Quarterly Cash Dividend Raised by 16.7% to $0.14 Per Share
$500 Million Share Repurchase Program Authorized
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 fourth quarter and full year ended December 31, 2025.
$521.2 million quarterly revenues increased 12.5% (9.9% on a constant currency basis) compared to prior year period
$220.2 million quarterly international revenues, an increase of 16.8% (10.7% on a constant currency basis) compared to prior year period
$2.8 trillion average daily volume (“ADV”) for the quarter, an increase of 23.3% compared to prior year period; quarterly ADV records in European government bonds, swaps/swaptions ≥ 1-year, U.S. ETFs and global repurchase agreements
$367.1 million net income and $207.0 million adjusted net income for the quarter, increases of 129.5% and 14.2% respectively from prior year period
53.2% adjusted EBITDA margin and $277.3 million adjusted EBITDA for the quarter, compared to 52.8% and $244.7 million respectively for prior year period
$1.51 diluted earnings per share (“Diluted EPS”) and $0.87 adjusted diluted earnings per share for the quarter
$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period
Billy Hult, CEO of Tradeweb:
"Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia.
All in, Tradeweb reported its 26th consecutive year of record annual revenue in 2025, underscoring the earnings durability of our multi-asset model spanning multiple client sectors and geographies. That momentum has continued into 2026, with January average daily volume of $3.1 trillion thanks to double-digit YoY ADV growth across rates, credit and money markets. As electronification continues to advance and trading evolves with the rise of tokenization and digital-native asset classes, Tradeweb is well-positioned to build the institutional trading structure of the future – one that’s more connected, transparent, and resilient than ever before.”
SELECT FINANCIAL RESULTS |
| 4Q25 |
|
| 4Q24 |
| Change |
| Constant Currency Change (1) | |
(dollars in thousands except per share amounts)(Unaudited) | ||||||||||
GAAP Financial Measures | ||||||||||
Total revenue | $ | 521,183 |
| $ | 463,344 |
| 12.5 | % | 9.9 | % |
Rates | $ | 279,083 |
| $ | 240,192 |
| 16.2 | % | 12.9 | % |
Credit | $ | 118,408 |
| $ | 113,572 |
| 4.3 | % | 2.5 | % |
Equities | $ | 31,533 |
| $ | 28,749 |
| 9.7 | % | 5.9 | % |
Money Markets | $ | 45,623 |
| $ | 44,258 |
| 3.1 | % | 2.0 | % |
Market Data | $ | 33,783 |
| $ | 30,011 |
| 12.6 | % | 11.5 | % |
Other | $ | 12,753 |
| $ | 6,562 |
| 94.3 | % | 94.3 | % |
Operating income | $ | 221,013 |
| $ | 188,540 |
| 17.2 | % |
|
|
Net income | $ | 367,124 |
| $ | 159,942 |
| 129.5 | % |
|
|
Net income attributable to Tradeweb Markets Inc. (2) | $ | 324,992 |
| $ | 142,210 |
| 128.5 | % |
| |
Diluted EPS | $ | 1.51 |
| $ | 0.66 |
| 128.8 | % |
|
|
Net income margin |
| 70.4 | % |
| 34.5 | % | +3,592 | bps |
|
|
Non-GAAP Financial Measures | ||||||||||
Adjusted EBITDA (1) | $ | 277,319 |
| $ | 244,743 |
| 13.3 | % | 11.3 | % |
Adjusted EBITDA margin (1) |
| 53.2 | % |
| 52.8 | % | +39 | bps | +65 | bps |
Adjusted EBIT (1) | $ | 257,129 |
| $ | 227,347 |
| 13.1 | % | 11.0 | % |
Adjusted EBIT margin (1) |
| 49.3 | % |
| 49.1 | % | +27 | bps | +45 | bps |
Adjusted Net Income (1) | $ | 206,973 |
| $ | 181,183 |
| 14.2 | % | 12.2 | % |
Adjusted Diluted EPS (1) | $ | 0.87 |
| $ | 0.76 |
| 14.5 | % | 13.2 | % |
ADV (US $bn) (Unaudited) | ||||||||||
Asset Class | Product |
| 4Q25 |
| 4Q24 | YoY | ||||
Rates | Cash | $ | 557 | $ | 509 | 9.4 | % | |||
| Derivatives |
| 1,117 |
| 745 | 50.0 | % | |||
| Total |
| 1,674 |
| 1,253 | 33.5 | % | |||
Credit | Cash |
| 16 |
| 15 | 10.2 | % | |||
| Derivatives |
| 17 |
| 13 | 37.9 | % | |||
| Total |
| 34 |
| 27 | 22.9 | % | |||
Equities | Cash |
| 14 |
| 11 | 23.6 | % | |||
| Derivatives |
| 13 |
| 12 | 7.8 | % | |||
| Total |
| 27 |
| 24 | 15.3 | % | |||
Money Markets | Cash |
| 1,092 |
| 988 | 10.5 | % | |||
| Total |
| 1,092 |
| 988 | 10.5 | % | |||
| Total | $ | 2,827 | $ | 2,292 | 23.3 | % | |||
(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. |
DISCUSSION OF RESULTS: FOURTH QUARTER 2025
Rates – Revenues of $279.1 million in the fourth quarter of 2025 increased 16.2% compared to prior year period (increased 12.9% on a constant currency basis). Rates ADV was up 33.5% from prior year period, driven by an 82.1% increase in swaps/swaptions < 1-year and record volume in swaps/swaptions ≥ 1-year. Mortgages ADV was up 9.7% from prior year period, driven by increased To-Be-Announced ("TBA") activity, which was led by heightened participation from real-money accounts and mortgage originators, alongside elevated dollar-roll trading. Tradeweb's specified pool volumes also delivered strong ADV growth supported by continued expansion in client and dealer participation. European government bonds ADV was also a record, up 29.7% from prior year period, driven by robust volume across our institutional and wholesale client channels and U.S. government bond volume remained robust.
Credit – Revenues of $118.4 million in the fourth quarter of 2025 increased 4.3% compared to prior year period (increased 2.5% on a constant currency basis). Credit ADV was up 22.9% from prior year period, driven by strong activity in credit derivatives, U.S. and European credit and municipal bond volumes. U.S. credit ADV was up 4.5% from prior year period, reflecting continued client adoption across Tradeweb products and protocols, most notably in request-for-quote ("RFQ"), Tradeweb AllTrade® and Portfolio Trading ("PT"). European Credit ADV was up 15.6% from prior year period, driven by robust activity across a wide range of protocols including Tradeweb's Automated Intelligent Execution tool ("AiEX") and PT. Municipal bond ADV was up 17.3% from prior year period. We reported 18.3% share of fully electronic U.S. high grade TRACE, which remained flat from prior year period and 8.1% share of fully electronic U.S. high yield TRACE, up 20 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 110 bps from prior year period and 10.0% total share of U.S. high yield TRACE, which remained flat from prior year period.
Equities – Revenues of $31.5 million in the fourth quarter of 2025 increased 9.7% compared to prior year period (increased 5.9% on a constant currency basis). Equities ADV was up 15.3% from prior year period driven by record volume in U.S. ETFs, which was led by strong year-over-year growth in institutional and wholesale trading.
Money Markets – Revenues of $45.6 million in the fourth quarter of 2025 increased 3.1% compared to prior year period (increased 2.0% on a constant currency basis). Money Markets ADV was up 10.5% from prior year period, primarily driven by record ADV in global repurchase agreements, which was supported by increased client participation.
Market Data – Revenues of $33.8 million in the fourth quarter of 2025 increased 12.6% compared to prior year period (increased 11.5% on a constant currency basis). The increase was derived primarily from higher fees resulting from our amended LSEG market data license agreement effective November 1, 2025 and other increases in proprietary third party market data revenue.
Other – Revenues of $12.8 million in the fourth quarter of 2025 increased 94.3% compared to prior year period (increased 94.3% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.
Operating Expenses of $300.2 million in the fourth quarter of 2025 increased 9.2% compared to $274.8 million in the prior year period, primarily due to (i) an increase in general and administrative expenses as a result of a decrease in foreign exchange gains, (ii) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth and (iii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period.
Adjusted Expenses of $264.1 million in the fourth quarter of 2025 increased 11.9% (increased 9.0% 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 headcount to support our continued growth, (ii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period and (iii) an increase in general and administrative expenses primarily as a result of a decrease in foreign exchange gains. Please see "Non-GAAP Financial Measures" below for additional information.
Non-operating Income – Other income (loss), net of $207.1 million of income in the fourth quarter of 2025 increased $208.2 million compared to the prior year period loss of $1.1 million, primarily due to realized and unrealized gains on our Canton Coin holdings, which totaled a gain of $205.4 million in the fourth quarter of 2025 compared to $0.2 million in prior year period. In November 2025, spot trading of the Canton Coin began across several global digital asset exchanges. Other income (loss), net is excluded from all non-GAAP financial measures.
DISCUSSION OF RESULTS: FULL-YEAR 2025
Tradeweb recorded its 26th consecutive year of record annual revenues for the year ended December 31, 2025, as total revenues increased 18.9% (increased 17.5% on a constant currency basis) to $2.1 billion compared to full year 2024. Record revenue was driven by ADV of more than $2.6 trillion and record ADV activity in each of the following: U.S. government bonds; European government bonds; mortgages; swaps and swaptions ≥ 1-year; U.S. high-grade credit traded fully electronically; U.S. high-yield credit traded fully electronically; U.S. high-yield credit that is electronically processed; European credit bonds; municipal bonds; credit swaps; U.S. ETFs; international ETFs; convertibles, swaps and options; and repurchase agreements. Operating income increased 23.2% to $835.3 million for the year ended December 31, 2025 compared to $678.0 million in 2024, while net income increased 61.7% to $921.5 million for the year ended December 31, 2025 compared to $570.0 million in 2024. Net income in 2025 includes $270.9 million in non-operating other income gains on our Canton Coin holdings. Adjusted EBITDA margin increased to 54.0% for the year ended December 31, 2025 compared to 53.3% in 2024, representing an increase of 64 bps from prior year period (+70 bps on a constant currency basis). Diluted EPS increased 62.2% from prior year period to $3.78 for the year ended December 31, 2025, including the impact of non-operating other income primarily relating to gains on Canton Coins holdings. Adjusted Diluted EPS increased 18.8% from prior year period to $3.47 for the year ended December 31, 2025.
RECENT HIGHLIGHTS
January 2026
- Participated in a third wave of pioneering transactions on the Canton Network alongside a consortium of leading financial institutions, building on the successful completion of the initial on-chain U.S. Treasury financing in July 2025.
Fourth Quarter 2025
Core Product
- Completed the first fully electronic European invoice spread trade via the request-for-market ("RFM") protocol on Tradeweb, with Nomura providing liquidity.
- Announced an expansion of Tradeweb’s collaboration with the European Central Bank to provide them with repo trading services for public sector securities from major European jurisdictions.
- Completed the first-ever fully electronic RFM swaption package trade. Citadel and Barclays were counterparties on the trade, which was executed on the Tradeweb Swap Execution Facility ("TW SEF").
- Expanded Tradeweb's dealer algorithmic execution capabilities for U.S. Treasuries, providing institutional clients with access to deeper liquidity and smarter execution strategies through Tradeweb's comprehensive dealer algo suite.
- Launched Tradeweb's Alternative Trading System ("ATS") for the execution of sukuk and Saudi Riyal ("SAR")-denominated debt instruments in the Kingdom of Saudi Arabia.
Digital Assets and Blockchain Technology
- Diversified Canton Coin exposure by exchanging Canton Coin to acquire pre-funded warrants to purchase shares of common stock of Tharimmune, Inc. (Nasdaq CM: “THAR”), a publicly traded digital asset treasury (DAT) company whose goal is to advance the adoption of institutional and decentralized finance applications on the Canton Network.
- In October 2025, Securitize announced that it entered into a definitive business combination agreement through which Securitize will become a publicly listed company, subject to shareholder approval, customary closing conditions and regulatory approvals, at a $1.25 billion pre-money equity value, subject to customary valuation adjustments. If the combination is completed, Tradeweb’s convertible note will convert into an equity interest in the combined public company, alongside other equity holders such as ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto and Morgan Stanley Investment Management.
- Completed the industry's first on-chain electronic auction for brokered certificates of deposit ("CDs").
- Announced a collaboration with Chainlink, a leading operator for on-chain finance, to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain via DataLink, an institutional-grade data publishing service powered by Chainlink.
People
- Appointed Sandra "Sandee" Buchanan as Chief People Officer and a member of the Executive Committee.
- Appointed Rich Chun as Managing Director, Head of Asia, to oversee Tradeweb's business operations, client engagement efforts and strategic initiatives in the Asia Pacific region.
Awards
- Recognized in numerous awards celebrating our company and employees, including: Outstanding Fixed Income Trading Venue, Leaders in Trading Awards (The Trade); 100 Most Influential Women in European Finance 2025 – Serene Murphy (Financial News); Excellence in Trading – Iseult Conlin, U.S. Women in Finance Awards (Markets Media); Rising Star – Casey Kenny, U.S. Women in Finance Awards (Markets Media); Excellence in Marketing – Susan Bennett, European Women in Finance Awards (Markets Media); Rising Star – Lou Ducasse, European Women in Finance Awards (Markets Media); Ascent Award – Roseann Hilway, Women in Financial Markets
CAPITAL MANAGEMENT
- $2.1 billion in cash and cash equivalents and an undrawn $500.0 million credit facility as of December 31, 2025
- As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 million
- Free cash flow for the year ended December 31, 2025 of $1.1 billion, up 31.6% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
- Cash paid for capital expenditures and capitalized software development in the fourth quarter 2025 of $34.8 million and $103.1 million in full-year 2025
- During both the quarter and year ended December 31, 2025, as part of its 2022 Share Repurchase Program, Tradeweb purchased a total of 987,379 shares of Class A common stock, at an average price of $107.29, for purchases totaling $105.9 million. During the month of January 2026, Tradeweb purchased a total of 482,621 shares of Class A common stock, at an average price of $105.10, for purchases totaling $50.7 million. As of February 5, 2026, a total of $23.2 million remained available for repurchase pursuant to the 2022 Share Repurchase Program authorization
- On February 5, 2026, the Board of Directors approved the 2026 Share Repurchase Program which authorizes the purchase of up to $500 million of the Company’s Class A common stock once the 2022 Share Repurchase Program has been exhausted
- $0.5 million in shares of Class A common stock were withheld in the fourth quarter of 2025 and $49.4 million in shares of Class A common stock were withheld in the full-year 2025 to satisfy tax obligations related to the exercise of stock options and vesting of restricted stock units and performance-based restricted stock units held by employees
- The Board of Directors declared a quarterly cash dividend of $0.14 per share of Class A common stock and Class B common stock, a 16.7% per share increase from prior year. This dividend will be payable on March 16, 2026 to stockholders of record as of March 2, 2026
OTHER MATTERS
Full-Year 2026 Guidance*
- Adjusted Expenses: $1,100 - 1,160 million
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million
- Assumed non-GAAP tax rate: ~23.5% - 24.5%
- Cash capital expenditures and capitalized software development: ~$107 - 117 million
- LSEG Market Data Contract Revenue: ~$105 million
*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss fourth quarter and full year 2025 results starting at 9:30 AM EST today, February 5, 2026. 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/sewc5z3i/
-
To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI67c55c84683e4959a056498dfe6e355c
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 $2.6 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) | ||||||||||||||||
|
| Quarter Ended December 31, |
| Year Ended December 31, | ||||||||||||
|
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
|
Revenues |
| (dollars in thousands, except per share amounts) | ||||||||||||||
Transaction fees and commissions |
| $ | 428,006 |
|
| $ | 384,128 |
|
| $ | 1,700,427 |
|
| $ | 1,423,547 |
|
Subscription fees |
|
| 60,018 |
|
|
| 55,026 |
|
|
| 234,017 |
|
|
| 206,659 |
|
LSEG market data fees |
|
| 23,169 |
|
|
| 20,552 |
|
|
| 93,197 |
|
|
| 82,145 |
|
Other |
|
| 9,990 |
|
|
| 3,638 |
|
|
| 24,788 |
|
|
| 13,598 |
|
Total revenue |
|
| 521,183 |
|
|
| 463,344 |
|
|
| 2,052,429 |
|
|
| 1,725,949 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
| ||||||||
Employee compensation and benefits |
|
| 159,268 |
|
|
| 152,206 |
|
|
| 670,831 |
|
|
| 592,690 |
|
Depreciation and amortization |
|
| 60,091 |
|
|
| 62,854 |
|
|
| 250,189 |
|
|
| 219,999 |
|
Technology and communications |
|
| 35,520 |
|
|
| 28,728 |
|
|
| 128,327 |
|
|
| 98,568 |
|
General and administrative |
|
| 21,786 |
|
|
| 12,291 |
|
|
| 88,402 |
|
|
| 56,317 |
|
Professional fees |
|
| 15,291 |
|
|
| 13,574 |
|
|
| 53,391 |
|
|
| 60,132 |
|
Occupancy |
|
| 8,214 |
|
|
| 5,151 |
|
|
| 25,951 |
|
|
| 20,215 |
|
Total expenses |
|
| 300,170 |
|
|
| 274,804 |
|
|
| 1,217,091 |
|
|
| 1,047,921 |
|
Operating income |
|
| 221,013 |
|
|
| 188,540 |
|
|
| 835,338 |
|
|
| 678,028 |
|
Tax receivable agreement liability adjustment |
|
| 9,786 |
|
|
| 8,600 |
|
|
| 9,786 |
|
|
| 7,730 |
|
Interest income |
|
| 19,238 |
|
|
| 14,803 |
|
|
| 68,407 |
|
|
| 74,037 |
|
Interest expense |
|
| (403 | ) |
|
| (573 | ) |
|
| (1,941 | ) |
|
| (4,279 | ) |
Other income (loss), net |
|
| 207,078 |
|
|
| (1,124 | ) |
|
| 263,384 |
|
|
| (1,114 | ) |
Income before taxes |
|
| 456,712 |
|
|
| 210,246 |
|
|
| 1,174,974 |
|
|
| 754,402 |
|
Provision for income taxes |
|
| (89,588 | ) |
|
| (50,304 | ) |
|
| (253,474 | ) |
|
| (184,439 | ) |
Net income |
|
| 367,124 |
|
|
| 159,942 |
|
|
| 921,500 |
|
|
| 569,963 |
|
Less: Net income attributable to non-controlling interests |
|
| 42,132 |
|
|
| 17,732 |
|
|
| 108,708 |
|
|
| 68,456 |
|
Net income attributable to Tradeweb Markets Inc. |
| $ | 324,992 |
|
| $ | 142,210 |
|
| $ | 812,792 |
|
| $ | 501,507 |
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: |
|
|
|
|
|
|
|
| ||||||||
Basic |
| $ | 1.52 |
|
| $ | 0.67 |
|
| $ | 3.81 |
|
| $ | 2.35 |
|
Diluted |
| $ | 1.51 |
|
| $ | 0.66 |
|
| $ | 3.78 |
|
| $ | 2.33 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 213,065,776 |
|
|
| 213,039,958 |
|
|
| 213,213,371 |
|
|
| 213,030,056 |
|
Diluted |
|
| 214,740,747 |
|
|
| 215,043,352 |
|
|
| 214,898,240 |
|
|
| 214,924,763 |
|
TRADEWEB MARKETS INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin |
| Quarter Ended December 31, |
| Year Ended December 31, | ||||||||||||
|
| 2025 |
|
|
| 2024 |
|
|
| 2025 |
|
|
| 2024 |
| |
|
| (dollars in thousands) | ||||||||||||||
Net income |
| $ | 367,124 |
|
| $ | 159,942 |
|
| $ | 921,500 |
|
| $ | 569,963 |
|
Merger and acquisition transaction and integration costs (1) |
|
| 157 |
|
|
| 1,071 |
|
|
| 6,891 |
|
|
| 22,823 |
|
Interest income |
|
| (19,238 | ) |
|
| (14,803 | ) |
|
| (68,407 | ) |
|
| (74,037 | ) |
Interest expense |
|
| 403 |
|
|
| 573 |
|
|
| 1,941 |
|
|
| 4,279 |
|
Depreciation and amortization |
|
| 60,091 |
|
|
| 62,854 |
|
|
| 250,189 |
|
|
| 219,999 |
|
Stock-based compensation expense (2) |
|
| 525 |
|
|
| 701 |
|
|
| 2,327 |
|
|
| 6,096 |
|
Provision for income taxes |
|
| 89,588 |
|
|
| 50,304 |
|
|
| 253,474 |
|
|
| 184,439 |
|
Foreign exchange (gains) / losses (3) |
|
| (4,467 | ) |
|
| (8,423 | ) |
|
| 13,112 |
|
|
| (6,326 | ) |
Tax receivable agreement liability adjustment (4) |
|
| (9,786 | ) |
|
| (8,600 | ) |
|
| (9,786 | ) |
|
| (7,730 | ) |
Other (income) loss, net |
|
| (207,078 | ) |
|
| 1,124 |
|
|
| (263,384 | ) |
|
| 1,114 |
|
Adjusted EBITDA |
| $ | 277,319 |
|
| $ | 244,743 |
|
| $ | 1,107,857 |
|
| $ | 920,620 |
|
Less: Depreciation and amortization |
|
| (60,091 | ) |
|
| (62,854 | ) |
|
| (250,189 | ) |
|
| (219,999 | ) |
Add: D&A related to acquisitions and the Refinitiv Transaction (5) |
|
| 39,901 |
|
|
| 45,458 |
|
|
| 176,322 |
|
|
| 156,489 |
|
Adjusted EBIT |
| $ | 257,129 |
|
| $ | 227,347 |
|
| $ | 1,033,990 |
|
| $ | 857,110 |
|
Net income margin (6) |
|
| 70.4 | % |
|
| 34.5 | % |
|
| 44.9 | % |
|
| 33.0 | % |
Adjusted EBITDA margin (6) |
|
| 53.2 | % |
|
| 52.8 | % |
|
| 54.0 | % |
|
| 53.3 | % |
Adjusted EBIT margin (6) |
|
| 49.3 | % |
|
| 49.1 | % |
|
| 50.4 | % |
|
| 49.7 | % |
(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 quarters and years ended December 31, 2025 and 2024, this adjustment also includes $0.5 million, $2.3 million, $0.6 million and $1.0 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 quarter ended and year ended December 31, 2024, this adjustment also includes none and $2.7 million, respectively, 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. |
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Sameer.Murukutla@Tradeweb.com
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Daniel.Noonan@Tradeweb.com
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