$TW · Tradeweb Markets Inc.
Tradeweb Markets reported Q3 2026 revenue of $584.5M (+14.9% YoY), with total ADV of $3.2T (+22.4%). GAAP net income was $224.9M with diluted EPS of $0.94; adjusted diluted EPS was $1.02. The company also announced its agreement to acquire Trumid, its largest acquisition ever, and declared a $0.14/share quarterly dividend, up 16.7%.
- Revenue of $584.5M, up 14.9% YoY (15.4% constant currency), driven by rates (+18.2%) and equities (+28.8%).
- Average daily volume hit $3.2 trillion, up 22.4% YoY, with quarterly ADV records in municipal bonds.
- Adjusted EBITDA of $318.9M with 54.5% margin, up 59 bps YoY; adjusted diluted EPS of $1.02 vs $0.87 prior year.
- Announced agreement to acquire Trumid — the largest acquisition in Tradeweb's history — to expand credit market strategy.
- Quarterly cash dividend raised 16.7% to $0.14 per share; GAAP diluted EPS of $0.94.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. TW at $119.82, a $25.88B market cap, with the Trumid acquisition announcement adding strategic M&A upside to the earnings beat.
Tradeweb delivered broad-based volume and revenue growth alongside a transformative M&A move into credit markets, signaling an acceleration of its inorganic growth strategy.
Tradeweb's 22.4% ADV growth and expanding electronic market share in U.S. high grade credit (27.9% total share, +170 bps) reinforce its position as a leading multi-asset electronic trading platform amid rising Treasury yields and central bank policy shifts.
Other income dropped 52.5% YoY to $18.7M due to reclassification of unrealized gains; adjusted expenses rose 13.9% driven by higher incentive comp and AI/data infrastructure investment. The Trumid acquisition introduces integration and execution risk as the largest deal in company history.