TW Research | Milton Maxwell

Tradeweb Markets Inc.

103.83

-0.37-0.36%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

FY Q3 '25

Q&A clarifies vol headwinds, e-share rebound

10/29/25Oct 29, 2025

Q&A pinpointed government shutdown-induced data drought as muting U.S. activity amid low volatility, yet international revenues grew nearly 20% YoY in October. Management waved off treasury e-share erosion as temporary voice package trade shift—e-shares bottomed in spring. Lower rates lift swap/credit fees 4-5% per 100bp drop via DV01. ICD treasury trading saw early client executions; digital yielded $5M YTD from Canton. Sara flagged opportunistic buybacks at current valuation. Tone stayed confident on electronification runway. Watch volatility normalization.

Key Stats

Market Cap

22.69B

P/E (TTM)

35.44

Basic EPS (TTM)

2.93

Dividend Yield

Recent Filings

10-Q

Q3 FY2025 results

10/30/25Oct 30, 2025

Tradeweb Markets posted solid Q3 results, with revenue climbing 13.3% year-over-year to $508.6M, fueled by 12.8% growth in transaction fees and commissions to $421.3M and a 13.4% rise in subscription fees to $81.4M, while operating income jumped 32.0% to $210.4M. Year-over-year, diluted EPS advanced 62.3% to $0.86, backed by 214.98M diluted shares, and free cash flow for the nine months through September 30, 2025, reached $743.4M after $68.3M in capex. Cash swelled to $1.91B with no debt, bolstered by the August 2024 ICD acquisition adding corporates revenue; the $500M revolver remains untapped. Yet dealer dependence lingers as a key risk.

8-K

Tradeweb Q3 revenues up 13.3%

10/30/25Oct 30, 2025

Tradeweb Markets reported Q3 2025 revenues of $508.6 million, up 13.3% year-over-year, fueled by 11.8% ADV growth to $2.6 trillion and record volumes in mortgages and U.S. swaps/swaptions. Rates revenues surged 17.7% to $274.5 million, while international revenues jumped 24.8% to $211.2 million, underscoring platform adoption amid low volatility. Adjusted EBITDA hit $274.4 million at 54.0% margin. Volumes soared despite headwinds.

10-Q

Q2 FY2025 results

7/30/25Jul 30, 2025

Tradeweb Markets posted solid Q2 FY2025 results, with revenue jumping 26.7% y/y to $513M, fueled by 30.0% growth in transaction fees and commissions to $430M amid higher volumes in rates derivatives and U.S. government bonds. Operating income rose 23.0% y/y to $200M, while diluted EPS climbed 29.1% y/y to $0.71, reconciling cleanly with 215M weighted shares. Cash swelled to $1.6B, free cash flow hit $433M (derived), and the $500M revolver remains untapped with no debt. The August 2024 ICD acquisition added $22M in corporates revenue from money market funds, recognizing $774M consideration with undisclosed goodwill details. Yet competition in electronic trading platforms lingers as a key risk.

8-K

Tradeweb Q2 revenues soar 26.7%

7/30/25Jul 30, 2025

Tradeweb Markets reported Q2 2025 revenues of $513.0 million, up 26.7% year-over-year, fueled by 32.7% ADV growth to $2.6 trillion amid macro headwinds like tariffs and geopolitical tensions. Money markets surged 130.7% on ICD acquisition synergies, while equities jumped 49.8%; adjusted EBITDA hit $277.9 million at 54.2% margin. Innovations in AI and portfolio trading bolster client workflows. Strong momentum lifts full-year adjusted expenses to $1,000-1,050 million.

8-K

Tradeweb's annual meeting outcomes

5/21/25May 21, 2025

Tradeweb Markets Inc. held its 2025 Annual Meeting on May 20, 2025, where shareholders elected Steven Berns, William Hult, Lisa Opoku, and Rana Yared as Class III directors for three-year terms. They ratified Deloitte & Touche LLP as independent auditors for the fiscal year ending December 31, 2025, with overwhelming support. An advisory vote approved executive compensation. Strong backing signals investor confidence in governance.

About

Tradeweb Markets Inc., together with its subsidiaries, builds and operates electronic marketplaces worldwide. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors. It also offers a range of electronic, voice, and hybrid platforms to dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. operates as a subsidiary of Refinitiv Parent Limited.

CEO

Mr. William E. Hult

IPO

4/4/2019

Website

https://www.tradeweb.com

Employees

1,412

Sector

Financial Services

Industry

Capital Markets