01—Abstract
Summary
Summary of the 10-Q filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets Inc. reported second-quarter 2025 total revenue of $512.97 milliona, 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 millionb 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 billionc 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 milliond 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.
02—Key points
Key Highlights
- Total revenue of $512.97 million in Q2 2025, up 26.7% from $404.95 million, with transaction fees and commissions of $429.77 million up 30.0%.
- Net income attributable to Tradeweb Markets Inc. of $153.78 million in Q2 2025 versus $119.24 million; diluted EPS of $0.71 versus $0.55.
- Adjusted EBITDA of $277.90 million with a 54.2% margin, and Adjusted Diluted EPS of $0.87 versus $0.70 in the prior-year quarter.
- Six-month operating cash flow of $469.39 million and Free Cash Flow of $432.52 million, with cash and cash equivalents of $1.63 billion at June 30, 2025.
- Other income of $12.67 million in Q2 2025 reflected an $18.1 million unrealized gain on Canton Coins, partly offset by a $5.4 million minority equity investment impairment.
- General and administrative expenses rose 135.1% to $29.98 million, primarily due to a $14.6 million increase in foreign exchange losses versus the prior-year quarter.
- The board declared a $0.12 per share dividend for Q3 2025 on July 30, 2025, and the company had no outstanding borrowings under its $500.0 million revolving credit facility.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 30, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $512.97M$404.95M | +26.7% |
| Operating Expenses | $313.12M$242.46M | +29.1% |
| Operating Income | $199.85M$162.49M | +23.0% |
| Net Income | $153.78M$119.24M | +29.0% |
| EPS (Basic) | $0.72$0.56 | +28.6% |
| EPS (Diluted) | $0.71$0.55 | +29.1% |
| Shares Outstanding (Basic) | 213.34M213.16M | +0.1% |
| Shares Outstanding (Diluted) | 214.97M214.90M | 0.0% |
05—Questions
Frequently Asked Questions
How did Tradeweb's revenue and profitability change in the second quarter of 2025?
Total revenue increased 26.7% to $512.97 million from $404.95 million. Net income attributable to Tradeweb Markets Inc. rose to $153.78 million from $119.24 million, and diluted EPS increased to $0.71 from $0.55. The main driver was a $99.3 million increase in transaction fees and commissions, mainly from rates derivatives, U.S. government bonds, ETFs and money market fees.
What contributed to the growth in money markets and corporates revenue?
The August 1, 2024 acquisition of Institutional Cash Distributors (ICD) added money market revenue through basis point commissions on client money market fund balances on the ICD Portal. Money markets revenue rose 130.7% to $41.6 million in Q2 2025, and the new corporates client sector contributed $21.8 million.
Why did general and administrative expenses increase significantly?
General and administrative expenses rose 135.1% to $29.98 million, mainly because of a $14.6 million increase in foreign exchange losses tied to the change in fair value of foreign currency forward contracts, as well as higher travel and entertainment costs.
What is the company's cash position and capital return activity?
Cash and cash equivalents were $1.63 billion at June 30, 2025, up from $1.34 billion at December 31, 2024. During the six months, the company paid $51.2 million in dividends and $21.4 million in Tax Receivable Agreement payments, and did not repurchase shares under its 2022 Share Repurchase Program, which had $179.9 million remaining.
What non-operating items affected results in 2025?
Other income (loss), net was $12.67 million in Q2 2025, driven by an $18.1 million unrealized gain on Canton Coin holdings, partially offset by a $5.4 million impairment on a minority equity investment. Canton Coins are digital assets earned for validator services on the Canton Network.
06—Continue