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Tradeweb Markets 8-K Report, Financial Results (Apr 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 29, 2026
Period End
April 29, 2026
Security
TW
In the record · 2019–202610-K810-Q248-K69

TW filed 8 annual reports (10-K), 24 quarterly reports (10-Q) and 69 current reports (8-K) between 2019 and 2026.

  1. Material agreement8-K · Apr ’19Apr ’19
  2. Leadership change8-K · May ’23May ’23
  3. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Tradeweb Markets Inc. (Nasdaq: TW) reported first quarter 2026 results in an 8-K filed April 29, 2026, furnishing a press release as Exhibit 99.1 under Item 2.02.

Revenue was $617.8 milliona, up 21.2% (17.5% on a constant currency basis) from the prior year period. Net income was $233.2 million, up 38.5%, and diluted EPS was $0.96 versus $0.69. Adjusted net income was $255.1 million, up 24.0%, and adjusted EBITDA was $339.7 million at a 55.0% margin.

Average daily volume reached $3.3 trillionb, up 31.4%, with quarterly ADV records in several rates, credit, equities and money markets products. Growth was broad across asset classes. Rates revenue rose 29.7% to $344.2 million, and equities revenue rose 31.5% to $41.3 million.

Credit revenue rose 11.5% to $138.2 millionc, although average cash credit variable fees per million fell 14.7%, which the company attributed to minimum fee floors, dealer migration to fixed-fee plans and product mix. Market data revenue declined 4.6% to $36.9 million, primarily due to amendments to the LSEG market data license agreement effective November 1, 2025. The Board declared a quarterly dividend of $0.14 per share, payable June 15, 2026.

Management raised its adjusted expense guidance for full-year 2026 to $1,100 to $1,160 milliond, trending toward the top half of the range, citing strong first-quarter revenue growth. Other guidance items, including depreciation and amortization, the non-GAAP tax rate, capital expenditures and LSEG market data contract revenue, were unchanged. The filing also highlights frontier initiatives, including a strategic partnership with and minority investment in Kalshi, a $31 million Series B round led in Crossover Markets, and on-chain repo activity on the Canton Network.

02—Key points

Key Highlights

  1. Revenue of $617.8 million, up 21.2% year over year (17.5% on a constant currency basis).
  2. Net income of $233.2 million, up 38.5%; diluted EPS of $0.96 versus $0.69 in the prior year period.
  3. Adjusted net income of $255.1 million, up 24.0%; adjusted diluted EPS of $1.08 versus $0.86.
  4. Adjusted EBITDA of $339.7 million, up from $278.2 million, with a 55.0% adjusted EBITDA margin.
  5. Average daily volume of $3.3 trillion, up 31.4%, with quarterly ADV records across numerous products.
  6. Full-year 2026 adjusted expense guidance revised to $1,100 to $1,160 million, trending toward the top half of the range; other guidance unchanged.
  7. Cash credit average variable fees per million fell 14.7%, driven by minimum fee floors, dealer plan migration and mix shifts; market data revenue fell 4.6% due to the amended LSEG license.

03—Questions

Frequently Asked Questions

  1. How did Tradeweb perform in the first quarter of 2026?

    Revenue rose 21.2% to $617.8 million, net income rose 38.5% to $233.2 million, and adjusted EBITDA rose 22.1% to $339.7 million, with a 55.0% margin. ADV increased 31.4% to $3.3 trillion.

  2. Did Tradeweb change its 2026 guidance?

    Yes, the company revised full-year 2026 adjusted expense guidance to $1,100 to $1,160 million, trending toward the top half of the range, reflecting strong first-quarter revenue growth. Depreciation and amortization, non-GAAP tax rate, capital expenditure and LSEG market data contract revenue guidance were unchanged.

  3. Why did market data revenue decline?

    Market data revenue fell 4.6% to $36.9 million, primarily due to amendments to the LSEG market data license agreement effective November 1, 2025, which changed the timing of historical data deliveries. This was partially offset by growth in proprietary market data revenue.

  4. What is the status of the dividend?

    The Board declared a quarterly cash dividend of $0.14 per share of Class A and Class B common stock, payable June 15, 2026 to stockholders of record as of June 1, 2026.

  5. What new strategic initiatives were disclosed?

    The company entered a strategic partnership with Kalshi and made a minority investment in it, led a $31 million Series B round in Crossover Markets with a partnership to provide institutional spot crypto liquidity, and participated in on-chain repo transactions on the Canton Network.

04—Continue

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