Tradeweb Markets Inc. TW
We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. In addition, we currently support trading across over 30 currencies globally. Through our platform we offer our clients deep liquidity, advanced technology and a broad range of intelligent data solutions designed to support enhanced price discovery, order execution and streamlined trade workflows helping to reduce risks in client trading operations. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our offerings to enter new markets, create new electronic marketplaces and solutions and adjust to regulations quickly and efficiently.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- U.S.
- International
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| U.S. | $1.19B | $1.06B | $850.3M |
| International | $858.4M | $665.3M | $487.9M |
As the company reported it, from the “Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $892.7M | $775.6M | — | $563.0M | — |
| Total operating expenses | $1.22B | $1.05B | $833.0M | $776.2M | $717.6M | $629.3M | $585.7M | — | $415.4M | — |
| Operating income | $835.3M | $678.0M | $505.3M | $412.6M | $358.8M | $263.4M | $189.8M | — | $89.1M | — |
| Interest expense | $1.9M | $4.3M | $2.0M | $1.8M | $1.6M | $316.0K | $2.4M | — | — | — |
| Pre-tax income | $1.17B | $754.4M | $548.0M | $437.1M | $370.0M | $274.5M | $225.3M | — | $89.8M | — |
| Income tax | $253.5M | $184.4M | $128.5M | $77.5M | $96.9M | $56.1M | $52.3M | — | $6.1M | — |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M | $166.3M | $83.8M | — | $83.6M | — |
| EPS, basic | 3.81 | 2.35 | 1.73 | 1.50 | 1.13 | 0.92 | 0.57 | — | — | — |
| EPS, diluted | 3.78 | 2.33 | 1.71 | 1.48 | 1.09 | 0.88 | 0.54 | — | — | — |
| Shares, diluted (wtd. avg.) | 214.9M | 214.9M | 212.7M | 208.4M | 207.3M | 188.2M | 156.5M | — | 215.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.08B | $1.34B | $1.71B | $1.26B | $973.0M | $792.3M | $461.7M | $411.3M | $353.8M | $325.1M |
| Property, plant and equipment | $78.2M | $46.0M | $33.6M | $37.4M | $31.1M | $33.8M | $40.4M | $38.1M | — | — |
| Goodwill | $3.15B | $3.15B | $2.82B | $2.78B | $2.78B | $2.69B | $2.69B | $2.69B | — | — |
| Other intangibles | $1.15B | $1.28B | $1.00B | $1.07B | $1.18B | $1.18B | $1.28B | $1.38B | — | — |
| Total assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B | $5.10B | $5.00B | — | — |
| Total liabilities | $1.00B | $869.1M | $1.13B | $713.8M | $681.2M | $660.7M | $502.6M | $410.6M | — | — |
| Retained earnings | $1.60B | $996.8M | $640.4M | $386.6M | $242.6M | $156.0M | $47.8M | — | — | — |
| Total equity | $6.51B | $5.80B | $5.93B | $5.55B | $5.31B | $5.02B | $4.59B | $4.57B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.17B | $897.7M | $746.1M | $632.8M | $578.0M | $443.2M | $311.0M | — | $224.6M | — |
| Stock-based compensation | $103.5M | $89.6M | $65.1M | $66.6M | $51.9M | $39.3M | $49.8M | — | — | — |
| Capital expenditure | $40.6M | $41.0M | $18.5M | $23.2M | $16.9M | $11.5M | $15.8M | — | $13.5M | — |
| Investing cash flow | -$126.5M | -$969.2M | -$132.8M | -$60.1M | -$259.1M | -$62.5M | -$44.5M | — | -$45.6M | — |
| Financing cash flow | -$307.5M | -$290.3M | -$168.2M | -$276.7M | -$136.1M | -$52.7M | -$218.1M | — | -$153.5M | — |
| Buybacks | $104.2M | $59.1M | $35.2M | $99.3M | $75.7M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001758730-26-000015.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $563.0M | — | $775.6M | $892.7M | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | — | $83.6M | — | $83.8M | $166.3M | $226.8M | $309.3M | $364.9M | $501.5M | $812.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6200
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| SNEX | StoneX Group Inc. | $6.82B | 9.6x | 38.4% |
| BGC | BGC Group, Inc. | $5.61B | 38.0x | 34.7% |
| TOP | TOP Financial Group Ltd | $114.6M | — | 2.1% |
| WTF | Waton Financial Ltd | — | — | 48.8% |