TP ICAP Group (TCAP) Q1 2026 TU earnings summary

Executive summary

• Achieved record total revenue of £689 million in Q1 2026, up 13% year-over-year, driven by strong execution and favorable market conditions.

• Global Broking and Energy & Commodities segments led growth with revenues up 15% and 13% respectively.

• Liquidnet revenue increased 9% as it expanded its equities and multi-asset agency execution business.

• Parameta Solutions saw a 4% revenue increase, focusing on buy-side engagement and upselling.

Outlook and guidance

• Record Q1 performance signals a strong start to the year, with continued focus on disciplined growth and cost control.

• Board remains comfortable with the outlook for the rest of the year at current FX rates.

• Ongoing macroeconomic and geopolitical uncertainty acknowledged, but company is well-positioned to support clients.

Segment performance

• Global Broking revenue grew 15% year-over-year, leading segment performance.

• Energy & Commodities revenue increased 13% year-over-year.

• Liquidnet posted 9% revenue growth, driven by platform expansion.

• Parameta Solutions revenue rose 4%, aided by new sales representatives.