Tradeweb Q1 profit beats estimates on record trading volume

Tradeweb Markets

29/04/2026 12:12

Overview

Global electronic trading platform's Q1 revenue rose 21%, beating analyst expectations

Adjusted EPS for Q1 was above analyst expectations

Company repurchased $50.7 mln in shares and raised quarterly dividend by 16.7%

Outlook

Tradeweb says full-year 2026 adjusted expense outlook to trend toward top half of $1.1-$1.16 bln range

Company maintains 2026 guidance for depreciation and amortization at $160 mln and non-GAAP tax rate at ~23.5%-24.5%

Tradeweb expects 2026 cash capital expenditures and capitalized software development of ~$107-$117 mln

Result Drivers

RECORD TRADING VOLUMES - Co said Q1 revenue growth was driven by record average daily volumes in U.S. and European government bonds, mortgages, swaps, credit, ETFs and money markets

ELECTRONIC TRADING ADOPTION - Co cited continued structural shift toward electronic trading and strong momentum in client engagement and adoption, especially amid heightened global volatility

RATES AND CREDIT SEGMENT GROWTH - Rates revenue rose 29.7% and credit revenue increased 11.5%, driven by institutional activity in government bonds, swaps, and increased derivatives trading and client adoption of electronic protocols

Company press release: ID:nBw5zvkvta

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$617.76 mln
$607.84 mln (12 Analysts)
Q1 Adjusted EPS
Beat
$1.08
$1.07 (13 Analysts)
Q1 EPS
$0.96
Q1 Adjusted Net Income
$255.13 mln
Q1 Adjusted EBITDA
$339.68 mln
Q1 Adjusted EBITDA Margin
55.00%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

Wall Street's median 12-month price target for Tradeweb Markets Inc is $128.50, about 14.4% above its April 28 closing price of $112.36

The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 28 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)