Tradeweb Markets Inc. · NASDAQ:TW
Tradeweb Markets — Q2 2026 Earnings Presentation
24 slides from Tradeweb Markets's earnings presentation, Jul 30, 2026
Slide 1: 2Q26 Earnings Conference Call
2Q26 Earnings Conference Call July 30, 2026 ©2026 Tradeweb Markets LLC. All rights res erved.
Slide 2: Disclaimers
2Q26 EARNINGS CONFERENCE CALL Disclaimers The inform ation in this presentation is current only as of its date and may have changed. We undertake no obligation to updat e this information in light of new information, fut ure events or otherwise. Basis o f Presentation Tradeweb Markets Inc. (unless t
Slide 3: Call Participants
2Q26 EARNINGS CONFERENCE CALL Call Participants STRATEGIC FINANCIAL WELCOME / REVIEW REVIEW INTRODUCTION & GROWTH INITIATIVES Billy Hult Sara Furber Ashley Serrao Chief Executive Officer Chief Financial Officer Head of Treasury, FP&A and Investor Relations ON TRADEWEB 3 ©2026 Tradeweb Markets LLC. A
Slide 4: Operating Performance Highlights
2Q26 EARNINGS CONFERENCE CALL 2Q26 Summary Revenue OPERATING International Revenues PERFORMANCE $558.9M $245.1M HIGHLIGHTS +9.0% y/y* +8.3% y/y (CC**) 1 +13.9% y/y +12.3% y/y (CC)1 Adjusted Adjusted Net Income2 Diluted EPS2 $228.1M $0.97 +10.7% y/y +11.5% y/y +8.9% y/y (CC)1 +10.3% y/y (CC)1 Adjuste
Slide 5: 2Q26 Revenue Results ($ in millions)
2Q26 EARNINGS CONFERENCE CALL 2Q26 Revenue Results ($ in millions) 2Q26 Revenue Growth of 9.0% Y/Y (CC 8.3%) 1 2Q26 y/y growth % 10.2% 3.3% 13.5% 5.6% 22.6% 0.7% 9.0% 2Q26 y/y constant 9.5% 2.7% 12.1% 5.2% 22.7% 0.7% 8.3% currency growth %1 YTD y/y growth % 19.8% 7.4% 22.1% 6.7% 7.4% 25.7% 15.1% YTD
Slide 6: Key Growth Initiatives
2Q26 EARNINGS CONFERENCE CALL Key Growth Initiatives Global IRS (ADV and Share1) 2Q26 Y/Y Growth U.S. Treasuries (ADV and Share2) 2Q26 Y/Y Growth ($ in billions) Total: +32% ($ in billions) Total: +5% Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) ADV Share (%) 23.8% 24.1% $300 22.1% 23.6
Slide 7: Credit Growth Initiatives
2Q26 EARNINGS CONFERENCE CALL Credit Growth Initiatives Expanding Share1,2 Growing Foundational U.S. RFQ Protocols (Share of TRACE $ in billions, ADV) ($ in millions, ADV) Institutional Client Count $3,514 800 892 948 1,109 1,222 $3,055 U.S. INVESTMENT GRADE 26.0% 25.7% 27.1% $12.0 $10.9 24.6% $9.6
Slide 8: IRS Growth Initiatives
2Q26 EARNINGS CONFERENCE CALL IRS Growth Initiatives Global Industry Interest Rates Swaps ADV and Risk Tradeweb Market Share by Currency 1,3,4 Market Share1,2 ($ in trillions) $6.0 $5.4 14% 31.6% 29.6% $5.0 12% 23.9% 26.2% $4.3 23.4% 23.3% 10% 21.6% 20.9% $4.0 $3.5 $2.9 8% 17.1%17.9% 18.2% 17.4% $3.
Slide 9: Structural Tailwinds Behind Durable Swaps Growth
2Q26 EARNINGS CONFERENCE CALL Structural Tailwinds Behind Durable Swaps Growth Greater Risk Outstanding and Higher Turnover Have Compounded Into ~14%¹˒² Average Annual Industry Volume Growth Open Interest Has Doubled to a Record… …And Now Trades Twice as Actively Global Swaps Industry Open Interest1
Slide 10: AiEX: Compounding Automation Into an AI Advantage
2Q26 EARNINGS CONFERENCE CALL AiEX1: Compounding Automation Into an AI Advantage A Proven Automation Framework That Continues to Show Broad-Based Growth… Growing AiEX Penetration Robust AiEX Client Trends Average Daily AiEX Trades % of Institutional Trades Top 200 clients Other Clients 45% 50,000 41
Slide 11: 2Q26 Financial Performance
2Q26 EARNINGS CONFERENCE CALL 2Q26 Financial Performance1 ($ in thousands, except per share amounts) Revenue Growth of 9.0% Y/Y (8.3% CC) 2 with 2Q26 Adjusted EBITDA Margin of 54.4% 6M26 Adjusted EBITDA Margin Expansion of +74 bps to 54.7% vs. FY 2025 of 54.0% %∆ %∆ Constant Currency 2Q26 2Q25 2Q26
Slide 12: Fees per Million Detail
2Q26 EARNINGS CONFERENCE CALL Fees per Million1 Detail %∆ %∆ 2Q26 1Q26 2Q25 2Q26 vs 1Q26 2Q26 vs 2Q25 Rates $ 2.07 $ 2.12 $ 2.29 (2.2)% (9.4)% Rates Cash $ 2.30 $ 2.30 $ 2.36 0.2 % (2.6)% Rates Derivatives $ 1.96 $ 2.04 $ 2.24 (3.9)% (12.7)% Rates Derivatives ≥ 1 Year $ 3.40 $ 3.85 $ 3.79 (11.7)% (1
Slide 13: Adjusted Expenses Detail ($ in thousands)
2Q26 EARNINGS CONFERENCE CALL Adjusted Expenses1 Detail ($ in thousands) 2Q26 Adjusted Expenses Increased 9.4% Y/Y (9.9% CC)2 %∆ %∆ Constant Currency 2Q26 2Q25 2Q26 vs 2Q25 2Q26 vs 2Q25 2 Adjusted Expenses Employee compensation and benefits a, d $ 171,506 $ 168,761 1.6 % 1.3 % Depreciation and amort
Slide 14: Capital Management & FY Guidance
2Q26 EARNINGS CONFERENCE CALL Capital Management & FY Guidance Capital Management Key Highlights • $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of June 30, 2026 • As of June 30, 2026, we held 1.6 billion Canton Coins, valued at $230.0 million1 of which we
Slide 15: Share Count Sensitivity
2Q26 EARNINGS CONFERENCE CALL Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Q3 2026 Share Price $90.00 234,381,177 $100.00 234,414,686 $110.00 234,444,182 $120.00 234,470,937 $130.00 234,505,737 The pro forma adjusted fully diluted weighted average
Slide 16: Appendix
Appendix ON TRADEWEB 16 ©2026 Tradeweb Markets LLC. All rights res erved.
Slide 17: Quarterly ADV
2Q26 EARNINGS CONFERENCE CALL Quarterly ADV 2Q26 ADV of $3,013BN (Y/Y, +14.7% ex Swaps <1 year) KEY Cash Derivatives Rates1 2Q26 Y/Y Growth Credit1 2Q26 Y/Y Growth ($ in billions) Total: +23% ($ in billions) Total: +13% Cash: +9%; Derivatives: +32% Cash: +6%; Derivatives: +20% $2,081 $68.9 $2,000 $7
Slide 18: Fee Per Million (FPM) Commentary (Y/Y)
2Q26 EARNINGS CONFERENCE CALL Fee Per Million (FPM) Commentary (Y/Y) Rates Avg FPM: -9% Credit Avg FPM: -8% Cash Rates: -3% Cash Credit: -11% • Lower FPM primarily due to a mix shift away from retail and • Lower FPM due to mix shift away from higher FPM municipal wholesale U.S. Government Bonds, whi
Slide 19: Reconciliation of Non-GAAP Financial Measures ($ in thousands)
2Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 2Q26 2Q25 6M26 FY25 Net income $ 206,686 $ 175,522 $ 439,853 $ 921,500 Merger and acquisition transaction and integration costs 1 305 3,772 482 6
Slide 20: Reconciliation of Non-GAAP Financial Measures cont.
2Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Recon ciliation of Oper ating Expenses to Adjusted Expenses 2Q26 2Q25 Operating expenses $ 313,684 $ 313,118 Merger and acquisition transac tion and integration costs 1 (305)
Slide 21: Reconciliation of Non-GAAP Financial Measures cont.
2Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Recon ciliation of Net Income attributable to Tradeweb Successor Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predeces
Slide 22: Quarterly Volumes
2Q26 EARNINGS CONFERENCE CALL Quarterly Volumes Q2 2026 Q1 2026 Q2 2025 QoQ YoY Asset Class Product ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV ADV Rates Cash 595,662 36,926,094 670,125 41,021,925 546,388 33,874,564 -11.11% 9.02% U.S. Government Bonds 2
Slide 23: U.S. Corporate Bonds
2Q26 EARNINGS CONFERENCE CALL U.S. Corporate Bonds Using Market Reporting Standards TRADEWEB MARKETS Q2 2026 Q1 2026 Q2 2025 QoQ YoY Volume (USD mm) Trades Volume (USD mm) Trades Volume (USD mm) Trades Volume (USD mm) Volume (USD mm) % of % of % of % of % of % of % of % of Product Type ADV Total TRA
Slide 24: Investor Relations Contacts
Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 www.tradeweb.com Ashley Serrao, CMA, CFA Sameer Murukutla, CFA RATES Head of Treasury, FP&A & Investor Relations Managing Director, Investor Relations Tel: 646-430-6027 Tel: 646-767-4864 Email: ashley.serrao@tradeweb.com Email: sameer.murukutl