Q4 2025 Tradeweb Markets Inc Earnings Call Transcript
Key Points
- Tradeweb Markets Inc (TW) achieved record annual revenue, surpassing $2 billion for the first time, marking the 26th consecutive year of record annual revenues.
- The company reported a 12.5% year-over-year revenue growth in Q4 2025, driven by strong client activity and share gains.
- Tradeweb Markets Inc (TW) saw significant growth in its digital asset initiatives, with other revenues growing over 90% year-over-year.
- The company expanded its international business, with Asian client revenues growing over 35% and European client revenues growing over 25% in 2025.
- Tradeweb Markets Inc (TW) maintained strong adjusted EBITDA margins, which expanded by 64 basis points in 2025, demonstrating effective cost management and scalability.
- US credit revenues fell year-over-year, mainly due to a 30% decline in retail corporate credit revenues.
- The mortgage business was one of the slower-growing segments in Q4 2025, reflecting challenges in the market.
- Average fees per million decreased across several segments, including cash rates, cash credit, and cash equities, due to mix shifts and changes in fee structures.
- Adjusted general and administrative costs increased by 27% in Q4 2025, driven by unfavorable FX movements and increased travel and marketing expenses.
- The company faces a competitive environment in the credit market, requiring continued focus on maintaining and growing market share.
Good morning And welcome to Tradeweb's fourth-quarter 2025 earnings conference call recorded available for playback. To begin, I will turn the call over to Head of Treasury, FP&A, and Investor Relations, Ashley Serrao. Please go ahead.
Thank you and good morning. Joining me today for the call, CEO, Billy Hult, who will review our business results and key growth initiatives; and our CFO, Sara Furber, who will review our financial results. We intend to use the website as a means of disclosing material, non-public information and complying with our disclosure obligations under Regulation FD.
I'd like to remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements related to, among other things, our guidance are forward-looking statements. Actual results may differ materially from these forward
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