TW

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Tradeweb Markets Inc.

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Key Metrics

Previous Close: $103.30
52-Week Range: $91.42 – $131.04
Market Cap: $22.92B
P/E (TTM): 25.32
EPS (TTM): 4.19
Dividend Yield: 0.54%

Advanced Metrics

Price/Book: 3.41
PEG Ratio: 1.85
Return on Equity: 14.47%
Return on Assets: 12.48%
Gross Margin: 93.15%
Operating Margin: 43.83%
Profit Margin: 40.70%
Current Ratio: 6.79
Debt/Equity: 0.02
Total Debt: $150.34M
Free Cash Flow: —
Revenue Growth: 9.00%
Earnings Growth: 19.70%
Enterprise Value: $20.59B

TW Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.19B	$1.34B	$1.73B	$2.05B
Cost of Revenue	$432.42M	$460.31M	$592.69M	$670.83M
Gross Profit	$756.36M	$877.91M	$1.13B	$1.38B
Selling, General & Admin	$164.91M	$187.29M	$235.23M	$296.07M
Operating Expenses	$330.13M	$382.16M	$447.50M	$536.47M
Operating Income	$426.23M	$495.75M	$685.76M	$845.12M
EBITDA	$617.82M	$735.38M	$978.68M	$1.43B
Pretax Income	$437.13M	$547.98M	$754.40M	$1.17B
Income Tax	$77.52M	$128.48M	$184.44M	$253.47M
Net Income	$309.34M	$364.87M	$501.51M	$812.79M
Diluted EPS	1.48	1.71	2.33	3.78
Diluted Shares	208.40M	212.67M	214.92M	214.90M

TW Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.26B	$1.71B	$1.34B	$2.08B
Receivables	$157.04M	$549.78M	$298.17M	$274.78M
Current Assets	$1.44B	$2.29B	$1.69B	$2.42B
Total Assets	$6.26B	$7.06B	$7.27B	$8.19B
Current Liabilities	$513.74M	$893.96M	$567.51M	$559.97M
Total Debt	$27.94M	$27.46M	$35.75M	$139.17M
Total Liabilities	$713.82M	$1.13B	$869.11M	$1.00B
Retained Earnings	$386.63M	$640.38M	$996.76M	$1.60B
Shareholders' Equity	$4.95B	$5.37B	$5.80B	$6.51B
Working Capital	$925.43M	$1.40B	$1.13B	$1.86B

TW Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$632.82M	$746.09M	$897.74M	$1.17B
Capital Expenditure	-$60.10M	-$61.76M	-$88.87M	-$103.09M
Free Cash Flow	$572.73M	$684.33M	$808.87M	$1.06B
Depreciation & Amortisation	$178.88M	$185.35M	$220.00M	$250.19M
Stock-Based Compensation	$66.64M	$65.13M	$89.65M	$103.54M
Investing Cash Flow	-$60.10M	-$132.76M	-$969.19M	-$126.53M
Financing Cash Flow	-$276.70M	-$168.17M	-$290.26M	-$307.48M
Dividends Paid	-$66.01M	-$75.91M	-$85.23M	-$102.34M
Share Repurchases	-$99.32M	-$35.20M	-$59.05M	-$104.17M
Net Change in Cash	$296.02M	$445.15M	-$361.71M	$733.64M

TW Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$512.97M	$508.60M	$521.18M	$617.76M	$558.95M
Cost of Revenue	$169.69M	$164.99M	$159.27M	$197.79M	$172.46M
Gross Profit	$343.28M	$343.61M	$361.92M	$419.97M	$386.48M
Selling, General & Admin	$80.38M	$68.88M	$80.81M	$72.01M	$79.73M
Operating Expenses	$143.43M	$133.23M	$131.12M	$132.72M	$141.22M
Operating Income	$199.85M	$210.37M	$230.80M	$287.25M	$245.26M
EBITDA	$290.54M	$334.49M	$517.21M	$364.26M	$332.18M
Pretax Income	$227.06M	$269.62M	$456.71M	$302.92M	$270.19M
Income Tax	$51.54M	$59.07M	$89.59M	$69.76M	$63.50M
Net Income	$153.78M	$185.64M	$324.99M	$205.28M	$181.32M
Diluted EPS	0.71	0.86	1.51	0.96	0.85
Diluted Shares	214.97M	214.98M	214.74M	213.32M	212.80M

TW Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$1.63B	$1.91B	$2.08B	$1.94B	$2.06B
Receivables	$808.67M	$363.43M	$274.78M	$485.49M	$327.88M
Current Assets	$2.51B	$2.34B	$2.42B	$2.48B	$2.44B
Total Assets	$8.06B	$8.00B	$8.19B	$8.30B	$8.25B
Current Liabilities	$1.10B	$670.28M	$559.97M	$681.43M	$549.92M
Total Debt	$32.32M	$135.63M	$139.17M	$142.83M	$150.34M
Total Liabilities	$1.33B	$1.06B	$1.00B	$986.11M	$912.69M
Retained Earnings	$1.25B	$1.41B	$1.60B	$1.73B	$1.69B
Shareholders' Equity	$6.10B	$6.28B	$6.51B	$6.62B	$6.63B
Working Capital	$1.41B	$1.67B	$1.86B	$1.80B	$1.89B

TW Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$409.19M	$342.30M	$355.95M	$103.83M	$394.11M
Capital Expenditure	-$22.06M	-$31.41M	-$34.81M	-$27.11M	-$27.23M
Free Cash Flow	$387.13M	$310.89M	$321.14M	$76.72M	$366.88M
Depreciation & Amortisation	$63.05M	$64.35M	$60.09M	$60.71M	$61.49M
Stock-Based Compensation	$26.91M	$26.14M	$28.30M	$25.06M	$29.80M
Investing Cash Flow	-$42.06M	-$34.85M	-$34.81M	-$77.30M	-$33.92M
Financing Cash Flow	-$50.73M	-$28.46M	-$145.26M	-$172.14M	-$239.12M
Dividends Paid	-$25.61M	-$25.61M	-$25.56M	-$29.77M	-$29.73M
Share Repurchases	$0.00	$0.00	-$103.33M	-$53.33M	-$187.22M
Net Change in Cash	$316.40M	$278.99M	$175.88M	-$145.61M	$121.07M

Market Snapshot

About

Tradeweb Markets, Inc. operates electronic marketplaces for trading fixed income, derivatives, ETFs, and equities. The company platform connects major institutional, wholesale, and retail clients across the trading lifecycle. Tradeweb serves clients in over 65 countries and is a leading provider of data, analytics, and post-trade services.