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TW · Tradeweb Markets

24 filings

10-Q

TW 10-Q Quarterly Reports

Tradeweb Markets - 24 quarterly reports

Filing record · 2019–202610-K810-Q248-K69

2026-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2026
Tradeweb Markets Inc. reported total revenue of $584.5 million for the three months ended September 30, 2026, up from $508.6 million a year earlier, and net income attributable to Tradeweb Markets Inc. of $197.5 million, compared with $185.6 million. For the nine months, total revenue was $1.76 billion and net income attributable to Tradeweb Markets Inc. was $584.1 million. Transaction fees and commissions drove growth, with rates derivatives, U.S. government bonds and U.S. corporate bonds cited as primary contributors. Diluted EPS was $0.94 for the quarter, compared with $0.86 a year earlier. Adjusted EBITDA for the quarter was $318.9 million, a 54.5% margin. Capital return remained significant. During the nine months, the company repurchased Class A shares totaling $447.3 million in cash for share repurchase programs, paid $88.9 million in dividends, and paid $86.0 million in payroll taxes on stock awards. As of September 30, 2026, $124.5 million remained available under the 2026 Share Repurchase Program. Cash and cash equivalents were $2.11 billion, and the company had no outstanding borrowings under its $500.0 million revolving credit facility. A significant subsequent event is the October 19, 2026 agreement to acquire Trumid Holdings, LLC for a total purchase price of $1.97 billion, consisting of $1.89 billion in cash and 773,900 LLC Interests valued at $82.0 million. The closing is subject to regulatory approvals and is targeted for the first half of 2027. A termination fee of $105.0 million is payable under certain circumstances. The filing also notes that Canton Coin holdings, with a fair value of $207.5 million, are subject to lockup restrictions, and that the company recorded an unrealized loss of $42.0 million on Canton Coins for the nine months.
Oct 29, 2026
2026-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2026
Tradeweb Markets Inc. reported total revenue of $558.9 million for the three months ended June 30, 2026, up from $513.0 million a year earlier, with net income attributable to Tradeweb Markets Inc. of $181.3 million and diluted EPS of $0.85 (versus $0.71). For the six months ended June 30, 2026, total revenue was $1.18 billion, up 15.1%, and net income attributable to Tradeweb Markets Inc. was $386.6 million, with diluted EPS of $1.81. The revenue increase was driven mainly by transaction fees and commissions, which rose to $465.3 million in the quarter, led by rates derivatives, mortgages, corporate bonds, equity derivatives and ETFs. Adjusted EBITDA for the quarter was $304.1 million, a 54.4% margin, and Adjusted Diluted EPS was $0.97. Balance sheet and capital return activity remained substantial. Cash and cash equivalents were $2.06 billion at June 30, 2026, and the company had no outstanding borrowings under its $500.0 million revolving credit facility. In the first half, the company repurchased $240.5 million of stock, paid $59.5 million in dividends, and had $334.3 million remaining under its 2026 Share Repurchase Program. On July 30, 2026, the board declared a $0.14 per share quarterly dividend payable September 15, 2026. The filing also highlights exposure to Canton Coin holdings, with a fair value of $230.0 million at June 30, 2026, where 1.3 billion coins valued at $181.6 million are subject to lockup restrictions. Other income in the quarter was affected by a $15.1 million unrealized loss on Canton Coins, offset by $26.6 million in unrealized gains on minority equity investments. LSEG controls 90.0% of the combined voting power of the company.
Jul 30, 2026
2026-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2026
Tradeweb Markets Inc. reported a strong first quarter of 2026, with total revenue of $617.8 million, up from $509.7 million in the prior-year period, a 21.2% increase. The filing attributes the growth primarily to a $102.5 million rise in transaction fees and commissions to $523.8 million, driven by higher rates and credit derivatives volumes, U.S. government bonds, mortgages and ETFs. Total average daily volume rose 31.4%, to $3.35 trillion from $2.55 trillion. Operating income increased 40.7% to $287.3 million, and net income attributable to Tradeweb Markets Inc. rose 38.3% to $205.3 million. Diluted EPS was $0.96 versus $0.69. Adjusted EBITDA was $339.7 million, a 55.0% margin, and Adjusted Diluted EPS was $1.08 versus $0.86. Cash flow and capital returns were meaningful but lower in cash terms this quarter. Operating cash flow was $103.8 million, and Free Cash Flow was $76.7 million, with the filing noting about $71 million paid for transferable tax credits tied to the 2025 tax year. Cash and cash equivalents fell to $1.94 billion from $2.08 billion, reflecting $53.3 million of share repurchases, $29.8 million of dividends, $83.7 million of payroll taxes on stock-based compensation, and $50.2 million of investments. The company has no outstanding borrowings under its $500.0 million revolving credit facility, and a new $500.0 million share repurchase program was authorized on February 5, 2026. On April 29, 2026, the board declared a $0.14 per share quarterly dividend payable June 15, 2026. The balance sheet includes a $335.8 million tax receivable agreement liability, and results include gains and losses on Canton Coin holdings, which the company earns as a Super Validator on the Canton Network. Other income was a net loss of $1.2 million, reflecting $2.9 million of unrealized losses on Canton Coins and $13.2 million of unrealized losses on pre-funded warrants in Canton Strategic Holdings, partly offset by a $14.8 million realized gain recognized in January 2026. LSEG, through its holdings, controls 89.9% of combined voting power and is a source of market data fee revenue of $26.7 million in the quarter.
Apr 29, 2026
2025-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2025
Tradeweb Markets Inc. reported strong third-quarter 2025 results, with total revenue of $508.6 million, up 13.3% from $448.9 million a year earlier, and net income of $210.5 million versus $130.2 million. Growth was driven mainly by transaction fees and commissions, which rose to $421.3 million, primarily on higher rates derivatives revenue. Subscription fees increased to $60.8 million (excluding LSEG market data fees of $20.5 million, as presented in the income statement), partly reflecting clients moving to plans with minimum fee floors or subscriptions. Diluted EPS was $0.86 versus $0.53, and Adjusted Diluted EPS was $0.87 versus $0.75. Adjusted EBITDA reached $274.4 million, a 54.0% margin. For the nine months ended September 30, 2025, total revenue was $1.53 billion, up 21.3%, and net income was $554.4 million. Operating cash flow was $811.7 million and Free Cash Flow was $743.4 million. Cash and cash equivalents rose to $1.9 billion from $1.3 billion at year-end 2024, and the company had no borrowings under its $500.0 million revolving credit facility. Other income of $39.4 million in the quarter was primarily driven by gains on Canton Coin holdings, which the company earns for validator services and which are valued using Level 3 inputs. After quarter-end, the board declared a $0.12 per share quarterly dividend payable December 15, 2025. The company also reached an agreement in principle with the LSEG Parties to renew its Master Data Agreement for three years, retrospective to November 1, 2025, subject to definitive documentation and board approval, and delivered notice to begin a 12-month transition period. The tax receivable agreement liability stood at $351.4 million, and the company expects to make payments of approximately $37.9 million within the next 12 months.
Oct 30, 2025
2025-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2025
Tradeweb Markets Inc. reported second-quarter 2025 total revenue of $512.97 million, up from $404.95 million a year earlier, driven primarily by a $99.3 million increase in transaction fees and commissions to $429.8 million. Net income rose to $175.5 million from $136.4 million, and net income attributable to Tradeweb Markets Inc. was $153.8 million, or $0.71 diluted EPS, versus $0.55 in the prior-year quarter. The filing attributes growth to higher rates derivatives, U.S. government bond, ETF and money market volumes, with the ICD acquisition (completed August 1, 2024) contributing corporates and money market revenue. Management also reported Adjusted EBITDA of $277.9 million (54.2% margin) and Adjusted Diluted EPS of $0.87 for the quarter. For the six months ended June 30, 2025, total revenue was $1.02 billion and net cash provided by operating activities was $469.4 million, yielding Free Cash Flow of $432.5 million as defined by the company. Cash and cash equivalents rose to $1.63 billion at June 30, 2025, and the company reported no outstanding borrowings under its $500.0 million 2023 Revolving Credit Facility. Total stockholders' equity attributable to Tradeweb Markets Inc. was $6.10 billion. The quarter also included items that affected GAAP results: other income of $12.7 million from an $18.1 million unrealized gain on Canton Coin holdings, offset by a $5.4 million impairment on a minority equity investment, and general and administrative expense that rose 135.1% on foreign exchange losses. The company declared a $0.12 per share quarterly dividend for the third quarter of 2025 on July 30, 2025, and the Tax Receivable Agreement liability stood at $351.4 million.
Jul 30, 2025
2025-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2025
Tradeweb Markets Inc. reported first-quarter 2025 total revenue of $509.7 million, up from $408.7 million in the prior-year period, with transaction fees and commissions rising to $421.3 million from $335.5 million. Operating income was $204.1 million versus $167.7 million, and net income attributable to Tradeweb Markets Inc. was $148.4 million, or $0.69 diluted EPS, compared with $126.1 million, or $0.59, a year earlier. The company attributed the growth primarily to higher rates derivatives and U.S. government bond revenue, plus contributions from the ICD acquisition, which added a corporates client sector with $24.7 million of revenue in the quarter. Non-GAAP measures show Adjusted EBITDA of $278.2 million (54.6% margin) versus $219.5 million (53.7%), and Adjusted Diluted EPS of $0.86 versus $0.71. Free Cash Flow was $45.4 million, up from $20.6 million, and operating cash flow was $60.2 million. Cash and cash equivalents totaled $1.3 billion, and the company had no borrowings outstanding under its $500.0 million revolving credit facility. Tax receivable agreement liability stood at $369.8 million, with approximately $18.4 million expected to be paid within the next 12 months. The company declared a $0.12 per share quarterly dividend on April 30, 2025, and approved a $52.4 million TWM LLC distribution. Operating expenses rose 26.8%, driven by higher employee compensation, depreciation and amortization, and a $8.6 million increase in foreign exchange losses within general and administrative expenses. The filing also notes a signed New York City headquarters lease with $159.2 million of future minimum payments, expected to commence in mid-2025.
Apr 30, 2025
2024-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2024
Tradeweb Markets Inc. reported strong third-quarter 2024 results in its Form 10-Q filed October 30, 2024. Total revenue rose to $448.9 million for the three months ended September 30, 2024, up from $328.4 million a year earlier, and net income attributable to Tradeweb Markets Inc. was $113.9 million versus $98.6 million. Transaction fees and commissions were the primary driver, increasing $110.0 million to $373.5 million, led by rates derivatives, U.S. corporate bonds and U.S. government bonds, along with basis point commissions from the ICD Portal following the August 1, 2024 ICD acquisition. For the nine months ended September 30, 2024, total revenue was $1.26 billion and net income attributable to Tradeweb Markets Inc. was $359.3 million. Operating cash flow was $615.7 million and Free Cash Flow, a non-GAAP measure, was $564.8 million. Adjusted EBITDA for the quarter was $239.8 million, an Adjusted EBITDA margin of 53.4%. Cash and cash equivalents fell to $1.17 billion at September 30, 2024 from $1.71 billion at December 31, 2023, reflecting $860.4 million of net cash paid for the ICD and r8fin acquisitions. The company had no outstanding indebtedness at quarter end, with $500.0 million available under its 2023 Revolving Credit Facility, and it declared a $0.10 per share quarterly dividend on October 30, 2024. The filing also notes that the Tax Receivable Agreement liability stood at $382.4 million, and that Refinitiv (LSEG) held 89.9% of the combined voting power of Tradeweb Markets Inc.
Oct 30, 2024
2024-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2024
Tradeweb Markets Inc. reported total revenue of $404.95 million for the three months ended June 30, 2024, up from $310.61 million a year earlier, and $813.69 million for the six months, up from $639.86 million. Transaction fees and commissions were the primary driver, rising to $330.48 million in the quarter from $246.46 million. Operating income increased to $162.49 million from $116.34 million, and net income attributable to Tradeweb Markets Inc. rose to $119.24 million from $89.08 million. Diluted EPS was $0.55 versus $0.42 in the prior-year quarter. Adjusted EBITDA was $216.53 million for the quarter, with an Adjusted EBITDA margin of 53.5%, and Adjusted Diluted EPS was $0.70. The company ended the quarter with cash and cash equivalents of $1.72 billion and no outstanding borrowings under its $500.0 million revolving credit facility. The tax receivable agreement liability declined to $380.94 million from $457.52 million, reflecting $76.6 million in payments during the six months. Stockholders' equity attributable to Tradeweb Markets Inc. was $5.63 billion at June 30, 2024. The company completed the r8fin acquisition in January 2024 for total consideration of $125.9 million and has agreed to acquire the Institutional Cash Distributors business (ICD) for $785 million in cash, expected to close in the third quarter of 2024. The filing also discloses a Treasury settlement issue: following a November 2023 ransomware attack on ICBC systems, the company self-cleared U.S. Treasury trades, resulting in a $432.0 million receivable and $424.8 million payable tied to failed settlements, all of which settled in July 2024. President Thomas Pluta will leave the company effective September 30, 2024, with a cash severance payment of $2.9 million recorded in the quarter.
Jul 25, 2024
2024-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2024
Tradeweb Markets Inc. reported first-quarter 2024 total revenue of $408.7 million, up from $329.2 million a year earlier, with operating income of $167.7 million versus $122.6 million and net income attributable to Tradeweb Markets Inc. of $126.1 million versus $87.9 million. Diluted EPS was $0.59 compared with $0.42. Transaction fees and commissions rose to $335.5 million from $266.6 million, driven mainly by rates derivatives and U.S. and European corporate and government bonds. Adjusted EBITDA was $219.5 million, a 53.7% margin, and Adjusted Diluted EPS was $0.71 versus $0.54. Cash flow from operations fell to $37.9 million from $70.8 million, reflecting increased cash used for deposits with clearing organizations. Free Cash Flow was $20.6 million versus $54.1 million. Cash and cash equivalents declined to $1.54 billion from $1.71 billion, and the company had no outstanding borrowings under its $500.0 million revolving credit facility. The r8fin acquisition closed in January 2024 for $125.9 million in total consideration. A pending acquisition of ICD Intermediate Holdco 1, LLC (Institutional Cash Distributors) was agreed on April 5, 2024 for $785 million in cash, expected to close in the second half of 2024 and to be funded with cash on hand. The filing also notes a $0.10 per share quarterly dividend declared April 25, 2024, and a $676.1 million receivable and $646.6 million payable tied to U.S. Treasury failed settlements, all of which settled in April 2024.
Apr 25, 2024
2023-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2023
Tradeweb Markets Inc. reported third-quarter 2023 total revenue of $328.4 million, up from $287.1 million in the prior-year quarter, with net income attributable to Tradeweb Markets Inc. of $98.6 million versus $69.1 million. Transaction fees and commissions rose to $263.5 million, driven mainly by rates derivatives, U.S. and European corporate bonds, and U.S. and European government bonds. Average daily volume across asset classes grew 29.6% to $1.42 trillion, and Adjusted EBITDA reached $170.4 million, with an Adjusted EBITDA margin of 51.9%. Nine-month results showed total revenue of $968.2 million, operating income of $363.6 million, and net cash provided by operating activities of $501.3 million. During the period, the company completed the all-cash acquisition of Yieldbroker Pty Limited on August 31, 2023 for A$123.6 million ($80.1 million U.S. dollars), which the filing describes as not material to the consolidated financial statements. Cash and cash equivalents were $1.49 billion at September 30, 2023, and the company had no outstanding borrowings under its $500.0 million Revolving Credit Facility, which matures in April 2024. Management stated it is in discussions to renew that facility. After quarter-end, the board declared a quarterly dividend of $0.09 per share, payable December 15, 2023. The filing also describes a Master Data Agreement with Refinitiv US entities effective November 1, 2023, under which Tradeweb will license market data sets in exchange for fixed fees or revenue-based fees. Refinitiv, indirectly controlled by LSEG, holds 91.2% of the combined voting power of Tradeweb Markets Inc. common stock.
Oct 26, 2023
2023-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2023
Tradeweb Markets Inc. reported total revenue of $310.6 million for the three months ended June 30, 2023, up from $297.1 million a year earlier, and $639.9 million for the six months ended June 30, 2023 versus $608.6 million. Net income attributable to Tradeweb Markets Inc. was $89.1 million for the quarter ($0.42 diluted EPS) compared with $68.3 million ($0.33) in the prior-year quarter. Operating income rose to $116.3 million from $106.6 million, and net interest income increased to $15.1 million from $0.5 million, reflecting higher interest rates and a larger average invested cash balance. Growth was led by rates and money markets. Transaction fees and commissions rose to $246.5 million, with rates revenue up 5.8% and money markets up 30.1% in the quarter. Average daily volume was $1.30 trillion, up 10.2%. Management attributed results to a challenging macroeconomic backdrop, including client de-risking after the regional bank liquidity crisis and an inverted yield curve. Adjusted EBITDA was $163.1 million, with an Adjusted EBITDA margin of 52.5%, and Adjusted Diluted EPS was $0.52. Liquidity remained strong, with cash and cash equivalents of $1.40 billion at June 30, 2023 and no borrowings under the $500.0 million Revolving Credit Facility, which matures in April 2024. The company agreed to acquire Yieldbroker Pty Limited for A$125 million in cash ($82.7 million), expected to close later in 2023, and entered into a foreign currency call option to partially hedge that payment. The board declared a $0.09 quarterly dividend on July 27, 2023, and $244.7 million remained available under the 2022 Share Repurchase Program.
Jul 27, 2023
2023-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2023
Tradeweb Markets Inc. reported total revenue of $329.2 million for the three months ended March 31, 2023, up from $311.5 million a year earlier, an increase of 5.7%. Transaction fees and commissions rose $14.8 million to $266.6 million, driven mainly by U.S. government bonds, U.S. corporate bonds and certificates of deposit. Operating income increased 9.8% to $122.6 million, and net income attributable to Tradeweb Markets Inc. rose to $87.9 million from $83.0 million, or $0.42 diluted EPS versus $0.40. Adjusted EBITDA was $172.2 million, a 52.3% margin, and Adjusted Diluted EPS was $0.54 versus $0.48. The filing notes that March 2023 trading was affected by rate volatility and the regional bank liquidity crisis. The balance sheet remained strong, with cash and cash equivalents of $1.23 billion and no outstanding borrowings under the $500.0 million Revolving Credit Facility. Net cash provided by operating activities was $70.8 million, and Free Cash Flow was $54.1 million. The company repurchased 313,311 Class A shares for $22.7 million under its 2022 Share Repurchase Program, leaving $252.3 million available. The tax receivable agreement liability stood at $420.1 million. Subsequent to quarter-end, the board declared a $0.09 per share quarterly dividend payable June 15, 2023. The company also disclosed advanced discussions to acquire Yieldbroker, an Australian government bond and interest rate derivatives platform, for an all-cash purchase price of AUD 125 million, with no assurance a definitive agreement will be reached.
Apr 27, 2023
2022-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2022
Tradeweb Markets Inc. (TW) reported third-quarter 2022 results in this Form 10-Q, with total revenue of $287.1 million for the three months ended September 30, 2022, up from $265.3 million a year earlier, and net income attributable to Tradeweb Markets Inc. of $69.1 million versus $54.8 million. For the nine months, total revenue was $895.7 million compared with $799.6 million, and net income attributable to Tradeweb Markets Inc. was $220.4 million versus $177.9 million. Transaction fees and commissions drove most of the growth, rising to $228.0 million for the quarter, primarily on higher volumes and fees in rates derivatives, municipals and U.S. ETFs. Adjusted EBITDA was $146.3 million for the quarter, with an Adjusted EBITDA margin of 51.0%, and Adjusted Diluted EPS was $0.45 versus $0.39. The balance sheet remained strong, with cash and cash equivalents of $1.11 billion and no outstanding indebtedness under the $500.0 million Revolving Credit Facility as of September 30, 2022. Operating cash flow for the nine months was $424.8 million, and Free Cash Flow was $379.4 million. The company continued its $0.08 per share quarterly dividend, declared a fourth-quarter dividend on October 27, 2022, and repurchased $65.3 million of Class A stock during the nine months under its Share Repurchase Program. The filing also notes that Tax Receivable Agreement liabilities stood at $439.3 million and that Refinitiv controlled 91.2% of combined voting power. Management also disclosed a CEO transition, with Billy Hult set to succeed Lee Olesky as CEO effective January 1, 2023, and Thomas Pluta named President effective the same date. Investors should weigh the strong operating momentum against several items: Refinitiv's dominant voting control, significant future Tax Receivable Agreement payments, the CEO transition, and foreign currency headwinds that reduced revenue by $12.8 million in the quarter. The company also disclosed that it is appealing a dismissal in a U.S. Treasury auction antitrust case.
Oct 27, 2022
2022-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2022
Tradeweb Markets Inc. (TW) reported strong second-quarter 2022 results, with total revenue of $297.1 million for the three months ended June 30, 2022, up from $260.8 million a year earlier, driven primarily by transaction fees and commissions of $237.7 million, which rose from $205.4 million. Operating income increased to $106.6 million from $83.8 million, and net income attributable to Tradeweb Markets Inc. was $68.3 million, or $0.33 per diluted share, compared with $55.3 million, or $0.27 per diluted share, a year earlier. For the six months ended June 30, 2022, total revenue was $608.6 million and net income attributable to Tradeweb Markets Inc. was $151.3 million, or $0.73 per diluted share. Adjusted EBITDA was $155.6 million for the quarter, with an Adjusted EBITDA margin of 52.4%, and Adjusted Diluted EPS was $0.47. Balance sheet and cash flow remained solid. Cash and cash equivalents were $959.7 million as of June 30, 2022, and no borrowings were outstanding under the $500.0 million Revolving Credit Facility. Net cash provided by operating activities for the six months was $223.3 million, and Free Cash Flow was $190.2 million. The company paid $32.7 million in dividends in the first half and repurchased $56.3 million of Class A common stock under its Share Repurchase Program, with $18.0 million remaining authorized. The tax receivable agreement liability totaled $409.2 million. The filing also discloses a planned CEO transition: Lee Olesky will retire as CEO effective December 31, 2022, with Billy Hult succeeding him as CEO effective January 1, 2023. Thomas Pluta was appointed as the next President effective January 1, 2023. The company also disclosed an ongoing appeal of a dismissed antitrust class action relating to U.S. Treasury securities auctions and noted that foreign currency movements reduced reported international revenue in the quarter.
Aug 3, 2022
2022-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2022
Tradeweb Markets Inc. reported first-quarter 2022 total revenue of $311.5 million, up from $273.4 million in the prior-year period, driven mainly by a $34.0 million increase in transaction fees and commissions to $251.8 million. Operating income rose to $111.6 million from $98.3 million, and net income attributable to Tradeweb Markets Inc. was $83.0 million, or $0.40 diluted EPS, compared with $67.9 million and $0.33 a year earlier. Growth was led by rates derivatives, U.S. corporate and government bonds, and equities, with Adjusted EBITDA of $160.6 million and an Adjusted EBITDA margin of 51.6%, down from 52.0%. Cash flow was weaker in the quarter. Net cash provided by operating activities was $45.2 million, and Free Cash Flow was $27.2 million, versus $42.9 million a year earlier. Net cash used in financing activities was $168.1 million, driven by $93.2 million of payroll tax payments on equity compensation, $47.3 million of share repurchases and $16.4 million of dividends. Cash and cash equivalents declined to $828.1 million from $972.0 million at year-end 2021. The company had no outstanding borrowings under its $500.0 million Revolving Credit Facility. The filing also discloses that CEO Lee Olesky will retire effective December 31, 2022, with President Billy Hult succeeding him on January 1, 2023, and that the company recorded $1.7 million of accelerated stock-based compensation related to the transition. The tax receivable agreement liability stood at $409.1 million, and the company declared a $0.08 per share dividend for the second quarter of 2022.
Apr 29, 2022
2021-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2021
Tradeweb Markets Inc. (TW) reported strong third-quarter 2021 results in this Form 10-Q. Total revenue for the three months ended September 30, 2021 was $265.3 million, up 24.6% from $212.9 million, driven primarily by a $46.1 million increase in transaction fees and commissions to $206.3 million. Operating income rose to $85.5 million from $58.5 million, and net income attributable to Tradeweb Markets Inc. was $54.8 million, or $0.26 diluted EPS, versus $36.8 million, or $0.19, a year earlier. For the nine months, total revenue was $799.6 million, up 21.2%, and net income attributable to Tradeweb Markets Inc. was $177.9 million, or $0.86 diluted EPS. Adjusted EBITDA for the quarter was $132.9 million, with an Adjusted EBITDA margin of 50.1%, and Adjusted Diluted EPS was $0.39. Growth was broad across asset classes in the quarter: rates revenue rose 20.4% to $139.4 million, credit rose 43.9% to $72.2 million, and equities rose 38.8% to $16.5 million. The NFI Acquisition, the purchase of Nasdaq's U.S. fixed income electronic trading platform (formerly eSpeed) for $190.0 million in cash, closed on June 25, 2021 and contributed $6.0 million to quarterly revenue. Cash and cash equivalents were $821.9 million at September 30, 2021, and the company reported no outstanding indebtedness, with $0.5 million in letters of credit issued under its $500.0 million Revolving Credit Facility. Investors should note the $425.2 million Tax Receivable Agreement liability, substantially all payable over 15 years, and the change in Chief Financial Officer, with Sara Furber appointed effective September 7, 2021 and former CFO Robert Warshaw leaving after a transition period ending January 4, 2022. The company repurchased 757,813 Class A shares for $63.7 million in the nine months under a $150.0 million program, and declared a $0.08 per share quarterly dividend. Tradeweb Markets Inc. owned 86.9% of TWM LLC as of September 30, 2021, and Refinitiv held 87.9% of combined voting power.
Oct 29, 2021
2021-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2021
Tradeweb Markets Inc. (TW) reported its Form 10-Q for the quarter ended June 30, 2021. Total revenue for the three months ended June 30, 2021 was $260.8 million, up 23.0% from $212.1 million a year earlier, driven primarily by a $45.1 million increase in transaction fees and commissions to $205.4 million. Operating income rose to $83.8 million from $55.6 million, and net income attributable to Tradeweb Markets Inc. was $55.3 million, or $0.27 per diluted share, compared with $30.5 million, or $0.16, in the prior-year quarter. For the six months ended June 30, 2021, total revenue was $534.2 million and net income attributable to Tradeweb Markets Inc. was $123.2 million, or $0.60 per diluted share. The company reported Adjusted EBITDA of $131.9 million for the quarter, a 50.6% Adjusted EBITDA margin, and Adjusted Diluted EPS of $0.39. Cash and cash equivalents were $681.2 million at June 30, 2021, and the company reported no outstanding indebtedness, with $0.5 million of letters of credit issued under its $500.0 million Revolving Credit Facility. Net cash provided by operating activities for the six months was $204.0 million, and Free Cash Flow was $178.5 million. During the period the company closed the NFI Acquisition of Nasdaq's U.S. fixed income electronic trading platform (formerly eSpeed) for $190.0 million in cash on June 25, 2021, and began repurchasing Class A shares under a $150.0 million Share Repurchase Program, buying 617,644 shares for $51.7 million. The Tax Receivable Agreement liability stood at $425.2 million, and the company declared a $0.08 per share dividend for the third quarter of 2021.
Jul 30, 2021
2021-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2021
Tradeweb Markets Inc. reported first-quarter 2021 total revenue of $273.4 million, up 16.5% from $234.6 million a year earlier. Transaction fees and commissions rose 18.8% to $217.8 million, driven mainly by higher volumes and fees in U.S. and European corporate bonds, rates derivatives and U.S. government bonds. Credit revenue increased 37.8% and rates revenue increased 13.4%, while equities and money markets declined. Total average daily volume rose 18.0%. Profitability improved. Operating income was $98.3 million versus $77.6 million, and net income attributable to Tradeweb Markets Inc. was $67.9 million, up 54.5%. Diluted EPS was $0.33 versus $0.25. Adjusted EBITDA was $142.1 million, with an Adjusted EBITDA margin of 52.0% compared with 51.0%. Adjusted Diluted EPS was $0.43 versus $0.37. Operating cash flow was $55.6 million and Free Cash Flow was $42.9 million, compared with a Free Cash Flow outflow of $30.1 million in the prior-year quarter. Cash and cash equivalents were $809.9 million, and the company had no outstanding indebtedness. The filing also discloses several items investors should weigh. The company agreed to acquire Nasdaq's U.S. fixed income electronic trading platform (formerly eSpeed) for $190.0 million in cash, expected to close later in 2021 subject to regulatory approvals. A $150.0 million share repurchase program was authorized through 2023, but no shares were repurchased in the quarter. The Tax Receivable Agreement liability stood at $425.2 million, and Refinitiv held 87.9% of the combined voting power. The quarterly dividend remained $0.08 per share, and the company faces a pending antitrust class action related to U.S. Treasury auctions, with an amended complaint permitted by May 14, 2021.
Apr 30, 2021
2020-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2020
Tradeweb Markets Inc. (TW) reported its Form 10-Q for the quarter ended September 30, 2020. Gross revenue for the three months rose 5.9% to $212.9 million, driven mainly by higher U.S. credit trading volumes, and net income attributable to Tradeweb Markets Inc. increased 24.3% to $36.8 million. For the nine months, gross revenue grew 14.1% to $659.6 million and net income attributable to Tradeweb Markets Inc. rose to $111.2 million from $42.4 million, with operating income up 41.5% to $191.8 million. Adjusted EBITDA for the nine months was $321.9 million, with an Adjusted EBITDA margin of 48.8%. The company's balance sheet strengthened, with cash and cash equivalents of $677.4 million at September 30, 2020 and no borrowings under its $500.0 million Revolving Credit Facility. Total equity was $4.88 billion. The Tax Receivable Agreement liability grew to $373.0 million, primarily due to the April 2020 follow-on offering and LLC Interest exchanges, and payments under it are expected to be significant over roughly 15 years. Tradeweb Markets Inc. owned 82.6% of TWM LLC as of September 30, 2020, and Refinitiv held a majority ownership interest in the company, with the pending LSEG Transaction expected to close in the first quarter of 2021. The filing also reports a quarterly cash dividend of $0.08 per share declared on October 27, 2020, and a $25.0 million TWM LLC distribution approved on October 24, 2020. Management said it could not reasonably estimate the extent of COVID-19's potential impact on financial condition or results at this time, though the impact could potentially be material.
Oct 29, 2020
2020-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2020
Tradeweb Markets Inc. (TW) reported its Form 10-Q for the quarter ended June 30, 2020. Gross revenue for the three months ended June 30, 2020 was $212.1 million, up 11.4% from $190.5 million, driven mainly by transaction fees, which rose 17.5% to $122.1 million. Operating income rose to $55.6 million from $31.0 million, and net income attributable to Tradeweb Markets Inc. increased to $30.5 million from $12.8 million. For the six months ended June 30, 2020, gross revenue was $446.7 million, up 18.4%, and net income attributable to Tradeweb Markets Inc. was $74.4 million. Total expenses for the quarter fell 1.9%, mainly because the prior-year period included $18.9 million of Special Option Award compensation expense recognized at the IPO. The company's balance sheet shows cash and cash equivalents of $559.9 million at June 30, 2020, and no amounts outstanding under its $500.0 million Revolving Credit Facility. The tax receivable agreement liability increased to $373.0 million from $240.8 million at December 31, 2019, primarily due to the April 2020 follow-on offering and additional LLC Interest exchanges. Tradeweb Markets Inc. owned 82.6% of TWM LLC as of June 30, 2020. Net cash provided by operating activities for the six months was $164.6 million, and Free Cash Flow was $145.4 million. The filing also notes the pending LSEG Transaction, under which Refinitiv would be acquired by London Stock Exchange Group plc, expected to close in the second half of 2020. Refinitiv controls the company, owning 85.1% of combined voting power. The company declared a quarterly dividend of $0.08 per share for the third quarter of 2020.
Jul 31, 2020
2020-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2020
Tradeweb Markets Inc. reported first-quarter 2020 gross revenue of $234.6 million, up 25.6% from $186.8 million in the first quarter of 2019, driven mainly by higher trading volumes that lifted transaction fees by $38.2 million and commissions by $8.3 million. Total expenses rose 11.7% to $157.0 million, led by higher employee compensation and benefits, and operating income increased 67.7% to $77.6 million. Net income was $62.5 million, of which $43.9 million was attributable to Tradeweb Markets Inc. and $18.6 million to non-controlling interests. Average daily volume across rates, credit, equities and money markets rose 39.0% year over year to $897.8 billion. The balance sheet shows cash and cash equivalents of $424.4 million at March 31, 2020, no outstanding borrowings under the $500.0 million Revolving Credit Facility, and a tax receivable agreement liability that increased to $252.0 million, primarily due to additional exchanges of LLC Interests by Continuing LLC Owners. As of March 31, 2020, Tradeweb Markets Inc. owned 74.5% of TWM LLC. The filing notes that Refinitiv controls the company, and a pending all-share acquisition of Refinitiv by London Stock Exchange Group plc is expected to close in the second half of 2020. The filing states that management cannot reasonably estimate the extent of COVID-19's potential impact on financial condition or results of operations, though it says the strong March 2020 volumes reflect the company's multi-asset, multi-protocol offerings. Subsequent to quarter end, the company completed a follow-on offering of 12,835,245 Class A shares at $50.25 per share on April 27, 2020, with net proceeds of $626.3 million, and as of May 1, 2020 it owned 80.0% of TWM LLC.
May 12, 2020
2019-Q3
Tradeweb Markets Quarterly Report for Q3 Ended Sep 30, 2019
Tradeweb Markets Inc. (TW) reported its quarterly results for the period ended September 30, 2019 in this Form 10-Q, filed November 8, 2019. The report covers a successor period that begins after Refinitiv's acquisition of a majority interest (October 1, 2018) and the April 2019 IPO. For the three months ended September 30, 2019, gross revenue was $201.0 million, up 21.6% from $165.3 million, with transaction fees of $112.7 million and commissions of $37.6 million driving the increase. Total expenses rose to $142.7 million from $115.0 million, largely due to pushdown-accounting depreciation and amortization of $35.1 million and higher employee compensation, including $2.0 million of non-cash option expense. Net income was $48.6 million, of which $29.6 million was attributable to Tradeweb Markets Inc. Adjusted EBITDA was $93.4 million, a 46.5% margin. For the nine months ended September 30, 2019, gross revenue was $578.3 million, up 14.3%, and net income was $115.7 million. Cash and cash equivalents were $389.9 million at quarter-end, and the company had no borrowings under its $500.0 million revolving credit facility. Tradeweb Markets Inc. owned 64.3% of Tradeweb Markets LLC at September 30, 2019. The filing also discloses a subsequent October 2019 follow-on offering of 17,287,878 Class A shares at $42.00, with net proceeds of $704.3 million, and a planned acquisition-related amendment to the credit facility tied to the pending LSEG Transaction for Refinitiv, valued at approximately $27 billion. Investors should note the sizable Tax Receivable Agreement liability of $171.4 million, the $80 million damages claim in a pending legal matter (for which no reserve has been established), and the company's dependence on Refinitiv as a majority owner and key market data customer.
Nov 8, 2019
2019-Q2
Tradeweb Markets Quarterly Report for Q2 Ended Jun 30, 2019
Tradeweb Markets Inc. (Nasdaq: TW) reported its second-quarter 2019 results in this Form 10-Q, its first quarterly report following the April 8, 2019 IPO of 46,000,000 Class A shares at $27.00 per share. For the three months ended June 30, 2019, gross revenue rose 11.4% to $190.5 million, driven by higher trading volumes in rates derivatives, credit, equities and money markets. Net income was $24.8 million, of which $12.8 million was attributable to Tradeweb Markets Inc. and $12.0 million to non-controlling interests. Results were pressured by $20.4 million of non-cash stock-based compensation tied to the Special Option Award and a $17.6 million increase in depreciation and amortization from pushdown accounting following the Refinitiv Transaction. Adjusted EBITDA was $86.9 million, a 45.6% margin. The filing describes a holding-company structure: Tradeweb Markets Inc. owns 64.3% of Tradeweb Markets LLC, with the remaining 35.7% held by Continuing LLC Owners, and Refinitiv controls the company. Post-IPO, the company had no outstanding debt, $313.6 million in cash and equivalents, and a $500.0 million undrawn revolving credit facility maturing in April 2024. The company declared a $0.08 per share quarterly dividend for the third quarter of 2019. Subsequent events include the August 1, 2019 announcement that London Stock Exchange Group plc agreed to acquire Refinitiv, with Refinitiv currently holding a 54% economic interest in the company. The filing also notes a $171.4 million Tax Receivable Agreement liability, under which the company must pay 50% of realized tax savings to Continuing LLC Owners, and a pending antitrust class action and a co-defendant lawsuit seeking approximately $80.0 million in damages, which management says it intends to defend vigorously.
Aug 12, 2019
2019-Q1
Tradeweb Markets Quarterly Report for Q1 Ended Mar 31, 2019
Tradeweb Markets Inc. (Nasdaq: TW) filed this Form 10-Q for the quarter ended March 31, 2019, shortly after completing its IPO on April 8, 2019, at $27.00 per share for 46,000,000 Class A shares, which generated net proceeds of $1,161.3 million after underwriting discounts and commissions of $80.7 million. Because the Reorganization Transactions were completed after quarter-end, the report presents the financial statements of Tradeweb Markets LLC (TWM LLC) for the three months ended March 31, 2019 and 2018, with Tradeweb Markets Inc. presented separately as a shell with $100 in cash and no operations before the IPO. The company's principal operating subsidiary, TWM LLC, is the main source of economic results, and Tradeweb Markets Inc. will consolidate it while reporting a non-controlling interest. For the first quarter of 2019, gross revenue rose 10.2% to $186.8 million, driven by higher transaction fees ($102.6 million, up 13.9%) and commissions ($34.2 million, up 22.6%). Net revenue grew 17.2% to $186.8 million, helped by the absence of the $10.1 million contingent consideration charge recorded in the prior-year period. Net income declined to $42.4 million from $45.3 million, as operating expenses rose to $140.5 million from $112.1 million, largely due to $16.7 million of additional depreciation and amortization from pushdown accounting following the Refinitiv Transaction. Adjusted EBITDA increased to $80.3 million from $72.7 million, with Adjusted EBITDA margin of 43.0%. The company reported no outstanding indebtedness at March 31, 2019, and cash and cash equivalents of $361.6 million. It entered into a $500.0 million senior secured revolving credit facility at the IPO and declared a quarterly dividend of $0.08 per share on Class A and Class B common stock, payable June 15, 2019. Management also disclosed a pending IDC lawsuit seeking approximately $80 million in damages, which the company intends to defend vigorously.
May 20, 2019