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How Tradeweb Markets (TW) makes money

Tradeweb Markets (TW) made $585M of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Transaction fees and commissions brought in $492M (84%); Subscription fees brought in $61.4M (11%); LSEG market data fees brought in $26.5M (5%). Of every dollar of revenue, 43¢ was left as operating profit, 34¢ was left as net earnings.

Drawing the Sankey…

Tradeweb Markets revenue by segment, Q3 2026Tradeweb Markets revenue by segment, Q3 2026Transaction fees and commissions$492MSubscription fees$61.4MLSEG market data fees$26.5MOther$4.8M
Tradeweb Markets: revenue by line, Q1 2025 to Q3 2026Tradeweb Markets: revenue by line, Q1 2025 to Q3 2026Transaction fees and …Subscription feesLSEG market data feesOtherTransaction fees and commissions: $492M latest$492MSubscription fees: $61.4M latest$61.4MLSEG market data fees: $26.5M latestOther: $4.8M latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
The mix barely moved between Q1 2025 and Q3 2026.
Tradeweb Markets revenue by quarterTradeweb Markets revenue by quarter$510MQ1 2025$513MQ2 2025$509MQ3 2025$521MQ4 2025$618MQ1 2026$559MQ2 2026$585MQ3 2026
Tradeweb Markets: where each dollar of revenue goesTradeweb Markets: where each dollar of revenue goesOperating profit43¢Income tax11¢Net earnings34¢Operating cash flow59¢Free cash flow58¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Transaction fees and commissions$492M84.1%+6%+17%
Subscription fees$61.4M10.5%-0.5%+1%
LSEG market data fees$26.5M4.5%+0.2%+29%
Other$4.8M0.8%-11%-19%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$585M100.0%
Operating profit$253M43.4%
Income tax$65.1M11.1%
Net earnings$197M33.8%
Operating cash flow$347M59.4%
Free cash flow$338M57.8%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$585M+15%
Q2 2026$559M+9%
Q1 2026$618M+21%
Q4 2025$521M+12%
Q3 2025$509M+13%
Q2 2025$513M+27%
Q1 2025$510M+25%

From Tradeweb Markets' 10-Q filed Oct 29, 2026 (on EDGAR).

Questions

How does Tradeweb Markets make money?

Tradeweb Markets (TW) made $585M of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Transaction fees and commissions brought in $492M (84%); Subscription fees brought in $61.4M (11%); LSEG market data fees brought in $26.5M (5%). Of every dollar of revenue, 43¢ was left as operating profit, 34¢ was left as net earnings.

What is Tradeweb Markets' biggest business?

Transaction fees and commissions: $492M in the third quarter 2026, 84% of revenue, +17% from a year earlier.

What is Tradeweb Markets' profit margin?

Net earnings were $197M, 33.8% of revenue, in the third quarter 2026; the operating margin was 43.4%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.