Tradeweb Markets Inc. (TW) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TW SEC filings page.
Tradeweb Markets Inc. (TW) reported $2.2B in revenue over the twelve months to Jun 30, 2026, up 14.0% from the prior twelve months. 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 2025 results show a cash-generative platform where growth increasingly converts into earnings without heavier balance-sheet dependence.
The notable shift is that net profit margin rose from29.1% in FY2024 to39.6% in FY2025, while operating margin moved only from39.3% to40.7% ; that gap points to a large below-operating-line contribution rather than ordinary cost leverage alone. Operating cash flow of$1.17B exceeded net income of$813M , so the reported profit increase was accompanied by cash realization, not merely accounting earnings.
Revenue rose to
The business remains lightly balance-sheet dependent, with FY2025 debt-to-equity at 0.2x. Free cash flow of
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 Inc.'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.
Tradeweb Markets Inc. earned a return on assets of 9.9% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 6.9% the prior year. Earnings ranks banks on that return over three years, and Tradeweb Markets Inc. scores 98/100 among other banks.
Tradeweb Markets Inc. reported revenue of $2.1B in fiscal year 2025, against $1.7B in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Tradeweb Markets Inc. scores 81/100 among other banks.
Tradeweb Markets Inc. funded 79.5% of its assets with shareholders' equity at the end of fiscal year 2025, holding $6.5B of equity against $8.2B of assets. Capital ranks banks on that cushion, and Tradeweb Markets Inc. scores 98/100 among other banks.
Not available for Tradeweb Markets Inc., and counted as zero in the overall score.
Not available for Tradeweb Markets Inc., and counted as zero in the overall score.
Tradeweb Markets Inc. reported net income of $812.8M in fiscal year 2025, against $501.5M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Tradeweb Markets Inc. scores 33/100 among other banks.
Tradeweb Markets Inc. 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 Inc. 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 Inc. 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 Inc. generated $558.9M in revenue in Q2 2026. This represents an increase of 9.0% from the same quarter a year earlier. Against the prior quarter it is down 9.5%.
Tradeweb Markets Inc.'s EBITDA was $306.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 11.8%.
Tradeweb Markets Inc. reported $181.3M in net income in Q2 2026. This represents an increase of 17.9% from the same quarter a year earlier. Against the prior quarter it is down 11.7%.
Tradeweb Markets Inc. earned $0.85 per diluted share (EPS) in Q2 2026. This represents an increase of 19.7% from the same quarter a year earlier. Against the prior quarter it is down 11.5%.
Cash & Balance Sheet
Tradeweb Markets Inc. generated $385.8M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 4.4% from the same quarter a year earlier. Against the prior quarter it is up 309.4%.
Tradeweb Markets Inc. held $2.1B in cash as of Q2 2026; long-term debt is not reported for that period.
Tradeweb Markets Inc. paid $0.14 per share in dividends in Q2 2026. This represents an increase of 16.7% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Tradeweb Markets Inc.'s operating margin was 43.9% in Q2 2026, reflecting core business profitability. This is up 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.
Tradeweb Markets Inc.'s net profit margin was 32.4% in Q2 2026, showing the share of revenue converted to profit. This is up 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
Tradeweb Markets Inc.'s ROE was 2.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Tradeweb Markets Inc. spent $187.2M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 251.0%.
Tradeweb Markets Inc. invested $8.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 52.5% from the same quarter a year earlier. Against the prior quarter it is down 13.2%.
Not reported for Q2 2026.
TW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $558.9M+9.0% | $617.8M+21.2% | $521.2M+12.5% | $508.6M+13.3% | $513.0M+26.7% | $509.7M+24.7% | $463.3M+25.2% | $448.9M+36.7% |
| SG&A Expenses | $172.5M+1.6% | $197.8M+11.8% | $159.3M+4.6% | $165.0M+3.0% | $169.7M+23.7% | $176.9M+23.6% | $152.2M+20.9% | $160.2M+38.1% |
| Operating Income | $245.3M+22.7% | $287.3M+40.7% | $221.0M+17.2% | $210.4M+32.0% | $199.9M+23.0% | $204.1M+21.7% | $188.5M+33.1% | $159.3M+27.7% |
| EBITDA | $306.7M+16.7% | $348.0M+30.4% | $281.1M+11.8% | $274.7M+26.5% | $262.9M+23.8% | $266.8M+22.9% | $251.4M+32.9% | $217.2M+26.8% |
| Interest Expense | $505K+17.7% | $624K+6.3% | $403K-29.7% | $522K-63.9% | $429K-20.8% | $587K-65.8% | $573K-14.1% | $1.4M+211.6% |
| Income Tax | $63.5M+23.2% | $69.8M+30.9% | $89.6M+78.1% | $59.1M+35.9% | $51.5M+9.5% | $53.3M+22.1% | $50.3M+33.9% | $43.5M+51.6% |
| Net Income | $181.3M+17.9% | $205.3M+38.3% | $325.0M+128.5% | $185.6M+63.0% | $153.8M+29.0% | $148.4M+17.6% | $142.2M+59.2% | $113.9M+15.5% |
| EPS (Basic) | $0.85+18.1% | $0.96+37.1% | $1.52+130.3% | $0.87+64.2% | $0.72+28.6% | $0.70+18.6% | $0.66+57.1% | $0.53+12.8% |
| EPS (Diluted) | $0.85+19.7% | $0.96+39.1% | $1.51+128.8% | $0.86+62.3% | $0.71+29.1% | $0.69+16.9% | $0.66+61.0% | $0.53+15.2% |
| Diluted Shares (Avg) | 213M-1.0% | 213M-0.7% | N/A | 215M-0.1% | 215M0.0% | 215M+0.1% | N/A | 215M+0.8% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.3B+2.4% | $8.3B+12.6% | $8.2B+12.7% | $8.0B+9.0% | $8.1B+10.6% | $7.4B-0.4% | $7.3B+3.0% | $7.3B+12.8% |
| Cash & Equivalents | $2.1B+26.2% | $1.9B+48.3% | $2.1B+55.5% | $1.9B+62.6% | $1.6B-5.1% | $1.3B-15.4% | $1.3B-21.5% | $1.2B-21.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $3.2B0.0% | $3.2B0.0% | $3.2B0.0% | $3.2B0.0% | $3.2B+10.2% | $3.2B+10.2% | $3.2B+11.9% | $3.1B+11.9% |
| Total Liabilities | $912.7M-31.4% | $986.1M+19.9% | $1.0B+15.1% | $1.1B+1.0% | $1.3B+23.5% | $822.8M-37.7% | $869.1M-23.0% | $1.1B+51.6% |
| Total Equity | $6.6B+8.8% | $6.6B+11.5% | $6.5B+12.2% | $6.3B+10.2% | $6.1B+8.3% | $5.9B+7.8% | $5.8B+7.9% | $5.7B+8.3% |
| Retained Earnings | $1.7B+35.2% | $1.7B+54.2% | $1.6B+60.6% | $1.4B+54.6% | $1.2B+48.0% | $1.1B+50.2% | $996.8M+55.7% | $910.8M+59.7% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $394.1M-3.7% | $103.8M+72.5% | $355.9M+26.2% | $342.3M+17.2% | $409.2M+43.2% | $60.2M+58.8% | $282.0M+15.2% | $292.1M+34.4% |
| Depreciation & Amortization | $61.5M-2.5% | $60.7M-3.2% | $60.1M-4.4% | $64.4M+11.2% | $63.0M+26.3% | $62.7M+27.1% | $62.9M+32.3% | $57.9M+24.3% |
| Stock-Based Compensation | $29.8M+10.8% | $25.1M+12.9% | N/A | $26.1M-0.1% | $26.9M+13.5% | $22.2M+35.3% | N/A | $26.2M+50.8% |
| Capital Expenditures | $8.3M+52.5% | $9.6M+483.3% | $19.4M-23.1% | $14.0M+225.4% | $5.5M+13.2% | $1.6M-75.0% | $25.2M+2275.8% | $4.3M-31.6% |
| Free Cash Flow | $385.8M-4.4% | $94.2M+60.9% | $336.5M+31.1% | $328.3M+14.1% | $403.7M+43.8% | $58.6M+86.9% | $256.8M+5.4% | $287.8M+36.4% |
| Investing Cash Flow | -$33.9M+19.4% | -$77.3M-421.7% | -$34.8M+24.8% | -$34.9M+95.6% | -$42.1M-51.8% | -$14.8M+86.2% | -$46.3M-277.7% | -$788.2M-811.8% |
| Financing Cash Flow | -$239.1M-371.4% | -$172.1M-107.3% | -$145.3M-140.7% | -$28.5M+48.3% | -$50.7M+39.7% | -$83.0M+8.5% | -$60.3M-151.2% | -$55.0M-78.4% |
| Dividends Paid | $29.7M+16.1% | $29.8M+16.4% | $25.6M+20.0% | $25.6M+20.1% | $25.6M+20.1% | $25.6M+20.1% | $21.3M+11.7% | $21.3M+11.9% |
| Share Buybacks | $187.2M | $53.3M+6218.8% | $103.3M+198.1% | $0-100.0% | $0 | $844K | $34.7M+1387.0% | $24.4M+765.5% |
TW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 43.9%+4.9pp | 46.5%+6.5pp | 42.4%+1.7pp | 41.4%+5.9pp | 39.0%-1.2pp | 40.1%-1.0pp | 40.7%+2.4pp | 35.5%-2.5pp |
| Net Margin | 32.4%+2.5pp | 33.2%+4.1pp | 62.4%+31.7pp | 36.5%+11.1pp | 30.0%+0.5pp | 29.1%-1.7pp | 30.7%+6.6pp | 25.4%-4.6pp |
| Return on Equity | 2.7%+0.2pp | 3.1%+0.6pp | 5.0%+2.5pp | 3.0%+1.0pp | 2.5%+0.4pp | 2.5%+0.2pp | 2.5%+0.8pp | 2.0%+0.1pp |
| Return on Assets | 2.2%+0.3pp | 2.5%+0.5pp | 4.0%+2.0pp | 2.3%+0.8pp | 1.9%+0.3pp | 2.0%+0.3pp | 2.0%+0.7pp | 1.6%0.0pp |
| Debt-to-Equity | 0.14-0.1x | 0.150.0x | 0.150.0x | 0.170.0x | 0.220.0x | 0.14-0.1x | 0.15-0.1x | 0.18+0.1x |
| Asset Turnover | 0.070.0x | 0.070.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.070.0x | 0.060.0x | 0.060.0x |
| FCF Margin | 69.0%-9.7pp | 15.3%+3.8pp | 64.6%+9.2pp | 64.5%+0.4pp | 78.7%+9.4pp | 11.5%+3.8pp | 55.4%-10.4pp | 64.1%-0.2pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tradeweb Markets Inc. TW | FY2025 | $2.1B | $812.8M | 39.6% | $21.6B | 52/100 |
| Futu Holdings Limited FUTU | FY2025 | $2.9B | $1.5B | 49.6% | $14.9B | 50/100 |
| LPL Financial Holdings Inc. LPLA | FY2025 | $17.0B | $863.0M | 5.1% | $24.6B | 54/100 |
| Houlihan Lokey, Inc. HLI | FY2026 | $2.6B | $424.0M | 16.2% | $9.0B | 54/100 |
| Jefferies Financial Group Inc. JEF | FY2025 | $7.3B | $682.0M | 9.3% | $10.4B | 41/100 |
| Stifel Financial Corp. SF | FY2025 | $5.5B | $646.5M | 11.7% | $10.6B | 53/100 |
Where Tradeweb Markets Inc. Ranks
Frequently Asked Questions
What is Tradeweb Markets Inc.'s annual revenue?
Tradeweb Markets Inc. (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 Inc.'s revenue growing?
Tradeweb Markets Inc. (TW) revenue grew by 18.9% year-over-year, from $1.7B to $2.1B in fiscal year 2025.
Is Tradeweb Markets Inc. profitable?
Yes, Tradeweb Markets Inc. (TW) reported a net income of $812.8M in fiscal year 2025, with a net profit margin of 39.6%.
What is Tradeweb Markets Inc.'s EBITDA?
Tradeweb Markets Inc. (TW) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tradeweb Markets Inc.'s operating margin?
Tradeweb Markets Inc. (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 Inc.'s net profit margin?
Tradeweb Markets Inc. (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 Inc. pay dividends?
Yes, Tradeweb Markets Inc. (TW) paid $0.48 per share in dividends during fiscal year 2025.
What is Tradeweb Markets Inc.'s return on equity (ROE)?
Tradeweb Markets Inc. (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 Inc.'s free cash flow?
Tradeweb Markets Inc. (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 Inc.'s operating cash flow?
Tradeweb Markets Inc. (TW) generated $1.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tradeweb Markets Inc.'s total assets?
Tradeweb Markets Inc. (TW) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tradeweb Markets Inc.'s capital expenditures?
Tradeweb Markets Inc. (TW) invested $40.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Tradeweb Markets Inc.'s debt-to-equity ratio?
Tradeweb Markets Inc. (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 Inc.'s return on assets (ROA)?
Tradeweb Markets Inc. (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 Inc.'s P/E ratio?
Tradeweb Markets Inc. (TW) trades at 24.0x earnings, its market capitalization divided by net income of $897.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $21.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tradeweb Markets Inc.'s price-to-sales ratio?
Tradeweb Markets Inc. (TW) trades at 9.8x sales, its market capitalization divided by revenue of $2.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $21.6B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tradeweb Markets Inc.'s Piotroski F-Score?
Tradeweb Markets Inc. (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 Inc.'s earnings high quality?
Tradeweb Markets Inc. (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 Inc. cover its interest payments?
Tradeweb Markets Inc. (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 Inc.?
Tradeweb Markets Inc. (TW) scores 52 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.