TW earnings analysis
What we found in TW's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Tradeweb Markets reported fiscal Q1 2026 earnings of $617.8 million in revenue, exceeding estimates of $616.7 million, while diluted EPS came in at $0.96, below expectations of $1.06. The company experienced a 21.2% increase in revenue year-over-year, driven by a strong 29.4% growth in international revenues and record daily trading volumes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beats Estimates
- Tradeweb reported revenue of $617.8 million, surpassing consensus estimates of $616.7 million.
- Strong Year-Over-Year Revenue Growth
- Revenue increased by 21.2% from Q1 2025, up from $509 million to $617.8 million.
- Record Average Daily Volume Achieved
- Average daily volume (ADV) reached $3.3 trillion, a 31.4% increase compared to the previous year.
- International Revenue Growth Notable
- International revenues rose by 29.4% year-over-year, indicating strong demand outside domestic markets.
- Adjusted Expense Guidance Updated
- Management updated full-year 2026 adjusted expense guidance to a range of $1,100 - $1,160 million.
- Despite EPS Miss, Performance Consistent
- Diluted EPS was $0.96, which, although below the estimate of $1.06, remains consistent with prior performance.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Reduced EPS Compared to Estimates
- The Q1 EPS of $0.96 fell short of analyst expectations of $1.06.
- Potentially Increased Expenses
- Management indicated full-year adjusted expenses could reach up to $1,160 million, raising concerns about profitability.
- Market Volatility Impact
- Ongoing geopolitical tensions and economic changes could reduce trading volumes and impact revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.96
What they said about what is next.
Full-year 2026 adjusted expense guidance updated to $1,100 - $1,160 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 5, 2026
- Tradeweb’s 2025 10-K emphasizes a strategy of expanding electronic marketplaces across rates, credit, equities and money markets, leveraging proprietary technology and network effects (more than 3,000 clients across…
- 10-K · February 7, 2025
- Tradeweb positions itself as a multi-asset electronic marketplaces operator with a scalable proprietary technology stack and a global client network ("more than 3,000 clients" in "over 85 countries"). Recent results…
- 10-Q · October 30, 2024
- Tradeweb reported Q3 revenue of $448,915,000 and diluted EPS of $0.53; revenue rose materially year-over-year from $328,357,000 and operating income increased to $159,316,000. The quarter shows broad revenue strength…
- 10-Q · April 25, 2024
- Tradeweb reported Q1 revenue of $408.7M (up $79.5M, +24.1% YoY) and operating income of $167.7M, lifting operating margin to 41.0% from 37.2% a year ago. Diluted EPS was $0.59 vs $0.42 in Q1 2023. Operating cash flow…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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