Filing Flows › Tradeweb Markets (TW) › Q3 2026 › vs Q2 2026
Tradeweb Markets (TW) Q3 2026 vs Q2 2026 (quarter over quarter)
Tradeweb Markets's revenue rose $25.6M (+5%) from $559M in Q2 2026 to $585M in Q3 2026. The biggest changes: Transaction fees and commissions +$26.5M (+6%); Other −$592K (-11%); Subscription fees −$314K (-0.5%). Operating margin 43.4% against 43.9% (-0.5 pts).
Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%, net earnings $197M, operating cash flow $347M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 43.4% | 43.9% | -0.5 pts |
| Net margin | 33.8% | 32.4% | +1.3 pts |
| Free cash flow margin | 57.8% | 69.0% | -11.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Transaction fees and commissions | $492M | $465M | $26.5M | +6% |
| Subscription fees | $61.4M | $61.7M | −$314K | -0.5% |
| LSEG market data fees | $26.5M | $26.5M | $43K | +0.2% |
| Other | $4.8M | $5.4M | −$592K | -11% |
| Revenue | $585M | $559M | $25.6M | +5% |
| Other income, net | $36.6M | $24.9M | $11.6M | +47% |
| Operating profit | $253M | $245M | $8.2M | +3% |
| Costs & expenses | $331M | $314M | $17.4M | +6% |
| Pre-tax earnings | $290M | $270M | $19.8M | +7% |
| Net earnings | $197M | $181M | $16.1M | +9% |
| Minority interests | $27.4M | $25.4M | $2.1M | +8% |
| Income tax | $65.1M | $63.5M | $1.6M | +3% |
| Depreciation & amortization | $62.3M | $61.5M | $832K | +1% |
| Share-based compensation | $26.4M | $29.8M | −$3.4M | -12% |
| Working capital & other | $61.2M | $121M | −$60.3M | -50% |
| Operating cash flow | $347M | $394M | −$46.8M | -12% |
| Free cash flow (OCF − capex) | $338M | $386M | −$47.8M | -12% |
| Capital expenditures | $9.3M | $8.3M | $973K | +12% |
Questions
How much did Tradeweb Markets's revenue grow quarter over quarter in Q3 2026?
Tradeweb Markets's revenue rose $25.6M (+5%) from $559M in Q2 2026 to $585M in Q3 2026.
What drove Tradeweb Markets's revenue change in Q3 2026?
Transaction fees and commissions +$26.5M (+6%); Other −$592K (-11%); Subscription fees −$314K (-0.5%).