Tradeweb Q3 revenue slightly beats on robust wholesale activity
TW•Tradeweb’s Q3 revenue rose 15% to $584.55 million, slightly above analyst expectations, while adjusted EPS of $1.02 matched expectations. The company agreed to acquire Trumid for $1.97 billion and updated its 2026 adjusted expense guidance to $1.155 billion-$1.175 billion.
1. Q3 results
Tradeweb reported Q3 revenue of $584.55 million, up 15% and slightly above the $582.31 million analyst consensus. Adjusted EPS was $1.02, matching expectations; reported EPS was $0.94.
2. Trading activity
Rates revenue rose 18% as rates average daily volume increased 34%, driven by institutional and wholesale activity, central bank policy changes and geopolitical uncertainty. Credit revenue rose 10%, with U.S. credit average daily volume up 24%, supported by adoption of trading protocols and increased hedge fund and systematic account activity in credit derivatives.
3. Guidance and acquisition
Tradeweb agreed to acquire Trumid for $1.97 billion. It updated 2026 adjusted expense guidance to $1.155 billion-$1.175 billion, trending toward the middle of the range, and maintained guidance for acquisition- and Refinitiv-related depreciation and amortization at $160 million, and cash capital expenditures and capitalized software development at about $107 million-$117 million.
