Tradeweb Reports Fourth Quarter and Full Year 2025 Financial Results
Quarterly Cash Dividend Raised by 16.7% to $0.14 Per Share
$500 Million Share Repurchase Program Authorized
New York, February 5, 2026 – Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the fourth quarter and full year ended December 31, 2025.
$521.2 million quarterly revenues increased 12.5% (9.9% on a constant currency basis) compared to prior year period
$220.2 million quarterly international revenues, an increase of 16.8% (10.7% on a constant currency basis) compared to prior year period
$2.8 trillion average daily volume (“ADV”) for the quarter, an increase of 23.3% compared to prior year period; quarterly ADV records in European government bonds, swaps/swaptions ≥ 1-year, U.S. ETFs and global repurchase agreements
$367.1 million net income and $207.0 million adjusted net income for the quarter, increases of 129.5% and 14.2% respectively from prior year period
53.2% adjusted EBITDA margin and $277.3 million adjusted EBITDA for the quarter, compared to 52.8% and $244.7 million respectively for prior year period
$1.51 diluted earnings per share (“Diluted EPS”) and $0.87 adjusted diluted earnings per share for the quarter
$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period