Tradeweb Q3 revenue misses estimates

Tradeweb Markets

30/10/2025 11:07

Overview

Tradeweb Q3 revenue grows 13.3% yr/yr but misses analyst expectations

Adjusted EPS for Q3 beats consensus, reflecting strong operational performance

Company declares 20% increase in quarterly cash dividend

Outlook

Tradeweb tightens full-year 2025 adjusted expenses guidance to $1,000 - 1,025 mln

Company increases full-year 2025 LSEG Market Data Contract Revenue to ~$92 mln

Depreciation, amortization, and tax rate guidance remain unchanged from prior quarter

Result Drivers

RECORD TRADING VOLUMES - Co reports record ADV in mortgages, U.S. swaps/swaptions < 1-year, municipal bonds, equity convertibles/swaps/options, and global repurchase agreements

INTERNATIONAL REVENUE GROWTH - Co's international revenues increased 24.8% yr/yr, driven by strong client engagement and diverse trading protocols

MARKET MILESTONES - Co achieved first fully electronic bilateral multi-asset package list trade and advanced on-chain financing initiatives

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$508.59 mln
$515.70 mln (12 Analysts)
Q3 Adjusted EPS
Beat
$0.87
$0.86 (13 Analysts)
Q3 EPS
$0.86
Q3 Adjusted Net Income
$206.52 mln
Q3 Adjusted EBITDA
$274.42 mln
Q3 Adjusted EBITDA Margin
54%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "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 $134.00, about 21.3% above its October 29 closing price of $105.44

The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 41 three months ago

Press Release: ID:nBw2DBXvQa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)