Seeking Alpha·Oct 29, 2026
Tradeweb Markets Inc. (TW) Q3 2026 Earnings Call TranscriptTradeweb Markets Inc. (TW) Q3 2026 Earnings Call Transcript
Tradeweb generates roughly 96.9% of its 2026Q3 revenue from non-interest fee income ($566.2M against $17.8M of net interest income), suggesting its earnings power depends almost entirely on transaction and data fee volumes rather than balance sheet lending.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Fee revenue dominates with a 96.9% fee share in 2026Q3, while efficiency ratios swung from 21.5% in 2026Q1 to 56.7% in 2026Q3, suggesting uneven expense timing rather than a durable shift in cost discipline.
Tradeweb has maintained 26 consecutive years of record annual revenues, underscoring its market leadership. In Q4 2025, total revenues reached $521 million, a 12% year‑over‑year increase, while January revenue grew 17% YoY and adjusted average daily revenues rose 26%.
The adoption of AiEX and Portfolio Trading tools is propelling electronic trading volumes. These platforms enhance execution efficiency and generate higher‑margin revenue streams for the firm.
Tradeweb is expanding its footprint globally and adding multi‑asset capabilities. This strategy broadens its client base and opens new revenue channels across diverse markets.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 29, 2026 | $1.02+1.0% vs $1.01 | $585M-0.0% vs $585M |
Q3 2026 Jul 30, 2026 | $0.97+3.1% vs $0.94 | $559M-0.0% vs $559M |
Q2 2026 Apr 29, 2026 | $1.08+1.9% vs $1.06 | $618M+0.1% vs $617M |
Q1 2026 Feb 5, 2026 | $0.87+2.6% vs $0.85 | $521M+0.8% vs $517M |
Tradeweb Markets Inc. (TW) Q3 2026 Earnings Call Transcript
Although the revenue and EPS for Tradeweb (TW) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Tradeweb Markets (TW) came out with quarterly earnings of $1.02 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.87 per share a year ago.
NEW YORK--(BUSINESS WIRE)--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”).
Benchmark TW against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Tradeweb Markets Inc. (TW)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $127.73 | $27.19B | 29.63 | 19.1% | 39.85% | 12.46% | 0.37% | |
| $172.27 | $97.15B | 23.37 | 9.27% | 33.78% | 14.05% | 1.12% | |
| $305.89 | $109.99B | 24.93 | 7.06% | 63.92% | 16.24% | 3.57% | |
| $165.59 | $5.83B | 20.00 | 3.85% | 33.87% | 23.82% | 1.89% | |
| $353.27 | $36.97B | 24.98 | 15.31% | 28.33% | 26.84% | 0.77% | |
| $107.12 | $59.88B | 28.94 | 9.86% | 23.71% | 17.28% | 0.97% |
Tradeweb Markets Inc. (TW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Tradeweb Markets Inc. (TW) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 29, 2026·SEC
Oct 19, 2026·SEC
Jul 30, 2026·SEC
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Tradeweb Markets Inc. (TW) stock FAQ — growth, dividends, profitability & financials explained
Tradeweb Markets Inc. (TW) grew revenue by 14.5% over the trailing twelve months, compared with the twelve months before.
Yes. Tradeweb Markets Inc. (TW) earned $909.1M in net income over the trailing twelve months (a 39.8% net margin).
Yes. Tradeweb Markets Inc. (TW) pays a dividend that yields 0.37% at the current price, a small yield.
Tradeweb Markets Inc. (TW) had a return on equity (ROE) of 12.5% over the trailing twelve months. That is in line with the market's typical 10-15%.
Tradeweb Markets Inc. (TW) has a net interest margin (NIM) of 0.8%. NIM has been under pressure due to interest rate environment.
Tradeweb Markets Inc. (TW) has an efficiency ratio of 26.2%. This is excellent, indicating strong cost control.
