Fee revenue dominates with a 96.9% fee share in 2026Q3, while efficiency ratios swung from 21.5% in 2026Q1 to 56.7% in 2026Q3, suggesting uneven expense timing rather than a durable shift in cost discipline.
Tradeweb Markets Inc. (TW) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Net Interest Income | 72.15M | 66.47M | 69.76M | 65.35M | 11.91M | 0 | 0 | 2.37M | 2.51M | 230K | -695K |
| NII Growth % | 77.46% | -4.72% | 6.75% | 448.84% | - | - | -100% | -5.57% | 992.61% | 133.09% | - |
| Net Interest Margin % | 0.86% | 0.81% | 0.96% | 0.93% | 0.19% | 0% | 0% | 0.05% | 0.05% | 0.02% | -0.05% |
| Interest Income | 73.19M | 68.41M | 74.04M | 67.4M | 13.71M | 0 | 0 | 2.37M | 2.51M | 685K | 644K |
| Interest Expense | 1.04M | 1.94M | 4.28M | 2.05M | 1.8M | 0 | 0 | 0 | 0 | 455K | 1.34M |
| Loan Loss Provision | 536.86M | 668.89M | 588.41M | 458.26M | 430.62M | 407.26M | 349.66M | 329.46M | 289.49M | 248.51M | 227.25M |
| Non-Interest Income | 2.21B | 1.98B | 1.65B | 1.27B | 1.18B | 1.08B | 892.66M | 773.19M | 655.07M | 503.76M | 491.54M |
| Non-Interest Income % | 96.84% | 96.76% | 95.95% | 95.11% | 99% | 100% | 100% | 99.69% | 99.62% | 99.95% | 100.14% |
| Total Net Revenue | 2.28B | 2.05B | 1.72B | 1.34B | 1.19B | 1.08B | 892.66M | 775.57M | 657.58M | 503.99M | 490.84M |
| Revenue Growth % | 14.5% | 19.1% | 28.85% | 12.57% | 10.27% | 20.59% | 15.1% | 17.94% | 30.47% | 2.68% | - |
| Non-Interest Expense | 727.79M | 536.47M | 455.23M | 372.64M | 343.79M | 310.36M | 279.65M | 256.29M | 195.82M | 166.39M | 170.47M |
| Efficiency Ratio | 31.9% | 26.16% | 26.44% | 27.89% | 28.96% | 28.83% | 31.33% | 33.05% | 29.78% | 33.01% | 34.73% |
| Operating Income | 1.02B | 845.12M | 678.03M | 505.27M | 412.57M | 358.83M | 263.36M | 189.82M | 172.27M | 89.09M | 93.13M |
| Operating Margin % | 44.57% | 41.22% | 39.38% | 37.81% | 34.76% | 33.33% | 29.5% | 24.47% | 26.2% | 17.68% | 18.97% |
| Operating Income Growth % | - | 24.64% | 34.19% | 22.47% | 14.98% | 36.25% | 38.74% | 10.19% | 93.36% | -4.34% | - |
| Pretax Income | 1.32B | 1.17B | 754.4M | 547.98M | 437.13M | 369.98M | 274.46M | 225.33M | 174.78M | 89.78M | 92.44M |
| Pretax Margin % | 57.85% | 57.3% | 43.82% | 41.01% | 36.83% | 34.37% | 30.75% | 29.05% | 26.58% | 17.81% | 18.83% |
| Income Tax | 287.94M | 253.47M | 184.44M | 128.48M | 77.52M | 96.88M | 56.07M | 52.3M | 15.31M | 6.13M | -725K |
| Effective Tax Rate % | 21.82% | 21.57% | 24.45% | 23.45% | 17.73% | 26.18% | 20.43% | 23.21% | 8.76% | 6.83% | -0.78% |
| Net Income | 909.05M | 812.79M | 501.51M | 364.87M | 309.34M | 226.83M | 166.3M | 83.77M | 159.47M | 83.65M | 93.16M |
| Net Margin % | 39.85% | 39.64% | 29.13% | 27.31% | 26.06% | 21.07% | 18.63% | 10.8% | 24.25% | 16.6% | 18.98% |
| Net Income Growth % | 44.29% | 62.07% | 37.45% | 17.95% | 36.38% | 36.4% | 98.52% | -47.47% | 90.64% | -10.21% | - |
| Net Income (Continuing) | 1.03B | 921.5M | 569.96M | 419.5M | 359.61M | 273.11M | 218.39M | 173.02M | 159.47M | 83.65M | 93.16M |
| EPS (Diluted) | 4.31 | 3.78 | 2.34 | 1.71 | 1.48 | 1.09 | 0.88 | 1.11 | 1.29 | 0.37 | 0.41 |
| EPS Growth % | 45.89% | 61.54% | 36.84% | 15.54% | 35.78% | 23.86% | -20.72% | -13.95% | 248.65% | -9.76% | - |
| EPS (Basic) | - | 3.81 | 2.36 | 1.73 | 1.50 | 1.13 | 0.92 | 1.17 | 1.29 | 0.37 | 0.41 |
| Diluted Shares Outstanding | 210.9M | 214.9M | 214.93M | 212.67M | 208.4M | 207.25M | 188.22M | 156.54M | 123.38M | 227.28M | 227.28M |
Quick answers to the most common questions about buying TW stock.
For fiscal year 2025, Tradeweb Markets Inc. (TW) reported total revenue of $2.05B. This represents a 317.7% increase compared to $490.8M in 2016.
Tradeweb Markets Inc. (TW) is profitable, generating $812.8M in net income for the fiscal year ending 2025 with a net profit margin of 39.6%.
Tradeweb Markets Inc. (TW) reported an operating income of $845.1M, resulting in an operating profit margin of 41.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Tradeweb Markets Inc. (TW) generated $1.38B in gross profit for the year, representing a gross profit margin of 67.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration in fee income
Metrics are mathematically derived from official filings.
Fee Engine Drives Nearly All Revenue
Based on Tradeweb's reported figures, non-interest income represented roughly 96.9% of total revenue in 2026Q3, with $566.2M of fees against just $17.8M of net interest income, a structure that makes earnings almost entirely dependent on transaction and data fee activity.
Because net interest income is marginal for this business, the bank-style margin framework applies only weakly and the company behaves more like a fee-based market infrastructure operator. The consistently high fee share across the ten reported quarters suggests a durable but volume-sensitive revenue base. Investors should monitor whether trading volume cycles compress fee income, since there is little interest income to offset a downturn.
Efficiency Ratio Swings Widely Quarterly
Reported efficiency ratios moved from 21.5% in 2026Q1 to 56.7% in 2026Q3, a volatility that appears to reflect uneven expense timing against fee revenue rather than a clear structural shift in cost discipline.
The sharp quarter-to-quarter swings in the efficiency ratio warrant further investigation, as the reported figures do not isolate whether elevated expenses in the latest quarter were recurring or one-time. Operating income of $253.4M in 2026Q3 against $584.5M revenue implies a substantial cost base, yet the lower ratios in earlier quarters suggest meaningful operating leverage when volumes are strong. The data alone cannot confirm the drivers behind the latest step-up.
Provision Expense Largely Absent Recently
Provision expense was reported as -$522.0K in 2026Q3 after running near $158.9M to $197.2M per quarter through 2025 and early 2026, a sharp reversal that suggests a change in loss reserve estimates or a shift in the business mix.
For a company whose revenue is mostly fee-based, provision figures of this magnitude are unusual and may reflect reserve releases or classification differences rather than a credit-quality improvement. The reported data does not explain the reversal, so conclusions about underlying credit trends should be treated as provisional. Analysts should verify the composition of these provision entries against the filing footnotes.
Net Interest Income Remains Minimal
Net interest income in the reported figures ranged between $13.3M and $21.0M per quarter over the ten periods, a small and volatile contribution that appears to play a limited role in overall earnings power.
The swings in net interest income, including a -30.6% decline in 2025Q2 and a 28.3% gain in 2026Q2, suggest sensitivity to funding and balance dynamics rather than a stable spread business. With NII this small relative to fee income, rate-cycle movements likely have a modest direct effect on earnings. Investors may find the fee line a more relevant driver of profitability than interest-rate positioning.
Earnings Quality Depends on Volume
The 2025Q4 net income of $325.0M, which exceeded operating income of $230.8M, and the 128.8% EPS growth that quarter suggest non-operating items may have materially influenced reported earnings, a point that warrants further investigation.
Net income running above operating income in 2025Q4 indicates a meaningful non-operating or tax-related contribution that the reported figures do not explain. Because the fee base is volume-sensitive, a prolonged slowdown in market activity could compress earnings faster than the efficiency ratio alone implies. The reported data does not isolate recurring from non-recurring items, so the sustainability of recent EPS levels should be assessed cautiously.