Tradeweb Markets reported third-quarter revenue of $584.5 million today (Thursday), up 14.9% from a year earlier. Average daily volume across its bond, swap, equity and money market platforms rose 22.4% to $3.15 trillion, the company said.
The results are the first since Tradeweb agreed on October 19 to buy bond trading venue Trumid for about $1.97 billion, three months after Intercontinental Exchange (ICE) agreed to take over MarketAxess for about $5.7 billion.
Tradeweb ended September with $2.1 billion in cash and plans to fund the $1.89 billion cash part of the deal mainly from that balance.
Net income grew more slowly than revenue, rising 6.8% to $224.9 million, as other income fell to $18.7 million from $39.4 million. Adjusted net income, which leaves those items out, rose 15.6% to $238.8 million.
London’s trading industry is coming home!
Growth Picked Up After a Slower Second Quarter
Set against its own year, the third quarter put Tradeweb’s growth rate between the two before it. Revenue rose 21.2% to $617.8 million in the first quarter, when volume hit a record, and 9% to $558.9 million in the second.
Over nine months, revenue came to $1.76 billion, up 15.0% from the same period of 2025, by FinanceMagnates.com’s calculation from the company’s figures.
Rates trading brought in $324.5 million, up 18.2% and more than half of group revenue. Average daily volume in rates derivatives rose 46.0% to $1.35 trillion, with swaps and swaptions of one year or longer up 42.4%.
Tradeweb tied the swaps activity to central bank policy changes, geopolitical tension and uncertainty over inflation. US government bond volume rose 28.0%, and September was the busiest month of the year for Treasury trading on Tradeweb, when total daily volume rose 33.7% to $3.74 trillion.
Fees did not keep pace with volume. Average variable fees per million on long-dated rates derivatives fell 10.5%, which the company put down to more compression trades and shorter duration.
| Third quarter ($ million) | 3Q26 | 3Q25 | Change |
|---|---|---|---|
| Total revenue | 584.5 | 508.6 | +14.9% |
| Rates | 324.5 | 274.5 | +18.2% |
| Credit | 133.0 | 121.3 | +9.6% |
| Money markets | 44.2 | 42.9 | +3.0% |
| Equities | 38.4 | 29.8 | +28.8% |
| Market data | 36.9 | 30.8 | +19.6% |
| Net income | 224.9 | 210.5 | +6.8% |
| Adjusted EBITDA | 318.9 | 274.4 | +16.2% |
| Adjusted EBITDA margin | 54.5% | 54.0% | +0.5 pp |
| Diluted EPS ($) | 0.94 | 0.86 | +9.3% |
Credit Share Rose Under a New Reporting Rule
Credit revenue rose 9.6% to $133.0 million, while US credit volume grew 23.9%. Average variable fees per million in cash credit fell 10.6% as trading shifted toward portfolio trades, which carry a lower fee, the company said.
Tradeweb’s share of fully electronic US high-grade bond volume reported to TRACE reached 19.9%, up 1.3 percentage points from a year earlier and above the 17.5% it held in January.
Part of that gain reflects a reporting change. From August 31, the Financial Industry Regulatory Authority (FINRA) excluded certain duplicate trades between affiliates from TRACE, which lowered reported market volume and raised Tradeweb’s share.
Earlier periods were not restated, so the figures may not be comparable, Tradeweb said.
Billy Hult, Tradeweb CEO, Source: LinkedIn
Credit derivatives volume rose 61.3% as hedge funds and systematic accounts traded more credit default swaps on its swap execution and multilateral trading facilities, a business that overtook cash credit on Tradeweb in July.
Trumid would be “the largest acquisition in our history,” Billy Hult, CEO of Tradeweb, said in the results statement.
The target’s average daily volume rose 38% to $9.6 billion in the third quarter. The deal needs regulatory approval and is targeted to close in the first half of 2027, and Tradeweb’s updated 2026 guidance leaves it out.
Canton Coin Loss and $210 Million in Buybacks
Other income included a $27.5 million gain booked when Tradeweb converted a note in tokenization firm Securitize into shares on July 1, and a $14.4 million gain on a minority investment. A $24.0 million unrealized loss on its Canton Coin holdings offset part of that.
Tradeweb held 1.6 billion of the crypto tokens at the end of September, valued at $207.5 million. It cannot freely transfer 1.3 billion of them, worth $163.7 million. Revenue from validating transactions on the Canton Network fell, pulling the “other” revenue line down 17.3% to $7.6 million.
Its investments outside core trading also include a minority stake in prediction market operator Kalshi taken in February, and in October it joined a $220 million financing round for Capitolis.
Taker volume at Kalshi and Polymarket’s two venues reached $172.4 billion in the third quarter, against $98.5 billion in the second, according to FM Intelligence calculations.
Operating expenses rose 11.0% to $331.1 million. Tradeweb revised its full-year adjusted expense guidance to $1.155 billion to $1.175 billion, citing revenue growth so far this year, and said spending was trending toward the middle of that range.
The company bought back 2.02 million shares for $209.8 million during the quarter, at an average of $103.83, leaving $124.5 million under its authorization. It declared a quarterly dividend of $0.14 per share, up 16.7%, payable on December 15.
Tradeweb Markets reported third-quarter revenue of $584.5 million today (Thursday), up 14.9% from a year earlier. Average daily volume across its bond, swap, equity and money market platforms rose 22.4% to $3.15 trillion, the company said.
The results are the first since Tradeweb agreed on October 19 to buy bond trading venue Trumid for about $1.97 billion, three months after Intercontinental Exchange (ICE) agreed to take over MarketAxess for about $5.7 billion.
Tradeweb ended September with $2.1 billion in cash and plans to fund the $1.89 billion cash part of the deal mainly from that balance.
Net income grew more slowly than revenue, rising 6.8% to $224.9 million, as other income fell to $18.7 million from $39.4 million. Adjusted net income, which leaves those items out, rose 15.6% to $238.8 million.
London’s trading industry is coming home!
Growth Picked Up After a Slower Second Quarter
Set against its own year, the third quarter put Tradeweb’s growth rate between the two before it. Revenue rose 21.2% to $617.8 million in the first quarter, when volume hit a record, and 9% to $558.9 million in the second.
Over nine months, revenue came to $1.76 billion, up 15.0% from the same period of 2025, by FinanceMagnates.com’s calculation from the company’s figures.
Rates trading brought in $324.5 million, up 18.2% and more than half of group revenue. Average daily volume in rates derivatives rose 46.0% to $1.35 trillion, with swaps and swaptions of one year or longer up 42.4%.
Tradeweb tied the swaps activity to central bank policy changes, geopolitical tension and uncertainty over inflation. US government bond volume rose 28.0%, and September was the busiest month of the year for Treasury trading on Tradeweb, when total daily volume rose 33.7% to $3.74 trillion.
Fees did not keep pace with volume. Average variable fees per million on long-dated rates derivatives fell 10.5%, which the company put down to more compression trades and shorter duration.
| Third quarter ($ million) | 3Q26 | 3Q25 | Change |
|---|---|---|---|
| Total revenue | 584.5 | 508.6 | +14.9% |
| Rates | 324.5 | 274.5 | +18.2% |
| Credit | 133.0 | 121.3 | +9.6% |
| Money markets | 44.2 | 42.9 | +3.0% |
| Equities | 38.4 | 29.8 | +28.8% |
| Market data | 36.9 | 30.8 | +19.6% |
| Net income | 224.9 | 210.5 | +6.8% |
| Adjusted EBITDA | 318.9 | 274.4 | +16.2% |
| Adjusted EBITDA margin | 54.5% | 54.0% | +0.5 pp |
| Diluted EPS ($) | 0.94 | 0.86 | +9.3% |
Credit Share Rose Under a New Reporting Rule
Credit revenue rose 9.6% to $133.0 million, while US credit volume grew 23.9%. Average variable fees per million in cash credit fell 10.6% as trading shifted toward portfolio trades, which carry a lower fee, the company said.
Tradeweb’s share of fully electronic US high-grade bond volume reported to TRACE reached 19.9%, up 1.3 percentage points from a year earlier and above the 17.5% it held in January.
Part of that gain reflects a reporting change. From August 31, the Financial Industry Regulatory Authority (FINRA) excluded certain duplicate trades between affiliates from TRACE, which lowered reported market volume and raised Tradeweb’s share.
Earlier periods were not restated, so the figures may not be comparable, Tradeweb said.
Billy Hult, Tradeweb CEO, Source: LinkedIn
Credit derivatives volume rose 61.3% as hedge funds and systematic accounts traded more credit default swaps on its swap execution and multilateral trading facilities, a business that overtook cash credit on Tradeweb in July.
Trumid would be “the largest acquisition in our history,” Billy Hult, CEO of Tradeweb, said in the results statement.
The target’s average daily volume rose 38% to $9.6 billion in the third quarter. The deal needs regulatory approval and is targeted to close in the first half of 2027, and Tradeweb’s updated 2026 guidance leaves it out.
Canton Coin Loss and $210 Million in Buybacks
Other income included a $27.5 million gain booked when Tradeweb converted a note in tokenization firm Securitize into shares on July 1, and a $14.4 million gain on a minority investment. A $24.0 million unrealized loss on its Canton Coin holdings offset part of that.
Tradeweb held 1.6 billion of the crypto tokens at the end of September, valued at $207.5 million. It cannot freely transfer 1.3 billion of them, worth $163.7 million. Revenue from validating transactions on the Canton Network fell, pulling the “other” revenue line down 17.3% to $7.6 million.
Its investments outside core trading also include a minority stake in prediction market operator Kalshi taken in February, and in October it joined a $220 million financing round for Capitolis.
Taker volume at Kalshi and Polymarket’s two venues reached $172.4 billion in the third quarter, against $98.5 billion in the second, according to FM Intelligence calculations.
Operating expenses rose 11.0% to $331.1 million. Tradeweb revised its full-year adjusted expense guidance to $1.155 billion to $1.175 billion, citing revenue growth so far this year, and said spending was trending toward the middle of that range.
The company bought back 2.02 million shares for $209.8 million during the quarter, at an average of $103.83, leaving $124.5 million under its authorization. It declared a quarterly dividend of $0.14 per share, up 16.7%, payable on December 15.
