Tradeweb Markets (TW) Q2 2026 earnings summary

Executive summary

• Quarterly revenue reached $558.9 million, up 9.0% year-over-year, marking the second-highest in company history, with international revenues growing 13.9%–14% and strong gains across all asset classes.

• 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%, up 24 basis points year-over-year.

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

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

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

Financial highlights

• Q2 2026 revenue: $558.9–$559 million, up 9.0% year-over-year (8.3% constant currency); international clients accounted for 44% of Q2 revenues.

• Adjusted EBITDA margin was 54.4%, up 43 basis points from 2025 full-year margin.

• Net interest income was approximately $18 million, up 21.3% year-over-year.

• Free cash flow exceeded $1 billion for the trailing twelve months, up 13% year-over-year.

• Cash and cash equivalents stood at $2.1 billion at quarter-end, 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.

• Early Q3 trends show low-teens year-over-year average daily revenue growth, with double-digit volume growth in global government bonds, swaps, credit default swaps, and equities.

• Expecting continued adjusted EBITDA and operating margin expansion, though incremental margin growth will be more muted as investments continue.

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