Record Revenue Growth: Tradeweb achieved record revenues of $513 million in Q2 2025, marking a 26.7% increase year-over-year on a reported basis (24.7% on a constant currency basis). The first half of 2025 saw revenues exceed $1 billion, highlighting strong momentum and expectations for double-digit revenue growth throughout the year.

Sector Performance and Market Share: The company experienced significant growth across various sectors: - Rates business revenue rose 11% YoY, driven by swaps and government bonds. - Equity business revenues jumped 50% YoY, with record results in ETFs and equity derivatives. - However, U.S. Treasuries market share decreased by 400 basis points year-over-year, attributed to increased voice-based trading during market volatility. - The focus is on innovating electronic trading protocols to regain market share.

Strategic Investments and Expenses: Tradeweb plans to increase adjusted expenses guidance to $1 billion - $1.05 billion for 2025, as they look to invest further in various areas including U.S. credit, digital assets, and expanding their presence in emerging markets. The company is emphasizing the balance between growth and profitability, with adjusted EBITDA margins expected to exceed 2024 levels.