Abstract

Tradeweb Markets Inc. will report its quarterly results on February 05, 2026 Pre-Market; this preview compiles last quarter’s actuals, this quarter’s forecast, and recent institutional commentary to frame expectations on revenue, margins, and adjusted EPS.

Market Forecast

Consensus and company-guided indicators point to current-quarter revenue of USD 514.00 million, adjusted EBIT of USD 248.54 million, and adjusted EPS of USD 0.84, with forecast year-over-year growth of 11.21% for revenue, 11.78% for EBIT, and 13.30% for EPS; model-implied gross profit margin and net profit margin are expected to remain resilient, though no explicit quarterly guidance was provided for margins. The main business is expected to be led by rates trading and related transaction revenues, with continued healthy client activity and data solutions contributing to stability. The most promising segment appears to be Rates (USD 274.50 million last quarter) with diversified product breadth fueling consistent year-over-year gains across U.S. Treasuries, European government bonds, and interest rate swaps.

Last Quarter Review

Tradeweb Markets Inc. reported last quarter revenue of USD 508.60 million, gross profit margin of 93.33%, GAAP net profit attributable to the parent company of USD 186.00 million, net profit margin of 36.54%, and adjusted EPS of USD 0.87, with year-over-year growth for adjusted EPS of 16.00%. Quarter-on-quarter net profit grew by 20.71%, supported by both trading activity and operating leverage. The main business composition featured Rates at USD 274.50 million, Credit at USD 121.33 million, Money Markets at USD 42.89 million, Market Data at USD 30.82 million, Equities at USD 29.83 million, and Other at USD 9.23 million, highlighting Rates as the dominant revenue anchor.

Current Quarter Outlook

Main business: Rates trading and transaction services

Rates is the largest revenue contributor and a critical determinant of the quarter’s financial outcomes. Given recent market dynamics, including steady volumes in U.S. Treasuries and continued electronification across global government bonds and interest rate swaps, the segment benefits from breadth across products and geographies. Client adoption of multi-protocol trading, request-for-quote workflows, and streaming liquidity has supported stable pricing and high conversion of volumes into fee revenues. With last quarter’s Rates revenue at USD 274.50 million, the base is substantial, and forecast trends for total company revenue suggest double-digit year-over-year growth remains attainable. Risks are tied to episodic volume normalization and macro shocks that can reduce trading velocity, though platform diversification has historically mitigated volatility.

Most promising business: Credit platform breadth and automation

Credit has been expanding through protocol innovation such as portfolio trading, request-for-quote improvements, and all-to-all models that enhance liquidity and execution certainty. Last quarter’s Credit revenue of USD 121.33 million underscores the segment’s scale, and ongoing electronification in investment-grade and high-yield credits, including ETFs and portfolio hedging tools, has widened addressable market opportunities. Growth drivers include institutional workflow integration and analytics that reduce transaction costs, which can attract incremental flow even when spreads compress. The balance of automation and dealer connectivity tends to sustain volumes through varying market regimes, positioning Credit as a potential outperformer when risk markets remain constructive.

Stock price drivers: Margin durability, client activity mix, and operating leverage

The persistent gross profit margin of 93.33% speaks to the platform’s operating model, which leverages scale with relatively modest variable costs. Investors will focus on whether margin durability continues, particularly the net profit margin near 36.54%, as it reflects efficient conversion of volumes into earnings. Client activity mix across asset classes and regions can influence fee capture and pricing; higher rates activity generally supports stable take rates, while credit market breadth can enhance revenue diversity. Operating leverage remains a central theme: as revenues grow faster than expenses, adjusted EPS benefits, which aligns with the forecast growth of 13.30% this quarter. Any indications of increased investment spend or slower onboarding could temper EPS trajectory.

Analyst Opinions

Institutional commentary over the past months has been predominantly constructive, with the majority of opinions leaning bullish on near-term revenue and EPS momentum. Views emphasize the consistency in electronified rates and credit workflows and the support from client engagement across protocols, pointing to durable double-digit revenue growth and resilient margins. Analysts highlight the revenue mix anchored by Rates and complemented by growth in Credit and Market Data, noting that the company’s expense discipline and platform scale should allow EBIT growth of 11.78% to translate into EPS gains of 13.30%. The constructive stance centers on stable market volumes and continued adoption of electronic trading solutions, with valuation sensitivity linked to proof of ongoing operating leverage in the February 05, 2026 Pre-Market print.