01—Abstract
Summary
Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets Inc. reported total revenue of $584.5 milliona for the three months ended September 30, 2026, up from $508.6 million a year earlier, and net income attributable to Tradeweb Markets Inc. of $197.5 million, compared with $185.6 million.
For the nine months, total revenue was $1.76 billionb and net income attributable to Tradeweb Markets Inc. was $584.1 million. Transaction fees and commissions drove growth, with rates derivatives, U.S. government bonds and U.S. corporate bonds cited as primary contributors. Diluted EPS was $0.94 for the quarter, compared with $0.86 a year earlier.
Adjusted EBITDA for the quarter was $318.9 millionc, a 54.5% margin. Capital return remained significant. During the nine months, the company repurchased Class A shares totaling $447.3 million in cash for share repurchase programs, paid $88.9 million in dividends, and paid $86.0 million in payroll taxes on stock awards.
As of September 30, 2026, $124.5 milliond remained available under the 2026 Share Repurchase Program. Cash and cash equivalents were $2.11 billion, and the company had no outstanding borrowings under its $500.0 million revolving credit facility. A significant subsequent event is the October 19, 2026 agreement to acquire Trumid Holdings, LLC for a total purchase price of $1.97 billion, consisting of $1.89 billion in cash and 773,900 LLC Interests valued at $82.0 million.
The closing is subject to regulatory approvals and is targeted for the first half of 2027. A termination fee of $105.0 million is payable under certain circumstances. The filing also notes that Canton Coin holdings, with a fair value of $207.5 million, are subject to lockup restrictions, and that the company recorded an unrealized loss of $42.0 million on Canton Coins for the nine months.
02—Key points
Key Highlights
- Total revenue rose 14.9% to $584.5 million for Q3 2026, with transaction fees and commissions up $70.5 million to $491.8 million.
- Net income attributable to Tradeweb Markets Inc. was $197.5 million in Q3 2026, up from $185.6 million; diluted EPS was $0.94 versus $0.86.
- Adjusted Diluted EPS was $1.02 for Q3 2026, compared with $0.87 a year earlier, and Adjusted EBITDA margin was 54.5%.
- The company repurchased $447.3 million of shares in cash during the first nine months of 2026, and $124.5 million remained under the 2026 Share Repurchase Program at quarter end.
- On October 19, 2026, Tradeweb agreed to acquire Trumid for $1.97 billion, including $1.89 billion in cash, with closing targeted for the first half of 2027 and a $105.0 million termination fee in certain circumstances.
- Canton Coin holdings had a fair value of $207.5 million at September 30, 2026, with 1.3 billion coins valued at $163.7 million subject to lockup restrictions.
- The quarterly cash dividend was declared at $0.14 per share on October 29, 2026, payable December 15, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed October 29, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $584.54M$508.60M | +14.9% |
| Operating Expenses | $331.12M$298.23M | +11.0% |
| Operating Income | $253.43M$210.37M | +20.5% |
| Net Income | $197.46M$185.64M | +6.4% |
| EPS (Basic) | $0.94$0.87 | +8.0% |
| EPS (Diluted) | $0.94$0.86 | +9.3% |
| Shares Outstanding (Basic) | 210.41M213.36M | −1.4% |
| Shares Outstanding (Diluted) | 210.90M214.98M | −1.9% |
05—Questions
Frequently Asked Questions
How did Tradeweb's revenue and profitability trend in the third quarter of 2026?
Total revenue increased 14.9% to $584.5 million from $508.6 million, driven primarily by transaction fees and commissions, which rose $70.5 million. Operating income grew 20.5% to $253.4 million. Net income attributable to Tradeweb Markets Inc. rose to $197.5 million from $185.6 million, and diluted EPS was $0.94 compared with $0.86.
What is the Trumid acquisition and what are its key terms?
On October 19, 2026, Tradeweb Markets LLC agreed to acquire Trumid Holdings, LLC, an electronic trading platform focused on U.S. dollar-denominated bonds. The total purchase price is $1.97 billion, consisting of $1.89 billion in cash, subject to adjustments, and 773,900 LLC Interests valued at $82.0 million. Closing requires regulatory approvals and is targeted for the first half of 2027. A $105.0 million termination fee applies in certain circumstances.
How much capital did Tradeweb return to shareholders in 2026?
In the nine months ended September 30, 2026, the company repurchased Class A shares for $447.3 million in cash, paid $88.9 million in dividends to Class A and Class B stockholders, and paid $86.0 million in payroll taxes on employee stock awards. The board declared a $0.14 per share dividend for the fourth quarter on October 29, 2026.
What risks does the Canton Coin exposure present for investors?
Canton Coins had a fair value of $207.5 million at September 30, 2026, and the company recorded an unrealized loss of $42.0 million on these holdings for the nine months. As of that date, 1.3 billion coins valued at $163.7 million were restricted from transfer to third parties under the Locking Commitment framework, which could affect the company's ability to sell them during periods of price volatility or reduced liquidity.
How much liquidity does Tradeweb have and does it have debt?
Cash and cash equivalents were $2.11 billion at September 30, 2026, and the company had no outstanding indebtedness. Its $500.0 million unsecured revolving credit facility had no borrowings outstanding, though $0.5 million in letters of credit were issued. Net cash provided by operating activities was $845.3 million for the nine months ended September 30, 2026.
06—Continue