Filing Flows › Tradeweb Markets (TW) › Q1 2025
Tradeweb Markets (TW) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Tradeweb Markets (TW) reported revenue of $510M for the first quarter 2025 (Q1 2025), +25% from a year earlier and +10% from the quarter before. Operating margin was 40.0%, net earnings $148M (29.1% of revenue).
Tradeweb Markets, Q1 2025: revenue $510M (+25% year over year), operating margin 40.0%, net earnings $148M, operating cash flow $60.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $510M | +10% | +25% |
| Operating profit | $204M | +8% | +22% |
| Net earnings | $148M | +4% | +18% |
| Operating cash flow | $60.2M | -79% | +59% |
| Free cash flow | $58.6M | -77% | +87% |
What changed
Revenue was $509.7M in Q1 2025, up 25% year over year and up 10% from the previous quarter. Transaction fees and commissions was the largest line at 83% of revenue. Transaction fees and commissions added $85.9M year over year (up 26%), 85% of the total change.
Operating profit was $204.1M, a 40.0% margin (down 1.0 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, below the 41% margin then. Total costs grew 27% against revenue growth of 25%. Net earnings were $148.4M, up 18% year over year. The effective tax rate was 24.0%.
Operating cash flow was $60.2M (up 59% year over year), 36% of net income including minority interests. Non-cash charges added back $62.7M of depreciation and amortization and $22.2M of share-based compensation. Working capital and other items used $193.0M. Capital expenditures of $1.6M left free cash flow of $58.6M.
Questions
What was Tradeweb Markets' revenue in the first quarter 2025?
Tradeweb Markets (TW) reported revenue of $510M for the first quarter 2025 (Q1 2025), +25% from a year earlier and +10% from the quarter before.
Was Tradeweb Markets profitable in the first quarter 2025?
Operating profit was $204M (40.0% of revenue) and net earnings $148M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.