Tradeweb Markets is the electronic marketplace sitting between dealers and institutions in rates, credit, and cash. The quarter ended June 30, 2026. The print tests whether share gains still compound after volatility faded. Growth cooled from last year's mid-teens clip into high single digits, and the market treated that cooling as a valuation event. Average daily volume reached $3 trillion.
The 18 percent volume lift outran a 9 percent revenue gain because mix shifted toward lower-fee products. International clients supplied most of the incremental billing while fees per million in rates and cash credit fell. Rates still produced the largest dollar increment as swaps core risk share climbed. That share now sits at 24 percent. Credit barely grew as retail slumped and portfolio trading diluted capture. Market data jumped after the amended LSEG license, a related-party contract with the controlling stockholder.
Cash generation stayed the offset. Adjusted earnings before interest, taxes, depreciation, and amortization held a mid-fifties margin, buybacks stepped up after the post-print slide, and the June-quarter close left more than $2 billion of cash against almost no drawn debt. The next several prints resolve whether international share and automation can re-accelerate capture, or whether fee mix keeps converting volume records into only mid-single-digit revenue.