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Tradeweb Markets
Tradeweb Markets (TW) investor relations material
Tradeweb Markets Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record annual revenue exceeding $2.1 billion for the first time, marking the 26th consecutive year of record annual revenues and seventh consecutive year of double-digit growth.
Q4 2025 revenue reached $521.2 million, up 12.5% year-over-year, with international revenues at $220.2 million, up 16.8%.
Adjusted net income for Q4 was $207.0 million, up 14.2% year-over-year; adjusted diluted EPS was $0.87, up 14.5%.
Significant traction in electronic trading, digital asset initiatives, and global market integration, with record ADV of $2.8 trillion in Q4.
Raised quarterly dividend by 16.7% to $0.14 per share and authorized a new $500 million share repurchase program.
Financial highlights
Full-year 2025 revenue grew 18.9% year-over-year to $2,052 million, with adjusted EBITDA margin at 54.0%, up 64 basis points.
Free cash flow for the year was $1.1 billion, up 31.6% year-over-year.
Net interest income was $18.8 million, up due to higher cash balances.
Other revenues rose 94% in Q4, driven by digital initiatives and Canton Coin-related gains.
GAAP results included $207 million in net gains from strategic investments, mainly from Canton Coin mark-to-market and Securitize warrants.
Outlook and guidance
2026 adjusted expenses expected between $1.1 billion and $1.16 billion, with capex and capitalized software development projected at $107–$117 million.
2026 revenue from LSEG master data agreement expected at $105 million.
Assumed non-GAAP tax rate for 2026 is 23.5%–24.5%.
Net interest income for Q1 2026 forecasted at $15 million.
Continued investment in credit, rates, international markets, ICD, and digital assets.
Canton Coin's future earnings contribution
Address variable fee compression trends
Credit market share strategy
Tokenization revenue opportunities
Credit market share catalysts
Mortgage business: tech innovation impact?
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Next Tradeweb Markets earnings date
UBS Financial Services Conference 202610 Feb, 2026
Tradeweb Markets
Next Tradeweb Markets earnings date
UBS Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
Tradeweb Markets Inc. operates as an electronic marketplace for over-the-counter fixed income, derivatives, and ETFs in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. It operates "open" or "multidealer-to-client" trading platforms for institutional investors and dealers to trade fixed income products; and "request/quote" or "single dealer-to-client" platforms for institutions to execute cash treasuries with dealers.
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