Tradeweb Q1 2026 Net Income Soars 39% to $233 Million on Record Trading Volume

Tradeweb Markets reported a 21.2% year-over-year increase in first-quarter revenue to $617.8 million, driven by a record average daily volume (ADV) of $3.3 trillion. Net income for the quarter climbed 38.5% to $233.2 million. The electronic trading platform saw record ADV across most of its rates, credit, and equities products, lifting GAAP diluted earnings per share to $0.96 from $0.69 a year earlier.

CEO Billy Hult stated the firm continues to invest "in frontier areas that are shaping the future of electronic trading," citing new initiatives in prediction markets, digital assets, and tokenized repo. International revenue rose 29.4% to $274.1 million, with constant-currency growth at 17.5%.

Rates trading was a key driver, contributing $344.2 million in revenue, a 29.7% increase. Rates ADV surged 44.2%, with records set in U.S. and European government bonds, mortgages, and swaps. Short-dated swaps and swaptions volume nearly doubled, with ADV up 89.7% to $692.8 billion. The performance was supported by its dealer algo execution for U.S. Treasuries, now including algorithms from Citi and RBC Capital Markets.

The quarter also saw strategic expansion into adjacent markets. Tradeweb took a minority stake in prediction market platform Kalshi and led a $31 million Series B round in crypto trading firm Crossover Markets. It also participated in pioneering on-chain repo transactions on the Canton Network, holding Canton Coins valued at $243.5 million as of March 31.

The results come amid broad growth in electronic trading. Rival MarketAxess reported record 2025 revenue of $846.3 million, while market maker Virtu Financial nearly doubled its Q1 net income to $346.6 million. Analysts note Tradeweb's broader product mix in rates and derivatives is currently translating volume gains into revenue growth more effectively than platforms focused on U.S. credit.