NASDAQ$TW
Tradeweb Markets Inc. · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Tradeweb reported record quarterly revenues driven by strong growth and strategic acquisitions.
Tradeweb reported record quarterly revenues of $448.9 million, a 36.7% increase year-over-year, driven by record average daily volume (ADV) of $2.2 trillion, up 55% compared to the same period last year. The company achieved quarterly ADV records across rates, credit, and money markets, highlighting the success of organic expansion efforts and contributions from recent acquisitions.
- Reported $448.9 million in quarterly revenues, a 36.7% increase year-over-year.
- Achieved record average daily volume (ADV) of $2.2 trillion, up 55% compared to the same period last year.
- Net income increased by 16.7% to $130.2 million.
- Adjusted EBITDA increased by 40.8% to $239.8 million.
Headline financials
Revenue & EPS history
Tradeweb · Revenue · Quarterly
$449M
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 updated its full-year 2024 guidance, expecting adjusted expenses to be between $855 and $875 million and LSEG Market Data Contract Revenue to be approximately $80 million.
Tailwinds
- Adjusted Expenses: $855 - 875 million (trending toward middle of range)
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $158 million
- Assumed non-GAAP tax rate: ~ 24.5% - 25.5%
- Cash capital expenditures and capitalized software development: ~ $77 - 85 million
- LSEG Market Data Contract Revenue: ~$80 million (~$90 million in 2025)
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 2024
+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 | — | — | — | |
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| 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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