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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $892.66M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $1.22B | $1.05B | $832.95M | $776.21M | $717.62M | $629.30M |
| D&A | $250.19M | $220.00M | $185.35M | $178.88M | $171.31M | $153.79M |
| Operating Income | $835.34M | $678.03M | $505.27M | $412.57M | $358.83M | $263.36M |
| Interest Expense | $1.94M | $4.28M | - | - | - | - |
| Income Tax | $253.47M | $184.44M | $128.48M | $77.52M | $96.88M | $56.07M |
| Net Income | $812.79M | $501.51M | $364.87M | $309.34M | $226.83M | $166.30M |
| EPS - Basic | $3.81 | $2.35 | $1.73 | $1.50 | $1.13 | $0.92 |
| EPS - Diluted | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 | $0.88 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.08B | $1.34B | $1.71B | $1.26B | $972.05M | $791.28M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $1.00B | $869.11M | $1.13B | $713.82M | $681.24M | $660.69M |
| Stockholders' Equity | $6.51B | $5.80B | $5.37B | $4.95B | $4.65B | $4.30B |
| Retained Earnings | $1.60B | $996.76M | $640.38M | $386.63M | $242.62M | $156.04M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.17B | $897.74M | $746.09M | $632.82M | $578.02M | $443.23M |
| Investing Cash Flow | ($126.53M) | ($969.19M) | ($132.76M) | ($60.10M) | ($259.11M) | ($62.54M) |
| Financing Cash Flow | ($307.48M) | ($290.26M) | ($168.17M) | ($276.70M) | ($136.10M) | ($52.69M) |
| CapEx | $40.55M | $40.96M | $18.53M | $23.21M | $16.88M | $11.49M |
| Free Cash Flow | $1.13B | $856.78M | $727.56M | $609.61M | $561.14M | $431.74M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% |
| EBITDA margin | 52.9% | 52.0% | 51.6% | 49.8% | 49.2% | 46.7% |
| Net margin | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% |
| Free cash flow margin | 54.9% | 49.6% | 54.4% | 51.3% | 52.1% | 48.4% |
| FCF / Net income | 1.39 | 1.71 | 1.99 | 1.97 | 2.47 | 2.60 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 23.8% | 26.9% | 26.0% | 20.0% | 29.9% | 25.2% |
| Return on assets | 9.9% | 6.9% | 5.2% | 4.9% | 3.8% | 2.9% |
| Return on equity | 12.5% | 8.6% | 6.8% | 6.2% | 4.9% | 3.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 430.4x | 158.5x | - | - | - | - |
| Equity multiplier | 1.26 | 1.25 | 1.31 | 1.26 | 1.29 | 1.32 |
| Liabilities / Assets | 0.12 | 0.12 | 0.16 | 0.11 | 0.11 | 0.12 |
| Efficiency | ||||||
| Asset turnover | 0.25 | 0.24 | 0.19 | 0.19 | 0.18 | 0.16 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 28.4x | 56.2x | 53.1x | 43.9x | 91.9x | 71.0x |
| P / B | 3.6x | 4.9x | 3.6x | 2.7x | 4.5x | 2.7x |
| P / S | 11.3x | 16.3x | 14.4x | 11.4x | 19.3x | 13.2x |
| EV / EBITDA | 19.4x | 29.8x | 25.5x | 20.8x | 37.3x | 26.3x |
| Growth | ||||||
| Revenue growth (YoY) | 18.9% | 29.0% | 12.6% | 10.4% | 20.6% | 15.1% |
| Revenue CAGR (3y) | 20.0% | 17.0% | 14.4% | 15.3% | - | - |
| Revenue CAGR (5y) | 18.1% | 17.3% | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 23.2% | 34.2% | 22.5% | 15.0% | 36.3% | 195.6% |
| Net income growth (YoY) | 62.1% | 37.4% | 18.0% | 36.4% | 36.4% | 98.5% |
| EPS growth (YoY) | 62.2% | 36.3% | 15.5% | 35.8% | 23.9% | 63.0% |
| EPS CAGR (3y) | 36.7% | 28.8% | 24.8% | 39.9% | - | - |
| EPS CAGR (5y) | 33.8% | 34.0% | - | - | - | - |
| FCF growth (YoY) | 31.5% | 17.8% | 19.3% | 8.6% | 30.0% | 46.2% |
| FCF CAGR (5y) | 21.2% | 23.7% | - | - | - | - |
| Book value growth (YoY) | 12.2% | 7.9% | 8.5% | 6.6% | 8.0% | 27.4% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
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 |