What is Tradeweb Markets's earnings per share (EPS)?

Tradeweb Markets (TW) reported diluted earnings per share of $3.78 for fiscal year 2025. This represents a 62.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tradeweb Markets Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Tradeweb Markets (TW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 81/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Tradeweb Markets has an operating margin of 40.7%, meaning the company retains $41 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 39.3% the prior year.

Growth

Tradeweb Markets's revenue surged 18.9% year-over-year to $2.1B, reflecting rapid business expansion. This strong growth earns a score of 65/100.

Leverage

Tradeweb Markets carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Tradeweb Markets converts 54.9% of revenue into free cash flow ($1.1B). This strong cash generation earns a score of 100/100.

Returns

Tradeweb Markets's ROE of 12.5% shows moderate profitability relative to equity, earning a score of 39/100. This is up from 8.6% the prior year.

Piotroski F-Score Neutral

5/9

Tradeweb Markets passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.44x

For every $1 of reported earnings, Tradeweb Markets generates $1.44 in operating cash flow ($1.2B OCF vs $812.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

430.4x

Tradeweb Markets earns $430.4 in operating income for every $1 of interest expense ($835.3M vs $1.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.1B

YoY+18.9%

5Y CAGR+18.1%

Tradeweb Markets generated $2.1B in revenue in fiscal year 2025. This represents an increase of 18.9% from the prior year.

EBITDA

$1.1B

YoY+20.9%

5Y CAGR+21.1%

Tradeweb Markets's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.9% from the prior year.

Net Income

$812.8M

YoY+62.1%

5Y CAGR+37.3%

Tradeweb Markets reported $812.8M in net income in fiscal year 2025. This represents an increase of 62.1% from the prior year.

EPS (Diluted)

$3.78

YoY+62.2%

5Y CAGR+33.8%

Tradeweb Markets earned $3.78 per diluted share (EPS) in fiscal year 2025. This represents an increase of 62.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.1B

YoY+31.5%

5Y CAGR+21.2%

Tradeweb Markets generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.5% from the prior year.

Cash & Debt

$2.1B

YoY+55.5%

5Y CAGR+21.4%

Tradeweb Markets held $2.1B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.48

YoY+20.0%

5Y CAGR+8.4%

Tradeweb Markets paid $0.48 per share in dividends in fiscal year 2025. This represents an increase of 20.0% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

40.7%

YoY+1.4pp

5Y CAGR+11.2pp

Tradeweb Markets's operating margin was 40.7% in fiscal year 2025, reflecting core business profitability. This is up 1.4 percentage points from the prior year.

Net Margin

39.6%

YoY+10.5pp

5Y CAGR+21.0pp

Tradeweb Markets's net profit margin was 39.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.5 percentage points from the prior year.

Return on Equity

12.5%

YoY+3.8pp

5Y CAGR+8.6pp

Tradeweb Markets's ROE was 12.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$104.2M

YoY+76.4%

Tradeweb Markets spent $104.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 76.4% from the prior year.

Capital Expenditures

$40.6M

YoY-1.0%

5Y CAGR+28.7%

Tradeweb Markets invested $40.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.0% from the prior year.

TW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.1B+18.9%	$1.7B+29.0%	$1.3B+12.6%	$1.2B+10.4%	$1.1B+20.6%	$892.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$835.3M+23.2%	$678.0M+34.2%	$505.3M+22.5%	$412.6M+15.0%	$358.8M+36.3%	$263.4M
Interest Expense	$1.9M-54.6%	$4.3M+109.0%	$2.0M+13.4%	$1.8M+213.5%	-$1.6M-403.2%	-$316K
Income Tax	$253.5M+37.4%	$184.4M+43.6%	$128.5M+65.7%	$77.5M-20.0%	$96.9M+72.8%	$56.1M
Net Income	$812.8M+62.1%	$501.5M+37.4%	$364.9M+18.0%	$309.3M+36.4%	$226.8M+36.4%	$166.3M
EPS (Diluted)	$3.78+62.2%	$2.33+36.3%	$1.71+15.5%	$1.48+35.8%	$1.09+23.9%	$0.88

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$521.2M+2.5%	$508.6M-0.9%	$513.0M+0.6%	$509.7M+10.0%	$463.3M+3.2%	$448.9M+10.9%	$405.0M-0.9%	$408.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$221.0M+5.1%	$210.4M+5.3%	$199.9M-2.1%	$204.1M+8.3%	$188.5M+18.3%	$159.3M-2.0%	$162.5M-3.1%	$167.7M
Interest Expense	$403K-22.8%	$522K+21.7%	$429K-26.9%	$587K+2.4%	$573K-60.4%	$1.4M+166.8%	$542K-68.5%	$1.7M
Income Tax	$89.6M+51.7%	$59.1M+14.6%	$51.5M-3.3%	$53.3M+5.9%	$50.3M+15.8%	$43.5M-7.6%	$47.0M+7.8%	$43.6M
Net Income	$325.0M+75.1%	$185.6M+20.7%	$153.8M+3.6%	$148.4M+4.3%	$142.2M+24.8%	$113.9M-4.5%	$119.2M-5.5%	$126.1M
EPS (Diluted)	N/A	$0.86+21.1%	$0.71+2.9%	$0.69	N/A	$0.53-3.6%	$0.55-6.8%	$0.59

TW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.2B+12.7%	$7.3B+3.0%	$7.1B+12.8%	$6.3B+4.5%	$6.0B+5.5%	$5.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.1B+55.5%	$1.3B-21.5%	$1.7B+35.7%	$1.3B+29.3%	$972.0M+22.8%	$791.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.2B0.0%	$3.2B+11.9%	$2.8B+1.3%	$2.8B0.0%	$2.8B+3.2%	$2.7B
Total Liabilities	$1.0B+15.1%	$869.1M-23.0%	$1.1B+58.0%	$713.8M+4.8%	$681.2M+3.1%	$660.7M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.5B+12.2%	$5.8B+7.9%	$5.4B+8.5%	$5.0B+6.6%	$4.6B+8.0%	$4.3B
Retained Earnings	$1.6B+60.6%	$996.8M+55.7%	$640.4M+65.6%	$386.6M+59.4%	$242.6M+55.5%	$156.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$8.2B+2.4%	$8.0B-0.7%	$8.1B+9.3%	$7.4B+1.4%	$7.3B-0.9%	$7.3B+0.7%	$7.3B-1.5%	$7.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.1B+9.3%	$1.9B+17.0%	$1.6B+24.8%	$1.3B-2.5%	$1.3B+14.2%	$1.2B-31.7%	$1.7B+11.2%	$1.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.2B0.0%	$3.2B0.0%	$3.2B0.0%	$3.2B0.0%	$3.2B0.0%	$3.1B+10.2%	$2.9B0.0%	$2.9B
Total Liabilities	$1.0B-5.7%	$1.1B-20.2%	$1.3B+61.6%	$822.8M-5.3%	$869.1M-17.3%	$1.1B-2.5%	$1.1B-18.4%	$1.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.5B+3.6%	$6.3B+3.0%	$6.1B+2.7%	$5.9B+2.4%	$5.8B+1.7%	$5.7B+1.2%	$5.6B+2.2%	$5.5B
Retained Earnings	$1.6B+13.7%	$1.4B+12.8%	$1.2B+11.4%	$1.1B+12.3%	$996.8M+9.4%	$910.8M+8.0%	$843.2M+13.1%	$745.2M

TW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.2B+30.1%	$897.7M+20.3%	$746.1M+17.9%	$632.8M+9.5%	$578.0M+30.4%	$443.2M
Capital Expenditures	$40.6M-1.0%	$41.0M+121.1%	$18.5M-20.2%	$23.2M+37.5%	$16.9M+46.9%	$11.5M
Free Cash Flow	$1.1B+31.5%	$856.8M+17.8%	$727.6M+19.3%	$609.6M+8.6%	$561.1M+30.0%	$431.7M
Investing Cash Flow	-$126.5M+86.9%	-$969.2M-630.0%	-$132.8M-120.9%	-$60.1M+76.8%	-$259.1M-314.3%	-$62.5M
Financing Cash Flow	-$307.5M-5.9%	-$290.3M-72.6%	-$168.2M+39.2%	-$276.7M-103.3%	-$136.1M-158.3%	-$52.7M
Dividends Paid	$102.3M+20.1%	$85.2M+12.3%	$75.9M+15.0%	$66.0M+2.2%	$64.6M+11.2%	$58.1M
Share Buybacks	$104.2M+76.4%	$59.1M+67.7%	$35.2M-64.6%	$99.3M+31.2%	$75.7M	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$355.9M+4.0%	$342.3M-16.3%	$409.2M+579.6%	$60.2M-78.7%	$282.0M-3.5%	$292.1M+2.3%	$285.7M+653.5%	$37.9M
Capital Expenditures	$19.4M+38.3%	$14.0M+156.7%	$5.5M+232.2%	$1.6M-93.5%	$25.2M+485.1%	$4.3M-10.7%	$4.8M-26.7%	$6.6M
Free Cash Flow	$336.5M+2.5%	$328.3M-18.7%	$403.7M+589.4%	$58.6M-77.2%	$256.8M-10.8%	$287.8M+2.5%	$280.8M+796.5%	$31.3M
Investing Cash Flow	-$34.8M+0.1%	-$34.9M+17.1%	-$42.1M-183.8%	-$14.8M+68.0%	-$46.3M+94.1%	-$788.2M-2744.1%	-$27.7M+74.1%	-$107.0M
Financing Cash Flow	-$145.3M-410.4%	-$28.5M+43.9%	-$50.7M+38.9%	-$83.0M-37.6%	-$60.3M-9.7%	-$55.0M+34.6%	-$84.1M+7.3%	-$90.8M
Dividends Paid	$25.6M-0.2%	$25.6M0.0%	$25.6M+0.1%	$25.6M+20.0%	$21.3M-0.1%	$21.3M0.0%	$21.3M+0.2%	$21.3M
Share Buybacks	$103.3M	$0	$0-100.0%	$844K-97.6%	$34.7M+42.1%	$24.4M	$0	$0

TW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	40.7%+1.4pp	39.3%+1.5pp	37.8%+3.0pp	34.7%+1.4pp	33.3%+3.8pp	29.5%
Net Margin	39.6%+10.5pp	29.1%+1.8pp	27.3%+1.3pp	26.0%+4.9pp	21.1%+2.4pp	18.6%
Return on Equity	12.5%+3.8pp	8.6%+1.9pp	6.8%+0.6pp	6.2%+1.4pp	4.9%+1.0pp	3.9%
Return on Assets	9.9%+3.0pp	6.9%+1.7pp	5.2%+0.2pp	4.9%+1.1pp	3.8%+0.9pp	2.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.150.0	0.15-0.1	0.21+0.1	0.140.0	0.150.0	0.15
FCF Margin	54.9%+5.3pp	49.6%-4.7pp	54.4%+3.1pp	51.3%-0.8pp	52.1%+3.8pp	48.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	42.4%+1.0pp	41.4%+2.4pp	39.0%-1.1pp	40.1%-0.6pp	40.7%+5.2pp	35.5%-4.6pp	40.1%-0.9pp	41.0%
Net Margin	62.4%+25.9pp	36.5%+6.5pp	30.0%+0.9pp	29.1%-1.6pp	30.7%+5.3pp	25.4%-4.1pp	29.4%-1.4pp	30.9%
Return on Equity	5.0%+2.0pp	3.0%+0.4pp	2.5%+0.0pp	2.5%+0.1pp	2.5%+0.5pp	2.0%-0.1pp	2.1%-0.2pp	2.3%
Return on Assets	4.0%+1.7pp	2.3%+0.4pp	1.9%-0.1pp	2.0%+0.1pp	2.0%+0.4pp	1.6%-0.1pp	1.6%-0.1pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.15-0.0	0.17-0.0	0.22+0.1	0.14-0.0	0.15-0.0	0.180.0	0.19-0.0	0.24
FCF Margin	64.6%+0.0pp	64.5%-14.2pp	78.7%+67.2pp	11.5%-43.9pp	55.4%-8.7pp	64.1%-5.2pp	69.3%+61.7pp	7.7%

Similar Companies

Futu Holdings Limited FUTU

$19.0B

Lpl Financial LPLA

$24.1B

Houlihan Lokey Inc HLI

$10.0B

Jefferies Financial Group JEF

$8.4B

Stifel Fin Corp SF

$11.4B

Frequently Asked Questions

What is Tradeweb Markets's annual revenue?

Tradeweb Markets (TW) reported $2.1B in total revenue for fiscal year 2025. This represents a 18.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Tradeweb Markets's revenue growing?

Tradeweb Markets (TW) revenue grew by 18.9% year-over-year, from $1.7B to $2.1B in fiscal year 2025.

Is Tradeweb Markets profitable?

Yes, Tradeweb Markets (TW) reported a net income of $812.8M in fiscal year 2025, with a net profit margin of 39.6%.

What is Tradeweb Markets's EBITDA?

Tradeweb Markets (TW) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Tradeweb Markets's operating margin?

Tradeweb Markets (TW) had an operating margin of 40.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tradeweb Markets's net profit margin?

Tradeweb Markets (TW) had a net profit margin of 39.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Tradeweb Markets pay dividends?

Yes, Tradeweb Markets (TW) paid $0.48 per share in dividends during fiscal year 2025.

What is Tradeweb Markets's return on equity (ROE)?

Tradeweb Markets (TW) has a return on equity of 12.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tradeweb Markets's free cash flow?

Tradeweb Markets (TW) generated $1.1B in free cash flow during fiscal year 2025. This represents a 31.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tradeweb Markets's operating cash flow?

Tradeweb Markets (TW) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tradeweb Markets's total assets?

Tradeweb Markets (TW) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tradeweb Markets's capital expenditures?

Tradeweb Markets (TW) invested $40.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Tradeweb Markets buy back shares?

Yes, Tradeweb Markets (TW) spent $104.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Tradeweb Markets's debt-to-equity ratio?

Tradeweb Markets (TW) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tradeweb Markets's return on assets (ROA)?

Tradeweb Markets (TW) had a return on assets of 9.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tradeweb Markets's Piotroski F-Score?

Tradeweb Markets (TW) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tradeweb Markets's earnings high quality?

Tradeweb Markets (TW) has an earnings quality ratio of 1.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tradeweb Markets cover its interest payments?

Tradeweb Markets (TW) has an interest coverage ratio of 430.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tradeweb Markets?

Tradeweb Markets (TW) scores 81 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.