Q1 26 EPS
$1.08
Q1 26 Revenue
$617.8M
BEAT +0.18%
Est. $616.6M
vs S&P Since Q1 26
-1.8%
TRAILING MARKET
TW -0.5% vs S&P +1.3%
Market Reaction
Did TW Beat Earnings? Q1 2026 Results
Tradeweb Markets Inc. Capped off a strong start to fiscal 2026, posting first-quarter adjusted diluted EPS of $1.08, a 1.52% beat against the $1.06 consensus, extending the company's streak of beating EPS estimates to four consecutive quarters. Reven… Read more Tradeweb Markets Inc. Capped off a strong start to fiscal 2026, posting first-quarter adjusted diluted EPS of $1.08, a 1.52% beat against the $1.06 consensus, extending the company's streak of beating EPS estimates to four consecutive quarters. Revenue climbed 21.2% year-over-year to $617.76 million, just ahead of the $616.63 million consensus, as rate volatility tied to inflationary pressures, central bank uncertainty, and geopolitical tensions drove record average daily volume of $3.35 trillion, up 31.4% from a year ago. The Rates segment was the clear engine of growth, with revenue surging 29.7% to $344.17 million on record activity across U.S. Government bonds, swaps, and European government bonds. Adjusted EBITDA reached $339.68 million, with margins ticking up to 55.0%. Questions about future momentum may linger, but management signaled confidence by guiding full-year 2026 adjusted expenses toward the top half of its $1.10 billion to $1.16 billion range, citing the strength of first-quarter revenue trends.
Key Takeaways
- • Record ADV in U.S. government bonds, swaps/swaptions, mortgages, and European government bonds
- • Elevated rate volatility amid macro uncertainty and geopolitical developments driving risk trading activity
- • Strong momentum in international client engagement and adoption
- • Accelerating use of automated trading workflows
- • Record activity in U.S. and international ETFs
- • Record activity in global repurchase agreements
- • Increased hedge fund and systematic account activity in credit derivatives
TW Forward Guidance & Outlook
Tradeweb updated its full-year 2026 guidance: Adjusted Expenses of $1,100–$1,160 million, trending towards the top half of the range due to strong Q1 revenue growth; Acquisition and Refinitiv Transaction related D&A expense of ~$160 million; assumed non-GAAP tax rate of ~23.5%–24.5%; cash capital expenditures and capitalized software development of ~$107–$117 million; LSEG Market Data Contract Revenue of ~$105 million. Expense guidance assumes an average 2026 GBP/USD foreign exchange rate of 1.32.
TW YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TW Revenue by Segment
With YoY comparisons, source: SEC Filings
“The record quarterly revenue and volumes we delivered underscore the strength of our global, multi-asset platform and the continued structural shift toward electronic trading. We saw strong momentum in international client engagement and adoption, alongside accelerating use of automated trading workflows, as clients increasingly turned to electronic solutions — particularly amid heightened global volatility in March.”
— Billy Hult, Q1 2026 Earnings Press Release
TW Earnings Trends
TW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TW EPS Trend
Earnings per share: estimate vs actual
TW Revenue Trend
Quarterly revenue: estimate vs actual
TW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.08 | — | $617.8M | +0.18% |
| Q4 25 BEAT FY | $0.84 | $0.87 | +4.10% | $521.2M | -0.46% |
| FY Full Year | $3.44 | $3.47 | +0.80% | $2.05B | -0.12% |
| Q3 25 BEAT | $0.83 | $0.87 | +4.93% | $508.6M | +0.21% |
| Q2 25 BEAT | $0.86 | $0.87 | +1.30% | $513.0M | -0.51% |
| Q1 25 BEAT | $0.86 | $0.86 | +0.35% | $509.7M | +0.40% |