Tradeweb Markets Inc. is a global provider that develops and manages sophisticated electronic trading platforms across the Americas, Europe, the Middle East, ...
Tradeweb Markets Inc. is a leading global operator of electronic trading platforms, established in 1996 by Lee Olesky and Jim Toffey, with the backing of four major banks. Over the years, it has pioneered the electronification of fixed income trading, starting with its first US Treasury trade in 1998. Today, ...Tradeweb Markets Inc. is a leading global operator of electronic trading platforms, established in 1996 by Lee Olesky and Jim Toffey, with the backing of four major banks. Over the years, it has pioneered the electronification of fixed income trading, starting with its first US Treasury trade in 1998. Today, Tradeweb serves over 2,500 institutional, wholesale, and retail clients across 45 financial markets and 25 currencies, offering access to rates, credit, equities, and money market products. The company's platforms, including Dealerweb and Tradeweb Direct, provide pre-trade analytics, efficient execution, and post-trade solutions, catering to asset managers, hedge funds, insurance companies, central banks, and more. In terms of financials, Tradeweb has demonstrated robust profitability with a net profit margin of approximately 41%, a strong balance sheet with little debt (debt-to-equity ratio of 0.023), and impressive return on equity of 13.8%. The company's revenue per share stands at $10.39, and it maintains a high operating cash flow, enabling it to invest in technology and innovation. Under the leadership of CEO Billy Hult, who took over in 2023 after years as President, Tradeweb continues to evolve, focusing on interoperability, cross-market trading, and serving the evolving needs of global markets. The firm employs over 1,500 people, including more than 400 technologists, and is committed to driving efficiency and transparency in financial markets.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.1B
+18.9%
-9.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$812.8M
+62.1%
-11.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+67.3%
+2.5%
-0.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+41.2%
+4.8%
-5.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+39.6%
+36.3%
-2.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$1.1B
+31.5%
+248.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+54.9%
+10.6%
+284.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
4.3%
+594.0%
+5.0%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.94x
+22.3%
+66.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to Tradeweb's Second Quarter 2026 Earnings Conference Call. As a reminder, today's call is being recorded and will be available for playback. To begin, I'll turn the call over to Head of Treasury, FP&A and Investor Relations, Ashley Serrao. Please go ahead.
Ashley Serrao: Thank you, and good morning. Joining me today for the call are our CEO, Billy Hult, who will review our business results and key growth initiatives; and our CFO, Sara Furber, who will review our financial results. We intend to use the website as a means of disclosing material nonpublic information and complying with our disclosure obligations under Regulation FD. I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements related to, among other things, our guidance are forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release, earnings presentation and periodic reports filed with the SEC. In addition, on today's call, we will reference certain non-GAAP measures as well as certain market and industry data. Information regarding these non-GAAP measures, including reconciliations to GAAP measures, is in our earnings release and earnings presentation. Information regarding market and industry data, including sources, is in our earnings presentation. Now let me turn the call over to Billy.
William Hult: Thanks, Ashley. Good morning, and thank you for joining our second quarter earnings call. We delivered another outstanding quarter, generating the second highest quarterly revenue in our history and building on the record performance we achieved last quarter. Through the first half of the year, we've generated nearly $1.2 billion of revenue, almost matching what we delivered in all of 2022. Just as importantly, our growth accelerated as the quarter progressed, with June revenue increasing more than 20% year-over-year. Unlike prior periods, this performance wasn't driven by a single episode of elevated market volatility. Instead, it reflects something more durable, deeper client engagement, broader adoption of electronic trading across our markets, and the benefits of investments we have made over many years in technology, workflows and connectivity to capitalize on structural opportunities. The backdrop of our business remains constructive. Even as the macro environment continues to be debated, clients are navigating a world shaped by changing interest rate expectations, persistent fiscal deficits, geopolitical developments, elections, regulation and rapid technological innovation. Primary issuance remained healthy across the U.S., Asia, Australia, the …
