Filing Flows › Tradeweb Markets (TW) › Q3 2026 › vs Q3 2025
Tradeweb Markets (TW) Q3 2026 vs Q3 2025 (year over year)
Tradeweb Markets's revenue rose $75.9M (+15%) from $509M in Q3 2025 to $585M in Q3 2026. The biggest changes: Transaction fees and commissions +$70.5M (+17%); LSEG market data fees +$6.0M (+29%); Other −$1.1M (-19%). Operating margin 43.4% against 41.4% (+2.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 43.4% | 41.4% | +2.0 pts |
| Net margin | 33.8% | 36.5% | -2.7 pts |
| Free cash flow margin | 57.8% | 64.5% | -6.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Transaction fees and commissions | $492M | $421M | $70.5M | +17% |
| Subscription fees | $61.4M | $60.8M | $580K | +1% |
| LSEG market data fees | $26.5M | $20.5M | $6.0M | +29% |
| Other | $4.8M | $5.9M | −$1.1M | -19% |
| Revenue | $585M | $509M | $75.9M | +15% |
| Other income, net | $36.6M | $59.2M | −$22.7M | -38% |
| Operating profit | $253M | $210M | $43.1M | +20% |
| Costs & expenses | $331M | $298M | $32.9M | +11% |
| Pre-tax earnings | $290M | $270M | $20.4M | +8% |
| Net earnings | $197M | $186M | $11.8M | +6% |
| Minority interests | $27.4M | $24.9M | $2.5M | +10% |
| Income tax | $65.1M | $59.1M | $6.0M | +10% |
| Depreciation & amortization | $62.3M | $64.4M | −$2.0M | -3% |
| Share-based compensation | $26.4M | $26.1M | $241K | +0.9% |
| Working capital & other | $61.2M | $66.2M | −$5.0M | -8% |
| Operating cash flow | $347M | $342M | $5.0M | +1% |
| Free cash flow (OCF − capex) | $338M | $328M | $9.7M | +3% |
| Capital expenditures | $9.3M | $14.0M | −$4.7M | -34% |
Questions
How much did Tradeweb Markets's revenue grow year over year in Q3 2026?
Tradeweb Markets's revenue rose $75.9M (+15%) from $509M in Q3 2025 to $585M in Q3 2026.
What drove Tradeweb Markets's revenue change in Q3 2026?
Transaction fees and commissions +$70.5M (+17%); LSEG market data fees +$6.0M (+29%); Other −$1.1M (-19%).