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Tradeweb Markets (TW) investor relations material
Tradeweb Markets Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Quarterly revenue reached $513M, up 26.7% year-over-year, with international revenue up 40.8%.
Adjusted net income increased 23.7% to $206.1M; adjusted diluted EPS rose 24.3% to $0.87.
Adjusted EBITDA margin expanded to 54.2%, up 70 bps year-over-year; adjusted EBITDA totaled $277.9M.
Record trading volumes and strong client adoption of electronic protocols and innovation across asset classes.
Quarterly cash dividend increased 20% to $0.12 per share.
Financial highlights
Trading revenues totaled $474.7M, up 28.4% year-over-year; transaction fees and commissions were $429.8M.
Free cash flow for the trailing twelve months was $951.7M, up 31.9%; cash and equivalents stood at $1.6B.
Adjusted expenses increased 24.1% year-over-year to $252.6M, mainly from higher compensation and technology costs.
Operating income rose to $199.9M from $162.5M year-over-year.
Adjusted EBIT margin was 50.7%, up from 49.7% year-over-year.
Outlook and guidance
2025 adjusted expense guidance raised to $1.0B–$1.05B, trending toward the midpoint, reflecting accelerated investment.
Capex and capitalized software development expected at $99–109M; depreciation and amortization guidance at $176M.
LSEG market data contract revenue guidance at $90M.
July average daily revenue trending 20% higher year-over-year, with double-digit volume growth across key asset classes.
Guidance revised to reflect higher adjusted expenses due to strong business momentum and growth investments.
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Next Tradeweb Markets earnings date
Q3 202529 Oct, 2025
Next Tradeweb Markets earnings date
Q3 202529 Oct, 2025
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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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