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 March 31, 2025.
Revenues for the first quarter of 2025 amounted to $509.7 million, an increase of 24.7% (25.8% on a constant currency basis) compared to prior year period.
The company registered $2.5 trillion average daily volume (“ADV”) for the quarter, an increase of 33.7% compared to prior year period. Tradeweb marked quarterly ADV records in U.S. government bonds, European government bonds, mortgages, U.S. swaps/swaptions ≥ 1-year, fully electronic U.S. high grade credit, fully electronic U.S. high yield credit, European credit, credit swaps, and global repurchase agreements.
Net income for the first quarter of 2025 amounted to $168.3 million, an increase of 17.4% from the year-ago quarter.
The company reported 54.6% adjusted EBITDA margin and $278.2 million adjusted EBITDA for the quarter, compared to 53.7% and $219.5 million respectively for prior year period.
Tradeweb posted $0.69 diluted earnings per share (“Diluted EPS”) and $0.86 adjusted diluted earnings per share for the quarter.
The Board declared $0.12 per share quarterly cash dividend, a 20.0% per share increase from prior year period.
Billy Hult, CEO of Tradeweb, commented;
“Tradeweb delivered strong financial results for the first quarter of 2025, underscoring how technology is reshaping single market and multi-asset class trading. We reported record revenue of $509.7 million—up nearly 25% YoY—alongside record trading volume of $164.5 trillion and average daily volume of $2.5 trillion, up 33.7% YoY.
While market volatility contributed to record volumes, we also saw positive market share trends and greater adoption of electronic protocols and tools. In rates, performance was fueled by the combined strength of Tradeweb’s institutional and wholesale U.S. Treasuries platforms, as well as our global strength in interest rate swaps. This quarter also marked the 20th anniversary of Tradeweb’s interest rate swaps platform—two decades of driving innovation in this market. In credit, we captured nearly 26% of total and 18% of fully electronic share of U.S. high grade TRACE, respectively, and 10% and 7.5% of total and fully electronic share of U.S. high yield TRACE, respectively.
In January, Troy Dixon joined our leadership team as co-head of global markets alongside Enrico Bruni, and in March, we welcomed Rich Repetto to our Board.
More recently, as volatility played out across Treasury markets in early April, we facilitated record single-day volume of $472.5bn in U.S. government bonds on April 9. Despite this intense volatility and record volumes, markets operated properly, and traders continued to rely on electronic trading.”
