Filing Flows › Tradeweb Markets (TW) › Q1 2026
Tradeweb Markets (TW) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Tradeweb Markets (TW) reported revenue of $618M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +19% from the quarter before. Operating margin was 46.5%, net earnings $205M (33.2% of revenue).
Tradeweb Markets, Q1 2026: revenue $618M (+21% year over year), operating margin 46.5%, net earnings $205M, operating cash flow $104M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $618M | +19% | +21% |
| Operating profit | $287M | +30% | +41% |
| Net earnings | $205M | -37% | +38% |
| Operating cash flow | $104M | -71% | +72% |
| Free cash flow | $94.2M | -72% | +61% |
What changed
Revenue was $617.8M in Q1 2026, up 21% year over year and up 19% from the previous quarter. Transaction fees and commissions was the largest line at 85% of revenue. Transaction fees and commissions added $102.5M year over year (up 24%), 95% of the total change. LSEG market data fees declined 8%.
Operating profit was $287.3M, a 46.5% margin (up 6.5 points year over year). Of the extra revenue versus Q1 2025, 77% reached operating profit, above the 40% margin then. Total costs grew 8% against revenue growth of 21%. Net earnings were $205.3M, up 38% year over year. The effective tax rate was 23.0%.
Operating cash flow was $103.8M (up 72% year over year), 45% of net income including minority interests. Non-cash charges added back $60.7M of depreciation and amortization and $25.1M of share-based compensation. Working capital and other items used $215.1M. Capital expenditures of $9.6M left free cash flow of $94.2M.
Questions
What was Tradeweb Markets' revenue in the first quarter 2026?
Tradeweb Markets (TW) reported revenue of $618M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +19% from the quarter before.
Was Tradeweb Markets profitable in the first quarter 2026?
Operating profit was $287M (46.5% of revenue) and net earnings $205M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.