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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.
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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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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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