Jun 2026 (Q2 FY26) — Jul 30, 2026
Tradeweb Q2 FY26 — Record Revenue and Strong Electronification Across Markets
Read the full callTradeweb (TW) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Tradeweb earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 559 | +9.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 43.9 | +4.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 181 | +17.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Kalshi prediction-markets free viewer launch | launching a free viewer in the second quarter [2026] showing select economic and financial event contracts in real time | Mar 2026 | we started with like a simple thing, which is a viewer that puts real-time event probabilities right next to swaps and treasuries in an easy and accessible way | Achieved |
| AI Price 2.0 launch | launching at the end of the second quarter [2026] | Mar 2026 | those include areas like TARA and AI price and improvements in protocols like SNAP+ and AIEX | On Track |
29 of Tradeweb Markets Inc.'s 36 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Generated $559 million in revenue, the second highest quarterly revenue in company history, up 9% year-over-year (8.3% constant currency).
- International revenues grew 14% year-over-year, contributing 65% of overall revenue growth.
- Adjusted EBITDA margin expanded by 24 basis points year-over-year to 54.4%.
- Institutional U.S. Treasuries revenues increased nearly 15% year-over-year, with over 50% electronic market share for the ninth consecutive quarter.
- Global Swaps revenues were up 13% year-over-year, with core risk market share reaching a record 24.1%, up 207 basis points year-over-year.
Qualified
- Wholesale U.S. Treasury revenues declined 1% year-over-year due to softness in wholesale streaming.
- Retail credit channel revenues were down 22% year-over-year, primarily reflecting better relative yields in other products.
- Cash credit average fees per million decreased 11.4% due to mix shift away from higher-fee products.
- Long tenor swaps average fees per million were down 10.3% due to mix shift within currencies and lower duration.
Price
$112 +1.19% · +$1.32
Performance +3.5% 1Y
1Y: $108.23 on 14 Oct 2025 → $112. High $126.57 (9 Mar 2026), low $91.5 (25 Jun 2026).
- Previous close
- $110.68
- 52-week range
- $91.5 – $126.57
- One year
- +3.78%
Overview
- Symbol
- TW
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Kalshi prediction-markets free viewer launch | launching a free viewer in the second quarter [2026] showing select economic and financial event contracts in real time | Mar 2026 | we started with like a simple thing, which is a viewer that puts real-time event probabilities right next to swaps and treasuries in an easy and accessible way | Achieved |
| AI Price 2.0 launch | launching at the end of the second quarter [2026] | Mar 2026 | those include areas like TARA and AI price and improvements in protocols like SNAP+ and AIEX | On Track |
Claimed
- Generated $559 million in revenue, the second highest quarterly revenue in company history, up 9% year-over-year (8.3% constant currency).
- International revenues grew 14% year-over-year, contributing 65% of overall revenue growth.
- Adjusted EBITDA margin expanded by 24 basis points year-over-year to 54.4%.
- Institutional U.S. Treasuries revenues increased nearly 15% year-over-year, with over 50% electronic market share for the ninth consecutive quarter.
- Global Swaps revenues were up 13% year-over-year, with core risk market share reaching a record 24.1%, up 207 basis points year-over-year.
Qualified
- Wholesale U.S. Treasury revenues declined 1% year-over-year due to softness in wholesale streaming.
- Retail credit channel revenues were down 22% year-over-year, primarily reflecting better relative yields in other products.
- Cash credit average fees per million decreased 11.4% due to mix shift away from higher-fee products.
- Long tenor swaps average fees per million were down 10.3% due to mix shift within currencies and lower duration.
The full ledger
Open Tradeweb Markets Inc.’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Tradeweb earnings calls (TW)
Financials
What the filings say
Net profit, year on year: +18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 449 | 463 | 510 | 513 | 509 | 521 | 618 | 559 |
| Expenses | 290 | 275 | 306 | 313 | 298 | 300 | 331 | 314 |
| Operating profit | 159 | 189 | 204 | 200 | 210 | 221 | 287 | 245 |
| Operating margin | 35.5% | 40.7% | 40.0% | 39.0% | 41.4% | 42.4% | 46.5% | 43.9% |
| Interest | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 1 |
| Profit before tax | 174 | 210 | 222 | 227 | 270 | 457 | 303 | 270 |
| Tax rate | 25.0% | 23.9% | 24.0% | 22.7% | 21.9% | 19.6% | 23.0% | 23.5% |
| Net profit | 114 | 142 | 148 | 154 | 186 | 325 | 205 | 181 |
| EPS ($ per share) | 0.53 | — | 0.70 | 0.72 | 0.87 | — | 0.96 | 0.85 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Reserves | 48 | 156 | 243 | 387 | 640 | 997 | 1,601 |
| Total liabilities | 503 | 661 | 681 | 714 | 1,128 | 869 | 1,000 |
| Fixed assets | 40 | 34 | 31 | 37 | 34 | 46 | 78 |
| Total assets | 5,095 | 5,680 | 5,990 | 6,260 | 7,060 | 7,268 | 8,190 |
| Line item | Dec 2017 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 225 | 311 | 443 | 578 | 633 | 746 | 898 | 1,168 |
| Cash from investing | -46 | -44 | -63 | -259 | -60 | -133 | -969 | -127 |
| Cash from financing | -153 | -218 | -53 | -136 | -277 | -168 | -290 | -307 |
| Net cash flow | 29 | 50 | 331 | 181 | 285 | 449 | -366 | 744 |
| Capital expenditure | -13 | -16 | -11 | -17 | -23 | -19 | -41 | -41 |
| Free cash flow | 211 | 295 | 432 | 561 | 610 | 728 | 857 | 1,127 |
TW revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +9.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 56% ↓ 6 pt
- Non Us 44% ↑ 6 pt
As TW cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
90 filings between Jan 1, 2026 and Aug 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$44.61M
23 sales by 8 insiders
96% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 42
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 23
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hult William | — | $23.10M | Mar 3, 2026 |
| Furber Sara | — | $8.08M | Mar 23, 2026 |
| Peterson Justin | — | $6.55M | Jun 1, 2026 |
| Friedman Douglas | — | $3.88M | Mar 23, 2026 |
| Bruni Enrico | — | $2.07M | Feb 20, 2026 |
| Dixon Troy | — | $656.7K | Aug 17, 2026 |
| Clack Amy | — | $226.4K | Mar 20, 2026 |
| BERNS STEVEN | — | $44.7K | May 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 17, 2026 | Dixon Troy MD, Co-Head of Global Markets | Sale 10b5-1 plan | 2,584 | $274.1K |
| Aug 14, 2026 | Dixon Troy MD, Co-Head of Global Markets | Sale 10b5-1 plan | 546 | $57.7K |
| Jun 1, 2026 | Peterson Justin Chief Technology Officer | Sale 10b5-1 plan | 21,221 | $2.16M |
| May 26, 2026 | BERNS STEVEN Director | Sale 10b5-1 plan | 425 | $44.7K |
| May 19, 2026 | Madoff Paula Director | Award | 1,912 | $0 |
| May 19, 2026 | Repetto Richard H Director | Award | 1,645 | $0 |
| May 19, 2026 | Opoku Lisa Director | Award | 1,645 | $0 |
| May 19, 2026 | BERNS STEVEN Director | Award | 1,645 | $0 |
| May 19, 2026 | Yared Rana Director | Award | 1,645 | $0 |
| May 19, 2026 | AIGRAIN JACQUES Director | Award | 2,668 | $0 |
| May 19, 2026 | Ganeles Scott Director | Award | 1,645 | $0 |
| Apr 15, 2026 | Peterson Justin Chief Technology Officer | Sale 10b5-1 plan | 21,221 | $2.56M |
| Mar 23, 2026 | Friedman Douglas Chief Legal Officer | Sale 10b5-1 plan | 592 | $73.9K |
| Mar 23, 2026 | Furber Sara Chief Financial Officer | Sale 10b5-1 plan | 1,614 | $201.5K |
| Mar 20, 2026 | Friedman Douglas Chief Legal Officer | Sale 10b5-1 plan | 2,219 | $277.6K |
| Mar 20, 2026 | Peterson Justin Chief Technology Officer | Sale 10b5-1 plan | 1,005 | $125.8K |
| Mar 20, 2026 | Clack Amy Chief Administrative Officer | Sale 10b5-1 plan | 271 | $34.1K |
| Mar 20, 2026 | Dixon Troy MD, Co-Head of Global Markets | Sale 10b5-1 plan | 2,584 | $324.9K |
| Mar 20, 2026 | Furber Sara Chief Financial Officer | Sale 10b5-1 plan | 4,911 | $614.5K |
| Mar 18, 2026 | Peterson Justin Chief Technology Officer | Sale 10b5-1 plan | 3,212 | $400.7K |
| Mar 17, 2026 | Peterson Justin Chief Technology Officer | Tax withheld 10b5-1 plan | 1,241 | $156.6K |
| Mar 17, 2026 | Clack Amy Chief Administrative Officer | Award | 3 | $0 |
| Mar 17, 2026 | Clack Amy Chief Administrative Officer | Tax withheld | 1,128 | $142.3K |
| Mar 17, 2026 | Friedman Douglas Chief Legal Officer | Award | 1 | $0 |
| Mar 17, 2026 | Friedman Douglas Chief Legal Officer | Tax withheld | 619 | $78.1K |
| Mar 17, 2026 | Bruni Enrico MD, Co-Head of Global Markets | Tax withheld | 1,511 | $190.6K |
| Mar 17, 2026 | Bruni Enrico MD, Co-Head of Global Markets | Award | 6 | $0 |
| Mar 17, 2026 | Furber Sara Chief Financial Officer | Tax withheld | 1,679 | $211.8K |
| Mar 17, 2026 | Hult William Chief Executive Officer | Award | 17 | $0 |
| Mar 17, 2026 | Peterson Justin Chief Technology Officer | Award 10b5-1 plan | 3 | $0 |
| Mar 17, 2026 | Hult William Chief Executive Officer | Tax withheld | 5,656 | $713.6K |
| Mar 17, 2026 | Furber Sara Chief Financial Officer | Award | 6 | $0 |
| Mar 15, 2026 | Bruni Enrico MD, Co-Head of Global Markets | Tax withheld | 4,376 | $544.5K |
| Mar 15, 2026 | Bruni Enrico MD, Co-Head of Global Markets | Award | 11,752 | $0 |
| Mar 15, 2026 | Peterson Justin Chief Technology Officer | Award | 29 | $0 |
| Mar 15, 2026 | Peterson Justin Chief Technology Officer | Award | 8,037 | $0 |
| Mar 15, 2026 | Friedman Douglas Chief Legal Officer | Award | 18 | $0 |
| Mar 15, 2026 | Friedman Douglas Chief Legal Officer | Tax withheld | 2,306 | $286.9K |
| Mar 15, 2026 | Friedman Douglas Chief Legal Officer | Award | 6,510 | $0 |
| Mar 15, 2026 | Dixon Troy MD, Co-Head of Global Markets | Award | 25 | $0 |
| Mar 15, 2026 | Dixon Troy MD, Co-Head of Global Markets | Tax withheld | 5,364 | $667.4K |
| Mar 15, 2026 | Dixon Troy MD, Co-Head of Global Markets | Award | 10,850 | $0 |
| Mar 15, 2026 | Clack Amy Chief Administrative Officer | Award | 6,429 | $0 |
| Mar 15, 2026 | Furber Sara Chief Financial Officer | Award | 44 | $0 |
| Mar 15, 2026 | Furber Sara Chief Financial Officer | Tax withheld | 5,077 | $631.7K |
| Mar 15, 2026 | Peterson Justin Chief Technology Officer | Tax withheld | 3,940 | $490.2K |
| Mar 15, 2026 | Furber Sara Chief Financial Officer | Award | 11,975 | $0 |
| Mar 15, 2026 | Hult William Chief Executive Officer | Award | 104 | $0 |
| Mar 15, 2026 | Hult William Chief Executive Officer | Tax withheld | 14,408 | $1.79M |
| Mar 15, 2026 | Hult William Chief Executive Officer | Award | 37,507 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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