Tradeweb Markets Inc. · NASDAQ:TW
Tradeweb Markets — Q4 2025 Earnings Presentation
24 slides from Tradeweb Markets's earnings presentation, Feb 5, 2026
Slide 1: 4Q25 Earnings Conference Call
4Q25 EARNINGS CONFERENCE CALL FEBRUARY 5, 2026 © 2026 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: 4Q25 Earnings Call Participants
4Q25 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 ©2026 Tradeweb Markets LLC. All rights reserved.
Slide 4: 4Q25 Summary
4Q25 Summary OPERATING PERFORMANCE HIGHLIGHTS REVENUE INTERNATIONAL ADJUSTED REVENUES NET INCOME2 $521.2M $220.2M $207.0M +12.5% y/y* +16.8% y/y +14.2% y/y +9.9% y/y (CC**)1 +10.7% y/y (CC)1 +12.2% y/y (CC)1 ADJUSTED ADJUSTED ADJUSTED EBITDA MARGIN2 EBIT MARGIN2 DILUTED EPS2 53.2% 49.3% $0.87 +39 bp
Slide 5: 4Q25 Revenue Results
4Q25 Revenue Results ($ in millions) 4Q25 REVENUE GROWTH OF 12.5% (CC 9.9% Y/Y)1 FY25 GROWTH OF 18.9% (CC 17.5% Y/Y)1 4Q25 y/y growth % 16.2% 4.3% 9.7% 3.1% 12.6% 94.3% 12.5% 4Q25 y/y constant currency growth % 1 12.9% 2.5% 5.9% 2.0% 11.5% 94.3% 9.9% FY25 y/y growth % 20.8% 6.3% 21.9% 50.9% 13.3% 47
Slide 6: A Growth Company
A Growth Company Continuing to Strike the Right Balance Between Investing to Drive Revenue Growth & Margin Expansion GROWTH FROM 2016-2025 16.5% 23.0% 20.9% 25.6% (CAGR) REVENUE ADJUSTED EBIT ADJUSTED EBITDA FREE CASH GROWTH GROWTH1 FLOW1 GROWTH1 BENCHMARKING PERFORMANCE FY 2025 FY 2024 Y/Y GROWTH V
Slide 7: Strong Growth Led By Rates and International in 2025
Strong Growth Led By Rates and International in 2025 STRONG REVENUE GROWTH ACROSS ASSET CLASSES1 INTERNATIONAL REVENUES CONTINUE TO SCALE1 ($ in millions) ($ in millions) $2,052 $858 $900 $2,000 $1,726 $800 $700 $665 $1,500 $1,338 $1,189 $600 $1,076 $488 $1,000 $893 $500 $428 $776 $403 $684 $518 $56
Slide 8: Key Growth Initiatives
Key Growth Initiatives GLOBAL IRS (ADV AND SHARE1) 4Q25 Y/Y Growth U.S. TREASURIES (ADV AND SHARE2) 4Q25 Y/Y Growth ($ in billions) Total: +50% ($ in billions) Total: +4% Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) $275 ADV Share (%) 24.3% 23.3% 21.6% 27% 23.6% 23.6% 23.3% $250 22.5% 2
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 763 839 905 1,001 1,177 Count $2,851 U.S. Investment Grade 26.8% 25.7% $2,491 25.3% 9.8 10.0 24.1% 7.9 22.6% 6.5 8.5% 7.4% 5.0 8.0% $1,856 9.7% 9.
Slide 10: IRS Growth Initiatives
IRS Growth Initiatives GLOBAL INDUSTRY INTEREST RATE SWAPS ADV AND TW RISK TRADEWEB MARKET SHARE BY CURRENCY1,3,4 MARKET SHARE 1, 2 ($ in trillions) $4.3 $4.5 12% 31.0% $4.0 28.5% $3.5 10% $3.5 22.0% 22.6% 22.1% $2.9 22.2% $3.0 $2.7 8% 19.5% $2.3 $2.4 17.9%17.5% 18.6% $2.5 $2.0 6% 15.0% 14.5% $2.0 $
Slide 11: 4Q25 Financial Performance
4Q25 Financial Performance1 ($ in thousands, except share and per share amounts) 4Q25 REVENUE GROWTH OF 12.5% (9.9% CC)2 WITH 4Q25 ADJ. EBITDA MARGIN OF 53.2% FY25 ADJ. EBITDA MARGIN EXPANSION OF +64 bps to 54.0% vs. FY 2024 OF 53.3% %∆ %∆ Constant Currency 4Q25 4Q24 4Q25 vs 4Q24 4Q25 vs 4Q242 Tradi
Slide 12: Fees per Million Detail
Fees per Million1 Detail %∆ %∆ 4Q25 3Q25 4Q24 4Q25 vs 3Q25 4Q25 vs 4Q24 Rates $ 1.98 $ 2.17 $ 2.23 (8.9) % (11.5) % Rates Cash $ 2.26 $ 2.28 $ 2.37 (0.9) % (4.6) % Rates Derivatives $ 1.84 $ 2.10 $ 2.14 (12.7) % (14.3) % Rates Derivatives >= 1 Yr $ 3.69 $ 3.83 $ 3.63 (3.7) % 1.7 % Other Rates Deriva
Slide 13: Adjusted Expenses Detail
Adjusted Expenses1 Detail ($ in thousands) 4Q25 ADJUSTED EXPENSES INCREASED 11.9% (9.0% CC y/y)2 FY25 ADJUSTED EXPENSES INCREASED 17.2% (15.8% CC y/y)2 %∆ Const. %∆ Const. %∆ Currency %∆ Currency 4Q25 4Q24 4Q25 vs 4Q24 4Q25 vs 4Q242 FY25 vs FY24 FY25 vs FY242 Adjusted Expenses Employee compensation
Slide 14: Capital Management & FY Guidance
Capital Management & FY Guidance Capital Management Key Highlights ▪ $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of December 31, 2025 ▪ As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 million ▪ FY25 FCF: $1.1 billion1 (+31.6% y
Slide 15: Share Count Sensitivity
Share Count Sensitivity PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Share Price Q1 2026 $100.00 236,370,636 $110.00 236,390,617 $120.00 236,413,127 $130.00 236,433,512 $140.00 236,457,689 The pro forma adjusted fully diluted weighted average shares outstanding and assume
Slide 16: Appendix
APPENDIX 16 ©2026 Tradeweb Markets LLC. All rights reserved.
Slide 17: Quarterly ADV
Quarterly ADV 4Q25 ADV of $2,827BN (+23.3% y/y, +13.8% ex Swaps <1 year) KEY RATES1 4Q25 Y/Y GROWTH CREDIT1 4Q25 Y/Y GROWTH ($ in billions) Total: +34% ($ in billions) Total: +23% Cash: +9% Cash: +10% Derivatives: +50% Derivatives: +38% $1,750 $1,674 $55 $48.7 $1,443 $1,443 $1,456 $50 $1,500 $45 $42
Slide 18: Fee Per Million (FPM) Commentary
Fee Per Million (FPM) Commentary RATES Avg FPM: -11% CREDIT Avg FPM: -20% Cash Rates: -5% Cash Credit: -14% • Lower FPM primarily due to a mix shift away from U.S. Government • Lower FPM was driven by the migration of certain dealers from fully Bonds, which carries a comparatively higher FPM. variab
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures ($ in thousands) Successor Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 4Q25 4Q24 FY25 FY24 FY23 FY22 FY21 FY20
Slide 20: 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 4Q25 4Q24 FY25 FY24 Operating expenses $ 300,170 $ 274,804 $ 1,217,091 $ 1,047,921 Merger and acquisition transaction and integration costs 1 (157)
Slide 21: 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 Successor Predecessor Predecessor Predecessor to
Slide 22: Quarterly Volumes
Quarterly Volumes Q4 2025 Q3 2025 Q4 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 556,909 34,664,626 534,513 34,306,862 508,863 31,654,127 4.19% 9.44% U.S. Government Bonds 233,591 14,482,640 221,103 14,150
Slide 23: U.S. Corporate Bonds
U.S. Corporate Bonds USING MARKET REPORTING STANDARDS TRADEWEB MARKETS Q4 2025 Q3 2025 Q4 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 24: 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