Tradeweb Markets reported a strong start to 2025, with first-quarter revenues climbing 24.7% year-on-year to $509.7 million, or 25.8% on a constant currency basis.
Tradeweb Markets Quarterly Revenue Rises 25%
The global operator of electronic marketplaces also posted record trading volumes across a range of asset classes.
Average daily volume (ADV) reached $2.5 trillion for the quarter, up 33.7% compared to the same period in 2024.
The firm saw new quarterly ADV records in U.S. and European government bonds, mortgages, credit swaps, global repurchase agreements, and both fully electronic U.S. high grade and high yield credit.
Net income for the period rose 17.4% to $168.3 million, while adjusted net income increased by 22.5% to $205.7 million. Diluted earnings per share came in at $0.69, with adjusted diluted EPS at $0.86.
Tradeweb’s adjusted EBITDA rose to $278.2 million, up from $219.5 million a year earlier, with an adjusted EBITDA margin of 54.6%.
The company also declared a quarterly cash dividend of $0.12 per share, representing a 20% increase on the prior year.
Tradeweb CEO Billy Hult said the Q1 results underscored “how technology is reshaping single market and multi-asset class trading.”
“While market volatility contributed to record volumes, we also saw positive market share trends and greater adoption of electronic protocols and tools,” added Hult.
