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Mar 31
Tradeweb Q1 2025 Earnings Report
Tradeweb reported strong Q1 2025 results with record revenue, trading volumes, and notable growth across core asset classes.
Key Takeaways
Tradeweb achieved record revenue of $509.7M and net income of $168.3M in Q1 2025, fueled by surging trading volumes and robust performance in rates, credit, and money markets.
Revenue reached a record $509.7M, up 24.7% YoY
Average daily trading volume hit $2.5 trillion, up 33.7% YoY
Net income rose to $168.3M, while adjusted EPS was $0.86
Money Markets and Market Data segments saw the highest revenue growth
Tradeweb
Tradeweb
Forward Guidance
Full-year 2025 guidance remains unchanged with stable projections for adjusted expenses and continued investment in data infrastructure.
Positive Outlook
- SEC approval for swap execution facility registration
- Successful integration of ICD boosting money markets segment
- Launch of electronic portfolio trading for European gov bonds
- Strong capital position with $1.3B in cash and undrawn $500M facility
- New strategic collaboration with Coremont expanding analytics capabilities
Challenges Ahead
- Operating expenses rose 26.8% due to higher compensation and FX losses
- Net income margin declined to 33.0% from 35.1% YoY
- Lower variable fees per million in credit asset class
- Continued pressure in U.S. ETF wholesale business in equities segment
- Increased technology and data costs tied to trading volume growth