Filing Flows › Tradeweb Markets (TW) › Q2 2026 › vs Q1 2026
Tradeweb Markets (TW) Q2 2026 vs Q1 2026 (quarter over quarter)
Tradeweb Markets's revenue fell $58.8M (-10%) from $618M in Q1 2026 to $559M in Q2 2026. The biggest changes: Transaction fees and commissions −$58.5M (-11%); Other −$1.5M (-22%); Subscription fees +$1.5M (+2%). Operating margin 43.9% against 46.5% (-2.6 pts).
Tradeweb Markets, Q2 2026: revenue $559M (+9% year over year), operating margin 43.9%, net earnings $181M, operating cash flow $394M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 43.9% | 46.5% | -2.6 pts |
| Net margin | 32.4% | 33.2% | -0.8 pts |
| Free cash flow margin | 69.0% | 15.3% | +53.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Transaction fees and commissions | $465M | $524M | −$58.5M | -11% |
| Subscription fees | $61.7M | $60.3M | $1.5M | +2% |
| LSEG market data fees | $26.5M | $26.7M | −$246K | -0.9% |
| Other | $5.4M | $6.9M | −$1.5M | -22% |
| Revenue | $559M | $618M | −$58.8M | -10% |
| Other income, net | $24.9M | $15.7M | $9.3M | +59% |
| Operating profit | $245M | $287M | −$42.0M | -15% |
| Costs & expenses | $314M | $331M | −$16.8M | -5% |
| Pre-tax earnings | $270M | $303M | −$32.7M | -11% |
| Net earnings | $181M | $205M | −$24.0M | -12% |
| Minority interests | $25.4M | $27.9M | −$2.5M | -9% |
| Income tax | $63.5M | $69.8M | −$6.3M | -9% |
| Depreciation & amortization | $61.5M | $60.7M | $778K | +1% |
| Share-based compensation | $29.8M | $25.1M | $4.7M | +19% |
| Working capital & other | $121M | −$187M | $309M | — |
| Operating cash flow | $394M | $104M | $290M | +280% |
| Free cash flow (OCF − capex) | $386M | $94.2M | $292M | +309% |
| Capital expenditures | $8.3M | $9.6M | −$1.3M | -13% |
Questions
How much did Tradeweb Markets's revenue grow quarter over quarter in Q2 2026?
Tradeweb Markets's revenue fell $58.8M (-10%) from $618M in Q1 2026 to $559M in Q2 2026.
What drove Tradeweb Markets's revenue change in Q2 2026?
Transaction fees and commissions −$58.5M (-11%); Other −$1.5M (-22%); Subscription fees +$1.5M (+2%).