis points (bps) from prior year period and 7.4% share of fully electronic U.S. high yield TRACE, down 16 bps from prior year period. We also reported 25.0% total share of U.S. high grade TRACE, down 92 bps from prior year period and 9.8% total share of U.S. high yield TRACE, down 36 bps from prior year period. The 14.7% decline in cash credit average variable fees per million in the first quarter of 2026 compared to prior year period was primarily driven by the 2025 introduction of minimum fee floors and the migration of certain dealers from fully variable plans to fixed fee plans and a mix shift away from municipal bonds and retail U.S. credit, which carry a relatively higher fee per million, as well as a mix shift towards non-competition portfolio trading which carries a relatively lower fee per million. Excluding the impact of our previously disclosed minimum fee floors and dealer migration plans and this quarter's impact of product/protocol mix shirt, cash credit fee per million would be down approximately 1%.
Equities – Revenues of $41.3 million in the first quarter of 2026 increased 31.5% compared to prior year period (increased 25.2% on a constant currency basis). Equities ADV was up 22.6% from prior year period, driven by record activity in U.S. and international exchange traded funds ("ETFs").
Money Markets – Revenues of $47.1 million in the first quarter of 2026 increased 7.8% compared to prior year period (increased 6.0% on a constant currency basis). Money Markets ADV was up 13.2% from prior year period, driven by record activity in global repurchase agreements and Tradeweb ICD Portal activity, which was driven by existing clients and new client additions.
Market Data – Revenues of $36.9 million in the first quarter of 2026 decreased 4.6% compared to prior year period (decreased 5.5% on a constant currency basis) primarily due to the amendments to our LSEG market data license agreement effective November 1, 2025 and was partially offset by growth in our proprietary market data revenues. The amended market data license agreement resulted in a change in the timing of delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the first quarter of 2026 that was partially offset by higher overall fees under the amended agreement. During the first quarter of 2025, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026 and totaling $2.2 million of revenue in the first quarter of 2026.
Other – Revenues of $10.0 million in the first quarter of 2026 increased 56.2% compared to prior year period (increased 56.1% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.
Operating Expenses of $330.5 million in the first quarter of 2026 increased 8.2% compared to $305.6 million in prior year period, primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in headcount and related salaries, bonus, 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 data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period. These increases were partially offset by a decrease in general and administrative expenses primarily due to a decrease in foreign exchange losses.
Adjusted Expenses of $298.9 million in the first quarter of 2026 increased 20.2% (increased 15.3% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in headcount and related salaries, bonus, benefits and stock-based compensation associated with our continued growth, (ii) an increase in technology and communication expense due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period and (iii) an increase in general and administrative expenses primarily due to an increase in realized foreign exchange losses. Please see "Non-GAAP Financial Measures" below for additional information.
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Non-operating Income – Other income (loss), net of $1.2 million of loss in the first quarter of 2026 compared to the prior year period income of $4.2 million, primarily due to unrealized gains (losses) on our Canton Coin holdings, which totaled a loss of $2.9 million in the first quarter of 2026 compared to income of $4.2 million in the prior year period, partially offset by $1.7 million net other income from other investments in the first quarter of 2026. Other income (loss), net is excluded from all non-GAAP financial measures.
RECENT HIGHLIGHTS
April 2026
•Announced that Xtrackers, the ETF and ETC platform of DWS, has adopted Tradeweb’s iNAVs across its European-listed ETFs, adding an independent, real time intraday pricing reference for market participants.
•Contributed Tradeweb’s iNAV data to the new Pyth Data Marketplace from Pyth Network, expanding access to our high-quality, intraday ETF valuations via on-chain infrastructure.
•Published the annual 2026 Tradeweb ICD Portal Client Survey.
•Recognized in numerous awards, including: Rising Stars of European Finance 2026 - Melanie Hazan (Financial News); Most Effective Platform for Trading Rates – Tradeweb (Markets Media Bond Market Awards 2026)
First Quarter 2026
Core Markets
•Expanded Tradeweb’s dealer algorithmic execution offering for U.S. Treasuries with the addition of Citi and RBC Capital Markets dealer algorithms.
•Launched multi-asset package trading for USD-denominated swaps, with the first trade executed on the Tradeweb swap execution facility ("TW SEF") between Barclays and a global hedge fund.
•Entered into a commercial collaboration with MAXEX, the digital exchange for trading U.S. residential mortgage loans through a single centralized clearinghouse, to expand access to the institutional marketplace for U.S. residential mortgages.
•Completed the industry’s first fully electronic swaption termination, with the inaugural transaction between Citadel and Wells Fargo on TW SEF, and post-trade processing through OSTTRA’s MarkitWire platform.
•Completed the first ZARONIA OIS trade executed on Tradeweb, with Rand Merchant Bank (RMB) providing liquidity.
•Introduced the Tradeweb Liquidity Cost Index in U.S. Rates, a new liquidity framework based on aggregated transaction data from our institutional rates trading platform.
Frontier Markets
•Entered into a strategic partnership with Kalshi, the largest regulated prediction market, with the goal to expand institutional access to prediction market data and analytics and advance market infrastructure for prediction markets trading to institutional investors. Tradeweb also made a minority investment in Kalshi.
•Led a $31 million Series B financing round of Crossover Markets, the institutional digital asset trading technology firm behind CROSSx. In addition, Tradeweb entered into a strategic partnership with Crossover Markets with the goal to provide institutional spot crypto liquidity to global clients.
•Participated in the fourth set of on-chain repo transactions completed on the Canton Network, which included the first cross-border intraday repo using tokenized Gilts and the first cross-currency intraday repo executed with tokenized Gilts against non-GBP tokenized deposits.
Corporate
•Published the 2025 Tradeweb Annual Report.
Awards
•Recognized in numerous awards celebrating our company and employees, including: Vendor Professional of the Year (Trading & Risk) – Olivia Timms (WatersTechnology); Best RFQ Platform of the Year – Tradeweb (ETF Express European Awards 2026); Fixed Income Platform of the Year – Tradeweb (FOW International Awards 2026)
CAPITAL MANAGEMENT
•$1.9 billion in cash and cash equivalents and an undrawn $500 million credit facility at March 31, 2026
•As of March 31, 2026, we held 1.6 billion Canton Coins, valued at $243.5 million
•Free cash flow for the trailing twelve months ended March 31, 2026 of $1.1 billion, up 31.5% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
•Cash paid for capital expenditures and capitalized software development during the first quarter of 2026 of $27.1 million
•Cash paid for investments during the first quarter of 2026 of $50.2 million
•During the first quarter of 2026, Tradeweb purchased a total of 482,621 shares of Class A common stock, at an average price of $105.10, for purchases totaling $50.7 million. As of March 31, 2026, an aggregate of $523.2 million in share repurchase authorization remained
•$85.0 million in shares of Class A common stock were withheld during the first quarter of 2026 to satisfy tax obligations related to the vesting 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 June 15, 2026 to stockholders of record as of June 1, 2026
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OTHER MATTERS
Updated Full-Year 2026 Guidance*
•Adjusted Expenses: $1,100 - 1,160 million (trending towards the top half 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: ~$105 million
The adjusted expense guidance has been revised to reflect the strong first quarter revenue growth coupled with our current expectations for the remainder of the year. Depreciation and amortization, assumed non-GAAP tax rate, expenditures and LSEG Market Data Contract Revenue guidance is unchanged from the guidance we provided last quarter.
*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss first quarter 2026 results starting at 9:30 AM EDT today, April 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/ikpqwqhu/
•To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI0fdfcd5d9b214bd1b917b1d75e9c0a4a. 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 $2.8 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
Page | 4
TRADEWEB MARKETS INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenues | (dollars in thousands, except per share amounts) | |||||||||||||
| Transaction fees and commissions | $ | 523,833 | $ | 421,344 | ||||||||||
| Subscription fees | 60,273 | 55,777 | ||||||||||||
| LSEG market data fees | 26,742 | 28,925 | ||||||||||||
| Other | 6,916 | 3,631 | ||||||||||||
| Total revenue | 617,764 | 509,677 | ||||||||||||
| Expenses | ||||||||||||||
| Employee compensation and benefits | 197,793 | 176,877 | ||||||||||||
| Depreciation and amortization | 60,709 | 62,699 | ||||||||||||
| Technology and communications | 39,549 | 28,728 | ||||||||||||
| General and administrative | 11,944 | 19,740 | ||||||||||||
| Professional fees | 12,324 | 12,458 | ||||||||||||
| Occupancy | 8,192 | 5,074 | ||||||||||||
| Total expenses | 330,511 | 305,576 | ||||||||||||
| Operating income | 287,253 | 204,101 | ||||||||||||
| Interest income | 17,451 | 13,849 | ||||||||||||
| Interest expense | (624) | (587) | ||||||||||||
| Other income (loss), net | (1,156) | 4,221 | ||||||||||||
| Income before taxes | 302,924 | 221,584 | ||||||||||||
| Provision for income taxes | (69,757) | (53,279) | ||||||||||||
| Net income | 233,167 | 168,305 | ||||||||||||
| Less: Net income attributable to non-controlling interests | 27,883 | 19,923 | ||||||||||||
| Net income attributable to Tradeweb Markets Inc. | $ | 205,284 | $ | 148,382 | ||||||||||
| Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: | ||||||||||||||
| Basic | $ | 0.96 | $ | 0.70 | ||||||||||
| Diluted | $ | 0.96 | $ | 0.69 | ||||||||||
| Weighted average shares outstanding: | ||||||||||||||
| Basic | 212,685,136 | 213,087,496 | ||||||||||||
| Diluted | 213,324,648 | 214,895,418 | ||||||||||||
Page | 5
TRADEWEB MARKETS INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
| Three Months Ended | ||||||||||||||
| Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin | March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (dollars in thousands) | ||||||||||||||
Net income | $ | 233,167 | $ | 168,305 | ||||||||||
Merger and acquisition transaction and integration costs (1) | 177 | 2,496 | ||||||||||||
Interest income | (17,451) | (13,849) | ||||||||||||
| Interest expense | 624 | 587 | ||||||||||||
Depreciation and amortization | 60,709 | 62,699 | ||||||||||||
Stock-based compensation expense (2) | 656 | 594 | ||||||||||||
Provision for income taxes | 69,757 | 53,279 | ||||||||||||
Foreign exchange (gains) / losses (3) | (9,112) | 8,329 | ||||||||||||
Tax receivable agreement liability adjustment (4) | — | — | ||||||||||||
Other (income) loss, net | 1,156 | (4,221) | ||||||||||||
Adjusted EBITDA | $ | 339,683 | $ | 278,219 | ||||||||||
Less: Depreciation and amortization | (60,709) | (62,699) | ||||||||||||
Add: D&A related to acquisitions and the Refinitiv Transaction (5) | 39,902 | 45,473 | ||||||||||||
Adjusted EBIT | $ | 318,876 | $ | 260,993 | ||||||||||
Net income margin (6) | 37.7 | % | 33.0 | % | ||||||||||
Adjusted EBITDA margin (6) | 55.0 | % | 54.6 | % | ||||||||||
Adjusted EBIT margin (6) | 51.6 | % | 51.2 | % | ||||||||||
(1) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
| (2) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2026 and 2025, this adjustment also includes $0.5 million and $0.6 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
| (3) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | ||||
| (4) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | ||||
| (5) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
| (6) | Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. | ||||
Page | 6
| Three Months Ended | ||||||||||||||
| Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS | March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||
Earnings per diluted share | $ | 0.96 | $ | 0.69 | ||||||||||
Net income attributable to Tradeweb Markets Inc. | $ | 205,284 | $ | 148,382 | ||||||||||
Net income attributable to non-controlling interests (1) | 27,883 | 19,923 | ||||||||||||
Net income | 233,167 | 168,305 | ||||||||||||
Provision for income taxes | 69,757 | 53,279 | ||||||||||||
Merger and acquisition transaction and integration costs (2) | 177 | 2,496 | ||||||||||||
D&A related to acquisitions and the Refinitiv Transaction (3) | 39,902 | 45,473 | ||||||||||||
Stock-based compensation expense (4) | 656 | 594 | ||||||||||||
Foreign exchange (gains) / losses (5) | (9,112) | 8,329 | ||||||||||||
Tax receivable agreement liability adjustment (6) | — | — | ||||||||||||
Other (income) loss, net | 1,156 | (4,221) | ||||||||||||
Adjusted Net Income before income taxes | 335,703 | 274,255 | ||||||||||||
Adjusted income taxes (7) | (80,569) | (68,564) | ||||||||||||
Adjusted Net Income | $ | 255,134 | $ | 205,691 | ||||||||||
Adjusted Diluted EPS (8) | $ | 1.08 | $ | 0.86 | ||||||||||
(1) | Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. | ||||
| (2) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
| (3) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
| (4) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2026 and 2025, this adjustment also includes $0.5 million and $0.6 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
| (5) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | ||||
| (6) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | ||||
| (7) | Represents corporate income taxes at an assumed effective tax rate of 24.0% and 25.0% applied to Adjusted Net Income before income taxes for the three months ended March 31, 2026 and 2025, respectively. | ||||
| (8) | For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below. | ||||
The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:
| Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS | Three Months Ended | |||||||||||||
| March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
Diluted weighted average shares of Class A and Class B common stock outstanding | 213,324,648 | 214,895,418 | ||||||||||||
Weighted average of other participating securities (1) | 78,389 | 185,309 | ||||||||||||
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2) | 23,056,868 | 23,070,027 | ||||||||||||
Adjusted diluted weighted average shares outstanding | 236,459,905 | 238,150,754 | ||||||||||||
Adjusted Net Income (in thousands) | $ | 255,134 | $ | 205,691 | ||||||||||
Adjusted Diluted EPS | $ | 1.08 | $ | 0.86 | ||||||||||
(1) | Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. | ||||
| (2) | Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests. | ||||
Page | 7
| Three Months Ended | ||||||||||||||
| Reconciliation of Operating Expenses to Adjusted Expenses | March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (dollars in thousands) | ||||||||||||||
Operating expenses | $ | 330,511 | $ | 305,576 | ||||||||||
Merger and acquisition transaction and integration costs (1) | (177) | (2,496) | ||||||||||||
D&A related to acquisitions and the Refinitiv Transaction (2) | (39,902) | (45,473) | ||||||||||||
Stock-based compensation expense (3) | (656) | (594) | ||||||||||||
Foreign exchange gains / (losses) (4) | 9,112 | (8,329) | ||||||||||||
Adjusted Expenses | $ | 298,888 | $ | 248,684 | ||||||||||
(1) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | ||||
| (2) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | ||||
| (3) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended March 31, 2026 and 2025, this adjustment also includes $0.5 million and $0.6 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. | ||||
| (4) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | ||||
Trailing Twelve Months Ended March 31, | ||||||||||||||
| Reconciliation of Cash Flow from Operating Activities to Free Cash Flow | 2026 | 2025 | ||||||||||||
| (dollars in thousands) | ||||||||||||||
| Cash flow from operating activities | $ | 1,211,268 | $ | 920,034 | ||||||||||
| Less: Capitalization of software development costs | (66,883) | (50,403) | ||||||||||||
| Less: Purchases of furniture, equipment and leasehold improvements | (48,503) | (36,016) | ||||||||||||
| Free Cash Flow | $ | 1,095,882 | $ | 833,615 | ||||||||||
TRADEWEB MARKETS INC.
BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED)
The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.:
| Three Months Ended | ||||||||||||||
| EPS: Net income attributable to Tradeweb Markets Inc. | March 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||
| Numerator: | ||||||||||||||
| Net income attributable to Tradeweb Markets Inc. | $ | 205,284 | $ | 148,382 | ||||||||||
Less: Distributed and undistributed earnings allocated to participating securities (1) | (76) | (129) | ||||||||||||
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted | $ | 205,208 | $ | 148,253 | ||||||||||
| Denominator: | ||||||||||||||
| Weighted average shares of Class A and Class B common stock outstanding - Basic | 212,685,136 | 213,087,496 | ||||||||||||
| Dilutive effect of PRSUs | — | 434,441 | ||||||||||||
| Dilutive effect of options | 219,311 | 289,873 | ||||||||||||
| Dilutive effect of RSUs and RSAs | 401,067 | 553,747 | ||||||||||||
| Dilutive effect of PSUs | 19,134 | 529,861 | ||||||||||||
| Weighted average shares of Class A and Class B common stock outstanding - Diluted | 213,324,648 | 214,895,418 | ||||||||||||
| Earnings per share - Basic | $ | 0.96 | $ | 0.70 | ||||||||||
| Earnings per share - Diluted | $ | 0.96 | $ | 0.69 | ||||||||||
(1) | During the three months ended March 31, 2026 and 2025, there was a total of 78,389 and 185,309, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. | ||||
Page | 8
TRADEWEB MARKETS INC.
REVENUES BY ASSET CLASS (UNAUDITED)
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | Variable | Fixed | Variable | Fixed | Variable | Fixed | Variable | Fixed | ||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Rates | $ | 271,740 | $ | 72,432 | $ | 197,357 | $ | 68,075 | $ | 74,383 | $ | 4,357 | 37.7 | % | 6.4 | % | ||||||||||||||||||||||||||||||||||
| Credit | 120,638 | 17,588 | 113,542 | 10,458 | 7,096 | 7,130 | 6.2 | % | 68.2 | % | ||||||||||||||||||||||||||||||||||||||||
| Equities | 38,834 | 2,475 | 29,206 | 2,204 | 9,628 | 271 | 33.0 | % | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Money Markets | 42,619 | 4,488 | 39,395 | 4,317 | 3,224 | 171 | 8.2 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||
| Market Data | 92 | 36,835 | 111 | 38,596 | (19) | (1,761) | (17.1) | % | (4.6) | % | ||||||||||||||||||||||||||||||||||||||||
| Other | 3,769 | 6,254 | 398 | 6,018 | 3,371 | 236 | 847.0 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 477,692 | $ | 140,072 | $ | 380,009 | $ | 129,668 | $ | 97,683 | $ | 10,404 | 25.7 | % | 8.0 | % | ||||||||||||||||||||||||||||||||||
TRADEWEB MARKETS INC.
AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME (UNAUDITED)
| Three Months Ended | ||||||||||||||||||||
| March 31, | YoY | |||||||||||||||||||
| 2026 | 2025 | % Change | ||||||||||||||||||
| Rates | $ | 2.12 | $ | 2.22 | -4.6% | |||||||||||||||
| Rates Cash | $ | 2.30 | $ | 2.36 | -2.7% | |||||||||||||||
| Rates Derivatives | $ | 2.04 | $ | 2.14 | -4.7% | |||||||||||||||
Rates Derivatives (≥ 1 year) | $ | 3.85 | $ | 3.53 | 8.9% | |||||||||||||||
Other Rates Derivatives (1) | $ | 0.23 | $ | 0.24 | -6.9% | |||||||||||||||
| Credit | $ | 28.42 | $ | 37.96 | -25.1% | |||||||||||||||
Cash Credit (2) | $ | 114.51 | $ | 134.28 | -14.7% | |||||||||||||||
| Credit Derivatives, China Bonds and U.S. Cash EP | $ | 5.88 | $ | 6.15 | -4.4% | |||||||||||||||
| Equities | $ | 19.43 | $ | 18.16 | 7.0% | |||||||||||||||
| Equities Cash | $ | 29.94 | $ | 30.39 | -1.5% | |||||||||||||||
| Equities Derivatives | $ | 7.57 | $ | 7.27 | 4.1% | |||||||||||||||
| Money Markets | $ | 0.53 | $ | 0.55 | -3.6% | |||||||||||||||
| Total | $ | 2.21 | $ | 2.31 | -4.1% | |||||||||||||||
Total excluding Other Rates Derivatives (3) | $ | 2.72 | $ | 2.64 | 2.8% | |||||||||||||||
| (1) | Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures. | ||||
| (2) | The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity. | ||||
| (3) | Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across all periods presented. | ||||
Page | 9
TRADEWEB MARKETS INC.
AVERAGE DAILY VOLUME (UNAUDITED)
| 2026 Q1 | 2025 Q1 | YoY | |||||||||||||||||||||||||||
| Asset Class | Product | ADV (USD mm) | Volume (USD mm) | ADV (USD mm) | Volume (USD mm) | ADV | |||||||||||||||||||||||
| Rates | Cash | $ | 670,125 | $ | 41,021,925 | $ | 558,883 | $ | 34,192,846 | 19.90 | % | ||||||||||||||||||
| U.S. Government Bonds | 283,205 | 17,275,514 | 244,269 | 14,900,433 | 15.94 | % | |||||||||||||||||||||||
| European Government Bonds | 79,206 | 4,989,957 | 59,757 | 3,764,712 | 32.55 | % | |||||||||||||||||||||||
| Mortgages | 293,179 | 17,883,923 | 243,352 | 14,844,482 | 20.48 | % | |||||||||||||||||||||||
| Other Government Bonds | 14,535 | 872,532 | 11,504 | 683,219 | 26.35 | % | |||||||||||||||||||||||
| Derivatives | 1,410,838 | 87,143,673 | 884,151 | 54,575,779 | 59.57 | % | |||||||||||||||||||||||
| Swaps/Swaptions ≥ 1Y | 706,375 | 43,554,189 | 511,006 | 31,417,062 | 38.23 | % | |||||||||||||||||||||||
| Swaps/Swaptions < 1Y | 692,836 | 42,875,415 | 365,224 | 22,651,641 | 89.70 | % | |||||||||||||||||||||||
| Futures | 11,627 | 714,069 | 7,921 | 507,075 | 46.78 | % | |||||||||||||||||||||||
| Total | 2,080,963 | 128,165,598 | 1,443,034 | 88,768,625 | 44.21 | % | |||||||||||||||||||||||
| Credit | Cash | 20,401 | 1,241,920 | 18,264 | 1,110,470 | 11.70 | % | ||||||||||||||||||||||
| U.S. High Grade - Fully Electronic | 8,869 | 541,012 | 7,662 | 467,365 | 15.76 | % | |||||||||||||||||||||||
| U.S. High Grade - Electronically Processed | 3,744 | 228,360 | 3,474 | 211,901 | 7.77 | % | |||||||||||||||||||||||
| U.S. High Yield - Fully Electronic | 1,120 | 68,302 | 915 | 55,820 | 22.36 | % | |||||||||||||||||||||||
| U.S. High Yield - Electronically Processed | 373 | 22,768 | 322 | 19,654 | 15.84 | % | |||||||||||||||||||||||
| European Credit | 3,393 | 213,729 | 2,800 | 176,415 | 21.15 | % | |||||||||||||||||||||||
| Municipal Bonds | 434 | 26,504 | 414 | 25,238 | 5.02 | % | |||||||||||||||||||||||
| Chinese Bonds | 1,963 | 109,921 | 2,390 | 136,250 | (17.88) | % | |||||||||||||||||||||||
| Other Credit Bonds | 505 | 31,324 | 287 | 17,827 | 76.03 | % | |||||||||||||||||||||||
| Derivatives | 48,523 | 3,002,545 | 30,427 | 1,880,661 | 59.47 | % | |||||||||||||||||||||||
| Swaps | 48,523 | 3,002,545 | 30,427 | 1,880,661 | 59.47 | % | |||||||||||||||||||||||
| Total | 68,924 | 4,244,465 | 48,692 | 2,991,131 | 41.55 | % | |||||||||||||||||||||||
| Equities | Cash | 17,202 | 1,059,883 | 12,449 | 757,839 | 38.19 | % | ||||||||||||||||||||||
| U.S. ETFs | 11,929 | 727,663 | 8,807 | 528,448 | 35.44 | % | |||||||||||||||||||||||
| International ETFs | 5,273 | 332,220 | 3,641 | 229,391 | 44.83 | % | |||||||||||||||||||||||
| Derivatives | 15,338 | 938,652 | 14,102 | 850,083 | 8.77 | % | |||||||||||||||||||||||
| Convertibles/Swaps/Options | 10,482 | 641,452 | 10,637 | 641,758 | (1.46) | % | |||||||||||||||||||||||
| Futures | 4,856 | 297,200 | 3,465 | 208,325 | 40.16 | % | |||||||||||||||||||||||
| Total | 32,540 | 1,998,535 | 26,550 | 1,607,922 | 22.56 | % | |||||||||||||||||||||||
| Money Markets | Cash | 1,165,165 | 79,862,965 | 1,029,045 | 71,157,452 | 13.23 | % | ||||||||||||||||||||||
| Repurchase Agreements (Repo) | 861,006 | 52,921,062 | 729,646 | 44,825,803 | 18.00 | % | |||||||||||||||||||||||
| Other Money Markets | 304,158 | 26,941,903 | 299,399 | 26,331,649 | 1.59 | % | |||||||||||||||||||||||
| Total | 1,165,165 | 79,862,965 | 1,029,045 | 71,157,452 | 13.23 | % | |||||||||||||||||||||||
| ADV (USD mm) | Volume (USD mm) | ADV (USD mm) | Volume (USD mm) | YoY | |||||||||||||||||||||||||
| Total | $ | 3,347,592 | $ | 214,271,563 | $ | 2,547,321 | $ | 164,525,130 | 31.42 | % | |||||||||||||||||||
To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/
Page | 10
BASIS OF PRESENTATION
Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries.
Numerical figures included in this release have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%.
Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein.
UNAUDITED INTERIM RESULTS
The interim financial results presented herein for the three months ended March 31, 2026 and 2025 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2026 guidance and full-year 2026 revenue guidance related to the LSEG market data license agreement, any acquisitions, investments, partnerships and collaborations, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition, or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
NON-GAAP FINANCIAL MEASURES
This release contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation is based in part on components of Adjusted EBITDA.
We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. Each of the normal recurring adjustments and other adjustments included in Adjusted Net Income and Adjusted Diluted EPS help to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
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We use Adjusted Expenses as a supplemental metric to evaluate our underlying operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
We use Free Cash Flow to assess our liquidity in a way that considers the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.
We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency change, which is a non-GAAP financial measure, is defined as change excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period’s results using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency change information because we believe it provides investors and analysts a useful comparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.
See the attached schedules for reconciliations of the non-GAAP financial measures contained in this release to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Expenses and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of these non-GAAP financial measures.
Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this release may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
MARKET AND INDUSTRY DATA
This release includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.
TRADEWEB SOCIAL MEDIA
Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.
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FAQ
How did Tradeweb (TW) perform financially in Q1 2026?
Tradeweb reported Q1 2026 revenue of $617.8 million, up 21.2% year over year, and net income of $233.2 million. Diluted EPS was $0.96, while Adjusted EBITDA reached $339.7 million with a 55.0% margin, showing strong profitability.
What were Tradeweb’s key volume and revenue drivers in Q1 2026?
Average daily volume reached $3.3 trillion, up 31.4% from the prior year period. Growth was led by record activity in U.S. and European government bonds, mortgages, and swaps/swaptions, as well as strong performance in credit derivatives and ETFs, supporting higher transaction revenues.
How much cash and liquidity did Tradeweb (TW) have at March 31, 2026?
As of March 31, 2026, Tradeweb held $1.9 billion in cash and cash equivalents and had an undrawn $500 million credit facility. It also held 1.6 billion Canton Coins valued at $243.5 million, providing substantial overall liquidity and balance sheet flexibility.
What guidance did Tradeweb give for full-year 2026?
For full-year 2026, Tradeweb guided Adjusted Expenses to $1,100–1,160 million, trending toward the top half of the range. It expects $160 million of acquisition and Refinitiv-related depreciation and amortization and a non-GAAP tax rate of about 23.5–24.5%, with other guidance items unchanged.
How strong was Tradeweb’s free cash flow and capital returns?
Trailing twelve-month Free Cash Flow was $1.10 billion, up 31.5% year over year. In Q1 2026, Tradeweb repurchased 482,621 Class A shares for $50.7 million, retained $523.2 million in remaining repurchase authorization, and declared a quarterly dividend of $0.14 per share.
How did Tradeweb’s market data revenue and fees per million change?
Market Data revenue was $36.9 million, down 4.6%, mainly from amendments to the LSEG market data license agreement that shifted historical data delivery timing. Cash credit average variable fees per million fell 14.7%, reflecting pricing floors, dealer plan changes and product mix shifts.