Platforms · Software · Providers · Markets
Tradeweb Markets recorded third-quarter revenue of $584.5 million on 29 October 2026, a 14.9% rise year on year. Activity measured across Tradeweb's bond, swap, equity and money market systems averaged $3.15 trillion a day, a 22.4% increase, the company said.
The results follow Tradeweb's agreement on 19 October 2026 to acquire bond venue Trumid for about $1.97 billion. The deal comes three months after Intercontinental Exchange (ICE) agreed to buy MarketAxess for about $5.7 billion. Tradeweb finished September holding $2.1 billion in cash and expects to use that balance as the main source for the $1.89 billion cash component of the purchase.
Net income advanced 6.8% to $224.9 million, with other income dropping to $18.7 million from $39.4 million. Adjusted net income, excluding those items, increased 15.6% to $238.8 million. Revenue growth was faster than in the second quarter, but below the first quarter's pace.
Quarterly figures and trading mix
| Measure | Third-quarter figure |
|---|---|
| Revenue | $584.5 million, up 14.9% |
| Average daily platform volume | $3.15 trillion, up 22.4% |
| Net income | $224.9 million, up 6.8% |
| Adjusted net income | $238.8 million, up 15.6% |
| First-quarter revenue | $617.8 million, up 21.2% |
| Second-quarter revenue | $558.9 million, up 9% |
| Revenue over nine months | $1.76 billion, up 15.0% |
| Rates revenue | $324.5 million, up 18.2% |
| Rates derivatives average daily volume | $1.35 trillion, up 46.0% |
| US government bond volume | Up 28.0% |
| Credit revenue | $133.0 million, up 9.6% |
| Credit derivatives volume | Up 61.3% |
| Operating expenses | $331.1 million, up 11.0% |
Management's account and deal timetable
Rates trading supplied more than half of group revenue. Tradeweb linked increased swaps activity to changes in central bank policy, geopolitical tension and inflation uncertainty.
Rates derivatives with maturities of at least one year rose 42.4%; variable fees per million on long-dated derivatives fell 10.5%, which the company attributed to greater compression activity and shorter duration. September was its busiest Treasury trading month of the year, with total daily volume at $3.74 trillion, 33.7% higher.
Credit revenue grew as US credit volume rose 23.9%, although cash credit fees per million declined 10.6% as more activity moved into lower-fee portfolio trades. Tradeweb's reported share of fully electronic US high-grade bond volume on TRACE was 19.9%, versus 17.5% a year earlier.
The company said a FINRA reporting change from 31 August removed some duplicate affiliate trades from market totals, lifting its reported share; it cautioned that earlier periods were not recalculated. The reported electronic US high-grade share was 19.9%, representing a 1.3 percentage-point year-on-year gain, according to Finance Magnates.
CEO Billy Hult described Trumid as the biggest purchase in Tradeweb's history. Trumid's average daily volume grew 38% to $9.6 billion in the quarter.
Regulatory approval is required, with completion targeted for the first half of 2027; the acquisition is excluded from Tradeweb's updated 2026 outlook. The company now expects adjusted full-year expenses of $1.155 billion to $1.175 billion, saying its spending trajectory points towards the range's midpoint.
Other income included a $27.5 million gain from converting a Securitize note into shares on 1 July and a $14.4 million gain on a minority investment, partly offset by a $24.0 million unrealised loss on Canton Coin. At September's end, Tradeweb held 1.6 billion tokens valued at $207.5 million; 1.3 billion, worth $163.7 million, could not be freely transferred.
Revenue from transaction validation on the Canton Network fell, taking the other revenue line down 17.3% to $7.6 million. Tradeweb also took a minority stake in Kalshi in February and joined a $220 million Capitolis financing in October.
The company repurchased 2.02 million shares for $209.8 million at an average $103.83, leaving $124.5 million available under its authorisation. It declared a $0.14-per-share quarterly dividend, up 16.7%, payable on 15 December. FM Intelligence calculations put third-quarter taker volume across Kalshi and Polymarket's two venues at $172.4 billion, compared with $98.5 billion in the second quarter.
What this changes for operators
The volume and fee figures point to different movements in activity and monetisation. For teams monitoring execution economics, the relevant checks are whether reporting separates long-dated rates derivatives from shorter-duration trades, and whether compression and portfolio activity are reflected in fee and volume analysis. The TRACE change also means operators using market-share measures should confirm how the 31 August rule affects their comparison periods.
The Trumid deal could require platform and operations teams to assess how venue connectivity, trade data and reporting would be handled if the acquisition completes. Tradeweb has not supplied integration details in these results.
Operators should establish which interfaces, controls and reconciliation processes would need review, and how the proposed transaction would affect their own workflows. The close is targeted for the first half of 2027, subject to regulatory approval.
