Tradeweb Markets Inc. Class A Common Stock (TW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.95	$0.97	+2.1%	—	$558.9M	—
Q1 26	$1.06	$1.08	+1.9%	—	$617.8M	—
Q4 25	$0.84	$0.87	+3.6%	—	$521.2M	—
Q3 25	$0.83	$0.87	+4.8%	—	$508.6M	—
Q2 25	$0.86	$0.87	+1.2%	—	$513M	—
Q1 25	$0.86	$0.86	0.0%	—	$509.7M	—
Q4 24	$0.74	$0.76	+2.7%	—	$463.3M	—
Q3 24	$0.76	$0.75	-1.3%	—	$448.9M	—
Q2 24	$0.69	$0.7	+1.4%	—	$405M	—
Q1 24	$0.71	$0.71	0.0%	—	$408.7M	—
Q4 23	$0.63	$0.64	+1.6%	—	$370M	—
Q3 23	$0.55	$0.55	0.0%	—	$328.4M	—
Q2 23	$0.5	$0.52	+4.0%	—	$310.6M	—
Q1 23	$0.54	$0.54	0.0%	—	$329.2M	—
Q4 22	$0.46	$0.49	+6.5%	—	$293M	—
Q3 22	$0.43	$0.45	+4.7%	—	$287.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.81	—	—	$2.1B	—
FY24	—	$2.35	—	—	$1.7B	—
FY23	—	$1.73	—	—	$1.3B	—
FY22	—	$1.5	—	—	$1.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$492.2M	$504.4M	$657.6M	$775.6M	$892.7M	$1.1B	$1.2B	$1.3B	$1.7B	$2.1B
YoY change	—	+2.49%	+30.4%	+17.9%	+15.1%	+20.6%	+10.4%	+12.6%	+29%	+18.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	492.2M	504.4M	657.6M	775.6M	892.7M	1.1B	1.2B	1.3B	1.7B	2.1B
Cost of revenue	228.6M	249M	289.5M	329.5M	349.7M	407.3M	432.4M	460.3M	592.7M	670.8M
Gross profit	263.6M	255.5M	368.1M	446.1M	543M	669.2M	756.4M	877.9M	1.1B	1.4B
Gross margin	53.6%	50.6%	56%	57.5%	60.8%	62.2%	63.6%	65.6%	65.7%	67.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	89.6M	97.8M	114M	117M	125.9M	139.1M	164.9M	187.3M	235.2M	296.1M
Operating expenses	89.6M	97.8M	114M	117M	125.9M	139.1M	164.9M	187.3M	235.2M	296.1M
Operating income	93.1M	89.1M	172.3M	223M	274.8M	371.6M	426.2M	495.8M	685.8M	845.1M
Operating margin	18.9%	17.7%	26.2%	28.7%	30.8%	34.5%	35.9%	37%	39.7%	41.2%
Non-operating income, net	—	—	—	—	—	—	-1M	-13.1M	-1.1M	263.4M
Pretax income	92.4M	89.8M	174.8M	225.3M	274.5M	370M	437.1M	548M	754.4M	1.2B
Income tax	-725K	6.1M	15.3M	52.3M	56.1M	96.9M	77.5M	128.5M	184.4M	253.5M
Net income	93.2M	83.6M	159.5M	130.7M	218.4M	273.1M	359.6M	419.5M	570M	921.5M
Net margin	18.9%	16.6%	24.3%	16.8%	24.5%	25.4%	30.3%	31.3%	33%	44.9%
EBITDA	174.6M	157.7M	254.1M	362.3M	428.6M	542.9M	605.1M	681.1M	978.7M	1.4B
EPS	0.41	0.37	1.29	0.57	0.92	1.13	1.5	1.73	2.35	3.81
Diluted EPS	0.41	0.37	1.29	0.54	0.88	1.09	1.48	1.71	2.33	3.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	328.4M	370M	408.7M	405M	448.9M	463.3M	509.7M	513M	508.6M	521.2M	617.8M	558.9M
Cost of revenue	116M	125.9M	143.1M	137.2M	160.2M	152.2M	176.9M	169.7M	165M	159.3M	197.8M	172.5M
Gross profit	212.3M	244.1M	265.7M	267.7M	288.8M	311.1M	332.8M	343.3M	343.6M	361.9M	420M	386.5M
Gross margin	64.7%	66%	65%	66.1%	64.3%	67.2%	65.3%	66.9%	67.6%	69.4%	68%	69.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	41M	55M	48.6M	55.3M	71.6M	59.7M	66M	80.4M	68.9M	80.8M	72M	79.7M
Operating expenses	41M	55M	48.6M	55.3M	71.6M	59.7M	66M	80.4M	68.9M	80.8M	72M	79.7M
Operating income	124.7M	132.1M	167.7M	162.5M	158.4M	197.1M	204.1M	199.9M	210.4M	230.8M	287.3M	245.3M
Operating margin	38%	35.7%	41%	40.1%	35.3%	42.5%	40%	39%	41.4%	44.3%	46.5%	43.9%
Non-operating income, net	-1.9M	-11.1M	—	—	10K	-1.1M	4.2M	12.7M	39.4M	207.1M	-1.2M	7.3M
Pretax income	140.3M	141.3M	187M	183.5M	173.7M	210.2M	221.6M	227.1M	269.6M	456.7M	302.9M	270.2M
Income tax	28.7M	37.6M	43.6M	47M	43.5M	50.3M	53.3M	51.5M	59.1M	89.6M	69.8M	63.5M
Net income	111.6M	103.7M	143.4M	136.4M	130.2M	159.9M	168.3M	175.5M	210.5M	367.1M	233.2M	206.7M
Net margin	34%	28%	35.1%	33.7%	29%	34.5%	33%	34.2%	41.4%	70.4%	37.7%	37%
EBITDA	171.3M	179.6M	238.1M	233.9M	233M	273.7M	284.9M	290.5M	334.5M	517.2M	364.3M	332.2M
EPS	0.47	—	0.59	0.56	0.53	0.67	0.7	0.72	0.87	1.52	0.96	0.85
Diluted EPS	0.46	—	0.59	0.55	0.53	0.66	0.69	0.71	0.86	1.51	0.96	0.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	13.3B	19.2B	27.9B	22.9B	21.8B
Enterprise value	—	—	—	—	—	—	12.1B	17.5B	26.6B	21B	20.1B
Shares outstanding	227.3M	227.3M	123.4M	148M	180.4M	201.4M	205.6M	210.8M	213M	213.2M	213.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	37.1	45.7	48.9	24.9	24.2
P/S	—	—	—	—	—	—	11.2	14.3	16.2	11.2	9.92
P/B	—	—	—	—	—	—	2.41	3.23	4.36	3.19	3.26
EV/EBITDA	—	—	—	—	—	—	20	25.7	27.2	14.7	14.1
EV/Sales	—	—	—	—	—	—	10.2	13.1	15.4	10.2	9.14
Earnings yield	—	—	—	—	—	—	2.69%	2.19%	2.04%	4.02%	4.14%
FCF yield	—	—	—	—	—	—	4.29%	3.57%	2.9%	4.64%	3.73%
PEG	—	—	—	—	—	—	—	—	—	—	1.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.6%	50.6%	56%	57.5%	60.8%	62.2%	63.6%	65.6%	65.7%	67.3%	69.1%
Operating margin	18.9%	17.7%	26.2%	28.7%	30.8%	34.5%	35.9%	37%	39.7%	41.2%	43.8%
Net margin	18.9%	16.6%	24.3%	16.8%	24.5%	25.4%	30.3%	31.3%	33%	44.9%	40.7%
ROE	—	8.48%	3.49%	2.85%	4.35%	5.14%	6.48%	7.07%	8.91%	12.8%	14.5%
ROA	—	6.35%	3.19%	2.56%	3.84%	4.56%	5.74%	5.94%	7.84%	11.3%	12.5%
ROIC	—	13.1%	3.78%	4.11%	5.13%	6.29%	8.12%	8.92%	10.2%	12.6%	14%
Return on tangible assets	—	-24.8%	-4.56%	-4.08%	-9.06%	-12.2%	-20.8%	-49.7%	-26.1%	-97.3%	-136.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.93	2.54	1.81	1.91	2.34	2.8	2.57	2.99	4.32	6.79
Quick ratio	—	1.93	2.54	1.81	1.91	2.34	2.8	2.57	2.99	4.32	4.44
Debt / equity	—	—	0	0.01	0.01	0	0.01	0	0.01	0.02	0.02
Debt / assets	—	—	0	0.01	0.01	0	0	0	0	0.02	0.02
Net debt / EBITDA	—	—	-1.61	-1.19	-1.77	-1.75	-2.03	-2.47	-1.33	-1.36	-1.23
Interest coverage	70	—	—	—	—	—	—	—	177.3	606.3	633.6
Effective tax rate	0%	6.83%	8.76%	23.2%	20.4%	26.2%	17.7%	23.4%	24.4%	21.6%	21.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.17	2.22	5.33	5.24	4.95	5.34	5.78	6.35	8.1	9.63	10.4
EPS (basic)	0.41	0.37	1.29	0.57	0.92	1.13	1.5	1.73	2.35	3.81	3.81
EPS (diluted)	0.41	0.37	1.29	0.54	0.88	1.09	1.48	1.71	2.33	3.78	4.19
Book value per share	—	4.34	37.1	31	27.8	26.4	27	28.1	30	33.7	31.1
FCF per share	0.6	0.81	1.91	1.8	2.22	2.61	2.79	3.25	3.8	4.99	5.05
Cash per share	—	1.55	3.32	3.11	4.39	4.83	6.12	8.1	6.29	9.78	9.76
Capex per share	0.04	0.06	0.12	0.11	0.06	0.08	0.11	0.09	0.19	0.29	0.33

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.03%	2.67%	2.34%	2.03%	1.29%	1.57%	1.95%	1.38%	2.37%	3.05%	3.14%
Capex / operating cash flow	5.7%	6.01%	6%	5.1%	2.58%	3.09%	3.64%	2.47%	4.77%	5.36%	5.78%
Payout ratio	139.5%	181.7%	110%	119.3%	26.6%	23.6%	18.4%	18.1%	15%	11.1%	12.4%
Dividend yield	—	—	—	—	—	—	0.49%	0.4%	0.31%	0.45%	0.56%

Yield

0.56%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Sep 1, 2026

Payout ratio

12%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.14
Jun 1, 2026	$0.14
Mar 2, 2026	$0.14
Dec 1, 2025	$0.12
Sep 2, 2025	$0.12
Jun 2, 2025	$0.12
Mar 3, 2025	$0.12
Dec 2, 2024	$0.10

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$328.4M	$370M	$408.7M	$405M	$448.9M	$463.3M	$509.7M	$513M	$508.6M	$521.2M	$617.8M	$558.9M
YoY change	+14.4%	+26.3%	+24.1%	+30.4%	+36.7%	+25.2%	+24.7%	+26.7%	+13.3%	+12.5%	+21.2%	+8.96%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	352.6M	410.1M	460.7M	791.3M	972M	1.3B	1.7B	1.3B	2.1B
Receivables	74.4M	265M	126M	105.7M	129.9M	154.3M	549.6M	290.1M	266.5M
Inventory	—	—	—	—	—	—	—	—	—
Total current assets	438.1M	687.8M	597.4M	909.7M	1.1B	1.4B	2.3B	1.7B	2.4B
Property, plant & equipment	27M	85.6M	64.9M	63.3M	51.6M	62.3M	58.8M	79.5M	201.3M
Goodwill & intangibles	1.7B	8.5B	8.3B	8.1B	8.2B	8B	7.9B	9.5B	9.1B
Total assets	1.3B	5B	5.1B	5.7B	6B	6.3B	7.1B	7.3B	8.2B
Accounts payable	31.7M	213.8M	63.3M	42.9M	38.8M	58M	409.4M	163.1M	187.3M
Short-term debt	—	—	—	—	—	—	—	—	—
Total current liabilities	227.3M	270.8M	330.6M	477.5M	481.1M	513.7M	894M	567.5M	560M
Long-term debt	—	0	31M	34.5M	24.3M	27.9M	27.5M	35.7M	139.2M
Total liabilities	330.4M	424.8M	502.6M	660.7M	681.2M	713.8M	1.1B	869.1M	1B
Shareholders' equity	986.5M	4.6B	4.6B	5B	5.3B	5.5B	5.9B	6.4B	7.2B
Total debt	—	0	31M	34.5M	24.3M	27.9M	27.5M	35.7M	139.2M
Net debt	—	-410.1M	-429.8M	-756.8M	-947.7M	-1.2B	-1.7B	-1.3B	-1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.5B	1.7B	1.5B	1.7B	1.2B	1.3B	1.3B	1.6B	1.9B	2.1B	1.9B	2.1B
Receivables	172M	549.6M	868.7M	665.1M	546.5M	290.1M	407.3M	807.9M	362.9M	266.5M	482.3M	320.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.7B	2.3B	2.5B	2.5B	1.8B	1.7B	1.8B	2.5B	2.3B	2.4B	2.5B	2.4B
Property, plant & equipment	55.6M	58.8M	55.5M	58.1M	58.8M	79.5M	73.7M	70.3M	196.9M	201.3M	203.8M	210.4M
Goodwill & intangibles	8B	7.9B	8.1B	8B	9.5B	9.5B	9.4B	9.3B	9.2B	9.1B	9.1B	9B
Total assets	6.5B	7.1B	7.4B	7.3B	7.3B	7.3B	7.4B	8.1B	8B	8.2B	8.3B	8.3B
Accounts payable	51.6M	409.4M	733.9M	501.9M	386M	163.1M	226.9M	689.5M	267M	187.3M	282.3M	182.9M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	531.5M	894M	1.2B	911M	799.6M	567.5M	644.3M	1.1B	670.3M	560M	681.4M	549.9M
Long-term debt	22M	27.5M	24.7M	28.1M	28.6M	35.7M	32.3M	32.3M	135.6M	139.2M	142.8M	150.3M
Total liabilities	692.8M	1.1B	1.3B	1.1B	1.1B	869.1M	822.8M	1.3B	1.1B	1B	986.1M	912.7M
Shareholders' equity	5.8B	5.9B	6.1B	6.2B	6.3B	6.4B	6.5B	6.7B	6.9B	7.2B	7.3B	7.3B
Total debt	22M	27.5M	24.7M	28.1M	28.6M	35.7M	32.3M	32.3M	135.6M	139.2M	142.8M	150.3M
Net debt	-1.5B	-1.7B	-1.5B	-1.7B	-1.1B	-1.3B	-1.3B	-1.6B	-1.8B	-1.9B	-1.8B	-1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	93.2M	83.6M	159.5M	173M	218.4M	273.1M	359.6M	419.5M	570M	921.5M
Depreciation & amortization	80.9M	68.6M	81.8M	139.3M	153.8M	171.3M	178.9M	185.3M	220M	250.2M
Stock-based compensation	—	0	0	49.8M	39.3M	51.9M	66.6M	65.1M	89.6M	103.5M
Change in working capital	-18.5M	14.1M	12.3M	-34.9M	-20.1M	-23.2M	-8.4M	-31.6M	-46.7M	62.9M
Operating cash flow	175.4M	224M	257.1M	309.2M	445.1M	545.9M	637M	750.9M	858.6M	1.2B
Capital expenditure	-10M	-13.5M	-15.4M	-15.8M	-11.5M	-16.9M	-23.2M	-18.5M	-41M	-62.5M
Investing cash flow	-25.2M	-18.4M	-15.4M	-15.8M	-51.5M	-224.6M	-23.2M	-89.5M	-921.3M	-86M
Dividends paid	-130M	-152M	-175.3M	-155.9M	-58.1M	-64.6M	-66M	-75.9M	-85.2M	-102.3M
Share repurchases	—	0	0	0	0	-75.7M	-99.3M	-35.2M	-59.1M	-104.2M
Financing cash flow	-260.5M	-153.5M	-350.7M	-218.1M	-153.5M	-229.2M	-286.9M	-183.4M	-297M	-307.5M
Net change in cash	-110.3M	52.1M	-109M	75.3M	240.1M	92M	326.9M	478M	-359.7M	774.2M
Free cash flow	136.5M	184M	235.3M	266.5M	400.7M	526.7M	572.7M	684.3M	808.9M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	111.6M	103.7M	143.4M	136.4M	130.2M	159.9M	168.3M	175.5M	210.5M	367.1M	233.2M	206.7M
Depreciation & amortization	46.6M	47.5M	49.3M	49.9M	57.9M	62.9M	62.7M	63M	64.4M	60.1M	60.7M	61.5M
Stock-based compensation	17.3M	20.5M	16.4M	23.7M	26.2M	23.4M	22.2M	26.9M	26.1M	28.3M	25.1M	29.8M
Change in working capital	-11.5M	-20.5M	-16.2M	-26.1M	10.8M	-15.2M	-47.1M	79.1M	15.3M	13.2M	-93.6M	36.9M
Operating cash flow	186.8M	191.7M	201.1M	192.9M	239.3M	225.4M	229.1M	319.7M	342.3M	355.9M	103.8M	394.1M
Capital expenditure	-6.3M	-1.1M	-6.6M	-4.8M	-4.3M	-25.2M	-1.6M	-5.5M	-17.4M	-15.4M	-17.5M	-18.9M
Investing cash flow	-74.8M	-1.1M	-96.3M	-15.9M	-775.5M	-33.6M	-1.6M	-25.5M	-35.8M	-15.4M	-67.7M	-25.6M
Dividends paid	-19M	-19.1M	-21.3M	-21.3M	-21.3M	-21.3M	-25.6M	-25.6M	-25.6M	-25.6M	-29.8M	-29.7M
Share repurchases	-2.8M	-2.3M	0	0	-24.4M	-34.7M	-844K	0	0	-103.3M	-53.3M	-187.2M
Financing cash flow	-31.3M	-31.3M	-93.6M	-86.1M	-57M	-60.3M	-83M	-50.7M	-28.5M	-145.3M	-175.1M	-239.1M
Net change in cash	80.7M	159.3M	11.2M	90.8M	-593.2M	131.5M	144.4M	243.5M	278M	195.3M	-139M	129.4M
Free cash flow	199.5M	232.6M	20.6M	269M	275.1M	244.1M	45.4M	387.1M	310.9M	321.1M	76.7M	366.9M

Tradeweb Markets Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

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Per share

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Dividend per share

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Assets vs. liabilities & equity

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Assets vs. liabilities & equity

Condensed balance sheet

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Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement