Strong revenue growth and record volumes validate the secular shift to electronic trading. The maintained expense guidance signals confidence in operating leverage. Watch for follow-through on cost control and any updates on the LSEG market data contract trajectory. The stock may gap up on the beat and raised dividend.
Price Chart
Executive Summary
Tradeweb reported Q1 2026 record revenue of $617.8M (+21.2% YoY) and adjusted diluted EPS of $1.08, slightly above the $1.06 consensus. Record ADV of $3.3T (+31.4% YoY) driven by broad-based strength across rates, credit, and equities. Guidance for full-year adjusted expenses was maintained at $1,100-1,160M (trending toward top half), and the quarterly dividend was raised 16.7% to $0.14/share.
Key Financial Metrics
Key Facts
- Revenue $617.8M, +21.2% YoY (17.5% constant currency)
- Adjusted diluted EPS $1.08 vs consensus $1.06 (+1.9%)
- Record ADV $3.3T, +31.4% YoY
- Adjusted EBITDA margin 55.0%, up 40 bps YoY
- Full-year 2026 adjusted expenses guidance maintained at $1,100-1,160M
- Quarterly dividend increased 16.7% to $0.14/share
- $523.2M remaining share repurchase authorization
- Market data revenue declined 4.6% due to LSEG contract timing
Financial Impact
Revenue beat consensus by ~$1.2M (0.2%), adjusted EPS beat by $0.02 (1.9%)
Risk Factors
- Market data revenue decline from LSEG contract amendment
- Cash credit fee compression from mix shift and minimum fee floors
- Expense growth trending toward top half of guidance range
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001758730-26-000095 |
| Document: tw-20260429.htm | 0001758730-26-000095 |
| Document: 0001758730-26-000095-index-headers.html | 0001758730-26-000095 |
| Document: 0001758730-26-000095-index.html | 0001758730-26-000095 |
| Document: 0001758730-26-000095.txt | 0001758730-26-000095 |
| 8-K Data (Synthetic) | 0001758730-26-000095 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $97.80 $108.10 | ▲ +10.53% | ▲ +6.57% | $102.22 (+4.52%) |
May 26, 2026 18w ago | 144 | $100.74 $91.50 | ▼ −9.17% | ▼ −7.27% | $102.22 (+1.47%) |
May 20, 2026 19w ago | 8-K | $105.54 $98.18 | ▼ −6.98% | ▼ −7.31% | $102.22 (−3.15%) |
Apr 29, 2026 22w ago | 8-K | $118.12 $100.88 | ▼ −14.60% | ▼ −20.06% | $102.22 (−13.46%) |
Apr 15, 2026 24w ago | 144 | $121.96 $109.87 | ▼ −9.91% | ▼ −15.73% | $102.22 (−16.19%) |
Mar 26, 2026 27w ago | DEFA14A | $116.57 $111.44 | ▼ −4.40% | ▼ −17.14% | $102.22 (−12.31%) |
Mar 18, 2026 28w ago | Insider Cluster | $123.44 $121.96 | ▼ −1.20% | ▼ −7.25% | $102.22 (−17.19%) |
US Market Status
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