Tradeweb Markets Inc. (TW) Financial Statements
Industry: Security & Commodity Brokers, Dealers, Exchanges & Services
In fiscal 2025, Tradeweb Markets reported revenue of $2.05B, up 18.9% from $1.73B the year before. Net income was $812.8M (a 39.6% net margin), or $3.78 per diluted share. Gross margin was 40.7% and operating margin was 40.7%. Operating activities generated $1.17B of cash, leaving $1.13B of free cash flow. At fiscal year end, Tradeweb Markets held $8.19B in total assets against $1.00B in total liabilities, including $2.08B of cash and equivalents.
Open the full interactive Tradeweb Markets financials → Quarterly statements, key ratios, valuation history and price charts.
Tradeweb Markets Key Stats
| Share Price | $109.98 |
|---|---|
| Market Cap | $23.40B |
| P/E Ratio | 29.1 |
| Revenue YoY Growth | +18.9% |
| 52-Week Range | $91.38 – $126.23 |
| Shares Outstanding | 212.5 million (basic, 2026 Q2) |
Tradeweb Markets Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $892.7M | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B |
| Cost of Goods Sold | $629.3M | $717.6M | $776.2M | $833.0M | $1.05B | $1.22B |
| Gross Profit | $263.4M | $358.8M | $412.6M | $505.3M | $678.0M | $835.3M |
| Operating Income | $263.4M | $358.8M | $412.6M | $505.3M | $678.0M | $835.3M |
| Pre-Tax Income | $274.5M | $370.0M | $437.1M | $548.0M | $754.4M | $1.17B |
| Income Tax | $56.1M | $96.9M | $77.5M | $128.5M | $184.4M | $253.5M |
| Net Income | $166.3M | $226.8M | $309.3M | $364.9M | $501.5M | $812.8M |
| Diluted EPS | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 |
Tradeweb Markets Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $508.6M | $521.2M | $617.8M | $558.9M |
| Net Income | $185.6M | $325.0M | $205.3M | $181.3M |
| Diluted EPS | $0.86 | $1.51 | $0.96 | $0.85 |
Tradeweb Markets Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $791.3M | $972.0M | $1.26B | $1.71B | $1.34B | $2.08B |
| Total Assets | $5.68B | $5.99B | $6.26B | $7.06B | $7.27B | $8.19B |
| Total Liabilities | $660.7M | $681.2M | $713.8M | $1.13B | $869.1M | $1.00B |
| Shareholders' Equity | $4.30B | $4.65B | $4.95B | $5.37B | $5.80B | $6.51B |
Tradeweb Markets Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $443.2M | $578.0M | $632.8M | $746.1M | $897.7M | $1.17B |
| Cash From Investing | -$62.5M | -$259.1M | -$60.1M | -$132.8M | -$969.2M | -$126.5M |
| Cash From Financing | -$52.7M | -$136.1M | -$276.7M | -$168.2M | -$290.3M | -$307.5M |
| Free Cash Flow | $431.7M | $561.1M | $609.6M | $727.6M | $856.8M | $1.13B |
Figures from Tradeweb Markets' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Tradeweb Markets financials page for every line item.
Tradeweb Markets Company Profile
| Ticker | TW |
|---|---|
| Exchange | Nasdaq |
| Industry | Security & Commodity Brokers, Dealers, Exchanges & Services |
| Headquarters | New York, New York |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001758730 |
Frequently Asked Questions
What was Tradeweb Markets' revenue in fiscal 2025?
Tradeweb Markets (TW) reported revenue of $2.05B for fiscal 2025.
What is Tradeweb Markets' annual revenue history?
Tradeweb Markets' annual revenue by fiscal year: 2020: $892.7M; 2021: $1.08B; 2022: $1.19B; 2023: $1.34B; 2024: $1.73B; 2025: $2.05B.
What was Tradeweb Markets' net income in fiscal 2025?
Tradeweb Markets reported net income of $812.8M for fiscal 2025.
What was Tradeweb Markets' earnings per share (EPS) in fiscal 2025?
Tradeweb Markets' diluted EPS was $3.78 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Tradeweb Markets generate in fiscal 2025?
Tradeweb Markets generated $1.13B of free cash flow in fiscal 2025.
What was Tradeweb Markets' revenue last quarter?
In its most recent reported quarter (2026 Q2), Tradeweb Markets reported revenue of $558.9M.
How many shares of Tradeweb Markets are outstanding?
Tradeweb Markets reported a weighted average of 212.5 million basic shares outstanding in 2026 Q2.
What is Tradeweb Markets' market cap?
Based on its latest closing price, Tradeweb Markets (TW) has a market capitalization of about $23.40B.
When does Tradeweb Markets' fiscal year end?
Tradeweb Markets' fiscal year end, as registered with the SEC, is December 31.
Where is Tradeweb Markets headquartered?
Tradeweb Markets lists its business address in New York, New York in its SEC filings.
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