Q2 25 EPS
$0.87
BEAT +1.30%
Est. $0.86
Q2 25 Revenue
$513.0M
MISS 0.51%
Est. $515.6M
vs S&P Since Q2 25
-36.8%
TRAILING MARKET
TW -23.2% vs S&P +13.6%
Market Reaction
Did TW Beat Earnings? Q2 2025 Results
Tradeweb Markets posted a largely strong second quarter for 2025, with adjusted diluted EPS of $0.87 edging past the $0.86 consensus by 1.30%, even as revenue of $512.97 million came in fractionally below the $515.58 million estimate, a slim 0.51% mi… Read more Tradeweb Markets posted a largely strong second quarter for 2025, with adjusted diluted EPS of $0.87 edging past the $0.86 consensus by 1.30%, even as revenue of $512.97 million came in fractionally below the $515.58 million estimate, a slim 0.51% miss that did little to obscure the company's 26.7% year-over-year top-line expansion. The standout driver was record average daily volume of $2.55 trillion in notional value, up 32.7% year-over-year, reflecting an exceptionally active rates environment shaped by April tariff announcements, geopolitical tensions, and shifting central bank policy. The Rates segment led the way at $274.52 million in revenue, up 26.2%, while Money Markets surged 130.7% to $41.64 million, buoyed by the ICD acquisition. Adjusted EBITDA margins held firm at 54.2%, expanding 70 basis points year-over-year. At least one analyst maintained a bullish stance on the stock with a $166 price target. Looking ahead, Tradeweb updated its full-year 2025 adjusted expense guidance to $1.00 billion to $1.05 billion, trending toward the midpoint, reflecting continued investment in growth initiatives.
Key Takeaways
- • Record ADV in U.S. government bonds, U.S. swaps/swaptions < 1-year, fully electronic U.S. high yield credit, municipal bonds, European ETFs and global repurchase agreements
- • Total ADV of $2.6 trillion, up 32.7% YoY
- • Significant volatility in global rates markets due to U.S. trade policy changes, geopolitical tensions and shifts in investor sentiment
- • Continued client adoption across RFQ and Portfolio Trading protocols in credit
- • ICD acquisition contributing to 130.7% Money Markets revenue growth
- • Growing client base across U.S. and Europe in equity derivatives
- • International revenues of $215.2 million, up 40.8% YoY
TW YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
TW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Tradeweb delivered a strong second quarter, despite macro challenges around the April 2025 U.S. tariff announcements, rising tensions in the Middle East and evolving central bank policy decisions, which continued to test the resiliency of electronic trading across global markets.”
— Billy Hult, Q2 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% |