Tradeweb Markets (TW) Q2 2026 earnings summary

Executive summary

• Quarterly revenue reached $559 million, up 9% year-over-year, with international revenue up 13.9% and broad-based growth across asset classes and geographies.

• Net income rose 17.8% to $206.7 million, and adjusted net income increased 10.7% to $228.1 million; adjusted EBITDA margin was 54.4%.

• Average daily volume reached $3.0 trillion, up 18.2% year-over-year, with records in rates futures, U.S. high yield credit, and repurchase agreements.

• Growth was driven by deeper client engagement, increased adoption of electronic trading, and investments in technology and workflows.

• Quarterly cash dividend increased 16.7% to $0.14 per share.

Financial highlights

• Q2 2026 revenue reached $558.9 million, up 9% year-over-year (8.3% constant currency).

• Adjusted EBITDA margin was 54.4%, up from 54.2% year-over-year.

• Operating income grew 22.7% to $245.3 million; adjusted EBIT margin was 50.6%.

• Free cash flow for the trailing twelve months was $1.1 billion, up 13% year-over-year.

• Cash and cash equivalents stood at $2.1 billion, with an undrawn $500 million credit facility.

Outlook and guidance

• Full-year 2026 guidance unchanged: adjusted expenses expected at $1,100–1,160 million, trending toward the top half of the range.

• Capital expenditures and capitalized software development projected at $107–117 million for the year.

• Management expects continued growth in electronic trading, margin expansion, and further global market expansion.

• LSEG Market Data Contract Revenue expected at ~$105 million.

• Assumed non-GAAP tax rate of ~23.5%–24.5%.