The financials
Tradeweb Markets Inc. by the numbers
Tradeweb Markets Inc. (TW) reported revenue of $618M in Q1 2026 (quarter ended Mar 31, 2026), up 21% from the same quarter a year earlier. That came with net income of $205M (33% of revenue). For the full year FY2025, revenue was $2.05B (+19% year on year) and net income $813M. Its largest product in Jun 2026 was Transaction Fee at $465M, 83% of the disclosed total, well ahead of Subscription Fee at 11%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $618M | $510M | +21% |
| Operating income | $287M | $204M | +41% |
| Net income | $205M | $148M | +38% |
| Diluted EPS | $0.96 | $0.69 | +39% |
| Product | Revenue | Share |
|---|---|---|
| Transaction Fee | $465M | 83% |
| Subscription Fee | $62M | 11% |
| Market Data | $26M | 4.7% |
| Financial Service Other | $5.4M | 1.0% |
| Subscription Fee And Market Data | $500K | 0.1% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Jun 2026Total $559.4M (-9.5%)
Market Data grew +29% year on yearFinancial Service Other +2.8% year on year
Segment Latestquarter on quarteryear on year
- Transaction Fee$465.3M$465.3MQoQ -11%year on year +8.3%-11%+8.3%
- Subscription Fee$61.7M$61.7MQoQ +2.4%year on year +7.5%+2.4%+7.5%
- Market Data$26.5M$26.5MQoQ -0.92%year on year +29%-0.92%+29%
- Financial Service Other$5.4M$5.4MQoQ -22%year on year +2.8%-22%+2.8%
- Subscription Fee And Market Data$500.0K$500.0KQoQ 0.00%year on year +14%0.00%+14%