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Dec 31, 2025
Tradeweb Q4 2025 Earnings Report
Tradeweb reported strong fourth-quarter and full-year 2025 financial results, with record revenue and increased cash dividends.
Key Takeaways
Tradeweb Markets Inc. announced record revenues for both the fourth quarter and full year 2025, driven by strong performance across its diversified business model. The company reported a significant increase in net income and diluted EPS for the quarter, and authorized a $500 million share repurchase program.
Total revenue for Q4 2025 increased by 12.5% to $521.2 million, with international revenues up 16.8%.
Diluted EPS for Q4 2025 was $1.51, a 128.8% increase from the prior year period.
The quarterly cash dividend was raised by 16.7% to $0.14 per share.
Average daily volume (ADV) for the quarter increased by 23.3% to $2.8 trillion, with record ADV in several key markets.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tradeweb Markets Inc. provided full-year 2026 guidance, anticipating continued growth and investment in key areas.
Positive Outlook
- Anticipated LSEG Market Data Contract Revenue of approximately $105 million.
- Continued investment in data strategy and infrastructure.
- Focus on expanding electronic execution in Europe and emerging markets.
- Commitment to building institutional trading structure of the future, leveraging tokenization and digital-native asset classes.
- Authorization of a new $500 million share repurchase program.
Challenges Ahead
- GAAP operating expenses and tax rate guidance not provided due to inherent difficulty in quantifying certain amounts.
- Unpredictability in the movement of foreign currency rates impacting expense guidance.
- Assumed average 2026 Sterling/US$ exchange rate of 1.32, which could fluctuate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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