Tradeweb Markets Inc. (TW) SEC Filings & Earnings Calls
EquiReason read 11 Tradeweb Markets Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-19 — Tradeweb acquires Trumid for ~$1.97B (cash+equity) to expand credit trading capabilities across bond lifecycle; expected accretive to adjusted EPS within first year..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 28.7B
- P/E TTM
- 29.3
- Dividend yield
- 0.4%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
19 Oct 20268-K · 1.01, 3.02, 7.01Tradeweb acquires Trumid for ~$1.97B (cash+equity) to expand credit trading capabilities across bond lifecycle; expected accretive to adjusted EPS within first year.acquisitionopen
Risks flagged
Regulatory approval required; closing targeted first half 2027.
“subject to customary closing conditions, including the receipt of regulatory approvals” · word for word
30 Jul 202610-QTradeweb reported strong Q2 2026 results with net income up 17.8% YoY and Adjusted EBITDA margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Net income · Q2-2026 | $207M | +18% y/y |
| Adjusted EBITDA · Q2-2026 | $304M | +9% y/y |
| Adjusted EBITDA margin · Q2-2026 | 54.4% | |
| Free Cash Flow · H1-2026 | $444M | +3% y/y |
| Operating cash flow · H1-2026 | $498M | +6% y/y |
| Adjusted Diluted EPS · Q2-2026 | $0.97 | +12% y/y |
Guidance
FY2026 capex guided $107M-$117M, midpoint +9% vs FY2025
Tradeweb reaffirmed its FY2026 capital expenditure guidance of $107M-$117M, indicating continued investment in growth.
Risks flagged
Market volatility dependency
“Lower volatility may result in lower trading volume for our clients and may negatively impact our operating performance and financial condition.” · word for word
Canton Coin liquidity risk
“1.3 billion Canton Coins valued at $181.6 million were subject to the Canton Coin Lockup Restrictions and may not be transferred to third parties, which could affect our ability to sell these assets, including during periods of price volatility or reduced liquidity.” · word for word
Regulatory uncertainty
“uncertainty and potential delays around the final form of certain new rules and regulations may negatively impact our clients and trading volumes in certain markets in which we transact” · word for word
30 Jul 20268-K · 2.02Tradeweb reported Q2 2026 revenues of $558.9M (+9.0% YoY), net income $206.7M (+17.8%), ADV $3.0T (+18.2%), and increased dividend by 16.7% to $0.14/share.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $559M | +9% y/y |
| Net income · Q2-2026 | $207M | +18% y/y |
| Adjusted net income · Q2-2026 | $228M | +11% y/y |
| Diluted EPS · Q2-2026 | $0.85 | +20% y/y |
| Adjusted diluted EPS · Q2-2026 | $0.97 | +11% y/y |
| Adjusted EBITDA · Q2-2026 | $304M | +9% y/y |
| Adjusted EBITDA margin · Q2-2026 | 54.4% | |
| Rates revenue · Rates · Q2-2026 | $302M | +10% y/y |
| Credit revenue · Credit · Q2-2026 | $128M | +3% y/y |
| Equities revenue · Equities · Q2-2026 | $39M | +14% y/y |
Risks flagged
Revenue growth deceleration in credit segment (+3.3% YoY) compared to other segments
“Credit – Revenues of $128.4 million in the second quarter of 2026 increased 3.3% compared to prior year period” · word for word
29 Apr 20268-K · 2.02Tradeweb reported record quarterly revenue of $617.8M (+21.2% YoY), ADV of $3.3T (+31.4%), net income $233.2M (+38.5%), adjusted EBITDA margin 55.0%, and raised dividend 16.7%. Strong momentum across rates, credit, equities, and money markeearningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $618M | +21% y/y |
| Net income · Q1-2026 | $233M | +39% y/y |
| Adjusted EBITDA · Q1-2026 | $340M | +22% y/y |
| Adjusted EBITDA margin · Q1-2026 | 55.0% | |
| Diluted EPS · Q1-2026 | $0.96 | +39% y/y |
| Adjusted diluted EPS · Q1-2026 | $1.08 | +26% y/y |
| International revenue · Q1-2026 | $274M | +29% y/y |
| Rates revenue · Rates · Q1-2026 | $344M | +30% y/y |
| Credit revenue · Credit · Q1-2026 | $138M | +12% y/y |
| Equities revenue · Equities · Q1-2026 | $41M | +32% y/y |
Risks flagged
No material new risks identified; standard market and regulatory risks.
“No risk factor discussion in this 8-K.”
29 Apr 202610-QNet Income $233M (+38% y/y); Free Cash Flow $77M (+69% y/y); Operating Cash Flow $104M (+72% y/y); Guidance: FY2026 capex guided $107M-$117M, midpoint +9% YoYopen
Figures in the filing · each found in the filing text
| Net Income · Q1-2026 | $233M | +39% y/y |
| Free Cash Flow · Q1-2026 | $77M | +69% y/y |
| Operating Cash Flow · Q1-2026 | $104M | +73% y/y |
| Adjusted EBITDA · Q1-2026 | $340M | +22% y/y |
| Adjusted EBITDA Margin · Q1-2026 | 55.0% | |
| Adjusted Diluted EPS · Q1-2026 | $1.08 | +26% y/y |
Guidance
FY2026 capex guided $107M-$117M, midpoint +9% YoY
Management reaffirms positive outlook with capex increase and margin expansion.
Risks flagged
Market Volatility Dependency
“Lower volatility may result in lower trading volume for our clients and may negatively impact our operating performance and financial condition.” · word for word
Regulatory Uncertainty
“Uncertainty and potential delays around the final form of certain new rules and regulations may negatively impact our clients and trading volumes in certain markets in which we transact” · word for word
Cybersecurity Threat
“We experience cyber-threats and attempted security breaches. If these were successful, these cybersecurity incidents could impact revenue and operating income and increase costs.” · word for word
26 Mar 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance proposals, and ownership structure for 2026 shareholder meeting.open
Figures in the filing · each found in the filing text
| Revenue Growth (Reported) · FY2025 | 18.9% | |
| Revenue Growth (Constant Currency) · FY2025 | 17.5% | |
| Adjusted EBITDA Margin · FY2025 | 53.8% | |
| Adjusted Diluted EPS Growth · FY2025 | 18.8% | |
| Net Income · FY2025 | $922M | +62% y/y |
| CEO Target Bonus · FY2025 | $3M | |
| CEO Earned Bonus · FY2025 | $5M | |
| CEO Total Compensation · FY2025 | $21M | |
| LSEG Voting Power · 2026-03-13 | 89.9% | |
| Tax Receivable Agreement Liability · 2025-12-31 | $337M |
Risks flagged
Controlling Shareholder Concentration
“LSEG continues to be the controlling stockholder of Tradeweb, holding approximately 89.9% of the combined voting power”
Tax Receivable Agreement Liability
“Total amounts due to the Continuing LLC Owners as of December 31, 2025 under the TRA were $336.5 million” · word for word
Key Person Dependency
“CEO total target compensation delivered 79% in equity; significant equity incentives and ownership” · word for word
5 Feb 202610-KDividend per share (quarterly) $0.14 (+17% y/y); Share repurchase authorization $500M; Tax Receivable Agreement liability $336Mopen
Figures in the filing · each found in the filing text
| Dividend per share (quarterly) · Q1-2026 | $0.14 | +17% y/y |
| Share repurchase authorization · 2026 | $500M | |
| Tax Receivable Agreement liability · FY2025 | $337M | |
| Total dividends paid (2025) · FY2025 | $102M | |
| TWM LLC distributions to Tradeweb (2025) · FY2025 | $228M | |
| Share repurchases (2025) · FY2025 | $106M |
Risks flagged
Controlling shareholder influence
“Refinitiv controls approximately 89.9% of the combined voting power of our common stock” · word for word
Tax Receivable Agreement liability
“we recorded a liability of $336.5 million related to our projected obligations under the Tax Receivable Agreement” · word for word
Interest rate risk on credit facility
“Assuming that the $500.0 million 2023 Revolving Credit Facility was fully drawn, each 0.125% change in interest rates would result in an approximate change of $0.6 million in annual interest expense” · word for word
5 Feb 20268-K · 2.02, 8.01Total revenue $521M (+12% y/y); Net income $367M (+130% y/y); Adjusted EBITDA $277M (+13% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q4-2025 | $521M | +13% y/y |
| Net income · Q4-2025 | $367M | +130% y/y |
| Adjusted EBITDA · Q4-2025 | $277M | +13% y/y |
| Adjusted EBITDA margin · Q4-2025 | 53.2% | |
| Diluted EPS · Q4-2025 | $1.51 | +129% y/y |
| Adjusted diluted EPS · Q4-2025 | $0.87 | +15% y/y |
| International revenue · Q4-2025 | $220M | +17% y/y |
| Rates revenue · Rates · Q4-2025 | $279M | +16% y/y |
| Credit revenue · Credit · Q4-2025 | $118M | +4% y/y |
| Equities revenue · Equities · Q4-2025 | $32M | +10% y/y |
Risks flagged
No material risks identified in this earnings release.
6 Jan 20268-K · 1.01Entered a material definitive agreement (acquisition, partnership, or major contract)open
Risks flagged
Related party transaction with LSEG, controlling stockholder
“The LSEG Parties are affiliates of the London Stock Exchange Group plc, which is the indirect controlling stockholder of the Company” · word for word
30 Oct 20258-K · 1.01, 2.02Total Revenue $509M (+13% y/y); International Revenues $211M (+25% y/y); Net Income $211M (+62% y/y)open
Figures in the filing · each found in the filing text
| Total Revenue · Q3-2025 | $509M | +13% y/y |
| International Revenues · International · Q3-2025 | $211M | +25% y/y |
| Net Income · Q3-2025 | $211M | +62% y/y |
| Adjusted Net Income · Q3-2025 | $207M | +15% y/y |
| Adjusted EBITDA · Q3-2025 | $274M | +14% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 54.0% | |
| Diluted EPS · Q3-2025 | $0.86 | +62% y/y |
| Adjusted Diluted EPS · Q3-2025 | $0.87 | +16% y/y |
| Dividend per Share · Q3-2025 | $0.12 | +20% y/y |
Risks flagged
Dependence on LSEG as controlling stockholder and data license counterparty; renewal subject to definitive documentation.
“The LSEG Parties are affiliates of the London Stock Exchange Group plc (“LSEG”), which is the indirect controlling stockholder of the Company.” · word for word
30 Oct 202510-QTradeweb reported strong Q3 2025 results with net income up 62% YoY, adjusted EBITDA margin expansion, and raised capex guidance.earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q3-2025 | $211M | +62% y/y |
| Free Cash Flow · 9M-2025 | $743M | +32% y/y |
| Operating Cash Flow · 9M-2025 | $812M | +32% y/y |
| Adjusted EBITDA · Q3-2025 | $274M | +14% y/y |
| Adjusted EBITDA Margin · Q3-2025 | 54.0% | |
| Adjusted Diluted EPS · Q3-2025 | $0.87 | +16% y/y |
Guidance
FY2025 capex guided $99M-$109M, midpoint +17% YoY
Capex guidance raised to $99-109M for FY2025, midpoint up 17% YoY, driven by headquarters relocation; underlying growth ~3%.
Risks flagged
Market Volatility Dependency
“Lower volatility may result in lower trading volume for our clients and may negatively impact our operating performance and financial condition.” · word for word
Regulatory Compliance Cost
“Compliance with regulations may require us to dedicate additional financial and operational resources, which may adversely affect our profitability.” · word for word
Cybersecurity Threat
“We experience cyber-threats and attempted security breaches. If these were successful, these cybersecurity incidents could impact revenue and operating income and increase costs.” · word for word
Foreign Exchange Risk
“Fluctuations in foreign currency exchange rates can affect our results of operations from period to period.” · word for word
Tradeweb Markets Inc. — questions
- What did Tradeweb Markets Inc. file recently?
- 11 SEC filings in the last 12 months. Latest: 8-K on 2026-10-19 — Tradeweb acquires Trumid for ~$1.97B (cash+equity) to expand credit trading capabilities across bond lifecycle; expected accretive to adjusted EPS within first year.
Every figure on this page comes from Tradeweb Markets Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.