Tradeweb Markets (TW) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 29, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

Last Year’s EPS

0.86

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong, broad-based top-line momentum and record results across 2025 and a very strong start to 2026 (January), highlighted by double-digit revenue growth, record swaps and ETF activity, margin expansion, robust free cash flow, disciplined capital returns (dividend increase and buybacks), and continued technology investment. Headwinds include lower intraday volatility, mix-driven fee compression, rising operating expenses (notably occupancy and tech), sizable FX losses, and weakness in US retail credit. Management articulates confidence in continued growth drivers (electronification, cross-asset connectivity, tokenization) while acknowledging variable digital-asset revenue and near-term expense growth. Overall, the positive operational and financial momentum materially outweighs the manageable challenges called out.

Company Guidance

The company guided 2026 adjusted expenses of $1.10–$1.16 billion (midpoint ≈ +11% YoY) and said it expects adjusted EBITDA and operating margin expansion versus 2025, though incremental margin gains may be muted; quarterly tech & communications spend is expected to grow mid‑ to high‑teens over the Q4 run rate, professional fees to step down ≈ $2 million, occupancy to rise ≈ 35% YoY, and G&A to be pressured by FX losses. Other guidance items included net interest income of ≈ $15 million, an expected Q1 purchase of ≈ $70 million of transferable tax credits, a non‑GAAP tax rate of 23.5–24.5%, CapEx and capitalized software of $107–$117 million (midpoint ≈ +9% YoY; ~60% software/40% growth & maintenance), $160 million of acquisition/Refinitiv transaction-related adjustments, and LSAG master‑data revenue of ≈ $105 million evenly across quarters. The board approved up to $500 million in new share repurchases (after ~$23 million remaining on the 2022 program), the Q4 cash balance was ≈ $2.1 billion, 2025 free cash flow exceeded $1 billion, and the quarterly dividend was raised to $0.14 per share (+17% YoY).

Record Annual and Quarterly Revenues

Crossed $2.0 billion in annual revenue for the first time; 2025 annual revenue grew 19% year-over-year on a reported basis. Q4 record revenues of $521 million, up 12.5% year-over-year (9.9% constant currency).

Strong Profitability and Cash Generation

2025 adjusted EBITDA margin expanded 64 basis points year-over-year to 54% (annual). Adjusted EPS grew 19% year-over-year and free cash flow increased ~32% year-over-year (22% excluding a tax timing benefit), with >$1.0 billion in free cash flow and ~$2.1 billion in cash and equivalents.

Shareholder Returns and Capital Allocation

Board declared quarterly dividend of $0.14 per share, up 17% year-over-year. Repurchased ~990,000 shares (~$106M) in Q4 and ~483,000 shares (~$51M) in January; Board authorized up to $500M new share repurchase program for 2026.

Swaps and Rates Momentum

Global swaps delivered record quarterly revenues, up over 25% year-over-year; total swaps market share rose from 20.8% in 2024 to 23.3% in 2025. DVO1-based electronification increased >90 basis points year-over-year; weighted average duration up 7%.

Broad-Based Volume and Product Expansion

Record volumes across asset classes led to 19% annual revenue growth; notable product firsts included fully electronic bilateral swaptions, US multi-asset package trades, first electronic Saudi Royal Bonds and Mexican repos, and European portfolio trading launch.

Digital Initiatives Scaling

Other revenues grew 94% year-over-year to $13M in Q4 driven by digital initiatives. Company holds ~1.6B Canton coins with fair value ~$243M; recorded $207M net GAAP gains in the quarter (including $180M unrealized).

ETF and Equity Derivatives Strength

ETFs delivered strong double-digit revenue growth; AIX automation average daily trades increased >70% year-over-year (28% quarter-over-quarter). Institutional equity derivative revenues were a record, up 18% year-over-year.

Credit and Emerging Market Progress

EM credit revenues grew 25% year-over-year in Q4. Institutional RFQ average daily volume grew >10% year-over-year. Fully electronic block share gains in US investment grade (+130 bps) and US high yield (+65 bps). AllTrade all-to-all ADV up >45% year-over-year; Altrade volume >$200B (ADV +14% YoY).

Strong January Start to 2026

Reported record volumes and revenues in January with total revenue growth of 17% year-over-year; after adjusting for one extra trading day and a one-time $8M data boost, average daily revenue growth was 26% year-over-year. Notable January strength: GlobalSwap +40% revenue, European credit +40%, JGBs +30%, global ETFs +40%.

Continued Investment in Technology

Over $600M invested in technology over the last five years (avg. investment growth 16% since 2020). 2026 CapEx and capitalized software guidance of $107M–$117M (midpoint implies ~9% YoY increase) with ~60% of spend on software development.

Tradeweb Markets (TW) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TW Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2026	2026 (Q1)	1.00 / -	0.86	―	―	―
Feb 05, 2026	2025 (Q4)	0.85 / 0.87	0.76	14.47% (+0.11)
Oct 30, 2025	2025 (Q3)	0.83 / 0.87	0.75	16.00% (+0.12)
Jul 30, 2025	2025 (Q2)	0.86 / 0.87	0.7	24.29% (+0.17)
Apr 30, 2025	2025 (Q1)	0.86 / 0.86	0.71	21.13% (+0.15)
Feb 06, 2025	2024 (Q4)	0.74 / 0.76	0.64	18.75% (+0.12)
Oct 30, 2024	2024 (Q3)	0.75 / 0.75	0.55	36.36% (+0.20)
Jul 25, 2024	2024 (Q2)	0.69 / 0.70	0.52	34.62% (+0.18)
Apr 25, 2024	2024 (Q1)	0.71 / 0.71	0.54	31.48% (+0.17)
Feb 06, 2024	2023 (Q4)	0.64 / 0.64	0.49	30.61% (+0.15)

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
Feb 05, 2026	$100.82	$109.53	+8.64%
Oct 30, 2025	$105.32	$104.03	-1.22%
Jul 30, 2025	$138.02	$145.82	+5.65%
Apr 30, 2025	$136.98	$137.90	+0.67%

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 Apr 29, 2026, Before Open (Confirmed).

What is Tradeweb Markets Inc (TW) earnings time?

Tradeweb Markets Inc (TW) earnings time is at Apr 29, 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 (Q1) is 1.