Tradeweb Markets Inc. Q3 2026 Earnings Recap

Tradeweb’s shares fell 0.8% after earnings, a roughly flat reaction. Revenue grew 14.9% year over year and adjusted EBITDA margins expanded, while international growth and market-share gains were notable positives; the transcript does not identify a specific earnings disappointment.

Key Takeaways

• Revenue grew 14.9% year over year on a reported basis; the company said it generated more than $1.7 billion in revenue in the first nine months, surpassing its full-year 2024 total.
• International revenue grew more than 22% and contributed over 60% of overall revenue growth. Revenue from European and Asian clients rose nearly 20% and 30%, respectively.
• Adjusted EBITDA margin expanded 59 basis points versus the third quarter of 2025.
• US Treasury market share reached 23.6%, up 160 basis points year over year; revenue grew more than 15%, while institutional Treasury revenue rose nearly 20%.
• Tradeweb announced a definitive agreement to acquire Tri-Med, which it said would expand its credit-market presence and new-issue capabilities.