What is Tradeweb Markets's latest dividend and current dividend yield?

What does Tradeweb Markets do and what are its main business segments?

What is Tradeweb Markets's gross profit margin?

What were the key takeaways from Tradeweb Markets’s earnings call?

What is the market's earnings forecast for Tradeweb Markets next quarter?

Did Tradeweb Markets beat or miss consensus estimates last quarter?

What factors drove the changes in Tradeweb Markets's revenue and profit?

What guidance did Tradeweb Markets's management provide for the next earnings period?

- **Revenue Record**: Q4 2025 revenue up 12.5% YoY to $521M, capping a $2B+ annual run with 19% YoY growth. January 2026 saw 17% YoY growth, driven by record volumes.
- **Digital Asset Leap**: Digital initiatives contributed $13M in Q4, with 2026 outlook matching 2025's $11M. Completed first on-chain U.S. treasury repo transaction.
- **Global Expansion**: European and Asian revenues grew 25% and 35% YoY, with swaps revenue up 25% YoY and ETFs up 40% in January.
- **AI and Efficiency**: AiEX automation drove 70% YoY ETF trade growth; predictive AI targets less liquid markets.
- **Mortgage Momentum**: 15% Q4 growth; 2026 rebound expected with lower rates and GSE reforms.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q4 2025 revenue reached $521 million, up 12.5% YoY, driven by strong client activity and market share gains across all asset classes. Full-year revenue exceeded $2 billion for the first time, with 19% YoY growth.
- **AI and Digital Asset Expansion**: Launched first fully electronic swaptions and U.S. multi-asset package trades. Digital asset initiatives contributed $13 million in Q4, with 2026 revenue expected to match 2025's $11 million. Completed first on-chain U.S. treasury repo transaction.
- **Global Market Leadership**: European and Asian client revenues grew 25% and 35% YoY, respectively. Rates, credit, and equities all saw double-digit growth, with swaps revenue up 25% YoY.
- **January Momentum**: January 2026 revenue grew 17% YoY (26% ADAY growth adjusted for calendar effects), driven by record volumes in swaps, European credit, and ETFs.

**【CFO Financial Commentary】**
- **Profitability Metrics**: Adjusted EBITDA margin expanded 64 bps YoY to 54%, with free cash flow up 32% YoY to $1 billion. GAAP net income included $207 million in unrealized gains from digital asset holdings.
- **Expense Management**: Adjusted expenses grew 12% YoY, with 5% compensation cost increase offset by 24% tech investment growth. 2026 guidance projects $1.1-1.16 billion in expenses, supporting 11% YoY growth.
- **Capital Allocation**: Repurchased $150 million in Q4 and January, with $500 million buyback authorization approved. Dividend increased 17% YoY to $0.14 per share.

**【Q&A Highlights】**
- **AI Utilization**: Predictive AI models enhance electronification in less liquid markets. AiEX automation drove 70% YoY growth in ETF trades. 
- **Mortgage Outlook**: 15% Q4 growth; 2026 rebound expected with lower rates and GSE reforms. Systematic players may enter, boosting velocity.
- **Tokenization Strategy**: Leading venue for tokenized U.S. treasuries; DTCC pilot could expand tokenized asset trading in H2 2026. 
- **Buyback Flexibility**: Stock trading near 5-year low PE; $500 million buyback authorization signals confidence in fundamentals.
- **Credit Competition**: Focus on bank partnerships, cross-asset workflows, and RFQ share growth (record 10% YoY ADAY volume).

Tradeweb Markets Inc. (TW) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 13% YoY to $509M, with 25% YoY growth in international markets. Emerging markets contributed nearly $100M annually.
- **Strategic Wins**: Launched first electronic swaption trade and expanded AI-driven solutions, generating $2.3M in digital asset revenue.
- **Financial Strength**: 54.2% adjusted EBITDA margin, $1.9B cash, and 20% dividend increase. Renewed LSEG data agreement adds $22M in Q4 revenue.
- **Market Trends**: Low volatility weighed on U.S. Treasuries, but Global Swaps grew 30% YoY. Electronification of voice trades (e.g., package swaps) is a key growth driver.
- **Digital Expansion**: $5M in Q3 from Canton Network, with 1.7B Canton Coins ($56M fair value). Investing in institutional crypto and private credit solutions.
- **2026 Outlook**: Focus on AI, data, and global expansion to drive long-term growth. Watch for Fed policy, midterms, and geopolitical events to spark volatility.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $509 million, up 13% YoY, driven by strong performance in Global Rates, Credit, and Equities. International revenues grew 25% YoY, with emerging markets contributing nearly $100 million annually.
- **Strategic Initiatives**: Expanded AI-driven solutions (e.g., AiEX automation) and digital asset initiatives (e.g., Canton Network partnership) generated $2.3 million in Q3 revenue. Launched first fully electronic swaption package trade in October.
- **Market Positioning**: Maintained leadership in U.S. Treasuries (50%+ share vs. main competitor) and Global Swaps (30% YoY growth). Emerging market swaps and RFM protocol adoption doubled YoY.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $420 million, with non-GAAP EPS of $1.08 (up 5% YoY). Adjusted EBITDA margin expanded to 54.2%, up 90bps YoY.
- **Cost Management**: Variable expenses grew 11% YoY, while fixed costs (e.g., tech investments) rose 39%. Renewed 3-year LSEG market data agreement, expected to add $22 million in Q4 revenue.
- **Balance Sheet**: $1.9 billion in cash, with free cash flow of $987 million (TTM). Dividend increased 20% YoY to $0.12/share.

**【Q&A Highlights】**
- **Market Volatility**: Low volatility (19% YoY drop) weighed on U.S. Treasury revenues, but Global Swaps and Mortgages posted record growth. Electronification of voice trades (e.g., package swaps) remains a key growth driver.
- **Digital Assets**: Generated $5 million in Q3 from Canton Network, with 1.7 billion Canton Coins ($56M fair value) on balance sheet. Investing in institutional-grade crypto trading solutions.
- **M&A Strategy**: Open to selective acquisitions in digital assets, private credit, and emerging markets. Focus on technologies that accelerate electronification (e.g., RFQ, bilateral swaps).
- **2026 Outlook**: Expect modest EBITDA margin expansion as investments in AI, data, and global expansion drive long-term growth. Watch for catalysts like Fed policy shifts, midterms, and geopolitical events to spark volatility.


Tradeweb Markets Inc. (TW) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 2025 revenue $513M (+26.7% YoY), driven by international (+41%) and digital asset investments.
- **Market Leadership**: 22% U.S. treasuries market share, leading electronic competitor; 9% IG block share, 5% HY block share.
- **Profitability**: Adjusted EBITDA margin 54.2%, +83bps YoY; free cash flow $952M (12M trailing).
- **Digital Expansion**: ICD cross-selling progress, Canton Network validator role, and $5M tech/comm expense increase.
- **Strategic Moves**: Open to M&A in new geographies/asset classes, with $1.6B cash for disciplined growth.

**【CEO Summary Section】**
- Q2 2025 revenue reached $513 million, up 26.7% YoY, with international business driving 41% growth.
- Record volumes in rates, credit, and equities; U.S. treasuries market share 22%, leading electronic competitor.
- Digital asset investments include R8fin (futures integration), ICD (cross-selling progress), and Canton Network validator role.
- 2025 guidance: double-digit revenue growth, $1-1.05 billion adjusted expenses, EBITDA margin expansion.

**【CFO Financial Commentary】**
- GAAP revenue $513M, +26.7% YoY; Non-GAAP EPS $1.08, exceeding expectations.
- Fee per million trends: +40% in long-tenor swaps, +15% in equities, -7% in cash rates (mix shift).
- Adjusted EBITDA margin 54.2%, +83bps YoY; free cash flow $952M (12M trailing).
- ICD contributed $1.8M in Q2, with 34 new clients and AUM volatility impacting balances.
- 2025 capex: $5M increase in tech/comm expenses, $650K in duplicate rent for NYC HQ move.

**【Q&A Key Highlights】**
- **U.S. Treasuries Market Share**: 22% (vs. 23.6% Q2 2024), driven by voice-centric trades; 250bps gain vs. Bloomberg in electronic.
- **Credit Pricing Strategy**: Buy-side fees in high yield +35% RFQ ADV; IG fees since 2016, EM credit +40% YoY.
- **ICD Progress**: 34 new clients, AUM volatility due to buybacks; T-bills integration in pipeline.
- **Digital Assets**: Stablecoins/tokenized funds seen as 'game changers'; $1.6B cash position for M&A flexibility.
- **Regulatory Impact**: SLR relief could boost dealer balance sheet flexibility, benefiting rates liquidity.
- **M&A Appetite**: Open to transformative deals in new geographies/asset classes, prioritizing cultural fit.

Tradeweb Markets Inc. (TW) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $510M revenue (+24.7% YoY), driven by rates (+40%), swaps (+40%), and EM expansion. 
- **Margin Expansion**: 54.6% EBITDA margin (+125bps YoY). 
- **Credit Strategy Shift**: Fixed fees now 7% of credit revenue (target 13% by Q2), with 85%+ variable upside. 
- **Digital Assets Investment**: Partnering with top firms to build blockchain/collateral management solutions. 
- **EM Momentum**: Saudi Arabia launch; EM credit +20% YoY, swaps +60% YoY. 
- **Dividend Growth**: +20% YoY to $0.12/Q. 
- **M&A Focus**: Accretive deals in private credit, digital assets; disciplined buybacks.

**【CEO Summary Section】**
- Q1 2025 revenue reached $510 million, up 24.7% YoY, driven by record growth across rates, credit, equities, and market data. 
- Rates business achieved 40% YoY revenue growth, led by strong client engagement and risk-taking volumes. 
- Credit revenue grew 4% YoY, with double-digit gains in credit derivatives and munis, despite retail credit headwinds. 
- Global swaps revenue rose 40% YoY, supported by institutional client expansion and EM growth. 
- Adjusted EBITDA margin expanded 88bps to 54.6%, reflecting disciplined cost management. 
- 2025 outlook: accelerating investments in digital assets, client relationships, and emerging markets. 

**【CFO Financial Commentary】**
- GAAP net income: $420 million; Non-GAAP EPS: $1.08 (vs. $0.95 consensus). 
- Variable revenue growth: 27% YoY; Fixed revenue growth: 14% YoY (rates +12%, credit +15%). 
- Fee per million trends: 
  - Cash rates: -8% (mix shift, lower European bond fees) 
  - Swaps: +42% (compression decline, risk trading) 
  - Credit: -11% (retail mix, dealer discounts) 
  - Equities: +17% (ETFs) 
- Q2 credit fixed revenue expected to increase $6-7 million (62% YoY), offsetting variable fee decline. 
- 2025 capex: $970-1.03 billion; Free cash flow: $834M trailing 12m. 
- Dividend: $0.12/Q ($0.48/yr), +20% YoY. 

**【Q&A Highlights】**
- **Rates Market Resilience**: April volumes >$3T/day, AiEX trades +20% YoY. Dealers praise Tradeweb's platform reliability during volatility. 
- **Credit Pricing Transition**: Fixed fees now 7% of credit revenue (vs. <1% in 2024), targeting 13% by Q2. 85%+ of credit revenue remains variable. 
- **Digital Assets Strategy**: Investing in blockchain/collateral management, with partnerships like BlackRock and Goldman. 
- **M&A Appetite**: Prioritizes accretive deals in private credit, digital assets. Share buybacks disciplined around EPS accretion. 
- **EM Growth**: Saudi Arabia launch imminent; EM credit +20% YoY, swaps +60% YoY. 
- **Regulatory Impact**: SLR ratio loosening could boost dealer balance sheet capacity for Treasuries, benefiting rates liquidity.

Tradeweb Markets (TW)-30 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Record**: Q4 2024 revenue of $463 million (+25.2% YoY), full-year +29% YoY, driven by EM expansion and acquisitions.
- **EM Growth Engine**: EM swaps revenue up 80% YoY, with $60+ million annual run rate. APAC product volumes double YoY.
- **Digital Assets Pioneering**: First strategic partner for Goldman Sachs' digital assets platform; smart contracts and tokenization in pipeline.
- **Profitability Boost**: Adjusted EBITDA margin +91 bps YoY to 53.3%; free cash flow $809M TTM.
- **2025 Outlook**: 15% expense growth targets, with focus on credit, EM, and ICD. January 2025 revenue +23% YoY (17% ex-contractual).


**【CEO Summary Section】**
- **Record Revenue Growth**: Q4 2024 revenue reached $463 million, up 25.2% YoY, driven by strong performance across rates, credit, and emerging markets. Full-year revenue grew 29% YoY.
- **Multi-Asset Expansion**: 40% of Q4 revenue came from international clients, with APAC product volumes doubling YoY. Emerging markets (EM) revenue exceeded $60 million annually.
- **Strategic Acquisitions**: Integrations of r8fin, Yieldbroker, and ICD (corporate treasury platform) are driving cross-selling opportunities. EM swaps revenue grew 80% YoY.
- **Digital Assets Leadership**: Partnered with Goldman Sachs' digital assets platform and expanded smart contracts and tokenization initiatives.
- **2025 Outlook**: January 2025 revenue up 23% YoY (17% ex-contractual payment). Focus on credit, EM, and ICD growth with $970-1.03 billion in adjusted expenses.

**【CFO Financial Commentary】**
- **Profitability Expansion**: Adjusted EBITDA margin improved 91 bps YoY to 53.3%. Free cash flow reached $809 million TTM.
- **Cost Management**: 50% of expenses are variable/discretionary, enabling flexibility. 2025 capex guidance: $99-109 million (17% YoY increase).
- **Dividend Growth**: Q4 dividend of $0.12/share, up 20% YoY.
- **Guidance**: 2025 adjusted expenses to grow 15% YoY, with focus on credit, EM, and ICD investments.

**【Q&A Highlights】**
- **Rates Market Share**: Core risk share increased 210 bps YoY, with record G-11 and EM-denominated currency share. Compression trading decline boosted margins.
- **Credit Automation**: 14% YoY revenue growth in U.S. credit, driven by 10% YoY growth in electronic trades. RFQ Edge adoption doubled responses YoY.
- **ICD Integration**: ICD client retention at 99%, with U.S. Treasuries expected on platform mid-2025. Cross-selling opportunities in APAC and EM.
- **M&A Strategy**: Disciplined approach to bolt-on deals with cultural fit, network expansion, and tech innovation (e.g., digital assets, EM).
- **EM Expansion**: Saudi Arabia and India regulatory approvals in pipeline. EM rates wallet exceeds $1 billion, with 20% from hard local currency bonds.


Actual					0.37	0.3	0.3	0.34	0.43	0.39	0.39	0.42	0.48	0.47	0.45	0.49	0.54	0.52	0.55	0.64	0.71	0.7	0.75	0.76	0.86	0.87	0.87	0.87
Forecast					0.3572	0.2957	0.2914	0.3357	0.4258	0.3924	0.3902	0.4196	0.4858	0.4583	0.4343	0.4598	0.5359	0.5022	0.5474	0.6373	0.7064	0.6951	0.7526	0.7447	0.8556	0.8595	0.8295	0.848
Surprise	0.00%	0.00%	0.00%	0.00%	+3.58%	+1.45%	+2.95%	+1.28%	+0.99%	-0.61%	-0.05%	+0.10%	-1.19%	+2.55%	+3.62%	+6.57%	+0.77%	+3.54%	+0.47%	+0.42%	+0.51%	+0.70%	-0.35%	+2.05%	+0.51%	+1.22%	+4.88%	+2.59%

TW

TW fundamentals

TW Q4 2025 Earnings

Earnings Call

You can ask Aime

TW

TW fundamentals

TW Q4 2025 Earnings

Earnings Call

TW Earnings Call Summary for Q4/20259:30 AM on Feb 5, 2026

TW Earnings Call Summary for Q3/20259:30 AM on Oct 30, 2025

TW Earnings Call Summary for Q2/20259:30 AM on Jul 30, 2025

TW Earnings Call Summary for Q1/20259:30 AM on Apr 30, 2025

TW Earnings Call Summary for Q4/20249:30 AM on Feb 6, 2025

You can ask Aime