Brief: Tradeweb Markets Q2 Adjusted EPS USD 0.87 Vs. IBES Estimate USD 0.86

Tradeweb Markets

30/07/2025 12:00

Overview

Tradeweb Q2 revenue grows 26.7% yr/yr, beating analyst expectations

Adjusted EPS for Q2 beats consensus, reaching $0.87, per LSEG data

Co highlights strategic initiatives in electronic trading and AI

Outlook

Company revises full-year 2025 adjusted expenses to $1,000 - 1,050 mln

Tradeweb sets depreciation and amortization guidance at $176 mln for 2025

Company assumes non-GAAP tax rate of 24.5% - 25.5% for 2025

Tradeweb sees cash capital expenditures of ~$99 - 109 mln for 2025

Company sees LSEG market data contract revenue of about $90 mln

Result Drivers

RATES GROWTH - Revenue from rates increased 26.2% driven by record ADV in U.S. government bonds and swaps/swaptions, supported by institutional and wholesale client channels

CREDIT ADOPTION - Credit revenue rose 11.7% due to record ADV in U.S. high yield credit and increased client adoption of Tradeweb protocols

MONEY MARKETS EXPANSION - Money markets revenue surged 130.7% following the acquisition of ICD and increased repo volumes in the U.S. and Europe

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$512.97 mln
$512.50 mln (12 Analysts)
Q2 Adjusted EPS
Beat
$0.87
$0.86 (14 Analysts)
Q2 EPS
$0.71
Q2 Adjusted Net Income
$206.15 mln
Q2 Adjusted EBITDA
$277.90 mln
Q2 Adjusted EBITDA Margin
54.2%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy"

Wall Street's median 12-month price target for Tradeweb Markets Inc is $153.00, about 9.6% above its July 29 closing price of $138.31

The stock recently traded at 38 times the next 12-month earnings vs. a P/E of 42 three months ago

Press Release: ID:nBwNzRwza

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)