AI Earnings Predictions for Tradeweb Markets Inc. (TW)

EX-99.1

2 tw-2026xq3xex991.htm

EX-99.1

Document

Investor Relations

Ashley Serrao + 1 646 430 6027

Ashley.Serrao@Tradeweb.com

Sameer Murukutla + 1 646 767 4864

Sameer.Murukutla@Tradeweb.com

Media Relations

Daniel Noonan + 1 646 767 4677

Daniel.Noonan@Tradeweb.com

Savannah Steele + 1 646 767 4941

Savannah.Steele@Tradeweb.com

TRADEWEB REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

New York, October 29, 2026 – Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported financial results for the quarter ended September 30, 2026.

$584.5 million quarterly revenues, an increase of 14.9% (15.4% on a constant currency basis) compared to prior year period

$258.5 million quarterly international revenues, an increase of 22.4% (23.8% on a constant current basis) compared to prior year period

$3.2 trillion average daily volume (“ADV”) for the quarter, an increase of 22.4% compared to prior year period; quarterly ADV records in municipal bonds

$224.9 million net income and $238.8 million adjusted net income for the quarter, increases of 6.8% and 15.6%, respectively, from prior year period

54.5% adjusted EBITDA margin and $318.9 million adjusted EBITDA for the quarter, compared to 54.0% and $274.4 million, respectively, for prior year period

$0.94 diluted earnings per share (“Diluted EPS”) and $1.02 adjusted diluted earnings per share for the quarter

$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period

Billy Hult, CEO of Tradeweb:

“Our third quarter 2026 revenue and volumes reflect the strength and breadth of our global, multi-asset platform, with average daily volume increasing 22.4% year-over-year. Against a backdrop of rising Treasury yields, shifting central bank policy and geopolitical uncertainty, we continued helping clients access liquidity and manage risk while investing in opportunities to drive our long-term growth.

Innovation was a constant across our core and frontier markets. We enhanced Tradeweb Ai-Price with more responsive corporate bond pricing, expanded our Saudi debt market offering, and reached new milestones in digital assets, including transactions involving tokenized U.S. Treasuries and fully on-chain repo. These developments underscore our focus on bringing new efficiencies to trading, settlement and collateral mobility.

In October, we announced our agreement to acquire Trumid, the largest acquisition in our history and a significant step forward in our credit strategy. We've always been builders of marketplaces, and this transaction reflects our belief in combining strategic acquisitions with organic innovation. By bringing together Trumid's differentiated trading protocols and hedge fund relationships with our global reach and institutional network, we see significant opportunities to connect trading across the entire bond lifecycle, develop new solutions with our partners and accelerate innovation in global credit markets.

Our strategy remains focused on solving real challenges for clients, expanding our capabilities and investing in the future of electronic markets. We believe this approach positions Tradeweb to capture new opportunities and deliver sustainable, long-term growth across a range of market conditions.”

SELECT FINANCIAL RESULTS3Q263Q25Change Constant

Currency

Change(1)

ADV (US $bn)

(Unaudited)

(dollars in thousands, except per share amounts)(Unaudited)Asset ClassProduct3Q263Q25YoY

GAAP Financial MeasuresRatesCash$603 $535 12.9 %

Total revenue$584,545 $508,598 14.9%15.4 %Derivatives1,345 921 46.0 %

Rates$324,459 $274,497 18.2%18.9 %Total1,948 1,456 33.8 %

Credit$132,990 $121,334 9.6%10.0 %CreditCash191618.9 %

Equities$38,420 $29,829 28.8%29.8 %Derivatives422661.3 %

Money Markets$44,173 $42,889 3.0%3.0 %Total61 42 45.0 %

Market Data$36,872 $30,817 19.6%19.7 %EquitiesCash151226.0 %

Other$7,631 $9,232 (17.3)%(17.3)%Derivatives15144.8 %

Operating Income$253,430 $210,371 20.5%Total30 26 14.4 %

Net income$224,905 $210,549 6.8%Money MarketsCash1,1141,0526.0 %

Net income attributable to Tradeweb Markets Inc. (2) $197,457 $185,636 6.4%Total1,114 1,052 6.0 %

Total$3,153 $2,575 22.4 %

Diluted EPS$0.94 $0.86 9.3%

Net income margin38.5 %41.4 %-292bps

Non-GAAP Financial Measures

(1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.

(2) Represents net income less net income attributable to non-controlling interests.

Adjusted EBITDA (1) $318,854 $274,423 16.2%16.0 %

Adjusted EBITDA margin (1) 54.5 %54.0 %+59bps+25bps

Adjusted EBIT (1) $296,437 $255,546 16.0%15.7 %

Adjusted EBIT margin (1) 50.7 %50.2 %+47bps+13bps

Adjusted Net Income (1) $238,844 $206,529 15.6%15.4 %

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