Tradeweb Markets (TW) Investor presentation summary

Business overview and strategy

• Operates a global electronic marketplace connecting buyers and sellers across rates, credit, equities, and money markets, leveraging proprietary technology and a deeply integrated client network in 85+ countries.

• Offers over 50 products, serving 3,000+ clients, including 90% of the top 100 global asset managers and 110+ central banks, with 150,000+ daily trades and $2.9 trillion average daily volume as of June 2026.

• Focuses on innovation in automation, data solutions, and protocol expansion, with a strong emphasis on AI, analytics, and workflow digitization.

• Pursues organic growth through product and geographic diversification, and explores early-stage opportunities in digital assets and institutional crypto.

• Maintains a robust acquisition strategy, expanding into new regions and client channels, with recent investments in technology and corporate treasury solutions.

Financial performance and growth

• Achieved $2.2 billion in trailing twelve-month revenue and $2.9 trillion in average daily volume as of June 30, 2026, with a 16.5% revenue CAGR from 2016 to 2025.

• International revenues have grown at a 21% CAGR since 2020, now representing 42% of total revenue.

• Adjusted EBITDA margin expanded by 1,525 basis points since 2016, reaching 54.7% in 6M26, with free cash flow CAGR of 23% since 2017.

• Maintains a strong balance sheet with $2.1 billion in cash and equivalents, zero leverage, and robust free cash flow conversion rates above 120%.

• Diversified revenue base: 76% variable trading revenue, 24% fixed, with broad exposure across asset classes, client sectors, and geographies.

Market position and growth opportunities

• Holds leading market shares in U.S. Treasuries, global interest rate swaps, European government bonds, and MBS, with significant growth in portfolio trading and ETFs.

• Expanding U.S. credit footprint, with institutional client count and RFQ protocol adoption both growing at double-digit CAGRs.

• International markets and emerging markets are key engines of growth, with EM revenues growing at a 60% CAGR since 2020.

• Municipal bond platform is a sector leader, facilitating 1 in 5 MSRB trades and focusing on both institutional and retail clients.

• Early-stage investments target tokenization, institutional crypto, and prediction markets, aiming to extend leadership into frontier verticals.