{"id":934468,"date":"2026-02-05T07:32:34","date_gmt":"2026-02-05T12:32:34","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-fourth-quarter-and-full-year-2025-financial-results\/"},"modified":"2026-02-05T07:32:34","modified_gmt":"2026-02-05T12:32:34","slug":"tradeweb-reports-fourth-quarter-and-full-year-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tradeweb-reports-fourth-quarter-and-full-year-2025-financial-results\/","title":{"rendered":"Tradeweb Reports Fourth Quarter and Full Year 2025 Financial Results"},"content":{"rendered":"

<\/p>\n

Tradeweb Reports Fourth Quarter and Full Year 2025 Financial Results<\/b><\/p>\n

Quarterly Cash Dividend Raised by 16.7% to $0.14 Per Share <\/b><\/p>\n

$<\/b>500 Million Share Repurchase Program Authorized<\/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 fourth quarter and full year ended December 31, 2025.<\/p>\n

$521.2 million <\/b>quarterly revenues increased 12.5% <\/b>(9.9%<\/b> on a constant currency basis) compared to prior year period<\/p>\n

$220.2 million<\/b> quarterly international revenues, an increase of 16.8% <\/b>(10.7% <\/b>on a constant currency basis) compared to prior year period<\/p>\n

$2.8 trillion<\/b> average daily volume (\u201cADV\u201d) for the quarter, an increase of 23.3%<\/b> compared to prior year period; quarterly ADV records in European government bonds, swaps\/swaptions \u2265 1-year, U.S. ETFs and global repurchase agreements<\/p>\n

$367.1 million<\/b> net income and $207.0 million<\/b> adjusted net income for the quarter, increases of 129.5%<\/b> and 14.2%<\/b> respectively from prior year period<\/p>\n

53.2%<\/b> adjusted EBITDA margin and $277.3 million<\/b> adjusted EBITDA for the quarter, compared to 52.8% and $244.7 million respectively for prior year period<\/p>\n

$1.51<\/b> diluted earnings per share (\u201cDiluted EPS\u201d) and $0.87<\/b> adjusted diluted earnings per share for the quarter<\/p>\n

$0.14<\/b> per share quarterly cash dividend declared, a 16.7% <\/b>per share increase from prior year period<\/p>\n

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

\n“Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia.<\/p>\n

\nAll in, Tradeweb reported its 26th consecutive year of record annual revenue in 2025, underscoring the earnings durability of our multi-asset model spanning multiple client sectors and geographies. That momentum has continued into 2026, with January average daily volume of $3.1 trillion thanks to double-digit YoY ADV growth across rates, credit and money markets. As electronification continues to advance and trading evolves with the rise of tokenization and digital-native asset classes, Tradeweb is well-positioned to build the institutional trading structure of the future \u2013 one that\u2019s more connected, transparent, and resilient than ever before.\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

4Q25<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

4Q24<\/b><\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

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

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

\u00a0<\/td>\n<\/tr>\n
\n

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

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

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

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

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

\n

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

\n

\n521,183<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n463,344<\/p>\n<\/td>\n

\n

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

\n

\n12.5<\/p>\n<\/td>\n

\n

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

\n

\n9.9<\/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

\n279,083<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n240,192<\/p>\n<\/td>\n

\n

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

\n

\n16.2<\/p>\n<\/td>\n

\n

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

\n

\n12.9<\/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

\n118,408<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n113,572<\/p>\n<\/td>\n

\n

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

\n

\n4.3<\/p>\n<\/td>\n

\n

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

\n

\n2.5<\/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

\n31,533<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n28,749<\/p>\n<\/td>\n

\n

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

\n

\n9.7<\/p>\n<\/td>\n

\n

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

\n

\n5.9<\/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

\n45,623<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n44,258<\/p>\n<\/td>\n

\n

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

\n

\n3.1<\/p>\n<\/td>\n

\n

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

\n

\n2.0<\/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

\n33,783<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n30,011<\/p>\n<\/td>\n

\n

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

\n

\n12.6<\/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

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

\n

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

\n

\n12,753<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n6,562<\/p>\n<\/td>\n

\n

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

\n

\n94.3<\/p>\n<\/td>\n

\n

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

\n

\n94.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n221,013<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n188,540<\/p>\n<\/td>\n

\n

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

\n

\n17.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n367,124<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n159,942<\/p>\n<\/td>\n

\n

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

\n

\n129.5<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n324,992<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n142,210<\/p>\n<\/td>\n

\n

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

\n

\n128.5<\/p>\n<\/td>\n

\n

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

\n

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

<\/tr>\n
\n

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

\n

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

\n

\n1.51<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n0.66<\/p>\n<\/td>\n

\n

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

\n

\n128.8<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n70.4<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n34.5<\/p>\n<\/td>\n

\n

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

\n

\n+3,592<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n

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

\n

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

\n

\n277,319<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n244,743<\/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

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

\n

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

\n

\n53.2<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n52.8<\/p>\n<\/td>\n

\n

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

\n

\n+39<\/p>\n<\/td>\n

\n

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

\n

\n+65<\/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

\n257,129<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n227,347<\/p>\n<\/td>\n

\n

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

\n

\n13.1<\/p>\n<\/td>\n

\n

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

\n

\n11.0<\/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

\n49.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n49.1<\/p>\n<\/td>\n

\n

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

\n

\n+27<\/p>\n<\/td>\n

\n

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

\n

\n+45<\/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

\n206,973<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n181,183<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n12.2<\/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

\n0.76<\/p>\n<\/td>\n

\n

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

\n

\n14.5<\/p>\n<\/td>\n

\n

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

\n

\n13.2<\/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<\/tr>\n

\n

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

\n

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

\u00a0<\/td>\n\n

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

\n

4Q25<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

4Q24<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

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

\n

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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 557<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 509<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n9.4<\/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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,117<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 745<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n50.0<\/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

\u00a0<\/td>\n\n

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

\n

\n1,674<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n1,253<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n33.5<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n10.2<\/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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n37.9<\/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

\u00a0<\/td>\n\n

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

\n

\n34<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

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

\u00a0<\/td>\n\n

\n22.9<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n23.6<\/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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n7.8<\/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

\u00a0<\/td>\n\n

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

\n

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

\u00a0<\/td>\n\n

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

\n

\n24<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n15.3<\/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

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,092<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 988<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n10.5<\/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

\u00a0<\/td>\n\n

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

\n

\n1,092<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\n988<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n10.5<\/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

\u00a0<\/td>\n\n

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

\n

\u00a0\u00a0\u00a0\u00a0\u00a0 2,827<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

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

\n

\u00a0\u00a0\u00a0\u00a0\u00a0 2,292<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

23.3<\/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

Adjusted 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.<\/td>\n<\/tr>\n
\n

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

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

DISCUSSION OF RESULTS: FOURTH QUARTER 2025<\/b><\/p>\n

Rates<\/b> \u2013 Revenues of $279.1 million in the fourth quarter of 2025 increased 16.2% compared to prior year period (increased 12.9% on a constant currency basis). Rates ADV was up 33.5% from prior year period, driven by an 82.1% increase in swaps\/swaptions < 1-year and record volume in swaps\/swaptions \u2265 1-year. Mortgages ADV was up 9.7% from prior year period, driven by increased To-Be-Announced (“TBA”) activity, which was led by heightened participation from real-money accounts and mortgage originators, alongside elevated dollar-roll trading. Tradeweb’s specified pool volumes also delivered strong ADV growth supported by continued expansion in client and dealer participation. European government bonds ADV was also a record, up 29.7% from prior year period, driven by robust volume across our institutional and wholesale client channels and U.S. government bond volume remained robust.<\/p>\n

Credit<\/b> \u2013 Revenues of $118.4 million in the fourth quarter of 2025 increased 4.3% compared to prior year period (increased 2.5% on a constant currency basis). Credit ADV was up 22.9% from prior year period, driven by strong activity in credit derivatives, U.S. and European credit and municipal bond volumes. U.S. credit ADV was up 4.5% from prior year period, reflecting continued client adoption across Tradeweb products and protocols, most notably in request-for-quote (“RFQ”), Tradeweb AllTrade\u00ae and Portfolio Trading (“PT”). European Credit ADV was up 15.6% from prior year period, driven by robust activity across a wide range of protocols including Tradeweb’s Automated Intelligent Execution tool (“AiEX”) and PT. Municipal bond ADV was up 17.3% from prior year period. We reported 18.3% share of fully electronic U.S. high grade TRACE, which remained flat from prior year period and 8.1% share of fully electronic U.S. high yield TRACE, up 20 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 110 bps from prior year period and 10.0% total share of U.S. high yield TRACE, which remained flat from prior year period.<\/p>\n

Equities<\/b> \u2013 Revenues of $31.5 million in the fourth quarter of 2025 increased 9.7% compared to prior year period (increased 5.9% on a constant currency basis). Equities ADV was up 15.3% from prior year period driven by record volume in U.S. ETFs, which was led by strong year-over-year growth in institutional and wholesale trading.<\/p>\n

Money Markets<\/b> \u2013 Revenues of $45.6 million in the fourth quarter of 2025 increased 3.1% compared to prior year period (increased 2.0% on a constant currency basis). Money Markets ADV was up 10.5% from prior year period, primarily driven by record ADV in global repurchase agreements, which was supported by increased client participation.<\/p>\n

Market Data<\/b> \u2013 Revenues of $33.8 million in the fourth quarter of 2025 increased 12.6% compared to prior year period (increased 11.5% on a constant currency basis). The increase was derived primarily from higher fees resulting from our amended LSEG market data license agreement effective November 1, 2025 and other increases in proprietary third party market data revenue.<\/p>\n

Other<\/b> \u2013 Revenues of $12.8 million in the fourth quarter of 2025 increased 94.3% compared to prior year period (increased 94.3% 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 $300.2 million in the fourth quarter of 2025 increased 9.2% compared to $274.8 million in the prior year period, primarily due to (i) an increase in general and administrative expenses as a result of a decrease in foreign exchange gains, (ii) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth and (iii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period.<\/p>\n

Adjusted Expenses <\/b>of $264.1 million in the fourth quarter of 2025 increased 11.9% (increased 9.0% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth, (ii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period and (iii) an increase in general and administrative expenses primarily as a result of a decrease in foreign exchange gains. Please see “Non-GAAP Financial Measures” below for additional information.<\/p>\n

Non-operating Income \u2013 Other income (loss), net<\/b> of $207.1 million of income in the fourth quarter of 2025 increased $208.2 million compared to the prior year period loss of $1.1 million, primarily due to realized and unrealized gains on our Canton Coin holdings, which totaled a gain of $205.4 million in the fourth quarter of 2025 compared to $0.2 million in prior year period. In November 2025, spot trading of the Canton Coin began across several global digital asset exchanges. Other income (loss), net is excluded from all non-GAAP financial measures.<\/p>\n

DISCUSSION OF RESULTS: FULL-YEAR 2025<\/b><\/p>\n

\nTradeweb recorded its 26th<\/sup> consecutive year of record annual revenues for the year ended December 31, 2025, as total revenues increased 18.9% (increased 17.5% on a constant currency basis) to $2.1 billion compared to full year 2024. Record revenue was driven by ADV of more than $2.6 trillion and record ADV activity in each of the following: U.S. government bonds; European government bonds; mortgages; swaps and swaptions \u2265 1-year; U.S. high-grade credit traded fully electronically; U.S. high-yield credit traded fully electronically; U.S. high-yield credit that is electronically processed; European credit bonds; municipal bonds; credit swaps; U.S. ETFs; international ETFs; convertibles, swaps and options; and repurchase agreements. Operating income increased 23.2% to $835.3 million for the year ended December 31, 2025 compared to $678.0 million in 2024, while net income increased 61.7% to $921.5 million for the year ended December 31, 2025 compared to $570.0 million in 2024. Net income in 2025 includes $270.9 million in non-operating other income gains on our Canton Coin holdings. Adjusted EBITDA margin increased to 54.0% for the year ended December 31, 2025 compared to 53.3% in 2024, representing an increase of 64 bps from prior year period (+70 bps on a constant currency basis). Diluted EPS increased 62.2% from prior year period to $3.78 for the year ended December 31, 2025, including the impact of non-operating other income primarily relating to gains on Canton Coins holdings. Adjusted Diluted EPS increased 18.8% from prior year period to $3.47 for the year ended December 31, 2025.<\/p>\n

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

January 2026<\/b><\/p>\n