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Tradeweb Markets Inc.

TW Clue Score82
United States Fiscal year ends December CIK 0001758730
$111.08 +1.28% Close, 9 Oct 2026
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Price $111.08 +34.48% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 4 Apr 2019. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue563.0Operating income89.1Net income83.6Fiscal year 2019Revenue775.6 +37.8%Operating income189.8Net income83.8 +0.1%EPS, diluted0.54Fiscal year 2020Revenue892.7 +15.1%Operating income263.4Net income166.3 +98.5%EPS, diluted0.88 +63.0%Fiscal year 2021Revenue1,076.4 +20.6%Operating income358.8Net income226.8 +36.4%EPS, diluted1.09 +23.9%Fiscal year 2022Revenue1,188.8 +10.4%Operating income412.6Net income309.3 +36.4%EPS, diluted1.48 +35.8%Fiscal year 2023Revenue1,338.2 +12.6%Operating income505.3Net income364.9 +18.0%EPS, diluted1.71 +15.5%Fiscal year 2024Revenue1,725.9 +29.0%Operating income678.0Net income501.5 +37.4%EPS, diluted2.33 +36.3%Fiscal year 2025Revenue2,052.4 +18.9%Operating income835.3Net income812.8 +62.1%EPS, diluted3.78 +62.2%
FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 563.0 775.6 892.7 1,076.4 1,188.8 1,338.2 1,725.9 2,052.4
Growth +37.8% +15.1% +20.6% +10.4% +12.6% +29.0% +18.9%
Operating income 89.1 189.8 263.4 358.8 412.6 505.3 678.0 835.3
Net income 83.6 83.8 166.3 226.8 309.3 364.9 501.5 812.8
Growth +0.1% +98.5% +36.4% +36.4% +18.0% +37.4% +62.1%
EPS, diluted n/a 0.54 0.88 1.09 1.48 1.71 2.33 3.78
Growth +63.0% +23.9% +35.8% +15.5% +36.3% +62.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin15.8%Net margin14.9%Free cash flow margin37.5%Fiscal year 2019Operating margin24.5%Net margin10.8%Free cash flow margin38.1%Fiscal year 2020Operating margin29.5%Net margin18.6%Free cash flow margin48.4%Fiscal year 2021Operating margin33.3%Net margin21.1%Free cash flow margin52.1%Fiscal year 2022Operating margin34.7%Net margin26.0%Free cash flow margin51.3%Fiscal year 2023Operating margin37.8%Net margin27.3%Free cash flow margin54.4%Fiscal year 2024Operating margin39.3%Net margin29.1%Free cash flow margin49.6%Fiscal year 2025Operating margin40.7%Net margin39.6%Free cash flow margin54.9%
FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 15.8% 24.5% 29.5% 33.3% 34.7% 37.8% 39.3% 40.7%
Net margin 14.9% 10.8% 18.6% 21.1% 26.0% 27.3% 29.1% 39.6%
Free cash flow margin 37.5% 38.1% 48.4% 52.1% 51.3% 54.4% 49.6% 54.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow224.6Capital expenditure−13.5Free cash flow211.1Fiscal year 2019Operating cash flow311.0Capital expenditure−15.8Free cash flow295.2 +39.8%Buybacks0.0Fiscal year 2020Operating cash flow443.2Capital expenditure−11.5Free cash flow431.7 +46.2%Buybacks0.0Fiscal year 2021Operating cash flow578.0Capital expenditure−16.9Free cash flow561.1 +30.0%Buybacks−75.7Fiscal year 2022Operating cash flow632.8Capital expenditure−23.2Free cash flow609.6 +8.6%Buybacks−99.3Fiscal year 2023Operating cash flow746.1Capital expenditure−18.5Free cash flow727.6 +19.3%Buybacks−35.2Fiscal year 2024Operating cash flow897.7Capital expenditure−41.0Free cash flow856.8 +17.8%Buybacks−59.1Fiscal year 2025Operating cash flow1,167.6Capital expenditure−40.6Free cash flow1,127.1 +31.5%Buybacks−104.2
FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 224.6 311.0 443.2 578.0 632.8 746.1 897.7 1,167.6
Capital expenditure −13.5 −15.8 −11.5 −16.9 −23.2 −18.5 −41.0 −40.6
Free cash flow 211.1 295.2 431.7 561.1 609.6 727.6 856.8 1,127.1
Growth +39.8% +46.2% +30.0% +8.6% +19.3% +17.8% +31.5%
Buybacks n/a 0.0 0.0 −75.7 −99.3 −35.2 −59.1 −104.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2017Cash353.8Fiscal year 2019Cash460.7Shareholders’ equity3,378.6Fiscal year 2020Cash791.3Shareholders’ equity4,303.5Fiscal year 2021Cash972.0Shareholders’ equity4,645.6Fiscal year 2022Cash1,257.2Shareholders’ equity4,953.8Fiscal year 2023Cash1,706.5Shareholders’ equity5,373.8Fiscal year 2024Cash1,340.3Shareholders’ equity5,800.2Fiscal year 2025Cash2,084.7Shareholders’ equity6,507.8
FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 353.8 460.7 791.3 972.0 1,257.2 1,706.5 1,340.3 2,084.7
Shareholders’ equity n/a 3,378.6 4,303.5 4,645.6 4,953.8 5,373.8 5,800.2 6,507.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
15.8% 24.5% 29.5% 33.3% 34.7% 37.8% 39.3% 40.7%
15.9% 29.1% 30.7% 34.4% 36.8% 40.9% 43.7% 57.2%
14.9% 10.8% 18.6% 21.1% 26.0% 27.3% 29.1% 39.6%
37.5% 38.1% 48.4% 52.1% 51.3% 54.4% 49.6% 54.9%
Spending
2.4% 2.0% 1.3% 1.6% 2.0% 1.4% 2.4% 2.0%
6.8% 23.2% 20.4% 26.2% 17.7% 23.4% 24.4% 21.6%
Returns
n/a 2.5% 3.9% 4.9% 6.2% 6.8% 8.6% 12.5%
n/a 1.6% 2.9% 3.8% 4.9% 5.2% 6.9% 9.9%
Balance and payout
n/a 9.9% 11.6% 11.4% 11.4% 16.0% 12.0% 12.2%
n/a 0.0% 0.0% 13.5% 16.3% 4.8% 6.9% 9.2%