Tradeweb Markets
TW · NasdaqSecurity & Commodity Brokers, Dealers, Exchanges & Services · Fiscal year ends Dec 31
Tradeweb Markets reported revenue of $2.1B in the fiscal year ended Dec 2025, up 18.9% from the year before. Operating income was $835M, an operating margin of 40.7%, and net income was $813M. Operating cash flow of $1.2B less capital expenditure of $41M left free cash flow of $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.7B | $2.1B |
| Operating income | $359M | $413M | $505M | $678M | $835M |
| Net interest incomeBanks | −$2M | $12M | $65M | – | – |
| Interest expense | – | $2M | $2M | $4M | $2M |
| Pre-tax income | $370M | $437M | $548M | $754M | $1.2B |
| Income tax | $97M | $78M | $128M | $184M | $253M |
| Net income | $227M | $309M | $365M | $502M | $813M |
| Diluted EPS | 1.09 | 1.48 | 1.71 | 2.33 | 3.78 |
| Diluted shares | 207M | 208M | 213M | 215M | 215M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $972M | $1.3B | $1.7B | $1.3B | $2.1B |
| Net PP&E | $31M | $37M | $34M | $46M | $78M |
| Goodwill | $2.8B | $2.8B | $2.8B | $3.2B | $3.2B |
| Total assets | $6B | $6.3B | $7.1B | $7.3B | $8.2B |
| Deferred revenue | $25M | $23M | $26M | $31M | $29M |
| Total liabilities | $681M | $714M | $1.1B | $869M | $1B |
| Shareholders' equity | $4.6B | $5B | $5.4B | $5.8B | $6.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $578M | $633M | $746M | $898M | $1.2B |
| Capital expenditure | $17M | $23M | $19M | $41M | $41M |
| Free cash flow | $561M | $610M | $728M | $857M | $1.1B |
| Depreciation & amortisation | $171M | $179M | $185M | $220M | $250M |
| Stock-based compensation | $52M | $67M | $65M | $90M | $104M |
| Acquisitions | $208M | $0 | $70M | $860M | $0 |
| Share buybacks | $76M | $99M | $35M | $59M | $104M |
| Dividend per share | 0.32 | 0.32 | 0.36 | 0.40 | 0.48 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.4% | 12.6% | 29.0% | 18.9% |
| Operating income growth (YoY) | – | 15.0% | 22.5% | 34.2% | 23.2% |
| EPS growth (YoY) | – | 35.8% | 15.5% | 36.3% | 62.2% |
| Operating margin | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% |
| Net margin | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
| Return on equityBlank when equity is negative | 4.9% | 6.2% | 6.8% | 8.6% | 12.5% |
| Free cash flow margin | 52.1% | 51.3% | 54.4% | 49.6% | 54.9% |
| Cash conversion (CFO ÷ net income) | 2.55x | 2.05x | 2.04x | 1.79x | 1.44x |
| Interest cover | – | 229x | 247x | 158x | 430x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.