Tradeweb Markets Inc. (TW) stock
TWNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 29, 2026Score 17/306% below fair value
$122.54+3.66 (+3.08%)
Close on Oct 30, 2026Market cap $28.68BP/E 28.8Yield 0.39%
Earnings
Tradeweb Markets's quarterly results as reported in its earnings releases, with the company's own outlook. Hover a number to see the sentence it came from.
Next report
Feb 4, 2027
Q4 FY2026 · estimated, before the open
Revenue, Q3 FY2026
$584.50M
+14.9% on a year earlier
adjusted diluted earnings per share, Q3 FY2026
$1.02
$0.87 a year earlier
Latest guidance
Issued
Oct 29, 2026 · 5 items
Quarterly results
Revenue and earnings per share from each of Tradeweb Markets's earnings releases, newest first
| Quarter | Reported | Revenue | YoY | EPS | Adj. EPS | Source |
|---|---|---|---|---|---|---|
| Q4 FY2026ended Dec 31, 2026 | Feb 4, 2027Expected | – | – | – | – | – |
| Q3 FY2026ended Sep 30, 2026 | Oct 29, 2026before the open | $584.50M | +14.9% | $0.94 | $1.02 | Release |
| Q2 FY2026ended Jun 30, 2026 | Jul 30, 2026before the open | $558.90M | +8.9% | $0.85 | $0.97 | Release |
| Q1 FY2026ended Mar 31, 2026 | Apr 29, 2026before the open | $617.80M | +21.2% | $0.96 | $1.08 | Release |
| Q4 FY2025ended Dec 31, 2025 | Feb 5, 2026before the open | $521.20M | +12.5% | $1.51 | $0.87 | Release |
| Q3 FY2025ended Sep 30, 2025 | Oct 30, 2025before the open | $508.60M | +13.3% | $0.86 | $0.87 | Release |
| Q2 FY2025ended Jun 30, 2025 | Jul 30, 2025before the open | $513.00M | +26.7% | $0.71 | $0.87 | Release |
| Q1 FY2025ended Mar 31, 2025 | Apr 30, 2025before the open | $509.70M | +24.7% | $0.69 | $0.86 | Release |
| Q4 FY2024ended Dec 31, 2024 | Feb 6, 2025before the open | $463.30M | +25.2% | $0.66 | $0.76 | Release |
| Q3 FY2024ended Sep 30, 2024 | Oct 30, 2024before the open | $448.90M | +36.7% | $0.53 | $0.75 | Release |
| Q2 FY2024ended Jun 30, 2024 | Jul 25, 2024before the open | $405.00M | +30.4% | $0.55 | $0.70 | Release |
| Q1 FY2024ended Mar 31, 2024 | Apr 25, 2024before the open | $408.70M | +24.1% | $0.59 | $0.71 | Release |
| Q4 FY2023ended Dec 31, 2023 | Feb 6, 2024before the open | $370.00M | +26.3% | $0.42 | $0.64 | Release |
| Q3 FY2023ended Sep 30, 2023 | Oct 26, 2023before the open | $328.40M | +14.4% | $0.46 | $0.55 | Release |
| Q2 FY2023ended Jun 30, 2023 | Jul 27, 2023before the open | $310.60M | +4.5% | $0.42 | $0.52 | Release |
| Q1 FY2023ended Mar 31, 2023 | Apr 27, 2023before the open | $329.20M | +5.7% | $0.42 | $0.54 | Release |
| Q4 FY2022ended Dec 31, 2022 | Feb 2, 2023before the open | $293.00M | +5.8% | $0.42 | $0.49 | Release |
| Q3 FY2022ended Sep 30, 2022 | Oct 27, 2022before the open | $287.10M | +8.2% | $0.33 | $0.45 | Release |
| Q2 FY2022ended Jun 30, 2022 | Aug 3, 2022before the open | $297.10M | – | $0.33 | $0.47 | Release |
| Q1 FY2022ended Mar 31, 2022 | Apr 28, 2022before the open | $311.50M | – | $0.40 | $0.48 | Release |
| Q4 FY2021ended Dec 31, 2021 | Feb 3, 2022before the open | $276.90M | – | $0.23 | $0.42 | Release |
| Q3 FY2021ended Sep 30, 2021 | Oct 28, 2021before the open | $265.30M | – | $0.26 | $0.39 | Release |
| Q2 FY2021ended Jun 30, 2021 | Jul 29, 2021before the open | – | – | – | – | Release |
| Q1 FY2021ended Mar 31, 2021 | Apr 29, 2021before the open | – | – | – | – | Release |
| Q4 FY2020ended Dec 31, 2020 | Feb 4, 2021before the open | – | – | – | – | Release |
| Q3 FY2020ended Sep 30, 2020 | Oct 28, 2020before the open | – | – | – | – | Release |
Figures as first announced; later restatements appear under Financials. Expected dates are estimated from the company's past reporting pattern.
Current guidance
Tradeweb Markets's latest outlook for periods it has not reported yet, compared with what it said before
| Metric | Period | Guidance | Before | Change | Given |
|---|---|---|---|---|---|
| LSEG Market Data Contract Revenue | FY2026 | $105.00M | – | New | Oct 29, 2026 |
| LSEG Market Data Contract Revenue | FY2026 | $105.00M | $105.00M | Reaffirmed | Jul 30, 2026 |
| Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | – | New | Oct 29, 2026 |
| Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | $107.00M – $117.00M | Reaffirmed | Jul 30, 2026 |
| Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | – | New | Oct 29, 2026 |
| Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | $160.00M | Reaffirmed | Jul 30, 2026 |
| Adjusted Expensesnon-GAAP | FY2026 | $1.16B – $1.18B | – | New | Oct 29, 2026 |
| Adjusted Expensesnon-GAAP | FY2026 | $1.10B – $1.16B | $1.10B – $1.16B | Reaffirmed | Jul 30, 2026 |
| Assumed non-GAAP tax ratenon-GAAP | FY2026 | 23.5% – 24.5% | – | New | Oct 29, 2026 |
| Assumed non-GAAP tax ratenon-GAAP | FY2026 | 23.5% – 24.5% | 23.5% – 24.5% | Reaffirmed | Jul 30, 2026 |
Guidance vs results
The last range Tradeweb Markets gave before each report, against the figure it then reported. Full years add up the four quarters.
| Period | Metric | Guidance | Actual | Result |
|---|---|---|---|---|
| FY2025 | Revenue | $92.00M | $2.05BΣ4Q | Above range |
| Q4 FY2025 | Revenue | $22.00M | $521.20M | Above range |
Guidance history
Every forecast Tradeweb Markets put in an earnings release, newest first
| Given | Metric | Period | Guidance | Change |
|---|---|---|---|---|
| Oct 29, 2026 | Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | New |
| Oct 29, 2026 | Assumed non-GAAP tax rate | FY2026 | 23.5% – 24.5% | New |
| Oct 29, 2026 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | New |
| Oct 29, 2026 | Adjusted Expenses | FY2026 | $1.16B – $1.18B | New |
| Oct 29, 2026 | LSEG Market Data Contract Revenue | FY2026 | $105.00M | New |
| Jul 30, 2026 | Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | Reaffirmed |
| Jul 30, 2026 | Assumed non-GAAP tax rate | FY2026 | 23.5% – 24.5% | Reaffirmed |
| Jul 30, 2026 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | Reaffirmed |
| Jul 30, 2026 | Adjusted Expenses | FY2026 | $1.10B – $1.16B | Reaffirmed |
| Jul 30, 2026 | LSEG Market Data Contract Revenue | FY2026 | $105.00M | Reaffirmed |
| Apr 29, 2026 | Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | Reaffirmed |
| Apr 29, 2026 | Assumed non-GAAP tax rate | FY2026 | 23.5% – 24.5% | Reaffirmed |
| Apr 29, 2026 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | Reaffirmed |
| Apr 29, 2026 | Adjusted Expenses | FY2026 | $1.10B – $1.16B | Reaffirmed |
| Apr 29, 2026 | LSEG Market Data Contract Revenue | FY2026 | $105.00M | Reaffirmed |
| Feb 5, 2026 | Cash capital expenditures and capitalized software development | FY2026 | $107.00M – $117.00M | New |
| Feb 5, 2026 | Assumed non-GAAP tax rate | FY2026 | 23.5% – 24.5% | New |
| Feb 5, 2026 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2026 | $160.00M | New |
| Feb 5, 2026 | Adjusted Expenses | FY2026 | $1.10B – $1.16B | New |
| Feb 5, 2026 | LSEG Market Data Contract Revenue | FY2026 | $105.00M | New |
| Oct 30, 2025 | Cash capital expenditures and capitalized software development | FY2025 | $99.00M – $109.00M | Reaffirmed |
| Oct 30, 2025 | Assumed non-GAAP tax rate | FY2025 | 24.5% – 25.5% | Reaffirmed |
| Oct 30, 2025 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2025 | $176.00M | Reaffirmed |
| Oct 30, 2025 | Adjusted Expenses | FY2025 | $1.00B – $1.03B | Lowered |
| Oct 30, 2025 | LSEG Market Data Contract Revenue | FY2025 | $92.00M | Raised |
| Oct 30, 2025 | LSEG Market Data Contract Revenue | Q4 FY2025 | $22.00M | New |
| Jul 30, 2025 | Cash capital expenditures and capitalized software development | FY2025 | $99.00M – $109.00M | New |
| Jul 30, 2025 | Assumed non-GAAP tax rate | FY2025 | 24.5% – 25.5% | New |
| Jul 30, 2025 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2025 | $176.00M | New |
| Jul 30, 2025 | Adjusted Expenses | FY2025 | $1.00B – $1.05B | New |
| Jul 30, 2025 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | New |
| Apr 30, 2025 | Cash capital expenditures and capitalized software development | FY2025 | $99.00M – $109.00M | Reaffirmed |
| Apr 30, 2025 | Assumed non-GAAP tax rate | FY2025 | 24.5% – 25.5% | Reaffirmed |
| Apr 30, 2025 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2025 | $176.00M | Reaffirmed |
| Apr 30, 2025 | Adjusted Expenses | FY2025 | $970.00M – $1.03B | Reaffirmed |
| Apr 30, 2025 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | Reaffirmed |
| Feb 6, 2025 | Cash capital expenditures and capitalized software development | FY2025 | $99.00M – $109.00M | New |
| Feb 6, 2025 | Assumed non-GAAP tax rate | FY2025 | 24.5% – 25.5% | New |
| Feb 6, 2025 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2025 | $176.00M | Raised |
| Feb 6, 2025 | Adjusted Expenses | FY2025 | $970.00M – $1.03B | New |
| Feb 6, 2025 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | Reaffirmed |
| Oct 30, 2024 | Cash capital expenditures and capitalized software development | FY2024 | $77.00M – $85.00M | Reaffirmed |
| Oct 30, 2024 | Assumed non-GAAP tax rate | FY2024 | 24.5% – 25.5% | Reaffirmed |
| Oct 30, 2024 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2024 | $158.00M | Reaffirmed |
| Oct 30, 2024 | Adjusted Expenses | FY2024 | $855.00M – $875.00M | Raised |
| Oct 30, 2024 | second half 2025 occupancy expenses higher than the second half of 2024 | FY2025 | $7.00M | New |
| Oct 30, 2024 | LSEG Market Data Contract Revenue | FY2024 | $80.00M | Reaffirmed |
| Oct 30, 2024 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | Reaffirmed |
| Jul 25, 2024 | Cash capital expenditures and capitalized software development | FY2024 | $77.00M – $85.00M | Raised |
| Jul 25, 2024 | Assumed non-GAAP tax rate | FY2024 | 24.5% – 25.5% | Reaffirmed |
| Jul 25, 2024 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2024 | $158.00M | Raised |
| Jul 25, 2024 | Adjusted Expenses | FY2024 | $830.00M – $860.00M | Raised |
| Jul 25, 2024 | LSEG Market Data Contract Revenue | FY2024 | $80.00M | Reaffirmed |
| Jul 25, 2024 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | Reaffirmed |
| Apr 25, 2024 | Cash costs of non-acquisition capital expenditures and capitalized software development | FY2024 | $75.00M – $83.00M | Reaffirmed |
| Apr 25, 2024 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2024 | $142.00M | Reaffirmed |
| Apr 25, 2024 | Assumed non-GAAP tax rate | FY2024 | 24.5% – 25.5% | Reaffirmed |
| Apr 25, 2024 | Adjusted Expenses | FY2024 | $755.00M – $805.00M | Reaffirmed |
| Apr 25, 2024 | LSEG Market Data Contract Revenue | FY2024 | $80.00M | Reaffirmed |
| Apr 25, 2024 | LSEG Market Data Contract Revenue | FY2025 | $90.00M | Reaffirmed |
| Feb 6, 2024 | Cash costs of non-acquisition capital expenditures and capitalized software development | FY2024 | $75.00M – $83.00M | New |
| Feb 6, 2024 | Adjusted Expenses | FY2024 | $755.00M – $805.00M | New |
| Feb 6, 2024 | Assumed non-GAAP tax rate | FY2024 | 24.5% – 25.5% | New |
| Feb 6, 2024 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2024 | $142.00M | New |
| Feb 6, 2024 | LSEG Market Data Contract Revenues | FY2024 | $80.00M | Reaffirmed |
| Feb 6, 2024 | LSEG Market Data Contract Revenues | FY2025 | $90.00M | Reaffirmed |
| Oct 26, 2023 | Cash costs of non-acquisition capital expenditures and capitalized software development | FY2023 | $56.00M – $63.00M | Raised |
| Oct 26, 2023 | Assumed non-GAAP tax rate | FY2023 | 24% – 25% | Reaffirmed |
| Oct 26, 2023 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2023 | $128.00M | Raised |
| Oct 26, 2023 | Adjusted Expenses | FY2023 | $659.00M – $670.00M | Lowered |
| Oct 26, 2023 | 2024 Revenues | FY2024 | $80.00M | New |
| Oct 26, 2023 | 2025 Revenues | FY2025 | $90.00M | New |
| Jul 27, 2023 | Cash costs of capital expenditures and capitalized software development | FY2023 | $56.00M – $62.00M | Reaffirmed |
| Jul 27, 2023 | Assumed non-GAAP tax rate | FY2023 | 24% – 25% | Reaffirmed |
| Jul 27, 2023 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2023 | $127.00M | Reaffirmed |
| Jul 27, 2023 | Adjusted Expenses | FY2023 | $669.00M – $714.00M | Reaffirmed |
| Apr 27, 2023 | Cash costs of capital expenditures and capitalized software development | FY2023 | $56.00M – $62.00M | Reaffirmed |
| Apr 27, 2023 | Assumed non-GAAP tax rate | FY2023 | 24% – 25% | Reaffirmed |
| Apr 27, 2023 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2023 | $127.00M | Reaffirmed |
| Apr 27, 2023 | Adjusted Expenses | FY2023 | $669.00M – $714.00M | Reaffirmed |
| Feb 2, 2023 | Cash costs of capital expenditures and capitalized software development | FY2023 | $56.00M – $62.00M | New |
| Feb 2, 2023 | Assumed non-GAAP tax rate | FY2023 | 24% – 25% | New |
| Feb 2, 2023 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2023 | $127.00M | New |
| Feb 2, 2023 | Adjusted Expenses | FY2023 | $669.00M – $714.00M | New |
| Oct 27, 2022 | Capital expenditures and capitalization of software development | FY2022 | $62.00M – $68.00M | Reaffirmed |
| Oct 27, 2022 | Assumed non-GAAP tax rate | FY2022 | 22% | Reaffirmed |
| Oct 27, 2022 | Adjusted expenses | FY2022 | $620.00M – $640.00M | Lowered |
| Oct 27, 2022 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2022 | $127.00M | Lowered |
| Aug 3, 2022 | Capital expenditures and capitalization of software development | FY2022 | $62.00M – $68.00M | Reaffirmed |
| Aug 3, 2022 | Assumed non-GAAP tax rate | FY2022 | 22% | Reaffirmed |
| Aug 3, 2022 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2022 | $127.00M | Reaffirmed |
| Aug 3, 2022 | Adjusted Expenses | FY2022 | $620.00M – $655.00M | Reaffirmed |
| Apr 28, 2022 | Capital expenditures and capitalization of software development | FY2022 | $62.00M – $68.00M | Reaffirmed |
| Apr 28, 2022 | Assumed non-GAAP tax rate | FY2022 | 22% | Reaffirmed |
| Apr 28, 2022 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2022 | $127.00M | Reaffirmed |
| Apr 28, 2022 | Adjusted Expenses | FY2022 | $620.00M – $655.00M | Reaffirmed |
| Feb 3, 2022 | Capital expenditures and capitalization of software development | FY2022 | $62.00M – $68.00M | New |
| Feb 3, 2022 | Assumed non-GAAP tax rate | FY2022 | 22% | New |
| Feb 3, 2022 | Acquisition and Refinitiv Transaction related depreciation and amortization expense | FY2022 | $127.00M | New |
| Feb 3, 2022 | Adjusted Expenses | FY2022 | $620.00M – $655.00M | New |
| Oct 28, 2021 | Capital expenditures and capitalization of software development | FY2021 | $49.00M – $53.00M | New |
| Oct 28, 2021 | Assumed non-GAAP tax rate | FY2021 | 22% | New |
| Oct 28, 2021 | Acquisition and Refinitiv Transaction related depreciation and amortiz ation expense | FY2021 | $124.00M | New |
| Oct 28, 2021 | Adjusted Expenses | FY2021 | $565.00M – $580.00M | New |
Read from the company's earnings releases; each figure links to its sentence on hover. “Raised” and “Lowered” compare with the previous range for the same metric and period.
Press releases
Releases Tradeweb Markets filed with the SEC as exhibits to Form 8-K or 6-K
- Results
- Update
- Results
- Results
- Results
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- Results
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- Update
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- Update
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- Update
- Update
- Results