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Investor Relations
Ashley Serrao + 1 646 430 6027
Ashley.Serrao@Tradeweb.com

Sameer Murukutla + 1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Media Relations
Daniel Noonan + 1 646 767 4677
Daniel.Noonan@Tradeweb.com

Savannah Steele + 1 646 767 4941
Savannah.Steele@Tradeweb.com
 
TRADEWEB REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS
New York, July 30, 2025 – Tradeweb 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 June 30, 2025.
$513.0 million quarterly revenues, an increase of 26.7% (24.7% on a constant currency basis) compared to prior year period
$215.2 million quarterly international revenues, an increase of 40.8% (35.8% on a constant current basis) compared to prior year period
$2.6 trillion average daily volume (“ADV”) for the quarter, an increase of 32.7% compared to prior year period; quarterly ADV records in U.S. government bonds, U.S. swaps/swaptions < 1-year, fully electronic U.S. high yield credit, municipal bonds, European ETFs and global repurchase agreements
$175.5 million net income and $206.1 million adjusted net income for the quarter, increases of 28.7% and 23.7% respectively from prior year period
54.2% adjusted EBITDA margin and $277.9 million adjusted EBITDA for the quarter, compared to 53.5% and $216.5 million respectively for prior year period
$0.71 diluted earnings per share (“Diluted EPS”) and $0.87 adjusted diluted earnings per share for the quarter
$0.12 per share quarterly cash dividend declared, a 20.0% per share increase from prior year period
Billy Hult, CEO of Tradeweb:
“Tradeweb delivered a strong second quarter, despite macro challenges around the April 2025 U.S. tariff announcements, rising tensions in the Middle East and evolving central bank policy decisions, which continued to test the resiliency of electronic trading across global markets.

Against this background, we continued to work with clients on strategic initiatives in traditional markets and the digital asset space. Our recently announced collaboration with Novaprime will bring new intelligence and workflow tools into the mortgage space, helping us unlock value across the trade lifecycle. Furthermore, as AI continues to shape the evolution of markets, we were pleased to welcome Sherry Marcus as Tradeweb’s Head of AI in May. Sherry’s extensive experience and leadership will be instrumental in advancing our AI capabilities to new levels of sophistication.

We introduced direct Treasury bill trading for corporate treasurers through a seamless integration between our ICD Portal and institutional platform — demonstrating the capabilities and innovation we're able to provide clients through our fourth client channel. Building on our successes in credit, we were excited to introduce electronic portfolio trading for European government bonds — extending this innovative protocol to this asset class.

Finally, we were honored to be named a "Best Company to Work For" by U.S. News & World Report. I’m proud of what we’ve built together and even more excited about where we’re headed next.”
SELECT FINANCIAL RESULTS2Q252Q24Change
Constant
Currency
Change(1)
ADV (US $bn)
(Unaudited)
(dollars in thousands, except per share amounts)(Unaudited)Asset ClassProduct2Q252Q24YoY
GAAP Financial MeasuresRatesCash$546 $462 18.2 %
Total revenue$512,971 $404,951 26.7%24.7 %Derivatives897 787 13.9 %
Rates$274,517 $217,531 26.2%23.9 %Total1,4431,24915.5 %
Credit$124,295 $111,324 11.7%10.5 %CreditCash18 17 8.1 %
Equities$34,252 $22,871 49.8%46.7 %Derivatives20 13 51.8 %
Money Markets$41,636 $18,045 130.7%128.5 %Total383027.0 %
Market Data$30,417 $29,227 4.1%2.9 %EquitiesCash14 10 37.7 %
Other$7,854 $5,953 31.9%31.9 %Derivatives14 11 22.5 %
Net income$175,522 $136,416 28.7%Total282129.6 %
Net income attributable to Tradeweb Markets Inc. (2)
$153,782 $119,239 29.0%Money MarketsCash1,042 622 67.5 %
Total1,04262267.5 %
Diluted EPS$0.71 $0.55 29.1%Total$2,550 $1,922 32.7 %
Net income margin34.2 %33.7 %+53bps
Non-GAAP Financial Measures
Adjusted EBITDA (1)
$277,896 $216,533 28.3%27.1 %
(1) 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.
(2) Represents net income less net income attributable to non-controlling interests.

Adjusted EBITDA margin (1)
54.2 %53.5 %+70bps+101bps
Adjusted EBIT (1)
$260,322 $201,312 29.3%28.1 %
Adjusted EBIT margin (1)
50.7 %49.7 %+104bps+131bps
Adjusted Net Income (1)
$206,149 $166,711 23.7%22.5 %
Adjusted Diluted EPS (1)
$0.87 $0.70 24.3%21.4 %
        


DISCUSSION OF RESULTS
Rates – Revenues of $274.5 million in the second quarter of 2025 increased 26.2% compared to prior year period (increased 23.9% on a constant currency basis). Rates ADV was up 15.5% from prior year period, driven by record ADV in U.S. government bonds and swaps/swaptions < 1-year. Strong U.S. Treasuries ADV was led by robust activity across the institutional and wholesale client channels. Global swaps/swaptions ≥ 1-year saw strong activity YoY driven by significant volatility in global rates markets, due to changes in U.S. trade policy, geopolitical tensions and shifts in investor sentiment. European government bonds ADV was up 20.4% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 12.7% from prior year period, reflecting strong specified pool volumes, driven by a record number of clients executing on the platform and strong To-Be-Announced ("TBA") activity, which was primarily driven by robust dollar-roll trading volume.

Credit – Revenues of $124.3 million in the second quarter of 2025 increased 11.7% compared to prior year period (increased 10.5% on a constant currency basis). U.S. credit ADV was up 16.2% from prior year period, driven by record ADV in fully electronic U.S. high yield credit and continued client adoption across Tradeweb protocols, most notably in request-for-quote ("RFQ") and Portfolio Trading. European credit ADV was up 8.9% from prior year period, driven by strong activity across a wide range of protocols, including Tradeweb's Automated Intelligent Execution ("AiEX") tool and Tradeweb AllTrade®. We reported 17.9% share of fully electronic U.S. high grade TRACE, down 100 basis points (bps) from prior year period and 8.2% share of fully electronic U.S. high yield TRACE, up 60 bps from prior year period. We also reported 26.0% total share of U.S. high grade TRACE, down 108 bps from prior year period and 10.7% total share of U.S. high yield TRACE, up 79 bps from prior year period.

Equities – Revenues of $34.3 million in the second quarter of 2025 increased 49.8% compared to prior year period (increased 46.7% on a constant currency basis). Equities ADV was up 29.6% from prior year period, driven by strong growth YoY in equity derivatives, a growing client base across the U.S. and Europe, increased client adoption of Tradeweb's AiEX tool, and record ADV in European ETFs.

Money Markets – Revenues of $41.6 million in the second quarter of 2025 increased 130.7% compared to prior year period (increased 128.5% on a constant currency basis). Money Markets ADV was up 67.5% from prior year period, driven by contributions from the August 1, 2024 acquisition of ICD and record activity in global repurchase agreements. In the U.S., strong repo volume growth was driven by the effects of the Fed's balance sheet unwind, in addition to balances in the Fed's reverse repo facility ("RRP") remaining at relatively low levels. In Europe, increased repo volumes were driven by increased government bond issuance, as well as market volatility.

Market Data – Revenues of $30.4 million in the second quarter of 2025 increased 4.1% compared to prior year period (increased 2.9% on a constant currency basis).

Other – Revenues of $7.9 million in the second quarter of 2025 increased 31.9% compared to prior year period (increased 31.9% on a constant currency basis) primarily due to an increase in the value of Canton Coins earned during the second quarter of 2025, in exchange for providing services as a Super Validator and Validator on the Canton Network. The Company began providing services to the Canton Network during the third quarter of 2024.

Operating Expenses of $313.1 million in the second quarter of 2025 increased 29.1% compared to $242.5 million in prior year period, primarily due to (i) an increase in employee compensation and benefits as a result of an increase in incentive compensation expense tied to our financial performance and an increase in headcount to support our continued growth, (ii) a $14.6 million increase in foreign exchange losses and (iii) an increase in depreciation and amortization expense primarily related to the assets acquired in connection with the 2024 acquisition of ICD.

Adjusted Expenses of $252.6 million in the second quarter of 2025 increased 24.1% (increased 21.5% 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 incentive compensation expense tied to our financial performance and an increase in headcount to support our continued growth (ii) an increase in technology and communications expense due to increased investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes as compared to prior year period and (iii) a $3.9 million increase in foreign exchange losses. Please see "Non-GAAP Financial Measures" below for additional information.
RECENT HIGHLIGHTS
July 2025
•Co-led a $135 million strategic fundraising round with DRW Venture Capital for Digital Asset, the company behind the pioneering Canton Network -- a next generation blockchain that combines the privacy and control of permissioned systems with the interoperability and scalability of public blockchains. The funding aims to accelerate the adoption of institutional and decentralized finance on the Canton Network.
•Enrico Bruni included in Financial News' Most Influential in European Finance list.

Second Quarter 2025
•Introduced direct U.S. Treasury bill (T-bill) trading for corporate treasurers via direct connection between Tradeweb's ICD Portal and its institutional trading platform.
•Appointed Sherry Marcus as Head of Artificial Intelligence in a newly-created global role for the company.
•Participated in a collaboration with Novaprime, a mortgage technology company dedicated to making home ownership more affordable, to leverage Novaprime's lender-focused Loan Intelligence and Marketplace products and Tradeweb's electronic trading execution platform to offer a new solution for hedging mortgage-related risk for the mortgage industry.
•Introduced electronic portfolio trading for European government bonds, spanning UK Gilts, EUR and single currency notes.
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•Recognized in numerous awards celebrating our company and employees, including: Best Companies to Work For, Finance and Insurance (U.S. News & World Report); Best Companies to Work For, Overall (U.S. News & World Report); Best Companies to Work For, Northeast (U.S. News & World Report); Notable Leaders in Finance (Billy Hult) (Crain's New York Business); Best in Fixed Income, Global Finance Awards (Markets Media); Excellence in Trading Platforms, Women in Finance Asia Awards (Meha Thind) (Markets Media); Rising Stars of European Finance (Will Tarr) (Financial News)
CAPITAL MANAGEMENT
•$1.6 billion in cash and cash equivalents and an undrawn $500 million credit facility at June 30, 2025
•Free cash flow for the trailing twelve months ended June 30, 2025 of $951.7 million, up 31.9% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
•Cash capital expenditures and capitalized software development in the second quarter 2025 of $22.1 million
•$179.9 million remained available for repurchase pursuant to the share repurchase program authorization as of June 30, 2025. No shares were repurchased during the second quarter of 2025
•$43.7 thousand in shares of Class A common stock were withheld in the second quarter of 2025 to satisfy tax obligations related to the vesting of restricted stock units and performance-based restricted stock units held by employees
•The Board declared a quarterly cash dividend of $0.12 per share of Class A common stock and Class B common stock. The dividend will be payable on September 16, 2025 to stockholders of record as of September 2, 2025
OTHER MATTERS
Updated Full-Year 2025 Guidance*
•Adjusted Expenses: $1,000 - 1,050 million (trending toward middle of range)
•Acquisition and Refinitiv Transaction related depreciation and amortization expense: $176 million
•Assumed non-GAAP tax rate: ~24.5% - 25.5%
•Cash capital expenditures and capitalized software development: ~$99 - 109 million
•LSEG Market Data Contract Revenue: ~$90 million

The guidance has been revised to reflect higher adjusted expenses in light of strong business momentum and accelerated investments in future growth initiatives. Depreciation and amortization, assumed non-GAAP tax rate, expenditures and LSEG Market Data Contract Revenue guidance is unchanged from the prior quarter guidance.

*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2025 Sterling/US$ foreign exchange rate of 1.28.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss second quarter 2025 results starting at 9:30 AM EDT today, July 30, 2025. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.

•To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/8d5ghru6/
•To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI18aec58059fb4fe6b48dbae5a8db94e6. Registered participants will receive an email confirmation with a unique PIN to access the conference call.

An archived recording of the call will be available afterward at https://investors.tradeweb.com.
ABOUT TRADEWEB MARKETS
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.4 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
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TRADEWEB MARKETS INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months EndedSix Months Ended
June 30, June 30,
2025202420252024
Revenues(dollars in thousands, except per share amounts)
Transaction fees and commissions$429,768 $330,475 $851,112 $665,926 
Subscription fees57,392 50,746 113,169 100,427 
LSEG market data fees20,569 20,581 49,494 41,081 
Other5,242 3,149 8,873 6,256 
Total revenue512,971 404,951 1,022,648 813,690 
Expenses
Employee compensation and benefits169,693 137,236 346,570 280,323 
Depreciation and amortization63,048 49,936 125,747 99,273 
Technology and communications30,212 24,230 58,940 45,540 
General and administrative29,984 12,755 49,724 23,609 
Professional fees14,159 13,324 26,617 25,124 
Occupancy6,022 4,976 11,096 9,649 
Total expenses313,118 242,457 618,694 483,518 
Operating income199,853 162,494 403,954 330,172 
Interest income14,972 21,511 28,821 42,571 
Interest expense(429)(542)(1,016)(2,260)
Other income (loss), net12,665 — 16,886 — 
Income before taxes227,061 183,463 448,645 370,483 
Provision for income taxes(51,539)(47,047)(104,818)(90,685)
Net income175,522 136,416 343,827 279,798 
Less: Net income attributable to non-controlling interests21,740 17,177 41,663 34,417 
Net income attributable to Tradeweb Markets Inc.$153,782 $119,239 $302,164 $245,381 
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic$0.72 $0.56 $1.42 $1.15 
Diluted$0.71 $0.55 $1.40 $1.14 
Weighted average shares outstanding:
Basic213,339,761 213,162,158 213,214,326 212,936,015 
Diluted214,971,946 214,895,947 214,934,378 214,778,342 

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TRADEWEB MARKETS INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

Three Months EndedSix Months Ended
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT MarginJune 30, June 30,
2025202420252024
(dollars in thousands)
Net income
$175,522 $136,416 $343,827 $279,798 
Merger and acquisition transaction and integration costs (1)
3,772 3,650 6,268 7,264 
Interest income
(14,972)(21,511)(28,821)(42,571)
Interest expense429 542 1,016 2,260 
Depreciation and amortization
63,048 49,936 125,747 99,273 
Stock-based compensation expense (2)
601 531 1,195 1,714 
Provision for income taxes
51,539 47,047 104,818 90,685 
Foreign exchange (gains) / losses (3)
10,622 (78)18,951 (2,362)
Tax receivable agreement liability adjustment (4)
— — — — 
Other (income) loss, net
(12,665)— (16,886)— 
Adjusted EBITDA
$277,896 $216,533 $556,115 $436,061 
Less: Depreciation and amortization
(63,048)(49,936)(125,747)(99,273)
Add: D&A related to acquisitions and the Refinitiv Transaction (5)
45,474 34,715 90,947 69,082 
Adjusted EBIT
$260,322 $201,312 $521,315 $405,870 
Net income margin (6)
34.2 %33.7 %33.6 %34.4 %
Adjusted EBITDA margin (6)
54.2 %53.5 %54.4 %53.6 %
Adjusted EBIT margin (6)
50.7 %49.7 %51.0 %49.9 %
(1)
Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(2)
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(3)
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.
(4)
Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.
(5)
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(6)
Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period.
Page | 5


Three Months EndedSix Months Ended
Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPSJune 30, June 30,
2025202420252024
(dollars in thousands, except per share amounts)
Earnings per diluted share
$0.71 $0.55 $1.40 $1.14 
Net income attributable to Tradeweb Markets Inc.
$153,782 $119,239 $302,164 $245,381 
Net income attributable to non-controlling interests (1)
21,740 17,177 41,663 34,417 
Net income
175,522 136,416 343,827 279,798 
Provision for income taxes
51,539 47,047 104,818 90,685 
Merger and acquisition transaction and integration costs (2)
3,772 3,650 6,268 7,264 
D&A related to acquisitions and the Refinitiv Transaction (3)
45,474 34,715 
 
90,947 69,082 
Stock-based compensation expense (4)
601 531 1,195 1,714 
Foreign exchange (gains) / losses (5)
10,622 (78)
 
18,951 (2,362)
Tax receivable agreement liability adjustment (6)
— — — — 
Other (income) loss, net
(12,665)— (16,886)— 
Adjusted Net Income before income taxes
274,865 222,281 
 
549,120 446,181 
Adjusted income taxes (7)
(68,716)(55,570)
 
(137,280)(111,545)
Adjusted Net Income
$206,149 $166,711 
 
$411,840 $334,636 
Adjusted Diluted EPS (8)
$0.87 $0.70 $1.73 $1.41 
(1)
Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock.
(2)Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(3)
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(4)
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(5)
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.
(6)
Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.
(7)
Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for each of the three and six months ended June 30, 2025 and June 30, 2024.
(8)
For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below.
The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:
Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPSThree Months EndedSix Months Ended
June 30, June 30,
2025202420252024
Diluted weighted average shares of Class A and Class B common stock outstanding
214,971,946 214,895,947 214,934,378 214,778,342 
Weighted average of other participating securities (1)
162,433 125,012 173,894 142,484 
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2)
23,063,153 23,077,698 23,066,571 23,077,836 
Adjusted diluted weighted average shares outstanding
238,197,532 238,098,657 238,174,843 237,998,662 
Adjusted Net Income (in thousands)
$206,149 $166,711 $411,840 $334,636 
Adjusted Diluted EPS
$0.87 $0.70 $1.73 $1.41 
(1)
Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share.
(2)
Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.
Page | 6


Three Months EndedSix Months Ended
Reconciliation of Operating Expenses to Adjusted Expenses    June 30, June 30,
2025202420252024
(dollars in thousands)
Operating expenses
$313,118 $242,457 $618,694 $483,518 
Merger and acquisition transaction and integration costs (1)
(3,772)(3,650)(6,268)(7,264)
D&A related to acquisitions and the Refinitiv Transaction (2)
 (45,474)(34,715)(90,947)(69,082)
Stock-based compensation expense (3)
(601)(531)(1,195)(1,714)
Foreign exchange gains / (losses) (4)
 (10,622)78 (18,951)2,362 
Adjusted Expenses
$252,649 $203,639 $501,333 $407,820 
(1)
Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(2)
Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(3)
Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(4)
Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.
Trailing Twelve Months Ended June 30,
Reconciliation of Cash Flow from Operating Activities to Free Cash Flow20252024
(dollars in thousands)
Cash flow from operating activities$1,043,551 $785,734 
Less: Capitalization of software development costs(55,195)(45,208)
Less: Purchases of furniture, equipment and leasehold improvements(36,653)(18,780)
Free Cash Flow$951,703 $721,746 
Page | 7


TRADEWEB MARKETS INC.
BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED)

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.:
Three Months EndedSix Months Ended
EPS: Net income attributable to Tradeweb Markets Inc.June 30, June 30,
2025202420252024
(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.$153,782 $119,239 $302,164 $245,381 
Less: Distributed and undistributed earnings allocated to participating securities (1)
(117)(70)(225)(164)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted
$153,665 $119,169 $301,939 $245,217 
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic213,339,761 213,162,158 213,214,326 212,936,015 
Dilutive effect of PRSUs450,980 568,304 442,710 534,583 
Dilutive effect of options292,392 449,252 291,132 524,413 
Dilutive effect of RSUs and RSAs330,102 252,498 441,924 348,282 
Dilutive effect of PSUs558,711 463,735 544,286 435,049 
Weighted average shares of Class A and Class B common stock outstanding - Diluted214,971,946 214,895,947 214,934,378 214,778,342 
Earnings per share - Basic$0.72 $0.56 $1.42 $1.15 
Earnings per share - Diluted$0.71 $0.55 $1.40 $1.14 
(1)
During the three months ended June 30, 2025 and 2024, there was a total of 162,433 and 125,012, respectively, and during the six months ended June 30, 2025 and 2024, there were a total of 173,894 and 142,484, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

TRADEWEB MARKETS INC.
REVENUES BY ASSET CLASS (UNAUDITED)

Three Months Ended
June 30,
20252024$ Change% Change
Revenues    Variable    Fixed  Variable    Fixed    VariableFixed    VariableFixed
(dollars in thousands)
Rates$204,743 $69,774 $157,636 $59,895 $47,107 $9,879  29.9 %16.5 %
Credit106,956 17,339 102,785 8,539 4,171 8,800  4.1 %103.1 %
Equities31,893 2,359 20,602 2,269 11,291 90  54.8 %4.0 %
Money Markets37,287 4,349 13,695 4,350 23,592 (1) 172.3 %— %
Market Data109 30,308 132 29,095 (23)1,213  (17.4)%4.2 %
Other1,875 5,979 — 5,953 1,875 26  N/M0.4 %
Total revenue$382,863 $130,108 $294,850 $110,101 $88,013 $20,007  29.9 %18.2 %
N/M = not meaningful

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TRADEWEB MARKETS INC.
AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME (UNAUDITED)

Three Months Ended
June 30, YoY
20252024% Change
Rates$2.29 $2.00 14.2 %
Rates Cash$2.36 $2.54 (7.1)%
Rates Derivatives$2.24 $1.69 32.9 %
Rates Derivatives (greater than 1 year)
$3.79 $2.71 40.1 %
Other Rates Derivatives (1)
$0.26 $0.20 27.9 %
Credit$45.82 $55.32 (17.2)%
Cash Credit (2)
$128.76 $145.04 (11.2)%
Credit Derivatives, China Bonds and U.S. Cash EP$7.84 $7.76 1.0 %
Equities$18.68 $15.38 21.4 %
Equities Cash$30.54 $26.50 15.2 %
Equities Derivatives$6.97 $5.62 23.9 %
Money Markets$0.52 $0.35 48.6 %
Total$2.30 $2.43 (5.4)%
Total excluding Other Rates Derivatives (3)
$2.66 $2.88 (7.7)%
(1)
Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures.
(2)The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity.
(3)Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across all periods presented.
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TRADEWEB MARKETS INC.
AVERAGE DAILY VOLUME (UNAUDITED) (1)

2025 Q22024 Q2YoY
Asset ClassProductADV (USD mm)Volume (USD mm)ADV (USD mm)Volume (USD mm)ADV
RatesCash$546,389 $33,874,577 $462,335 $29,121,090 18.18 %
U.S. Government Bonds250,448 15,527,787 202,460 12,754,986 23.70 %
European Government Bonds55,015 3,410,960 45,699 2,879,044 20.39 %
Mortgages229,669 14,239,483 203,813 12,840,218 12.69 %
Other Government Bonds11,256 696,347 10,363 646,843 8.62 %
Derivatives896,536 55,620,692 787,098 49,552,573 13.90 %
Swaps/Swaptions ≥ 1Y503,630 31,235,081 466,924 29,396,355 7.86 %
Swaps/Swaptions < 1Y383,575 23,782,432 310,657 19,558,079 23.47 %
Futures9,331 603,178 9,517 598,139 (1.96)%
Total1,442,925 89,495,268 1,249,433 78,673,663 15.49 %
CreditCash18,218 1,124,070 16,854 1,047,835 8.09 %
U.S. High Grade - Fully Electronic7,290 452,009 6,491 408,939 12.31 %
U.S. High Grade - Electronically Processed3,365 208,646 2,913 183,514 15.53 %
U.S. High Yield - Fully Electronic1,114 69,067 772 48,610 44.37 %
U.S. High Yield - Electronically Processed342 21,232 247 15,549 38.75 %
European Credit2,563 158,887 2,353 148,222 8.92 %
Municipal Bonds513 31,822 369 23,274 38.93 %
Chinese Bonds2,683 160,994 3,476 205,089 (22.81)%
Other Credit Bonds346 21,413 233 14,638 48.45 %
Derivatives19,522 1,210,363 12,863 810,324 51.77 %
Swaps19,522 1,210,363 12,863 810,324 51.77 %
Total37,740 2,334,433 29,717 1,858,159 27.00 %
EquitiesCash13,681 848,246 9,939 626,128 37.66 %
U.S. ETFs9,746 604,248 7,287 459,066 33.75 %
European ETFs3,935 243,998 2,652 167,063 48.41 %
Derivatives13,862 859,438 11,318 713,035 22.48 %
Convertibles/Swaps/Options9,785 606,661 7,982 502,841 22.59 %
Futures4,077 252,778 3,336 210,194 22.20 %
Total27,543 1,707,685 21,257 1,339,163 29.58 %
Money MarketsCash1,041,814 71,783,776 621,840 39,173,808 67.54 %
Repurchase Agreements (Repo)770,457 47,768,311 600,947 37,859,656 28.21 %
Other Money Markets271,357 24,015,465 20,893 1,314,152 1198.77 %
Total1,041,814 71,783,776 621,840 39,173,808 67.54 %
ADV (USD mm)Volume (USD mm)ADV (USD mm)Volume (USD mm)YoY
Total$2,550,022 $165,321,162 $1,922,247 $121,044,793 32.7 %

(1)We acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the closing date of the acquisition. For average daily volume derived from acquisitions, the denominator is the number of trading days within the reporting period that have elapsed from the acquisition date to the end date of the reporting period.


To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/
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BASIS OF PRESENTATION
Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries.

Numerical figures included in this release have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%.
Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein.
UNAUDITED INTERIM RESULTS
The interim financial results presented herein for the three and six months ended June 30, 2025 and 2024 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2025 guidance and full-year 2025 revenue guidance related to the LSEG market data license agreement, pending and completed acquisitions, partnerships and collaborations, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition, or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
NON-GAAP FINANCIAL MEASURES
This release contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Net Income per diluted share ("Adjusted Diluted EPS"), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accordance with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation is based in part on components of Adjusted EBITDA.
We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. Each of the normal recurring adjustments and other adjustments included in Adjusted Net Income and Adjusted Diluted EPS help to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
We use Adjusted Expenses as a supplemental metric to evaluate our underlying operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.
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We use Free Cash Flow to assess our liquidity in a way that considers the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.
We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency change, which is a non-GAAP financial measure, is defined as change excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period’s results using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency change information because we believe it provides investors and analysts a useful comparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP.
See the attached schedules for reconciliations of the non-GAAP financial measures contained in this release to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Expenses and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of these non-GAAP financial measures.
Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this release may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
MARKET AND INDUSTRY DATA
This release includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly available information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information.

TRADEWEB SOCIAL MEDIA
Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.

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