A maker of electronic trading platforms, Tradeweb operates a global electronic marketplace where institutional, wholesale, retail, and corporate clients trade rates, credit, equities, and money markets. It covers the full trade lifecycle, from pre-trade data and analytics to execution through protocols like RFQ and post-trade processing and reporting. The company is a market leader in electronic trading for products including U.S. Treasuries, European government bonds, and global interest rate swaps.
Q2 2026 revenue rose 9.0% to $558.9M while operating income rose 22.7% to $245.3M
Growth cooled from the prior quarter but margin held wide. rose 9.0% to $558.9M and rose 19.7% to $0.85 as LSEG market data fees and rates volume grew, while rose 22.7% to $245.3M on a swing to FX gains. The company is profitable and debt-free with buybacks accelerating, but the revenue pace has decelerated.
Key takeaways
rose 9.0% to $558.9M, driven by a $35.6M increase in from rates derivatives, mortgages, and corporate bonds, and rose 22.6% to $37.3M from amended LSEG license fees effective November 2025.
rose 22.7% to $245.3M as a $17.2M swing to and lower professional fees offset an $11.8M rise in technology costs, widening 4.9 points to 43.9%.
Rates grew 10.2% to $302.5M on a 23.1% increase in , though average variable fees per million declined from a mix shift to shorter-tenor swaps.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 9% to $559M on broad volume growth and higher LSEG market data fees, while operating income jumped 23%.
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Total increased 9.0% to $558.9M, driven by a $35.6M rise in transaction fees and commissions, notably from rates derivatives, mortgages, and corporate bonds.
The company repurchased $239.7M of Class A common stock in the first half of 2026 and ended with $2,057.9M cash and no debt; for the half was $443.6M.
rose 17.9% to $181.3M and rose 19.7% to $0.85 , with down 3.7% to $394.1M.
What changed
Q2 2026 growth of 9.0% decelerated from 21.2% in Q1 2026 and 26.7% in Q2 2025, and revenue fell 9.5% sequentially from $617.8M, answering the flagged watch on whether expense growth would sustain margin widening — held at 43.9% after 46.5% in Q1.
The amended LSEG market data agreement took effect November 2025 and lifted Q2 22.6% to $37.3M, addressing the FY2025 watch on whether it offsets ICD normalization; money markets growth was not separately disclosed this quarter.
Share repurchases accelerated to $239.7M in the first half of 2026 versus $50.7M in Q1 alone, drawing down the prior $179.9M remaining authorization and indicating a refresh or new program.
gains that lifted FY2025 by $270.9M did not recur as a stated driver in Q2 2026; net income rose on operations and FX rather than digital-asset marks.
contribution normalized out of the quarterly narrative as money markets was no longer separately broken out, consistent with the flagged Q3 2025 watch for full-quarter comparison base effects.
What to watch
Q3 2026 growth rate to see if the 9.0% pace stabilizes or falls further against the 13.3% Q3 2025 base.
Disclosure of money markets in Q3 2026 to confirm ICD-driven growth has normalized below the 18.7% Q3 2025 rate.
Any further activity and whether the authorization is refreshed after $239.7M used in the first half.
2026 landing in the $107M–$117M range including platform and cybersecurity spend.
Rates grew 10.2% to $302.5M on a 23.1% surge in average daily volume, though declined due to a mix shift toward shorter-tenor swaps.
Market Data jumped 22.6% to $37.3M, primarily from amendments to the market data license agreement effective November 2025 that increased overall fees.
rose 22.7% to $245.3M as a $17.2M swing to foreign exchange gains and lower professional fees offset a $11.8M increase in technology and communications costs.
for the first half of 2026 was $443.6M, and the company repurchased $239.7M of Class A common stock under its programs.
The company expects 2026 between $107M and $117M, up approximately 9% from 2025, for platform enhancements and cybersecurity.
Quantitative and Qualitative Disclosures About Market Risk
Foreign-currency exposure is concentrated in euro revenue and sterling expenses, partially hedged with short-dated forwards.
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About 31–32% of is in foreign currencies (primarily euros) and 18% of operating expenses are in foreign currencies (primarily British pounds).
A hypothetical 10% move in all currencies versus the dollar would shift by ±$19.1–41.5 million and by ±$12.8–28.6 million.
The company uses foreign-currency forward contracts (notional $357.5 million at June 30, 2026) to mitigate USD and GBP versus euro exposure, with maturities generally ≤12 months.
Derivative gains/losses swung from a $14.5 million loss in Q2 2025 to a $4.7 million gain in Q2 2026, reflecting currency movements and hedge effectiveness.
Credit risk arises from cash deposits above insured limits, from financial institutions, unsettled broker/dealer transactions, and clearing-broker obligations.
Counterparty credit risk on derivatives is managed by transacting only with high-credit-quality institutions; the sole derivative counterparty is an affiliate.
Except as set forth in Note 12 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there have been no material changes from the legal proceedings previously disclosed under the heading “Item 3. Legal Proceedings” in Part I…
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Except as set forth in Note 12 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there have been no material changes from the legal proceedings previously disclosed under the heading “Item 3. Legal Proceedings” in Part I of our 2025 Form 10-K.
There have been no material changes to our principal risks that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in “Item 1A. Risk Factors” in Part I of our 2025 Form 10-K.
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There have been no material changes to our principal risks that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in “Item 1A. Risk Factors” in Part I of our 2025 Form 10-K.