TW Tradeweb Markets Inc

$TW +4%, after a planned $1.970B Trumid acquisition. $2.05B in FY 2025 revenue. $1.70B came from transaction fees. $812.16M in net income. See the complete flow with Finviz Revenue & Expenses Breakdown.

$TW Tradeweb, operator of electronic marketplaces for rates and credit, will pay ~$1.89B cash, funded mainly from cash on hand, plus $82M in stock for credit platform Trumid. That cash is ~92% of its $2.06B cash at June 30, 2026; the ~$1.97B total (incl. ~$220M for tax assets) is ~8% of its ~$24.37B market value at $114.705 (16:40 ET, Oct 19, 2026). In return it expects adjusted EPS accretion within the first full year after closing. Call Oct 20, 8:30 AM EDT; Q3 results Oct 29; close targeted 1H 2027 pending regulatory approvals.

$TW Will Tradeweb's 17.2% adjusted EPS growth carry into Q4 under its revised $1,155–1,175M 2026 expense guide? 🏢 Tradeweb, which runs electronic markets for rates, credit, equities and money markets and was worth about $25.46B at $119.82 (16:00 ET, Oct 28, 2026), grew Q3 2026 revenue 14.9% to $584.5M as average daily volume rose 22.4% ⚠️ The 2026 adjusted expense guide is now $1,155–1,175M, trending towards the middle, and after $863.4M spent through September that midpoint implies about $301.6M in Q4, roughly 4.7% above Q3's $288.1M 📉 GAAP profit lagged the adjusted figures, with net income up only 6.8% to $224.9M because other income fell to $18.7M from $39.4M, including a $24.0M unrealized loss on Canton Coin holdings 📅 Next: Quarterly dividend of $0.14 is payable December 15, 2026 to holders of record December 1, 2026; the close of the ~$1.97B Trumid credit-marketplace acquisition is targeted in the first half 2027 Source: SEC 8-K, Oct 29, 2026 + SEC 8-K, Oct 19, 2026

$TW reported earnings before the open: adjusted EPS of $1.02 vs. $1.01 estimated, a beat of 1.0%. I used Stock Meadow to review the results.

$TW Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $1.02 up 17.24% YoY • Reported revenue of $584.54M up 14.93% YoY • Tradeweb Markets Inc. expects total cash paid for capital expenditures and software development costs for fiscal year 2026 to be between $107M and $117M, excluding cash paid at closing for acquisitions.

$TW reports earnings tomorrow before the open. I’m bullish heading into the report: TW has beaten EPS estimates in 7 of its last 8 reports, according to Stock Meadow.

$TW Tradeweb is buying Trumid for about 1.97 billion dollars, announced after Monday's close. The split inside that number: 1.75 billion for the business, plus roughly 220 million for tax assets. Consideration is about 1.89 billion in cash, funded mostly from cash on hand, plus 82 million in stock. Close is targeted for the first half of 2027, and Tradeweb expects the deal to add to adjusted EPS in the first full year after closing. Trumid gets Tradeweb into grey-market and new-issue trading, earlier in a bond's life than its secondary-market base. The stock first dropped about 11% after hours Monday, then recovered. Up about 4% today to around 119 dollars.

Tradeweb Markets agreed to acquire fixed-income electronic trading platform Trumid for approximately $1.97 billion, expanding its presence in U.S. credit markets and strengthening its electronic trading capabilities. The acquisition will position Tradeweb earlier in the credit lifecycle and broaden its reach into grey markets, where securities trade before official issuance or broader distribution. Tradeweb CEO Billy Hult said U.S. credit represents a significant long-term growth opportunity as investors increasingly adopt electronic execution and demand better liquidity, more sophisticated trading tools and improved transaction outcomes. The deal is intended to help Tradeweb capitalize on these structural changes in fixed-income markets and expand the solutions it offers institutional clients. Tradeweb expects the transaction to add to adjusted earnings per share within the first full year after closing. $TW

$TW I could see this deal being heavily scrutinized by regulators considering TW’s existing position in bond trading. Overall looks like a good deal.