The sharp deceleration in revenue growth from Q1's 21.2% to Q2's 9.0% is the key takeaway, especially with unchanged full-year guidance implying no H2 acceleration. Monitor the earnings call for commentary on credit fee compression and whether Q1's elevated volatility-driven volumes were a one-off. The $188.9M in buybacks at ~$99 provides a floor, but the growth deceleration may cap upside near-term.
Price Chart
Executive Summary
Tradeweb reported Q2 2026 revenue of $558.9M (+9.0% YoY) and adjusted diluted EPS of $0.97 (+11.5% YoY), a 2.5% beat vs consensus. Revenue growth decelerated sharply from Q1's 21.2% pace, with credit revenue growth slowing to 3.3% and rates revenue growth halving to 10.2%. Full-year guidance was left unchanged, signaling management expects no acceleration in H2. The beat was modest and the deceleration is the dominant narrative for traders.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $558.9M, +9.0% YoY (vs +21.2% in Q1 2026)
- Adjusted diluted EPS $0.97, +11.5% YoY, vs consensus $0.95 (2.5% beat)
- Net income $206.7M, +17.8% YoY; adjusted net income $228.1M, +10.7% YoY
- Total ADV $3.0T, +18.2% YoY, but rates revenue growth slowed to 10.2% from 29.7% in Q1
- Credit revenue growth slowed to 3.3% from 11.5% in Q1; cash credit fees per million fell 11.4% YoY
- Full-year 2026 guidance unchanged: adjusted expenses $1.10-1.16B, LSEG market data revenue $105M
- Share repurchases of $188.9M in Q2 (1.9M shares at avg $99.01); $334.3M remaining authorization
- Free cash flow TTM $1.08B, +13.0% YoY; cash & equivalents $2.1B
Financial Impact
Revenue deceleration from 21.2% to 9.0% YoY growth; EPS beat of 2.5% vs consensus
Risk Factors
- Revenue growth deceleration from 21.2% to 9.0% YoY signals normalization after Q1's volatility boost
- Credit revenue growth slowing to 3.3% with cash credit fees per million down 11.4% YoY
- Unchanged full-year guidance suggests management sees no catalyst for re-acceleration in H2
- Historical calibration shows prior bullish calls on TW have underperformed significantly (avg -6.27% at T+20)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001758730-26-000132 |
| Document: tw-20260730.htm | 0001758730-26-000132 |
| Document: 0001758730-26-000132-index-headers.html | 0001758730-26-000132 |
| Document: 0001758730-26-000132-index.html | 0001758730-26-000132 |
| Document: 0001758730-26-000132.txt | 0001758730-26-000132 |
| 8-K Data (Synthetic) | 0001758730-26-000132 |
Track record builds as more directional reports settle.
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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