Tradeweb Markets Inc. reported third‑quarter 2025 revenue of $508.6 million, up 13.3% year‑over‑year from $448.9 million in Q3 2024. Net income rose to $210.6 million from $113.9 million, and diluted earnings per share reached $0.86 compared with $0.53 in the prior year. Adjusted EBITDA increased to $274.4 million, a 54.0% margin versus 53.4% in Q3 2024.
The company declared a quarterly cash dividend of $0.12 per share, a 20% increase from the previous dividend. Updated full‑year 2025 guidance confirms confidence in double‑digit revenue growth and a disciplined approach to capital allocation.
Segment performance was strong across the board: rates revenue grew 17.7%, equities 16.9%, money markets 18.7%, credit 2.6%, other revenues 51.6%, and market data 3.6%. International revenue expanded 24.8% year‑over‑year, underscoring the firm’s global growth strategy.
Tradeweb highlighted several operational milestones, including the first fully automated European government bond basis RFQ trade and the first real‑time, fully on‑chain financing of U.S. Treasuries against USDC on the Canton Network. The firm also reached an agreement in principle to renew its LSEG market data contract for an additional three years, securing continued revenue from that source.
Despite historically low interest‑rate volatility and geopolitical uncertainty, the company’s earnings beat analyst expectations for EPS while revenue slightly missed consensus estimates. Management attributed margin expansion to operational efficiencies and a favorable product mix, while noting that weaker wholesale trends in U.S. Treasury trading contributed to a modest decline in that segment.
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