Tradeweb Markets Inc. (TW) Financial Statements

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Tradeweb Markets financial statements at a glance

Tradeweb Markets reported revenue of $2.05 billion for fiscal year 2025 (ended December 31, 2025), up 18.9% from fiscal year 2024. Net income was $812.16 million, a net margin of 39.6%, and diluted earnings per share were $3.78.

At the end of fiscal year 2025 it had total assets of $8.19 billion, total liabilities of $1.00 billion and shareholders' equity of $6.51 billion, with cash and short-term investments of $2.08 billion and total debt of $139.17 million.

Its operations brought in $1.17 billion of cash; capital spending was $103.09 million, leaving free cash flow of $1.06 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

TW logo

Tradeweb Markets Inc.

TWUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
2.05B
Prev Year: 1.73B
YoY: +18.9%
Operating Revenue
2.03B
Prev Year: 1.71B
YoY: +18.4%
Net Income from Continuing Operation Net Minority Interest
812.79M
Prev Year: 501.51M
YoY: +62.1%
Normalized EBITDA
1.43B
Prev Year: 978.68M
YoY: +45.8%
Tax Rate for Calcs
0.216
Prev Year: 0
Total Unusual Items Excluding Goodwill
-
Interest Income
68.41M
Prev Year: 74.04M
YoY: -7.6%
Noncontrolling Interests
-108.71M
Prev Year: -68.46M
YoY: -58.8%
Other Non-operating Income (expense)
263.38M
Prev Year: -1.11M
YoY: +23743.1%
Non-operating Interest Income
68.41M
Prev Year: 74.04M
YoY: -7.6%
Cost of Revenue
670.83M
Prev Year: 592.69M
YoY: +13.2%
Gross Profit
1.38B
Prev Year: 1.13B
YoY: +21.9%
Operating Expense
536.47M
Prev Year: 447.50M
YoY: +19.9%
Selling General and Administrative
296.07M
Prev Year: 235.23M
YoY: +25.9%
General and Administrative Expense
296.07M
Prev Year: 235.23M
YoY: +25.9%
Rent and Landing Fees
25.95M
Prev Year: 20.21M
YoY: +28.4%
Salaries and Wages
-
Other General and Administrative
270.12M
Prev Year: 215.02M
YoY: +25.6%
Depreciation Amortization Depletion
250.19M
Prev Year: 220.00M
YoY: +13.7%
Depreciation and amortization
250.19M
Prev Year: 220.00M
YoY: +13.7%
Other Taxes
-9.79M
Prev Year: -7.73M
YoY: -26.6%
Operating Income
845.12M
Prev Year: 685.76M
YoY: +23.2%
Net Non Operating Interest Income Expense
66.47M
Prev Year: 69.76M
YoY: -4.7%
Non-operating Interest Expense
1.94M
Prev Year: 4.28M
YoY: -54.6%
Other Income Expense
263.38M
Prev Year: -1.11M
YoY: +23743.1%
Pre-tax Income
1.17B
Prev Year: 754.40M
YoY: +55.7%
Provision for Income Taxes
253.47M
Prev Year: 184.44M
YoY: +37.4%
Net Income Common Stockholders
812.16M
Prev Year: 501.12M
YoY: +62.1%
Net Income
812.79M
Prev Year: 501.51M
YoY: +62.1%
Net Income Including Non-Controlling Interests
921.50M
Prev Year: 569.96M
YoY: +61.7%
Net Income from Continuing Operations
921.50M
Prev Year: 569.96M
YoY: +61.7%
Otherunder Preferred Stock Dividend
636.0K
Prev Year: 389.0K
YoY: +63.5%
Diluted NI Available to Com Stockholders
812.16M
Prev Year: 501.12M
YoY: +62.1%
Basic EPS
3.81
Diluted EPS
3.78
Weighted Average Shares (basic)
213.21M
Weighted Average Shares (diluted)
214.90M
Total Operating Income as Reported
835.34M
Prev Year: 678.03M
YoY: +23.2%
Rent Expense (supplemental)
25.95M
Prev Year: 20.21M
YoY: +28.4%
Total Expenses
1.21B
Prev Year: 1.04B
YoY: +16.1%
Net Income from Continuing and Discontinued Operation
812.79M
Prev Year: 501.51M
YoY: +62.1%
Normalized Income
812.79M
Prev Year: 501.51M
YoY: +62.1%
Interest Expense
1.94M
Prev Year: 4.28M
YoY: -54.6%
Net Interest Income
66.47M
Prev Year: 69.76M
YoY: -4.7%
EBIT
1.18B
Prev Year: 758.68M
YoY: +55.1%
EBITDA
1.43B
Prev Year: 978.68M
YoY: +45.8%
Reconciled Cost of Revenue
670.83M
Prev Year: 592.69M
YoY: +13.2%
Reconciled Depreciation
250.19M
Prev Year: 220.00M
YoY: +13.7%
Values in USD

Tradeweb Markets key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$2.1B$1.7B$1.3B$1.2B$1.1B
Gross profit$1.4B$1.1B$877.9M$756.4M$669.2M
Operating income$845.1M$685.8M$495.8M$426.2M$371.6M
Net income$812.2M$501.1M$364.4M$309.1M$226.8M
Diluted EPS$3.78–$1.71$1.48$1.09
Total assets$8.2B$7.3B$7.1B$6.3B$6.0B
Total liabilities$1.0B$869.1M$1.1B$713.8M$681.2M
Shareholders' equity$6.5B$5.8B$5.4B$5.0B$4.6B
Cash and short-term investments$2.1B$1.3B$1.7B$1.3B$972.0M
Total debt$139.2M$35.7M$27.5M$27.9M$24.3M
Operating cash flow$1.2B$897.7M$746.1M$632.8M$578.0M
Capital spending$103.1M$88.9M$61.8M$60.1M$51.3M
Free cash flow$1.1B$808.9M$684.3M$572.7M$526.7M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was Tradeweb Markets's revenue in fiscal year 2025?

$2.05 billion, up 18.9% from $1.73 billion in fiscal year 2024.

How much profit does Tradeweb Markets make?

Tradeweb Markets reported net income of $812.16 million for fiscal year 2025 (39.6% of revenue); operating income was $845.12 million.

How much cash and debt does Tradeweb Markets have?

At the end of fiscal year 2025: cash and short-term investments of $2.08 billion and total debt of $139.17 million.

What is Tradeweb Markets's free cash flow?

$1.06 billion in fiscal year 2025 (operating cash flow of $1.17 billion minus capital spending of $103.09 million).

MoreTradeweb Markets stock overviewTradeweb Markets executive teamTradeweb Markets shareholdersTradeweb Markets revenue by segment
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