NASDAQ : TW
Tradeweb Markets Inc. — Financial statements
Financials · Capital Markets · United States
Last price 118.88 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 27.82B
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Financial statements
Tradeweb Markets Inc. (TW) reported revenue of 2.28B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Total Interest Expense | 2.05M | 1.94M | 4.28M | 2.05M | 1.80M | 1.59M |
| Net Interest Income | -2.05M | -1.94M | -4.28M | -2.05M | -1.80M | -1.59M |
| Other Revenue | 2.28B | 2.05B | 1.73B | 1.34B | 1.19B | 1.08B |
| Revenue | 2.28B | 2.05B | 1.72B | 1.34B | 1.19B | 1.07B |
| Salaries & Employee Benefits | 708.45M | 670.83M | 588.59M | 460.31M | 417.42M | 405.56M |
| Cost of Services Provided | 322.42M | 296.07M | 216.13M | 181.79M | 164.91M | 133.98M |
| Total Operating Expenses | 1.28B | 1.22B | 1.02B | 827.45M | 761.21M | 710.85M |
| Operating Income | 1.00B | 833.40M | 696.95M | 508.72M | 425.77M | 364.01M |
| Currency Exchange Gains | -1.29M | |||||
| Other Non-Operating Income (Expenses) | 353.72M | 348.58M | 81.95M | 57.15M | 27.36M | 12.74M |
| EBT Excluding Unusual Items | 1.36B | 1.18B | 778.90M | 564.58M | 453.13M | 376.76M |
| Merger & Restructuring Charges | -20.50M | -5.50M | -5.07M | |||
| Gain (Loss) on Sale of Investments | -38.30M | -6.50M | -1.30M | -11.10M | -1.00M | |
| Other Unusual Items | -2.70M | -15.00M | -1.70M | |||
| Pretax Income | 1.32B | 1.17B | 754.40M | 547.98M | 437.13M | 369.98M |
| Income Tax Expense | 287.94M | 253.47M | 184.44M | 128.48M | 77.52M | 96.88M |
| Earnings From Continuing Ops. | 1.03B | 921.50M | 569.96M | 419.50M | 359.61M | 273.11M |
| Minority Interest in Earnings | -122.83M | -108.71M | -68.46M | -54.64M | -50.27M | -46.28M |
| Net Income | 909.05M | 812.79M | 501.51M | 364.87M | 309.34M | 226.83M |
| Preferred Dividends & Other Adjustments | 468.00K | 636.00K | 389.00K | 467.00K | 244.00K | |
| Net Income to Common | 908.58M | 812.16M | 501.12M | 364.40M | 309.09M | 226.83M |
| Shares Outstanding (Basic) | 212.15M | 213.21M | 213.03M | 210.80M | 205.58M | 201.42M |
| Shares Outstanding (Diluted) | 212.93M | 214.90M | 214.92M | 212.67M | 208.40M | 207.25M |
| EPS (Basic) | 4.28 | 3.81 | 2.35 | 1.73 | 1.50 | 1.13 |
| EPS (Diluted) | 4.27 | 3.78 | 2.33 | 1.71 | 1.48 | 1.09 |
| Free Cash Flow | 1.15B | 1.13B | 856.78M | 727.56M | 609.61M | 561.14M |
| Free Cash Flow Per Share | 5.42 | 5.25 | 3.99 | 3.42 | 2.92 | 2.71 |
| Dividend Per Share | 0.54 | 0.48 | 0.40 | 0.36 | 0.32 | 0.32 |
| Operating Margin | 44.07% | 40.64% | 40.48% | 38.07% | 35.87% | 33.87% |
| Profit Margin | 39.84% | 39.61% | 29.11% | 27.27% | 26.04% | 21.10% |
| Free Cash Flow Margin | 50.63% | 54.97% | 49.77% | 54.45% | 51.36% | 52.21% |
| Effective Tax Rate | 21.82% | 21.57% | 24.45% | 23.45% | 17.73% | 26.18% |
| Revenue as Reported | 2.28B | 2.05B | 1.73B | 1.34B | 1.19B | 1.08B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.11B | 2.08B | 1.34B | 1.71B | 1.26B | 972.05M |
| Trading Asset Securities | 3.02M | |||||
| Accounts Receivable | 137.35M | 8.63M | 67.81M | 381.18M | 11.63M | |
| Other Receivables | 335.29M | 270.62M | 230.37M | 168.62M | 145.66M | 133.76M |
| Property, Plant & Equipment | 212.06M | 201.26M | 79.52M | 58.77M | 62.35M | 51.56M |
| Goodwill | 3.15B | 3.15B | 3.15B | 2.82B | 2.78B | 2.78B |
| Other Intangible Assets | 1.32B | 1.42B | 1.58B | 1.14B | 1.22B | 1.34B |
| Investments in Debt & Equity Securities | 245.76M | 24.86M | 10.35M | 20.00M | 21.10M | |
| Restricted Cash | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Other Current Assets | 264.76M | 58.28M | 54.70M | 36.81M | 23.91M | 20.52M |
| Long-Term Deferred Tax Assets | 561.78M | 568.83M | 659.20M | 684.25M | 689.44M | 618.97M |
| Other Long-Term Assets | 88.48M | 399.79M | 94.09M | 68.38M | 51.59M | 49.33M |
| Total Assets | 8.43B | 8.19B | 7.27B | 7.06B | 6.26B | 5.99B |
| Accounts Payable | 310.86M | 184.53M | 161.64M | 408.22M | 54.92M | 28.16M |
| Accrued Expenses | 230.77M | 251.60M | 225.19M | 165.93M | 157.45M | 167.45M |
| Short-Term Debt | 6.66M | 22.39M | 1.00M | |||
| Current Portion of Leases | 6.06M | 18.27M | ||||
| Other Current Liabilities | 29.00M | 39.09M | 100.00K | 200.00K | ||
| Long-Term Leases | 143.24M | 120.89M | 35.75M | 27.46M | 27.94M | 24.33M |
| Long-Term Unearned Revenue | 38.12M | 29.03M | 30.80M | 25.75M | 22.83M | 24.93M |
| Long-Term Deferred Tax Liabilities | 48.62M | 50.01M | 42.89M | 20.77M | 21.25M | 21.01M |
| Other Long-Term Liabilities | 288.50M | 300.23M | 372.84M | 457.52M | 425.72M | 412.45M |
| Total Liabilities | 1.10B | 1.00B | 869.11M | 1.13B | 713.82M | 681.24M |
| Common Stock | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 4.98B | 4.90B | 4.81B | 4.74B | 4.58B | 4.40B |
| Retained Earnings | 1.64B | 1.60B | 996.76M | 640.38M | 386.63M | 242.62M |
| Comprehensive Income & Other | -1.79M | 10.90M | -9.98M | -5.39M | -10.11M | 1.60M |
| Total Common Equity | 6.62B | 6.51B | 5.80B | 5.37B | 4.95B | 4.65B |
| Minority Interest | 712.18M | 681.48M | 598.69M | 557.65M | 592.52M | 663.35M |
| Shareholders' Equity | 7.33B | 7.19B | 6.40B | 5.93B | 5.55B | 5.31B |
| Total Liabilities & Equity | 8.43B | 8.19B | 7.27B | 7.06B | 6.26B | 5.99B |
| Total Debt | 149.29M | 145.82M | 35.75M | 49.85M | 28.95M | 24.33M |
| Net Cash (Debt) | 1.97B | 1.94B | 1.30B | 1.66B | 1.23B | 950.74M |
| Net Cash Per Share | 9.23 | 9.02 | 6.07 | 7.79 | 5.89 | 4.59 |
| Filing Date Shares Outstanding | 209.08M | 212.59M | 213.10M | 212.67M | 208.16M | 203.94M |
| Total Common Shares Outstanding | 209.08M | 212.44M | 212.91M | 212.02M | 207.68M | 203.22M |
| Working Capital | 2.28B | 1.92B | 1.31B | 1.70B | 1.22B | 931.84M |
| Book Value Per Share | 31.67 | 30.63 | 27.24 | 25.35 | 23.85 | 22.86 |
| Tangible Book Value | 2.15B | 1.94B | 1.07B | 1.42B | 956.48M | 526.73M |
| Tangible Book Value Per Share | 10.30 | 9.11 | 5.02 | 6.70 | 4.61 | 2.59 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 909.05M | 812.79M | 501.51M | 364.87M | 309.34M | 226.83M |
| Depreciation & Amortization, Total | 145.16M | 158.45M | 147.15M | 129.54M | 126.70M | 124.19M |
| Stock-Based Compensation | 109.55M | 103.54M | 89.65M | 65.13M | 66.64M | 51.94M |
| Change in Accounts Receivable | -91.81M | -35.34M | -14.90M | -50.03M | -17.60M | -22.25M |
| Change in Accounts Payable | 40.14M | 87.14M | 29.76M | 2.19M | 10.20M | -3.48M |
| Change in Other Net Operating Assets | -13.67M | 10.59M | -2.48M | 8.62M | -3.13M | 33.59M |
| Other Operating Activities | -4.73M | -83.09M | 93.49M | 167.17M | 90.48M | 118.94M |
| Operating Cash Flow | 1.20B | 1.17B | 897.74M | 746.09M | 632.82M | 578.02M |
| Capital Expenditures | -46.65M | -40.55M | -40.96M | -18.53M | -23.21M | -16.88M |
| Cash Acquisitions | -860.13M | -69.71M | -207.76M | |||
| Sale (Purchase) of Intangibles | -71.67M | -62.54M | -47.91M | -43.23M | -36.88M | -34.47M |
| Investment in Securities | -76.89M | -38.44M | -20.20M | |||
| Other Investing Activities | 15.00M | -1.29M | ||||
| Investing Cash Flow | -195.21M | -126.53M | -969.19M | -132.76M | -60.10M | -259.11M |
| Issuance of Common Stock | 2.98M | 6.74M | 15.24M | 10.19M | 93.10M | |
| Repurchase of Common Stock | -637.19M | -153.68M | -107.05M | -86.55M | -201.00M | -146.70M |
| Common Dividends Paid | -114.48M | -102.34M | -85.23M | -75.91M | -66.01M | -64.57M |
| Other Financing Activities | -48.99M | -51.45M | -104.72M | -20.96M | -19.89M | -17.93M |
| Financing Cash Flow | -797.67M | -307.48M | -290.26M | -168.17M | -276.70M | -136.10M |
| Foreign Exchange Rate Adjustments | -1.35M | 10.80M | -4.46M | 4.09M | -10.84M | -2.04M |
| Net Cash Flow | 206.97M | 744.44M | -366.17M | 449.24M | 285.18M | 180.77M |
| Free Cash Flow | 1.15B | 1.13B | 856.78M | 727.56M | 609.61M | 561.14M |
| Free Cash Flow Margin | 50.63% | 54.97% | 49.77% | 54.45% | 51.36% | 52.21% |
| Free Cash Flow Per Share | 5.42 | 5.25 | 3.99 | 3.42 | 2.92 | 2.71 |
| Cash Interest Paid | 1.63M | 2.55M | 2.57M | 1.30M | 1.47M | |
| Cash Income Tax Paid | 150.47M | 58.06M | 152.01M | 28.64M | 13.20M | 3.88M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.79B | 22.95B | 27.91B | 19.24B | 13.51B | 20.23B |
| Last Close Price | 124.02 | 107.13 | 129.93 | 89.88 | 63.92 | 98.13 |
| PE Ratio | 29.07 | 28.26 | 55.69 | 52.79 | 43.70 | 89.21 |
| PS Ratio | 12.62 | 11.19 | 16.21 | 14.40 | 11.38 | 18.82 |
| PB Ratio | 3.92 | 3.19 | 4.36 | 3.24 | 2.44 | 3.81 |
| P/FCF Ratio | 24.94 | 20.36 | 32.57 | 26.44 | 22.16 | 36.06 |
| P/OCF Ratio | 23.97 | 19.66 | 31.09 | 25.78 | 21.34 | 35.01 |
| Debt / Equity Ratio | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / FCF Ratio | 0.13 | 0.13 | 0.04 | 0.07 | 0.05 | 0.04 |
| Net Debt / Equity Ratio | -0.27 | -0.27 | -0.20 | -0.28 | -0.22 | -0.18 |
| Net Debt / FCF Ratio | -1.70 | -1.72 | -1.52 | -2.28 | -2.02 | -1.69 |
| Asset Turnover | 0.28 | 0.27 | 0.24 | 0.20 | 0.19 | 0.18 |
| Quick Ratio | 4.49 | 4.73 | 4.24 | 3.78 | 6.55 | 5.59 |
| Current Ratio | 4.95 | 4.84 | 4.38 | 3.85 | 6.66 | 5.69 |
| Return on Equity (ROE) | 14.46% | 13.56% | 9.25% | 7.31% | 6.62% | 5.29% |
| Return on Assets (ROA) | 12.57% | 11.92% | 7.96% | 6.30% | 5.87% | 4.68% |
| Return on Invested Capital (ROIC) | 10.50% | 9.49% | 8.48% | 6.74% | 6.42% | 5.17% |
| Earnings Yield | 3.44% | 3.54% | 1.80% | 1.90% | 2.29% | 1.12% |
| FCF Yield | 4.01% | 4.91% | 3.07% | 3.78% | 4.51% | 2.77% |
| Dividend Yield | 0.45% | 0.44% | 0.30% | 0.40% | 0.49% | 0.32% |
| Payout Ratio | 13.13% | 12.59% | 16.99% | 20.80% | 21.34% | 28.47% |
| Buyback Yield / Dilution | 0.95% | 0.01% | -1.06% | -2.05% | -0.55% | -10.11% |
| Total Shareholder Return | 1.40% | 0.46% | -0.76% | -1.65% | -0.06% | -9.79% |