$TW · Tradeweb Markets Inc.
Tradeweb Markets filed its 10-Q for the quarter ended September 30, 2026, reporting total revenue of $584.5M (+14.9% YoY), operating income of $253.4M (+20.5% YoY), and GAAP diluted EPS of $0.94. Transaction fees and commissions led growth at $491.8M (+16.7% YoY), while subscription fees including LSEG market data contributed $87.9M. Operating margin stood at 43.4%.
- Total revenue of $584.5M, up 14.9% YoY (15.4% constant currency)
- Transaction fees and commissions surged 16.7% YoY to $491.8M, representing 84.1% of total revenue
- Operating income grew 20.5% YoY to $253.4M with operating margin of 43.4%
- GAAP diluted EPS of $0.94 vs. $0.86 in Q3 2025; adjusted EPS of $1.02
- Tradeweb owned 90.1% of TWM LLC as of September 30, 2026, with non-controlling interests at 9.9%
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Tradeweb's 14.9% revenue growth and 43.4% operating margin demonstrate durable pricing power and volume momentum in electronic fixed-income markets at a $25.9B market cap.
Tradeweb's 14.9% revenue growth and 43.4% operating margin reinforce its position as a leading electronic fixed-income trading platform, benefiting from secular electronification trends across rates, credit, and money markets.
Technology and communications expenses rose 31.8% YoY to $44.6M, outpacing revenue growth and compressing margin expansion potential. Other income (loss), net dropped 52.5% YoY to $18.7M, driven by lower gains on foreign currency derivatives.