TW · Tradeweb Markets Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $617.76M | - | $508.60M | $512.97M | $509.68M | - | $448.92M | $404.95M | $408.74M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $330.51M | - | $298.23M | $313.12M | $305.58M | - | $289.60M | $242.46M | $241.06M | - |
| D&A | $60.71M | - | $64.35M | $63.05M | $62.70M | - | $57.87M | $49.94M | $49.34M | - |
| Operating Income | $287.25M | - | $210.37M | $199.85M | $204.10M | - | $159.32M | $162.49M | $167.68M | - |
| Interest Expense | $624.0K | - | $522.0K | $429.0K | $1.72M | - | $1.45M | $467.0K | $1.72M | - |
| Income Tax | $69.76M | - | $59.07M | $51.54M | $53.28M | - | $43.45M | $47.05M | $43.64M | - |
| Net Income | $205.28M | - | $185.64M | $153.78M | $148.38M | - | $113.92M | $119.24M | $126.14M | - |
| EPS - Basic | $0.96 | - | $0.87 | $0.72 | $0.70 | - | $0.53 | $0.56 | $0.59 | - |
| EPS - Diluted | $0.96 | - | $0.86 | $0.71 | $0.69 | - | $0.53 | $0.55 | $0.59 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.94B | $2.08B | $1.91B | $1.63B | $1.31B | $1.34B | $1.17B | $1.72B | $1.54B | $1.71B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $8.30B | $8.19B | $8.00B | $8.06B | $7.37B | $7.27B | $7.34B | $7.28B | $7.40B | $7.06B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $986.11M | $1.00B | $1.06B | $1.33B | $822.76M | $869.11M | $1.05B | $1.08B | $1.32B | $1.13B |
| Stockholders' Equity | $6.62B | $6.51B | $6.28B | $6.10B | $5.94B | $5.80B | $5.70B | $5.63B | $5.51B | $5.37B |
| Retained Earnings | $1.73B | $1.60B | $1.41B | $1.25B | $1.12B | $996.76M | $910.75M | $843.16M | $745.24M | $640.38M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $103.83M | - | - | - | $60.21M | - | - | - | $37.91M | - |
| Investing Cash Flow | ($77.30M) | - | - | - | ($14.82M) | - | - | - | ($106.99M) | - |
| Financing Cash Flow | ($172.14M) | - | - | - | ($83.03M) | - | - | - | ($90.77M) | - |
| CapEx | $9.60M | - | - | - | $1.65M | - | - | - | $6.59M | - |
| Free Cash Flow | $94.23M | - | - | - | $58.56M | - | - | - | $31.32M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 46.5% | - | 41.4% | 39.0% | 40.0% | - | 35.5% | 40.1% | 41.0% | - |
| EBITDA margin | 56.3% | - | 54.0% | 51.3% | 52.3% | - | 48.4% | 52.5% | 53.1% | - |
| Net margin | 33.2% | - | 36.5% | 30.0% | 29.1% | - | 25.4% | 29.4% | 30.9% | - |
| Free cash flow margin | 15.3% | - | - | - | 11.5% | - | - | - | 7.7% | - |
| FCF / Net income | 0.46 | - | - | - | 0.39 | - | - | - | 0.25 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 25.4% | - | 24.1% | 25.1% | 26.4% | - | 27.6% | 28.3% | 25.7% | - |
| Return on assets | 2.5% | - | 2.3% | 1.9% | 2.0% | - | 1.6% | 1.6% | 1.7% | - |
| Return on equity | 3.1% | - | 3.0% | 2.5% | 2.5% | - | 2.0% | 2.1% | 2.3% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 460.3x | - | 403.0x | 465.9x | 118.8x | - | 110.2x | 348.0x | 97.6x | - |
| Equity multiplier | 1.25 | 1.26 | 1.27 | 1.32 | 1.24 | 1.25 | 1.29 | 1.29 | 1.34 | 1.31 |
| Liabilities / Assets | 0.12 | 0.12 | 0.13 | 0.17 | 0.11 | 0.12 | 0.14 | 0.15 | 0.18 | 0.16 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.06 | 0.06 | 0.07 | - | 0.06 | 0.06 | 0.06 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 122.6x | - | 129.0x | 206.2x | 215.2x | - | 233.3x | 192.7x | 176.6x | - |
| P / B | 3.8x | - | 3.8x | 5.2x | 5.4x | - | 4.7x | 4.0x | 4.1x | - |
| P / S | 40.6x | - | 46.9x | 61.4x | 62.6x | - | 59.3x | 56.3x | 54.7x | - |
| EV / EBITDA | 66.6x | - | 79.9x | 113.5x | 114.7x | - | 117.1x | 99.1x | 95.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 21.2% | - | 13.3% | 26.7% | 24.7% | - | 36.7% | 30.4% | 24.1% | - |
| Revenue CAGR (3y) | 23.3% | - | 21.0% | 20.0% | 17.8% | - | 19.2% | 15.8% | 14.3% | - |
| Revenue CAGR (5y) | 17.7% | - | 19.0% | 19.3% | 16.8% | - | 17.4% | 16.3% | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 40.7% | - | 32.0% | 23.0% | 21.7% | - | 27.7% | 39.7% | 36.8% | - |
| Net income growth (YoY) | 38.3% | - | 63.0% | 29.0% | 17.6% | - | 15.5% | 33.9% | 43.6% | - |
| EPS growth (YoY) | 39.1% | - | 62.3% | 29.1% | 16.9% | - | 15.2% | 31.0% | 40.5% | - |
| EPS CAGR (3y) | 31.7% | - | 37.6% | 29.1% | 19.9% | - | 26.8% | 26.8% | 21.4% | - |
| EPS CAGR (5y) | 23.8% | - | 35.3% | 34.7% | 22.5% | - | 21.5% | 43.6% | - | - |
| FCF growth (YoY) | 60.9% | - | - | - | 86.9% | - | - | - | -51.0% | - |
| FCF CAGR (5y) | 13.0% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 11.5% | 12.2% | 10.2% | 8.3% | 7.8% | 7.9% | 8.3% | 8.7% | 10.1% | 8.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.28B totalReportable Segment$1.28B · 100.0%
Product / service
$2.05B totalTransaction Fee Revenue$1.70B · 82.8%
Subscription Fee Revenue$234.02M · 11.4%
Market Data Revenue$93.20M · 4.5%
Financial Service Other$24.79M · 1.2%
Subscription Fee And Market Data Revenue$1.84M · 0.1%
Geographic
$2.05B totalUS$1.19B · 58.2%
Non Us$858.37M · 41.8%
Peer comparison
Same SIC group: Security & Commodity Brokers, Dealers, Exchanges & Services
Comparing Tradeweb Markets Inc. against the 5 most active filers in the same SIC group.
Dividends
$0.52/share trailing 12 months · +18.2% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.1400 |
| Mar 2, 2026 | $0.1400 |
| Dec 1, 2025 | $0.1200 |
| Sep 2, 2025 | $0.1200 |
| Jun 2, 2025 | $0.1200 |
| Mar 3, 2025 | $0.1200 |
| Dec 2, 2024 | $0.1000 |
| Sep 3, 2024 | $0.1000 |
| Jun 3, 2024 | $0.1000 |
| Feb 29, 2024 | $0.1000 |
| Nov 30, 2023 | $0.0900 |
| Aug 31, 2023 | $0.0900 |
| May 31, 2023 | $0.0900 |
| Feb 28, 2023 | $0.0900 |
| Nov 30, 2022 | $0.0800 |
| Aug 31, 2022 | $0.0800 |
| May 31, 2022 | $0.0800 |
| Feb 28, 2022 | $0.0800 |
| Nov 30, 2021 | $0.0800 |
| Aug 31, 2021 | $0.0800 |
| May 28, 2021 | $0.0800 |
| Feb 26, 2021 | $0.0800 |
| Nov 30, 2020 | $0.0800 |
| Aug 31, 2020 | $0.0800 |