Tradeweb Earnings: Market Share Gains Drive Double-Digit Revenue Growth

Wide-moat-rated Tradeweb reported strong third-quarter results, driven by market share gains in interest-rate swaps and a surge in Chinese bond trading on its platform. Net revenue increased 14.5% from last year and 5.7% from last quarter to $328 million. Net income increased 36.9% year over year to $112 million as Tradeweb benefited from good cost management and higher interest rates on its $1.5 billion cash hoard. As we incorporate these results, we do not plan to materially alter our $84 per share fair value estimate for Tradeweb, and we see shares as fairly valued.