Tradeweb 2Q26 Print Largely in-Line with Expectations, Now Under Competitive Microscope; Annual Growth Decelerates on Tough Comps

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Tradeweb 2Q26 Print Largely in-Line with Expectations, Now Under Competitive Microscope; Annual Growth Decelerates on Tough Comps

Kenneth B. Worthington, CFA AC North America Equity Research

(1-212) 622-6613 02 August 2026 J P M O R G A N

kenneth.b.worthington@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

While the stock appears highly valued vs. financials broadly, we

see Tradeweb having the potential to exceed our earnings

expectations as the secular trends toward electronically

processed trading expands. Here, we see Tradeweb leveraging

the secular trends of electronification, particularly in the trading

process of rates and credit. Exchanges such as CME, ICE, and

CBOE have already benefited from the migration to fully

electronic trading that has taken place over the last 15 years. We

see Tradeweb particularly well-positioned to capture this

YTD 1m 3m 12m electronification migration given its multi-asset and

Abs -6.6% 0.8% -11.3% -27.5% geographically diverse platform that appeals to four client

Rel -16.0% 1.0% -15.2% -45.6%

channels across a variety of trading protocols. Here we think

Company Data Tradeweb has multiple avenues of future growth given its robust

Shares O/S (mn) 236 trading and data offering.

52-week range ($) 144.48-91.42

Market cap ($ mn) 23,708.29 Valuation

Exchange rate 1.00 Our Dec-2026 price target is $117. We value Tradeweb at 26x

Free float (%) 99.6%

3M ADV (mn) 1.74 our 2027E adjusted diluted EPS.

3M ADV ($ mn) 177.0

Volatility (90 Day) 38

Index S&P 500 Performance Drivers

BBG ANR (Buy | Hold | Sell) 8|7|0

Key Metrics (FYE Dec)

in FY25A FY26E FY27E

Financial Estimates

ADV - Equities - - -

ADV - Derivatives - - -

Total revenue 2,052 2,356 2,623

Operating expense - - -

Adj. EBITDA 1,108 1,285 1,447