Tradeweb delivered a robust fourth quarter, reporting revenues of $521.2 million, up 12.5% year-over-year (9.9% on a constant currency basis). Net income rose to $367.1 million, a 129.5% increase from the prior year period, driven by a one-time $205.4 million gain on digital asset holdings. Adjusted net income climbed 14.2% to $207.0 million, while adjusted diluted earnings per share improved 14.5% to $0.87. The company declared a quarterly cash dividend of $0.14 per share, marking a 16.7% increase versus the year-ago payout. Adjusted EBITDA reached $277.3 million, with a margin of 53.2%, up 39 basis points from the same quarter last year.

Across its core asset classes, Tradeweb saw average daily volume (ADV) expand 23.3% to $2.8 trillion. Rates ADV surged 33.5%, fueled by record European government bond volume and an 82.1% jump in swaps/swaptions under one year. Credit ADV rose 22.9%, underpinned by strong uptake of portfolio trading and RFQ protocols in U.S. and European markets. Equities ADV climbed 15.3%, led by record U.S. ETF activity, while money markets ADV increased 10.5%, driven by global repo participation. Market data revenues grew 12.6% to $33.8 million following a new license agreement with LSEG, and digital asset validation services nearly doubled to $12.8 million.

Management highlighted continued momentum into 2026, with January ADV reaching $3.1 trillion thanks to double-digit growth across rates, credit and money markets. Tradeweb completed its first on-chain auction for brokered certificates of deposit, partnered with Chainlink to publish U.S. Treasury benchmark prices on-chain, and expanded electronic execution for invoice spreads in Europe. In Saudi Arabia, the firm launched an alternative trading system for sukuk and SAR-denominated debt. These initiatives position Tradeweb at the forefront of market electronification and tokenization, supporting its multi-asset model and long-term growth trajectory.