{"id":902670,"date":"2025-10-30T07:50:46","date_gmt":"2025-10-30T11:50:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-third-quarter-2025-financial-results\/"},"modified":"2025-10-30T07:50:46","modified_gmt":"2025-10-30T11:50:46","slug":"tradeweb-reports-third-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-third-quarter-2025-financial-results\/","title":{"rendered":"Tradeweb Reports Third Quarter 2025 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports Third Quarter 2025 Financial Results<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nTradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended September 30, 2025.<\/p>\n

$508.6 million <\/b>quarterly revenues, an increase of 13.3% <\/b>(11.3%<\/b> on a constant currency basis) compared to prior year period<\/p>\n

$211.2 million<\/b> quarterly international revenues, an increase of 24.8%<\/b> (19.7%<\/b> on a constant current basis) compared to prior year period<\/p>\n

$2.6 trillion<\/b> average daily volume (\u201cADV\u201d) for the quarter, an increase of 11.8%<\/b> compared to prior year period; quarterly ADV records in mortgages, U.S. swaps\/swaptions < 1-year, municipal bonds, equity convertibles\/swaps\/options and global repurchase agreements<\/p>\n

$210.5 million<\/b> net income and $206.5 million<\/b> adjusted net income for the quarter, increases of 61.7%<\/b> and 15.2%,<\/b> respectively, from prior year period<\/p>\n

54.0%<\/b> adjusted EBITDA margin and $274.4 million<\/b> adjusted EBITDA for the quarter, compared to 53.4% and $239.8 million respectively for prior year period<\/p>\n

$0.86<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) and $0.87<\/b> adjusted diluted earnings per share for the quarter<\/p>\n

$0.12 <\/b>per share quarterly cash dividend declared, a 20%<\/b> per share increase from prior year period<\/p>\n

Billy Hult, CEO of Tradeweb:<\/b><\/p>\n

\n\u201cWe 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 \u2013 and this commitment was reflected in our sustained momentum and strong volumes.<\/p>\n

\nThis quarter was also defined by several market milestones across both our legacy businesses and emerging areas \u2013 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\u2019s Series C funding round, supporting the development of a next-gen global settlement network.<\/p>\n

\nThese initiatives showcase the central role we play in the evolution of global markets \u2013 and our commitment to working closely with clients to build a more transparent global fixed income marketplace. As we look ahead to 2026, we\u2019ll remain focused on leading initiatives that advance innovation and drive purposeful change.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

SELECT FINANCIAL RESULTS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3Q25<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3Q24<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Change<\/b><\/p>\n<\/td>\n

\n

Constant<\/b><\/p>\n

Currency<\/b><\/p>\n

Change(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n(dollars in thousands, except per share amounts)(Unaudited)<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP Financial Measures<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenue<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n508,598<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n448,915<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13.3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n11.3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nRates<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n274,497<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n233,122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n17.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n15.3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n121,334<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n118,305<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n1.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n29,829<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n25,514<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n13.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n42,889<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n36,126<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n17.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMarket Data<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n30,817<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n29,760<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n3.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n9,232<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n6,088<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n51.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n51.5<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n210,549<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n130,223<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n61.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n

\n$<\/p>\n<\/td>\n

\n

\n185,636<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n113,916<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n63.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
Net income attributable to Tradeweb Markets Inc. (2)<\/sup><\/td>\n<\/tr>\n
\n

\nDiluted EPS<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.86<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.53<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n62.3<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nNet income margin<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41.4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n29.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+1,239<\/p>\n<\/td>\n

\n

\nbps<\/p>\n<\/td>\n

\n<\/tr>\n
\n

\nNon-GAAP Financial Measures<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n274,423<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n239,816<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14.4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n12.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n54.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n53.4<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+54<\/p>\n<\/td>\n

\n

\nbps<\/p>\n<\/td>\n

\n

\n+30<\/p>\n<\/td>\n

\n

\nbps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n255,546<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n223,893<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n11.5<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBIT margin (1)<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n50.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n+37<\/p>\n<\/td>\n

\n

\nbps<\/p>\n<\/td>\n

\n

\n+8<\/p>\n<\/td>\n

\n

\nbps<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Net Income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n206,529<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n179,332<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n12.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Diluted EPS (1)<\/sup><\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.87<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n0.75<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n

\n

\n12.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ADV <\/b>(US $bn)<\/p>\n

\n(Unaudited)<\/p>\n<\/td>\n

\n\n\n<\/tr>\n
\n

Asset Class<\/b><\/p>\n<\/td>\n

\n

Product<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3Q25<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

3Q24<\/b><\/p>\n<\/td>\n

\n

YoY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRates<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n535<\/p>\n<\/td>\n

\n

\n$<\/p>\n<\/td>\n

\n

\n497<\/p>\n<\/td>\n

\n

\n7.6<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n921<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n802<\/p>\n<\/td>\n

\n

\n14.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,456<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,298<\/p>\n<\/td>\n

\n

\n12.1<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nCredit<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n15<\/p>\n<\/td>\n

\n

\n6.0<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n27<\/p>\n<\/td>\n

\n

\n(5.4<\/p>\n<\/td>\n

\n

\n)%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n42<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n43<\/p>\n<\/td>\n

\n

\n(1.3<\/p>\n<\/td>\n

\n

\n)%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquities<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n14.8<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDerivatives<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n14<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13<\/p>\n<\/td>\n

\n

\n13.7<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n23<\/p>\n<\/td>\n

\n

\n14.2<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\nMoney Markets<\/p>\n<\/td>\n

\n

\nCash<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n940<\/p>\n<\/td>\n

\n

\n11.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,052<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n940<\/p>\n<\/td>\n

\n

\n11.9<\/p>\n<\/td>\n

\n

\n%<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Total<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

2,575<\/b><\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

2,303<\/b><\/p>\n<\/td>\n

\n

11.8<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n(1)<\/p>\n<\/td>\n

\n

\nAdjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See “Non-GAAP Financial Measures” below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)<\/p>\n<\/td>\n

\n

\nRepresents net income less net income attributable to non-controlling interests.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

DISCUSSION OF RESULTS<\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $274.5 million in the third quarter of 2025 increased 17.7% compared to prior year period (increased 15.3% on a constant currency basis). Rates ADV was up 12.1% from prior year period, driven by record ADV in mortgages and swaps\/swaptions < 1-year. U.S. government bond volumes were supported by continued client engagement across a diverse set of trading protocols. European government bonds ADV was up 22.9% from prior year period, led by strong volumes across our institutional and wholesale client channels. Mortgages ADV was up 12.3% from prior year period, reflecting record volumes driven by a growing number of clients executing on the platform and robust To-Be-Announced (“TBA”) activity, supported by higher real money trading activity YoY. Specified pool volumes also saw strong gains, primarily due to broader client adoption and an expanding network of liquidity providers leveraging our platform technology.<\/p>\n

Credit<\/b> \u2013 Revenues of $121.3 million in the third quarter of 2025 increased 2.6% compared to prior year period (increased 1.2% on a constant currency basis). Municipal bond ADV was up 36.1% from prior year period, led by strong growth across the retail and institutional platforms. U.S. credit ADV was up 8.5% from prior year period, driven by strong client adoption across Tradeweb protocols, most notably in request-for-quote (“RFQ”) and Tradeweb AllTrade\u00ae. European credit ADV was up 19.8% from prior year period, driven by strong activity across a wide range of protocols, including Tradeweb’s Automated Intelligent Execution (“AiEX”) tool. We reported 18.6% share of fully electronic U.S. high grade TRACE, up 85 basis points (bps) from prior year period and 7.5% share of fully electronic U.S. high yield TRACE, down 26 bps from prior year period. We also reported 26.2% total share of U.S. high grade TRACE, up 150 bps from prior year period and 9.8% total share of U.S. high yield TRACE, down 67 bps from prior year period.<\/p>\n

Equities<\/b> \u2013 Revenues of $29.8 million in the third quarter of 2025 increased 16.9% compared to prior year period (increased 13.6% on a constant currency basis). Equities ADV was up 14.2% from prior year period, driven by record activity in convertibles\/swaps\/options and higher trading volumes for International and U.S. exchange traded funds (“ETFs”).<\/p>\n

Money Markets<\/b> \u2013 Revenues of $42.9 million in the third quarter of 2025 increased 18.7% compared to prior year period (increased 17.7% on a constant currency basis). Money Markets ADV was up 11.9% from prior year period, driven by record activity in global repurchase agreements.<\/p>\n

Market Data<\/b> \u2013 Revenues of $30.8 million in the third quarter of 2025 increased 3.6% compared to prior year period (increased 3.0% on a constant currency basis) primarily due to increases in proprietary third party market data revenue.<\/p>\n

Other<\/b> \u2013 Revenues of $9.2 million in the third quarter of 2025 increased 51.6% compared to prior year period (increased 51.5% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.<\/p>\n

Operating Expenses<\/b> of $298.2 million in the third quarter of 2025 increased 3.0% compared to $289.6 million in prior year period, primarily due to (i) increased investment in our data strategy and infrastructure, as well as increased clearance and data fees driven primarily by higher trading volumes period-over-period, (ii) an increase in depreciation and amortization expense primarily related to the assets acquired in connection with the 2024 acquisition of ICD and other investments in our infrastructure and (iii) an increase in employee compensation and benefits primarily due to an increase in headcount associated with our continued growth. These increases were partially offset by a decrease in professional fees related to acquisitions.<\/p>\n

Adjusted Expenses <\/b>of $253.1 million in the third quarter of 2025 increased 12.5% (increased 11.1% on a constant currency basis) compared to prior year period primarily due to (i) increased investment in our data strategy and infrastructure, as well as increased clearance and data fees driven primarily by higher trading volumes period-over-period, (ii) an increase in employee compensation and benefits primarily due to an increase in headcount associated with our continued growth and (iii) an increase in general and administrative expenses primarily due to increases in travel and entertainment expenses and realized foreign exchange losses. Please see “Non-GAAP Financial Measures” below for additional information.<\/p>\n

RECENT HIGHLIGHTS<\/b><\/p>\n

October 2025<\/b><\/p>\n