Tradeweb

Tradeweb runs electronic marketplaces where banks, asset managers, hedge funds and other institutions trade bonds, swaps, ETFs and money market products. It reports revenue in four asset classes: rates, credit, equities and money markets. Rates is the largest; it gave $324.5 million of the $584.5 million of revenue in Q3 2026. Tradeweb earns variable fees on each trade and fixed subscription fees for access to its platforms.

It also sells market data, mostly to its controlling shareholder, a London-based exchange and data group, under a license agreement. In Q3 2026, average daily volume on its platforms was $3.2 trillion. That shareholder owns a controlling stake, with 90.2% of the voting power and 51.7% of the economic interest at September 30, 2026.

The market doubts that Tradeweb can keep its growth when market volatility falls and competition in credit trading gets stronger. Revenue grew 21.2% in Q1 2026, when volatility was high, 9.0% in Q2 2026 and 14.9% in Q3 2026. In credit, volume grows faster than revenue. In Q3 2026, US credit volume rose 23.9%, but credit revenue rose only 9.6%, because the average fee per million on cash credit fell 10.6% as trading moved to lower-fee portfolio trades.

ICE agreed on July 30, 2026 to buy MarketAxess, the main competitor in US credit, and investors expect a stronger rival after the deal closes in 2027. On October 19, 2026, Tradeweb agreed to buy Trumid, a credit trading platform, for about $1.97 billion, also with a target to close in the first half of 2027. For the gap to close, three things must be true. Revenue must keep growing near 10% a year with normal volatility.

Credit revenue must grow with credit volume, so the fall in fee per million must stop. Tradeweb's share of fully electronic US high grade trading, 19.9% in Q3 2026, must keep rising after ICE owns MarketAxess and Tradeweb adds Trumid. The next check is the full-year 2026 report with the 2027 expense guidance, expected in late January or early February 2027. The ICE and MarketAxess closing and the Trumid closing are both expected in the first half of 2027.

If these checks pass, the gap can close over the next four to six quarters. If lower fees in credit continue, the gap can stay longer.

1. Oct 29, 2026Failed

   Q3 2026 results: revenue growth and credit feesRevenue growth near the 22.4% rise in Q3 volume and a credit fee per million that stops falling pass; credit revenue that again grows much slower than credit volume fails.Outcome: Revenue grew 14.9% while volume grew 22.4%, and the cash credit fee per million fell 10.6%, so credit revenue again grew much slower than credit volume.
2. Jan 29, 2027 · est.Pending

   Full-year 2026 results and 2027 expense guidanceAn adjusted EBITDA margin that holds near 2026 levels with 2027 expense growth below revenue growth passes; expense guidance that lowers the margin fails.
3. Q2 2027 · est.Pending

   ICE completes the MarketAxess purchaseStable or higher Tradeweb shares of fully electronic US high grade and high yield trading in the quarters after the closing pass; share losses or fee cuts to match the new rival fail.
4. Q2 2027 · est.Pending

   Tradeweb completes the Trumid purchaseA closing in the first half of 2027 with no large conditions from regulators passes; a block by regulators, a long delay or the $105 million termination fee fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Tradeweb reported Q3 2026 results. Revenue was $584.5 million, up 14.9%, on average daily volume of $3.2 trillion, up 22.4%. Adjusted EPS was $1.02, up 17.2%, and the adjusted EBITDA margin was 54.5%. Credit revenue grew 9.6% while US credit volume grew 23.9%, because the average fee per million on cash credit fell 10.6%. Tradeweb raised its 2026 adjusted expense guidance to $1,155 to $1,175 million, because revenue grew faster. It bought back $209.8 million of stock in the quarter.
• October 19, 2026Tradeweb agreed to buy Trumid, an electronic trading platform for US dollar corporate bonds, for about $1.97 billion. The price includes about $220 million for tax assets. Tradeweb pays about $1.89 billion in cash, mostly from cash on hand, and $82 million in equity. It expects the deal to add to adjusted EPS in the first full year after closing. The deal needs regulatory approvals in the US and the UK, and Tradeweb targets closing in the first half of 2027.
• October 6, 2026Tradeweb reported September 2026 average daily volume of $3.7 trillion, up 29.0% from a year earlier. Q3 2026 average daily volume was $3.2 trillion, up 22.4%. US government bond volume rose 29% in September, and fully electronic US high grade credit had a record month.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · tw-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KNew material agreement and Investor disclosureFiled October 19, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · tw-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled May 20, 2026 · tw-20260519
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · tw-20260331
• 8-KEarnings releaseFiled April 29, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 5, 2026 · tw-20251231
• 8-KEarnings release and Other company newsFiled February 5, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1758730)

• Competition in electronic credit trading can lower fees and market share. In Q3 2026, the average fee per million on cash credit fell 10.6%. Tradeweb's total share of US high grade TRACE volume rose to 27.9%, but a FINRA change to the TRACE count from August 31, 2026 makes this share look higher than before. ICE plans to buy MarketAxess in the first half of 2027, which joins the main credit competitor to a larger company with more resources.
• Trading volume depends on market volatility and interest rate moves. Revenue grew 21.2% in Q1 2026, 9.0% in Q2 2026, when volatility was more normal, and 14.9% in Q3 2026. A long calm market can slow volume and revenue growth.
• Its largest shareholder, a London-based exchange and data group, controls Tradeweb, with 90.2% of the voting power at September 30, 2026. That shareholder is also the largest buyer of Tradeweb's market data, and the 2026 guidance includes about $105 million of revenue from that contract. Decisions by that shareholder, or a change to the contract, can affect other shareholders.
• The Trumid purchase must close and work. It needs approvals from US antitrust authorities, the UK Competition and Markets Authority and FINRA. If the deal ends in some cases, Tradeweb must pay Trumid a $105 million fee. After closing, Tradeweb must keep Trumid's hedge fund clients and join the two platforms without large costs.
• Tradeweb invests in new areas such as digital assets on the Canton Network and prediction market data with Kalshi. At September 30, 2026, it held Canton Coins valued at $207.5 million, and it can transfer only part of them. The value of these coins can change quickly: it recorded a $24.0 million loss on them in Q3 2026.

Tradeweb has no debt. At September 30, 2026, it had $2,115 million of cash and cash equivalents and no borrowings under its $500 million unsecured revolving credit facility, which started in November 2023 for five years. Read more

Yield at the current rate

0.4% (current annual rate, at today’s price)

Dividend yield

0.4% (last 12 months, at today’s price of $130.60)

Paid per share

$0.54 in the last 12 months (4 payments)

Current annual rate

$0.56 ($0.14 × 4 a year)

Payout ratio

13% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 1, 2026, $0.14 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.