Tradeweb Markets Inc Cls A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.06%.
Did TW Beat Earnings? Q4 2025 Results
Tradeweb Markets posted a mixed but broadly solid fourth quarter, beating on earnings while falling just short on the top line, as the electronic trading platform extended its remarkable streak to 26 consecutive years of record annual revenues. Adjusted diluted EPS came in at $0.87, clearing the $0.84 consensus estimate by 4.10%, while revenue of $521.18 million edged 0.46% below expectations but still represented a healthy 12.5% increase from a year earlier. The primary engine behind the quarter was a 23.3% surge in average daily volume to $2.83 trillion in notional value, with the Rates segment alone generating $279.08 million, up 16.2% year-over-year, lifted by an 82.1% spike in short-tenor swaps and record European government bond volumes. Adjusted EBITDA margin expanded 39 basis points to 53.2%, reflecting disciplined cost management even as expenses rose 9.2%. Looking ahead, management guided 2026 adjusted expenses to a range of $1.10 billion to $1.16 billion, with January already showing momentum, as ADV reached $3.10 trillion with double-digit growth across rates, credit, and money markets.
- 82.1% increase in swaps/swaptions < 1-year ADV
- Record swaps/swaptions ≥ 1-year volume
- Record European government bonds ADV, up 29.7% YoY
- Strong U.S. ETF volume driving equities growth
- Record global repurchase agreement ADV in money markets
- Digital asset validation services revenue on Canton Network nearly doubled Other revenue
- $205.4 million in realized and unrealized gains on Canton Coin holdings in Q4
- Higher LSEG market data license fees effective November 2025
“Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia.”
Tradeweb Markets CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Tradeweb guided Adjusted Expenses of $1,100-1,160 million, acquisition and Refinitiv Transaction related depreciation and amortization of ~$160 million, assumed non-GAAP tax rate of ~23.5%-24.5%, cash capital expenditures and capitalized software development of ~$107-117 million, and LSEG Market Data Contract Revenue of ~$105 million. Expense guidance assumes an average 2026 Sterling/USD foreign exchange rate of 1.32. January 2026 momentum was strong with ADV of $3.1 trillion and double-digit YoY ADV growth across rates, credit, and money markets.
TW YoY Financials
TW Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.