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…
Earnings analysis · 10-Q
TW earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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%…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.96
What stood out
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Revenue Beats Estimates
Tradeweb reported revenue of $617.8 million, surpassing consensus estimates of $616.7 million.
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Strong Year-Over-Year Revenue Growth
Revenue increased by 21.2% from Q1 2025, up from $509 million to $617.8 million.
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Record Average Daily Volume Achieved
Average daily volume (ADV) reached $3.3 trillion, a 31.4% increase compared to the previous year.
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International Revenue Growth Notable
International revenues rose by 29.4% year-over-year, indicating strong demand outside domestic markets.
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Adjusted Expense Guidance Updated
Management updated full-year 2026 adjusted expense guidance to a range of $1,100 - $1,160 million.
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Despite EPS Miss, Performance Consistent
Diluted EPS was $0.96, which, although below the estimate of $1.06, remains consistent with prior performance.
What to watch
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Reduced EPS Compared to Estimates
The Q1 EPS of $0.96 fell short of analyst expectations of $1.06.
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Potentially Increased Expenses
Management indicated full-year adjusted expenses could reach up to $1,160 million, raising concerns about profitability.
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Market Volatility Impact
Ongoing geopolitical tensions and economic changes could reduce trading volumes and impact revenue.
Management's outlook
Full-year 2026 adjusted expense guidance updated to $1,100 - $1,160 million.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.