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TWTradeweb Markets Inc.
$99.49$21.2B
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TW logoTradeweb Markets Inc.(TW)Earnings, Financials & Key Ratios

TW•NASDAQ•Banking & Credit
26.3× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryExchanges and Electronic Trading Venues
AboutTradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors in 45 markets across 25 currencies. It also offers a range of electronic, voice, and hybrid platforms to approximately 300 dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves a network of approximately 2,500 clients in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. Tradeweb Markets Inc. was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.Show more
  • Net Interest Income$66M-4.7%
  • Total Revenue$2.05B+18.9%
  • Net Income$813M+62.1%
  • Return on Equity11.96%+47.1%
  • Net Interest Margin0.81%-15.4%
  • Efficiency Ratio26.14%-0.9%
  • ROA10.52%+50.2%
  • Equity / Assets87.79%-0.3%
  • Book Value per Share33.45+12.4%

TW Key Insights

Tradeweb Markets Inc. (TW) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong 5Y profit CAGR of 37.3%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓Efficient operations: 26.1% efficiency ratio
  • ✓Well capitalized: 87.8% equity/assets
  • ✓Diversified revenue: 96.7% from non-interest income

✗Weaknesses

  • ✗Weak NIM of 0.8%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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TW Price & Volume

Tradeweb Markets Inc. (TW) stock price & volume — 10-year historical chart

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TW Growth Metrics

Tradeweb Markets Inc. (TW) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years18.12%
3 Years19.97%
TTM-

Profit CAGR

10 Years-
5 Years37.35%
3 Years37.99%
TTM66.05%

EPS CAGR

10 Years-
5 Years33.84%
3 Years36.69%
TTM66.26%

Return on Capital

10 Years7.63%
5 Years8.66%
3 Years9.97%
Last Year11.6%

TW Recent Earnings

Tradeweb Markets Inc. (TW) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$1.08+1.9%
$1.06
Rev
$618M+0.1%
$617M
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$0.87+2.6%
$0.85
Rev
$521M+0.8%
$517M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$0.87+4.9%
$0.83
Rev
$509M+0.2%
$508M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.87+1.2%
$0.86
Rev
$513M-0.3%
$514M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$1.08vs $1.06+1.9%
$618Mvs $617M+0.1%
Q1 2026Feb 5, 2026
$0.87vs $0.85+2.6%
$521Mvs $517M+0.8%
Q4 2025Oct 30, 2025
$0.87vs $0.83+4.9%
$509Mvs $508M+0.2%
Q3 2025Jul 30, 2025
$0.87vs $0.86+1.2%
$513Mvs $514M-0.3%
Based on last 12 quarters of dataView full earnings history →

TW Peer Comparison

Tradeweb Markets Inc. (TW) competitors in Exchanges and Electronic Trading Venues — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ICE logoICEIntercontinental Exchange, Inc.Direct Competitor75.83B133.8823.207.46%26.14%11.57%0.70
CME logoCMECME Group Inc.Direct Competitor89.39B246.3822.086.37%62.77%15.25%0.13
MKTX logoMKTXMarketAxess Holdings Inc.Direct Competitor4.28B120.3318.073.82%35.34%24.02%0.25
CBOE logoCBOECboe Global Markets, Inc.Direct Competitor26.09B249.1023.9115.13%23.33%22.99%0.33
NDAQ logoNDAQNasdaq, Inc.Direct Competitor46.75B82.2426.6111.05%23.15%15.9%0.81
BGC logoBGCBGC Group, IncProduct Competitor5.73B12.0538.8736.33%5.63%15.76%1.57
VIRT logoVIRTVirtu Financial, Inc.Product Competitor5.38B63.0712.2926.25%14.17%29.37%4.55
IBKR logoIBKRInteractive Brokers Group, Inc.Product Competitor42.78B96.0043.249.83%9.62%5.18%0.00

Compare TW vs Peers

Tradeweb Markets Inc. (TW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ICE

Most directly comparable listed peer for TW.

Scale Benchmark

vs MS

Larger-name benchmark to compare TW against a more recognizable public peer.

Peer Set

Compare Top 5

vs ICE, CME, MKTX, CBOE

TW Income Statement

Tradeweb Markets Inc. (TW) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Net Interest Income
230K2.51M2.37M0011.91M65.35M69.76M66.47M70.03M
NII Growth %
133.09%992.61%-5.57%-100%--448.84%6.75%-4.72%58.89%
Net Interest Margin %
0.02%0.05%0.05%0%0%0.19%0.93%0.96%0.81%0.84%
Interest Income
685K2.51M2.37M0013.71M67.4M74.04M68.41M72.01M
Interest Expense
455K00001.8M2.05M4.28M1.94M1.98M
Loan Loss Provision
248.51M289.49M329.46M349.66M407.26M430.62M458.26M588.41M668.89M689.77M
Non-Interest Income
503.76M655.07M773.19M892.66M1.08B1.18B1.27B1.65B1.98B2.09B
Non-Interest Income %
99.86%99.62%99.69%100%100%98.85%94.96%95.71%96.67%96.67%
Total Revenue
504.45M▲ 0%
657.58M▲ 30.4%
775.57M▲ 17.9%
892.66M▲ 15.1%
1.08B▲ 20.6%
1.19B▲ 10.4%
1.34B▲ 12.6%
1.73B▲ 29.0%
2.05B▲ 18.9%
2.16B▲ 0%
Revenue Growth %
2.49%30.36%17.94%15.1%20.59%10.44%12.57%28.97%18.92%73.66%
Non-Interest Expense
166.39M195.82M256.29M279.65M310.36M343.79M372.64M455.23M536.47M540.49M
Efficiency Ratio
32.99%29.78%33.05%31.33%28.83%28.92%27.85%26.38%26.14%25.02%
Operating Income
89.09M▲ 0%
172.27M▲ 93.4%
189.82M▲ 10.2%
263.36M▲ 38.7%
358.83M▲ 36.3%
412.57M▲ 15.0%
505.27M▲ 22.5%
678.03M▲ 34.2%
845.12M▲ 24.6%
928.28M▲ 0%
Operating Margin %
17.66%26.2%24.47%29.5%33.33%34.71%37.76%39.28%41.18%42.97%
Operating Income Growth %
-4.34%93.36%10.19%38.74%36.25%14.98%22.47%34.19%24.64%-
Pretax Income
89.78M▲ 0%
174.78M▲ 94.7%
225.33M▲ 28.9%
274.46M▲ 21.8%
369.98M▲ 34.8%
437.13M▲ 18.1%
547.98M▲ 25.4%
754.4M▲ 37.7%
1.17B▲ 55.7%
1.26B▲ 0%
Pretax Margin %
17.8%26.58%29.05%30.75%34.37%36.77%40.95%43.71%57.25%58.15%
Income Tax
6.13M15.31M52.3M56.07M96.88M77.52M128.48M184.44M253.47M269.95M
Effective Tax Rate %
6.83%8.76%23.21%20.43%26.18%17.73%23.45%24.45%21.57%21.49%
Net Income
83.65M▲ 0%
159.47M▲ 90.6%
83.77M▼ 47.5%
166.3M▲ 98.5%
226.83M▲ 36.4%
309.34M▲ 36.4%
364.87M▲ 18.0%
501.51M▲ 37.4%
812.79M▲ 62.1%
869.69M▲ 0%
Net Margin %
16.58%24.25%10.8%18.63%21.07%26.02%27.27%29.06%39.6%40.25%
Net Income Growth %
-10.21%90.64%-47.47%98.52%36.4%36.38%17.95%37.45%62.07%66.05%
Net Income (Continuing)
83.65M159.47M173.02M218.39M273.11M359.61M419.5M569.96M921.5M986.36M
EPS (Diluted)
0.37▲ 0%
1.29▲ 248.6%
1.11▼ 14.0%
0.88▼ 20.7%
1.09▲ 23.9%
1.48▲ 35.8%
1.71▲ 15.5%
2.34▲ 36.8%
3.78▲ 61.5%
4.08▲ 0%
EPS Growth %
-9.76%248.65%-13.95%-20.72%23.86%35.78%15.54%36.84%61.54%66.26%
EPS (Basic)
0.371.291.170.921.131.501.732.363.81-
Diluted Shares Outstanding
227.28M123.38M156.54M188.22M207.25M208.4M212.67M214.93M214.9M213.32M

TW Balance Sheet

Tradeweb Markets Inc. (TW) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash & Short Term Investments
353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.08B7.56B
Cash & Due from Banks
353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.08B1.94B
Short Term Investments
0000000000
Total Investments
375K3.24M2.52M111K3.31M20.01M9.09M25.89M292M296.16M
Investments Growth %
-61.3%764.8%-22.14%-95.6%2884.68%503.86%-54.55%184.8%1027.66%2989.14%
Long-Term Investments
375K3.24M2.52M111K3.31M20.01M9.09M25.89M292M668.84M
Accounts Receivables
73.99M261.78M123.45M105.65M129.94M154.31M549.59M290.07M257.85M482.26M
Goodwill & Intangibles
826.82M4.25B4.15B4.04B4.12B3.99B3.95B4.73B4.3B4.53B
Goodwill
563.42M2.69B2.69B2.69B2.78B2.78B2.82B3.15B3.15B3.15B
Intangible Assets
263.4M1.55B1.45B1.35B1.34B1.21B1.14B1.58B1.15B1.38B
PP&E (Net)
27.03M38.13M64.91M63.25M51.56M62.35M58.77M79.52M123.06M203.84M
Other Assets
18.13M25.03M27.24M82.46M76.36M56.98M61.92M89.57M0198.48M
Total Current Assets
437.71M684.51M594.89M909.61M1.12B1.44B2.29B1.69B2.34B2.48B
Total Non-Current Assets
879.18M4.31B4.5B4.77B4.87B4.82B4.77B5.58B5.28B5.81B
Total Assets
1.32B▲ 0%
5B▲ 279.5%
5.1B▲ 2.0%
5.68B▲ 11.5%
5.99B▲ 5.5%
6.26B▲ 4.5%
7.06B▲ 12.8%
7.27B▲ 3.0%
8.19B▲ 12.7%
8.3B▲ 0%
Asset Growth %
-0.29%279.47%1.97%11.47%5.46%4.51%12.77%2.95%12.68%44.82%
Return on Assets (ROA)
6.34%5.05%1.66%3.09%3.89%5.05%5.48%7%10.52%10.69%
Accounts Payable
31.69M213.76M63.29M42.94M38.83M63.77M409.37M163.11M187.33M282.28M
Total Debt
0030.95M34.46M24.33M27.94M49.08M35.75M278.34M142.83M
Net Debt
-353.8M-411.3M-430.76M-757.82M-948.72M-1.23B-1.66B-1.31B-1.81B-1.79B
Long-Term Debt
00000000139.17M0
Short-Term Debt
008.52M11.61M0021.61M000
Other Liabilities
00240.82M404.33M412.45M425.72M457.52M372.84M197.35M110.9M
Total Current Liabilities
317.12M391M217.76M214.08M223.45M238.9M622.38M417.63M474.62M681.43M
Total Non-Current Liabilities
019.63M284.83M446.61M457.79M474.92M505.75M451.48M525.7M304.68M
Total Liabilities
317.12M410.63M502.59M660.69M681.24M713.82M1.13B869.11M1B986.11M
Total Equity
986.47M▲ 0%
4.57B▲ 363.5%
4.59B▲ 0.4%
5.02B▲ 9.3%
5.31B▲ 5.8%
5.55B▲ 4.5%
5.93B▲ 6.9%
6.4B▲ 7.9%
7.19B▲ 12.4%
7.31B▲ 0%
Equity Growth %
-3.74%363.51%0.45%9.28%5.77%4.47%6.94%7.88%12.35%42.67%
Equity / Assets (Capital Ratio)
74.91%91.5%90.14%88.37%88.63%88.6%84.02%88.04%87.79%88.11%
Return on Equity (ROE)
8.32%5.74%1.83%3.46%4.39%5.7%6.36%8.13%11.96%12.35%
Book Value per Share
4.3437.0629.3426.6725.6226.6127.8929.7733.4534.27
Tangible BV per Share
0.702.642.835.185.757.449.317.7813.4513.02
Common Stock
999.74M4.57B3K2K2K2K2K2K2K2K
Additional Paid-in Capital
003.33B4.14B4.4B4.58B4.74B4.81B4.9B4.89B
Retained Earnings
0047.83M156.04M242.62M386.63M640.38M996.76M1.6B1.73B
Accumulated OCI
-13.27M-866K1.37M4.31M1.6M-10.11M-5.39M-9.98M10.9M7.93M
Treasury Stock
0000000000
Preferred Stock
0000000000

TW Cash Flow Statement

Tradeweb Markets Inc. (TW) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
224.58M277.38M311M443.23M578.02M632.82M746.09M897.74M1.17B1.21B
Operating CF Growth %
30.69%23.51%12.12%42.52%30.41%9.48%17.9%20.33%30.06%159.08%
Net Income
83.65M159.47M173.02M218.39M273.11M359.61M419.5M569.96M812.79M869.69M
Depreciation & Amortization
68.61M81.83M139.33M153.79M171.31M178.88M185.35M220M250.19M248.2M
Deferred Taxes
-950K3.57M-18.11M53.76M72.66M39.21M99.41M24.58M92.32M86.47M
Other Non-Cash Items
58.52M21.1M0001M13.12M1.11M-175.41M-166.19M
Working Capital Changes
14.75M11.42M-33.06M-22M9M-12.52M-36.43M-7.57M84.22M48.59M
Cash from Investing
-45.55M-42.1M-44.46M-62.54M-259.11M-60.1M-132.76M-969.19M-126.53M-189.02M
Purchase of Investments
-5M00-20M00-1.29M00-88.63M
Sale/Maturity of Investments
27.16M000000000
Net Investment Activity
22.16M00-20M00-1.29M00-88.63M
Acquisitions
66K00-20M-207.76M0-69.71M-860.13M00
Other Investing
-27.16M-26.68M-28.68M-11.05M-34.47M-36.88M-43.23M-68.1M-85.98M-36.49M
Cash from Financing
-153.46M-175.35M-218.14M-52.69M-136.1M-276.7M-168.17M-290.26M-307.48M-396.59M
Dividends Paid
-152M-175.35M-155.94M-58.09M-64.57M-66.01M-75.91M-85.23M-102.34M-106.54M
Share Repurchases
-152M-175.35M00-75.68M-99.32M-35.2M-59.05M-104.17M-158.3M
Stock Issued
001.97B626.27M000002.98M
Net Stock Activity
-152M-175.35M1.97B626.27M-75.68M-99.32M-35.2M-59.05M-104.17M-155.32M
Debt Issuance (Net)
0000000000
Other Financing
-1.46M0-2.03B-620.87M4.15M-111.37M-57.06M-145.98M-100.96M-134.73M
Net Change in Cash
28.72M▲ 0%
57.51M▲ 100.2%
50.41M▼ 12.3%
330.57M▲ 555.8%
180.77M▼ 45.3%
285.18M▲ 57.8%
449.24M▲ 57.5%
-366.17M▼ 181.5%
744.44M▲ 303.3%
630.85M▲ 0%
Exchange Rate Effect
3.16M-2.43M2.01M2.56M-2.04M-10.84M4.09M-4.46M10.8M5.19M
Cash at Beginning
325.07M353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.09B
Cash at End
353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.09B1.94B
Interest Paid
455K00001.47M1.3M2.57M01.21M
Income Taxes Paid
6.31M8.16M43.84M19.11M3.88M13.2M28.64M152.01M0109.95M
Free Cash Flow
183.96M▲ 0%
235.29M▲ 27.9%
266.54M▲ 13.3%
400.7M▲ 50.3%
526.67M▲ 31.4%
572.73M▲ 8.7%
684.33M▲ 19.5%
856.78M▲ 25.2%
1.13B▲ 31.5%
1.15B▲ 0%
FCF Growth %
34.77%27.9%13.28%50.33%31.44%8.74%19.49%25.2%31.55%35.26%

TW Banking Ratios

Tradeweb Markets Inc. (TW) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
8.32%5.74%1.83%3.46%4.39%5.7%6.36%8.13%11.96%12.35%
Return on Assets (ROA)
6.34%5.05%1.66%3.09%3.89%5.05%5.48%7%10.52%10.69%
Net Interest Margin
0.02%0.05%0.05%0%0%0.19%0.93%0.96%0.81%0.84%
Efficiency Ratio
32.99%29.78%33.05%31.33%28.83%28.92%27.85%26.38%26.14%25.02%
Equity / Assets
74.91%91.5%90.14%88.37%88.63%88.6%84.02%88.04%87.79%88.11%
Book Value / Share
4.3437.0629.3426.6725.6226.6127.8929.7733.4534.27
NII Growth
133.09%992.61%-5.57%-100%--448.84%6.75%-4.72%9.98%
Dividend Payout
181.71%109.96%186.15%34.93%28.47%21.34%20.8%17%12.59%12.25%
Related:TW Dividend History·TW Revenue History·TW Price History·TW P/E History·TW Financial Ratios·TW Institutional Holders

TW SEC Filings & Documents

Tradeweb Markets Inc. (TW) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Feb 5, 2026·SEC

Material company update

Jan 6, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 5, 2026·SEC

FY 2025

Feb 7, 2025·SEC

FY 2024

Feb 9, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

TW Frequently Asked Questions

Tradeweb Markets Inc. (TW) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Tradeweb Markets Inc. (TW) grew revenue by 18.9% over the past year. This is strong growth.

Yes, Tradeweb Markets Inc. (TW) is profitable, generating $869.7M in net income for fiscal year 2025 (39.6% net margin).

Dividend & Returns

Yes, Tradeweb Markets Inc. (TW) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

Tradeweb Markets Inc. (TW) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Industry Metrics

Tradeweb Markets Inc. (TW) has a net interest margin (NIM) of 0.8%. NIM has been under pressure due to interest rate environment.

Tradeweb Markets Inc. (TW) has an efficiency ratio of 26.1%. This is excellent, indicating strong cost control.

What if you invested $1,000 in TW back in 2016?

Total return calculator · dividends reinvested · 10+ years of data

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How much would $100/month in TW be worth today?

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