Overview
- Tradeweb reported revenue of $617.8 million, net income of $233.2 million, GAAP EPS of $0.96, and record average daily volume above $3.3 trillion.
- Rates led the quarter with $344.2 million in revenue and a 44% jump in trading volume, while short‑dated swaps and swaptions nearly doubled.
- International revenue rose 29% to $274.1 million as more clients used the platform across regions and asset classes.
- The company added dealer algorithms from Citi and RBC for U.S. Treasuries and completed the first fully electronic swaption termination between Citadel and Wells Fargo on its SEF.
- Tradeweb expanded into prediction markets and crypto through stakes in Kalshi and Crossover Markets, executed tokenized repo on the Canton Network, held 1.6 billion Canton Coins valued at $243.5 million, and guided 2026 spending toward the top of its range with an AI assistant called TARA planned for Q2.