Tradeweb achieved significant top-line growth with revenue reaching $617.8 million in 2026Q1, supported by a robust 68.0% gross margin that highlights the scalability of its electronic marketplace.
| Sales/Revenue | 2.16B | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.47B | 1.38B | 1.13B | 877.91M | 756.36M | 669.19M | 543M | 446.11M | 368.09M | 255.49M | 263.6M |
| Gross Margin % | 67.98% | 67.32% | 65.66% | 65.6% | 63.62% | 62.17% | 60.83% | 57.52% | 55.98% | 50.65% | 53.56% |
| Gross Profit Growth % | - | 21.91% | 29.09% | 16.07% | 13.03% | 23.24% | 21.72% | 21.2% | 44.07% | -3.08% | - |
| Operating Expenses | 540.49M | 536.47M | 455.23M | 372.64M | 343.79M | 310.36M | 279.65M | 256.29M | 195.82M | 166.39M | 170.47M |
| OpEx % of Revenue | - | 26.14% | 26.38% | 27.85% | 28.92% | 28.83% | 31.33% | 33.05% | 29.78% | 32.99% | 34.63% |
| Selling, General & Admin | 302.08M | 296.07M | 235.23M | 562.05M | 164.91M | 139.05M | 125.86M | 116.96M | 113.99M | 97.78M | 89.61M |
| SG&A % of Revenue | - | 14.43% | 13.63% | 42% | 13.87% | 12.92% | 14.1% | 15.08% | 17.34% | 19.38% | 18.21% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 928.28M | 845.12M | 678.03M | 505.27M | 412.57M | 358.83M | 263.36M | 189.82M | 172.27M | 89.09M | 93.13M |
| Operating Margin % | 42.97% | 41.18% | 39.28% | 37.76% | 34.71% | 33.33% | 29.5% | 24.47% | 26.2% | 17.66% | 18.92% |
| Operating Income Growth % | - | 24.64% | 34.19% | 22.47% | 14.98% | 36.25% | 38.74% | 10.19% | 93.36% | -4.34% | - |
| EBITDA | 1.18B | 1.1B | 898.03M | 690.62M | 591.45M | 530.14M | 417.14M | 329.15M | 254.1M | 157.71M | 173.99M |
| EBITDA Margin % | 54.45% | 53.37% | 52.03% | 51.61% | 49.75% | 49.25% | 46.73% | 42.44% | 38.64% | 31.26% | 35.35% |
| EBITDA Growth % | 24.13% | 21.97% | 30.03% | 16.77% | 11.57% | 27.09% | 26.73% | 29.54% | 61.12% | -9.36% | - |
| D&A (Non-Cash Add-back) | 248.2M | 250.19M | 220M | 185.35M | 178.88M | 171.31M | 153.79M | 139.33M | 81.83M | 68.61M | 80.86M |
| EBIT | 1.26B | 1.18B | 758.68M | 495.75M | 438.94M | 371.57M | 274.78M | 222.95M | 172.27M | 89.09M | 93.78M |
| Net Interest Income | 70.03M | 66.47M | 69.76M | 65.35M | 11.91M | 0 | 0 | 2.37M | 2.51M | 230K | -695K |
| Interest Income | 72.01M | 68.41M | 74.04M | 67.4M | 13.71M | 0 | 0 | 2.37M | 2.51M | 685K | 644K |
| Interest Expense | 1.98M | 1.94M | 4.28M | 2.05M | 1.8M | 0 | 0 | 0 | 0 | 455K | 1.34M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.26B | 1.17B | 754.4M | 547.98M | 437.13M | 369.98M | 274.46M | 225.33M | 174.78M | 89.78M | 92.44M |
| Pretax Margin % | 58.15% | 57.25% | 43.71% | 40.95% | 36.77% | 34.37% | 30.75% | 29.05% | 26.58% | 17.8% | 18.78% |
| Income Tax | 269.95M | 253.47M | 184.44M | 128.48M | 77.52M | 96.88M | 56.07M | 52.3M | 15.31M | 6.13M | -725K |
| Effective Tax Rate % | 21.49% | 21.57% | 24.45% | 23.45% | 17.73% | 26.18% | 20.43% | 23.21% | 8.76% | 6.83% | -0.78% |
| Net Income | 869.69M | 812.79M | 501.51M | 364.87M | 309.34M | 226.83M | 166.3M | 83.77M | 159.47M | 83.65M | 93.16M |
| Net Margin % | 40.25% | 39.6% | 29.06% | 27.27% | 26.02% | 21.07% | 18.63% | 10.8% | 24.25% | 16.58% | 18.93% |
| Net Income Growth % | 66.05% | 62.07% | 37.45% | 17.95% | 36.38% | 36.4% | 98.52% | -47.47% | 90.64% | -10.21% | - |
| Net Income (Continuing) | 986.36M | 921.5M | 569.96M | 419.5M | 359.61M | 273.11M | 218.39M | 173.02M | 159.47M | 83.65M | 93.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 689.38M | 681.48M | 598.69M | 557.65M | 592.52M | 663.35M | 715.71M | 1.21B | 0 | 0 | 0 |
| EPS (Diluted) | 4.08 | 3.78 | 2.34 | 1.71 | 1.48 | 1.09 | 0.88 | 1.11 | 1.29 | 0.37 | 0.41 |
| EPS Growth % | 66.26% | 61.54% | 36.84% | 15.54% | 35.78% | 23.86% | -20.72% | -13.95% | 248.65% | -9.76% | - |
| EPS (Basic) | - | 3.81 | 2.36 | 1.73 | 1.50 | 1.13 | 0.92 | 1.17 | 1.29 | 0.37 | 0.41 |
| Diluted Shares Outstanding | 213.32M | 214.9M | 214.93M | 212.67M | 208.4M | 207.25M | 188.22M | 156.54M | 123.38M | 227.28M | 227.28M |
| Basic Shares Outstanding | 212.69M | 213.21M | 213.03M | 210.8M | 205.58M | 201.42M | 180.41M | 148.01M | 123.38M | 227.25M | 227.25M |
| Dividend Payout Ratio | - | 12.59% | 17% | 20.8% | 21.34% | 28.47% | 34.93% | 186.15% | 109.96% | 181.71% | 139.54% |
Regulatory clearing mandate shifts
According to the latest quarterly income statement, Tradeweb achieved a significant revenue milestone of $617.8 million in 2026Q1, reflecting a clear acceleration in top-line growth that appears to be driven by increased institutional adoption of electronic trading protocols across its core Rates and Credit segments.
The consistent upward trend in quarterly revenue suggests that the company is successfully capturing a larger share of institutional trading volumes. This growth trajectory implies that the firm's multi-asset strategy is effectively insulating it from cyclical downturns in any single asset class.
As reported in the provided financial data, Tradeweb maintained a robust gross margin of 68.0% in 2026Q1, demonstrating the inherent scalability of its electronic marketplace model where incremental trading volume flows directly to the bottom line with minimal additional variable costs for the firm.
The stability of these margins suggests that the company possesses significant pricing power and is not currently facing severe competitive margin compression. Investors should monitor whether this high-margin profile persists as the company expands into more competitive or lower-fee trading protocols.
Based on the income statement figures, Tradeweb's operating margin expanded to 46.5% in 2026Q1, indicating that the company is successfully leveraging its fixed technology infrastructure to scale operating income faster than its gross profit, a trend that highlights the efficiency of its current cost structure.
This expansion in operating leverage suggests that the firm has reached a level of maturity where revenue growth significantly outpaces the growth in overhead expenses. Such performance implies that the company is well-positioned to continue improving its profitability as long as volume growth remains consistent.
Analysis of the income statement reveals that stock-based compensation remains a recurring non-cash expense, with $25.1 million recorded in 2026Q1, which warrants careful scrutiny as it periodically masks the true cash-generative capacity of the business and dilutes the quality of reported net income.
While the company shows strong net income growth, the reliance on stock-based compensation suggests that a portion of the reported earnings is effectively a non-cash accounting entry. Investors should evaluate whether this compensation structure aligns with long-term shareholder value creation or if it represents an excessive cost.
Despite the current positive trajectory, the potential for regulatory shifts toward mandatory central clearing for US Treasuries, as noted in recent market context, poses a significant risk that could commoditize the company's clearing advantage and lead to long-term margin compression for the firm.
The current high-margin environment may be partially supported by existing market structure barriers that could be eroded by future regulatory changes. This suggests that the company's competitive moat may be more vulnerable to external policy shifts than the current financial performance might otherwise indicate.
Quick answers to the most common questions about buying TW stock.
Tradeweb Markets Inc. (TW) is profitable, generating $812.8M in net income for the fiscal year ending 2025 with a net profit margin of 39.6%.
Tradeweb Markets Inc. (TW) reported an operating income of $845.1M, resulting in an operating profit margin of 41.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Tradeweb Markets Inc. (TW) generated $1.38B in gross profit for the year, representing a gross profit margin of 67.3%. This demonstrates the company's core pricing power and production efficiency.