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BGC Group vs Tradeweb Markets: BGC and TW compared
BGC Group is the larger company: $833M of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026). Tradeweb Markets is growing faster (+15% against +13% a year earlier). Tradeweb Markets is more profitable, with an operating margin of 43.4% against 11.8%.
Where the money goes: BGC and TW
BGC Group (BGC) · Q3 2026
BGC Group, Q3 2026: revenue $833M (+13% year over year), operating margin 11.8%, net earnings $71.3M. The chart follows the revenue to costs, profit and cash.
Tradeweb Markets (TW) · Q3 2026
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.
| BGC Group (BGC) | Tradeweb Markets (TW) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $833M | $585M |
| Revenue growth, Y/Y | +13% | +15% |
| Operating margin | 11.8% | 43.4% |
| Net earnings | $71.3M | $197M |
| Net margin | 8.6% | 33.8% |
| Operating cash flow | — | $347M |
| Free cash flow | — | $338M |
| Market value | $5.0B | $26.9B |
| P/E | 26.5× | 29.9× |
| Analysts’ mean target | $16.00 | $131.53 |
Where the revenue comes from
Tradeweb Markets
- Transaction fees and commissions: $492M (84%)
- Subscription fees: $61.4M (11%)
- LSEG market data fees: $26.5M (5%)
- Other: $4.8M (1%)
Questions
Which is bigger, BGC Group or Tradeweb Markets?
BGC Group is the larger company: $833M of revenue in its latest quarter (Q3 2026) against $585M for Tradeweb Markets (Q3 2026).
Is BGC Group or Tradeweb Markets growing faster?
Tradeweb Markets is growing faster (+15% against +13% a year earlier).
Which is more profitable, BGC Group or Tradeweb Markets?
Tradeweb Markets is more profitable, with an operating margin of 43.4% against 11.8%.
More: BGC Group earnings · how BGC Group makes money · Tradeweb Markets earnings · how Tradeweb Markets makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.