Tradeweb Markets Inc. TW

Financials SIC 6200 - Security & Commodity Brokers, Dealers, Exchanges & Services Nasdaq

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.

Last close 106.20 2026-09-04
Market cap $22.56B estimated share count
52-week range 91.42 - 127.69

Valuation FY2025 figures against the last close

P/S11.0x
P/E28.1x
P/FCF20.0x
EV/EBITDA27.0x
Dividend yield
Diluted EPS3.78

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 3.812.351.731.501.130.920.57
EPS, diluted 3.782.331.711.481.090.880.54
Shares, diluted (wtd. avg.) $214.9M$214.9M$212.7M$208.4M$207.3M$188.2M$156.5M$215.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

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