The Trumid acquisition, expected to close in H1 2027, is the key catalyst to watch, it expands Tradeweb's credit market share and hedge fund relationships. Monitor regulatory approval process and integration execution. The raised expense guidance reflects revenue momentum and investment spending.
Price Chart
Executive Summary
Tradeweb Q3 2026 revenue of $584.5M (+14.9% YoY) and adjusted diluted EPS of $1.02 (+17.2% YoY) beat consensus estimates of $584.7M and $1.01, respectively. The company also announced the $1.97B acquisition of Trumid, its largest ever, and raised its full-year adjusted expense guidance to $1,155-1,175M.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $584.5M, up 14.9% YoY (15.4% constant currency)
- Adjusted diluted EPS $1.02, up 17.2% YoY (17.4% constant currency)
- Total ADV $3.15 trillion, up 22.4% YoY
- Adjusted EBITDA $318.9M, up 16.2% YoY; margin 54.5% vs 54.0%
- Net income $224.9M, up 6.8% YoY; GAAP diluted EPS $0.94 vs $0.86
- Free cash flow TTM $1.08B, up 9.7% YoY
- Announced $1.97B acquisition of Trumid ($1.89B cash, $82M equity)
- Updated FY2026 adjusted expense guidance raised to $1,155-1,175M
- Quarterly dividend $0.14 per share, up 16.7% YoY
- Repurchased 2.02M shares for $209.8M in Q3
- Cash and equivalents $2.1B as of Sep 30, 2026
Financial Impact
Revenue beat consensus by ~$0.2M (in-line); adjusted EPS $1.02 vs consensus $1.01 (+1.0% beat). Trumid acquisition valued at $1.97B.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Rates | $324.5M | +18.2% |
| Credit | $133.0M | +9.6% |
| Equities | $38.4M | +28.8% |
| Money Markets | $44.2M | +3.0% |
| Market Data | $36.9M | +19.6% |
| Other | $7.6M | -17.3% |
Risk Factors
- Trumid acquisition integration risk and regulatory approval uncertainty
- Rising adjusted expenses ($1,155-1,175M) may pressure margins if revenue growth slows
- Canton Coin holdings ($207.5M) subject to mark-to-market volatility
- TRACE reporting rule change may distort market share comparisons
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001758730-26-000143 |
| Document: tw-20261029.htm | 0001758730-26-000143 |
| Document: 0001758730-26-000143-index-headers.html | 0001758730-26-000143 |
| Document: 0001758730-26-000143-index.html | 0001758730-26-000143 |
| Document: 0001758730-26-000143.txt | 0001758730-26-000143 |
| 8-K Data (Synthetic) | 0001758730-26-000143 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $118.88 $122.54 | ▲ +3.08% | ▲ +4.85% | $122.54 (+3.08%) |
Oct 27, 2026 5d ago | Institutional Cluster | $119.67 $119.82 | ▲ +0.13% | ▼ −0.22% | $122.54 (+2.40%) |
Oct 19, 2026 13d ago | 8-K | $119.37 $120.01 | ▲ +0.54% | ▲ +0.01% | $122.54 (+2.66%) |
Oct 9, 2026 23d ago | 3 | $110.63 $109.98 | ▼ −0.59% | ▼ −0.58% | $122.54 (+10.77%) |
Jul 30, 2026 13w ago | 8-K | $97.80 $100.50 | ▲ +2.76% | ▲ +2.06% | $122.54 (+25.30%) |
May 26, 2026 22w ago | 144 | $100.74 $99.51 | ▼ −1.22% | ▼ −1.77% | $122.54 (+21.64%) |
May 20, 2026 23w ago | 8-K | $105.54 $106.05 | ▲ +0.48% | ▲ +0.04% | $122.54 (+16.10%) |
Apr 29, 2026 26w ago | 8-K | $118.12 $113.25 | ▼ −4.12% | ▼ −5.15% | $122.54 (+3.74%) |
Apr 15, 2026 28w ago | 144 | $121.96 $118.34 | ▼ −2.97% | ▼ −4.18% | $122.54 (+0.48%) |
Mar 26, 2026 31w ago | DEFA14A | $116.57 $116.87 | ▲ +0.26% | ▲ +0.62% | $122.54 (+5.12%) |
US Market Status
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