Tradeweb Markets Inc. · NASDAQ:TW
Tradeweb Markets — Q2 2025 Earnings Presentation
22 slides from Tradeweb Markets's earnings presentation, Jul 30, 2025
Slide 1: 2Q25 Earnings Conference Call
2Q25 EARNINGS CONFERENCE CALL JULY 30, 2025 © 2025 Tradeweb Markets LLC. All rights reserved.
Slide 2: Disclaimers
Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, tog
Slide 3: 2Q25 Earnings Call Participants
2Q25 Earnings Call Participants STRATEGIC REVIEW & GROWTH INTIATIVES Billy Hult CHIEF EXECUTIVE OFFICER FINANCIAL REVIEW WELCOME/ Sara Furber INTRODUCTION CHIEF FINANCIAL OFFICER Ashley Serrao HEAD OF TREASURY, FP&A & IR 3 ©2025 Tradeweb Markets LLC. All rights reserved.
Slide 4: 2Q25 Summary
2Q25 Summary OPERATING PERFORMANCE HIGHLIGHTS REVENUE INTERNATIONAL ADJUSTED REVENUES NET INCOME2 $513.0M $215.2M $206.1M +26.7% y/y* +40.8% y/y +23.7% y/y +24.7% y/y (CC**)1 +35.8% y/y (CC)1 +22.5% y/y (CC)1 ADJUSTED ADJUSTED ADJUSTED EBITDA MARGIN2 EBIT MARGIN2 DILUTED EPS2 54.2% 50.7% $0.87 +70 b
Slide 5: 2Q25 Revenue Results
2Q25 Revenue Results ($ in millions) 2Q25 REVENUE GROWTH OF 26.7% (CC 24.7% Y/Y)1 2Q25 y/y growth % 26.2% 11.7% 49.8% 130.7% 4.1% 31.9% 26.7% 2Q25 y/y constant currency growth % 1 23.9% 10.5% 46.7% 128.5% 2.9% 31.9% 24.7% YTD y/y growth % 25.1% 9.3% 31.5% 145.0% 18.7% 19.9% 25.7% YTD y/y constant cu
Slide 6: Key Growth Initiatives
Key Growth Initiatives GLOBAL IRS (ADV AND SHARE1) 2Q25 Y/Y Growth U.S. TREASURIES (ADV AND SHARE2) 2Q25 Y/Y Growth ($ in billions) Total: +14% ($ in billions) Total: +24% Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) $275 ADV Share (%) 21.6% 24.3% 23.3% 27% 22.4% $250 22.5% 23.0% 23.0%
Slide 7: Credit Growth Initiatives
Credit Growth Initiatives EXPANDING SHARE1,2 (Share of TRACE GROWING FOUNDATIONAL U.S. RFQ PROTOCOL $ in billions, ADV) ($ in millions, ADV) Inst. Client 736 800 892 948 1,109 $3,055 Count U.S. Investment Grade 26.0% 27.1% 10.9 24.6% 9.6 $2,215 22.7% 21.3% 6.8 8.0% 6.1 8.2% 5.2 9.9% 9.7% $1,702 9.2%
Slide 8: IRS Growth Initiatives
IRS Growth Initiatives GLOBAL INDUSTRY INTEREST RATE SWAPS ADV 1 TRADEWEB MARKET SHARE BY CURRENCY1,2 ($ in trillions) $4.5 $4.0 33.4% $4.0 $3.5 $3.4 29.6% $3.5 $2.9 $3.0 $2.7 22.8% 21.8% 21.2% 23.4% $2.3 $2.3 $2.4 $2.5 19.1% 18.2% $1.9 $2.0 17.1% 17.4% $2.0 13.4% 12.1% $1.5 $1.0 $0.5 $0.0 2017 2018
Slide 9: 2Q25 Financial Performance
2Q25 Financial Performance1 ($ in thousands, except per share amounts) REVENUE GROWTH OF 26.7% (24.7% CC)2 WITH 2Q25 ADJ. EBITDA MARGIN OF 54.2% 6M25 ADJ. EBITDA MARGIN EXPANSION OF +104 bps to 54.4% vs. FY 2024 OF 53.3% %∆ %∆ Constant Currency 2Q25 2Q24 2Q25 vs 2Q24 2Q25 vs 2Q242 Trading Revenues 3
Slide 10: Fees per Million Detail
Fees per Million1 Detail %∆ %∆ 2Q25 1Q25 2Q24 2Q25 vs 1Q25 2Q25 vs 2Q24 Rates $ 2.29 $ 2.22 $ 2.00 2.9 % 14.2 % Rates Cash $ 2.36 $ 2.36 $ 2.54 0.1 % (7.1) % Rates Derivatives $ 2.24 $ 2.14 $ 1.69 4.9 % 32.9 % Rates Derivatives >= 1 Yr $ 3.79 $ 3.53 $ 2.71 7.3 % 40.1 % Other Rates Derivatives 2 $ 0.
Slide 11: Adjusted Expenses Detail
Adjusted Expenses1 Detail ($ in thousands) 2Q25 ADJUSTED EXPENSES INCREASED 24.1% (21.5% CC y/y)2 %∆ %∆ Constant Currency 2Q25 2Q24 2Q25 vs 2Q24 2Q25 vs 2Q24 2 Adjusted Expenses Employee compensation and benefits a $ 168,761 $ 136,663 23.5 % 22.5 % Depreciation and amortization b 17,574 15,221 15.5
Slide 12: Capital Management & FY Guidance
Capital Management & FY Guidance Capital Management Key Highlights ▪ $1.6 billion in cash and cash equivalents (June 30th, 2025) and undrawn $500 million credit facility ▪ TTM ended June 30th, 2025 FCF: $951.7 million1 (+31.9% yr/yr) ▪ 2Q25 cash paid for capex & cap software development: $22.1 milli
Slide 13: Share Count Sensitivity
Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Share Price Q3 2025 $110.00 238,165,945 $120.00 238,215,068 $130.00 238,258,748 $140.00 238,303,026 $150.00 238,349,044 The pro forma adjusted fully diluted weighted average shares outstanding and assume
Slide 14: Appendix
APPENDIX 14 ©2025 Tradeweb Markets LLC. All rights reserved.
Slide 15: Quarterly ADV
Quarterly ADV 2Q25 ADV of $2,550BN (+32.7% y/y, +34.4% ex Swaps <1 year) KEY RATES1 2Q25 Y/Y GROWTH CREDIT1 2Q25 Y/Y GROWTH ($ in billions) Total: +15% ($ in billions) Total: +27% Cash: +18% Cash: +8% Derivatives: +14% Derivatives: +52% $1,443 $1,443 $55 $1,500 $48.7 $1,266 $1,298 $1,253 $50 $1,249
Slide 16: Fee Per Million (FPM) Commentary
Fee Per Million (FPM) Commentary RATES Avg FPM: +14% CREDIT Avg FPM: -17% Cash Rates: -7% Cash Credit: -11% • Lower FPM primarily due to a mix shift away from retail within U.S. • Lower FPM was driven by the migration of certain dealers from fully Government Bonds, which carries a comparatively high
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 2Q25 2Q24 6M25 FY24 Net income $ 175,522 $ 136,416 $ 343,827 $ 569,963 Merger and acquisition transaction and integration costs 1 3,772 3,650 6,268 22,823 Interest income (14,
Slide 18: Reconciliation of Non-GAAP Financial Measures cont.
Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Reconciliation of Operating Expenses to Adjusted Expenses 2Q25 2Q24 Operating expenses $ 313,118 $ 242,457 Merger and acquisition transaction and integration costs 1 (3,772) (3,650) D&A related to acquisit
Slide 19: Reconciliation of Non-GAAP Financial Measures cont.
Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) Reconciliation of Net Income attributable to Tradeweb Markets Inc. Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor to Adjusted
Slide 20: Quarterly Volumes
Quarterly Volumes Q2 2025 Q1 2025 Q2 2024 QoQ YoY Asset Class Product ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV ADV Rates Cash 546,389 33,874,577 558,883 34,192,846 462,335 29,121,090 -2.24% 18.18% U.S. Government Bonds 250,448 15,527,787 244,269 14,9
Slide 21: U.S. Corporate Bonds
U.S. Corporate Bonds USING MARKET REPORTING STANDARDS TRADEWEB MARKETS Q2 2025 Q1 2025 Q2 2024 QoQ YoY Volume (USD mm) Trades Volume (USD mm) Trades Volume (USD mm) Trades Volume (USD mm) Volume (USD mm) % of % of % of % of % of % of % of % of Product Type ADV Total TRACE ADT Total TRACE ADV Total T
Slide 22: Contacts
Contacts Tradeweb Markets Inc. 1177 Avenue of the Americas New York, NY 10036 www.tradeweb.com Ashley Serrao, CMA, CFA Sameer Murukutla, CFA Head of Treasury, FP&A & Investor Relations Managing Director, Investor Relations Tel: 646-430-6027 Tel: 646-767-4864 Email: ashley.serrao@tradeweb.com Email: