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

Tradeweb Markets Inc.

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%

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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 Segments Valuation Filings

Tradeweb Markets Inc. (TW) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
Transaction fees and commissions	1,700 82.85%	1,424 82.48%	1,078 80.58%	950 79.94%	846 78.62%	682 76.35%	573 73.87%	267 47.43%
Subscription fees	234 11.40%	207 11.97%	184 13.75%	166 13.96%	158 14.72%	142 15.95%	139 17.89%	144 25.65%
LSEG market data fees	93 4.54%	82 4.76%	64 4.81%	63 5.28%	61 5.68%	60 6.69%	56 7.17%	50 8.90%
Other	25 1.21%	14 0.79%	12 0.86%	10 0.83%	10 0.97%	9 1.01%	8 1.06%	5 0.83%
Commissions Revenue	—	—	—	—	—	—	—	97 17.18%
Revenue	2,052	1,726	1,338	1,189	1,076	893	776	563

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Reportable Segment	2,052 100.00%	1,726 100.00%	1,338 100.00%	1,189 100.00%
Revenue	2,052	1,726	1,338	1,189

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
U.S.	1,194 58.18%	1,061 61.46%	850 63.54%	761 63.99%	673 62.54%	570 63.86%	497 64.12%	385 68.42%
International	858 41.82%	665 38.54%	488 36.46%	428 36.01%	403 37.46%	323 36.14%	278 35.88%	178 31.58%
Revenue	2,052	1,726	1,338	1,189	1,076	893	776	563

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average daily volume	Q3 FY2026	$3.15T	$2.58T	+22.44%
Chinese bonds ADV	Q2 FY2026	$2.0B	$2.7B	−26.54%
Credit cash ADV	Q3 FY2026	$19.2B	$16.2B	+18.87%
European credit ADV	Q3 FY2026	$2.7B	$2.5B	+8.38%
European government bonds ADV	Q3 FY2026	$65.8B	$52.8B	+24.51%
Mortgages ADV	Q3 FY2026	$240.4B	$249.3B	−3.55%
Municipal bonds ADV	Q3 FY2026	$567.0M	$517.0M	+9.67%
Other government bonds ADV	Q3 FY2026	$14.1B	$11.3B	+24.08%
Rates ADV	Q3 FY2026	$1.95T	$1.46T	+33.84%
Rates cash ADV	Q3 FY2026	$603.3B	$534.5B	+12.86%
Rates derivatives ADV	Q3 FY2026	$1.34T	$921.0B	+46.01%
Rates futures ADV	Q3 FY2026	$12.0B	$8.2B	+46.88%
Swaps/swaptions < 1Y ADV	Q3 FY2026	$653.9B	$436.0B	+50.00%
Swaps/swaptions ≥ 1Y ADV	Q3 FY2026	$678.9B	$476.9B	+42.36%
U.S. government bonds ADV	Q3 FY2026	$283.0B	$221.1B	+28.02%
U.S. high grade - electronically processed ADV	Q3 FY2026	$3.6B	$2.9B	+23.34%
U.S. high grade - fully electronic ADV	Q3 FY2026	$8.8B	$6.9B	+28.08%
U.S. high yield - electronically processed ADV	Q3 FY2026	$254.0M	$290.0M	−12.41%
U.S. high yield - fully electronic ADV	Q3 FY2026	$982.0M	$925.0M	+6.16%
Volume	Q3 FY2026	$210.32T	$172.82T	+21.70%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Average daily volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Chinese bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Credit cash ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
European credit ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
European government bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mortgages ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Municipal bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other government bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rates ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rates cash ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rates derivatives ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rates futures ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Swaps/swaptions < 1Y ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Swaps/swaptions ≥ 1Y ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. government bonds ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. high grade - electronically processed ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. high grade - fully electronic ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. high yield - electronically processed ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
U.S. high yield - fully electronic ADV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.