Higher Volume and Average Fees Fuel Strong Growth for Tradeweb in 2Q

Wide-moat rated Tradeweb reported solid second-quarter earnings as continued volatility across fixed-income markets led to good trading volume on the company's platform. Revenue rose 13.9% year over year, or 17.8% on a constant currency basis, to $297 million. Adjusted earnings per share of $0.47 was 20.5% higher than last year but slightly lower than the $0.48 reported last quarter. As we incorporate these results, we are maintaining our $87 per share fair value estimate for Tradeweb.