Tradeweb Q3 Revenue Rises 14.9% to $584.5m

Tradeweb Markets Inc. (Nasdaq: TW) reported third-quarter 2026 revenue up 14.9% to $584.5m, its first results since agreeing on 19 October 2026 to buy credit-trading platform Trumid. The operator of electronic marketplaces for rates, credit, equities and money markets, which serves more than 3,000 clients in more than 85 countries, published the figures on 29 October 2026.

Revenue rose 15.4% in constant currency, meaning with exchange-rate effects removed. International revenue reached $258.5m, up 22.4%, or 23.8% in constant currency. Average daily volume (ADV), the average value traded per day, rose 22.4% to $3.2tn, with record quarterly ADV in municipal bonds.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, as adjusted by the company) rose to $318.9m from $274.4m a year earlier. The margin improved to 54.5% from 54.0%. Net income rose 6.8% to $224.9m, while adjusted net income rose 15.6% to $238.8m. Diluted earnings per share (EPS) were $0.94, or $1.02 adjusted. The dividend is $0.14 per share, up 16.7% on the prior-year period.

Trumid Holdings, LLC runs a US electronic platform for dollar-denominated investment grade, high yield, distressed and emerging market bonds. Tradeweb values the deal at about $1.97bn, made up of $1.75bn for the business and about $220m of tax assets. Consideration is about $1.89bn in cash plus $82m in equity, funded mainly from cash on hand. Both boards approved it unanimously.

Closing is targeted for the first half of 2027, subject to regulatory approvals. Tradeweb expects the deal to be accretive to adjusted EPS, meaning it should add to adjusted earnings per share, within the first full year.

The strategic case rests on a multi-protocol credit offering that pairs Tradeweb’s AllTrade with Trumid’s Swarms and Attributed Trading. It also adds earlier-stage coverage of the grey market, where new bonds trade before formal issue, and of new issues, along with closer dealer relationships and hedge-fund and systematic clients.

Liquidity providers, dealers and rival venue operators should diarise the closing window and review connectivity and counterparty arrangements.

Announcing the deal on 19 October 2026, Billy Hult, chief executive officer of Tradeweb, said: “We believe U.S. credit represents a significant long-term growth opportunity, particularly as the market continues to embrace electronic execution and as clients seek increasingly sophisticated solutions to navigate liquidity and achieve better outcomes.”