Earnings summaries and quarterly performance for Tradeweb Markets.
Executive leadership at Tradeweb Markets.
Billy Hult
Detailed
Chief Executive Officer
CEO
AC
Amy Clack
Detailed
Chief Administrative Officer
DF
Douglas Friedman
Detailed
General Counsel and Secretary
EB
Enrico Bruni
Detailed
Managing Director, Co-Head of Global Markets
JP
Justin Peterson
Detailed
Chief Technology Officer
SF
Sara Furber
Detailed
Chief Financial Officer
SZ
Scott Zucker
Detailed
Chief Risk Officer
TD
Troy Dixon
Detailed
Managing Director, Co-Head of Global Markets
Board of directors at Tradeweb Markets.
BB
Balbir Bakhshi
Detailed
Director
CJ
Catherine Johnson
Detailed
Director
DM
Daniel Maguire
Detailed
Director
JA
Jacques Aigrain
Detailed
Chairperson of the Board
LO
Lisa Opoku
Detailed
Director
PM
Paula Madoff
Detailed
Lead Independent Director
RY
Rana Yared
Detailed
Director
RR
Rich Repetto
Detailed
Director
SG
Scott Ganeles
Detailed
Director
SB
Steven Berns
Detailed
Director
Research analysts who have asked questions during Tradeweb Markets earnings calls.
Alexander Blostein
Goldman Sachs
4 questions for TW
Also covers: AB, AMG, AMP +31 more
CA
Christopher Allen
Citigroup
4 questions for TW
Also covers: CBOE, CME, ETOR +9 more
AK
Alex Kramm
UBS Group AG
3 questions for TW
Also covers: BR, CBOE, CBRE +15 more
Benjamin Budish
Barclays PLC
3 questions for TW
Also covers: AB, APO, ARES +23 more
DF
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for TW
Also covers: AB, AMG, AMTD +27 more
KW
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for TW
Also covers: APO, ARES, BAM +27 more
Michael Cyprys
Morgan Stanley
3 questions for TW
Also covers: AAMI, AMP, AMTD +30 more
PM
Patrick Moley
Piper Sandler & Co.
3 questions for TW
Also covers: BGC, CBOE, CME +17 more
Craig Siegenthaler
Bank of America
2 questions for TW
Also covers: AB, AMP, AMTD +26 more
JS
Jeffrey Schmitt
William Blair
2 questions for TW
Also covers: AIZ, AMP, CBOE +8 more
Kyle Voigt
Keefe, Bruyette & Woods
2 questions for TW
Also covers: AMTD, APO, ARES +17 more
RF
Richard Fellinger
Autonomous Research
2 questions for TW
Ben Budish
Barclays PLC
1 question for TW
Also covers: AB, APO, ARES +19 more
DF
Dan Fannon
Jefferies & Company Inc.
1 question for TW
Also covers: AB, AMG, AMTD +22 more
WK
William Katz
TD Cowen
1 question for TW
Also covers: AB, AMG, AMTD +25 more
Recent press releases and 8-K filings for TW.
Tradeweb Completes First On-Chain Electronic Auction for Brokered CDs
TW
New Projects/Investments
Product Launch
- Tradeweb Markets Inc. completed the industry's first fully electronic auction for brokered certificates of deposit (CDs), executed on-chain and powered by Alphaledger's blockchain technology.
- The inaugural transaction took place on Tradeweb's retail platform between Gateway First Bank and InspereX.
- This initiative aims to modernize a market historically reliant on manual processes, expanding access, transparency, and improving execution for issuers, distributors, and investors.
- Brokered CD issuance year-to-date through October 2025 amounts to approximately $566 billion, with total outstanding estimated at about $820 billion.
- Tradeweb's retail platform facilitates over $5.35 billion in average daily trading volume year-to-date through November 2025.
Dec 15, 2025, 1:00 PM
Tradeweb CEO Discusses 2025 Performance, 2026 Growth Opportunities, and Market Evolution
TW
Revenue Acceleration/Inflection
New Projects/Investments
Guidance Update
- Tradeweb expects to conclude 2025 with strong earnings per share growth of around 17%-18% and anticipates continued growth in 2026, driven by expanding debt markets and the ongoing shift from phone-based to electronic trading.
- Key growth areas include the swaps market, with continued electronification of non-cleared swaps, international expansion into regions like Australia and Japan, and significant opportunities in the largely voice-based wholesale swaps business.
- In the credit business, Tradeweb aims to re-accelerate growth by encouraging more proactive electronic engagement from dealers, focusing on axes and inventory, and developing traditional Request for Quote (RFQ) solutions. Emerging Market (EM) credit is also identified as a significant growth area.
- Tradeweb is actively exploring tokenization and its potential to create more efficient marketplaces, particularly in the TBA mortgage market, through its partnership with Canton Network.
- For Q4 2025, October revenue was trending up 9% year-over-year, and November saw average daily revenue growth of approximately 16% or 17%, despite challenging comparisons and one less trading day.
Dec 10, 2025, 3:40 PM
Tradeweb CEO Discusses Strong 2025 Performance, 2026 Growth Drivers, and Tokenization Initiatives
TW
Revenue Acceleration/Inflection
New Projects/Investments
Guidance Update
- Tradeweb (TW) expects to conclude 2025 with strong financial results, projecting nearly high-teens earnings per share growth, primarily driven by revenue, with CEO Billy Hult noting approximately 17%-18% growth for the year.
- Looking into 2026, key growth opportunities include the continued electronification of the swaps market, which experienced 35% year-over-year revenue growth, and expanding the credit business by encouraging dealer electronic proactivity and focusing on Emerging Market (EM) credit.
- The company is strategically investing in tokenization through its partnership with Canton Network, identifying a significant opportunity to enhance the inefficient settlement processes within the TBA mortgage market.
- Recent performance indicates strong momentum, with November 2025 average daily revenue growing approximately 16% to 17% year-over-year, despite challenges in the credit market.
Dec 10, 2025, 3:40 PM
Tradeweb CEO Discusses 2025 Performance and 2026 Growth Opportunities
TW
Revenue Acceleration/Inflection
New Projects/Investments
Guidance Update
- Tradeweb's CEO, Billy Hult, reported nearly high-teens earnings per share growth in 2025, driven by record revenues, and anticipates continued strong performance into 2026.
- Key growth drivers for 2026 include the expanding swaps market, with opportunities in micro trading protocols, electronifying non-cleared swaps, international expansion, and the significant shift of the wholesale swaps business from phone-based to electronic trading.
- The company is also focusing on enhancing electronic trading in the credit market by enabling dealers to be more proactive with RFQs, axes, and inventory, and addressing the Treasury basis trade in the government bond market.
- Tradeweb is strategically investing in Canton for collateral management, which may also facilitate entry into institutional crypto execution, and provided an update that Q4 2025 revenues were trending up 9% year over year for October.
Dec 10, 2025, 3:40 PM
Tradeweb Markets Reports Strong Q3 2025 Financial Results
TW
Earnings
Dividends
Revenue Acceleration/Inflection
- Tradeweb Markets Inc. reported third-quarter 2025 revenue of $508.6 million, an increase of 13.3% year-over-year, with adjusted earnings per share reaching $0.87, up 16%.
- The company demonstrated improved profitability, with its adjusted EBITDA margin expanding to 54.0% and its adjusted EBIT margin reaching 50.2%.
- Record daily trading volumes averaged $2.6 trillion, an 11.8% increase, and international revenues grew 24.8% to $211.2 million, driven by new digital trading protocols.
- Tradeweb also raised its dividend by 20% and provided a tighter expense outlook, signaling confidence in its business model.
Oct 30, 2025, 5:35 PM
Tradeweb Reports Strong Q3 2025 Financial Results and Updates Full-Year Guidance
TW
Earnings
Guidance Update
Dividends
- Tradeweb reported Q3 2025 revenue of $508.6 million, an increase of 13.3% year-over-year (11.3% on a constant currency basis).
- Adjusted Net Income grew by 15.2% year-over-year (12.7% constant currency) to $206.5 million, with Adjusted Diluted EPS increasing by 16.0% year-over-year (12.0% constant currency) to $0.87.
- The company achieved an Adjusted EBITDA margin of 54.0%, expanding by 54 basis points year-over-year (30 bps constant currency).
- Tradeweb updated its 2025 full-year guidance for Adjusted Expenses to $1,000 - 1,025 million, narrowing the previous range of $1,000 - 1,050 million.
- The Board of Directors declared a quarterly dividend of $0.12 per Class A and Class B share, payable in December 2025, marking a 20.0% year-over-year increase.
Oct 30, 2025, 1:30 PM
Tradeweb Reports Strong Q3 2025 Revenue Growth and Margin Expansion
TW
Earnings
Guidance Update
New Projects/Investments
- Tradeweb reported strong Q3 2025 financial results, with 13% year-over-year revenue growth on a reported basis, surpassing $500 million in quarterly revenues for the third consecutive quarter year-to-date, and adjusted EBITDA margins expanding by 54 basis points.
- International revenues were a significant growth driver, increasing 25% year-over-year in Q3 2025, with emerging markets now pacing at over $100 million in annual revenue, nearly triple 2023 levels.
- Key product segments delivering strong performance included global swaps, which saw over 30% year-over-year revenue growth, and equities, with revenues up 17% year-over-year driven by global ETFs and equity derivatives.
- The company is actively investing in digital asset initiatives, contributing to over 50% growth in other revenues and generating $5 million year-to-date from its work on the Canton Network.
- Despite a market environment characterized by low volatility and limited data, Tradeweb tightened its 2025 adjusted expense guidance to $1 billion to $1.025 billion and expects adjusted EBITDA margins to exceed 2024 levels.
Oct 30, 2025, 1:30 PM
Tradeweb Markets Reports Strong Q3 2025 Results with Double-Digit Revenue Growth
TW
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Tradeweb Markets reported Q3 2025 revenues of $509 million, an increase of 13% year-over-year on a reported basis and 11% on a constant currency basis. Year-to-date revenues are up 21% or 17% organically.
- The company achieved significant growth in key segments, with international revenues growing 25% year-over-year in Q3 2025 and global swaps revenues increasing over 30% year-over-year. Emerging markets revenue is pacing at over $100 million annually.
- Adjusted EBITDA margin for the nine months ended September 30, 2025, expanded to 54.2%, an increase of 90 basis points compared to the full year 2024.
- Tradeweb continues to invest in growth, with adjusted expenses increasing 12% in Q3 2025 , and tightened its Q4 2025 adjusted expense guidance to $1 billion to $1.025 billion. The Board also declared a quarterly dividend of $0.12 per share, a 20% year-over-year increase.
- The company is actively advancing its digital initiatives, generating $2.3 million from its work with the Canton Network in Q3 2025 and holding 1.7 billion Canton coins valued at approximately $56 million.
Oct 30, 2025, 1:30 PM
Tradeweb Reports Strong Q3 2025 Revenue Growth and Margin Expansion
TW
Earnings
Guidance Update
New Projects/Investments
- Tradeweb reported Q3 2025 revenues of $509 million, a 13% year-over-year increase on a reported basis, with year-to-date revenues up 21%. Adjusted EBITDA margins expanded by 54 basis points in Q3 2025 compared to Q3 2024.
- The company saw strong growth across key segments, with global rates revenues up over 30% year-over-year in Q3, and equities revenues increasing 17% year-over-year. International revenues grew 25% year-over-year, and emerging markets are now pacing at over $100 million in annual revenue.
- Tradeweb is actively investing in digital assets and tokenization, having generated $5 million year-to-date from its work with the Canton Network and holding 1.7 million Canton coins valued at approximately $56 million as of the end of Q3 2025.
- For 2025, Tradeweb tightened its adjusted expense guidance to $1 billion to $1.025 billion and expects adjusted EBITDA margins to exceed 2024 levels. The board declared a quarterly dividend of $0.12 per share, a 20% increase year-over-year.
Oct 30, 2025, 1:30 PM
Tradeweb Markets Reports Q3 2025 Financial Results and Updates Full-Year Guidance
TW
Earnings
Guidance Update
New Projects/Investments
- Tradeweb Markets Inc. reported Q3 2025 revenues of $508.6 million, an increase of 13.3% compared to the prior year period, and adjusted diluted earnings per share of $0.87.
- The company achieved an average daily volume (ADV) of $2.6 trillion for Q3 2025, representing an 11.8% increase year-over-year.
- Tradeweb Markets LLC reached an agreement-in-principle to renew its Master Data Agreement with LSEG Parties for an additional three-year term, expected to apply retrospectively to November 1, 2025.
- For the full year 2025, Tradeweb updated its guidance, expecting adjusted expenses between $1,000 million and $1,025 million and LSEG Market Data Contract Revenue of approximately $92 million.
- A quarterly cash dividend of $0.12 per share was declared, marking a 20% increase from the prior year period.
Oct 30, 2025, 11:02 AM
Quarterly earnings call transcripts for Tradeweb Markets.
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