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Friday 6 November 2026 Export TW’s income statement to Excel — free account

Tradeweb Markets Inc.

TW Financial Capital Markets

Tradeweb Markets Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 18.9% from fiscal 2024.

Revenue
+14.9%
EPS
+22.9%
Free cash flow
+2.33%

Quarter to September 2026, against a year earlier

127.63 0.64 +0.50%
Market cap
$29.6B
P/E
29.0×
Fwd P/E
34.5×
Dividend yield
0.42%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 46.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 6 7 1 1 1 — 1 — — 1
Insider Ownership 46.91%

Capital & Financial Ratios $m

Size
Market Cap 29,610.00
Revenue ttm 2,282.44
Net income ttm 1,031.88
Free cash flow ttm 1,082.88
Net debt Q (2,115.89)
Valuation
P/E 29.01
Forward P/E 34.50
Price / sales 11.77 (above 10: high)
Forward P/S Powerpack
Price / FCF 24.80
Price / book 3.66
Financial health
Current ratio Q 4.55
Debt / equity Q 0.00
Interest coverage Q 485.50
Growth
Revenue growth Q +14.93% (above 0%: growing)
Operating income growth Q +20.47% (above 0%: growing)
EPS, this year +18.05% (at or above 15%: strong)
EPS, next year A +15.19% (at or above 15%: strong)
Revenue, next year A +14.99% (at or above 10%: strong)
EPS, past 5 yrs +33.84% (at or above 15%: strong)
EPS, next 5 yrs A +15.59% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 8.59%
10-year low 10-year high
P/S against its own 10 years 30.85%
10-year low 10-year high
P/B against its own 10 years 79.26%
10-year low 10-year high

Dividends raised 3 years running

Yield
0.42%
Annual rate
0.54
Payout ratio
12.3%
Growth, 2019–25
+12.2%/yr
  1. 0.24 ’19
  2. 0.32 ’20 +33
  3. 0.32 ’21 +0
  4. 0.32 ’22 +0
  5. 0.36 ’23 +13
  6. 0.40 ’24 +11
  7. 0.48 ’25 +20
  8. 0.55 ’26e +14
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,707 1,341 2,086 2,116
Receivables 550 290 266 464
Inventory — — — —
Other 37 55 58 57
2,294 1,686 2,410 2,637
2023 2024 2025 Q'26
Payables 58 95 184 220
ST’ Debt — — — —
Other — — — —
622 418 475 580

Compound Annual Growth %

10y 5y 3y
Sales — 18.12% 19.97%
Cash Flow — 21.38% 22.65%
Earnings — 37.35% 37.99%
Book Value — 7.45% 9.03%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.02 Actual 1.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.85 0.87 Beat by 0.02
Q1 FY26 1.06 1.08 Beat by 0.02
Q2 FY26 0.96 0.97 Beat by 0.01
Q3 FY26 1.02 1.02 Met by 0.00
Q4 FY26 1.02 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.96 0.85 1.07 — —
’25 0.69 0.71 0.86 1.51 3.78
’24 0.59 0.55 0.53 0.66 2.33
’23 0.42 0.42 0.46 0.42 1.71
’22 0.40 0.33 0.33 0.42 1.48
’21 0.33 0.27 0.26 0.23 1.09
’20 0.25 0.16 0.19 0.28 0.88
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 618 559 585 — —
’25 510 513 509 521 2,052
’24 409 405 449 463 1,726
’23 329 311 328 370 1,338
’22 311 297 287 293 1,189
’21 273 261 265 277 1,076
’20 235 212 213 233 893
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 104 394 347 — —
’25 60 409 342 356 1,168
’24 38 286 292 282 898
’23 71 213 217 245 746
’22 45 178 202 208 633
’21 56 148 182 192 578
’20 (22) 186 139 140 443
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 77 367 318 — —
’25 45 387 311 321 1,065
’24 21 269 275 244 809
’23 54 198 199 233 684
’22 27 163 189 193 573
’21 43 136 172 176 527
’20 (30) 175 129 127 401
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 36.8% a year for ten years.

Implied
36.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 492 504 658 776 893 1,076 1,189 1,338 1,726 2,052 2,282 +17.2% 2,360 2,665 2,975 +13.2%
Gross margin, % 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT 92 90 175 225 274 370 437 548 754 1,175 1,320 +32.6%
EBT margin, % 18.78 17.80 26.58 29.05 30.75 34.37 36.77 40.95 43.71 57.25 57.83 +38.5 pt
Net income 93 84 159 173 218 273 360 420 570 922 1,032 +29.0%
Per share, $
Per share, $ Revenue 3.44 3.53 4.60 5.24 4.95 5.34 5.78 6.35 8.10 9.63 10.85 +12.1%
Earnings 0.65 0.59 1.12 0.57 0.92 1.13 1.50 1.73 2.35 3.81 4.40 +21.7%
Cash flow 1.20 1.57 1.94 2.10 2.46 2.87 3.08 3.54 4.21 5.48 5.71 +18.3%
Capex 0.00 (0.28) (0.29) (0.30) (0.24) (0.25) (0.29) (0.29) (0.42) (0.48) (0.56) n/m
Free cash flow 1.20 1.29 1.65 1.80 2.22 2.61 2.79 3.25 3.80 4.99 5.15 +17.1%
Book value 7.17 0.00 31.97 31.03 27.82 26.36 26.98 28.14 30.04 33.72 34.86 +18.8%
Shares, m 143 143 143 148 180 201 206 211 213 213 212 +4.5%
Valuation, ×
Valuation, × P/E 188.47 188.47 188.47 62.64 68.63 89.41 43.27 51.60 55.71 28.23 29.01 96.5
P/S 11.62 11.62 11.62 8.85 12.62 18.74 11.30 14.06 16.16 11.17 11.77 12.8
P/B 1.72 1.72 1.72 1.49 2.24 3.80 2.42 3.17 4.36 3.19 3.66 2.6
EV/Sales 11.14 11.14 11.14 8.30 11.78 17.87 10.27 12.81 15.40 10.17 — 12.0
EV/FCF 33.53 33.53 33.53 24.15 26.23 36.52 21.32 25.06 32.87 19.61 — 28.6
Cash, $m
Cash, $m Operating cash flow 172 225 277 311 443 578 633 746 898 1,168 1,201 +23.7%
Capex (35) (41) (42) (44) (43) (51) (60) (62) (89) (103) (118) +12.6%
Free cash flow 172 184 235 267 401 527 573 684 809 1,065 1,083 +22.5%
Balance, $m
Balance, $m Working capital 132 121 294 386 707 900 1,198 1,671 1,268 1,936 2,057 +34.8%
Net debt (296) (354) (411) (462) (792) (973) (1,258) (1,707) (1,341) (2,086) (2,116) +24.2%
Shareholders’ equity 1,025 — 4,572 4,593 5,019 5,309 5,546 5,931 6,399 7,189 7,334 +24.2%
Returns, %
Returns, % ROA 7.06 12.66 5.05 1.66 3.09 3.89 5.05 5.48 7.00 10.52 11.07 +3.5 pt
ROIC 0.00 0.00 2.59 2.87 3.89 5.17 6.01 7.48 8.38 10.23 12.06 +10.2 pt
ROE 9.27 8.32 5.74 1.83 3.46 4.39 5.70 6.36 8.13 11.96 12.74 +2.7 pt
People
People Employees — — 919 919 961 1,046 1,091 1,179 1,412 1,569 — +7.9%
Revenue/emp, $m 0.00 0.00 0.72 0.84 0.93 1.03 1.09 1.14 1.22 1.31 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Tradeweb Markets operates electronic marketplaces where financial institutions and other customers trade products across rates, credit, equities and money markets. Its customers include asset managers, hedge funds, banks, dealers, financial advisers and corporate treasurers. Billy Hult is chief executive officer.

The platform connects participants seeking to trade and offers several ways to execute transactions. For example, a customer can request quotes from dealers, trade through an electronic order book or use protocols designed for trading portfolios of bonds. Tradeweb also supports voice and hybrid trading in its wholesale business.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 2,052 100.00%
Gross margin 100.00%
Operating margin 40.70%
Pre-tax margin 57.25%

Revenue by segment since 2017

Tradeweb Markets Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HOOD Robinhood Markets, Inc. $70.6B 35.8× 40.8× +11.77% (above 0%: growing) −15.86% (below 0%: shrinking) +175.82% (above 0%: growing) 95.22% 48.10% Compare
IBKR Interactive Brokers Group, Inc. $33.0B 27.7× 28.2× +15.65% (above 0%: growing) +16.95% (above 0%: growing) −13.01% (below 0%: shrinking) 93.00% 78.11% Compare
TW Tradeweb Markets Inc. $29.6B 29.0× 34.5× +14.93% (above 0%: growing) +22.86% (above 0%: growing) +2.33% (above 0%: growing) 100.00% 43.36%
NMR Nomura Holdings Inc ADR $27.8B 9.6× 9.1× +0.18% (above 0%: growing) +4.32% (above 0%: growing) +106.20% (above 0%: growing) 94.68% 70.95% Compare
LPLA LPL Financial Holdings Inc. $23.4B 17.2× 15.2× +17.40% (above 0%: growing) n/m +103.60% (above 0%: growing) 31.10% 11.06% Compare
CRCL Circle Internet Group, Inc. $17.7B 37.4× 65.3× +16.91% (above 0%: growing) −4.30% (below 0%: shrinking) −88.69% (below 0%: shrinking) 0.00% 24.09% Compare
BMNR BitMine Immersion Technologies, Inc. $11.5B — (loss-making) — (loss-making) +2,167.79% (above 0%: growing) n/m −126,594.81% (below 0%: shrinking) 87.70% (25.50%) Compare
EVR Evercore Inc $11.2B 14.5× 15.2× +12.51% (above 0%: growing) +24.01% (above 0%: growing) +25.04% (above 0%: growing) 99.76% 21.48% Compare
JEF Jefferies Financial Group Inc. $11.2B 12.7× 12.4× +8.52% (above 0%: growing) +17.31% (above 0%: growing) +1,563.06% (above 0%: growing) 98.97% 24.82% Compare
Median of peers $20.6B 17.2× 15.2× +14.08% +10.64% +64.32% 93.84% 24.46%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • CEO Billy Hult said international clients contributed 65% of second-quarter revenue growth, while retail credit revenue fell as other products offered better relative yields.
  • CFO Sara Furber said Tradeweb was investing in data infrastructure and client-facing AI while retaining flexibility to slow investment because much of its expense base is variable.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 49.94%
Held by the ten largest 26.68%
Holder Shares Stake Change
T. Rowe Price 19.68m 8.41% +1.34m
Vanguard 12.20m 5.21% +508.57k
BlackRock 6.88m 2.94% +53.44k
Wellington Management 6.20m 2.65% −1.30m
Carmignac Gestion 3.88m 1.66% +1.59m
Capital Group 3.24m 1.39% +116.60k
State Street 2.81m 1.20% +63.02k
AQR Capital Management 2.78m 1.19% −103.03k
Grantham, Mayo, Van Otterloo & Co. LLC 2.66m 1.14% +12.86k
Geode Capital Management 2.11m 0.90% −14.46k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 20.62m 4.67m 175.73
2024 16.74m 41.75m 213.12
2023 14.31m 25.77m 147.43
2022 17.37m (6.60m) 104.85
2021 14.77m 110.34m 160.96

Ownership

Directors and executive officers, together less than 1% of the votes
Entities affiliated with LSEG 89.90% of the votes
T. Rowe Price Associates, Inc. 1.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Tradeweb Markets Inc. (TW) Latest News

2 Nov

Impact 3 · · StockStory

1 Nov

Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire earnings
Impact 3 · · Moby
Impact 3 · · Zacks
Impact 3 · · StockStory earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks

25 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 3 · · Zacks
Impact 3 · · Investing.com

19 Oct

Impact 4 · · Investing.com
Impact 4 · · Business Wire

15 Oct

Impact 3 · · Zacks

7 Oct

Impact 3 · · Simply Wall St.

6 Oct

Impact 4 · · Business Wire
Impact 3 · · GlobeNewswire

25 Sep

Impact 3 · · StockStory

22 Sep

Impact 4 · · Business Wire

8 Sep

Impact 4 ·
Impact 3 ·
Impact 3 ·

28 Aug

Impact 4 ·

27 Aug

Impact 4 ·

7 Aug

Impact 3 · · The Motley Fool transcript

TW metrics, ten years each

stockrow.com/TW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com