Tradeweb Markets Inc. (NASDAQ:TW), a global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended September 30, 2025.
Tradeweb posted $508.6 million in revenues for the third quarter of 2025, an increase of 13.3% (11.3% on a constant currency basis) compared to prior year period.
International revenues amounted to $211.2 million in the third quarter of 2025, an increase of 24.8% (19.7% on a constant current basis) compared to prior year period.
Average daily volume (“ADV”) for the quarter was $2.6 trillion, an increase of 11.8% compared to prior year period.
Net income for the third quarter of 2025 reached $210.5 million, marking an increase of 61.7% from prior year period.
Diluted earnings per share (“Diluted EPS”) were $0.86 for the quarter.
The Board declared a quarterly cash dividend of $0.12 per share of Class A common stock and Class B common stock. The dividend will be payable on December 15, 2025 to stockholders of record as of December 1, 2025.
Billy Hult, CEO of Tradeweb, commented:
“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.
This quarter was also defined by several market milestones across both our legacy businesses and emerging areas – including the successful execution of the first fully electronic bilateral multi-asset package list trade and the first fully automated European government bond basis RFQ trade. We advanced the goal of building more interconnected markets and 24/7 liquidity by working with the Canton Network to offer the first real-time, fully on-chain financing of U.S. Treasuries against USDC. Additionally, alongside other investors, we led Fnality’s Series C funding round, supporting the development of a next-gen global settlement network.
These initiatives showcase the central role we play in the evolution of global markets – and our commitment to working closely with clients to build a more transparent global fixed income marketplace. As we look ahead to 2026, we’ll remain focused on leading initiatives that advance innovation and drive purposeful change.”
