TW
Tradeweb Markets Inc.103.83
-0.37-0.36%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
January surges, tokenization pilots
Q&A amplified Tradeweb's prepared optimism with granular January surges—Global Swaps up 40%, ETFs 40%, mortgages 15%—fueled by AI infrastructure bonds, bank deregulation reviving risk appetite, and cross-border flows. Billy touted predictive AI for illiquid/large trades; Sara detailed expense flex (45% variable) delivering margins through cycles, plus aggressive buybacks ($150M recently, $500M new program). Tokenization advances shone: DTCC pilot for tokenized Treasuries in H2, no execution disintermediation risk. Credit competition rages, but bank partnerships differentiate. The swag is back for partners. Confident tone; watch credit share, digital scaling.
Key Stats
Market Cap
22.69BP/E (TTM)
35.44Basic EPS (TTM)
2.93Dividend Yield
0%Recent Filings
8-K
Q4 revenue beats, $500M buyback
Tradeweb Markets crushed Q4 2025 with $521.2M revenues up 12.5% and ADV at $2.8T, surging 23.3%, fueled by rates derivatives up 50%. Board greenlit a $500M Class A share repurchase post-exhausting the prior $300M program ($23.2M left), while hiking the quarterly dividend 16.7% to $0.14/share. Strong cash position backs capital returns. Repurchases flex with markets.
10-K
FY2025 results
Tradeweb Markets crushed FY2025 with $2.1B revenue, up 19% y/y, driven by rates (21% growth) and money markets (51% surge from ICD acquisition). Q4 accelerated momentum: rates derivatives and U.S. Treasuries surged amid volatility from policy shifts and tariffs, while corporates added full-year scale. Margins expanded to 54% Adjusted EBITDA, fueled by 23% institutional revenue jump. Free cash flow hit $1.1B. Yet dealer concentration risks loom.
8-K
Amends data license with LSEG
Tradeweb Markets amended its master data license agreement with LSEG affiliates, effective November 1, 2025, restating Data Schedules 1, 2, 4, and 5. It licenses fixed income and derivatives market data, including real-time feeds, for fixed fees or revenue percentages through October 31, 2028, with auto-renewals and a transition option. LSEG remains Tradeweb's indirect controlling stockholder. Deal locks in data revenue stream.
8-K
Tradeweb Q3 revenues up 13.3%
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
Q3 FY2025 results
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.
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