Analyst Consensus ?
ConsensusBuy28 ratings
Bullish1967.9%
Neutral932.1%
Bearish00.0%
Tradeweb Markets Inc. · TW · FY2026 Q2 · Calendar Q3 2026
Tradeweb posts 9% revenue growth as AI tools gain traction
Tradeweb's current earnings support a technology-led growth thesis: broad market-share gains, international expansion, and early AI adoption are positive, while competitive, regulatory, macro, and monetization risks remain unresolved.
Reported Before market openNASDAQFinancial Services
$26.47B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.97
Consensus $0.94
EPS surprise
+3.1%
Reported versus consensus
Reported revenue
$558.9M
Consensus $559.2M
Revenue surprise
-0.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.6%
Event window
SPY move
+1.7%
Same window
Abnormal move
-11.3%
Stock minus SPY
Volume
5.2×
Versus trailing sessions
Subsequent drift
+10.5%
Up to 20 sessions
TWSPY benchmark
Ask FN2 about TW FY2026 Q2
Transcript, numbers and history already loaded
Why did TW fall 9.6% after beating EPS estimates in FY2026 Q2?What changed in TW's guidance and outlook in FY2026 Q2?Give me the bull and bear case for TW after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue grew 9% year over year to a record $559 million, international revenue contributed 44% of total growth, and management highlighted early client adoption of TARA, a Kalshi pricing page, and mortgage-pool electronic trading revenue up about 40% year to date.
Guidance delta
Guidance was maintained: 2026 adjusted expenses remain in the top half of the prior range, alongside continued investment in AI and frontier markets.
Key takeaways
- Revenue growth was broad-based across rates, credit, equities, and market data.
- AI and automation products—AiEX, TARA, and SNAP+—were described as gaining client traction.
- U.S. Treasury market share reached 22.5%, while management also cited record block-trade volumes and RFQ activity.
- The balance sheet included $2.1 billion of cash and $1 billion of free cash flow; the dividend rose 16.7% and share repurchases continued.
Management priorities
- Expand AiEX, TARA, and SNAP+ across more asset classes.
- Increase electronic trading in European credit, emerging-market and Asian swaps, and mortgage pools.
- Invest in frontier markets, tokenization, and crypto-related capabilities while maintaining capital returns.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$122.54Current
$90Low
$124.73Average
$182High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 12, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| UBS | Buy | Buy | Maintain | Sep 9, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Jul 31, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 7, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jun 30, 2026 |
| Rothschild & Co | Neutral | Buy | Downgrade | Sep 18, 2025 |
| Citigroup | Buy | Buy | Maintain | Sep 8, 2025 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 31, 2025 |
| TD Securities | Buy | Buy | Maintain | May 1, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 2, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 11, 2024 |
| Rosenblatt | Buy | Buy | Maintain | Feb 7, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 12, 2023 |
| Redburn | Buy | Buy | Maintain | Mar 31, 2021 |
| Compass Point | Buy | Neutral | Upgrade | Jan 13, 2021 |
| Keefe Bruyette & Woods | Perform | Market Perform | Maintain | May 8, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Sep 13, 2019 |
| Sandler O'Neill | Hold | Hold | Maintain | Apr 29, 2019 |
| Jefferies | Hold | Hold | Maintain | Apr 29, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 1, 2015 |
| Stifel | Buy | Buy | Maintain | Jul 1, 2015 |
| Baird | Outperform | Outperform | Maintain | Jun 1, 2015 |
| Canaccord Genuity | Buy | Buy | Maintain | Sep 10, 2014 |
| MKM Partners | Buy | Buy | Maintain | Aug 13, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $122.54. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Loop Capital Markets | Analyst unavailable | $182 | $110.68 | +48.5% | Oct 15, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $109.98 | +2.0% | Oct 14, 2026 |
| Loop Capital Markets | Analyst unavailable | $107 | $111.49 | -12.7% | Oct 12, 2026 |
| Raymond James | Analyst unavailable | $128 | $106.59 | +4.5% | Oct 7, 2026 |
| Loop Capital Markets | Analyst unavailable | $116 | $107.54 | -5.3% | Oct 7, 2026 |
| Wells Fargo | Analyst unavailable | $118 | $103.3 | -3.7% | Oct 1, 2026 |
| Loop Capital Markets | Craig Siegenthaler | $178 | $101.8 | +45.3% | Aug 5, 2026 |
| Loop Capital Markets | Kenneth Worthington | $117 | $100.5 | -4.5% | Aug 3, 2026 |
| Loop Capital Markets | Bill Katz | $98 | $100.24 | -20.0% | Jul 31, 2026 |
| Piper Sandler | Patrick Moley | $102 | $97.8 | -16.8% | Jul 31, 2026 |
| Loop Capital Markets | Benjamin Budish | $113 | $97.8 | -7.8% | Jul 31, 2026 |
| Morgan Stanley | Analyst unavailable | $122 | $97.56 | -0.4% | Jul 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $114 | $97.84 | -7.0% | Jul 9, 2026 |
| Raymond James | Analyst unavailable | $151 | $99.88 | +23.2% | Jul 7, 2026 |
| Loop Capital Markets | Alexander Blostein | $146 | $92.1 | +19.1% | Jun 29, 2026 |
| Loop Capital Markets | Analyst unavailable | $109 | $99.54 | -11.0% | Jun 22, 2026 |
| Redburn Partners | Analyst unavailable | $110 | $100.99 | -10.2% | Jun 11, 2026 |
| UBS | Alex Kramm | $150 | $108.67 | +22.4% | May 11, 2026 |
| Loop Capital Markets | Benjamin Budish | $118 | $118.12 | -3.7% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $138 | $121.9 | +12.6% | Apr 10, 2026 |
| Loop Capital Markets | Bill Katz | $129 | $122.41 | +5.3% | Apr 9, 2026 |
| Loop Capital Markets | Analyst unavailable | $145 | $126.44 | +18.3% | Apr 8, 2026 |
| Morgan Stanley | Analyst unavailable | $123 | $114.17 | +0.4% | Feb 10, 2026 |
| Loop Capital Markets | Analyst unavailable | $203 | $112.13 | +65.7% | Feb 9, 2026 |
| Loop Capital Markets | Bill Katz | $130 | $111.81 | +6.1% | Feb 6, 2026 |
| Piper Sandler | Analyst unavailable | $112 | $109.53 | -8.6% | Feb 6, 2026 |
| Loop Capital Markets | Analyst unavailable | $122 | $109.53 | -0.4% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $162 | $105.16 | +32.2% | Jan 15, 2026 |
| Loop Capital Markets | Bill Katz | $131 | $104.11 | +6.9% | Jan 14, 2026 |
| UBS | Analyst unavailable | $145 | $105.19 | +18.3% | Jan 9, 2026 |
| Raymond James | Patrick O\'Shaughnessy | $138 | $106.97 | +12.6% | Jan 7, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $104.52 | -2.9% | Dec 22, 2025 |
| Loop Capital Markets | Analyst unavailable | $189 | $106.97 | +54.2% | Dec 10, 2025 |
| Loop Capital Markets | Bill Katz | $140 | $103.3 | +14.2% | Oct 31, 2025 |
| Loop Capital Markets | Analyst unavailable | $135 | $104.67 | +10.2% | Oct 31, 2025 |
| Loop Capital Markets | Benjamin Budish | $132 | $104.15 | +7.7% | Oct 31, 2025 |
| Morgan Stanley | Michael Cyprys | $124 | $108.9 | +1.2% | Oct 21, 2025 |
| Loop Capital Markets | Analyst unavailable | $201 | $108.44 | +64.0% | Oct 14, 2025 |
| Raymond James | Patrick O'Shaughnessy | $134 | $108.35 | +9.4% | Oct 14, 2025 |
| Piper Sandler | Patrick Moley | $110 | $108.35 | -10.2% | Oct 14, 2025 |
| Loop Capital Markets | Analyst unavailable | $144 | $104.59 | +17.5% | Oct 8, 2025 |
| UBS | Analyst unavailable | $135 | $104.08 | +10.2% | Oct 7, 2025 |
| Loop Capital Markets | Craig Siegenthaler | $209 | $107.6 | +70.6% | Oct 2, 2025 |
| Morgan Stanley | Michael Cyprys | $125 | $106.56 | +2.0% | Oct 1, 2025 |
| Redburn Partners | Analyst unavailable | $129 | $115.09 | +5.3% | Sep 18, 2025 |
| Loop Capital Markets | Analyst unavailable | $161 | $143.85 | +31.4% | Jul 31, 2025 |
| Loop Capital Markets | Alexander Blostein | $136 | $146.12 | +11.0% | Jul 31, 2025 |
| Loop Capital Markets | Analyst unavailable | $170 | $146.12 | +38.7% | Jul 30, 2025 |
| Piper Sandler | Patrick Moley | $130 | $134.92 | +6.1% | Jul 15, 2025 |
| Loop Capital Markets | Benjamin Budish | $154 | $132.59 | +25.7% | Jan 13, 2025 |
| Loop Capital Markets | Bill Katz | $151 | $128.79 | +23.2% | Oct 31, 2024 |
| Loop Capital Markets | Benjamin Budish | $149 | $128.79 | +21.6% | Oct 31, 2024 |
| Raymond James | Patrick O'Shaughnessy | $133 | $133.28 | +8.5% | Oct 7, 2024 |
| Loop Capital Markets | Bill Katz | $139 | $121.43 | +13.4% | Sep 25, 2024 |
| Loop Capital Markets | Benjamin Budish | $124 | $104.25 | +1.2% | Jul 10, 2024 |
| Loop Capital Markets | Christopher Allen | $125 | $105.1 | +2.0% | Jul 9, 2024 |
| Piper Sandler | Patrick Moley | $108 | $105.1 | -11.9% | Jul 9, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $121 | $101 | -1.3% | Apr 19, 2024 |
| Loop Capital Markets | Brian Bedell | $104 | $100.1 | -15.1% | Apr 5, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $120 | $103.54 | -2.1% | Apr 2, 2024 |
| Raymond James | Patrick O'Shaughnessy | $74 | $64.75 | -39.6% | Dec 7, 2022 |
| Morgan Stanley | Analyst unavailable | $127 | $70.14 | +3.6% | May 2, 2022 |
| Credit Suisse | Analyst unavailable | $101 | $74.14 | -17.6% | Apr 29, 2022 |
| Compass Point | Christopher Allen | $100 | $85.58 | -18.4% | Jul 8, 2021 |
| Barclays | Jeremy Campbell | $90 | $78.73 | -26.6% | Apr 12, 2021 |
Track every rating change on TW the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTradeweb Markets Inc. is a global provider that develops and manages sophisticated electronic trading platforms across the Americas, Europe, the Middle East, Africa, and Asia Pacific. These digital venues facilitate transactions in a diverse array of financial instruments, including fixed income (rates and credit), money market products, and equities. The company offers a comprehensive range of services, encompassing pre-trade analytics and data, efficient trade execution, and streamlined processing. It also delivers valuable post-trade data insights, analytical tools, and detailed reporting solutions. Tradeweb caters to a broad spectrum of market participants.…
Historical context
All TW earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CBOE Cboe Global Markets, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.8% | +6.8% | Cboe posts strong Q3 as options growth and new products advance |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.0% | NatWest maintains guidance as Q3 growth and capital remain strong |
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
| COIN Coinbase Global, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1189.2% | -10.6% | Coinbase offsets lower spot trading with prediction markets and AI agents |
| TPG TPG Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.3% | +7.5% | TPG raises FRE margin outlook as capital formation accelerates |
| AJG Arthur J. Gallagher & Co. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +2.9% | AJG: Q3 growth and AssuredPartners synergies support outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
- ABBVFY2026 Q3 · October 30, 2026+2.4% EPS+1.4% move
- GDFY2026 Q3 · October 30, 2026+9.0% EPS+0.5% move
- MGAFY2026 Q3 · October 30, 2026+15.8% EPS-1.4% move
Missed on EPS
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
Get the TW recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-03T15:11:00.107972+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T09:50:42.392125+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T09:50:42.389288+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.