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Tradeweb Q1 Revenue Jumps 24%, Boosted by Record Trading Volumes

Thursday, 25/04/2024 | 11:44 GMT by Damian Chmiel
  • Revenue reached $408.7 million, and net income stood at $143.4 million.
  • The growth was driven by the record-breaking ADVs of $1.9 trillion.
Tradeweb

After a very strong end to 2023, Tradeweb Markets (Nasdaq: TW), a global operator of electronic marketplaces, announced equally robust financial results for the first quarter of 2024.

The company, which facilitates trading across rates, credit, equities, and money markets, significantly increased its revenue and net profit, which grew by more than 40% compared to the same period last year.

Tradeweb Achieves Record Growth in Q1 2024

Tradeweb's quarterly revenues soared to $408.7 million, representing an increase of 24.1% on a reported basis and a rise of 23.8% when adjusted for constant currency. Net income simultaneously improved to $143.4 million from $102.2 million, an uplift of 40.3%, with earnings per share at $0.59.

This growth was driven by record-breaking average daily trading volumes, which reached $1.9 trillion, a staggering boost of 39.1% from the prior year. The strongest ADV increases were observed in Rates, where growth was nearly 45% reaching $1.2 trillion.

“We had a very strong start to 2024, continuing last year’s momentum thanks to broad-based organic growth and a number of important milestones,” Billy Hult, the CEO of Tradeweb, mentioned.

The company's profitability remained strong, with an adjusted EBITDA margin of 53.7% and adjusted EBITDA of $219.5 million, surpassing the prior year's figures of 52.3% and $172.2 million, respectively.

Source: Tradeweb
Source: Tradeweb

The company also declared a quarterly cash dividend of $0.10 per share, reflecting its strong financial position and commitment to shareholder returns.

“Now more than ever, we believe the future of trading is multi-asset class, and innovative technology is how markets are going to get there,” Hult added.

The results confirm the report published almost three months ago for the entire year of 2023, which marked Tradeweb's 24th consecutive year of revenue growth. The full-year number for 2023 reached $1.3 billion, driven by high trading volumes and acquisitions.

New Deals and Acquisition

In early April, the company announced a definitive agreement to acquire Institutional Cash Distributors, a technology provider serving institutional investment and corporate treasury organizations. Valued at $785 million, the acquisition is expected to be funded through cash on hand and is subject to customary adjustments.

“In April, we agreed to acquire ICD, a leading institutional investment technology provider for corporate treasury organizations, which will add Corporates as a new client channel with significant cross-sell opportunities,” Hult commented in the Q1 2024 report.

Simultaneously, Tradeweb has secured two framework agreements to provide Electronic Trading Platforms to the European Central Bank (ECB) and other Eurosystem National Central Banks. These contracts were awarded following Tradeweb's successful participation in a rigorous procurement procedure orchestrated by the ECB.

After a very strong end to 2023, Tradeweb Markets (Nasdaq: TW), a global operator of electronic marketplaces, announced equally robust financial results for the first quarter of 2024.

The company, which facilitates trading across rates, credit, equities, and money markets, significantly increased its revenue and net profit, which grew by more than 40% compared to the same period last year.

Tradeweb Achieves Record Growth in Q1 2024

Tradeweb's quarterly revenues soared to $408.7 million, representing an increase of 24.1% on a reported basis and a rise of 23.8% when adjusted for constant currency. Net income simultaneously improved to $143.4 million from $102.2 million, an uplift of 40.3%, with earnings per share at $0.59.

This growth was driven by record-breaking average daily trading volumes, which reached $1.9 trillion, a staggering boost of 39.1% from the prior year. The strongest ADV increases were observed in Rates, where growth was nearly 45% reaching $1.2 trillion.

“We had a very strong start to 2024, continuing last year’s momentum thanks to broad-based organic growth and a number of important milestones,” Billy Hult, the CEO of Tradeweb, mentioned.

The company's profitability remained strong, with an adjusted EBITDA margin of 53.7% and adjusted EBITDA of $219.5 million, surpassing the prior year's figures of 52.3% and $172.2 million, respectively.

Source: Tradeweb
Source: Tradeweb

The company also declared a quarterly cash dividend of $0.10 per share, reflecting its strong financial position and commitment to shareholder returns.

“Now more than ever, we believe the future of trading is multi-asset class, and innovative technology is how markets are going to get there,” Hult added.

The results confirm the report published almost three months ago for the entire year of 2023, which marked Tradeweb's 24th consecutive year of revenue growth. The full-year number for 2023 reached $1.3 billion, driven by high trading volumes and acquisitions.

New Deals and Acquisition

In early April, the company announced a definitive agreement to acquire Institutional Cash Distributors, a technology provider serving institutional investment and corporate treasury organizations. Valued at $785 million, the acquisition is expected to be funded through cash on hand and is subject to customary adjustments.

“In April, we agreed to acquire ICD, a leading institutional investment technology provider for corporate treasury organizations, which will add Corporates as a new client channel with significant cross-sell opportunities,” Hult commented in the Q1 2024 report.

Simultaneously, Tradeweb has secured two framework agreements to provide Electronic Trading Platforms to the European Central Bank (ECB) and other Eurosystem National Central Banks. These contracts were awarded following Tradeweb's successful participation in a rigorous procurement procedure orchestrated by the ECB.

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Q1 2024
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About the Author: Damian Chmiel
Damian Chmiel
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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