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Sep 30
Tradeweb Q3 2025 Earnings Report
Tradeweb posted strong Q3 2025 results with double-digit revenue growth and a significant rise in net income, supported by record trading volumes and strong performance across key asset classes.
Key Takeaways
Tradeweb delivered a strong third quarter with $508.6M in revenue and a net income surge of 62%, driven by record trading volumes across rates, credit, equities, and money markets.
Revenue rose to $508.6M, up 13.3% YoY, with growth in all major asset classes.
Net income jumped to $210.5M, a 61.7% increase from the prior year period.
Adjusted EBITDA reached $274.4M, representing a 54.0% margin.
International revenue grew 24.8% YoY, reaching $211.2M for the quarter.
Tradeweb
Tradeweb
Tradeweb Revenue by Segment
Tradeweb Revenue by Geographic Location
Revenue by Segment
Rates Revenue
CapyFin.comCredit Revenue
CapyFin.comEquities Revenue
CapyFin.comMoney Markets Revenue
CapyFin.comMarket Data Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
Tradeweb tightened its adjusted expense guidance for FY2025 while maintaining previous expectations on tax rate and capital expenditures. LSEG market data revenue is expected to increase.
Positive Outlook
- Adjusted expense guidance narrowed to $1,000M–$1,025M
- Full-year LSEG market data contract revenue forecast increased
- Free cash flow for trailing twelve months reached nearly $1B
- Maintained strong balance sheet with $1.9B in cash and cash equivalents
- Dividend increased 20%, signaling confidence in earnings strength
Challenges Ahead
- No share repurchases occurred during Q3 2025
- Chinese bond volumes declined nearly 26% YoY
- High yield TRACE share declined slightly YoY
- Modest revenue growth in Market Data and Credit segments
- Increased operating expenses from rising compensation and infrastructure investments