Financial Data and Key Metrics Changes - Tradeweb achieved record revenues of $521 million in Q4 2025, reflecting a 12.5% year-over-year increase on a reported basis and a 9.9% increase on a constant currency basis [21] - Annual revenue for 2025 reached over $2 billion for the first time, marking a 19% growth compared to the previous year [8][4] - Adjusted EBITDA margin for 2025 was 54%, an increase of 64 basis points compared to 2024 [23] Business Line Data and Key Metrics Changes - Rates business produced record revenue in Q4 2025, driven by organic growth in swaps, global government bonds, and mortgages [6] - Credit growth was led by strong performance in European credit, municipal bonds, and emerging market credit, while U.S. credit revenues fell due to a decline in retail corporate credit [14] - Equities saw nearly 10% year-over-year growth, primarily from global ETFs and equity derivatives [6] - Other revenues surged over 90% year-over-year, driven by emerging digital asset initiatives [7] Market Data and Key Metrics Changes - International clients contributed approximately 42% of Q4 revenues, with Asian client revenues growing over 35% and European client revenues increasing over 25% [21][10] - U.S. Treasury revenues increased modestly by 1% year-over-year despite lower intraday volatility [11] - Global swaps delivered record quarterly revenues, up over 25% year-over-year, with total market share increasing from 20.8% to 23.3% [18] Company Strategy and Development Direction - The company aims to continue investing in technology and innovation, particularly in digital assets and expanding its market presence [9][30] - Tradeweb is focused on enhancing its electronic trading capabilities and deepening client connectivity across global markets [34] - The company plans to maintain a balanced approach between margin expansion and growth investments, particularly in credit, rates, and international markets [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a constructive market environment in 2026, driven by strong issuance activity and AI-driven infrastructure investments [34] - The company anticipates continued growth in its international business and expects to capitalize on the long-term growth potential in swaps and credit markets [19][34] - Management highlighted the importance of risk orientation returning to the market, which could positively impact trading volumes [47] Other Important Information - The board declared a quarterly dividend of $0.14 per share, a 17% increase year-over-year [29] - The company repurchased approximately 990,000 shares for $106 million during the quarter and has authorized a new share repurchase program for up to $500 million [29] Q&A Session Summary Question: Outlook for the market in 2026 and themes of focus - Management discussed the favorable market setup, including strong debt market activity and the impact of AI on trading [40][41] Question: Utilization of AI across the Tradeweb platform - Management emphasized the importance of AI in enhancing efficiency and effectiveness in trading, with a focus on predictive AI models [52][54] Question: Annual expense growth trajectory and margins - Management explained the balance between fixed and variable expenses, allowing for flexibility in managing operating leverage [60][62] Question: Outlook for the mortgage business in 2026 - Management expressed optimism for the mortgage market, citing increased primary issuance and potential for more participants in the market [70][71]

4Q25 EARNINGS CONFERENCE CALL FEBRUARY 5, 2026 © 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 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 other ...

Core Insights - Tradeweb Markets (TW) reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.85 per share, and up from $0.76 per share a year ago, representing an earnings surprise of +2.52% [1] - The company achieved revenues of $521.18 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.87% and increasing from $463.34 million year-over-year [2] - Tradeweb has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the last quarter was +4.82%, with actual earnings of $0.87 compared to an expected $0.83 [1] - The company has a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - Current consensus EPS estimate for the upcoming quarter is $0.95 on revenues of $566.84 million, and for the current fiscal year, it is $3.85 on revenues of $2.28 billion [7] - The earnings outlook will be influenced by management's commentary during the earnings call and trends in earnings estimate revisions [3][4] Industry Context - The Financial - Investment Bank industry, to which Tradeweb belongs, is currently ranked in the top 17% of over 250 Zacks industries, suggesting a favorable environment for performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Position and Assets - The company reported goodwill of $3.2 billion and indefinite-lived intangible assets of $0.3 billion as of December 31, 2025[240]. - As of December 31, 2025, approximately 53% of the company's revenue was derived from the Rates asset class, indicating a reliance on this segment for financial performance[246]. - The company recorded a liability of $336.5 million related to projected obligations under the Tax Receivable Agreement[335]. Operational Risks - The company is dependent on a $500 million senior unsecured revolving credit facility with Citibank, which may limit its operational flexibility[37]. - The company has faced risks related to cryptocurrency and digital assets, which are subject to high degrees of fraud and regulatory uncertainty[241][242]. - The company’s quarterly results may fluctuate significantly, influenced by trading volumes, client additions, and operational expenses[233]. - The company’s operations are heavily concentrated in the New York metro area and London, which could impact business continuity during regional disruptions[232]. - The company faces risks associated with international operations, including regulatory changes, economic instability, and currency fluctuations, which could adversely affect financial results[262]. - The company is directly responsible for the security of its Canton Coin wallets, which poses risks of financial loss due to potential cybersecurity incidents[244]. - The company faces risks related to cybersecurity, including potential breaches that could harm its business, reputation, and financial results[267]. - High-profile system failures in the electronic financial services industry could negatively impact the company's business and lead to decreased trading volumes and revenues[275]. Growth and Expansion - The company has made several acquisitions in recent years, including ICD in 2024, to expand its client sectors and enhance its market position[248]. - The company established new offices in Dubai, São Paulo, Mumbai, Milan, Bangalore, and Riyadh between 2024 and 2025, indicating a strategic focus on international expansion[261]. - The company’s growth strategy depends on successfully attracting new clients and expanding its market share, which may be challenged by competition and market conditions[246]. - The company has engaged in strategic minority investments in tokenization and blockchain infrastructure firms, reflecting its commitment to innovation in digital assets[258]. Compliance and Regulatory Environment - The financial services industry, including the company's operations, is heavily regulated, leading to potential increased costs and limitations on business growth[281]. - Regulatory bodies require strict compliance with laws, which may result in increased costs, fines, and operational restrictions if not adhered to[287]. - The company incurs significant costs to comply with evolving legal and regulatory requirements, which could increase due to future changes in laws[286]. - Changes in financial regulations may restrict the trading activities of the company's dealer clients, potentially impacting liquidity and pricing on its trading platform[292]. - The implementation of Basel III regulations may further limit the ability of U.S. bank and dealer clients to trade, affecting transaction velocity on the company's platform[294]. - The company is subject to evolving privacy and data protection laws, which may require substantial compliance costs and affect service delivery[298]. - The UK Data (Use and Access) Act 2025 introduces new compliance challenges that could impact the company's operations and data transfer practices[300]. - Regulatory scrutiny in the financial services industry has increased, leading to potential penalties and liabilities that could adversely affect the company's reputation and financial results[289]. - The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) impose significant data privacy regulations, potentially leading to increased operational costs and reputational damage for the company[301]. - The company faces substantial expenses related to compliance with privacy and data protection laws, which may divert resources from other initiatives[303]. Financial Management and Capital Structure - The 2023 Revolving Credit Facility amounts to $500 million, imposing operational and financial restrictions that could limit the company's ability to capitalize on business opportunities[314]. - The company must maintain a maximum total net leverage ratio and a minimum cash interest coverage ratio under the 2023 Revolving Credit Facility, affecting its ability to finance future operations[315]. - Each 0.125% change in interest rates on the $500 million 2023 Revolving Credit Facility would result in an approximate change of $0.6 million in annual interest expense[318]. - The company is exposed to interest rate risk due to variable rates on borrowings under the 2023 Revolving Credit Facility, which could increase debt service obligations[318]. - The company may face liquidity issues if payments under the Tax Receivable Agreement exceed actual tax benefits received[335]. - The company has no obligation to distribute excess cash to stockholders, which may affect stockholder returns[332]. - The Tax Receivable Agreement allows the company to pay 50% of tax benefits realized to Continuing LLC Owners, which may adversely impact Class A and Class B common stockholders[336]. - Payments under the Tax Receivable Agreement could exceed actual tax benefits realized, potentially impacting liquidity and delaying change of control transactions[338]. Corporate Governance and Shareholder Matters - LSEG, as the controlling shareholder, holds approximately 89.9% of the combined voting power, which may influence the company's management and strategic decisions[320]. - The company is classified as a "controlled company" under Nasdaq corporate governance standards, with LSEG holding a majority of the voting power[322]. - The company may not comply with certain Nasdaq corporate governance requirements, including having a majority of independent directors on its board[323]. - The amended and restated certificate of incorporation includes anti-takeover provisions that could delay or discourage acquisition attempts[324]. - The exclusive forum provision in the company's amended and restated certificate may limit stockholders' ability to bring claims in preferred judicial forums[329]. - The company intends to continue paying quarterly cash dividends on Class A and Class B common stock, subject to board discretion and compliance with applicable laws[351]. - A share repurchase program was approved on December 5, 2022, allowing the company to purchase up to $300 million of Class A common stock, with $74.0 million remaining as of December 31, 2025[355]. - An additional share repurchase program was authorized on February 5, 2026, allowing for the purchase of up to $500 million of Class A common stock[356]. - The company may face limitations on dividend payments due to regulatory capital requirements of its subsidiaries[353]. - The company’s ability to pay dividends may be restricted by future credit agreements or debt securities[353]. - Share repurchase programs could increase stock price volatility and potentially reduce market liquidity for Class A common stock[359]. Legal and Litigation Risks - The company is subject to potential litigation risks, including securities litigation, which could result in substantial costs and adversely affect its financial condition[312]. - The company is currently subject to ongoing legal proceedings related to intellectual property rights, which may result in significant costs and operational disruptions[279]. - Litigation to protect intellectual property rights could be costly and time-consuming, potentially impairing the company's resources[277]. - The company may face claims of intellectual property infringement from third parties, which could result in competitive injury and significant resource expenditure[278]. - The use of open source software in the company's technology could lead to litigation and impose unexpected restrictions on commercialization[280]. Cybersecurity and Technology Risks - There has been an increasing number of cyber attacks in recent years, prompting heightened regulatory focus on cybersecurity risk management[269]. - The company may incur significant costs to enhance its cybersecurity measures in response to regulatory requirements and potential incidents[270]. - The company relies on a combination of intellectual property laws and agreements to protect its proprietary technology, but these protections may not be sufficient[276]. - Significant legal, accounting, and insurance expenses are expected to continue due to public company requirements[361]. - The company may face challenges in attracting qualified board members and executives due to increased governance and reporting requirements[361]. - Failure to comply with public company obligations could lead to delisting, fines, and regulatory actions against Class A common stock[361].

Financial Performance - Tradeweb reported quarterly revenues of $521.2 million, an increase of 12.5% year-over-year (9.9% on a constant currency basis) [2] - Net income for the quarter was $367.1 million, a 129.5% increase from the prior year, while adjusted net income rose 14.2% to $207.0 million [2] - Adjusted EBITDA margin was 53.2%, with adjusted EBITDA of $277.3 million, compared to 52.8% and $244.7 million in the prior year [2] - Revenues from the Rates segment were $279.1 million, up 16.2% year-over-year, with ADV in rates increasing by 33.5% [9] - Revenues from the Credit segment were $118.4 million, a 4.3% increase year-over-year, with ADV in credit up 22.9% [10] - Tradeweb recorded a total revenue of $2.1 billion for the year ended December 31, 2025, representing an 18.9% increase compared to 2024 [18] - Operating income increased by 23.2% to $835.3 million in 2025, while net income surged 61.7% to $921.5 million, including $270.9 million in non-operating gains from Canton Coin holdings [18] - Adjusted EBITDA for the year ended December 31, 2025, was $1.11 billion, up from $920.6 million in 2024, reflecting a year-over-year increase of 20.7% [31] - The net income attributable to Tradeweb Markets Inc. for the year ended December 31, 2025, was $812,792,000, up from $501,507,000 in 2024, reflecting a 62.0% year-over-year growth [45] - Total revenue for the year ended December 31, 2025, reached $1,524,412,000, compared to $1,278,764,000 in 2024, marking a 19.2% increase [46] Cash Flow and Dividends - Tradeweb declared a quarterly cash dividend of $0.14 per share, marking a 16.7% increase from the previous year [2] - Free cash flow for 2025 was $1.1 billion, a 31.6% increase compared to the previous year [28] - Tradeweb Markets Inc. reported a free cash flow of $1,064,553,000 for the year ended December 31, 2025, compared to $808,872,000 in 2024, representing a 31.6% increase [44] - The company plans to authorize a new share repurchase program of up to $500 million after the completion of the 2022 program [28] Volume and Market Activity - Average daily volume (ADV) for the quarter was $2.8 trillion, up 23.3% year-over-year, with records in European government bonds, swaps/swaptions ≥ 1-year, U.S. ETFs, and global repurchase agreements [2] - Tradeweb's average daily volume in January 2026 was $3.1 trillion, indicating continued momentum into the new year [4] - Average daily volume (ADV) for the total asset classes increased by 23.31% year-over-year, reaching $2,826,883,000 in Q4 2025 compared to $2,292,479,000 in Q4 2024 [50] - The company experienced a 50.02% increase in derivatives ADV, rising from $744,591,000 in Q4 2024 to $1,117,054,000 in Q4 2025 [49] Operational Developments - The company completed its first on-chain electronic auction for brokered certificates of deposits and collaborated with Chainlink for publishing FTSE U.S. Treasury Benchmark Closing Prices on-chain [3] - Tradeweb completed the first fully electronic European invoice spread trade and expanded collaboration with the European Central Bank for repo trading services [22] - The company launched an Alternative Trading System for sukuk and SAR-denominated debt instruments in Saudi Arabia [22] Financial Metrics and Analysis - Adjusted EBITDA margin rose to 54.0% in 2025, up from 53.3% in 2024, reflecting a 64 basis points increase [18] - Diluted EPS increased by 62.2% to $3.78 for 2025, while adjusted diluted EPS rose 18.8% to $3.47 [18] - Adjusted diluted EPS for Q4 2025 was $0.87, compared to $0.76 in Q4 2024, marking an increase of 14.5% [37] - The average variable fees per million dollars of volume decreased by 10.2% year-over-year, from $2.28 in Q4 2024 to $2.04 in Q4 2025 [47] - The company emphasizes the use of non-GAAP financial measures such as Adjusted EBITDA and Adjusted Net Income to evaluate its operating performance, which helps in comparing results across reporting periods [56] - Adjusted EBITDA margin is a key metric for assessing financial performance, highlighting trends in core operations [57] - Free Cash Flow is utilized to assess liquidity, considering cash generated from core operations after capitalized software development costs and other expenditures [60] Future Outlook - The company anticipates continued growth in 2026, particularly related to the LSEG market data license agreement and potential acquisitions [54] - The company encourages monitoring its investor relations website and social media channels for material financial and operational information [65]

Core Insights - Tradeweb Markets Inc. reported a record total trading volume of $65.5 trillion for January 2026, with an average daily volume (ADV) of $3.1 trillion, marking a 26.2% year-over-year increase [1] Group 1: Trading Volume - The total trading volume for January 2026 reached $65.5 trillion [1] - The average daily volume (ADV) for the month was a record $3.1 trillion [1] - The year-over-year increase in ADV was 26.2% [1] Group 2: Record Highlights - Tradeweb achieved record ADV in European government bonds for January 2026 [1] - The company also recorded significant ADV in mortgages for the same month [1]

Core Viewpoint - Tradeweb Markets Inc. is a significant player in the electronic trading sector, with upcoming quarterly earnings expected to meet or exceed Wall Street estimates, which could impact stock performance positively or negatively depending on actual results [1][2]. Financial Performance Expectations - The company is projected to report earnings per share (EPS) of $0.85 and revenue of approximately $516.1 million for the quarter ending December 2025 [1][5]. - The anticipated year-over-year increase in earnings is primarily driven by higher revenues for the quarter [2]. Market Valuation Metrics - Tradeweb has a price-to-earnings (P/E) ratio of approximately 33.69, indicating investor willingness to pay for earnings [3][5]. - The price-to-sales ratio is about 10.64, reflecting the market's valuation of the company's revenue [3]. - The enterprise value to sales ratio stands at around 9.76, suggesting the company's total valuation relative to its sales [3]. Cash Flow and Financial Stability - The enterprise value to operating cash flow ratio is approximately 17.79, providing insight into cash flow generation relative to valuation [4]. - Tradeweb's earnings yield is about 2.97%, indicating the return on investment [4]. - The company maintains a low debt-to-equity ratio of 0.022, suggesting financial stability [4][5]. - A current ratio of 4.11 highlights Tradeweb's strong liquidity and ability to cover short-term liabilities [4][5].

NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today announced it will participate in the UBS Financial Services Conference on Tuesday, February 10, 2026. Tradeweb CEO Billy Hult is scheduled to participate in a fireside chat on Tuesday, February 10, 2026, at 2:40 PM EST. A live webcast of the session will be available via https://investors.tradeweb.com/events-and-presentations. ...

Core Viewpoint - Tradeweb Markets Inc. (NASDAQ:TW) is identified as a promising investment opportunity despite recent price target adjustments by analysts, reflecting differing perspectives on the company's future performance and market conditions [1][3]. Group 1: Analyst Ratings and Price Targets - Morgan Stanley reiterated a Hold rating on Tradeweb Markets Inc. and lowered the price target from $165 to $162, citing the company's December 2025 trading volume release as a factor [1][2]. - UBS maintained a Buy rating on Tradeweb Markets Inc. and raised the price target from $135 to $145, indicating confidence in the company's potential despite recent underperformance [1][3]. Group 2: Trading Volume Performance - Tradeweb Markets Inc. reported a trading volume of $63.0 trillion for December, with an average daily volume of $2.8 trillion, marking a 27.5% increase from December 2024 [2]. - Analysts at UBS believe that the recent sell-off presents an attractive buying opportunity, driven by expectations of accelerated business growth by the end of 2026 [3]. Group 3: Company Overview - Tradeweb Markets Inc. operates electronic trading platforms for various financial markets, covering asset classes such as rates, credit, equities, and money markets globally [4].

NewBridge Asset Management, an investment management company, recently released its Q4 2025 letter for “NewBridge Large Cap Growth Equity Strategy”. A copy of the letter can be downloaded here. Equity markets continued their upward momentum in the fourth quarter, driven by resilient economic growth and solid corporate returns. In the fourth quarter, large-cap growth outperformed, while in the third quarter, small-cap and value equities exceeded the growth strategy. The NewBridge Large Cap Growth Strategy g ...