Tradeweb (TW) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Tradeweb Markets reported revenue of $521.18 million for the quarter ended December 2025, reflecting a year-over-year increase of 12.5% [1] - The earnings per share (EPS) for the quarter was $0.87, up from $0.76 in the same quarter last year, exceeding the consensus EPS estimate of $0.85 by 2.52% [1] Financial Performance - The reported revenue surpassed the Zacks Consensus Estimate of $516.68 million, resulting in a surprise of +0.87% [1] - Tradeweb's stock has returned -5% over the past month, while the Zacks S&P 500 composite increased by +0.5% [3] Key Metrics - Average Daily Volumes in Money Markets reached $1,092.11 billion, slightly above the average estimate of $1,089.46 billion [4] - Average Daily Volumes in Rates were $1,673.96 billion, exceeding the average estimate of $1,612.77 billion [4] - Revenue by Asset Class showed significant year-over-year changes, with Credit-Fixed revenue at $17.47 million (+71.4%), Total Variable revenue at $385.77 million (+11.6%), and Other revenue at $12.75 million (+94.4%) [4] - Revenue from Money Markets-Fixed was $4.51 million (+6.6%), while Equities-Fixed revenue was $2.47 million (+8.4%) [4] - Variable revenue from Money Markets was $41.12 million (+2.7%), and Equities-Variable revenue was $29.06 million (+9.8%) [4] - Credit-Variable revenue was reported at $100.94 million, showing a decline of -2.4% compared to the previous year [4]