{"id":955808,"date":"2026-04-29T07:03:09","date_gmt":"2026-04-29T11:03:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-first-quarter-2026-financial-results\/"},"modified":"2026-04-29T07:03:09","modified_gmt":"2026-04-29T11:03:09","slug":"tradeweb-reports-first-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-first-quarter-2026-financial-results\/","title":{"rendered":"Tradeweb Reports First Quarter 2026 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports First Quarter 2026 Financial Results<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nTradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported financial results for the quarter ended March 31, 2026.<\/p>\n

$617.8 million <\/b>quarterly revenues, an increase of 21.2% <\/b>(17.5%<\/b> on a constant currency basis) compared to prior year period<\/p>\n

$274.1 million<\/b> quarterly international revenues, an increase of 29.4%<\/b> (20.7%<\/b> on a constant current basis) compared to prior year period<\/p>\n

$3.3 trillion<\/b> average daily volume (\u201cADV\u201d) for the quarter, an increase of 31.4%<\/b> compared to prior year period; quarterly ADV records in U.S. and European government bonds, mortgages, swaps\/swaptions \u2265 1-year and < 1-year, futures, fully electronic U.S. high grade and high yield credit, electronically processed U.S. high grade credit, European credit, credit derivatives, U.S. and international ETFs, repurchase agreements and other money markets<\/p>\n

$233.2 million<\/b> net income and $255.1 million<\/b> adjusted net income for the quarter, increases of 38.5%<\/b> and 24.0%,<\/b> respectively, from prior year period<\/p>\n

55.0%<\/b> adjusted EBITDA margin and $339.7 million<\/b> adjusted EBITDA for the quarter, compared to 54.6% and $278.2 million respectively for prior year period<\/p>\n

$0.96<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) and $1.08<\/b> adjusted diluted earnings per share for the quarter<\/p>\n

$0.14 <\/b>per share quarterly cash dividend declared, a 16.7%<\/b> per share increase from prior year period<\/p>\n

Billy Hult, CEO of Tradeweb:<\/b><\/p>\n

\n\u201cThe 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 \u2014 particularly amid heightened global volatility in March.<\/p>\n

\nIn our core markets, we continued to enhance our rates offering by advancing dealer algo execution for U.S. Treasuries, completing the first fully electronic swaption termination and launching multi-asset package trading for USD swaps. We also partnered with MAXEX to broaden institutional access to U.S. residential mortgages. In credit, increased adoption of electronic block trading continued to underscore the ongoing structural shift toward electronification, while ETFs remained an important and growing part of the ecosystem.<\/p>\n

\nAt the same time, we are investing in frontier areas that are shaping the future of electronic trading. Our investment in and partnership with Kalshi marks an important milestone in bringing institutional access to prediction markets into sharper focus. In digital assets, our initiatives, including on-chain repo activity on the Canton Network, build directly on our core strengths and support the evolution toward more continuous, 24\/7 trading. We also led a $31 million Series B financing round of Crossover Markets and established a strategic partnership with the goal to deliver institutional spot crypto liquidity to clients globally. In parallel, we are continuing to advance our AI capabilities, ensuring we remain well positioned as these markets continue to evolve.<\/p>\n

\nTaken together, we believe these efforts enable us to play a leading role in the convergence of traditional finance and digital markets. With a strong foundation in place, we remain focused on delivering for clients, investing in our platform and building on momentum across both our core business and emerging growth areas.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

SELECT FINANCIAL RESULTS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1Q26<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1Q25<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Change<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Constant<\/b><\/p>\n

Currency<\/b><\/p>\n

Change(1)<\/sup><\/b><\/p>\n<\/td>\n

\n<\/tr>\n
\n

\n(dollars in thousands, except per share amounts)(Unaudited)<\/p>\n<\/td>\n

\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n

\nGAAP Financial Measures<\/p>\n<\/td>\n

\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n

\nTotal revenue<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n617,764<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n509,677<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n21.2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n17.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nRates<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n344,172<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n265,432<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n24.9<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n138,226<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n124,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n8.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n41,309<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n31,410<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n31.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n25.2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n47,107<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n43,712<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n7.8<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n6.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMarket Data<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n36,927<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n38,707<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(4.6<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n(5.5<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n10,023<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,416<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n56.2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n56.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating Income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n287,253<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n204,101<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n40.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n233,167<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n168,305<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Net income attributable to Tradeweb Markets Inc. (2)<\/sup><\/td>\n\n

\n$<\/p>\n<\/td>\n

\n

\n205,284<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n148,382<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n38.3<\/p>\n<\/td>\n

\n%<\/td>\n\n\n<\/tr>\n
\n

\nDiluted EPS<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.96<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.69<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n39.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income margin<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n37.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+472<\/p>\n<\/td>\n

\n\n

\nbps<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP Financial Measures<\/p>\n<\/td>\n

\n\n\n\n\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n339,683<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n278,219<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22.1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n19.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n55.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n54.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+40<\/p>\n<\/td>\n

\n\n

\nbps<\/p>\n<\/td>\n

\n

\n+99<\/p>\n<\/td>\n

\n\n

\nbps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n318,876<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n260,993<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n22.2<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n19.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n51.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n51.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+41<\/p>\n<\/td>\n

\n\n

\nbps<\/p>\n<\/td>\n

\n

\n+91<\/p>\n<\/td>\n

\n\n

\nbps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Net Income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n255,134<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n205,691<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n24.0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n21.5<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Diluted EPS (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n1.08<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.86<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25.6<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n22.7<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ADV <\/b>(US $bn)<\/p>\n

\n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

Asset Class<\/b><\/p>\n<\/td>\n

\n

Product<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1Q26<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1Q25<\/b><\/p>\n<\/td>\n

\n

YoY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRates<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n670<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n559<\/p>\n<\/td>\n

\n

\n19.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,411<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n884<\/p>\n<\/td>\n

\n

\n59.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,081<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,443<\/p>\n<\/td>\n

\n

\n44.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n20<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18<\/p>\n<\/td>\n

\n

\n11.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n30<\/p>\n<\/td>\n

\n

\n59.5<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n69<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49<\/p>\n<\/td>\n

\n

\n41.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n38.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14<\/p>\n<\/td>\n

\n

\n8.8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27<\/p>\n<\/td>\n

\n

\n22.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,165<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,029<\/p>\n<\/td>\n

\n

\n13.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,165<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,029<\/p>\n<\/td>\n

\n

\n13.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

3,348<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

2,547<\/b><\/p>\n<\/td>\n

\n

31.4<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n(1)<\/p>\n<\/td>\n

\n\n

\nAdjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See “Non-GAAP Financial Measures” below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)<\/p>\n<\/td>\n

\n\n

\nRepresents net income less net income attributable to non-controlling interests.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

DISCUSSION OF RESULTS<\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $344.2 million in the first quarter of 2026 increased 29.7% compared to prior year period (increased 24.9% on a constant currency basis). Rates ADV was up 44.2% from prior year period, driven by record ADV in U.S. government bonds, swaps\/swaptions \u2265 and < 1-year, mortgages and European government bonds. U.S. government bond ADV was up 15.9% from prior year period, driven by record institutional activity. Swaps\/swaptions \u2265 1-year ADV was up 38.2% from prior year period, driven by a strong increase in risk trading activity due to overall inflationary and central bank policy concerns and global market sensitivity to geopolitical developments. European government bonds ADV was up 32.6% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 20.5% from prior year period, reflecting elevated rate volatility amid macro uncertainty, alongside continued client adoption of electronic trading and sustained institutional engagement across mortgage products, including To-Be-Announced (“TBA”) activity. Tradeweb’s specified pool platform saw higher trading activity year-over-year (“YoY”), reflecting continued growth in client adoption.<\/p>\n

Credit<\/b> \u2013 Revenues of $138.2 million in the first quarter of 2026 increased 11.5% compared to prior year period (increased 8.7% on a constant currency basis). Credit derivatives ADV was up 59.5% from prior year period, driven by increased hedge fund and systematic account activity YoY and heightened credit volatility which led to increased swap execution facility (“SEF”) and multilateral trading facility (“MTF”) credit default swaps activity. U.S. credit ADV was up 14.0% from prior year period, driven by record ADV in fully electronic U.S. high grade credit, fully electronic U.S. high yield credit and electronically processed U.S. high grade credit, as well as strong client adoption across Tradeweb protocols, including in Portfolio Trading (“PT”), request-for-quote (“RFQ”) and Tradeweb AllTrade\u00ae. Record European credit ADV was up 21.2% from prior year period, driven by strong activity across a wide range of protocols, including record traded volume in Tradeweb’s Automated Intelligent Execution (“AiEX”) tool. Municipal bond ADV was up 5.0% from prior year period, outperforming the market which was down 1% from prior year period (based on MSRB), led by strong growth across the retail and institutional client sectors. We reported 17.7% share of fully electronic U.S. high grade TRACE, down 33 basis points (bps) from prior year period and 7.4% share of fully electronic U.S. high yield TRACE, down 16 bps from prior year period. We also reported 25.0% total share of U.S. high grade TRACE, down 92 bps from prior year period and 9.8% total share of U.S. high yield TRACE, down 36 bps from prior year period. The 14.7% decline in cash credit average variable fees per million in the first quarter of 2026 compared to prior year period was primarily driven by the 2025 introduction of minimum fee floors and the migration of certain dealers from fully variable plans to fixed fee plans and a mix shift away from municipal bonds and retail U.S. credit, which carry a relatively higher fee per million, as well as a mix shift towards non-competition portfolio trading which carries a relatively lower fee per million. Excluding the impact of our previously disclosed minimum fee floors and dealer migration plans and this quarter’s impact of product\/protocol mix shirt, cash credit fee per million would be down approximately 1%.<\/p>\n

Equities<\/b> \u2013 Revenues of $41.3 million in the first quarter of 2026 increased 31.5% compared to prior year period (increased 25.2% on a constant currency basis). Equities ADV was up 22.6% from prior year period, driven by record activity in U.S. and international exchange traded funds (“ETFs”).<\/p>\n

Money Markets<\/b> \u2013 Revenues of $47.1 million in the first quarter of 2026 increased 7.8% compared to prior year period (increased 6.0% on a constant currency basis). Money Markets ADV was up 13.2% from prior year period, driven by record activity in global repurchase agreements and Tradeweb ICD Portal activity, which was driven by existing clients and new client additions.<\/p>\n

Market Data<\/b> \u2013 Revenues of $36.9 million in the first quarter of 2026 decreased 4.6% compared to prior year period (decreased 5.5% on a constant currency basis) primarily due to the amendments to our LSEG market data license agreement effective November 1, 2025 and was partially offset by growth in our proprietary market data revenues. The amended market data license agreement resulted in a change in the timing of delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the first quarter of 2026 that was partially offset by higher overall fees under the amended agreement. During the first quarter of 2025, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026 and totaling $2.2 million of revenue in the first quarter of 2026.<\/p>\n

Other<\/b> \u2013 Revenues of $10.0 million in the first quarter of 2026 increased 56.2% compared to prior year period (increased 56.1% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.<\/p>\n

Operating Expenses<\/b> of $330.5 million in the first quarter of 2026 increased 8.2% compared to $305.6 million in prior year period, primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in headcount and related salaries, bonus, benefits and stock-based compensation associated with our continued growth and (ii) an increase in technology and communication expense due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period. These increases were partially offset by a decrease in general and administrative expenses primarily due to a decrease in foreign exchange losses.<\/p>\n

Adjusted Expenses <\/b>of $298.9 million in the first quarter of 2026 increased 20.2% (increased 15.3% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits primarily due to an increase in headcount and related salaries, bonus, benefits and stock-based compensation associated with our continued growth, (ii) an increase in technology and communication expense due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period and (iii) an increase in general and administrative expenses primarily due to an increase in realized foreign exchange losses. Please see “Non-GAAP Financial Measures” below for additional information.<\/p>\n

Non-operating Income \u2013 Other income (loss), net<\/b> of $1.2 million of loss in the first quarter of 2026 compared to the prior year period income of $4.2 million, primarily due to unrealized gains (losses) on our Canton Coin holdings, which totaled a loss of $2.9 million in the first quarter of 2026 compared to income of $4.2 million in the prior year period, partially offset by $1.7 million net other income from other investments in the first quarter of 2026. Other income (loss), net is excluded from all non-GAAP financial measures.<\/p>\n

RECENT HIGHLIGHTS<\/b><\/p>\n

April 2026<\/b><\/p>\n