Research · Sep 3, 2026
[TW] Tradeweb Thesis 2026: Twenty-Sixth Record Year Validates Electronic Bond Trading Dominance
Tradeweb Markets FY25 revenue $2.05B (+19%); op income $827M (+22%); NI $813M (+62%); EPS $3.78. 26 consecutive record annual revenue years. FCF $1.13B (+32%). Q4 record. January 2026 ADV +26% YoY. Launches: fully electronic bilateral swaptions (industry first); Saudi Royal Bonds platform; Mexican repos platform; block trading in global credit; dealer algo solutions; on-chain digital asset transactions. LSAG master data agreement $105M FY26. FY26 guide: adj expenses $1.1-$1.16B (midpoint +11% YoY); adj EBITDA + margin expansion; net interest income $15M; capex + capitalized software $107-$117M.