TW · Tradeweb Markets Inc.

Tradeweb Markets Inc. reported a record first quarter for 2026, with total revenues of $617.8 million, a 21.2% increase year-over-year (17.5% on a constant currency basis). The growth was driven by a 31.4% surge in average daily volume (ADV) to $3.3 trillion, with quarterly ADV records set across U.S. and European government bonds, mortgages, swaps/swaptions, futures, fully electronic U.S. high grade and high yield credit, European credit, credit derivatives, U.S. and international ETFs, repurchase agreements, and other money markets. International revenues rose 29.4% (20.7% constant currency) to $274.1 million, reflecting strong client engagement and adoption of automated trading workflows, particularly amid heightened global volatility in March.

On a GAAP basis, net income increased 38.5% to $233.2 million, and diluted EPS grew 39.1% to $0.96. Adjusted net income rose 24.0% to $255.1 million, with adjusted diluted EPS of $1.08, up 25.6%. Adjusted EBITDA margin expanded 40 basis points to 55.0%, while adjusted EBIT margin increased 41 basis points to 51.6%. Operating expenses grew 8.2% to $330.5 million, driven by higher employee costs and technology investments, partially offset by lower general and administrative expenses. Adjusted expenses increased 20.2% to $298.9 million.

Revenue by segment: Rates revenue grew 29.7% to $344.2 million, driven by record ADV in U.S. government bonds (+15.9%), swaps/swaptions (+38.2% for ≥1 year), European government bonds (+32.6%), and mortgages (+20.5%). Credit revenue increased 11.5% to $138.2 million, with credit derivatives ADV up 59.5% and record fully electronic U.S. credit volumes. Equities revenue rose 31.5% to $41.3 million, driven by record ETF activity. Money Markets revenue increased 7.8% to $47.1 million, with record repo and ICD Portal activity. Market Data revenue declined 4.6% to $36.9 million due to amended LSEG agreement terms. Other revenue surged 56.2% to $10.0 million, primarily from digital asset validation services on the Canton Network.

Management commentary highlighted the structural shift toward electronic trading, with CEO Billy Hult noting strong momentum in international client engagement and automated workflows. The company also announced a 16.7% increase in its quarterly cash dividend to $0.14 per share. Recent strategic initiatives include expanding dealer algo execution for U.S. Treasuries, launching multi-asset package trading for USD swaps, completing the first fully electronic swaption termination, and partnerships with MAXEX, Kalshi, and Crossover Markets to broaden institutional access to mortgages, prediction markets, and spot crypto liquidity. The company continues to invest in AI capabilities and digital assets, including on-chain repo on the Canton Network.