Financial Performance - Tradeweb reported quarterly revenues of $509.7 million, an increase of 24.7% year-over-year (25.8% on a constant currency basis) for Q1 2025[2]. - Net income for the quarter was $168.3 million, a 17.4% increase from the prior year, while adjusted net income rose by 22.5% to $205.7 million[2]. - Adjusted EBITDA margin improved to 54.6%, with adjusted EBITDA of $278.2 million, compared to 53.7% and $219.5 million in the prior year[2]. - Tradeweb Markets reported total revenue of $509.7 million for the three months ended March 31, 2025, an increase of 24.6% compared to $408.7 million in the same period of 2024[26]. - Transaction fees and commissions rose to $421.3 million, up 25.6% from $335.5 million year-over-year[26]. - Adjusted EBITDA for Q1 2025 was $278.2 million, representing a margin of 54.6%, compared to $219.5 million and a margin of 53.7% in Q1 2024[27]. - Net income attributable to Tradeweb Markets Inc. was $148.4 million, up 17.6% from $126.1 million in the same quarter of the previous year[26]. - Total revenue for Tradeweb Markets Inc. reached $380.0 million in Q1 2025, a 27.1% increase from $299.1 million in Q1 2024[43]. - The company reported a basic earnings per share (EPS) of $0.70 for Q1 2025, up from $0.59 in Q1 2024, marking an increase of 18.6%[42]. - Tradeweb's diluted EPS for Q1 2025 was $0.69, compared to $0.59 in Q1 2024, reflecting a year-over-year increase of 16.9%[42]. Volume and Market Activity - Average daily volume (ADV) reached $2.5 trillion, up 33.7% compared to the prior year, with record ADV in various asset classes including U.S. government bonds and European government bonds[2][3]. - Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters[23]. - Average Daily Volume (ADV) increased by 33.7% year-over-year to $2.55 million in Q1 2025, compared to $1.90 million in Q1 2024[47]. - Tradeweb captured nearly 26% of total U.S. high grade TRACE and 18% of fully electronic share, reflecting strong market share trends in credit[4][9]. Revenue Sources - Revenues from Money Markets surged by 160.3% year-over-year to $43.7 million, driven by the acquisition of ICD and record activity in global repurchase agreements[11]. - Tradeweb's revenue from Rates asset class increased by 28.4% to $197.4 million in Q1 2025, compared to $153.7 million in Q1 2024[43]. - The average variable fees per million dollars of volume for Rates increased by 12.3% to $2.22 in Q1 2025, compared to $1.98 in Q1 2024[44]. - The company experienced a significant increase in Money Markets revenue, which rose by 213.6% to $39.4 million in Q1 2025 from $12.6 million in Q1 2024[43]. Expenses and Cash Flow - Operating expenses increased by 26.8% to $305.6 million, primarily due to higher employee compensation and increased depreciation related to acquisitions[14]. - Total expenses for the first quarter were $305.6 million, up from $241.1 million in the prior year, primarily driven by increased employee compensation and benefits[26]. - Free cash flow for the trailing twelve months ended March 31, 2025, was $833.6 million, reflecting a 28.1% increase compared to the prior year[24]. - The company achieved Free Cash Flow of $833.6 million for the trailing twelve months ended March 31, 2025, up from $650.8 million in the previous year, reflecting a growth of 28.0%[41]. Leadership and Strategic Developments - The company appointed Troy Dixon and Enrico Bruni as co-heads of global markets, enhancing leadership capabilities[17]. - Tradeweb became the first institutional marketplace to complete an electronic portfolio trading transaction for European government bonds in April 2025[16]. Guidance and Future Outlook - Full-Year 2025 guidance remains unchanged, with expense guidance assuming an average 2025 Sterling/US$ foreign exchange rate of 1.28[20]. - The company has provided forward-looking statements regarding full-year 2025 guidance, including revenue expectations related to the LSEG market data license agreement[52]. - Management's estimates regarding market and industry data are based on knowledge and experience, along with information from various sources, although no guarantees of accuracy are made[62]. Non-GAAP Measures and Financial Reporting - The company emphasizes the use of non-GAAP financial measures such as Adjusted EBITDA and Adjusted Net Income to evaluate operating performance, which are not calculated in accordance with GAAP[54]. - Tradeweb's Adjusted EBITDA margin is utilized to assess financial performance and highlight trends in core operations, with executive compensation linked to these metrics[55]. - Free Cash Flow is reported to evaluate liquidity, considering cash generated from core operations after non-acquisition related expenditures[58]. - The company presents constant currency change as a non-GAAP measure to assess underlying performance by excluding foreign currency fluctuations[59]. - Tradeweb's financial results are consolidated from its direct and indirect equity interest in Tradeweb Markets LLC, reflecting its substantial financial interest[49]. - The company acknowledges that future results may be affected by unusual or non-recurring items, and non-GAAP measures may not be comparable to those of other companies[61]. Shareholder Information - The company declared a quarterly cash dividend of $0.12 per share, payable on June 16, 2025[24]. - The company reported a total of 214.9 million diluted weighted average shares outstanding for Q1 2025, slightly up from 214.7 million in Q1 2024[42]. - Tradeweb encourages stakeholders to monitor its investor relations website and social media channels for material financial and operational information[63].

Financial Performance Highlights - Tradeweb's revenue reached $509.7 million, a 24.7% year-over-year increase, or 25.8% on a constant currency basis[24] - Adjusted EBITDA margin was 54.6%, an increase of 88 basis points year-over-year, or 79 basis points on a constant currency basis[24] - Adjusted net income was $205.7 million, up 22.5% year-over-year, or 23.3% on a constant currency basis[24] - Adjusted diluted EPS was $0.86, a 21.1% increase year-over-year, or 24.3% on a constant currency basis[24] - International revenues grew by 37.0% year-over-year, or 39.8% on a constant currency basis, reaching $211.8 million[24] Key Growth Metrics - Global Interest Rate Swaps (IRS) average daily volume (ADV) grew by 11% year-over-year[30] - U S Treasuries ADV increased by 22% year-over-year[31] - Global ETFs institutional ADV increased by 20% year-over-year[38] - Money Markets ADV increased by 78% year-over-year[83] U S Credit Market Share - U S Investment Grade credit saw fully electronic share at 18.0% and electronically processed share at 7.9%[34] - U S High Yield credit saw fully electronic share at 7.5% and electronically processed share at 2.6%[36] Expense and Capital Management - Adjusted expenses increased by 21.8%, or 23.0% on a constant currency basis[66] - The company has $1.31 billion in cash and cash equivalents as of March 31, 2025[75]

Core Viewpoint - Tradeweb Markets (TW) is expected to report quarterly earnings of $0.85 per share, reflecting a 19.7% increase year-over-year, with revenues projected at $507.07 million, a 24.1% increase compared to the previous year [1]. Earnings Projections - Over the last 30 days, the consensus EPS estimate for the quarter has been revised upward by 2.5%, indicating analysts' reassessment of their initial forecasts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts project 'Revenue by Asset Class- Total Variable' to be $378.73 million, marking a 26.6% increase from the year-ago quarter [5]. - The estimate for 'Revenue by Asset Class- Other' is $6.33 million, indicating a year-over-year change of 6.6% [5]. - 'Revenue by Asset Class- Rates- Variable' is expected to reach $194.92 million, reflecting a 26.8% increase from the previous year [5]. - 'Revenue by Asset Class- Rates- Fixed' is estimated at $65.86 million, showing a 9.1% increase year-over-year [6]. Volume Metrics - The average daily volumes for 'Rates - Cash' are projected at $554.53 billion, up from $461.83 billion a year ago [6]. - Total average daily volumes are expected to reach $2,501.84 billion, compared to $1,899.64 billion in the same quarter last year [7]. - 'Average Daily Volumes - Money Markets' is estimated at $997.13 billion, significantly higher than the $576.57 billion reported in the same quarter last year [7]. - 'Average Daily Volumes - Equities' is projected at $28.62 billion, compared to $27.45 billion in the previous year [8]. - 'Average Daily Volumes - Credit' is expected to reach $42.25 billion, up from $34.92 billion a year ago [8]. - 'Average Daily Volumes - Rates' is estimated at $1,434.26 billion, compared to $1,260.7 billion in the same quarter last year [9]. Fee Estimates - Analysts predict 'Average variable fees per million dollars of volume - Equities' to be $16.72, up from $14.68 a year ago [9]. - 'Average variable fees per million dollars of volume - Credit' is expected to reach $45.46, down from $50.39 in the previous year [10]. Stock Performance - Over the past month, Tradeweb shares have recorded a return of -8.1%, compared to a -0.8% change in the Zacks S&P 500 composite [10].

Group 1 - The trading activity on the Tradeweb European ETF marketplace reached an all-time record in total traded volume [2]

Core Viewpoint - Investors in the Financial - Investment Bank sector should consider BGC Group (BGC) and Tradeweb Markets (TW) for potential value opportunities, with BGC currently presenting a stronger case for investment [1]. Group 1: Zacks Rank and Value Grades - BGC Group has a Zacks Rank of 1 (Strong Buy), indicating a more favorable earnings estimate revision compared to Tradeweb Markets, which has a Zacks Rank of 3 (Hold) [3]. - The Zacks Rank emphasizes earnings estimates and revisions, while the Style Scores system identifies stocks with specific value traits [2]. Group 2: Valuation Metrics - BGC has a forward P/E ratio of 7.87, significantly lower than TW's forward P/E of 44.23, suggesting BGC may be undervalued [5]. - BGC's PEG ratio is 0.33, while TW's PEG ratio is 2.86, indicating BGC's expected earnings growth is more favorable relative to its price [5]. - BGC's P/B ratio is 4.07, compared to TW's P/B of 5.48, further supporting BGC's valuation attractiveness [6]. Group 3: Overall Value Assessment - Based on various valuation metrics, BGC holds a Value grade of B, while TW has a Value grade of F, indicating BGC is the more appealing option for value investors [6].

Core Viewpoint - Macro uncertainty has delayed the IPO timeline, but there is significant pent-up demand for equity issuance, with expectations for a reopening in the second half of 2025 [1] Group 1: Market Outlook - The analyst forecasts a substantial runway for the electronification of fixed-income markets at Tradeweb Markets, capitalizing on political uncertainty in Washington [2] - BGC Group is expected to launch Treasury futures soon, with a projected market share in the $2 billion interest rate futures market surpassing 10% by 2027 [3] - Ongoing geopolitical uncertainty is anticipated to remain a key trading catalyst, despite expected normalization in volumes into the second half of 2025 [4] Group 2: Company Performance - Market structure stocks have seen an average increase of 8% in Q1 2025, with Nasdaq and Virtu Financial lagging behind but expected to achieve over 10% EPS beats [5] - Nasdaq-100 futures experienced a strong growth quarter, up 38% sequentially, contributing to indexing revenue [6] - Virtu Financial is expected to report solid results due to higher industry volumes in options, ETFs, and fixed income [7] Group 3: Competitive Landscape - Tradeweb Markets remains dominant in portfolio trading and D2D trading, with impressive month-to-date volume increases of 18% and 11% respectively [8] - MarketAxess Holdings is rated as underperforming, with a price target adjustment, while Tradeweb Markets and other companies like BGC Group and Nasdaq maintain buy ratings with revised price targets [8][9] - Intercontinental Exchange is expected to face near-term cyclical headwinds in its mortgage and listing business, impacting its performance [9][10]

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Group 1 - The total traded volume on the Tradeweb European ETF marketplace reached EUR 70.3 billion in February [2]

Group 1 - FLYR has appointed Steven Berns as the new Chief Financial and Administrative Officer, bringing extensive experience in finance and operations across multiple sectors [1][2] - Steven Berns has a proven track record in leading transformative financial and operational initiatives, having served as CFO & COO at TripleLift and Shutterstock, and held executive roles at Revlon and Tribune Publishing [2][3] - The appointment comes at a crucial time for FLYR as the travel industry undergoes significant transformation, with a focus on improving operational efficiency and effectiveness [3] Group 2 - FLYR aims to eliminate legacy technology constraints in the travel industry, enabling real-time decision-making and enhancing the traveler experience [4] - The company leverages advanced technologies, including deep learning and AI, to help airlines and hospitality businesses improve revenue performance and reduce costs [4]

Group 1 - The total traded volume on the Tradeweb European ETF marketplace reached EUR 67.1 billion in January [2]