Tradeweb Markets Inc. · NASDAQ:TW
Tradeweb Markets — Tradeweb — Q3 2025 Earnings Presentation
25 slides from Tradeweb Markets's earnings presentation, Oct 30, 2025
Slide 1: 3Q25 Earnings Conference Call
3Q25 EARNINGS CONFERENCE CALL OCTOBER 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: 3Q25 Earnings Call Participants
3Q25 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: 3Q25 Summary
3Q25 Summary OPERATING PERFORMANCE HIGHLIGHTS REVENUE INTERNATIONAL ADJUSTED REVENUES NET INCOME2 $508.6M $211.2M $206.5M +13.3% y/y* +24.8% y/y +15.2% y/y +11.3% y/y (CC**)1 +19.7% y/y (CC)1 +12.7% y/y (CC)1 ADJUSTED ADJUSTED ADJUSTED EBITDA MARGIN2 EBIT MARGIN2 DILUTED EPS2 54.0% 50.2% $0.87 +54 b
Slide 5: 3Q25 Revenue Results
3Q25 Revenue Results ($ in millions) 3Q25 REVENUE GROWTH OF 13.3% (CC 11.3% Y/Y)1 3Q25 y/y growth % 17.7% 2.6% 16.9% 18.7% 3.6% 51.6% 13.3% 3Q25 y/y constant currency growth % 1 15.3% 1.2% 13.6% 17.7% 3.0% 51.5% 11.3% YTD y/y growth % 22.5% 7.0% 26.6% 80.7% 13.6% 30.7% 21.3% YTD y/y constant currenc
Slide 6: Key Growth Initiatives
Key Growth Initiatives GLOBAL IRS (ADV AND SHARE1) 3Q25 Y/Y Growth U.S. TREASURIES (ADV AND SHARE2) 3Q25 Y/Y Growth ($ in billions) Total: +15% ($ in billions) Total: +0% Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) $275 ADV Share (%) 21.6% 24.3% 23.3% $250 27% 22.5% 23.0% 23.0% $1,250
Slide 7: Global & Diversified Rates Business Well Positioned for Growth
Global & Diversified Rates Business Well Positioned for Growth Rates Revenue Growth is Diversified by Both Product and Geography 3 FY2019 Revenue Mix 9M2025 Revenue Mix Global Swaps Global Govt. Bonds Mortgages 123% ~42% of Revenue ~40% of Revenue ~18% of Revenue 4% 10% Mix² Mix Mix 74% 75% 35% 48%
Slide 8: Global Swaps Franchise Led by Client & Product Expansion
Global Swaps Franchise Led by Client & Product Expansion An Increasingly Diverse Revenue Base With Positive Client Trends Contribute To A Robust Growth Profile Diversifying Tradeweb Swaps Revenue by 9M25 Y/Y Growth Consistent Swaps Risk Market Share³ Growth Across Region +40% Changing Rate Environme
Slide 9: 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 746 824 894 978 1,151 Count U.S. Investment Grade $2,646 24.7% 26.2% 10.0 $2,341 25.4% 9.3 23.9% 21.0% 6.0 6.8 7.7% 7.0% 4.5 9.9% 8.8% 8.3% 17.7%
Slide 10: Meaningful Room to Expand Our International Business
Meaningful Room to Expand Our International Business Growing International Revenues¹… 9M25 Y/Y Growth …with Strong Cross-Sell of U.S. Products² 9M25 Y/Y Growth +34% ($ in millions), U.S. Product Revenue from International Clients +33% ($ in millions) 60% of Revenue Growth⁴ $100M $665 $638 $80M 42% 3
Slide 11: 3Q25 Financial Performance
3Q25 Financial Performance1 ($ in thousands, except per share amounts) REVENUE GROWTH OF 13.3% (11.3% CC)2 WITH 3Q25 ADJ. EBITDA MARGIN OF 54.0% 9M25 ADJ. EBITDA MARGIN EXPANSION OF +90 bps to 54.2% vs. FY 2024 OF 53.3% %∆ %∆ Constant Currency 3Q25 3Q24 3Q25 vs 3Q24 3Q25 vs 3Q242 Trading Revenues 3
Slide 12: Fees per Million Detail
Fees per Million1 Detail %∆ %∆ 3Q25 2Q25 3Q24 3Q25 vs 2Q25 3Q25 vs 3Q24 Rates $ 2.17 $ 2.29 $ 2.07 (5.2) % 4.5 % Rates Cash $ 2.28 $ 2.36 $ 2.45 (3.6) % (6.8) % Rates Derivatives $ 2.10 $ 2.24 $ 1.85 (6.1) % 14.0 % Rates Derivatives >= 1 Yr $ 3.83 $ 3.79 $ 3.17 1.0 % 21.0 % Other Rates Derivatives 2
Slide 13: Adjusted Expenses Detail
Adjusted Expenses1 Detail ($ in thousands) 3Q25 ADJUSTED EXPENSES INCREASED 12.5% (11.1% CC y/y)2 %∆ %∆ Constant Currency 3Q25 3Q24 3Q25 vs 3Q24 3Q25 vs 3Q24 2 Adjusted Expenses Employee compensation and benefits a, d $ 164,133 $ 154,674 6.1 % 5.3 % Depreciation and amortization b 18,877 15,923 18.6
Slide 14: Capital Management & FY Guidance
Capital Management & FY Guidance Capital Management Key Highlights ▪ $1.9 billion in cash and cash equivalents (September 30th, 2025) and undrawn $500 million credit facility ▪ TTM ended September 30th, 2025 FCF: $987.5 million 1 (+23.8% yr/yr) ▪ Q3 2025 cash paid for capex & cap software developmen
Slide 15: Share Count Sensitivity
Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Share Price Q4 2025 $100.00 238,245,924 $110.00 238,278,188 $120.00 238,311,523 $130.00 238,341,086 $140.00 238,373,223 The pro forma adjusted fully diluted weighted average shares outstanding and assume
Slide 16: Appendix
APPENDIX 16 ©2025 Tradeweb Markets LLC. All rights reserved.
Slide 17: IRS Growth Initiatives
IRS Growth Initiatives GLOBAL INDUSTRY INTEREST RATE SWAPS ADV 1 TRADEWEB MARKET SHARE BY CURRENCY1 ($ in trillions) $4.5 $4.1 32.0% $4.0 28.9% $3.5 $3.5 $3.5 $2.9 22.6% 21.5% 22.0% 22.4% $3.0 $2.7 $2.3 $2.4 18.8% 18.6% 17.7% $2.5 $2.3 16.5% $1.9 $2.0 14.2% 13.0% $2.0 $1.5 $1.0 $0.5 $0.0 2017 2018 2
Slide 18: Quarterly ADV
Quarterly ADV 3Q25 ADV of $2,575BN (+11.8% y/y, +9.7% ex Swaps <1 year) KEY RATES1 3Q25 Y/Y GROWTH CREDIT1 3Q25 Y/Y GROWTH ($ in billions) Total: +12% ($ in billions) Total: -1% Cash: +8% Cash: +6% Derivatives: +15% Derivatives: -5% $1,443 $1,443 $1,456 $55 $1,500 $48.7 $1,266 $1,298 $1,253 $50 $1,2
Slide 19: Fee Per Million (FPM) Commentary
Fee Per Million (FPM) Commentary RATES Avg FPM: +5% CREDIT Avg FPM: -4% Cash Rates: -7% Cash Credit: -15% • Lower FPM primarily due to a mix shift away from U.S. Government • Lower FPM was driven by the migration of certain dealers from fully Bonds, which carries a comparatively higher fee per milli
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 3Q25 3Q24 9M25 FY24 Net income $ 210,549 $ 130,223 $ 554,376 $ 569,963 Merger and acquisition transaction and integration costs 1 466 14,488 6,734 22,823 Interest income (20,3
Slide 21: 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 3Q25 3Q24 Operating expenses $ 298,227 $ 289,599 Merger and acquisition transaction and integration costs 1 (466) (14,488) D&A related to acquisiti
Slide 22: 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 23: Quarterly Volumes
Quarterly Volumes Q3 2025 Q2 2025 Q3 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 534,513 34,306,862 546,388 33,874,564 496,603 31,860,817 -2.17% 7.63% U.S. Government Bonds 221,103 14,150,594 250,448 15,52
Slide 24: U.S. Corporate Bonds
U.S. Corporate Bonds USING MARKET REPORTING STANDARDS TRADEWEB MARKETS Q3 2025 Q2 2025 Q3 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 25: Contacts
Contacts Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 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: sameer.muruk