Q3 25 EPS
$0.87
BEAT +4.93%
Est. $0.83
Q3 25 Revenue
$508.6M
BEAT +0.21%
Est. $507.5M
vs S&P Since Q3 25
-1.2%
TRAILING MARKET
TW +4.8% vs S&P +6.0%
Market Reaction
Did TW Beat Earnings? Q3 2025 Results
Tradeweb Markets delivered a clean beat to kick off the back half of 2025, posting adjusted diluted EPS of $0.87 against a consensus estimate of $0.83, a 4.93% positive surprise, while revenue of $508.60 million edged past the $507.55 million estimat… Read more Tradeweb Markets delivered a clean beat to kick off the back half of 2025, posting adjusted diluted EPS of $0.87 against a consensus estimate of $0.83, a 4.93% positive surprise, while revenue of $508.60 million edged past the $507.55 million estimate and climbed 13.3% year-over-year. The standout driver was the Rates segment, which generated $274.50 million in revenue, up 17.7% from the prior year, fueled by record mortgage average daily volume and a 22.9% surge in European government bond ADV, contributing to a record overall ADV of $2.58 trillion for the quarter. Operating leverage was equally compelling, with net income rising 61.7% to $210.55 million even as total expenses grew just 3.0%, expanding the net income margin to 41.4% from 29.0% a year earlier. Adjusted EBITDA climbed 14.4% to $274.42 million, with margin widening to 54.0%. Looking ahead, management tightened its full-year adjusted expense guidance to $1.00 billion to $1.02 billion and raised its LSEG Market Data Contract Revenue outlook to approximately $92.00 million, signaling continued confidence heading into 2026.
Key Takeaways
- • Record ADV in mortgages, U.S. swaps/swaptions < 1-year, municipal bonds, equity convertibles/swaps/options, and global repurchase agreements
- • Broad-based growth across rates, equities and money markets
- • Strong client adoption across Tradeweb protocols including RFQ and AllTrade
- • European government bond ADV up 22.9% driven by institutional and wholesale channels
- • Growing number of clients executing on the mortgage platform with robust TBA activity
- • Municipal bond ADV up 36.1% led by retail and institutional platforms
- • International revenue of $211.2 million, up 24.8% YoY (19.7% constant currency)
TW YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
TW Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong third quarter with record trading volumes and ADV, driven by broad-based growth across rates, equities and money markets. Despite historically low interest-rate volatility and ongoing geopolitical uncertainty, we continued to execute on opportunities that positioned us to drive meaningful change across our markets – and this commitment was reflected in our sustained momentum and strong volumes.”
— Billy Hult, Q3 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% |