Saturday 17 October 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. In the quarter to June 2026, revenue grew 8.96%, EPS grew 18.1% and free cash flow fell 5.23%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for five.

113.49 1.49 +1.33%

Follow TW

Alert me

Market cap: $26.2B
P/E: 27.0×
Fwd P/E: 29.3×
Dividend yield: 0.48%
F-score: 7/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 44.61

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	6	7	1	1	1	—	1	—	—

Insider Ownership 46.54%

Capital & Financial Ratios $m

Market Cap 26,210.00

Revenue 2,206.49

Net Income 1,017.53

Free Cash Flow 1,075.63

Net Debt (2,058.93)

Current Ratio 6.23

Debt/Equity 0.00

P/E ratio 27.02

Fwd P/E 29.30

P/S ratio 10.93

P/B ratio 3.29

Past 5Y EPS Growth 33.84%

This Y EPS Growth 17.48%

Next Y EPS Growth 14.29%

Next Y revenue growth 14.50%

Next 5Y EPS Growth 15.17%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 6.02%

10-year low 10-year high

P/S against its own 10 years 21.00%

10-year low 10-year high

P/B against its own 10 years 62.22%

10-year low 10-year high

Dividends

Payout Ratio 0.13

Annual Dividend Rate 0.54

Annual Dividend Yield 0.48%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.59	0.14 0.14 0.14
2025	0.48	0.12 0.12 0.12 0.12
2024	0.40	0.10 0.10 0.10 0.10
2023	0.36	0.09 0.09 0.09 0.09
2022	0.32	0.08 0.08 0.08 0.08
2021	0.32	0.08 0.08 0.08 0.08
2020	0.32	0.08 0.08 0.08 0.08
2019	0.24	0.08 0.08 0.08
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,707	1,341	2,086	2,059
Receivables	550	290	266	321
Inventory	—	—	—	—
Other	37	55	58	55
	2,294	1,686	2,410	2,435

	2023	2024	2025	Q'26
Payables	58	95	184	175
ST’ Debt	—	—	—	—
Other	—	—	—	—
	622	418	475	391

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	618	559	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.96	0.85	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	33.68	33.23	59.35	51.47	62.45	88.49	101.71	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	50.48	69.06	102.33	100.25	97.18	141.69	152.65
People
People	Employees	—	—	919	919	961	1,046	1,091	1,179	1,412	1,569
	Revenue/emp, $m	0.00	0.00	0.72	0.84	0.93	1.03	1.09	1.14	1.22	1.31
Income, $m
Income, $m	Revenue	492	504	658	776	893	1,076	1,189	1,338	1,726	2,052
	Gross margin, %	0.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	92	90	175	225	274	370	437	548	754	1,175
	EBT margin, %	18.78	17.80	26.58	29.05	30.75	34.37	36.77	40.95	43.71	57.25
	Net income	93	84	159	173	218	273	360	420	570	922
	Depreciation	81	69	82	139	154	171	179	185	220	250
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
	Earnings	0.65	0.59	1.12	0.57	0.92	1.13	1.50	1.73	2.35	3.81
	Cash flow	1.20	1.57	1.94	2.10	2.46	2.87	3.08	3.54	4.21	5.48
	Capex	0.00	(0.28)	(0.29)	(0.30)	(0.24)	(0.25)	(0.29)	(0.29)	(0.42)	(0.48)
	Free cash flow	1.20	1.29	1.65	1.80	2.22	2.61	2.79	3.25	3.80	4.99
	Book value	7.17	0.00	31.97	31.03	27.82	26.36	26.98	28.14	30.04	33.72
	Shares, m	143	143	143	148	180	201	206	211	213	213
Valuation, ×
Valuation, ×	P/E	188.47	188.47	188.47	62.64	68.63	89.41	43.27	51.60	55.71	28.23
	P/S	11.62	11.62	11.62	8.85	12.62	18.74	11.30	14.06	16.16	11.17
	P/B	1.72	1.72	1.72	1.49	2.24	3.80	2.42	3.17	4.36	3.19
	EV/Sales	11.14	11.14	11.14	8.30	11.78	17.87	10.27	12.81	15.40	10.17
	EV/FCF	33.53	33.53	33.53	24.15	26.23	36.52	21.32	25.06	32.87	19.61
Cash, $m
Cash, $m	Operating cash flow	172	225	277	311	443	578	633	746	898	1,168
	Capex	(35)	(41)	(42)	(44)	(43)	(51)	(60)	(62)	(89)	(103)
	Free cash flow	172	184	235	267	401	527	573	684	809	1,065
Balance, $m
Balance, $m	Working capital	132	121	294	386	707	900	1,198	1,671	1,268	1,936
	Total debt	29	—	—	31	35	24	28	—	—	—
	Net debt	(296)	(354)	(411)	(462)	(792)	(973)	(1,258)	(1,707)	(1,341)	(2,086)
	Shareholders’ equity	1,025	—	4,572	4,593	5,019	5,309	5,546	5,931	6,399	7,189
Returns, %
Returns, %	ROA	7.06	12.66	5.05	1.66	3.09	3.89	5.05	5.48	7.00	10.52
	ROIC	0.00	0.00	2.59	2.87	3.89	5.17	6.01	7.48	8.38	10.23
	ROE	9.27	8.32	5.74	1.83	3.46	4.39	5.70	6.36	8.13	11.96

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
IBKR Interactive Brokers Group, Inc.	$39.0B	32.7×	34.0×	+28.11% (above 0%: growing)	+37.25% (above 0%: growing)	−13.01% (below 0%: shrinking)	92.51%	77.32%	Compare
NMR Nomura Holdings Inc ADR	$27.1B	9.4×	10.7×	+10.87% (above 0%: growing)	+106.67% (above 0%: growing)	+688.81% (above 0%: growing)	94.58%	70.80%	Compare
TW Tradeweb Markets Inc.	$26.2B	27.0×	29.3×	+8.96% (above 0%: growing)	+18.06% (above 0%: growing)	−5.23% (below 0%: shrinking)	100.00%	43.88%
LPLA LPL Financial Holdings Inc.	$25.8B	25.5×	15.2×	+35.24% (above 0%: growing)	+38.89% (above 0%: growing)	+259.62% (above 0%: growing)	31.38%	11.90%	Compare
CRCL Circle Internet Group, Inc.	$22.2B	43.0×	97.9×	+6.57% (above 0%: growing)	n/m	+113.54% (above 0%: growing)	41.19%	4.90%	Compare
XP XP Inc.	$15.5B	15.1×	7.5×	+22.04% (above 0%: growing)	+23.26% (above 0%: growing)	−127.08% (below 0%: shrinking)	100.00%	34.50%	Compare
BMNR BitMine Immersion Technologies, Inc.	$14.1B	— (loss-making)	— (loss-making)	+2,167.79% (above 0%: growing)	n/m	−126,594.81% (below 0%: shrinking)	87.70%	(25.50%)	Compare
IREN IREN Limited	$12.3B	— (loss-making)	1,228×	−26.73% (below 0%: shrinking)	n/m	+705.74% (above 0%: growing)	75.71%	(585.97%)	Compare
FUTU Futu Holdings Limited Sponsored ADR	$10.5B	10.3×	10.9×	+35.71% (above 0%: growing)	+42.98% (above 0%: growing)	+443.45% (above 0%: growing)	86.31%	61.99%	Compare
Median of peers	$18.9B	20.3×	15.2×	+25.08%	+38.89%	+186.58%	87.01%	23.20%

All 93 Capital Markets stocks →

Tradeweb Markets Inc. (TW) key facts

Strength: Tradeweb Markets Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 18.9% from fiscal 2024.
Tradeweb Markets Inc. (TW) is a Capital Markets company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, TW traded at $113.49, a market capitalization of $26.2 billion.
Tradeweb Markets Inc. pays an annual dividend of $0.54 per share, a yield of 0.48%, with a payout ratio of 12.9%.
Return on equity was 12.0% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 for fiscal 2025.