Tradeweb Markets (TW) investor relations material

Executive summary

• Q3 revenue was $584.5M, up 14.9% YoY and 15.4% in constant currency; 9M revenue rose 15.0% to $1.76B.

• Quarterly ADV increased 22.4% to $3.153T, with growth across rates, credit, equities and money markets.

• International revenue grew 22.4% to $258.5M, contributing over 60% of total revenue growth.

Financial highlights

• Trading revenue rose 15.3% to $540.0M; variable trading revenue increased 18.0% to $440.3M and fixed trading revenue grew 4.5% to $99.7M.

• Adjusted net income increased 15.6% to $238.8M; adjusted diluted EPS rose 17.2% to $1.02. GAAP diluted EPS was $0.94 versus $0.86.

• Adjusted expenses rose 13.9% to $288.1M, or 15.1% in constant currency; adjusted compensation costs increased 8.8% and headcount rose 6.1%.

• Other revenue declined 17.3% to $7.6M; net interest income was ~$18M, down with lower yields despite higher cash balances.

Outlook and guidance

• FY2026 adjusted expense guidance increased to $1.155B-$1.175B, trending toward the midpoint; adjusted EBITDA and operating margin expansion are expected versus 2025, at a more muted pace.

• FY2026 guidance includes $160M of acquisition- and Refinitiv-related D&A, a 23.5%-24.5% non-GAAP tax rate, and $107M-$117M cash capex and capitalized software development.

• Q4 other revenue is expected to decline low single digits QoQ as Canton Network validator fees moderate; professional fees are expected to rise slightly from Q3.

• October average daily revenue was up 26% YoY, with preliminary double-digit growth across rates, credit and equities; management expects continued volume growth in 2027.