Tradeweb Q1 Average Daily Volume Rises 33% to $2.5 Trillion, Lifting Revenue Nearly 25%

A volatile macroeconomic backdrop and growing interest in electronic trading boosted Tradeweb’s first-quarter results, as the firm posted double-digit growth in revenue, volume, and net income.

Tradeweb generated $509.7 million in revenue in the first quarter of 2025, marking a 24.7% increase year-over-year. Revenue rose 25.8% on a constant currency basis. The company’s performance was boosted by $2.5 trillion in average daily volume (ADV), up 33.7% from the prior year period.

Revenue Soars on Rising Institutional Demand

This included new quarterly ADV records across major categories such as U.S. government bonds, European government bonds, mortgages, and swaps/swaptions longer than one year.

“While market volatility contributed to record volumes, we also saw positive market share trends and greater adoption of electronic protocols and tools,” commented Billy Hult, the CEO of Tradeweb.

Net income rose 17.4% to $168.3 million, while adjusted net income climbed 22.5% to $205.7 million. The company reported a 54.6% adjusted EBITDA margin, translating into $278.2 million in adjusted EBITDA, up from $219.5 million a year ago.

The Rates segment contributed $265.4 million in revenue, a 24% increase year-over-year. U.S. government bond ADV hit a record high, supported by strong institutional and wholesale trading.

Mortgage ADV also set a new high, rising 19.2%, with hedge fund activity and robust TBA trading driving volumes. Meanwhile, European government bond ADV jumped 18.9%, reflecting broad institutional participation.

In Credit markets, revenue rose 7% to $124 million as ADV expanded 39.4%. Tradeweb reported record trading in fully electronic U.S. high-grade and high-yield credit and credit default swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term. U.S. credit ADV increased 10.4%, and European credit ADV rose 11.1%, aided by rising adoption of protocols like request-for-quote and Portfolio Trading.

Other Segments and Capital Moves

Equities revenue grew 16.1% to $31.4 million despite a 3.3% drop in ADV, with institutional platforms in the U.S. and Europe offsetting weakness in wholesale ETF trading. In Money Markets, revenue surged 160.3% to $43.7 million, driven by the integration of ICD and strong repo activity tied to the Fed’s balance sheet reductions.

Market data revenue climbed 33.4% to $38.7 million, benefiting from historical dataset sales and higher LSEG data fees. Operating expenses increased 26.8% to $305.6 million, reflecting higher incentive compensation, headcount growth, and foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term losses. Adjusted expenses rose 21.8%.

The company ended the quarter with $1.3 billion in cash and no draw on its $500 million credit facility. It declared a $0.12 per share dividend, up 20% year-over-year, payable June 16 to shareholders of record as of June 2.

The company continued expanding its leadership team and partnerships, including a partnership with Coremont and the appointment of new co-heads for global markets. Rich Repetto also joined the board in March.