NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended June 30, 2025.
$513.0 million quarterly revenues, an increase of 26.7% (24.7% on a constant currency basis) compared to prior year period
$215.2 million quarterly international revenues, an increase of 40.8% (35.8% on a constant current basis) compared to prior year period
$2.6 trillion average daily volume (“ADV”) for the quarter, an increase of 32.7% compared to prior year period; quarterly ADV records in U.S. government bonds, U.S. swaps/swaptions < 1-year, fully electronic U.S. high yield credit, municipal bonds, European ETFs and global repurchase agreements
$175.5 million net income and $206.1 million adjusted net income for the quarter, increases of 28.7% and 23.7% respectively from prior year period
54.2% adjusted EBITDA margin and $277.9 million adjusted EBITDA for the quarter, compared to 53.5% and $216.5 million respectively for prior year period
$0.71 diluted earnings per share (“Diluted EPS”) and $0.87 adjusted diluted earnings per share for the quarter
$0.12 per share quarterly cash dividend declared, a 20.0% per share increase from prior year period
Billy Hult, CEO of Tradeweb:
“Tradeweb delivered a strong second quarter, despite macro challenges around the April 2025 U.S. tariff announcements, rising tensions in the Middle East and evolving central bank policy decisions, which continued to test the resiliency of electronic trading across global markets.
Against this background, we continued to work with clients on strategic initiatives in traditional markets and the digital asset space. Our recently announced collaboration with Novaprime will bring new intelligence and workflow tools into the mortgage space, helping us unlock value across the trade lifecycle. Furthermore, as AI continues to shape the evolution of markets, we were pleased to welcome Sherry Marcus as Tradeweb’s Head of AI in May. Sherry’s extensive experience and leadership will be instrumental in advancing our AI capabilities to new levels of sophistication.
We introduced direct Treasury bill trading for corporate treasurers through a seamless integration between our ICD Portal and institutional platform — demonstrating the capabilities and innovation we're able to provide clients through our fourth client channel. Building on our successes in credit, we were excited to introduce electronic portfolio trading for European government bonds — extending this innovative protocol to this asset class.
Finally, we were honored to be named a "Best Company to Work For" by U.S. News & World Report. I’m proud of what we’ve built together and even more excited about where we’re headed next.”
SELECT FINANCIAL RESULTS | 2Q25 | 2Q24 | Change | Constant Currency Change(1) | |||||||||
(dollars in thousands, except per share amounts)(Unaudited) | |||||||||||||
GAAP Financial Measures | |||||||||||||
Total revenue | $ | 512,971 |
| $ | 404,951 |
| 26.7 | % | 24.7 | % | |||
Rates | $ | 274,517 |
| $ | 217,531 |
| 26.2 | % | 23.9 | % | |||
Credit | $ | 124,295 |
| $ | 111,324 |
| 11.7 | % | 10.5 | % | |||
Equities | $ | 34,252 |
| $ | 22,871 |
| 49.8 | % | 46.7 | % | |||
Money Markets | $ | 41,636 |
| $ | 18,045 |
| 130.7 | % | 128.5 | % | |||
Market Data | $ | 30,417 |
| $ | 29,227 |
| 4.1 | % | 2.9 | % | |||
Other | $ | 7,854 |
| $ | 5,953 |
| 31.9 | % | 31.9 | % | |||
Net income | $ | 175,522 |
| $ | 136,416 |
| 28.7 | % |
|
| |||
| Net income attributable to Tradeweb Markets Inc. (2) | $ | 153,782 |
| $ | 119,239 |
| 29.0 | % |
| ||||
Diluted EPS | $ | 0.71 |
| $ | 0.55 |
| 29.1 | % |
|
| |||
Net income margin |
| 34.2 | % |
| 33.7 | % | +53 | bps |
|
| |||
Non-GAAP Financial Measures |
|
|
|
|
|
| |||||||
Adjusted EBITDA (1) | $ | 277,896 |
| $ | 216,533 |
| 28.3 | % | 27.1 | % | |||
Adjusted EBITDA margin (1) |
| 54.2 | % |
| 53.5 | % | +70 | bps | +101 | bps | |||
Adjusted EBIT (1) | $ | 260,322 |
| $ | 201,312 |
| 29.3 | % | 28.1 | % | |||
Adjusted EBIT margin (1) |
| 50.7 | % |
| 49.7 | % | +104 | bps | +131 | bps | |||
Adjusted Net Income (1) | $ | 206,149 |
| $ | 166,711 |
| 23.7 | % | 22.5 | % | |||
Adjusted Diluted EPS (1) | $ | 0.87 |
| $ | 0.70 |
| 24.3 | % | 21.4 | % | |||
(1) | Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures. | |
(2) | Represents net income less net income attributable to non-controlling interests. |
ADV (US $bn) (Unaudited) | |||||||||||
Asset Class | Product |
| 2Q25 |
| 2Q24 |
| YoY | ||||
Rates | Cash | $ | 546 | $ | 462 | 18.2 | % | ||||
| Derivatives |
| 897 |
| 787 | 13.9 | % | ||||
| Total |
| 1,443 |
| 1,249 | 15.5 | % | ||||
Credit | Cash |
| 18 |
| 17 | 8.1 | % | ||||
| Derivatives |
| 20 |
| 13 | 51.8 | % | ||||
| Total |
| 38 |
| 30 | 27.0 | % | ||||
Equities | Cash |
| 14 |
| 10 | 37.7 | % | ||||
| Derivatives |
| 14 |
| 11 | 22.5 | % | ||||
| Total |
| 28 |
| 21 | 29.6 | % | ||||
Money Markets | Cash |
| 1,042 |
| 622 | 67.5 | % | ||||
| Total |
| 1,042 |
| 622 | 67.5 | % | ||||
| Total | $ | 2,550 | $ | 1,922 | 32.7 | % | ||||
DISCUSSION OF RESULTS
Rates – Revenues of $274.5 million in the second quarter of 2025 increased 26.2% compared to prior year period (increased 23.9% on a constant currency basis). Rates ADV was up 15.5% from prior year period, driven by record ADV in U.S. government bonds and swaps/swaptions < 1-year. Strong U.S. Treasuries ADV was led by robust activity across the institutional and wholesale client channels. Global swaps/swaptions ≥ 1-year saw strong activity YoY driven by significant volatility in global rates markets, due to changes in U.S. trade policy, geopolitical tensions and shifts in investor sentiment. European government bonds ADV was up 20.4% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 12.7% from prior year period, reflecting strong specified pool volumes, driven by a record number of clients executing on the platform and strong To-Be-Announced ("TBA") activity, which was primarily driven by robust dollar-roll trading volume.
Credit – Revenues of $124.3 million in the second quarter of 2025 increased 11.7% compared to prior year period (increased 10.5% on a constant currency basis). U.S. credit ADV was up 16.2% from prior year period, driven by record ADV in fully electronic U.S. high yield credit and continued client adoption across Tradeweb protocols, most notably in request-for-quote ("RFQ") and Portfolio Trading. European credit ADV was up 8.9% from prior year period, driven by strong activity across a wide range of protocols, including Tradeweb's Automated Intelligent Execution ("AiEX") tool and Tradeweb AllTrade®. We reported 17.9% share of fully electronic U.S. high grade TRACE, down 100 basis points (bps) from prior year period and 8.2% share of fully electronic U.S. high yield TRACE, up 60 bps from prior year period. We also reported 26.0% total share of U.S. high grade TRACE, down 108 bps from prior year period and 10.7% total share of U.S. high yield TRACE, up 79 bps from prior year period.
Equities – Revenues of $34.3 million in the second quarter of 2025 increased 49.8% compared to prior year period (increased 46.7% on a constant currency basis). Equities ADV was up 29.6% from prior year period, driven by strong growth YoY in equity derivatives, a growing client base across the U.S. and Europe, increased client adoption of Tradeweb's AiEX tool, and record ADV in European ETFs.
Money Markets – Revenues of $41.6 million in the second quarter of 2025 increased 130.7% compared to prior year period (increased 128.5% on a constant currency basis). Money Markets ADV was up 67.5% from prior year period, driven by contributions from the August 1, 2024 acquisition of ICD and record activity in global repurchase agreements. In the U.S., strong repo volume growth was driven by the effects of the Fed's balance sheet unwind, in addition to balances in the Fed's reverse repo facility ("RRP") remaining at relatively low levels. In Europe, increased repo volumes were driven by increased government bond issuance, as well as market volatility.
Market Data – Revenues of $30.4 million in the second quarter of 2025 increased 4.1% compared to prior year period (increased 2.9% on a constant currency basis).
Other – Revenues of $7.9 million in the second quarter of 2025 increased 31.9% compared to prior year period (increased 31.9% on a constant currency basis) primarily due to an increase in the value of Canton Coins earned during the second quarter of 2025, in exchange for providing services as a Super Validator and Validator on the Canton Network. The Company began providing services to the Canton Network during the third quarter of 2024.
Operating Expenses of $313.1 million in the second quarter of 2025 increased 29.1% compared to $242.5 million in prior year period, primarily due to (i) an increase in employee compensation and benefits as a result of an increase in incentive compensation expense tied to our financial performance and an increase in headcount to support our continued growth, (ii) a $14.6 million increase in foreign exchange losses and (iii) an increase in depreciation and amortization expense primarily related to the assets acquired in connection with the 2024 acquisition of ICD.
Adjusted Expenses of $252.6 million in the second quarter of 2025 increased 24.1% (increased 21.5% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits as a result of an increase in incentive compensation expense tied to our financial performance and an increase in headcount to support our continued growth (ii) an increase in technology and communications expense due to increased investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes as compared to prior year period and (iii) a $3.9 million increase in foreign exchange losses. Please see "Non-GAAP Financial Measures" below for additional information.
RECENT HIGHLIGHTS
July 2025
- Co-led a $135 million strategic fundraising round with DRW Venture Capital for Digital Asset, the company behind the pioneering Canton Network -- a next generation blockchain that combines the privacy and control of permissioned systems with the interoperability and scalability of public blockchains. The funding aims to accelerate the adoption of institutional and decentralized finance on the Canton Network.
- Enrico Bruni included in Financial News' Most Influential in European Finance list.
Second Quarter 2025
- Introduced direct U.S. Treasury bill (T-bill) trading for corporate treasurers via direct connection between Tradeweb's ICD Portal and its institutional trading platform.
- Appointed Sherry Marcus as Head of Artificial Intelligence in a newly-created global role for the company.
- Participated in a collaboration with Novaprime, a mortgage technology company dedicated to making home ownership more affordable, to leverage Novaprime's lender-focused Loan Intelligence and Marketplace products and Tradeweb's electronic trading execution platform to offer a new solution for hedging mortgage-related risk for the mortgage industry.
- Introduced electronic portfolio trading for European government bonds, spanning UK Gilts, EUR and single currency notes.
- Recognized in numerous awards celebrating our company and employees, including: Best Companies to Work For, Finance and Insurance (U.S. News & World Report); Best Companies to Work For, Overall (U.S. News & World Report); Best Companies to Work For, Northeast (U.S. News & World Report); Notable Leaders in Finance (Billy Hult) (Crain's New York Business); Best in Fixed Income, Global Finance Awards (Markets Media); Excellence in Trading Platforms, Women in Finance Asia Awards (Meha Thind) (Markets Media); Rising Stars of European Finance (Will Tarr) (Financial News)
CAPITAL MANAGEMENT
- $1.6 billion in cash and cash equivalents and an undrawn $500 million credit facility at June 30, 2025
- Free cash flow for the trailing twelve months ended June 30, 2025 of $951.7 million, up 31.9% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
- Cash capital expenditures and capitalized software development in the second quarter 2025 of $22.1 million
- $179.9 million remained available for repurchase pursuant to the share repurchase program authorization as of June 30, 2025. No shares were repurchased during the second quarter of 2025
- $43.7 thousand in shares of Class A common stock were withheld in the second quarter of 2025 to satisfy tax obligations related to the vesting of restricted stock units and performance-based restricted stock units held by employees
- The Board declared a quarterly cash dividend of $0.12 per share of Class A common stock and Class B common stock. The dividend will be payable on September 16, 2025 to stockholders of record as of September 2, 2025
OTHER MATTERS
Updated Full-Year 2025 Guidance*
- Adjusted Expenses: $1,000 - 1,050 million (trending toward middle of range)
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $176 million
- Assumed non-GAAP tax rate: ~24.5% - 25.5%
- Cash capital expenditures and capitalized software development: ~$99 - 109 million
- LSEG Market Data Contract Revenue: ~$90 million
The guidance has been revised to reflect higher adjusted expenses in light of strong business momentum and accelerated investments in future growth initiatives. Depreciation and amortization, assumed non-GAAP tax rate, expenditures and LSEG Market Data Contract Revenue guidance is unchanged from the prior quarter guidance.
*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2025 Sterling/US$ foreign exchange rate of 1.28.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss second quarter 2025 results starting at 9:30 AM EDT today, July 30, 2025. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.
- To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/8d5ghru6/
- To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI18aec58059fb4fe6b48dbae5a8db94e6. Registered participants will receive an email confirmation with a unique PIN to access the conference call.
An archived recording of the call will be available afterward at https://investors.tradeweb.com.
ABOUT TRADEWEB MARKETS
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
TRADEWEB MARKETS INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
|
| Three Months Ended |
| Six Months Ended | ||||||||||||
|
| June 30, |
| June 30, | ||||||||||||
|
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
Revenues | (dollars in thousands, except per share amounts) | |||||||||||||||
Transaction fees and commissions |
| $ | 429,768 |
|
| $ | 330,475 |
|
| $ | 851,112 |
|
| $ | 665,926 |
|
Subscription fees |
|
| 57,392 |
|
|
| 50,746 |
|
|
| 113,169 |
|
|
| 100,427 |
|
LSEG market data fees |
|
| 20,569 |
|
|
| 20,581 |
|
|
| 49,494 |
|
|
| 41,081 |
|
Other |
|
| 5,242 |
|
|
| 3,149 |
|
|
| 8,873 |
|
|
| 6,256 |
|
Total revenue |
|
| 512,971 |
|
|
| 404,951 |
|
|
| 1,022,648 |
|
|
| 813,690 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
| ||||||||
Employee compensation and benefits |
|
| 169,693 |
|
|
| 137,236 |
|
|
| 346,570 |
|
|
| 280,323 |
|
Depreciation and amortization |
|
| 63,048 |
|
|
| 49,936 |
|
|
| 125,747 |
|
|
| 99,273 |
|
Technology and communications |
|
| 30,212 |
|
|
| 24,230 |
|
|
| 58,940 |
|
|
| 45,540 |
|
General and administrative |
|
| 29,984 |
|
|
| 12,755 |
|
|
| 49,724 |
|
|
| 23,609 |
|
Professional fees |
|
| 14,159 |
|
|
| 13,324 |
|
|
| 26,617 |
|
|
| 25,124 |
|
Occupancy |
|
| 6,022 |
|
|
| 4,976 |
|
|
| 11,096 |
|
|
| 9,649 |
|
Total expenses |
|
| 313,118 |
|
|
| 242,457 |
|
|
| 618,694 |
|
|
| 483,518 |
|
Operating income |
|
| 199,853 |
|
|
| 162,494 |
|
|
| 403,954 |
|
|
| 330,172 |
|
Interest income |
|
| 14,972 |
|
|
| 21,511 |
|
|
| 28,821 |
|
|
| 42,571 |
|
Interest expense |
|
| (429 | ) |
|
| (542 | ) |
|
| (1,016 | ) |
|
| (2,260 | ) |
Other income (loss), net |
|
| 12,665 |
|
|
| — |
|
|
| 16,886 |
|
|
| — |
|
Income before taxes |
|
| 227,061 |
|
|
| 183,463 |
|
|
| 448,645 |
|
|
| 370,483 |
|
Provision for income taxes |
|
| (51,539 | ) |
|
| (47,047 | ) |
|
| (104,818 | ) |
|
| (90,685 | ) |
Net income |
|
| 175,522 |
|
|
| 136,416 |
|
|
| 343,827 |
|
|
| 279,798 |
|
Less: Net income attributable to non-controlling interests |
|
| 21,740 |
|
|
| 17,177 |
|
|
| 41,663 |
|
|
| 34,417 |
|
Net income attributable to Tradeweb Markets Inc. |
| $ | 153,782 |
|
| $ | 119,239 |
|
| $ | 302,164 |
|
| $ | 245,381 |
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: |
|
|
|
|
|
|
|
| ||||||||
Basic |
| $ | 0.72 |
|
| $ | 0.56 |
|
| $ | 1.42 |
|
| $ | 1.15 |
|
Diluted |
| $ | 0.71 |
|
| $ | 0.55 |
|
| $ | 1.40 |
|
| $ | 1.14 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 213,339,761 |
|
|
| 213,162,158 |
|
|
| 213,214,326 |
|
|
| 212,936,015 |
|
Diluted |
|
| 214,971,946 |
|
|
| 214,895,947 |
|
|
| 214,934,378 |
|
|
| 214,778,342 |
|
TRADEWEB MARKETS INC. | ||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||||||||
|
| Three Months Ended |
| Six Months Ended | ||||||||||||
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin |
| June 30, |
| June 30, | ||||||||||||
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
| |
|
| (dollars in thousands) | ||||||||||||||
Net income |
| $ | 175,522 |
|
| $ | 136,416 |
|
| $ | 343,827 |
|
| $ | 279,798 |
|
Merger and acquisition transaction and integration costs (1) |
|
| 3,772 |
|
|
| 3,650 |
|
|
| 6,268 |
|
|
| 7,264 |
|
Interest income |
|
| (14,972 | ) |
|
| (21,511 | ) |
|
| (28,821 | ) |
|
| (42,571 | ) |
Interest expense |
|
| 429 |
|
|
| 542 |
|
|
| 1,016 |
|
|
| 2,260 |
|
Depreciation and amortization |
|
| 63,048 |
|
|
| 49,936 |
|
|
| 125,747 |
|
|
| 99,273 |
|
Stock-based compensation expense (2) |
|
| 601 |
|
|
| 531 |
|
|
| 1,195 |
|
|
| 1,714 |
|
Provision for income taxes |
|
| 51,539 |
|
|
| 47,047 |
|
|
| 104,818 |
|
|
| 90,685 |
|
Foreign exchange (gains) / losses (3) |
|
| 10,622 |
|
|
| (78 | ) |
|
| 18,951 |
|
|
| (2,362 | ) |
Tax receivable agreement liability adjustment (4) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Other (income) loss, net |
|
| (12,665 | ) |
|
| — |
|
|
| (16,886 | ) |
|
| — |
|
Adjusted EBITDA |
| $ | 277,896 |
|
| $ | 216,533 |
|
| $ | 556,115 |
|
| $ | 436,061 |
|
Less: Depreciation and amortization |
|
| (63,048 | ) |
|
| (49,936 | ) |
|
| (125,747 | ) |
|
| (99,273 | ) |
Add: D&A related to acquisitions and the Refinitiv Transaction (5) |
|
| 45,474 |
|
|
| 34,715 |
|
|
| 90,947 |
|
|
| 69,082 |
|
Adjusted EBIT |
| $ | 260,322 |
|
| $ | 201,312 |
|
| $ | 521,315 |
|
| $ | 405,870 |
|
Net income margin (6) |
|
| 34.2 | % |
|
| 33.7 | % |
|
| 33.6 | % |
|
| 34.4 | % |
Adjusted EBITDA margin (6) |
|
| 54.2 | % |
|
| 53.5 | % |
|
| 54.4 | % |
|
| 53.6 | % |
Adjusted EBIT margin (6) |
|
| 50.7 | % |
|
| 49.7 | % |
|
| 51.0 | % |
|
| 49.9 | % |
(1) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | |
(2) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President. | |
(3) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | |
(4) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | |
(5) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | |
(6) | Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. |
| Three Months Ended |
| Six Months Ended | |||||||||||||
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS |
| June 30, |
| June 30, | ||||||||||||
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
| |
| (dollars in thousands, except per share amounts) | |||||||||||||||
Earnings per diluted share |
| $ | 0.71 |
|
| $ | 0.55 |
|
| $ | 1.40 |
|
| $ | 1.14 |
|
Net income attributable to Tradeweb Markets Inc. |
| $ | 153,782 |
|
| $ | 119,239 |
|
| $ | 302,164 |
|
| $ | 245,381 |
|
Net income attributable to non-controlling interests (1) |
|
| 21,740 |
|
|
| 17,177 |
|
|
| 41,663 |
|
|
| 34,417 |
|
Net income |
|
| 175,522 |
|
|
| 136,416 |
|
|
| 343,827 |
|
|
| 279,798 |
|
Provision for income taxes |
|
| 51,539 |
|
|
| 47,047 |
|
|
| 104,818 |
|
|
| 90,685 |
|
Merger and acquisition transaction and integration costs (2) |
|
| 3,772 |
|
|
| 3,650 |
|
|
| 6,268 |
|
|
| 7,264 |
|
D&A related to acquisitions and the Refinitiv Transaction (3) |
|
| 45,474 |
|
|
| 34,715 |
|
|
| 90,947 |
|
|
| 69,082 |
|
Stock-based compensation expense (4) |
|
| 601 |
|
|
| 531 |
|
|
| 1,195 |
|
|
| 1,714 |
|
Foreign exchange (gains) / losses (5) |
|
| 10,622 |
|
|
| (78 | ) |
|
| 18,951 |
|
|
| (2,362 | ) |
Tax receivable agreement liability adjustment (6) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Other (income) loss, net |
|
| (12,665 | ) |
|
| — |
|
|
| (16,886 | ) |
|
| — |
|
Adjusted Net Income before income taxes |
|
| 274,865 |
|
|
| 222,281 |
|
|
| 549,120 |
|
|
| 446,181 |
|
Adjusted income taxes (7) |
|
| (68,716 | ) |
|
| (55,570 | ) |
|
| (137,280 | ) |
|
| (111,545 | ) |
Adjusted Net Income |
| $ | 206,149 |
|
| $ | 166,711 |
|
| $ | 411,840 |
|
| $ | 334,636 |
|
Adjusted Diluted EPS (8) |
| $ | 0.87 |
|
| $ | 0.70 |
|
| $ | 1.73 |
|
| $ | 1.41 |
|
(1) | Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. | |
(2) | Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. | |
(3) | Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). | |
(4) | Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President. | |
(5) | Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. | |
(6) | Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. | |
(7) | Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for each of the three and six months ended June 30, 2025 and June 30, 2024. | |
(8) | For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below. |
Contacts
Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com
Sameer Murukutla + 1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com
Savannah Steele + 1 646 767 4941
Savannah.Steele@Tradeweb.com
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