01—Abstract
Summary
Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets Inc. (Nasdaq: TW) reported third quarter 2025 results on October 30, 2025, with total revenues of $508.6 milliona, up 13.3% (11.3% on a constant currency basis) from the prior year period.
Net income was $210.5 millionb and diluted EPS was $0.86, compared with $0.53 a year earlier. Adjusted EBITDA was $274.4 million, a 54.0% adjusted EBITDA margin, and average daily volume reached a record $2.6 trillion, up 11.8%, with record ADV in several product areas including mortgages and municipal bonds. The company also disclosed an agreement-in-principle with Refinitiv US LLC and Refinitiv US Organization LLC (affiliates of London Stock Exchange Group plc, the indirect controlling stockholder) to renew the data schedules under the master data license agreement for an additional three-year term.
The renewal is expected to apply retrospectively to November 1, 2025 and remains subject to definitive documentation and Board approval. On October 29, 2025, Tradeweb delivered notice to commence a 12-month transition period while the renewal is finalized.
For full-year 2025, updated guidance calls for adjusted expenses of $1,000 to $1,025 millionc and LSEG market data contract revenue of approximately $92 million, including approximately $22 million for the fourth quarter. The Board declared a quarterly cash dividend of $0.12 per share, payable December 15, 2025, and the company held $1.9 billion in cash and cash equivalents at September 30, 2025.
02—Key points
Key Highlights
- Total revenue of $508.6 million, up 13.3% year over year; international revenues of $211.2 million, up 24.8%
- Net income of $210.5 million (up 61.7%) and diluted EPS of $0.86, versus $0.53 in the prior year period
- Adjusted EBITDA of $274.4 million with a 54.0% margin, compared with 53.4% a year earlier; adjusted diluted EPS of $0.87
- Average daily volume of $2.6 trillion, up 11.8%, with quarterly ADV records in mortgages, U.S. swaps/swaptions under one year, municipal bonds, equity convertibles/swaps/options and global repurchase agreements
- Agreement-in-principle to renew the LSEG master data license for three years, retrospective to November 1, 2025, subject to definitive documentation and Board approval; a 12-month transition period has been triggered
- Updated 2025 guidance: adjusted expenses of $1,000 to $1,025 million and LSEG market data contract revenue of about $92 million
- Quarterly dividend of $0.12 per share declared, a 20% increase from the prior year period; no shares repurchased in the third quarter
03—Questions
Frequently Asked Questions
What is the status of the LSEG master data agreement renewal?
Tradeweb and the LSEG parties have reached an agreement-in-principle to renew the current data schedules for an additional three-year term, expected to apply retrospectively to November 1, 2025. The renewal still requires definitive documentation and Board approval. On October 29, 2025, Tradeweb gave notice to begin a 12-month transition period while the renewal is finalized.
How did Tradeweb perform in the third quarter of 2025?
Total revenue rose 13.3% to $508.6 million, and net income increased 61.7% to $210.5 million. Diluted EPS was $0.86 versus $0.53 a year earlier. Adjusted EBITDA was $274.4 million, and average daily volume grew 11.8% to $2.6 trillion.
What drove revenue growth in the quarter?
Rates revenue rose 17.7% to $274.5 million, supported by record mortgage and swaps/swaptions volumes. Money Markets revenue rose 18.7% to $42.9 million, Equities rose 16.9% to $29.8 million, and Other revenue rose 51.6% to $9.2 million, mainly due to digital asset validation revenue on the Canton Network. Credit revenue rose 2.6% to $121.3 million.
What is the outlook for full-year 2025?
Tradeweb narrowed its adjusted expense guidance to $1,000 to $1,025 million and expects LSEG market data contract revenue of about $92 million for 2025, including about $22 million in the fourth quarter. Depreciation and amortization of $176 million, an assumed non-GAAP tax rate of about 24.5% to 25.5%, and capital expenditures of about $99 to $109 million are unchanged.
What are the company's capital return plans?
The Board declared a quarterly cash dividend of $0.12 per share, payable December 15, 2025, to holders of record as of December 1, 2025. No shares were repurchased in the third quarter, and $179.9 million remained available under the repurchase authorization at September 30, 2025.
04—Continue