01—Abstract
Summary
Summary of the 10-Q filed July 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets Inc. reported total revenue of $558.9 milliona for the three months ended June 30, 2026, up from $513.0 million a year earlier, with net income attributable to Tradeweb Markets Inc. of $181.3 million and diluted EPS of $0.85 (versus $0.71).
For the six months ended June 30, 2026, total revenue was $1.18 billionb, up 15.1%, and net income attributable to Tradeweb Markets Inc. was $386.6 million, with diluted EPS of $1.81. The revenue increase was driven mainly by transaction fees and commissions, which rose to $465.3 million in the quarter, led by rates derivatives, mortgages, corporate bonds, equity derivatives and ETFs. Adjusted EBITDA for the quarter was $304.1 million, a 54.4% margin, and Adjusted Diluted EPS was $0.97.
Balance sheet and capital return activity remained substantial. Cash and cash equivalents were $2.06 billionc at June 30, 2026, and the company had no outstanding borrowings under its $500.0 million revolving credit facility. In the first half, the company repurchased $240.5 million of stock, paid $59.5 million in dividends, and had $334.3 million remaining under its 2026 Share Repurchase Program.
On July 30, 2026, the board declared a $0.14d per share quarterly dividend payable September 15, 2026. The filing also highlights exposure to Canton Coin holdings, with a fair value of $230.0 million at June 30, 2026, where 1.3 billion coins valued at $181.6 million are subject to lockup restrictions.
Other income in the quarter was affected by a $15.1 million unrealized loss on Canton Coins, offset by $26.6 million in unrealized gains on minority equity investments. LSEG controls 90.0% of the combined voting power of the company.
02—Key points
Key Highlights
- Q2 2026 total revenue rose to $558.9 million from $513.0 million, with transaction fees and commissions up $35.6 million to $465.3 million.
- Q2 2026 net income attributable to Tradeweb Markets Inc. was $181.3 million, or $0.85 diluted EPS, versus $153.8 million and $0.71 a year earlier.
- Adjusted EBITDA was $304.1 million in Q2 2026, a 54.4% margin, and Adjusted Diluted EPS was $0.97 versus $0.87.
- Operating expenses rose 0.2% in Q2 overall, with technology and communications up 38.9% and general and administrative down 44.6% due to lower foreign exchange losses.
- Cash and cash equivalents were $2.06 billion at June 30, 2026, with no borrowings under the $500.0 million revolving credit facility.
- The company repurchased $240.5 million of stock in the first half of 2026 and declared a $0.14 quarterly dividend on July 30, 2026.
- Canton Coin holdings were valued at $230.0 million at June 30, 2026, with $181.6 million of coins subject to lockup restrictions, adding volatility to other income.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 30, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $558.95M$512.97M | +9.0% |
| Operating Expenses | $313.68M$313.12M | +0.2% |
| Operating Income | $245.26M$199.85M | +22.7% |
| Net Income | $181.32M$153.78M | +17.9% |
| EPS (Basic) | $0.85$0.72 | +18.1% |
| EPS (Diluted) | $0.85$0.71 | +19.7% |
| Shares Outstanding (Basic) | 212.46M213.34M | −0.4% |
| Shares Outstanding (Diluted) | 212.80M214.97M | −1.0% |
05—Questions
Frequently Asked Questions
What drove the revenue growth in the second quarter of 2026?
Total revenue increased $46.0 million, or 9.0%, to $558.9 million. The main driver was a $35.6 million increase in transaction fees and commissions, primarily from rates derivatives, mortgages, U.S. and European corporate bonds, equity derivatives and ETFs, plus higher commissions on money market fund balances through the ICD Portal. Market data revenue also rose 22.6% to $37.3 million following amendments to the LSEG market data license agreement.
How did profitability change compared with the prior year?
Operating income rose 22.7% to $245.3 million in the quarter. Net income attributable to Tradeweb Markets Inc. increased to $181.3 million from $153.8 million, and diluted EPS rose to $0.85 from $0.71. Adjusted EBITDA margin was 54.4%, up from 54.2% a year earlier, and Adjusted EBIT margin was 50.6%, down from 50.7%.
What is the company's liquidity and capital return position?
As of June 30, 2026, the company had cash and cash equivalents of approximately $2.1 billion and no outstanding borrowings under its $500.0 million revolving credit facility. In the first half of 2026 it paid $59.5 million in dividends and repurchased $240.5 million of shares, with $334.3 million remaining under the 2026 Share Repurchase Program. Its Tax Receivable Agreement liability was $317.5 million.
What risks are highlighted related to Canton Coin holdings?
The company held Canton Coins with a fair value of $230.0 million at June 30, 2026. Of these, 1.3 billion coins valued at $181.6 million are restricted from transfer under the Locking Commitment framework, which could limit sales during periods of price volatility or reduced liquidity. Changes in the coin's fair value have caused large swings in other income, including a $15.1 million unrealized loss in Q2 2026.
Who controls Tradeweb and what does it mean for public shareholders?
As of June 30, 2026, LSEG indirectly owned shares representing 90.0% of the combined voting power of Tradeweb Markets Inc., and public investors held 9.9% of the voting power. The filing identifies LSEG's control and the company's status as a controlled company as a forward-looking risk factor, and notes the company's dependence on distributions from TWM LLC to fund dividends and tax obligations.
06—Continue