Tradeweb Markets (TW) Q3 2025 Earnings
How Did TW Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +0.25%.
Did TW Beat Earnings? Q3 2025 Results
Yes. Tradeweb Markets reported Q3 2025 earnings of $0.87 a share on Oct 30, 2025, beating the $0.83 consensus estimate by 4.9%. Revenue was $508.6M against a $507.5M estimate.
Tradeweb Markets delivered a clean beat to kick off the back half of 2025, posting adjusted diluted EPS of $0.87 against a consensus estimate of $0.83, a 4.93% positive surprise, while revenue of $508.60 million edged past the $507.55 million estimate and climbed 13.3% year-over-year. The standout driver was the Rates segment, which generated $274.50 million in revenue, up 17.7% from the prior year, fueled by record mortgage average daily volume and a 22.9% surge in European government bond ADV, contributing to a record overall ADV of $2.58 trillion for the quarter. Operating leverage was equally compelling, with net income rising 61.7% to $210.55 million even as total expenses grew just 3.0%, expanding the net income margin to 41.4% from 29.0% a year earlier. Adjusted EBITDA climbed 14.4% to $274.42 million, with margin widening to 54.0%. Looking ahead, management tightened its full-year adjusted expense guidance to $1.00 billion to $1.02 billion and raised its LSEG Market Data Contract Revenue outlook to approximately $92.00 million, signaling continued confidence heading into 2026.
- Record ADV in mortgages, U.S. swaps/swaptions < 1-year, municipal bonds, equity convertibles/swaps/options, and global repurchase agreements
- Broad-based growth across rates, equities and money markets
- Strong client adoption across Tradeweb protocols including RFQ and AllTrade
- European government bond ADV up 22.9% driven by institutional and wholesale channels
- Growing number of clients executing on the mortgage platform with robust TBA activity
- Municipal bond ADV up 36.1% led by retail and institutional platforms
- International revenue of $211.2 million, up 24.8% YoY (19.7% constant currency)
“We delivered a strong third quarter with record trading volumes and ADV, driven by broad-based growth across rates, equities and money markets. Despite historically low interest-rate volatility and ongoing geopolitical uncertainty, we continued to execute on opportunities that positioned us to drive meaningful change across our markets – and this commitment was reflected in our sustained momentum and strong volumes.”
Tradeweb Markets CEO, on the earnings call
What Was Tradeweb Markets's Outlook in Q3 2025?
Tradeweb updated its full-year 2025 guidance: Adjusted Expenses of $1,000–$1,025 million (tighter range); acquisition and Refinitiv Transaction related D&A of $176 million; assumed non-GAAP tax rate of ~24.5%–25.5%; cash capital expenditures and capitalized software development of ~$99–$109 million; and LSEG Market Data Contract Revenue of ~$92 million for full-year 2025, including ~$22 million for Q4 2025. The expense guidance assumes an average 2025 Sterling/USD FX rate of 1.28. The CEO expressed confidence in continuing to lead initiatives that advance innovation heading into 2026.
TW YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $508.6M | $448.9M | +13.3% |
| Operating Income | $210.4M | $159.3M | +32.1% |
| Net Income | $210.5M | $113.9M | +84.8% |
TW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.