Tradeweb Q3 revenue slightly beats on robust wholesale activity

Tradeweb Markets

29/10/2026 11:18

Overview
Electronic trading platform's Q3 revenue rose 15%, slightly beating analyst expectations
Adjusted EPS for Q3 matched analyst expectations
Company agreed to acquire Trumid for $1.97 bln, expanding credit market presence

Outlook
Tradeweb updates 2026 adjusted expense guidance to $1,155-1,175 mln, trending toward middle of range
Company maintains 2026 guidance for acquisition and Refinitiv-related depreciation and amortization at $160 mln
Tradeweb keeps 2026 cash capital expenditures and capitalized software development guidance at ~$107-117 mln

Result Drivers
RATES TRADING ACTIVITY - Co said Q3 rates revenue rose 18% and rates ADV climbed 34%, driven by robust institutional and wholesale activity, central bank policy changes and geopolitical uncertainty
CREDIT MARKET PROTOCOLS - Co said Q3 credit revenue rose 10%, with U.S. credit ADV up 24%, driven by client adoption of trading protocols including Portfolio Trading, RFQ and AllTrade, and increased hedge fund and systematic account activity in credit derivatives
TECHNOLOGY INVESTMENT - Co said higher operating expenses were driven by increased investment in AI and data strategy, infrastructure, and higher data and clearance fees due to greater trading volumes

Company press release: ID:nBwmHj7ta

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Beat*
$584.55 mln
$582.31 mln (13 Analysts)
Q3 Adjusted EPS
Meet
$1.02
$1.02 (15 Analysts)
Q3 EPS
 
$0.94
 
Q3 Adjusted Net Income
 
$238.84 mln
 
Q3 Adjusted EBITDA
 
$318.85 mln
 
Q3 Adjusted EBITDA Margin
 
54.50%
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 7 "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 $126.50, about 5.6% above its October 28 closing price of $119.82
The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 23 three months ago

Reuters Recommended Reads
Oct 27 - Private credit roundup: Weakest US loans flash warning signs for private credit
Oct 27 - S&P Global tops Q3 revenue estimates, raises FY growth outlook
Oct 27 - Hold or sell? High Treasury yields spur US banks to rethink bond portfolios

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(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.)