Tradeweb Markets Inc (TW)
NASDAQ:TW
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Earnings Data
Report Date
Aug 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.96Last Year’s EPS
0.87Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: the company reported a record quarter with strong, broad-based revenue growth across swaps, ETFs, rates, credit and money markets, meaningful international momentum, expanded adjusted EBITDA margins, strong cash generation and continued shareholder returns. Key near-term headwinds include elevated expense growth (including FX and occupancy), variability from digital asset mark-to-market items, some retail/wholesale channel softness, and timing-related Market Data revenue effects. Management reiterated investment for growth while guiding expenses toward the top half of the prior range and expecting margin expansion, indicating confidence in durable long-term growth despite near-term variability.Company Guidance
Record Quarterly Revenue
Tradeweb delivered record revenues of $618 million in Q1 2026, up 21.2% year-over-year on a reported basis and 17.5% on a constant currency basis; first time surpassing $600 million in a quarter.
Strong Adjusted EBITDA and Margin Expansion
Adjusted EBITDA margin was 55% in the quarter. Management noted margin expansion versus 2025 (CEO cited a ~40 basis-point expansion; CFO reported an increase of ~101 basis points versus 2025 full-year margins).
Robust International Growth
International revenues grew 29% year-over-year, international clients accounted for ~44% of Q1 revenues and contributed nearly 60% of overall revenue growth; international clients drove 60% of dollar swap growth.
Swaps: Exceptional Performance
Global swaps revenues were up over 45% year-over-year with total market share rising from 21% to 24.1%; quarterly core risk market share increased ~190 basis points; RFM protocol average daily volume grew over 150% year-over-year.
ETF and Equities Momentum
ETF revenues grew in excess of 35% year-over-year; the ETF franchise surpassed $4 trillion in notional traded since launch (including $1 trillion in the past 12 months); AIX-driven ETF average daily trades increased over 70% year-over-year; institutional equity derivative revenues up nearly 20%.
Broad Product Strength (Rates, Credit, Money Markets)
Rates, Credit, Money Markets and Equities each produced record or near-record revenues: rates saw organic growth across swaps, government bonds and mortgages; global credit delivered double-digit growth (EM credit +40% YoY); money markets had record repo and ICD results.
Balance Sheet and Cash Generation
Cash and cash equivalents of approximately $1.9 billion and trailing twelve-month free cash flow exceeding $1 billion (up ~31% year-over-year).
Capital Returns
Board declared a quarterly dividend of $0.14 per share (up 17% year-over-year) and repurchased ~483,000 shares for $51 million in the quarter with $523 million of repurchase authorization remaining.
Digital Asset and Frontier Market Progress
Other revenues increased ~56% year-over-year driven by digital assets initiatives (Canton network relationship); continued strategic partnerships in tokenization (Canton), prediction markets (Kalshi), and crypto execution (Crossover Markets) to expand future addressable markets.
TW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | $112.36 | $118.12 | +5.13% |
Feb 05, 2026 | $100.70 | $109.41 | +8.64% |
Oct 30, 2025 | $105.20 | $103.92 | -1.22% |
Jul 30, 2025 | $137.87 | $145.65 | +5.65% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tradeweb Markets Inc (TW) report earnings?
Tradeweb Markets Inc (TW) is schdueled to report earning on Aug 05, 2026, Before Open (Confirmed).
What is Tradeweb Markets Inc (TW) earnings time?
Tradeweb Markets Inc (TW) earnings time is at Aug 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TW EPS forecast?
TW EPS forecast for the fiscal quarter 2026 (Q2) is 0.96.