NASDAQ$TW
Tradeweb Markets Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Tradeweb reported record third-quarter revenues driven by strong volumes in rates, credit, equities and money markets.
Tradeweb reported a strong third quarter with record revenues of $328.4 million, a 14.4% increase year-over-year. Average daily volume (ADV) reached $1.4 trillion, up 29.6% year-over-year. Net income increased by 36.9% to $111.6 million, and adjusted EBITDA was $170.4 million, a 16.4% increase. The company also closed the Yieldbroker acquisition and announced a new licensing agreement with LSEG Data & Analytics (Refinitiv).
- Reported $328.4 million in quarterly revenues, a 14.4% increase compared to the prior year period.
- Achieved $1.4 trillion in average daily volume (ADV), a 29.6% increase compared to the prior year period.
- Net income reached $111.6 million, a 36.9% increase from the prior year period.
- Adjusted EBITDA was $170.4 million, a 16.4% increase from the prior year period, with a 51.9% adjusted EBITDA margin.
Headline financials
Revenue & EPS history
Tradeweb · Revenue · Quarterly
$328M
Revenue by segment
Tradeweb · $328M total across 6 segments · Q3 2023
- Rates$173M+16.6%52.6%
- Credit$90.1M+15.3%27.4%
- Market Data$23M+8.2%7.0%
- Equities$20.9M-1.8%6.4%
- Money Markets$15.8M+21.5%4.8%
- Other$5.85M+8.8%1.8%
Forward guidance
Tradeweb provided updated full-year 2023 guidance and revenue guidance related to the Refinitiv Market Data Contract for 2024 and 2025.
Tailwinds
- Adjusted Expenses: $659 - 670 million
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $128 million
- Assumed non-GAAP tax rate: ~24% - 25%
- Cash costs of non-acquisition capital expenditures and capitalized software development: $56 - 63 million
- 2024 Revenues (Related to the Refinitiv Market Data Contract): ~$80 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+1.2%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+4.8%
Avg return
30 days after
60%
18 / 30 earnings
Positive
+10.8%
Q2 2023
Best reaction
-8.5%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.2% | +0.1% | -10.9% | |
| Q4 2025 | +8.6% | +15.8% | +23.6% | |
| Q3 2025 | -1.2% | -0.6% | +3.2% | |
| Q1 2025 | +0.7% | +5.0% | +5.1% | |
| Q4 2024 | -1.4% | -0.6% | +6.4% | |
| Q3 2024 | -3.4% | -3.3% | +3.1% | |
| Q2 2024 | -1.2% | +1.9% | +8.6% | |
| Q1 2024 | -1.1% | -1.2% | +9.0% | |
| Q4 2023 | +2.1% | +5.2% | +6.4% | |
| Q3 2023 | +5.2% | +7.9% | +14.4% | |
| Q2 2023 | +10.8% | +9.0% | +14.3% | |
| Q1 2023 | +1.0% | +1.2% | -1.0% | |
| Q4 2022 | -4.8% | -1.2% | -1.4% | |
| Q3 2022 | +3.6% | +3.6% | +8.2% | |
| Q2 2022 | +0.7% | +3.2% | -4.3% | |
| Q1 2022 | -8.5% | -11.4% | -11.4% | |
| Q4 2021 | -0.1% | +1.0% | +4.0% | |
| Q3 2021 | +2.3% | +5.0% | +10.2% | |
| Q2 2021 | -0.5% | +0.4% | +2.1% | |
| Q1 2021 | +2.2% | +2.3% | +5.4% | |
| Q4 2020 | +1.0% | +5.1% | +11.7% | |
| Q3 2020 | -6.5% | -5.7% | +0.1% | |
| Q2 2020 | -1.0% | -0.7% | +4.6% | |
| Q1 2020 | +8.8% | +9.9% | +16.3% | |
| Q4 2019 | +2.5% | +7.1% | -6.0% | |
| Q4 2018 | +3.4% | +4.5% | +9.5% | |
| Q3 2018 | +3.4% | +4.5% | +9.5% | |
| Q3 2019 | +5.2% | +6.1% | +11.9% | |
| Q2 2019 | -1.4% | -0.8% | -8.4% | |
| Q1 2019 | +0.4% | +2.2% | -0.6% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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