Core Insights - Tradeweb Markets (TW) reported quarterly earnings of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.74 per share, and up from $0.64 per share a year ago, representing an earnings surprise of 2.70% [1] - The company posted revenues of $463.34 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.30%, and up from $370 million year-over-year [2] - Tradeweb shares have underperformed the market, losing about 4.4% since the beginning of the year compared to the S&P 500's gain of 3.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.84 on revenues of $499.55 million, and for the current fiscal year, it is $3.32 on revenues of $2 billion [7] - The estimate revisions trend for Tradeweb is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Financial - Investment Bank industry, to which Tradeweb belongs, is currently in the top 1% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Tradeweb reported Q4 2024 revenues of $463.3 million, a 25.2% increase year-over-year, with a 25.5% increase on a constant currency basis[2]. - Net income for Q4 2024 was $159.9 million, a 54.2% increase from the prior year, while adjusted net income rose 19.2% to $181.2 million[2]. - For the full year 2024, total revenues increased 29.0% to $1.7 billion, driven by ADV exceeding $2.2 trillion and record activity across multiple asset classes[16]. - Full year net income rose 35.9% to $570.0 million, with diluted EPS increasing 36.3% to $2.33[16]. - Total revenue for Q4 2024 was $463.3 million, up 25.2% from $370.0 million in Q4 2023[24]. - Adjusted EBITDA for the year ended December 31, 2024, was $920.6 million, with an adjusted EBITDA margin of 53.3%[25]. - The company reported a diluted EPS of $2.33 for the year ended December 31, 2024, up from $1.71 in 2023, representing a 36.3% increase[39]. - Adjusted net income for the year ended December 31, 2024, was $695,151,000, representing a 30% increase from $535,515,000 in 2023[31]. Volume and Activity - Average daily volume (ADV) for Q4 2024 was $2.3 trillion, up 36.7% compared to the prior year, with record ADV in U.S. government bonds, mortgages, and global repurchase agreements[2]. - Tradeweb facilitated more than $2.2 trillion in notional value traded per day over the past four fiscal quarters[23]. - The ADV for U.S. Government Bonds rose by 38.56% year-over-year, from $162,335 million in Q4 2023 to $224,928 million in Q4 2024[44]. - The ADV for Money Markets surged by 82.52% year-over-year, increasing from $541,367 million in Q4 2023 to $988,081 million in Q4 2024[44]. - The total ADV for Credit transactions increased by 13.29% year-over-year, from $24,154 million in Q4 2023 to $27,364 million in Q4 2024[44]. Expenses and Cash Flow - Operating expenses for the year ended December 31, 2024, were $1,047,921,000, up from $832,950,000 in 2023, indicating a 26% increase[34]. - Free cash flow for the year ended December 31, 2024, was $808,872,000, compared to $684,325,000 in 2023, marking an increase of 18.2%[38]. - Cash capital expenditures and capitalized software development for 2024 were approximately $99 - 109 million[20]. Dividends and Shareholder Returns - Tradeweb declared a quarterly cash dividend of $0.12 per share, reflecting a 20.0% increase from the prior year[2]. - Tradeweb purchased a total of 478,915 shares of Class A common stock in 2024, totaling $59.9 million[20]. Strategic Partnerships and Acquisitions - The company established key partnerships, including becoming the first strategic partner to Goldman Sachs for its GS DAP technology platform[4]. - The company completed acquisitions of Yieldbroker, r8fin, and ICD in 2023 and 2024, contributing to the reported volumes[44]. - The U.S. Securities and Exchange Commission approved Tradeweb's swap execution facility as a security-based swap execution facility under new regulations[17]. Market Data and Fees - Tradeweb's Money Markets segment saw revenues increase by 166.5% in Q4 2024, primarily due to the acquisition of ICD and record ADV in global repurchase agreements[11]. - Average variable fees per million dollars of volume for Rates increased by 14.5% year-over-year, reaching $2.23 in Q4 2024 compared to $1.95 in Q4 2023[42]. - The average variable fees for Money Markets increased by 54.8% year-over-year, from $0.37 to $0.57 per million dollars of volume[42]. - The total average variable fees, excluding Other Rates Derivatives, decreased by 10.7% year-over-year, from $2.91 to $2.60 per million dollars of volume[42]. Management and Governance - The company appointed Enrico Bruni and Troy Dixon as Co-Heads of Global Markets, effective January 2025[20]. - Tradeweb utilizes various sources, including industry reports and client surveys, to prepare market and industry data estimates[59]. - The company emphasizes the importance of monitoring its investor relations website and social media channels for material financial and operational information[60].

In its upcoming report, Tradeweb Markets (TW) is predicted by Wall Street analysts to post quarterly earnings of $0.74 per share, reflecting an increase of 15.6% compared to the same period last year. Revenues are forecasted to be $457.42 million, representing a year-over-year increase of 23.6%.The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimat ...

Torsten Asmus The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms. European-Listed ETFs Total traded volume Trading activity on the Tradeweb European ETF marketplace amounted to EUR 64 billion in ...

Tradeweb (NASDAQ: TW ) is one of the best designed electronics trading platforms on the Street. The company is an over-the-counter marketplace for trading fixed income products, ETFs, and derivatives. Now for most investors, these are foreign words. But for professional investors and institutions, this is a high-margin, high-feeAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hour ...

Tradeweb Markets (TW) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The power ...

Torsten Asmus The following data is derived from trading activity on the Tradeweb Markets institutional European- and U.S.-listed ETF platforms. European-Listed ETFs Total traded volume Trading activity on the Tradeweb European ETF marketplace reached EUR 58.4 billion in October, the ...

I recommended a buy rating for Tradeweb Markets Inc. (NASDAQ: TW ) when I wrote about it in July, as the 2Q24 performance was way better than I had expected, with the business continuing to win market share. Importantly, theI consider an investment ideal if it performs its core business in a sector projected to experience structural (organic) growth in excess of GDP growth over the next 5-10 years; profits from sustainable competitive advantages that translate into attractive unit economics; In the hands of ...

Tradeweb Markets Inc. (NASDAQ:TW) Q3 2024 Earnings Conference Call October 30, 2024 9:30 AM ET Company Participants Ashley Serrao - Head of Treasury, FP&A and Investor Relations Billy Hult - CEO Sara Furber - CFO Conference Call Participants Chris Allen - Citi Bill Katz - TD Cowen Richard Fellinger - Autonomous Alex Blostein - Goldman Sachs Michael Cyprys - Morgan Stanley Dan Fannon - Jefferies LLC Kyle Voigt - KBW Patrick Moley - Piper Sandler Benjamin Budish - Barclays Ken Worthington - JP Morgan Alex ...

Tradeweb Markets (TW) reported $448.92 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 36.7%. EPS of $0.75 for the same period compares to $0.55 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $449.19 million, representing a surprise of -0.06%. The company delivered an EPS surprise of -1.32%, with the consensus EPS estimate being $0.76.While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...