Tradeweb Revenue Rises 14.9% to $584.5 Million as Trading Jumps 22.4%
Key Facts
Tradeweb said third-quarter 2026 revenue rose 14.9% year over year to $584.5 million, alongside a 22.4% increase in average daily trading volume to $3.2 trillion. The company said revenue growth was 15.4% excluding the impact of foreign-exchange rate changes. Revenue topped analysts’ estimate of $582.1 million, according to Reuters as cited by Investing.com, and adjusted earnings per share also beat estimates. Net income was $224.9 million, up 6.8% from the same period. Adjusted net income rose 15.6% to $238.8 million, reflecting faster growth in the adjusted measure than in accounting net income.
Adjusted diluted earnings per share were $1.02, compared with analysts’ estimate of $1.01 a share, while diluted earnings per share under the accounting measure were $0.94. Compared with the second quarter, revenue rose from $558.9 million to $584.5 million, and earnings per share increased from $0.97 to $1.02, based on figures Reuters reported for the previous quarter’s estimates and results. Adjusted earnings before interest, taxes, depreciation and amortization were $318.9 million, versus $274.4 million a year earlier. The margin on this measure rose to 54.5% from 54.0% in the third quarter of 2025. Revenue and adjusted earnings growth therefore coincided with a slight expansion in the margin, despite higher operating expenses.
Rates revenue was $324.5 million, up 18.2% year over year, while credit revenue was $133.0 million, up 9.6%. By activity, average U.S. government bond trading increased 28.0%, and average trading in swaps and swaptions with maturities of one year or more rose 42.4%. In credit, average U.S. trading rose 23.9% and European trading increased 8.4%, while credit derivatives trading jumped 61.3%. Equities revenue was $38.4 million, up 28.8%, and market data revenue was $36.9 million, up 19.6%. Money markets revenue was $44.2 million, up 3.0%, the slowest pace among the segments reported in the results.
Growth extended to international businesses, where revenue was $258.5 million, up 22.4% year over year and 23.8% on a constant-currency basis. Chief Executive Billy Hult said average daily trading volume rose 22.4%, attributing the quarter’s performance to the strength and breadth of the multi-asset platform. Hult put the results in the context of rising Treasury yields, shifting central bank policies and continued geopolitical uncertainty. In its monthly report published on October 6, the company said average daily trading volume in September was $3.7 trillion, up 29.0% from a year earlier, while total monthly trading volume reached $81.6 trillion. Third-quarter total trading volume was also $210.3 trillion, according to the same report.
Operating expenses rose 11.0% to $331.1 million, compared with $298.2 million in the third quarter of 2025. The company attributed the increase to compensation, investment in technology and data, and professional fees. Tradeweb raised its 2026 adjusted expense guidance range to between $1.155 and $1.175 billion, saying its estimate was weighted toward the midpoint. As of September 30, the company had $2.1 billion in cash and equivalents, along with an undrawn $500 million credit facility. It also declared a quarterly cash dividend of $0.14 a share, up 16.7% from the same period a year earlier.
The results follow Tradeweb’s October 19 announcement of an agreement to acquire the Trumid platform, which the company described as the largest acquisition in its history. The company estimated the purchase price at about $1.97 billion, including $1.89 billion in cash and $82 million in stock, and targeted closing in the first half of 2027, subject to approvals and customary conditions. Tradeweb said it expects the deal to be accretive to adjusted earnings per share during the first full year after closing. The company’s shares closed at $119.82 on October 28, according to Investing.com. The third-quarter results call was scheduled for October 29, 2026, at 9:30 a.m. U.S. Eastern time.