Tradeweb Markets (TW) Q4 2025 earnings summary

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.