The financials
Tradeweb Markets Inc. by the numbers
Tradeweb Markets Inc. (TW) reported revenue of $618M in Q1 2026 (quarter ended March 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 2026-Q1 was Transaction Fee at $524M, 85% of the disclosed total, just ahead of Subscription Fee at 9.7%.
| 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 | $524M | 85% |
| Subscription Fee | $60M | 9.7% |
| Market Data | $27M | 4.3% |
| Financial Service Other | $6.9M | 1.1% |
| Subscription Fee And Market Data | $500K | 0.1% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $618.3M (+21%)
Financial Service Other grew +90% year on yearMarket Data -7.5% year on year
Segment Latestquarter on quarteryear on year
- Transaction Fee$523.8M$523.8MQoQ +24%year on year +24%+24%+24%
- Subscription Fee$60.3M$60.3MQoQ -0.92%year on year +8.1%-0.92%+8.1%
- Market Data$26.7M$26.7MQoQ +30%year on year -7.5%+30%-7.5%
- Financial Service Other$6.9M$6.9MQoQ +17%year on year +90%+17%+90%
- Subscription Fee And Market Data$500.0K$500.0KQoQ +11%year on year +8.7%+11%+8.7%