{"id":987070,"date":"2026-07-30T07:03:26","date_gmt":"2026-07-30T11:03:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-second-quarter-2026-financial-results\/"},"modified":"2026-07-30T07:03:26","modified_gmt":"2026-07-30T11:03:26","slug":"tradeweb-reports-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-second-quarter-2026-financial-results\/","title":{"rendered":"Tradeweb Reports Second Quarter 2026 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports Second 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 June 30, 2026.<\/p>\n

$558.9 million <\/b>quarterly revenues, an increase of 9.0% <\/b>(8.3%<\/b> on a constant currency basis) compared to prior year period<\/p>\n

$245.1 million<\/b> quarterly international revenues, an increase of 13.9%<\/b> (12.3%<\/b> on a constant current basis) compared to prior year period<\/p>\n

$3.0 trillion<\/b> average daily volume (\u201cADV\u201d) for the quarter, an increase of 18.2%<\/b> compared to prior year period; quarterly ADV records in rates futures, fully electronic U.S. high yield credit, convertibles\/swaps\/options and repurchase agreements<\/p>\n

$206.7 million<\/b> net income and $228.1 million<\/b> adjusted net income for the quarter, increases of 17.8%<\/b> and 10.7%,<\/b> respectively, from prior year period<\/p>\n

54.4%<\/b> adjusted EBITDA margin and $304.1 million<\/b> adjusted EBITDA for the quarter, compared to 54.2% and $277.9 million, respectively, for prior year period<\/p>\n

$0.85<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) and $0.97<\/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“Our second quarter results reflect the resilience and diversification of our global, multi-asset platform, with strong volume growth across the business despite more normalized volatility compared to the first quarter of 2026. International revenue continued to accelerate, and client adoption of Tradeweb AiEX continued to increase as clients further embedded automation into their trading workflows \u2014 a trend that continues to reinforce the long-term structural shift toward electronic trading.<\/p>\n

\nIn our core markets, we advanced our credit offering with the launch of TARA, our first generative AI-powered research assistant for institutional credit trading, and the introduction of spread trading for European credit portfolios, enabling clients to execute at the portfolio level within a single, integrated workflow. We also announced the adoption of Tradeweb’s iNAV by Xtrackers across its European-listed ETFs, highlighting our commitment to supporting more efficient ETF trading and building confidence across the broader market.<\/p>\n

\nIn frontier markets, we deepened our partnership with Kalshi, integrating prediction market data and a dedicated pricing index into institutional trading workflows, while continuing to invest in our digital asset capabilities on the Canton Network. Together, these initiatives reflect our commitment to investing in the technologies and partnerships that we believe will define the next phase of electronic trading.<\/p>\n

\nWith a strong foundation across our core and emerging products, we remain focused on delivering for our clients and driving durable, long-term growth.”<\/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
\n

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

\n

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

\n

2Q26<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

2Q25<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

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

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

\n

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

\n

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

\n

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

\n

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

\n

\n558,946<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n512,971<\/p>\n<\/td>\n

\n

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

\n

\n9.0<\/p>\n<\/td>\n

\n

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

\n

\n8.3<\/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

\n302,490<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n274,517<\/p>\n<\/td>\n

\n

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

\n

\n10.2<\/p>\n<\/td>\n

\n

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

\n

\n9.5<\/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

\n128,392<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n124,295<\/p>\n<\/td>\n

\n

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

\n

\n3.3<\/p>\n<\/td>\n

\n

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

\n

\n2.7<\/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

\n38,891<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n34,252<\/p>\n<\/td>\n

\n

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

\n

\n13.5<\/p>\n<\/td>\n

\n

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

\n

\n12.1<\/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

\n43,976<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n41,636<\/p>\n<\/td>\n

\n

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

\n

\n5.6<\/p>\n<\/td>\n

\n

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

\n

\n5.2<\/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

\n37,288<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n30,417<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n22.7<\/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

\n7,909<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,854<\/p>\n<\/td>\n

\n

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

\n

\n0.7<\/p>\n<\/td>\n

\n

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

\n

\n0.7<\/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

\n245,262<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n199,853<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n206,686<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n175,522<\/p>\n<\/td>\n

\n

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

\n

\n17.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

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

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

\n

\n181,318<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n153,782<\/p>\n<\/td>\n

\n

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

\n

\n17.9<\/p>\n<\/td>\n

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

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

\n

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

\n

\n0.85<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n0.71<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n37.0<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n34.2<\/p>\n<\/td>\n

\n

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

\n

\n+276<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n304,135<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n277,896<\/p>\n<\/td>\n

\n

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

\n

\n9.4<\/p>\n<\/td>\n

\n

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

\n

\n7.8<\/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

\n54.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n54.2<\/p>\n<\/td>\n

\n

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

\n

\n+24<\/p>\n<\/td>\n

\n

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

\n

\n-27<\/p>\n<\/td>\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

\n282,550<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n260,322<\/p>\n<\/td>\n

\n

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

\n

\n8.5<\/p>\n<\/td>\n

\n

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

\n

\n6.7<\/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

\n50.6<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n50.7<\/p>\n<\/td>\n

\n

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

\n

\n-20<\/p>\n<\/td>\n

\n

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

\n

\n-74<\/p>\n<\/td>\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

\n228,149<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n206,149<\/p>\n<\/td>\n

\n

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

\n

\n10.7<\/p>\n<\/td>\n

\n

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

\n

\n8.9<\/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

\n0.97<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n0.87<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n10.3<\/p>\n<\/td>\n

\n

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

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

\nRepresents net income less net income attributable to non-controlling interests.<\/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

2Q26<\/b><\/p>\n<\/td>\n

\n

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

\n

2Q25<\/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

\n596<\/p>\n<\/td>\n

\n

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

\n

\n546<\/p>\n<\/td>\n

\n

\n9.0<\/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

\n1,180<\/p>\n<\/td>\n

\n

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

\n

\n897<\/p>\n<\/td>\n

\n

\n31.6<\/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

\n1,776<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n23.1<\/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

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

\n

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

\n

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

\n

\n6.5<\/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

\n23<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n19.6<\/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

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

\n

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

\n

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

\n

\n13.3<\/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

\n16<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n16.9<\/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

\n16<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n17.8<\/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

\n32<\/p>\n<\/td>\n

\n

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

\n

\n28<\/p>\n<\/td>\n

\n

\n17.3<\/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

\n1,161<\/p>\n<\/td>\n

\n

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

\n

\n1,040<\/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

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

\n

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

\n

\n1,161<\/p>\n<\/td>\n

\n

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

\n

\n1,040<\/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

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

\n

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

\n

3,013<\/b><\/p>\n<\/td>\n

\n

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

\n

2,548<\/b><\/p>\n<\/td>\n

\n

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

\n

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

D<\/b>ISCUSSION OF RESULTS<\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $302.5 million in the second quarter of 2026 increased 10.2% compared to prior year period (increased 9.5% on a constant currency basis). Rates ADV was up 23.1% from prior year period, including record ADV in rates futures. U.S. government bond ADV was up 5.3% from prior year period, driven by strong institutional and wholesale activity, with institutional volumes reaching their second highest month on record in May 2026. Swaps\/swaptions \u2265 1-year ADV was up 26.5% from prior year period, driven by fluctuating global central bank policy expectations and evolving geopolitical uncertainty. European government bonds ADV was up 17.3% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 10.7% from prior year period, including strong To-Be-Announced (“TBA”) activity, which was primarily driven by increased trading year-over-year (“YoY”) from asset managers and hedge funds. Tradeweb’s specified pool platform saw higher trading activity YoY, supported by continued momentum in client adoption and an expanding dealer roster. The 10.3% decline in rates derivatives \u2265 1-year average variable fees per million in the second quarter of 2026 compared to prior year period was primarily driven by a mix shift within currencies, which carry a relatively lower fee per million as well as lower duration.<\/p>\n

Credit<\/b> \u2013 Revenues of $128.4 million in the second quarter of 2026 increased 3.3% compared to prior year period (increased 2.7% on a constant currency basis). U.S. credit ADV was up 10.3% from prior year period, including record ADV in fully electronic U.S. high yield credit, as well as continued client adoption of trading protocols, including in Portfolio Trading (“PT”), Request-for-Quote (“RFQ”) and Tradeweb AllTrade\u00ae. European credit ADV was up 23.4% from prior year period, driven by a diverse set of protocols, particularly PT and Tradeweb Automated Intelligent Execution (“AiEX”). Credit derivatives ADV was up 19.6% from prior year period, driven by increased hedge fund and systematic account activity YoY which led to increased swap execution facility (“SEF”) and multilateral trading facility (“MTF”) credit default swaps activity. Municipal bond ADV was down 12.2% from prior year period, outperforming the market which was down 16% from prior year period (based on MSRB). We reported 19.0% share of fully electronic U.S. high grade TRACE, up 101 basis points (bps) from prior year period and 8.5% share of fully electronic U.S. high yield TRACE, up 32 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 29 bps from prior year period and 11.1% total share of U.S. high yield TRACE, up 44 bps from prior year period. The 11.4% decline in cash credit average variable fees per million in the second quarter of 2026 compared to prior year period was primarily driven by 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 European credit and portfolio trading, which carry a relatively lower fee per million.<\/p>\n

Equities<\/b> \u2013 Revenues of $38.9 million in the second quarter of 2026 increased 13.5% compared to prior year period (increased 12.1% on a constant currency basis). Equities ADV was up 17.3% from prior year period, with record ADV in convertibles\/swaps\/options. Volumes were driven by strong activity in U.S. and international exchange traded funds (“ETFs”), with robust activity in our institutional and wholesale channels, as the client base grew and clients’ adoption of our automated trading functionality continued to grow YoY.<\/p>\n

Money Markets<\/b> \u2013 Revenues of $44.0 million in the second quarter of 2026 increased 5.6% compared to prior year period (increased 5.2% on a constant currency basis). Money Markets ADV was up 11.7% from prior year period, driven by record ADV in global repurchase agreements as a result of increased client participation across the platform, as well as Tradeweb ICD Portal activity, which was driven by both existing clients and new client additions.<\/p>\n

Market Data<\/b> \u2013 Revenues of $37.3 million in the second quarter of 2026 increased 22.6% compared to prior year period (increased 22.7% on a constant currency basis), primarily due to amendments to our LSEG market data license agreement which were effective as of November 2025, as well as growth in our proprietary market data revenues. The amended market data license agreement included higher overall fees and a change in the timing of the delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding increase in revenue during the second quarter of 2026.<\/p>\n

Other<\/b> \u2013 Revenues of $7.9 million in the second quarter of 2026 remained relatively flat compared to prior year period.<\/p>\n

Operating Expenses<\/b> of $313.7 million in the second quarter of 2026 remained relatively flat compared to $313.1 million in prior year period as the 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 was 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 $276.4 million in the second quarter of 2026 increased 9.4% (increased 9.9% on a constant currency basis) compared to prior year period primarily due to (i) 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 (ii) an increase in depreciation and amortization expense primarily relating to capitalized internally developed software and technology hardware. Please see “Non-GAAP Financial Measures” below for additional information.<\/p>\n

Non-operating Income \u2013 Other income (loss), net<\/b> of $7.3 million of income in the second quarter of 2026 compared to the prior year period income of $12.7 million, primarily included $26.6 million in unrealized gains on minority equity investments during the second quarter of 2026, partially offset by a $15.1 million unrealized loss related to our Canton Coin holdings and a $3.7 million decrease in fair value of our investment in Canton Strategic Holdings. Other income in the second quarter of 2025 included $18.1 million in unrealized gains relating our Canton Coin holdings, partially offset by a $5.4 million loss due to the impairment of a minority equity investment. Other income (loss), net is excluded from all non-GAAP financial measures.<\/p>\n

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

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