Tradeweb Markets Inc. · NASDAQ:TW

Tradeweb Markets — Q1 2026 Earnings Presentation

23 slides from Tradeweb Markets's earnings presentation, Apr 29, 2026

  1. Slide 1: 1Q26 Earnings Conference Call

    1Q26 Earnings Conference Call April 29, 2026 ©2026 Tradeweb Markets LLC. All rights reserved.

  2. Slide 2: Disclaimer

    1Q26 EARNINGS CONFERENCE CALL Disclaimer The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the co

  3. Slide 3: Call Participants

    1Q26 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

  4. Slide 4: Operating Performance Highlights

    1Q26 EARNINGS CONFERENCE CALL 1Q26 Summary Revenue OPERATING International Revenues PERFORMANCE $617.8M $274.1M HIGHLIGHTS +21.2% y/y* +17.5% y/y (CC**)1 +29.4% y/y +20.7% y/y (CC)1 Adjusted Adjusted Net Income2 Diluted EPS2 $255.1M $1.08 +24.0% y/y +25.6% y/y +21.5% y/y (CC)1 +22.7% y/y (CC)1 Adjus

  5. Slide 5: 1Q26 Revenue Results

    1Q26 EARNINGS CONFERENCE CALL 1Q26 Revenue Results ($ in millions) 1Q26 Revenue Growth of 21.2% Y/Y (CC 17.5%)1 ($1.8) 1Q26 y/y growth % 29.7% 11.5% 31.5% 7.8% (4.6)% 56.2% 21.2% 1Q26 y/y constant 24.9% 8.7% 25.2% 6.0% (5.5)% 56.1% 17.5% currency growth %1 1. Changes presented on a “constant currenc

  6. Slide 6: Key Growth Initiatives

    1Q26 EARNINGS CONFERENCE CALL Key Growth Initiatives Global IRS (ADV and Share1) 1Q26 Y/Y Growth U.S. Treasuries (ADV and Share2) 1Q26 Y/Y Growth ($ in billions) Total: +60% ($ in billions) Total: +16% Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) ADV Share (%) $300 22.1% 23.6% 23.3% 24.

  7. Slide 7: Credit Growth Initiatives

    1Q26 EARNINGS CONFERENCE CALL Credit Growth Initiatives Expanding Share1,2 Growing Foundational U.S. RFQ Protocols (Share of TRACE $ in billions, ADV) ($ in millions, ADV) $3,733 Institutional Client Count 779 873 927 1,060 1,200 U.S. INVESTMENT GRADE 25.0% $2,834 25.9% 12.8 26.2% 11.4 23.1% 10.4 22

  8. Slide 8: IRS Growth Initiatives

    1Q26 EARNINGS CONFERENCE CALL IRS Growth Initiatives Global Industry Interest Rates Swaps ADV and Risk Tradeweb Market Share by Currency1,3,4 Market Share1,2 ($ in trillions) $5.8 $6.0 14% 31.3% 28.6% $5.0 12% 24.1% $4.3 25.2% 22.9% 23.5% 10% 21.0% $4.0 $3.5 19.8% $2.9 8% 16.8%17.8% 16.9% 16.6% $3.0

  9. Slide 9: 1Q26 Financial Performance

    1Q26 EARNINGS CONFERENCE CALL 1Q26 Financial Performance1 ($ in thousands, except per share amounts) Revenue Growth of 21.2% Y/Y (17.5% CC)2 with 1Q26 Adjusted EBITDA Margin of 55.0% 1Q26 Adjusted EBITDA Margin Expansion of +101 bps to 55.0% vs. FY 2025 of 54.0% %∆ %∆ Constant Currency 1Q26 1Q25 1Q2

  10. Slide 10: Fees per Million Detail

    1Q26 EARNINGS CONFERENCE CALL Fees per Million1 Detail %∆ %∆ 1Q26 4Q25 1Q25 1Q26 vs 4Q25 1Q26 vs 1Q25 Rates $ 2.12 $ 1.98 $ 2.22 7.3% -4.6% Rates Cash $ 2.30 $ 2.26 $ 2.36 1.7% -2.7% Rates Derivatives $ 2.04 $ 1.84 $ 2.14 10.9% -4.7% Rates Derivatives ≥ 1 Year $ 3.85 $ 3.69 $ 3.53 4.4% 8.9% Other Ra

  11. Slide 11: Adjusted Expenses Detail

    1Q26 EARNINGS CONFERENCE CALL Adjusted Expenses1 Detail ($ in thousands) 1Q26 Adjusted Expenses Increased 20.2% Y/Y (15.3% CC)2 %∆ %∆ Constant Currency 1Q26 1Q25 1Q26 vs 1Q25 1Q26 vs 1Q25 2 Adjusted Expenses Employee compensation and benefits a, d $ 196,960 $ 175,913 12.0 % 10.3 % Depreciation and a

  12. Slide 12: Capital Management & FY Guidance

    1Q26 EARNINGS CONFERENCE CALL Capital Management & FY Guidance Capital Management Key Highlights • $1.9 billion in cash and cash equivalents and an undrawn $500 million credit facility as of March 31, 2026 • As of March 31, 2026, we held 1.6 billion Canton Coins, valued at $243.5 million1 • TTM ende

  13. Slide 13: Extending Our Playbook into Frontier Markets

    1Q26 EARNINGS CONFERENCE CALL Extending Our Playbook into Frontier Markets Applying our network and proven execution infrastructure with the goal to build the next generation of market infrastructure and trading. THREE KEY VERTICALS Tokenization Institutional Crypto Prediction Markets Enhancing elec

  14. Slide 14: Share Count Sensitivity

    1Q26 EARNINGS CONFERENCE CALL Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Q2 2026 Share Price $110.00 236,365,614 $120.00 236,397,288 $130.00 236,439,810 $140.00 236,489,005 $150.00 236,535,871 The pro forma adjusted fully diluted weighted average

  15. Slide 15: Appendix

    Appendix ON TRADEWEB 15 ©2026 Tradeweb Markets LLC. All rights reserved.

  16. Slide 16: Quarterly ADV

    1Q26 EARNINGS CONFERENCE CALL Quarterly ADV 1Q26 ADV of $3,348BN (+31.4% Y/Y, +21.7% ex Swaps <1 year) KEY Cash Derivatives Rates1 1Q26 Y/Y Growth Credit1 1Q26 Y/Y Growth ($ in billions) Total: +44% ($ in billions) Total: +42% Cash: +20%; Derivatives: +60% Cash: +12%; Derivatives: +59% $2,081 $68.9

  17. Slide 17: Fee Per Million (FPM) Commentary (Y/Y)

    1Q26 EARNINGS CONFERENCE CALL Fee Per Million (FPM) Commentary (Y/Y) Rates Avg FPM: -5% Credit Avg FPM: -25% Cash Rates: -3% Cash Credit: -15% • Lower FPM primarily due to a mix shift away from retail and • Lower FPM was driven by the 2025 introduction of minimum fees wholesale U.S. Government Bonds

  18. Slide 18: Reconciliation of Non-GAAP Financial Measures

    1Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 1Q26 1Q25 FY25 Net income $ 233,167 $ 168,305 $ 921,500 Merger and acquisition transaction and integration costs 1 177 2,496 6,891 Interest incom

  19. Slide 19: Reconciliation of Non-GAAP Financial Measures cont.

    1Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Reconciliation of Operating Expenses to Adjusted Expenses 1Q26 1Q25 Operating expenses $ 330,511 $ 305,576 Merger and acquisition transaction and integration costs 1 (177) (2,

  20. Slide 20: Reconciliation of Non-GAAP Financial Measures cont.

    1Q26 EARNINGS CONFERENCE CALL Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Reconciliation of Net Income attributable to Tradeweb Successor Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecess

  21. Slide 21: Quarterly Volumes

    1Q26 EARNINGS CONFERENCE CALL Quarterly Volumes Q1 2026 Q4 2025 Q1 2025 QoQ YoY Asset Class Product ADV (USD mm) Volume (USDmm) ADV (USD mm) Volume (USDmm) ADV (USD mm) Volume (USDmm) ADV ADV Rates Cash 670,125 41,021,925 556,909 34,664,626 558,883 34,192,846 20.33% 19.90% U.S. Government Bonds 283,

  22. Slide 22: U.S. Corporate Bonds

    1Q26 EARNINGS CONFERENCE CALL U.S. Corporate Bonds Using Market Reporting Standards TRADEWEB MARKETS Q1 2026 Q4 2025 Q1 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

  23. Slide 23: 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

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