Q4 25 EPS
$0.87
BEAT +4.10%
Est. $0.84
Q4 25 Revenue
$521.2M
MISS 0.46%
Est. $523.6M
vs S&P Since Q4 25
-2.7%
TRAILING MARKET
TW +1.7% vs S&P +4.3%
Full Year 2025 Results
FY 25 EPS
$3.47
BEAT +0.80%
Est. $3.44
FY 25 Revenue
$2.05B
MISS 0.12%
Est. $2.05B
Market Reaction
Did TW Beat Earnings? Q4 2025 Results
Tradeweb Markets posted a mixed but broadly solid fourth quarter, beating on earnings while falling just short on the top line, as the electronic trading platform extended its remarkable streak to 26 consecutive years of record annual revenues. Adjus… Read more Tradeweb Markets posted a mixed but broadly solid fourth quarter, beating on earnings while falling just short on the top line, as the electronic trading platform extended its remarkable streak to 26 consecutive years of record annual revenues. Adjusted diluted EPS came in at $0.87, clearing the $0.84 consensus estimate by 4.10%, while revenue of $521.18 million edged 0.46% below expectations but still represented a healthy 12.5% increase from a year earlier. The primary engine behind the quarter was a 23.3% surge in average daily volume to $2.83 trillion in notional value, with the Rates segment alone generating $279.08 million, up 16.2% year-over-year, lifted by an 82.1% spike in short-tenor swaps and record European government bond volumes. Adjusted EBITDA margin expanded 39 basis points to 53.2%, reflecting disciplined cost management even as expenses rose 9.2%. Looking ahead, management guided 2026 adjusted expenses to a range of $1.10 billion to $1.16 billion, with January already showing momentum, as ADV reached $3.10 trillion with double-digit growth across rates, credit, and money markets.
Key Takeaways
- • 82.1% increase in swaps/swaptions < 1-year ADV
- • Record swaps/swaptions ≥ 1-year volume
- • Record European government bonds ADV, up 29.7% YoY
- • Strong U.S. ETF volume driving equities growth
- • Record global repurchase agreement ADV in money markets
- • Digital asset validation services revenue on Canton Network nearly doubled Other revenue
- • $205.4 million in realized and unrealized gains on Canton Coin holdings in Q4
- • Higher LSEG market data license fees effective November 2025
TW YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
TW Revenue by Segment
With YoY comparisons, source: SEC Filings
“Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia.”
— Billy Hult, Q4 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% |