What drove the large increase in Q4 2025 net income?

Net income of $367.1 million, up from $159.9 million, was largely driven by other income of $207.1 million, primarily realized and unrealized gains of $205.4 million on Canton Coin holdings. The filing states that other income is excluded from all non-GAAP financial measures, and adjusted net income rose a more modest 14.2% to $207.0 million.

How much capacity remains under the company's buyback authorizations?

As of February 5, 2026, $23.2 million remained available under the 2022 Share Repurchase Program. The new $500 million 2026 Share Repurchase Program becomes available only once the 2022 program is exhausted. The company purchased 987,379 shares for $105.9 million during 2025, and 482,621 shares for $50.7 million in January 2026 under the 2022 program.

What is the company's financial position at year-end 2025?

As of December 31, 2025, Tradeweb had $2.1 billion in cash and cash equivalents and an undrawn $500.0 million credit facility. Full-year 2025 free cash flow was $1.1 billion, up 31.6% from the prior year, and the company held 1.6 billion Canton Coins valued at $242.7 million.

What do the 2026 guidance figures indicate?

For full-year 2026, the company guided to adjusted expenses of $1,100 to 1,160 million, depreciation and amortization related to acquisitions and the Refinitiv Transaction of $160 million, cash capital expenditures and capitalized software development of approximately $107 to 117 million, and LSEG market data contract revenue of approximately $105 million. GAAP operating expense and tax rate guidance were not provided due to the difficulty of quantifying certain amounts, including foreign currency effects. Expense guidance assumes an average 2026 Sterling/US$ exchange rate of 1.32.

What is the new dividend and when is it payable?

The Board declared a quarterly cash dividend of $0.14 per share of Class A and Class B common stock, a 16.7% increase from the prior year. It is payable March 16, 2026 to stockholders of record as of March 2, 2026.

TW 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Tradeweb Markets Inc. (Nasdaq: TW) reported fourth quarter and full year 2025 results on February 5, 2026, with quarterly revenues of $521.2 million^a, up 12.5% (9.9% on a constant currency basis), and full-year total revenues of $2.1 billion, up 18.9% (17.5% on a constant currency basis).

Quarterly net income was $367.1 million^b and diluted EPS was $1.51, while adjusted diluted EPS was $0.87. Average daily volume reached $2.8 trillion in the quarter, up 23.3%, and the company cited quarterly ADV records in several product areas. Full-year net income was $921.5 million, which includes $270.9 million of non-operating gains on Canton Coin holdings.

Quarterly other income of $207.1 million^c was driven primarily by gains of $205.4 million on Canton Coin holdings, which are excluded from all non-GAAP measures. On February 5, 2026, the Board approved a new share repurchase program authorizing up to $500 million of Class A common stock, to begin once the existing 2022 program ($300.0 million authorization) is exhausted. As of February 5, 2026, $23.2 million remained under the 2022 program.

The new program has no termination date and may be suspended, amended or discontinued at any time. The Board also declared a quarterly cash dividend of $0.14^d per share, a 16.7% increase from the prior year, payable March 16, 2026. The company's 2026 guidance includes adjusted expenses of $1,100 to 1,160 million and cash capital expenditures and capitalized software development of approximately $107 to 117 million.

02—Key points

Key Highlights

Q4 2025 revenues of $521.2 million rose 12.5% year over year (9.9% constant currency), and international revenues of $220.2 million rose 16.8%.
Q4 2025 average daily volume of $2.8 trillion rose 23.3%, with quarterly ADV records in European government bonds, swaps/swaptions of at least one year, U.S. ETFs and global repurchase agreements.
Full-year 2025 total revenues of $2.1 billion rose 18.9%, marking the company's 26th consecutive year of record annual revenue; full-year net income was $921.5 million.
Q4 2025 net income of $367.1 million included $205.4 million of gains on Canton Coin holdings; adjusted net income of $207.0 million rose 14.2%, and adjusted EBITDA margin was 53.2%.
New $500 million Class A share repurchase program approved February 5, 2026, to commence after the $300.0 million 2022 program is exhausted; $23.2 million remained under the 2022 program.
Quarterly cash dividend raised 16.7% to $0.14 per share, payable March 16, 2026 to holders of record as of March 2, 2026.
Full-year 2026 guidance includes adjusted expenses of $1,100 to 1,160 million, LSEG market data contract revenue of approximately $105 million, and an assumed non-GAAP tax rate of approximately 23.5% to 24.5%.

03—Questions

Frequently Asked Questions

What drove the large increase in Q4 2025 net income?
Net income of $367.1 million, up from $159.9 million, was largely driven by other income of $207.1 million, primarily realized and unrealized gains of $205.4 million on Canton Coin holdings. The filing states that other income is excluded from all non-GAAP financial measures, and adjusted net income rose a more modest 14.2% to $207.0 million.
How much capacity remains under the company's buyback authorizations?
As of February 5, 2026, $23.2 million remained available under the 2022 Share Repurchase Program. The new $500 million 2026 Share Repurchase Program becomes available only once the 2022 program is exhausted. The company purchased 987,379 shares for $105.9 million during 2025, and 482,621 shares for $50.7 million in January 2026 under the 2022 program.
What is the company's financial position at year-end 2025?
As of December 31, 2025, Tradeweb had $2.1 billion in cash and cash equivalents and an undrawn $500.0 million credit facility. Full-year 2025 free cash flow was $1.1 billion, up 31.6% from the prior year, and the company held 1.6 billion Canton Coins valued at $242.7 million.
What do the 2026 guidance figures indicate?
For full-year 2026, the company guided to adjusted expenses of $1,100 to 1,160 million, depreciation and amortization related to acquisitions and the Refinitiv Transaction of $160 million, cash capital expenditures and capitalized software development of approximately $107 to 117 million, and LSEG market data contract revenue of approximately $105 million. GAAP operating expense and tax rate guidance were not provided due to the difficulty of quantifying certain amounts, including foreign currency effects. Expense guidance assumes an average 2026 Sterling/US$ exchange rate of 1.32.
What is the new dividend and when is it payable?
The Board declared a quarterly cash dividend of $0.14 per share of Class A and Class B common stock, a 16.7% increase from the prior year. It is payable March 16, 2026 to stockholders of record as of March 2, 2026.

04—Continue

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