Machina Capital S.A.S. acquired a new position in shares of Carpenter Technology Corporation (NYSE:CRS – Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 3,815 shares of the basic materials company’s stock, valued at approximately $937,000. A number of other institutional investors also recently [...]
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Federated Hermes Inc. grew its stake in Fabrinet (NYSE:FN – Free Report) by 105.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,982 shares of the technology company’s stock after purchasing an additional 3,067 shares during the quarter. Federated Hermes Inc.’s [...]
Pediatrix Medical Group, Inc. (NYSE:MD – Get Free Report) has received a consensus recommendation of “Hold” from the six analysts that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month target price among brokers [...]
THE Philippines’ youth workforce expanded and grew more digital in 2025, but rising unemployment and persistent gaps between available jobs and young workers’ readiness continue to test the country’s ability to turn its demographic advantage into sustained economic gains.
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ClearBridge Investments head of economic and market strategy Jeff Schulze joins Market Domination host Josh Lipton to argue that markets (^DJI, ^GSPC, ^IXIC)...
NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (“STSS” or the “Company”) (NASDAQ: STSS), a medical device company with a Solana (SOL) digital asset treasury strategy, and BitGo Bank & Trust, National Association (“BitGo”), the digital asset infrastructure company, today announced a strategic collaboration under which STSS will expand and further institutionalize its Solana treasury strategy through BitGo’s services.
Quarterly Cash Dividend Raised by 16.7% to $0.14 Per Share $500 Million Share Repurchase Program AuthorizedTradeweb Markets Inc. (NASDAQ:TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the fourth quarter and full year ended December 31, 2025.$521.2 million quarterly revenues increased 12.5% (9.9% on a constant currency basis) compared to prior year period$220.2 million quarterly international revenues, an increase of 16.8% (10.7% on a constant currency basis) compared to prior year period$2.8 trillion average daily volume ("ADV") for the quarter, an increase of 23.3% compared to prior year period; quarterly ADV records in European government bonds, swaps/swaptions ≥ 1-year, U.S. ETFs and global repurchase agreements$367.1 million net income and $207.0 million adjusted net income for the quarter, increases of 129.5% and 14.2% respectively from prior year period53.2% adjusted EBITDA margin and $277.3 million adjusted EBITDA for the quarter, compared to 52.8% and $244.7 million respectively for prior year period$1.51 diluted earnings per share ("Diluted EPS") and $0.87 adjusted diluted earnings per share for the quarter$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year periodBilly Hult, CEO of Tradeweb:"Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia.All in, Tradeweb reported its 26th consecutive year of record annual revenue in 2025, underscoring the earnings durability of our multi-asset model spanning multiple client sectors and geographies. That momentum has continued into 2026, with January average daily volume of $3.1 trillion thanks to double-digit YoY ADV growth across rates, credit and money markets. As electronification continues to advance and trading evolves with the rise of tokenization and digital-native asset classes, Tradeweb is well-positioned to build the institutional trading structure of the future – one that's more connected, transparent, and resilient than ever before."SELECT FINANCIAL RESULTS 4Q25 4Q24 Change ConstantCurrencyChange (1) (dollars in thousands except per share amounts)(Unaudited) GAAP Financial Measures Total revenue$521,183 $463,344 12.5%9.9%Rates$279,083 $240,192 16.2%12.9%Credit$118,408 $113,572 4.3%2.5%Equities$31,533 $28,749 9.7%5.9%Money Markets$45,623 $44,258 3.1%2.0%Market Data$33,783 $30,011 12.6%11.5%Other$12,753 $6,562 94.3%94.3%Operating income$221,013 $188,540 17.2% Net income$367,124 $159,942 129.5% Net income attributable to Tradeweb Markets Inc. (2)$324,992 $142,210 128.5% Diluted EPS$1.51 $0.66 128.8% Net income margin 70.4% 34.5%+3,592bps Non-GAAP Financial Measures Adjusted EBITDA (1)$277,319 $244,743 13.3%11.3%Adjusted EBITDA margin (1) 53.2% 52.8%+39bps+65bpsAdjusted EBIT (1)$257,129 $227,347 13.1%11.0%Adjusted EBIT margin (1) 49.3% 49.1%+27bps+45bpsAdjusted Net Income (1)$206,973 $181,183 14.2%12.2%Adjusted Diluted EPS (1)$0.87 $0.76 14.5%13.2%ADV (US $bn)(Unaudited)Asset ClassProduct 4Q25 4Q24 YoYRatesCash $ 557 $ 509 9.4% Derivatives 1,117 745 50.0% Total 1,674 1,253 33.5%CreditCash 16 15 10.2% Derivatives 17 13 37.9% Total 34 27 22.9%EquitiesCash 14 11 23.6% Derivatives 13 12 7.8% Total 27 24 15.3%Money MarketsCash 1,092 988 10.5% Total 1,092 988 10.5% Total $ 2,827 $ 2,292 23.3%(1)Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures.(2)Represents net income less net income attributable to non-controlling interests.DISCUSSION OF RESULTS: FOURTH QUARTER 2025Rates – Revenues of $279.1 million in the fourth quarter of 2025 increased 16.2% compared to prior year period (increased 12.9% on a constant currency basis). Rates ADV was up 33.5% from prior year period, driven by an 82.1% increase in swaps/swaptions < 1-year and record volume in swaps/swaptions ≥ 1-year. Mortgages ADV was up 9.7% from prior year period, driven by increased To-Be-Announced ("TBA") activity, which was led by heightened participation from real-money accounts and mortgage originators, alongside elevated dollar-roll trading. Tradeweb's specified pool volumes also delivered strong ADV growth supported by continued expansion in client and dealer participation. European government bonds ADV was also a record, up 29.7% from prior year period, driven by robust volume across our institutional and wholesale client channels and U.S. government bond volume remained robust.Credit – Revenues of $118.4 million in the fourth quarter of 2025 increased 4.3% compared to prior year period (increased 2.5% on a constant currency basis). Credit ADV was up 22.9% from prior year period, driven by strong activity in credit derivatives, U.S. and European credit and municipal bond volumes. U.S. credit ADV was up 4.5% from prior year period, reflecting continued client adoption across Tradeweb products and protocols, most notably in request-for-quote ("RFQ"), Tradeweb AllTrade® and Portfolio Trading ("PT"). European Credit ADV was up 15.6% from prior year period, driven by robust activity across a wide range of protocols including Tradeweb's Automated Intelligent Execution tool ("AiEX") and PT. Municipal bond ADV was up 17.3% from prior year period. We reported 18.3% share of fully electronic U.S. high grade TRACE, which remained flat from prior year period and 8.1% share of fully electronic U.S. high yield TRACE, up 20 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 110 bps from prior year period and 10.0% total share of U.S. high yield TRACE, which remained flat from prior year period.Equities – Revenues of $31.5 million in the fourth quarter of 2025 increased 9.7% compared to prior year period (increased 5.9% on a constant currency basis). Equities ADV was up 15.3% from prior year period driven by record volume in U.S. ETFs, which was led by strong year-over-year growth in institutional and wholesale trading.Money Markets – Revenues of $45.6 million in the fourth quarter of 2025 increased 3.1% compared to prior year period (increased 2.0% on a constant currency basis). Money Markets ADV was up 10.5% from prior year period, primarily driven by record ADV in global repurchase agreements, which was supported by increased client participation.Market Data – Revenues of $33.8 million in the fourth quarter of 2025 increased 12.6% compared to prior year period (increased 11.5% on a constant currency basis). The increase was derived primarily from higher fees resulting from our amended LSEG market data license agreement effective November 1, 2025 and other increases in proprietary third party market data revenue.Other – Revenues of $12.8 million in the fourth quarter of 2025 increased 94.3% compared to prior year period (increased 94.3% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.Operating Expenses of $300.2 million in the fourth quarter of 2025 increased 9.2% compared to $274.8 million in the prior year period, primarily due to (i) an increase in general and administrative expenses as a result of a decrease in foreign exchange gains, (ii) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth and (iii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period.Adjusted Expenses of $264.1 million in the fourth quarter of 2025 increased 11.9% (increased 9.0% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth, (ii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period and (iii) an increase in general and administrative expenses primarily as a result of a decrease in foreign exchange gains. Please see "Non-GAAP Financial Measures" below for additional information.Non-operating Income – Other income (loss), net of $207.1 million of income in the fourth quarter of 2025 increased $208.2 million compared to the prior year period loss of $1.1 million, primarily due to realized and unrealized gains on our Canton Coin holdings, which totaled a gain of $205.4 million in the fourth quarter of 2025 compared to $0.2 million in prior year period. In November 2025, spot trading of the Canton Coin began across several global digital asset exchanges. Other income (loss), net is excluded from all non-GAAP financial measures.DISCUSSION OF RESULTS: FULL-YEAR 2025Tradeweb recorded its 26th consecutive year of record annual revenues for the year ended December 31, 2025, as total revenues increased 18.9% (increased 17.5% on a constant currency basis) to $2.1 billion compared to full year 2024. Record revenue was driven by ADV of more than $2.6 trillion and record ADV activity in each of the following: U.S. government bonds; European government bonds; mortgages; swaps and swaptions ≥ 1-year; U.S. high-grade credit traded fully electronically; U.S. high-yield credit traded fully electronically; U.S. high-yield credit that is electronically processed; European credit bonds; municipal bonds; credit swaps; U.S. ETFs; international ETFs; convertibles, swaps and options; and repurchase agreements. Operating income increased 23.2% to $835.3 million for the year ended December 31, 2025 compared to $678.0 million in 2024, while net income increased 61.7% to $921.5 million for the year ended December 31, 2025 compared to $570.0 million in 2024. Net income in 2025 includes $270.9 million in non-operating other income gains on our Canton Coin holdings. Adjusted EBITDA margin increased to 54.0% for the year ended December 31, 2025 compared to 53.3% in 2024, representing an increase of 64 bps from prior year period (+70 bps on a constant currency basis). Diluted EPS increased 62.2% from prior year period to $3.78 for the year ended December 31, 2025, including the impact of non-operating other income primarily relating to gains on Canton Coins holdings. Adjusted Diluted EPS increased 18.8% from prior year period to $3.47 for the year ended December 31, 2025.RECENT HIGHLIGHTSJanuary 2026Participated in a third wave of pioneering transactions on the Canton Network alongside a consortium of leading financial institutions, building on the successful completion of the initial on-chain U.S. Treasury financing in July 2025.Fourth Quarter 2025Core ProductCompleted the first fully electronic European invoice spread trade via the request-for-market ("RFM") protocol on Tradeweb, with Nomura providing liquidity.Announced an expansion of Tradeweb's collaboration with the European Central Bank to provide them with repo trading services for public sector securities from major European jurisdictions.Completed the first-ever fully electronic RFM swaption package trade. Citadel and Barclays were counterparties on the trade, which was executed on the Tradeweb Swap Execution Facility ("TW SEF").Expanded Tradeweb's dealer algorithmic execution capabilities for U.S. Treasuries, providing institutional clients with access to deeper liquidity and smarter execution strategies through Tradeweb's comprehensive dealer algo suite.Launched Tradeweb's Alternative Trading System ("ATS") for the execution of sukuk and Saudi Riyal ("SAR")-denominated debt instruments in the Kingdom of Saudi Arabia.Digital Assets and Blockchain TechnologyDiversified Canton Coin exposure by exchanging Canton Coin to acquire pre-funded warrants to purchase shares of common stock of Tharimmune, Inc. (Nasdaq CM: "THAR"), a publicly traded digital asset treasury (DAT) company whose goal is to advance the adoption of institutional and decentralized finance applications on the Canton Network.In October 2025, Securitize announced that it entered into a definitive business combination agreement through which Securitize will become a publicly listed company, subject to shareholder approval, customary closing conditions and regulatory approvals, at a $1.25 billion pre-money equity value, subject to customary valuation adjustments. If the combination is completed, Tradeweb's convertible note will convert into an equity interest in the combined public company, alongside other equity holders such as ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto and Morgan Stanley Investment Management.Completed the industry's first on-chain electronic auction for brokered certificates of deposit ("CDs").Announced a collaboration with Chainlink, a leading operator for on-chain finance, to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain via DataLink, an institutional-grade data publishing service powered by Chainlink.PeopleAppointed Sandra "Sandee" Buchanan as Chief People Officer and a member of the Executive Committee.Appointed Rich Chun as Managing Director, Head of Asia, to oversee Tradeweb's business operations, client engagement efforts and strategic initiatives in the Asia Pacific region.AwardsRecognized in numerous awards celebrating our company and employees, including: Outstanding Fixed Income Trading Venue, Leaders in Trading Awards (The Trade); 100 Most Influential Women in European Finance 2025 – Serene Murphy (Financial News); Excellence in Trading – Iseult Conlin, U.S. Women in Finance Awards (Markets Media); Rising Star – Casey Kenny, U.S. Women in Finance Awards (Markets Media); Excellence in Marketing – Susan Bennett, European Women in Finance Awards (Markets Media); Rising Star – Lou Ducasse, European Women in Finance Awards (Markets Media); Ascent Award – Roseann Hilway, Women in Financial MarketsCAPITAL MANAGEMENT$2.1 billion in cash and cash equivalents and an undrawn $500.0 million credit facility as of December 31, 2025As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 millionFree cash flow for the year ended December 31, 2025 of $1.1 billion, up 31.6% compared to prior year period. See "Non-GAAP Financial Measures" for additional informationCash paid for capital expenditures and capitalized software development in the fourth quarter 2025 of $34.8 million and $103.1 million in full-year 2025During both the quarter and year ended December 31, 2025, as part of its 2022 Share Repurchase Program, Tradeweb purchased a total of 987,379 shares of Class A common stock, at an average price of $107.29, for purchases totaling $105.9 million. During the month of January 2026, Tradeweb purchased a total of 482,621 shares of Class A common stock, at an average price of $105.10, for purchases totaling $50.7 million. As of February 5, 2026, a total of $23.2 million remained available for repurchase pursuant to the 2022 Share Repurchase Program authorizationOn February 5, 2026, the Board of Directors approved the 2026 Share Repurchase Program which authorizes the purchase of up to $500 million of the Company's Class A common stock once the 2022 Share Repurchase Program has been exhausted$0.5 million in shares of Class A common stock were withheld in the fourth quarter of 2025 and $49.4 million in shares of Class A common stock were withheld in the full-year 2025 to satisfy tax obligations related to the exercise of stock options and vesting of restricted stock units and performance-based restricted stock units held by employeesThe Board of Directors declared a quarterly cash dividend of $0.14 per share of Class A common stock and Class B common stock, a 16.7% per share increase from prior year. This dividend will be payable on March 16, 2026 to stockholders of record as of March 2, 2026OTHER MATTERSFull-Year 2026 Guidance*Adjusted Expenses: $1,100 - 1,160 millionAcquisition and Refinitiv Transaction related depreciation and amortization expense: $160 millionAssumed non-GAAP tax rate: ~23.5% - 24.5%Cash capital expenditures and capitalized software development: ~$107 - 117 millionLSEG Market Data Contract Revenue: ~$105 million*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.CONFERENCE CALLTradeweb Markets will hold a conference call to discuss fourth quarter and full year 2025 results starting at 9:30 AM EST today, February 5, 2026. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/sewc5z3i/To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI67c55c84683e4959a056498dfe6e355cRegistered participants will receive an email confirmation with a unique PIN to access the conference call.An archived recording of the call will be available afterward at https://investors.tradeweb.com.ABOUT TRADEWEB MARKETSTradeweb Markets Inc. (NASDAQ:TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.6 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.TRADEWEB MARKETS INC.CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED) Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues (dollars in thousands, except per share amounts)Transaction fees and commissions $428,006 $384,128 $1,700,427 $1,423,547 Subscription fees 60,018 55,026 234,017 206,659 LSEG market data fees 23,169 20,552 93,197 82,145 Other 9,990 3,638 24,788 13,598 Total revenue 521,183 463,344 2,052,429 1,725,949 Expenses Employee compensation and benefits 159,268 152,206 670,831 592,690 Depreciation and amortization 60,091 62,854 250,189 219,999 Technology and communications 35,520 28,728 128,327 98,568 General and administrative 21,786 12,291 88,402 56,317 Professional fees 15,291 13,574 53,391 60,132 Occupancy 8,214 5,151 25,951 20,215 Total expenses 300,170 274,804 1,217,091 1,047,921 Operating income 221,013 188,540 835,338 678,028 Tax receivable agreement liability adjustment 9,786 8,600 9,786 7,730 Interest income 19,238 14,803 68,407 74,037 Interest expense (403) (573) (1,941) (4,279)Other income (loss), net 207,078 (1,124) 263,384 (1,114)Income before taxes 456,712 210,246 1,174,974 754,402 Provision for income taxes (89,588) (50,304) (253,474) (184,439)Net income 367,124 159,942 921,500 569,963 Less: Net income attributable to non-controlling interests 42,132 17,732 108,708 68,456 Net income attributable to Tradeweb Markets Inc. $324,992 $142,210 $812,792 $501,507 Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: Full story available on Benzinga.com
The European Union’s new agency formed to fight dirty money said it was on track to be fully operational in 2028, as it set out its plan to tackle emerging illicit finance risks including crypto and “novel payment channels”. The Anti-Money Laundering Authority (AMLA) is being established in Frankfurt, creating the first Europe-wide body to [...]
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