Tradeweb (TW) · Q2 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is $267.34 a share — the stock trades 51% below it. Today's price assumes 9.7% growth a year.

1. Guidance

   Expenses are still expected to hit the top half of the original forecast because business momentum remains strong.

   Source quote

   “In light of our continued strong business momentum, we are maintaining our guidance for the adjusted expenses to trend toward the top half of the initial guidance range...”

2. Guidance

   Tradeweb expects the second half to show slower expense growth relative to the prior year comparisons.

3. Figure

   The company generated nearly $1.2 billion in revenue through the first half of the year, which almost matches the amount delivered in the previous period.

   Source quote

   “Through the first half of the year, we've generated nearly $1.2 billion of revenue, almost matching what we delivered...”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“And risk share keeps climbing as clients ultimately execute more risk with us.”

“As you know, with June revenue up 20% year-over-year, even as I think treasury intraday volatility fell about 20% from March levels.”

“Following the pickup in average intraday volatility in March, market conditions began to moderate in the second quarter with volatility down 20% from March levels.”