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Compared to Estimates, Tradeweb (TW) Q3 Earnings: A Look at Key Metrics

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Tradeweb Markets (TW - Free Report) reported $508.6 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 13.3%. EPS of $0.87 for the same period compares to $0.75 a year ago.

The reported revenue represents a surprise of +1.05% over the Zacks Consensus Estimate of $503.3 million. With the consensus EPS estimate being $0.83, the EPS surprise was +4.82%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Tradeweb performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Average Daily Volumes - Rates: $1,455.56 billion compared to the $1,455.23 billion average estimate based on 11 analysts.
  • Average Daily Volumes - Credit: $42.02 billion versus $42.43 billion estimated by 11 analysts on average.
  • Average Daily Volumes - Money Markets: $1,051.61 billion versus the 11-analyst average estimate of $1,040.01 billion.
  • Average Daily Volumes - Rates - Cash: $534.51 billion versus the 11-analyst average estimate of $525.06 billion.
  • Revenue by Asset Class- Rates- Variable: $203.41 million versus $204.39 million estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +17.1% change.
  • Revenue by Asset Class- Equities- Fixed: $2.47 million versus the 11-analyst average estimate of $2.47 million. The reported number represents a year-over-year change of +7.6%.
  • Revenue by Asset Class- Other: $9.23 million versus $7.08 million estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +51.6% change.
  • Revenue by Asset Class- Money Markets- Fixed: $4.47 million compared to the $4.42 million average estimate based on 11 analysts. The reported number represents a change of +6.4% year over year.
  • Revenue by Asset Class- Total Variable: $375.77 million versus $373.18 million estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +10.9% change.
  • Revenue by Asset Class- Credit- Fixed: $17.45 million compared to the $17.75 million average estimate based on 11 analysts. The reported number represents a change of +98.6% year over year.
  • Revenue by Asset Class- Money Markets- Variable: $38.42 million versus $34.9 million estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +20.4% change.
  • Revenue by Asset Class- Equities- Variable: $27.36 million versus the 11-analyst average estimate of $27.58 million. The reported number represents a year-over-year change of +17.8%.

View all Key Company Metrics for Tradeweb here>>>

Shares of Tradeweb have returned -2% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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