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Tradeweb Markets Inc. TW Q1 2025 earnings

Reported April 30, 2025 · Before market open

Revenue$509.7MMiss by $2.3MDiluted EPS$0.86Beat by $0.00
Revenue estimate$512.0M
EPS estimate$0.86

Next report

Jul 30, 2026 (In 6 days)
Revenue estimate$559.2M
EPS estimate$0.97

Financials

Q1 2025

Income statement

See full
Revenue$509.7M+24.7%
Operating income$204.1M+21.7%
Net income$148.4M+17.6%
EPS (diluted)$0.69+16.9%

Balance sheet

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Cash & equivalents$1.3B-15.4%
Total debt$32.3M+30.6%
Total equity$5.9B+7.8%
Total assets$7.4B-0.4%

Cash flow

See full
Operating cash flow$60.2M+58.8%
CapEx$1.6M-75.0%
Free cash flow$58.6M+86.9%

Valuation & ratios

Valuation

as of 03/31/25
See full
Market cap$31.68B+43.0%
Enterprise value$30.4B+47.3%
P/E60.5×+5.5×
P/S17.3×+1.7×

Profitability

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Operating margin39.1%+0.3pp
Net margin28.7%+0.2pp
FCF margin48.4%-0.6pp

Returns & leverage

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Return on equity9.2%+1.5pp
Debt / equity0×0.0×

Segments

By product

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Transaction fees and commissions$421.3M+25.6%
Subscription fees$55.8M—
LSEG market data fees$28.9M+41.1%
Other$3.6M+16.9%

By segment

See full
Reportable Segment$509.7M+24.7%

By geography

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U.S.$297.9M—

Versus estimates

Revenue

Q1 2026$617.8MBeat by $599.8KQ4 2025$521.2MBeat by $4.2MQ3 2025$508.6MBeat by $1.1MQ2 2025$513.0MMiss by $1.4M
Q1 2025$509.7MMiss by $2.3M
Q4 2024$463.3MBeat by $5.3M

Diluted EPS

Q1 2026$1.08Beat by $0.02Q4 2025$0.87Beat by $0.02Q3 2025$0.87Beat by $0.04Q2 2025$0.87Beat by $0.01
Q1 2025$0.86Beat by $0.00
Q4 2024$0.76Beat by $0.01

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Questions, answered.

When did Tradeweb Markets Inc. report Q1 2025 earnings?
Tradeweb Markets Inc. (TW) reported Q1 2025 earnings on April 30, 2025 before market open.
What were Tradeweb Markets Inc.'s Q1 2025 revenue and EPS?
Tradeweb Markets Inc. reported revenue of $509.7M and diluted EPS of $0.86 for Q1 2025.
Did Tradeweb Markets Inc. beat estimates in Q1 2025?
Revenue missed the consensus estimate of $512.0M by $2.3M. EPS beat the consensus estimate of $0.86 by $0.00.
How did Tradeweb Markets Inc.'s Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 24.7% from $408.7M a year earlier and diluted EPS grew 21.1% from $0.71.
Where can I find Tradeweb Markets Inc.'s Q1 2025 SEC filings?
You can read the 10-Q periodic report (0001758730-25-000108) directly on SEC EDGAR. The filing index links above go to sec.gov.