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Saturday 17 October 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. 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%
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 (above 10: high)
P/B ratio 3.29
Past 5Y EPS Growth 33.84% (at or above 15%: strong)
This Y EPS Growth 17.48% (at or above 15%: strong)
Next Y EPS Growth 14.29%
Next Y revenue growth 14.50% (at or above 10%: strong)
Next 5Y EPS Growth 15.17% (at or above 15%: strong)

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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.

Source: company filings (standardised) and stockrow calculations.

Tradeweb Markets Inc. (TW) Latest News

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stockrow.com/TW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com