Tradeweb Reports Record ADV of $1.4 Trillion in Q1 2023

Tradeweb Markets Inc., a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, released its financial results for the quarter ended March 31, 2023 (Q1 2023), recording the total revenue of $329.2 million, an increase of 5.7% compared to $311.5 million in Q1 2022. While on a constant currency basis, the yearly change came in at 7.5%.

Record average daily volume (ADV) was $1.4 trillion for the quarter, increasing 16.2% compared to $1.2 trillion in the first quarter of 2022, with record ADV in European government bonds, swaps/swaptions ≥ 1-year, fully electronic U.S. High Grade credit, equity convertibles/swaps/options, repurchase agreements, retail U.S. government bonds and retail money markets.

Net income rose by 4.9% from $97.4 million to $102.2 million on a yearly basis, while adjusted net income yearly rose by 12.2% from $115.1 million to $129.0 million.

Adjusted EBITDA came in at 172.2 million, increasing 7.2% comparing to $160.6 million in Q1 2022. Adjusted EBITDA margin was 52.3%, up 73 bps comparing to 51.6% in the same period of 2022.

Diluted earnings per share (Diluted EPS) was $0.42, 5.0% higher than $0.40 in Q1 2022. Adjusted Diluted EPS was $0.54, 12.5% higher than $0.48 in Q1 2022.

Cash dividend per share for the quarter was $0.09 and the shares repurchased amounted to $22.7 million.