NASDAQ$TW
Tradeweb Markets Inc. · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
Tradeweb reported strong fourth quarter results driven by favorable market conditions and strategic partnerships.
Tradeweb Markets Inc. reported a strong fourth quarter and full year 2024, with quarterly revenues increasing by 25.2% to $463.3 million and average daily volume rising by 36.7% to $2.3 trillion. Net income increased by 54.2% to $159.9 million, and adjusted net income increased by 19.2% to $181.2 million. The company also raised its quarterly cash dividend by 20.0% to $0.12 per share.
- Quarterly revenues increased 25.2% to $463.3 million.
- Average daily volume increased 36.7% to $2.3 trillion.
- Net income increased 54.2% to $159.9 million.
- Quarterly cash dividend raised by 20.0% to $0.12 per share.
Headline financials
Revenue & EPS history
Tradeweb · Revenue · Quarterly
$463M
Revenue by segment
Tradeweb · $513M total across 6 segments · Q2 2025
- Rates$275M—53.5%
- Credit$124M—24.2%
- Money Markets$41.6M—8.1%
- Equities$34.3M—6.7%
- Market Data$30.4M—5.9%
- Other$7.85M—1.5%
Forward guidance
Tradeweb provided full-year 2025 guidance, including adjusted expenses between $970 and $1,030 million, acquisition and refinitiv transaction related depreciation and amortization expense of $176 million, and an assumed non-GAAP tax rate of approximately 24.5% - 25.5%.
Tailwinds
- Adjusted Expenses: $970 - 1,030 million
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $176 million
- Assumed non-GAAP tax rate: ~24.5% - 25.5%
- Cash capital expenditures and capitalized software development: ~ $99 - 109 million
- LSEG Market Data Contract Revenue: ~$90 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 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 |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| 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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