Tradeweb Markets Financials
Tradeweb Markets (TW) reported $2.1B in revenue for fiscal year 2025, up 18.9% from the prior fiscal year. This page shows its 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).
Tradeweb’s dominant mechanic is scale-driven, asset-light cash conversion, with rising volume widening margins while reinvestment needs stay low.
From FY2021 to FY2025, revenue nearly doubled while SG&A rose much more slowly, which pushed operating margin from33.3% to40.7% instead of letting growth get absorbed by overhead. With capex only$40.6M in FY2025, that operating leverage kept turning into free cash rather than being tied up in the business, which is why free cash flow has stayed around half of sales for five years.
Cash generation is reinforcing an already conservative balance-sheet posture: FY2025 cash of
Earnings quality looks strong because cash kept pace with profit as the business scaled: FY2025 operating cash flow reached
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tradeweb Markets's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Tradeweb Markets, and counted as zero in the overall score.
Not available for Tradeweb Markets, and counted as zero in the overall score.
Tradeweb Markets passes 5 of 5 computable financial strength tests (4 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), both operating efficiency signals pass.
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.
Tradeweb Markets earns $430.36 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
Earnings & Revenue
Tradeweb Markets generated $2.1B in revenue in fiscal year 2025. This represents an increase of 18.9% from the prior year.
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.
Tradeweb Markets reported $812.8M in net income in fiscal year 2025. This represents an increase of 62.1% from the prior year.
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
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.
Tradeweb Markets held $2.1B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Tradeweb Markets paid $0.48 per share in dividends in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
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.
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.
Not reported for fiscal year 2025.
TW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.1B+18.9% | $1.7B+29.0% | $1.3B+12.6% | $1.2B+10.4% | $1.1B+20.6% | $892.7M+15.1% | $775.6M | $504.4M |
| SG&A Expenses | $694.5M | $670.8M+13.2% | $592.7M+28.8% | $460.3M+6.4% | $432.4M+6.2% | $407.3M+16.5% | $349.7M+6.1% | $329.5M | $249.0M |
| Operating Income | $963.9M | $835.3M+23.2% | $678.0M+34.2% | $505.3M+22.5% | $412.6M+15.0% | $358.8M+36.3% | $263.4M+38.7% | $189.8M | $89.1M |
| Interest Expense | $2.1M | $1.9M-54.6% | $4.3M+109.0% | $2.0M+13.4% | $1.8M+213.5% | -$1.6M-403.2% | -$316K-113.3% | $2.4M | N/A |
| Income Tax | $281.9M | $253.5M+37.4% | $184.4M+43.6% | $128.5M+65.7% | $77.5M-20.0% | $96.9M+72.8% | $56.1M+7.2% | $52.3M | $6.1M |
| Net Income | $897.2M | $812.8M+62.1% | $501.5M+37.4% | $364.9M+18.0% | $309.3M+36.4% | $226.8M+36.4% | $166.3M+98.5% | $83.8M | $83.6M |
| EPS (Diluted) | — | $3.78+62.2% | $2.33+36.3% | $1.71+15.5% | $1.48+35.8% | $1.09+23.9% | $0.88+63.0% | $0.54 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
No annual filing on record for: FY2018.
TW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.2B+12.7% | $7.3B+3.0% | $7.1B+12.8% | $6.3B+4.5% | $6.0B+5.5% | $5.7B+11.5% | $5.1B | 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+71.8% | $460.7M | $353.8M |
| Goodwill | $3.2B0.0% | $3.2B+11.9% | $2.8B+1.3% | $2.8B0.0% | $2.8B+3.2% | $2.7B0.0% | $2.7B | N/A |
| Total Liabilities | $1.0B+15.1% | $869.1M-23.0% | $1.1B+58.0% | $713.8M+4.8% | $681.2M+3.1% | $660.7M-61.5% | $1.7B | 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+27.4% | $3.4B | N/A |
| Retained Earnings | $1.6B+60.6% | $996.8M+55.7% | $640.4M+65.6% | $386.6M+59.4% | $242.6M+55.5% | $156.0M+226.2% | $47.8M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
No annual filing on record for: FY2018.
TW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B | $1.2B+30.1% | $897.7M+20.3% | $746.1M+17.9% | $632.8M+9.5% | $578.0M+30.4% | $443.2M+42.5% | $311.0M | $224.6M |
| Capital Expenditures | $51.4M | $40.6M-1.0% | $41.0M+121.1% | $18.5M-20.2% | $23.2M+37.5% | $16.9M+46.9% | $11.5M-27.2% | $15.8M | $13.5M |
| Free Cash Flow | $1.1B | $1.1B+31.5% | $856.8M+17.8% | $727.6M+19.3% | $609.6M+8.6% | $561.1M+30.0% | $431.7M+46.2% | $295.2M | $211.1M |
| Investing Cash Flow | -$180.9M | -$126.5M+86.9% | -$969.2M-630.0% | -$132.8M-120.9% | -$60.1M+76.8% | -$259.1M-314.3% | -$62.5M-40.7% | -$44.5M | -$45.6M |
| Financing Cash Flow | -$585.0M | -$307.5M-5.9% | -$290.3M-72.6% | -$168.2M+39.2% | -$276.7M-103.3% | -$136.1M-158.3% | -$52.7M+75.8% | -$218.1M | -$153.5M |
| Dividends Paid | $110.7M | $102.3M+20.1% | $85.2M+12.3% | $75.9M+15.0% | $66.0M+2.2% | $64.6M+11.2% | $58.1M | N/A | N/A |
| Share Buybacks | $343.9M | $104.2M+76.4% | $59.1M+67.7% | $35.2M-64.6% | $99.3M+31.2% | $75.7M | $0 | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
No annual filing on record for: FY2018.
TW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.7%+1.4pp | 39.3%+1.5pp | 37.8%+3.0pp | 34.7%+1.4pp | 33.3%+3.8pp | 29.5%+5.0pp | 24.5% | 17.7% |
| Net Margin | 39.6%+10.5pp | 29.1%+1.8pp | 27.3%+1.3pp | 26.0%+4.9pp | 21.1%+2.4pp | 18.6%+7.8pp | 10.8% | 16.6% |
| 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%+1.4pp | 2.5% | N/A |
| 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%+1.3pp | 1.6% | N/A |
| Debt-to-Equity | 0.150.0x | 0.15-0.1x | 0.21+0.1x | 0.140.0x | 0.150.0x | 0.15-0.4x | 0.51 | N/A |
| FCF Margin | 54.9%+5.3pp | 49.6%-4.7pp | 54.4%+3.1pp | 51.3%-0.8pp | 52.1%+3.8pp | 48.4%+10.3pp | 38.1% | 41.9% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
No annual filing on record for: FY2018.
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Where Tradeweb Markets Ranks
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.
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 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 430.36x, 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 51 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.