Tradeweb Q2 2026: Revenue +9%, Record $3T ADV, Unchanged Full-Year Guidance
TW sits 19% above its 52-week low of $91.42.
Summary
Tradeweb reported Q2 2026 revenue of $558.9M (+9% YoY), record $3T ADV, and net income of $206.7M (+17.8%). Full-year guidance unchanged. $188.9M in buybacks and a 16.7% dividend increase.
Key Events · Earnings and Guidance · TW
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Q2 Revenue +9% to $558.9M
Total revenue rose 9.0% YoY (8.3% constant currency) to $558.9 million, driven by strong volume growth across all asset classes.
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Record $3.0 Trillion ADV
Average daily volume surged 18.2% YoY to a record $3.0 trillion, with new quarterly records in rates futures, fully electronic U.S. high yield credit, convertibles/swaps/options, and repurchase agreements.
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Net Income +17.8% to $206.7M
Net income reached $206.7 million, up 17.8% YoY, with diluted EPS of $0.85 (+19.7%). Adjusted EBITDA grew 9.4% to $304.1 million, maintaining a 54.4% margin.
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Full-Year 2026 Guidance Unchanged
Management reaffirmed full-year guidance: Adjusted Expenses $1,100-1,160 million (trending toward top half), cash capex ~$107-117 million, and LSEG market data contract revenue ~$105 million.
Analysis · TW · Crypto Assets
Tradeweb delivered a strong second quarter with revenue up 9% to $558.9 million and net income jumping 17.8% to $206.7 million. Record average daily volume of $3 trillion underscores broad-based growth across rates, credit, equities, and money markets. Management reaffirmed full-year 2026 guidance, signaling confidence in the trajectory. The quarter also featured $188.9 million in share buybacks and a 16.7% dividend hike, returning capital to shareholders while investing in AI and digital asset capabilities.
At the time of this filing, TW was trading at $108.36 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $25.5B. The 52-week trading range was $91.42 to $147.49. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.