Filing Flows › Tradeweb Markets (TW) › Q3 2026
Tradeweb Markets (TW) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Tradeweb Markets (TW) reported revenue of $585M for the third quarter 2026 (Q3 2026), +15% from a year earlier and +5% from the quarter before. Operating margin was 43.4%, net earnings $197M (33.8% of revenue).
Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%, net earnings $197M, operating cash flow $347M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $585M | +5% | +15% |
| Operating profit | $253M | +3% | +20% |
| Net earnings | $197M | +9% | +6% |
| Operating cash flow | $347M | -12% | +1% |
| Free cash flow | $338M | -12% | +3% |
What changed
Revenue was $584.5M in Q3 2026, up 15% year over year and up 5% from the previous quarter. Transaction fees and commissions was the largest line at 84% of revenue. Transaction fees and commissions added $70.5M year over year (up 17%), 93% of the total change. Other declined 19%.
Operating profit was $253.4M, a 43.4% margin (up 2.0 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 41% margin then. Total costs grew 11% against revenue growth of 15%. Net earnings were $197.5M, up 6% year over year. The effective tax rate was 22.4%.
Operating cash flow was $347.3M (up 1% year over year), 154% of net income including minority interests. Non-cash charges added back $62.3M of depreciation and amortization and $26.4M of share-based compensation. Working capital and other items added $33.7M. Capital expenditures of $9.3M left free cash flow of $338.0M.
Questions
What was Tradeweb Markets' revenue in the third quarter 2026?
Tradeweb Markets (TW) reported revenue of $585M for the third quarter 2026 (Q3 2026), +15% from a year earlier and +5% from the quarter before.
Was Tradeweb Markets profitable in the third quarter 2026?
Operating profit was $253M (43.4% of revenue) and net earnings $197M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.