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Sep 30, 2024
Tradeweb Q3 2024 Earnings Report
Tradeweb reported record quarterly revenues driven by strong growth and strategic acquisitions.
Key Takeaways
Tradeweb reported record quarterly revenues of $448.9 million, a 36.7% increase year-over-year, driven by record average daily volume (ADV) of $2.2 trillion, up 55% compared to the same period last year. The company achieved quarterly ADV records across rates, credit, and money markets, highlighting the success of organic expansion efforts and contributions from recent acquisitions.
Reported $448.9 million in quarterly revenues, a 36.7% increase year-over-year.
Achieved record average daily volume (ADV) of $2.2 trillion, up 55% compared to the same period last year.
Net income increased by 16.7% to $130.2 million.
Adjusted EBITDA increased by 40.8% to $239.8 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tradeweb updated its full-year 2024 guidance, expecting adjusted expenses to be between $855 and $875 million and LSEG Market Data Contract Revenue to be approximately $80 million.
Positive Outlook
- Adjusted Expenses: $855 - 875 million (trending toward middle of range)
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $158 million
- Assumed non-GAAP tax rate: ~ 24.5% - 25.5%
- Cash capital expenditures and capitalized software development: ~ $77 - 85 million
- LSEG Market Data Contract Revenue: ~$80 million (~$90 million in 2025)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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