Tradeweb
Connects market participants across multi-asset electronic trading workflows.
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Profile
Operates electronic marketplaces across rates, credit, equities and money markets, alongside data, analytics, processing and reporting. Transaction fees and commissions dominate the revenue model, supported by subscription and market-data fees across institutional, wholesale, retail and corporate channels.
Runs electronic marketplaces across rates, credit, equities and money markets, with data and analytics, electronic execution, straight-through processing and reporting spanning the trade lifecycle. Institutional, wholesale, retail and corporate clients use the network across North America, Europe, Asia and other international markets.
Connects order-management, accounting, clearing, middleware and reporting systems while supporting multiple execution protocols. Expansion has extended established workflows into adjacent asset classes, regions and client groups; acquisitions added wholesale U.S. Treasury trading, Australian and New Zealand rates markets, algorithmic execution and corporate treasury technology.
Transaction fees and commissions provide most revenue, supplemented by subscription and market-data fees. Activity therefore depends on trading volumes and market participation, reliable electronic infrastructure and client integrations, cybersecurity controls, and regulatory authorization across jurisdictions.
Company facts
Categories
Key statistics
Year to date +2.5% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Loop Capital Markets | Target | $117 | $178 | ||
| Aug 3, 2026 | Loop Capital Markets | Target | $98 | $117 | ||
| Jul 31, 2026 | Loop Capital Markets | Target | $113 | $98 | ||
| Jul 31, 2026 | Piper Sandler | Reiterate | Neutral | $112 | $102 | |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Equal Weight | $138 | $122 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.94 | $0.97 | +3.1% | $559.2M | $558.9M | 0.0% | −9.60% |
| Apr 29, 2026Q1 FY26 | $1.06 | $1.08 | +1.9% | $617.2M | $617.8M | +0.1% | −4.12% |
| Feb 5, 2026Q4 FY25 | $0.85 | $0.87 | +2.6% | $517.0M | $521.2M | +0.8% | +2.37% |
| Oct 30, 2025Q3 FY25 | $0.83 | $0.87 | +4.9% | $507.5M | $508.6M | +0.2% | +1.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $509.7M | $513.0M | $508.6M | $521.2M | $617.8M | $558.9M | |
| Gross profit | $332.8M | $343.3M | $343.6M | $361.9M | $420.0M | $378.1M | |
| Operating income | $204.1M | $199.9M | $210.4M | $230.8M | $287.3M | $245.3M | |
| Net income | $148.4M | $153.8M | $185.6M | $325.0M | $205.3M | $181.3M | |
| Diluted EPS | $0.69 | $0.71 | $0.86 | $1.51 | $0.96 | $0.85 | |
| Gross margin | 65.3% | 66.9% | 67.6% | 69.4% | 68.0% | 67.6% | |
| Operating margin | 40.0% | 39.0% | 41.4% | 44.3% | 46.5% | 43.9% |
Fiscal years (4-quarter sums)FY21 $1.08B · FY22 $1.19B · FY23 $1.34B · FY24 $1.73B · FY25 $2.05B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.06B · Total debt $150.3M · Total assets $8.25B · Shareholders' equity $6.63B
Dividends
Raised for 5 straight years — most recently to $0.14 from $0.12 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.14 | |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.14 | raised from $0.12 |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.12 | |
| Sep 2, 2025 | Sep 2 | Sep 16 | $0.12 | |
| Jun 2, 2025 | Jun 2 | Jun 16 | $0.12 | |
| Mar 3, 2025 | Mar 3 | Mar 17 | $0.12 | raised from $0.10 |
| Dec 2, 2024 | Dec 2 | Dec 16 | $0.10 | |
| Sep 3, 2024 | Sep 3 | Sep 16 | $0.10 |
Ownership
Shares outstanding 212.89M · Float 211.75M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| London Stock Exchange Group plc | 119.92M | 50.80% | 13D | Mar 10, 2025 |
| Price T Rowe Associates Inc /MD/ | 16.38M | 7.69% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 6.88M | 3.23% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 6.20M | 2.91% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management | 6.07M | 5.23% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Troy Dixon | officer: MD, Co-Head of Global Markets | −2,584 | $106.06 |
| Aug 14, 2026 | Troy Dixon | officer: MD, Co-Head of Global Markets | −546 | $105.74 |
| Jun 1, 2026 | Justin Peterson | officer: Chief Technology Officer | −21,221 | $102.00 |
| May 26, 2026 | Steven Berns | director | −425 | $105.26 |
| Apr 15, 2026 | Justin Peterson | officer: Chief Technology Officer | −21,221 | $120.66 |
Peers
- MarketAxess
Electronic fixed-income rival across credit, Treasuries, ETFs, and data
- CME Group
Wholesale rates rival spanning cash Treasuries, repo, and derivatives
- BGC Group
Wholesale rates and credit rival through FMX and Fenics
- Intercontinental Exchange
Fixed-income execution and data rival across bonds and MBS
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tradeweb | $108.87 | 0.00% | $23.18B | 26.0 | 25.6 | 10.5 | +9.0% |
| MarketAxess | $162.72 | 0.00% | $5.73B | 19.2 | 19.7 | 6.6 | −2.8% |
| CME Group | $269.56 | −5.68% | $102.77B | 24.2 | 23.0 | 15.2 | +0.8% |
| BGC Group | $12.12 | 0.00% | $5.75B | 29.1 | 8.2 | 1.7 | +7.9% |
| Intercontinental Exchange | $162.37 | +0.02% | $91.13B | 22.9 | 19.7 | 6.8 | −18.3% |
| Median | 23.6 | 19.7 | 6.7 | −1.0% |