Tradeweb reports fourth Quarter and full year 2020 financial results

Tradeweb Markets Inc., the leading fixed income, derivatives and ETF electronic trading platform, has released its financial results for the fourth quarter and full year of 2020, which were characterized by solid growth across metrics in areas ranging from operating income to revenues.

For the quarter ended December 31, 2020, quarterly gross revenues stood at $233.1 million, a YoY rise of 18.1 percent compared to the same period in the year ago. The average daily volume (ADV) for the quarter jumped by 30.9 percent YoY to $897.9 billion. Net income of $66.4 million and adjusted net income of $80.5 million, which rised by 16.0 percent and 33.1 percent respectively from the prior year period. The adjusted EBITDA increased to $114.6 million for the quarter from the prior year period's $92.4 million. Fourth quarter diluted earnings per share (EPS) were $0.28, and adjusted diluted earnings per share were $0.34. 

Tradeweb recorded its 21st consecutive year of record revenues in 2020. Gross revenue increased by 15.1 percent to $892.7 million, compared to full year 2019. Net income increased by 26.2 percent to $218.4 million for the year ended December 31, 2020, compared to $173.0 million for the year ended December 31, 2019. Adjusted EBITDA margin increased to 48.9% for the year ended December 31, 2020 compared to 45.5% for the year ended December 31, 2019. Diluted EPS was $0.88 for the year ended December 31, 2020. Adjusted Diluted EPS was $1.31 for the year ended December 31, 2020.

Lee Olesky, CEO of Tradeweb Markets: said: "Strong financial results for the fourth quarter capped off a transformative year for Tradeweb. We reported record average daily volumes for Q4 thanks to broad-based momentum across asset classes. Wherever our clients were working in 2020, we know that electronic trading, digital processing and data helped them navigate unprecedented debt issuance and market volatility. Our markets are evolving, and with 2021 volumes off to a strong start we are excited about the role electronic trading continues to play in that evolution."