Tradeweb (TW)
Connects market participants across multi-asset electronic trading workflows.
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Operates electronic marketplaces across rates, credit, equities and money markets, alongside data, analytics, processing and reporting. Transaction fees and commissions dominate the revenue model, supported by subscription and market-data fees across institutional, wholesale, retail and corporate channels.
Runs electronic marketplaces across rates, credit, equities and money markets, with data and analytics, electronic execution, straight-through processing and reporting spanning the trade lifecycle. Institutional, wholesale, retail and corporate clients use the network across North America, Europe, Asia and other international markets.
Connects order-management, accounting, clearing, middleware and reporting systems while supporting multiple execution protocols. Expansion has extended established workflows into adjacent asset classes, regions and client groups; acquisitions added wholesale U.S. Treasury trading, Australian and New Zealand rates markets, algorithmic execution and corporate treasury technology.
Transaction fees and commissions provide most revenue, supplemented by subscription and market-data fees. Activity therefore depends on trading volumes and market participation, reliable electronic infrastructure and client integrations, cybersecurity controls, and regulatory authorization across jurisdictions.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | Loop Capital Markets | Target | Target: $117 | Target: $178 |
| Aug 3, 2026 | Loop Capital Markets | Target | Target: $98 | Target: $117 |
| Jul 31, 2026 | Loop Capital Markets | Target | Target: $113 | Target: $98 |
| Jul 31, 2026 | Piper Sandler | Reiterate | Rating: —Target: $112 | Target: $102 |
| Jul 10, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $138 | Target: $122 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.06B · Total debt $150.3M · Total assets $8.25B · Shareholders' equity $6.63B
- Revenue
- $558.9M
- Operating income
- $245.3M
- Net income
- $181.3M
HistoryDividendAnnual yield
| Institutions | ≥ 46.32% | 108.41M shares | |
|---|---|---|---|
| 571 holders · as of Jun 30, 2026 · largest filers only | |||
| Insiders | 0.06% | 151.9K shares | |
| 11 holders · as of Aug 18, 2026 | |||
| Other | ≤ 53.62% | 125.47M shares | |
| remainder | |||
234.03M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (234.03M in the company's Sep 23, 2026 report, 212.89M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the 100 largest filers, so at least this.
This company has 4 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Price T Rowe Associates Inc /MD/Institution | 7.00% | 16.38M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 2.94% | 6.88M A | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 2.65% | 6.20M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 2.59% | 6.06M A | as of Jun 30, 2026 |
Owership Capital B.V.Institution | 2.45% | 5.72M | filed Jun 8, 2021 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Troy Dixon | officer: MD, Co-Head of Global Markets | −2,584 | $106.06 |
| Aug 14, 2026 | Troy Dixon | officer: MD, Co-Head of Global Markets | −546 | $105.74 |
| Jun 1, 2026 | Justin Peterson | officer: Chief Technology Officer | −21,221 | $102.00 |
| May 26, 2026 | Steven Berns | director | −425 | $105.26 |
| Apr 15, 2026 | Justin Peterson | officer: Chief Technology Officer | −21,221 | $120.66 |
- MarketAxess
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Wholesale rates rival spanning cash Treasuries, repo, and derivatives
- BGC Group
Wholesale rates and credit rival through FMX and Fenics
- Intercontinental Exchange
Fixed-income execution and data rival across bonds and MBS
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tradeweb | $101.22 | +1.48% | $21.23B | 23.9 | 23.8 | 9.6 | +9.0% |
| MarketAxess | $163.74 | +0.19% | $5.75B | 19.3 | 19.9 | 6.6 | −2.8% |
| CME Group | $273.19 | +2.24% | $96.08B | 22.7 | 22.0 | 14.2 | +0.8% |
| BGC Group | $12.23 | −0.32% | $5.82B | 29.5 | 8.3 | 1.7 | +7.9% |
| Intercontinental Exchange | $157.04 | +2.69% | $85.85B | 21.6 | 19.1 | 6.4 | −18.3% |
| Median | 22.1 | 19.5 | 6.5 | −1.0% |