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Tradeweb Markets 8-K Report, Financial Results (Feb 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 6, 2025
Period End
February 6, 2025
Security
TW
In the record · 2019–202610-K810-Q248-K69

TW filed 8 annual reports (10-K), 24 quarterly reports (10-Q) and 69 current reports (8-K) between 2019 and 2026.

  1. Leadership change8-K · Mar ’20Mar ’20
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Material agreement8-K · Nov ’23Nov ’23
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Tradeweb Markets Inc. (Nasdaq: TW) furnished a press release as Exhibit 99.1 to this Item 2.02 Form 8-K, announcing results for the quarter and full year ended December 31, 2024.

For 4Q24, revenues were $463.3 milliona, up 25.2% (25.5% on a constant currency basis), and net income was $159.9 million, up 54.2%. Adjusted net income was $181.2 million, up 19.2%, and diluted EPS was $0.66 versus $0.42 a year earlier. Adjusted EBITDA was $244.7 million with a 52.8% margin, compared with $195.9 million and 53.0% in the prior-year quarter.

Average daily volume reached $2.3 trillionb, up 36.7%, with records in U.S. government bonds, mortgages, global repurchase agreements and money markets. For full-year 2024, total revenue increased 29.0% to $1.7 billion, marking the company's 25th consecutive year of record annual revenues. Net income rose 35.9% to $570.0 million, diluted EPS was $2.33, and adjusted diluted EPS was $2.92, up 29.2%.

Free cash flow was $808.9 millionc, up 18.2%. The Board declared a quarterly cash dividend of $0.12 per share, a 20.0% increase from the prior year, payable March 17, 2025.

The company also provided 2025 guidance, including adjusted expenses of $970d to 1,030 million, cash capital expenditures and capitalized software development of about $99 to 109 million, an assumed non-GAAP tax rate of about 24.5% to 25.5%, and LSEG market data contract revenue of about $90 million. Management noted that money markets revenue rose 166.5% in the quarter, driven in part by the August 1, 2024 acquisition of ICD.

02—Key points

Key Highlights

  1. 4Q24 revenue of $463.3 million, up 25.2%; net income of $159.9 million, up 54.2%; diluted EPS of $0.66 versus $0.42
  2. Adjusted EBITDA of $244.7 million for 4Q24 with a 52.8% margin, versus $195.9 million and 53.0% a year earlier
  3. Average daily volume of $2.3 trillion for 4Q24, up 36.7%, with quarterly records in U.S. government bonds, mortgages and global repurchase agreements
  4. Full-year 2024 revenue of $1.7 billion, up 29.0%, the 25th consecutive year of record annual revenues; full-year net income of $570.0 million, up 35.9%
  5. Money Markets revenue of $44.3 million in 4Q24, up 166.5%, driven in part by the August 1, 2024 acquisition of ICD
  6. Quarterly cash dividend raised 20.0% to $0.12 per share, payable March 17, 2025 to holders of record as of March 3, 2025
  7. 2025 guidance includes adjusted expenses of $970 to 1,030 million and LSEG market data contract revenue of about $90 million

03—Questions

Frequently Asked Questions

  1. How did Tradeweb perform in the fourth quarter of 2024?

    Revenue was $463.3 million, up 25.2% year over year, and net income was $159.9 million, up 54.2%. Diluted EPS was $0.66 compared with $0.42 in the prior-year quarter, and adjusted diluted EPS was $0.76 compared with $0.64.

  2. What drove the growth in Money Markets revenue?

    Money Markets revenue rose 166.5% to $44.3 million, primarily driven by contributions from the August 1, 2024 acquisition of ICD and record global repurchase agreement ADV, which was led by increased client activity.

  3. Did Tradeweb change its dividend?

    Yes. The Board declared a quarterly cash dividend of $0.12 per share of Class A and Class B common stock, a 20.0% increase from the prior year, payable March 17, 2025 to stockholders of record as of March 3, 2025.

  4. What guidance did Tradeweb give for 2025?

    The company guided to adjusted expenses of $970 to 1,030 million, depreciation and amortization related to acquisitions and the Refinitiv Transaction of $176 million, an assumed non-GAAP tax rate of about 24.5% to 25.5%, cash capital expenditures and capitalized software development of about $99 to 109 million, and LSEG market data contract revenue of about $90 million. GAAP operating expense and tax rate guidance were not provided.

  5. How strong was Tradeweb's cash position and free cash flow?

    At December 31, 2024, the company had $1.3 billion in cash and cash equivalents and an undrawn $500.0 million credit facility. Free cash flow for 2024 was $808.9 million, up 18.2%.

04—Continue

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