Filing Flows › Tradeweb Markets (TW) › Q2 2026 › vs Q2 2025
Tradeweb Markets (TW) Q2 2026 vs Q2 2025 (year over year)
Tradeweb Markets's revenue rose $46.0M (+9%) from $513M in Q2 2025 to $559M in Q2 2026. The biggest changes: Transaction fees and commissions +$35.6M (+8%); LSEG market data fees +$5.9M (+29%); Subscription fees +$4.3M (+8%). Operating margin 43.9% against 39.0% (+4.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 43.9% | 39.0% | +4.9 pts |
| Net margin | 32.4% | 30.0% | +2.5 pts |
| Free cash flow margin | 69.0% | 78.7% | -9.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Transaction fees and commissions | $465M | $430M | $35.6M | +8% |
| Subscription fees | $61.7M | $57.4M | $4.3M | +8% |
| LSEG market data fees | $26.5M | $20.6M | $5.9M | +29% |
| Other | $5.4M | $5.2M | $149K | +3% |
| Revenue | $559M | $513M | $46.0M | +9% |
| Other income, net | $24.9M | $27.2M | −$2.3M | -8% |
| Operating profit | $245M | $200M | $45.4M | +23% |
| Costs & expenses | $314M | $313M | $566K | +0.2% |
| Pre-tax earnings | $270M | $227M | $43.1M | +19% |
| Net earnings | $181M | $154M | $27.5M | +18% |
| Minority interests | $25.4M | $21.7M | $3.6M | +17% |
| Income tax | $63.5M | $51.5M | $12.0M | +23% |
| Depreciation & amortization | $61.5M | $63.0M | −$1.6M | -2% |
| Share-based compensation | $29.8M | $26.9M | $2.9M | +11% |
| Working capital & other | $121M | $165M | −$44.0M | -27% |
| Operating cash flow | $394M | $409M | −$15.1M | -4% |
| Free cash flow (OCF − capex) | $386M | $404M | −$17.9M | -4% |
| Capital expenditures | $8.3M | $5.5M | $2.9M | +52% |
Questions
How much did Tradeweb Markets's revenue grow year over year in Q2 2026?
Tradeweb Markets's revenue rose $46.0M (+9%) from $513M in Q2 2025 to $559M in Q2 2026.
What drove Tradeweb Markets's revenue change in Q2 2026?
Transaction fees and commissions +$35.6M (+8%); LSEG market data fees +$5.9M (+29%); Subscription fees +$4.3M (+8%).