Tradeweb Q3 Revenue Rises 14.9% to $584.5 Million as Average Daily Volume Hits $3.2 Trillion; $1.97 Billion Trumid Deal Announced
Electronic trading platform operator Tradeweb Markets Inc. (Nasdaq: TW) reported results for the quarter ended September 30, 2026. Quarterly revenues were $584.5 million, up 14.9% (15.4% on a constant currency basis) from the prior-year period. Net income rose 6.8% to $224.9 million, or $0.94 per diluted share; adjusted net income rose 15.6% to $238.8 million, or $1.02 per adjusted diluted share.
Average daily volume for the quarter was $3.2 trillion, up 22.4% year over year, with quarterly ADV records in products including municipal bonds. International revenues rose 22.4% to $258.5 million. Adjusted EBITDA was $318.9 million, a 54.5% margin. The company declared a quarterly cash dividend of $0.14 per share, up 16.7% from the prior year.
In October, Tradeweb announced a definitive agreement to acquire Trumid, an electronic credit trading marketplace, for approximately $1.97 billion (about $1.89 billion in cash and $82.0 million in equity, including roughly $220 million for tax assets) -- the largest acquisition in the company's history.
CEO Billy Hult said third-quarter revenue and volumes reflect the strength and breadth of Tradeweb's global, multi-asset platform, as the firm helped clients access liquidity and manage risk against a backdrop of rising Treasury yields, shifting central bank policy and geopolitical uncertainty.
Source: GSM · USA (original Chinese edition)
Photo: 图：New York证券交易所交易大厅（资料图）。Carol M. Highsmith摄，公共领域，经Wikimedia Commons。 / The trading floor of the New York Stock Exchange (file photo). Photo by Carol M. Highsmith, public domain, via Wikimedia Commons.
