Q2 2026 Tradeweb Markets Inc Earnings Call Transcript

Jul 30, 2026 / 01:30 PM GMT

Transcript 10-Q8-K

Key Points

Positve

Tradeweb Markets Inc (TW) delivered its second-highest quarterly revenue ever at $559 million, with growth accelerating to over 20% year-over-year in June.
International revenue grew 14% year-over-year and contributed 65% of total revenue growth, with strength across all four asset classes.
Core risk market share in global swaps reached a record 24.1%, up 207 basis points year-over-year, driven by strong client engagement.
Institutional US Treasury market share surpassed 50% for the ninth consecutive quarter, with revenues up nearly 15% year-over-year.
AIX automated trading platform saw average daily trades increase over 45% year-over-year, with triple-digit growth in US ETFs and double-digit growth in European ETFs.

Negative

Wholesale US Treasury revenues declined 1% year-over-year due to softness in the wholesale streaming offering amid intense competition.
Credit revenue growth was muted at low single-digits, as strength in international and institutional credit was offset by a 22% decline in retail credit and municipal bonds.
Average fees per million for long-tenure swaps decreased 10.3% due to a mix shift within currencies and lower duration.
Average fees per million for cash credit decreased 11.4% due to a mix shift away from higher-fee munis and retail credit toward lower-fee European credit and portfolio trading.
Technology and communication costs surged 38.9% year-over-year, driven by investments in data infrastructure, AI, and higher software costs.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TW.OQ - Tradeweb Markets Inc
Q2 2026 Tradeweb Markets Inc Earnings Call
Jul 30, 2026 / 01:30PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good morning and welcome to Trade Web's second quarter 2026 earnings conference call.

As a reminder, today's call is being recorded and will be available for playback.

To begin, I'll turn the call over to head of Treasury, FPNA, and Investor Relations, Ashley Sora.

Please go ahead.

Thank you and good morning.

Billy Hull review our business results and key growth initiatives, and our CFO Sarah Ferber, who will review our financial results.

We intend to use the website as a means of disclosing material, non-public information, and complying with our disclosure obligations under Regulation FD.

I'd like to remind you that certain statements in this presentation and during

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.