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Tradeweb Markets (TW) Q3 FY2021 earnings: revenue $265 million, up 24.6% on the year

Tradeweb Markets Inc. (TW) reported revenue of $265 million for Q3 FY2021, the quarter ended 30 September 2021, up 24.6% on the same quarter a year earlier. Net income was $55 million, up 48.8% on the year, and diluted earnings per share $0.26. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2021.

Revenue$265 millionup 24.6%
Net income$55 millionup 48.8%
Diluted EPS$0.26
QuarterQ3 FY2021ended 30 September 2021

The quarter, against the one before and a year earlier

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Revenue265n/an/an/a
Operating income85.5n/an/an/a
Operating margin32.2%n/an/a
Pre-tax income85.2n/an/an/a
Income tax19.9n/an/an/a
Effective tax rate23.3%n/an/a
Net income54.8n/an/an/a
Net margin20.6%n/an/a
Diluted EPS$0.26n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Operating cash flow182n/an/an/a
Capital expenditure1.2n/an/an/a
Free cash flow181n/an/an/a
Free cash flow margin68.3%n/an/a
Cash from investing-10.0n/an/an/a
Cash from financing-29.9n/an/an/a
Depreciation and amortisation44.8n/an/an/a
Share-based compensation13.8n/an/an/a
Buybacks12.6n/an/an/a
Dividends paid16.2n/an/an/a
Dividend per share$0.08n/an/an/a
Diluted shares, weighted208mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2021Quarter beforeA year earlierChange on the year
Shareholders' equity4,590n/an/an/a
Non-controlling interest658n/an/an/a
Debt0.0n/an/an/a
Other liabilities688n/an/an/a
Total liabilities and equity5,936n/an/an/a
Fixed assets28.1n/an/an/a
Goodwill2,783n/an/an/a
Intangible assets1,205n/an/an/a
Cash and equivalents822n/an/an/a
Other assets1,099n/an/an/a
Total assets5,936n/an/an/a

Questions

What was Tradeweb Markets' revenue in Q3 FY2021?

Tradeweb Markets (TW) reported revenue of $265 million for Q3 FY2021, the quarter ended 30 September 2021, up 24.6% on the same quarter a year earlier.

How much did Tradeweb Markets earn in Q3 FY2021?

Net income for Q3 FY2021 was $55 million, up 48.8% on the year, and diluted earnings per share $0.26.

When did Tradeweb Markets report Q3 FY2021 results?

Tradeweb Markets filed its 10-Q for the quarter ended 30 September 2021 with the SEC on 29 October 2021.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue265277311297287293329311328370409405449463510513509521618559
Operating income85.591.211210710391.6123116125142168162159189204200210221287245
Operating margin32%33%36%36%36%31%37%37%38%38%41%40%35%41%40%39%41%42%46%44%
Interest expensen/an/an/an/an/an/a0.40.50.50.71.70.51.40.60.60.40.50.40.60.5
Pre-tax income85.2104111107106113135131140141187183174210222227270457303270
Tax rate23%42%12%24%23%12%25%22%20%27%23%26%25%24%24%23%22%20%23%24%
Net income54.848.983.068.369.188.987.989.198.689.3126119114142148154186325205181
Net margin21%18%27%23%24%30%27%29%30%24%31%29%25%31%29%30%36%62%33%32%
Diluted EPS$0.26$0.23$0.40$0.33$0.33$0.42$0.42$0.42$0.46$0.42$0.59$0.55$0.53$0.66$0.69$0.71$0.86$1.51$0.96$0.85
Operating cash flow18219245.217820220870.821321724537.928629228260.2409342356104394
Capital expenditure1.27.29.15.83.15.36.94.36.31.16.64.84.325.21.65.514.019.49.68.3
Free cash flow18118436.217219820364.020921124431.328128825758.640432833794.2386
Buybacks12.612.047.39.09.034.020.89.22.82.30.00.024.434.70.80.00.010353.3187
Dividends paid16.216.216.416.416.716.618.719.019.019.121.321.321.321.325.625.625.625.629.829.7
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2021, filed 29 October 2021: the filing.