Tradeweb Revenue Climbs 14.9% as Trading Volume Hits $3.2 Trillion a Day

Tradeweb Markets posted a 14.9% jump in third-quarter revenue to $584.5 million on Thursday as trading volumes on its electronic bond and derivatives platforms surged 22.4%, according to the earnings release it filed with an 8-K.

Average daily volume reached $3.2 trillion, with quarterly records in municipal bonds. Diluted earnings rose to 94 cents a share from 86 cents, and adjusted diluted EPS climbed 17.2% to $1.02 from 87 cents.

The company also declared a quarterly dividend of 14 cents a share, a 16.7% increase from the prior-year period, payable Dec. 15 to holders of record on Dec. 1.

Rates trading leads

Rates revenue, Tradeweb's largest business, rose 18.2% to $324.5 million as rates volume climbed 33.8%. U.S. government bond volume rose 28.0%, with September the platform's busiest month this year for Treasury trading, while swaps and swaptions of one year or longer jumped 42.4% on central bank policy changes, geopolitical tensions and inflation uncertainty, the company said.

Credit revenue increased 9.6% to $133.0 million. U.S. credit volume rose 23.9%, helped by portfolio trading and request-for-quote protocols, and Tradeweb's share of fully electronic U.S. high-grade TRACE volume rose 130 basis points to 19.9%. The company noted that a FINRA reporting rule change that took effect Aug. 31 lowered reported industry high-grade volumes and boosted its share figures.

Equities revenue grew 28.8% to $38.4 million, market data revenue rose 19.6% to $36.9 million and money markets revenue edged up 3.0% to $44.2 million.

"Our third quarter 2026 revenue and volumes reflect the strength and breadth of our global, multi-asset platform," CEO Billy Hult said in the release, citing "rising Treasury yields, shifting central bank policy and geopolitical uncertainty."

Profit and margins

Net income rose 6.8% to $224.9 million, held back by lower other income, which fell 52.5% to $18.7 million. That line included $27.5 million of gains tied to converting a note into Securitize shares and a $24.0 million unrealized loss on the company's Canton Coin holdings. Adjusted net income increased 15.6% to $238.8 million.

Adjusted EBITDA grew 16.2% to $318.9 million, and adjusted EBITDA margin widened to 54.5% from 54.0%. Operating expenses rose 11.0% to $331.1 million on higher incentive pay, headcount and spending on AI and data infrastructure.

Tradeweb revised its full-year adjusted expense guidance to $1.155 billion to $1.175 billion, trending toward the middle of that range, reflecting year-to-date revenue growth.

Trumid deal and buybacks

In October, Tradeweb agreed to buy electronic credit trading marketplace Trumid for about $1.97 billion, including $1.89 billion in cash, which Hult called "the largest acquisition in our history." The cash portion is expected to be funded mainly with cash on hand, and the deal is targeted to close in the first half of 2027, subject to regulatory approvals.

The company ended September with $2.1 billion in cash and equivalents. It repurchased 2,020,555 Class A shares for $209.8 million during the quarter, leaving $124.5 million under its authorization.

By the numbers

• $584.5 million: quarterly revenue, up 14.9%
• $3.2 trillion: average daily volume, up 22.4%
• $1.02: adjusted diluted EPS, up 17.2%
• 14 cents: quarterly dividend, up 16.7%

Sources

1. Tradeweb Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001758730-26-000143)

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