Q1 25 EPS
$0.86
BEAT +0.35%
Est. $0.86
Q1 25 Revenue
$509.7M
BEAT +0.40%
Est. $507.6M
vs S&P Since Q1 25
-47.1%
TRAILING MARKET
TW -17.2% vs S&P +30.0%
Market Reaction
Did TW Beat Earnings? Q1 2025 Results
Tradeweb Markets posted a clean beat to open 2025, with first-quarter revenue climbing 24.7% year-over-year to $509.68 million, edging past the $507.64 million consensus estimate, while adjusted diluted EPS of $0.86 topped the $0.86 analyst forecast … Read more Tradeweb Markets posted a clean beat to open 2025, with first-quarter revenue climbing 24.7% year-over-year to $509.68 million, edging past the $507.64 million consensus estimate, while adjusted diluted EPS of $0.86 topped the $0.86 analyst forecast by 0.35%. The primary engine behind the results was a surge in trading activity across the platform, as average daily volume jumped 33.7% to $2.55 trillion, with the Rates segment alone contributing $265.43 million in revenue on the strength of record volumes in U.S. Government bonds, mortgages, and swaps. Adjusted EBITDA margin expanded to 54.6% from 53.7% a year earlier, and trailing twelve-month free cash flow reached $833.62 million, up 28.1%. Management kept its full-year 2025 guidance intact, targeting adjusted expenses of $970 million to $1.03 billion and approximately $90 million in LSEG market data contract revenue, signaling confidence that the broad-based momentum driving the quarter's record performance can be sustained through the remainder of the year.
Key Takeaways
- • Record ADV in U.S. government bonds, mortgages, and swaps/swaptions ≥ 1-year
- • Market volatility from global macro uncertainty driving risk trading activity
- • Continued client adoption across Tradeweb products and protocols including RFQ and Portfolio Trading
- • ICD acquisition contributing to 160.3% Money Markets revenue growth
- • Record European government bond and European credit ADV
- • $8.4 million increase from periodic delivery of historical data sets under LSEG market data agreement
- • Record ADV in fully electronic U.S. high grade credit, high yield credit, and credit swaps
- • Record activity in global repurchase agreements driven by Fed balance sheet unwinding
TW YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
TW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Tradeweb delivered strong financial results for the first quarter of 2025, underscoring how technology is reshaping single market and multi-asset class trading. We reported record revenue of $509.7 million—up nearly 25% YoY—alongside record trading volume of $164.5 trillion and average daily volume of $2.5 trillion, up 33.7% YoY.”
— Billy Hult, Q1 2025 Earnings Press Release
TW Earnings Trends
TW vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TW EPS Trend
Earnings per share: estimate vs actual
TW Revenue Trend
Quarterly revenue: estimate vs actual
TW Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.08 | — | $617.8M | +0.18% |
| Q4 25 BEAT FY | $0.84 | $0.87 | +4.10% | $521.2M | -0.46% |
| FY Full Year | $3.44 | $3.47 | +0.80% | $2.05B | -0.12% |
| Q3 25 BEAT | $0.83 | $0.87 | +4.93% | $508.6M | +0.21% |
| Q2 25 BEAT | $0.86 | $0.87 | +1.30% | $513.0M | -0.51% |
| Q1 25 BEAT | $0.86 | $0.86 | +0.35% | $509.7M | +0.40% |