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Tradeweb Markets (TW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Tradeweb Markets (TW) Q3 2026 earnings results →
Q3 2026 Revenue up 15% year over year to $585M · 34¢ of every $1 of revenue kept as net profit · operating margin 43.4%
Tradeweb Markets made $585M in Q3 2026 (+15% Y/Y): Transaction fees and commissions $492M, Subscription fees $61.4M, LSEG market data fees $26.5M. Operating margin 43.4%, net earnings $197M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $584.5M in Q3 2026, up 15% year over year and up 5% from the previous quarter. Transaction fees and commissions was the largest line at 84% of revenue. Transaction fees and commissions added $70.5M year over year (up 17%), 93% of the total change. Other declined 19%.
Operating profit was $253.4M, a 43.4% margin (up 2.0 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 41% margin then. Total costs grew 11% against revenue growth of 15%. Net earnings were $197.5M, up 6% year over year. The effective tax rate was 22.4%.
Operating cash flow was $347.3M (up 1% year over year), 154% of net income including minority interests. Non-cash charges added back $62.3M of depreciation and amortization and $26.4M of share-based compensation. Working capital and other items added $33.7M. Capital expenditures of $9.3M left free cash flow of $338.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $585M | +15% | 43.4% | $197M | $347M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $559M | +9% | 43.9% | $181M | $394M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $618M | +21% | 46.5% | $205M | $104M |
| Q4 2025 | 10-K | Feb 5, 2026 | $521M | +12% | 42.4% | $325M | $356M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $509M | +13% | 41.4% | $186M | $342M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $513M | +27% | 39.0% | $154M | $409M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $510M | +25% | 40.0% | $148M | $60.2M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Tradeweb Markets
We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics.
In its own words, from its 10-K, filed Feb 5, 2026.
Tradeweb Markets against its Security & Commodity Brokers, Dealers, Exchanges & Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +17%. Operating margin: 43.4% against the peers' median 30.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TW Tradeweb Markets | Q3 2026 | $585M | +15% | 43.4% |
| SNEX StoneX Group | Q3 FY26 | $40.2B | +15% | 0.4% |
| LPLA LPL Financial Holdings | Q3 2026 | $5.3B | +17% | 9.1% |
| ICE Intercontinental Exchange | Q3 2026 | $3.6B | +21% | 38.8% |
| NDAQ Nasdaq | Q3 2026 | $2.4B | +21% | 30.6% |
| CME CME Group | Q3 2026 | $1.7B | +13% | 65.7% |
| CBOE Cboe Global Markets | Q3 2026 | $1.4B | +19% | 39.3% |
| BGC BGC Group | Q3 2026 | $833M | +13% | 11.8% |
| TOP TOP Financial Group | Q2 FY27 | $2.2M | +44% | 12.4% |
Source: Tradeweb Markets 10-Q on SEC EDGAR · CIK 1758730 · Security & Commodity Brokers, Dealers, Exchanges & Services
13F: who owns TW and who is buying
More on TW
- How Tradeweb Markets makes money: revenue by segment
- Tradeweb Markets next earnings date and what analysts expect
- Tradeweb Markets stock forecast, price target and fair value
- Who owns Tradeweb Markets stock: holders, funds and Congress trades
- Tradeweb Markets guidance and outlook
- Is Tradeweb Markets a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Tradeweb Markets guidance history: guided vs reported
- Tradeweb Markets operating margin by quarter
- Tradeweb Markets net income by quarter
- Tradeweb Markets free cash flow by quarter
- Tradeweb Markets capital expenditures by quarter
- Tradeweb Markets Transaction fees and commissions revenue by quarter
- Tradeweb Markets Subscription fees revenue by quarter
- Tradeweb Markets LSEG market data fees revenue by quarter