Tradeweb Markets (TW) Investor presentation summary

Business overview and growth

• Operates electronic marketplaces for fixed income and ETF clients in 85+ countries, with $2.6T average daily volume and $2.1B FY2025 revenue.

• Serves institutional, wholesale, retail, and corporate clients across rates, credit, equities, and money markets.

• Product suite includes government bonds, mortgages, corporate bonds, ETFs, derivatives, and market data.

• Achieved 16.5% ADV CAGR and 13.8% revenue CAGR from 2004–2025.

• 1,500+ employees, 400+ technologists, 3,000+ clients, and 11 offices globally.

Financial performance and capital management

• FY2025 revenue reached $2.05B, up 18.9% year-over-year, with adjusted EBITDA margin at 54.0%.

• Free cash flow for FY2025 was $1.1B, up 31.6% year-over-year; $2.1B in cash and equivalents at year-end.

• $105.9M in share buybacks in Q4 2025 and $50.7M in January 2026; new $500M repurchase authorization.

• Quarterly dividend increased to $0.14 per share, up 16.7% year-over-year.

• Revenue base is 74% variable and 26% fixed, diversified by asset class, client sector, and geography.

Strategic growth drivers

• Growth led by rates and international revenues, with strong expansion in credit, equities, and money markets.

• Focused on U.S. Treasuries, global interest rate swaps, U.S. credit, global ETFs, and emerging markets.

• Tangible growth opportunities in portfolio trading, block ETFs, China bonds, and municipal bonds.

• Strategic acquisitions and partnerships have expanded product capabilities and geographic reach.

• ICD acquisition expands presence in the corporate sector, targeting large cash balances and cross-sell potential.