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TW logoTradeweb Markets Inc.(TW)Earnings, Financials & Key Ratios

TW•NASDAQ•Banking & Credit
$110.21
$23.49B mkt cap·29.2× P/E·Price updated May 6, 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%
  • Tangible BV/Share13.45+73.0%
  • Debt/Equity0.04+593.0%
Analysis→Technical→

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%

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

TW Price & Volume

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

Loading chart...

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
EPS
$1.08
Est $1.06
+1.9%
Revenue
$618M
Est $617M
+0.1%
Q1 2026
Feb 5, 2026
EPS
$0.87
Est $0.85
+2.6%
Revenue
$521M
Est $517M
+0.8%
Q4 2025
Oct 30, 2025
EPS
$0.87
Est $0.83
+4.9%
Revenue
$509M
Est $508M
+0.2%
Q3 2025
Jul 30, 2025
EPS
$0.87
Est $0.86
+1.2%
Revenue
$513M
Est $514M
-0.3%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ICE logoICEIntercontinental Exchange, Inc.Direct Competitor87.96B155.2826.917.46%26.14%11.57%4.88%0.70
CME logoCMECME Group Inc.Direct Competitor104.06B286.8225.706.37%62.02%15.25%4.03%0.13
MKTX logoMKTXMarketAxess Holdings Inc.Direct Competitor5.62B151.2920.788.58%33.56%15.79%6.68%0.05
CBOE logoCBOECboe Global Markets, Inc.Direct Competitor36.03B343.9833.0115.13%23.33%22.99%3.2%0.33
NDAQ logoNDAQNasdaq, Inc.Direct Competitor50.59B89.0028.8011.05%21.77%15.9%3.93%0.81
BGC logoBGCBGC Group, IncProduct Competitor4.03B11.1035.8127.62%5.5%13.53%1.55
VIRT logoVIRTVirtu Financial, Inc.Product Competitor4.32B50.609.8626.25%12.9%29.37%30.05%4.55
IBKR logoIBKRInteractive Brokers Group, Inc.Product Competitor37.39B83.9137.809.83%9.62%5.18%42.11%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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Net Interest Income230K2.51M2.37M0011.91M65.35M69.76M66.47M70.03M
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 Income685K2.51M2.37M0013.71M67.4M74.04M68.41M72.01M
Interest Expense455K00001.8M2.05M4.28M1.94M1.98M
Loan Loss Provision248.51M289.49M329.46M349.66M407.26M430.62M458.26M588.41M668.89M689.77M
Non-Interest Income503.76M655.07M773.19M892.66M1.08B1.18B1.27B1.65B1.98B2.09B
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 Expense166.39M195.82M256.29M279.65M310.36M343.79M372.64M455.23M536.47M540.49M
Efficiency Ratio32.99%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 Tax6.13M15.31M52.3M56.07M96.88M77.52M128.48M184.44M253.47M269.95M
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 Outstanding227.28M123.38M156.54M188.22M207.25M208.4M212.67M214.93M214.9M213.32M

TW Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash & Short Term Investments353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.08B7.56B
Cash & Due from Banks353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.08B1.94B
Short Term Investments0000000000
Total Investments375K3.24M2.52M111K3.31M20.01M9.09M25.89M292M296.16M
Investments Growth %-61.3%764.8%-22.14%-95.6%2884.68%503.86%-54.55%184.8%1027.66%2989.14%
Long-Term Investments375K3.24M2.52M111K3.31M20.01M9.09M25.89M292M668.84M
Accounts Receivables73.99M261.78M123.45M105.65M129.94M154.31M549.59M290.07M257.85M482.26M
Goodwill & Intangibles826.82M4.25B4.15B4.04B4.12B3.99B3.95B4.73B4.3B4.53B
Goodwill563.42M2.69B2.69B2.69B2.78B2.78B2.82B3.15B3.15B3.15B
Intangible Assets263.4M1.55B1.45B1.35B1.34B1.21B1.14B1.58B1.15B1.38B
PP&E (Net)27.03M38.13M64.91M63.25M51.56M62.35M58.77M79.52M123.06M203.84M
Other Assets18.13M25.03M27.24M82.46M76.36M56.98M61.92M89.57M0198.48M
Total Current Assets437.71M684.51M594.89M909.61M1.12B1.44B2.29B1.69B2.34B2.48B
Total Non-Current Assets879.18M4.31B4.5B4.77B4.87B4.82B4.77B5.58B5.28B5.81B
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 Payable31.69M213.76M63.29M42.94M38.83M63.77M409.37M163.11M187.33M282.28M
Total Debt0030.95M34.46M24.33M27.94M49.08M35.75M278.34M142.83M
Net Debt-353.8M-411.3M-430.76M-757.82M-948.72M-1.23B-1.66B-1.31B-1.81B-1.79B
Long-Term Debt00000000139.17M0
Short-Term Debt008.52M11.61M0021.61M000
Other Liabilities00240.82M404.33M412.45M425.72M457.52M372.84M197.35M110.9M
Total Current Liabilities317.12M391M217.76M214.08M223.45M238.9M622.38M417.63M474.62M681.43M
Total Non-Current Liabilities019.63M284.83M446.61M457.79M474.92M505.75M451.48M525.7M304.68M
Total Liabilities317.12M410.63M502.59M660.69M681.24M713.82M1.13B869.11M1B986.11M
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 Share4.3437.0629.3426.6725.6226.6127.8929.7733.4534.27
Tangible BV per Share0.702.642.835.185.757.449.317.7813.4513.02
Common Stock999.74M4.57B3K2K2K2K2K2K2K2K
Additional Paid-in Capital003.33B4.14B4.4B4.58B4.74B4.81B4.9B4.89B
Retained Earnings0047.83M156.04M242.62M386.63M640.38M996.76M1.6B1.73B
Accumulated OCI-13.27M-866K1.37M4.31M1.6M-10.11M-5.39M-9.98M10.9M7.93M
Treasury Stock0000000000
Preferred Stock0000000000

TW Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations224.58M277.38M311M443.23M578.02M632.82M746.09M897.74M1.17B1.17B
Operating CF Growth %30.69%23.51%12.12%42.52%30.41%9.48%17.9%20.33%30.06%159.08%
Net Income83.65M159.47M173.02M218.39M273.11M359.61M419.5M569.96M812.79M869.69M
Depreciation & Amortization68.61M81.83M139.33M153.79M171.31M178.88M185.35M220M250.19M248.2M
Deferred Taxes-950K3.57M-18.11M53.76M72.66M39.21M99.41M24.58M92.32M86.47M
Other Non-Cash Items58.52M21.1M0001M13.12M1.11M-175.41M-166.19M
Working Capital Changes14.75M11.42M-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 Investments27.16M000000000
Net Investment Activity22.16M00-20M00-1.29M00-88.63M
Acquisitions66K00-20M-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 Issued001.97B626.27M000002.98M
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 Effect3.16M-2.43M2.01M2.56M-2.04M-10.84M4.09M-4.46M10.8M5.19M
Cash at Beginning325.07M353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.09B
Cash at End353.8M411.3M461.71M792.28M973.05M1.26B1.71B1.34B2.09B1.94B
Interest Paid455K00001.47M1.3M2.57M01.21M
Income Taxes Paid6.31M8.16M43.84M19.11M3.88M13.2M28.64M152.01M0109.95M
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 Margin0.02%0.05%0.05%0%0%0.19%0.93%0.96%0.81%0.84%
Efficiency Ratio32.99%29.78%33.05%31.33%28.83%28.92%27.85%26.38%26.14%25.02%
Equity / Assets74.91%91.5%90.14%88.37%88.63%88.6%84.02%88.04%87.79%88.11%
Book Value / Share4.3437.0629.3426.6725.6226.6127.8929.7733.4534.27
NII Growth133.09%992.61%-5.57%-100%--448.84%6.75%-4.72%9.98%
Dividend Payout181.71%109.96%186.15%34.93%28.47%21.34%20.8%17%12.59%12.25%

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 0.43%. 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.

Explore More TW

Tradeweb Markets Inc. (TW) financial analysis — history, returns, DCA and operating performance tools

Full TW Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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