Filing Flows › Tradeweb Markets (TW) › Q2 2026
Tradeweb Markets (TW) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 30, 2026
Tradeweb Markets (TW) reported revenue of $559M for the second quarter 2026 (Q2 2026), +9% from a year earlier and -10% from the quarter before. Operating margin was 43.9%, net earnings $181M (32.4% of revenue).
Tradeweb Markets, Q2 2026: revenue $559M (+9% year over year), operating margin 43.9%, net earnings $181M, operating cash flow $394M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $559M | -10% | +9% |
| Operating profit | $245M | -15% | +23% |
| Net earnings | $181M | -12% | +18% |
| Operating cash flow | $394M | +280% | -4% |
| Free cash flow | $386M | +309% | -4% |
What changed
Revenue was $558.9M in Q2 2026, up 9% year over year and down 10% from the previous quarter. Transaction fees and commissions was the largest line at 83% of revenue. Transaction fees and commissions added $35.6M year over year (up 8%), 77% of the total change.
Operating profit was $245.3M, a 43.9% margin (up 4.9 points year over year). Of the extra revenue versus Q2 2025, 99% reached operating profit, above the 39% margin then. Total costs grew 0% against revenue growth of 9%. Net earnings were $181.3M, up 18% year over year. The effective tax rate was 23.5%.
Operating cash flow was $394.1M (down 4% year over year), 191% of net income including minority interests. Non-cash charges added back $61.5M of depreciation and amortization and $29.8M of share-based compensation. Working capital and other items added $96.1M. Capital expenditures of $8.3M left free cash flow of $385.8M.
Questions
What was Tradeweb Markets' revenue in the second quarter 2026?
Tradeweb Markets (TW) reported revenue of $559M for the second quarter 2026 (Q2 2026), +9% from a year earlier and -10% from the quarter before.
Was Tradeweb Markets profitable in the second quarter 2026?
Operating profit was $245M (43.9% of revenue) and net earnings $181M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.