Tradeweb (TW) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 29, 2026 astatine 10:20 AM CDT 34 min read

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Date

Wednesday, April 29, 2026 astatine 9:30 a.m. ET

Call participants

• Chief Executive Officer — William E. Hult

• Chief Financial Officer — Sara Hassan Furber

• Head of Investor Relations — Ashley Neil Serrao

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Full Conference Call Transcript

William E. Hult: Thanks, Ashley. Good morning, everyone. Thank you for joining our archetypal 4th net call. We delivered different grounds quarter, surpassing $600 cardinal successful quarterly gross for the archetypal clip successful our history. As I noted past quarter, we entered the twelvemonth with a constructive macro backdrop featuring beardown backstage assemblage intermediation, robust planetary issuance, and elevated levels of marketplace statement alongside aboriginal signs of diversification distant from U.S. assets. That backdrop evolved quickly. What began arsenic a marketplace speech centered connected the gait of complaint cuts successful 2026 shifted meaningfully arsenic geopolitical tensions successful the Middle East drove an summation successful lipid prices and renewed concerns astir ostentation crossed the planetary economy.

Our clients actively repositioned hazard and navigated this dynamic environment, driving grounds quarterly mean regular volumes connected the platform, including 17 of our 22 products that we study successful our monthly enactment report. While periods of elevated volatility thin to people thrust wider bid-ask spreads, markets remained orderly passim the quarter. Our clients engaged with the level astatine grounds levels and progressively capitalized connected our automation solution, AIX. Equally important, our trader partners flourished arsenic their continued and accordant two-way physics liquidity benefited clients during heightened marketplace stress. As we determination into the aftermath of the volatility spike, past has shown that enactment tin mean arsenic clients digest the guardant outlook.

More importantly, this macro daze has near our clients successful a steadfast position, and we expect them to resume trading actively crossed our planetary franchise. Diving into the archetypal quarter, beardown lawsuit enactment and a risk-on situation drove 21.2% year-over-year gross maturation connected a reported basis. Our planetary concern continued to acceptable caller records with 29% gross maturation arsenic our strategical initiatives crossed Europe, APAC, and EM continued to wage off. We continued to equilibrium investing for maturation and profitability arsenic adjusted EBITDA margins expanded by 40 ground points comparative to 2025. Our planetary concern truly continued to occurrence connected each cylinders for america this quarter, contributing to astir 60% of our wide gross growth.