Tradeweb Markets (TW) Financials

$124.06 -2.02 (-1.60%)

Closing price 04:00 PM Eastern

Extended Trading

$123.56 -0.50 (-0.41%)

As of 05:46 PM Eastern

Annual Income Statements for Tradeweb Markets

This table shows Tradeweb Markets' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.00	84	166	227	309	365	502
Consolidated Net Income / (Loss)	84	173	218	273	360	420	570
Net Income / (Loss) Continuing Operations	84	173	218	273	360	420	570
Total Pre-Tax Income	90	225	274	370	437	548	754
Total Operating Income	89	190	263	359	413	505	678
Total Gross Profit	255	446	543	669	756	878	1,133
Total Revenue	504	776	893	1,076	1,189	1,338	1,726
Operating Revenue	504	776	893	1,076	1,189	1,338	1,726
Total Cost of Revenue	249	329	350	407	432	460	593
Operating Cost of Revenue	249	329	350	407	432	460	593
Total Operating Expenses	166	256	280	310	344	373	455
Selling, General & Admin Expense	83	102	111	125	150	171	215
Depreciation Expense	69	139	154	171	179	185	220
Other Operating Expenses / (Income)	14	15	15	15	15	16	20
Total Other Income / (Expense), net	0.69	36	11	11	25	43	76
Interest Expense	-	-2.37	0.32	1.59	1.81	2.05	4.28
Interest & Investment Income	0.69	-	0.00	-	14	67	74
Other Income / (Expense), net	0.00	33	11	13	13	-23	6.62
Income Tax Expense	6.13	52	56	97	78	128	184
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	47	52	46	50	55	68
Basic Earnings per Share	$0.39	$0.57	$0.92	$1.13	$1.50	$1.73	$2.35
Weighted Average Basic Shares Outstanding	215.57M	148.01M	180.41M	201.42M	205.58M	210.80M	213.03M
Diluted Earnings per Share	$0.39	$0.54	$0.88	$1.09	$1.48	$1.71	$2.33
Weighted Average Diluted Shares Outstanding	215.57M	156.54M	188.22M	207.25M	208.40M	212.67M	214.92M
Weighted Average Basic & Diluted Shares Outstanding	-	224.41M	229.15M	234.47M	234.50M	235.75M	236.17M
Cash Dividends to Common per Share	-	-	$0.32	$0.32	$0.32	$0.36	$0.40

This table shows Tradeweb Markets' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	89	88	89	99	89	126	119	114	142	148	154
Consolidated Net Income / (Loss)	99	102	102	112	104	143	136	130	160	168	176
Net Income / (Loss) Continuing Operations	99	102	102	112	104	143	136	130	160	168	176
Total Pre-Tax Income	113	135	131	140	141	187	183	174	210	222	227
Total Operating Income	92	123	116	125	142	168	162	159	189	204	200
Total Gross Profit	191	215	207	212	244	266	268	289	311	333	343
Total Revenue	293	329	311	328	370	409	405	449	463	510	513
Operating Revenue	293	329	311	328	370	409	405	449	463	510	513
Total Cost of Revenue	102	114	104	116	126	143	137	160	152	177	170
Operating Cost of Revenue	102	114	104	116	126	143	137	160	152	177	170
Total Operating Expenses	100	92	90	88	102	98	105	129	123	129	143
Selling, General & Admin Expense	51	43	40	37	51	44	50	66	55	61	74
Depreciation Expense	45	45	46	47	48	49	50	58	63	63	63
Other Operating Expenses / (Income)	3.87	4.12	4.03	4.13	3.65	4.67	4.98	5.42	5.15	5.07	6.02
Total Other Income / (Expense), net	21	13	15	16	-0.33	19	21	14	22	17	27
Interest Expense	5.31	0.45	0.47	0.46	0.67	1.72	0.54	1.45	0.57	0.59	0.43
Interest & Investment Income	-	13	16	18	21	21	22	17	15	14	15
Other Income / (Expense), net	13	0.34	-0.46	-1.91	-21	0.00	0.00	-0.86	7.48	4.22	13
Income Tax Expense	14	33	29	29	38	44	47	43	50	53	52
Net Income / (Loss) Attributable to Noncontrolling Interest	10	14	13	13	14	17	17	16	18	20	22
Basic Earnings per Share	$0.42	$0.42	$0.42	$0.47	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72
Weighted Average Basic Shares Outstanding	205.58M	208.11M	211.57M	211.62M	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M
Diluted Earnings per Share	$0.42	$0.42	$0.42	$0.46	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71
Weighted Average Diluted Shares Outstanding	208.40M	210.14M	213.16M	213.49M	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M
Weighted Average Basic & Diluted Shares Outstanding	234.50M	234.74M	234.66M	234.74M	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M
Cash Dividends to Common per Share	-	$0.09	$0.09	$0.09	-	$0.10	$0.10	$0.10	-	-	$0.12

This table details how cash moves in and out of Tradeweb Markets' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	29	48	331	181	285	449	-362
Net Cash From Operating Activities	225	311	443	578	633	746	898
Net Cash From Continuing Operating Activities	225	311	443	578	633	746	898
Net Income / (Loss) Continuing Operations	84	173	218	273	360	420	570
Consolidated Net Income / (Loss)	84	173	218	273	360	420	570
Depreciation Expense	69	139	154	171	179	185	220
Non-Cash Adjustments To Reconcile Net Income	2.24	34	112	131	123	157	90
Changes in Operating Assets and Liabilities, net	70	-35	-40	2.63	-29	-15	18
Net Cash From Investing Activities	-46	-44	-63	-259	-60	-133	-969
Net Cash From Continuing Investing Activities	-46	-44	-63	-259	-60	-133	-969
Purchase of Property, Plant & Equipment	-41	-44	-43	-51	-60	-62	-89
Acquisitions	-	0.00	0.00	-208	0.00	-70	-860
Purchase of Investments	-5.00	0.00	-20	0.00	0.00	-1.29	-20
Net Cash From Financing Activities	-153	-218	-53	-136	-277	-168	-290
Net Cash From Continuing Financing Activities	-153	-218	-53	-136	-277	-168	-290
Repayment of Debt	-	-	-	0.00	0.00	-2.79	0.00
Repurchase of Common Equity	0.00	-1,986	-629	-76	-99	-35	-59
Payment of Dividends	-154	-194	-75	-76	-77	-88	-113
Other Financing Activities, net	0.08	-8.92	25	15	-100	-42	-118
Cash Interest Paid	0.46	-	-	-	1.47	1.31	2.57
Cash Income Taxes Paid	6.31	44	19	3.88	13	29	152

This table details how cash moves in and out of Tradeweb Markets' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	147	-25	164	97	213	-162	173	-544	171	-34	324
Net Cash From Operating Activities	208	71	213	217	245	38	286	292	282	60	409
Net Cash From Continuing Operating Activities	208	71	213	217	245	38	286	292	282	60	409
Net Income / (Loss) Continuing Operations	99	102	102	112	104	143	136	130	160	168	176
Consolidated Net Income / (Loss)	99	102	102	112	104	143	136	130	160	168	176
Depreciation Expense	45	45	46	47	48	49	50	58	63	63	63
Non-Cash Adjustments To Reconcile Net Income	30	38	34	37	48	-0.74	54	40	-2.77	3.21	64
Changes in Operating Assets and Liabilities, net	34	-114	31	22	46	-154	45	65	62	-174	107
Net Cash From Investing Activities	-15	-17	-17	-86	-12	-107	-28	-788	-46	-15	-42
Net Cash From Continuing Investing Activities	-15	-17	-17	-86	-12	-107	-28	-788	-46	-15	-42
Purchase of Property, Plant & Equipment	-15	-17	-15	-18	-12	-17	-17	-17	-38	-15	-22
Purchase of Investments	-	0.00	-2.39	1.10	-	-0.50	-11	-	-8.61	0.00	-20
Net Cash From Financing Activities	-55	-80	-33	-31	-24	-91	-84	-55	-60	-83	-51
Net Cash From Continuing Financing Activities	-55	-80	-33	-31	-24	-91	-84	-55	-60	-83	-51
Payment of Dividends	-20	-21	-22	-21	-24	-27	-31	-30	-24	-33	-31
Other Financing Activities, net	-0.91	-39	-1.26	-7.02	5.09	-63	-53	-0.56	-1.44	-49	-20
Other Net Changes in Cash	8.52	1.78	0.81	-3.08	4.58	-1.74	-0.50	6.61	-	3.79	7.26
Cash Interest Paid	-	0.08	0.34	0.34	0.56	1.24	0.52	0.38	0.43	1.39	0.35
Cash Income Taxes Paid	2.21	4.30	15	5.60	4.02	4.45	57	9.18	81	12	33

This table presents Tradeweb Markets' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	4,997	5,095	5,680	5,990	6,260	7,060	7,268
Total Current Assets	410	461	791	972	1,260	1,707	1,348
Cash & Equivalents	410	461	791	972	1,257	1,706	1,340
Accounts Receivable	-	-	-	-	2.73	0.19	8.09
Plant, Property, & Equipment, net	38	40	34	31	37	34	46
Total Noncurrent Assets	4,549	4,594	4,855	4,987	4,963	5,319	5,874
Noncurrent Note & Lease Receivables	87	93	105	130	143	168	222
Goodwill	2,695	2,695	2,695	2,780	2,780	2,816	3,150
Intangible Assets	1,551	1,455	1,350	1,336	1,215	1,136	1,578
Noncurrent Deferred & Refundable Income Taxes	0.00	256	580	619	689	684	659
Other Noncurrent Operating Assets	215	96	125	122	136	515	264
Total Liabilities & Shareholders' Equity	4,997	5,095	5,680	5,990	6,260	7,060	7,268
Total Liabilities	411	503	661	681	714	1,128	869
Total Current Liabilities	48	34	48	44	47	58	95
Accounts Payable	43	33	43	39	47	58	95
Total Noncurrent Liabilities	363	468	613	638	667	1,071	774
Noncurrent Deferred Revenue	28	24	23	25	23	26	31
Noncurrent Deferred & Payable Income Tax Liabilities	20	22	19	21	21	21	43
Noncurrent Employee Benefit Liabilities	144	120	131	155	151	164	223
Other Noncurrent Operating Liabilities	171	302	439	437	472	860	477
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,572	4,593	5,019	5,309	5,546	5,931	6,399
Total Preferred & Common Equity	4,572	3,379	4,303	4,646	4,954	5,374	5,800
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,572	3,379	4,303	4,646	4,954	5,374	5,800
Common Stock	4,573	3,329	4,143	4,401	4,577	4,739	4,813
Retained Earnings	0.00	48	156	243	387	640	997
Accumulated Other Comprehensive Income / (Loss)	-0.87	1.37	4.31	1.60	-10	-5.39	-9.98
Noncontrolling Interest	0.00	1,214	716	663	593	558	599

This table presents Tradeweb Markets' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	6,137	6,240	6,491	6,505	7,396	7,285	7,337	7,370	8,056
Total Current Assets	1,110	1,237	1,400	1,497	1,547	1,721	1,174	1,308	1,631
Cash & Equivalents	1,110	1,233	1,396	1,493	1,545	1,718	1,174	1,306	1,630
Accounts Receivable	-	-	4.44	3.17	2.54	2.98	0.10	1.10	0.74
Plant, Property, & Equipment, net	33	37	36	36	33	32	33	44	41
Total Noncurrent Assets	4,993	4,967	5,054	4,972	5,815	5,531	6,130	6,019	6,385
Goodwill	2,780	2,780	2,780	2,815	2,858	2,858	3,150	3,150	3,150
Intangible Assets	1,244	1,184	1,155	1,167	1,188	1,156	1,621	1,535	1,495
Noncurrent Deferred & Refundable Income Taxes	677	679	709	693	693	684	635	661	652
Other Noncurrent Operating Assets	141	151	247	130	1,076	833	476	673	1,088
Total Liabilities & Shareholders' Equity	6,137	6,240	6,491	6,505	7,396	7,285	7,337	7,370	8,056
Total Liabilities	683	639	773	693	1,320	1,077	1,050	823	1,330
Total Current Liabilities	42	63	41	47	734	502	100	227	690
Accounts Payable	37	53	41	47	87	77	100	122	147
Other Current Liabilities	4.81	9.93	-	-	647	425	-	105	543
Total Noncurrent Liabilities	641	576	732	646	586	575	950	596	640
Noncurrent Deferred Revenue	29	31	27	31	27	28	30	47	41
Noncurrent Deferred & Payable Income Tax Liabilities	20	20	19	18	452	400	43	413	394
Noncurrent Employee Benefit Liabilities	124	65	85	121	82	119	179	103	158
Other Noncurrent Operating Liabilities	469	460	601	476	25	28	699	33	47
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,454	5,601	5,717	5,812	6,076	6,207	6,286	6,547	6,726
Total Preferred & Common Equity	4,869	5,003	5,182	5,266	5,509	5,631	5,701	5,939	6,098
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,869	5,003	5,182	5,266	5,509	5,631	5,701	5,939	6,098
Common Stock	4,542	4,578	4,694	4,707	4,771	4,796	4,789	4,821	4,843
Retained Earnings	348	433	495	570	745	843	911	1,120	1,248
Accumulated Other Comprehensive Income / (Loss)	-22	-7.77	-6.82	-11	-7.52	-7.92	1.12	-1.81	7.03
Noncontrolling Interest	585	598	535	546	567	577	586	608	629

This table displays calculated financial ratios and metrics derived from Tradeweb Markets' official financial filings.

Metric	2017	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	15.10%	20.59%	10.44%	12.57%	28.97%
EBITDA Growth	0.00%	0.00%	18.30%	26.67%	11.28%	10.57%	35.43%
EBIT Growth	0.00%	0.00%	23.25%	35.23%	14.44%	13.50%	41.86%
NOPAT Growth	0.00%	0.00%	43.77%	26.40%	28.14%	13.96%	32.43%
Net Income Growth	0.00%	0.00%	26.22%	25.06%	31.67%	16.65%	35.87%
EPS Growth	0.00%	0.00%	62.96%	23.86%	35.78%	15.54%	36.26%
Operating Cash Flow Growth	0.00%	0.00%	42.52%	30.41%	9.48%	17.90%	20.33%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	37.08%	148.44%	16.46%	-171.27%
Invested Capital Growth	0.00%	0.00%	2.32%	2.58%	-1.10%	-1.50%	19.73%
Revenue Q/Q Growth	0.00%	0.00%	-14.77%	4.24%	1.38%	6.10%	5.72%
EBITDA Q/Q Growth	0.00%	0.00%	-10.27%	7.14%	2.42%	3.00%	11.10%
EBIT Q/Q Growth	0.00%	0.00%	-16.04%	9.54%	3.16%	3.61%	12.30%
NOPAT Q/Q Growth	0.00%	0.00%	-8.53%	-2.50%	9.93%	6.39%	8.29%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-2.31%	12.16%	1.14%	10.94%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-4.39%	14.73%	-0.58%	12.02%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.52%	9.87%	2.65%	5.18%	4.33%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	230.96%	-1.18%	16.05%	-0.03%
Invested Capital Q/Q Growth	0.00%	0.00%	0.62%	-2.02%	-1.25%	-2.16%	-1.06%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	50.65%	57.52%	60.83%	62.17%	63.62%	65.60%	65.66%
EBITDA Margin	31.26%	46.71%	48.01%	50.43%	50.82%	49.92%	52.41%
Operating Margin	17.66%	24.47%	29.50%	33.33%	34.71%	37.76%	39.28%
EBIT Margin	17.66%	28.75%	30.78%	34.52%	35.77%	36.07%	39.67%
Profit (Net Income) Margin	16.58%	22.31%	24.47%	25.37%	30.25%	31.35%	33.02%
Tax Burden Percent	93.17%	76.79%	79.57%	73.82%	82.27%	76.55%	75.55%
Interest Burden Percent	100.77%	101.06%	99.89%	99.57%	102.80%	113.54%	110.19%
Effective Tax Rate	6.83%	23.21%	20.43%	26.18%	17.73%	23.45%	24.45%
Return on Invested Capital (ROIC)	0.00%	3.53%	5.01%	6.19%	7.87%	9.09%	11.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-2.39%	3.60%	5.25%	6.06%	6.88%	7.25%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.24%	-0.47%	-0.90%	-1.24%	-1.78%	-1.79%
Return on Equity (ROE)	0.00%	3.77%	4.54%	5.29%	6.63%	7.31%	9.24%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	2.72%	3.64%	8.98%	10.59%	-6.92%
Operating Return on Assets (OROA)	0.00%	4.42%	5.10%	6.37%	6.94%	7.25%	9.56%
Return on Assets (ROA)	0.00%	3.43%	4.05%	4.68%	5.87%	6.30%	7.96%
Return on Common Equity (ROCE)	0.00%	3.26%	3.63%	4.58%	5.86%	6.58%	8.38%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.12%	5.07%	5.88%	7.26%	7.81%	9.83%
Net Operating Profit after Tax (NOPAT)	83	146	210	265	339	387	512
NOPAT Margin	16.46%	18.79%	23.47%	24.61%	28.55%	28.90%	29.68%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.92%	1.41%	0.93%	1.81%	2.21%	3.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	6.12%	6.52%	8.01%
Cost of Revenue to Revenue	49.35%	42.48%	39.17%	37.83%	36.38%	34.40%	34.34%
SG&A Expenses to Revenue	16.52%	13.19%	12.46%	11.57%	12.63%	12.81%	12.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.99%	33.05%	31.33%	28.83%	28.92%	27.85%	26.38%
Earnings before Interest and Taxes (EBIT)	89	223	275	372	425	483	685
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	158	362	429	543	604	668	905
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.99	3.26	4.96	3.05	3.96	5.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	54.17	43.54	15.74	14.95	28.84
Price to Revenue (P/Rev)	2.14	13.02	15.69	21.40	12.70	15.89	17.92
Price to Earnings (P/E)	0.00	120.57	84.24	101.55	48.80	58.27	61.67
Dividend Yield	0.00%	0.53%	0.52%	0.32%	0.50%	0.40%	0.31%
Earnings Yield	0.00%	0.83%	1.19%	0.98%	2.05%	1.72%	1.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.63	3.30	5.24	3.36	4.76	5.97
Enterprise Value to Revenue (EV/Rev)	0.00	13.99	15.61	21.11	12.14	15.03	17.49
Enterprise Value to EBITDA (EV/EBITDA)	0.00	29.96	32.51	41.86	23.89	30.11	33.37
Enterprise Value to EBIT (EV/EBIT)	0.00	48.68	50.70	61.16	33.94	41.67	44.09
Enterprise Value to NOPAT (EV/NOPAT)	0.00	74.46	66.49	85.80	42.52	51.99	58.93
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	34.90	31.43	39.32	22.80	26.96	33.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	122.54	145.81	37.27	44.60	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.10	-0.13	-0.17	-0.21	-0.26	-0.25
Leverage Ratio	0.00	1.10	1.12	1.13	1.13	1.16	1.16
Compound Leverage Factor	0.00	1.11	1.12	1.13	1.16	1.32	1.28
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	26.44%	14.26%	12.49%	10.68%	9.40%	9.36%
Common Equity to Total Capital	0.00%	73.56%	85.74%	87.51%	89.32%	90.60%	90.64%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	12.47	13.23	20.92	13.42	12.13	22.30
Noncontrolling Interest Sharing Ratio	0.00%	13.38%	20.08%	13.35%	11.57%	10.02%	9.38%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	13.42	16.54	22.25	26.99	29.68	14.15
Quick Ratio	0.00	13.42	16.54	22.25	26.99	29.68	14.15
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	114	156	387	451	-321
Operating Cash Flow to CapEx	552.91%	699.48%	1,042.02%	1,125.69%	1,053.02%	1,207.97%	1,010.18%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	359.82	98.03	214.52	220.30	-75.11
Operating Cash Flow to Interest Expense	0.00	0.00	1,402.64	363.54	350.59	364.48	209.80
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	1,268.03	331.24	317.30	334.31	189.03
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.15	0.17	0.18	0.19	0.20	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	916.59	416.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	19.75	24.05	33.19	34.72	37.71	43.40
Accounts Payable Turnover	0.00	8.74	9.26	9.99	10.11	8.84	7.76
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.40	0.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	41.76	39.42	36.53	36.09	41.31	47.05
Cash Conversion Cycle (CCC)	0.00	-41.76	-39.42	-36.53	-36.09	-40.91	-46.17
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	4,132	4,228	4,337	4,289	4,225	5,059
Invested Capital Turnover	0.00	0.19	0.21	0.25	0.28	0.31	0.37
Increase / (Decrease) in Invested Capital	0.00	0.00	96	109	-48	-64	834
Enterprise Value (EV)	0.00	10,854	13,932	22,726	14,431	20,111	30,186
Market Capitalization	1,080	10,100	14,008	23,035	15,095	21,260	30,928
Book Value per Share	$0.00	$15.19	$18.90	$19.97	$21.14	$22.89	$24.55
Tangible Book Value per Share	$0.00	($3.47)	$1.14	$2.27	$4.09	$6.06	$4.54
Total Capital	0.00	4,593	5,019	5,309	5,546	5,931	6,399
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-461	-791	-972	-1,257	-1,706	-1,340
Capital Expenditures (CapEx)	41	44	43	51	60	62	89
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-34	-48	-44	-44	-57	-87
Debt-free Net Working Capital (DFNWC)	0.00	426	743	928	1,213	1,649	1,253
Net Working Capital (NWC)	0.00	426	743	928	1,213	1,649	1,253
Net Nonoperating Expense (NNE)	-0.64	-27	-8.84	-8.23	-20	-33	-58
Net Nonoperating Obligations (NNO)	0.00	-461	-791	-972	-1,257	-1,706	-1,340
Total Depreciation and Amortization (D&A)	69	139	154	171	179	185	220
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-4.43%	-5.36%	-4.06%	-3.70%	-4.28%	-5.05%
Debt-free Net Working Capital to Revenue	0.00%	54.98%	83.28%	86.24%	102.06%	123.24%	72.60%
Net Working Capital to Revenue	0.00%	54.98%	83.28%	86.24%	102.06%	123.24%	72.60%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.39	$0.57	$0.00	$1.13	$1.50	$1.73	$2.35
Adjusted Weighted Average Basic Shares Outstanding	215.57M	148.01M	0.00	201.42M	205.58M	210.80M	213.03M
Adjusted Diluted Earnings per Share	$0.39	$0.54	$0.00	$1.09	$1.48	$1.71	$2.33
Adjusted Weighted Average Diluted Shares Outstanding	215.57M	156.54M	0.00	207.25M	208.40M	212.67M	214.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	224.41M	0.00	234.47M	234.50M	235.75M	236.17M
Normalized Net Operating Profit after Tax (NOPAT)	83	146	210	265	339	387	512
Normalized NOPAT Margin	16.46%	18.79%	23.47%	24.61%	28.55%	28.90%	29.68%
Pre Tax Income Margin	17.80%	29.05%	30.75%	34.37%	36.77%	40.95%	43.71%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	869.56	233.69	235.58	235.77	160.00
NOPAT to Interest Expense	0.00	0.00	663.13	166.59	188.04	188.96	119.72
EBIT Less CapEx to Interest Expense	0.00	0.00	734.95	201.40	202.29	205.60	139.23
NOPAT Less CapEx to Interest Expense	0.00	0.00	528.53	134.29	154.74	158.79	98.95
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	183.56%	112.29%	34.27%	27.72%	21.38%	21.06%	19.83%
Augmented Payout Ratio	183.56%	1,260.20%	322.18%	55.43%	49.00%	29.45%	30.19%

This table displays calculated financial ratios and metrics derived from Tradeweb Markets' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.84%	5.70%	4.53%	14.36%	26.26%	24.14%	30.37%	36.72%	25.23%	24.70%	26.67%
EBITDA Growth	10.57%	7.86%	6.86%	14.77%	13.03%	28.94%	31.32%	27.71%	53.62%	24.89%	29.72%
EBIT Growth	14.29%	10.13%	8.70%	19.47%	16.13%	36.43%	40.23%	29.00%	61.98%	24.24%	30.79%
NOPAT Growth	52.29%	-5.45%	11.51%	25.72%	29.19%	38.96%	33.46%	20.36%	37.93%	20.59%	27.86%
Net Income Growth	64.99%	4.87%	24.93%	36.86%	4.79%	40.31%	33.82%	16.66%	54.17%	17.38%	28.67%
EPS Growth	82.61%	5.00%	27.27%	39.39%	-2.38%	40.48%	30.95%	15.22%	60.98%	16.95%	29.09%
Operating Cash Flow Growth	8.53%	56.58%	19.67%	7.88%	17.67%	-46.48%	34.06%	34.38%	15.22%	58.80%	43.24%
Free Cash Flow Firm Growth	328.47%	1,603.89%	-3.80%	-23.31%	31.05%	-118.11%	-126.03%	-643.11%	-510.52%	-1,512.01%	-865.13%
Invested Capital Growth	-1.10%	-2.18%	-2.03%	-0.58%	-1.50%	3.73%	3.88%	18.39%	19.73%	15.66%	13.52%
Revenue Q/Q Growth	2.06%	12.36%	-5.66%	5.71%	12.68%	10.47%	-0.93%	10.86%	3.21%	10.00%	0.65%
EBITDA Q/Q Growth	1.02%	12.89%	-3.89%	4.71%	-0.52%	28.78%	-2.11%	1.84%	19.67%	4.69%	1.68%
EBIT Q/Q Growth	1.36%	17.95%	-5.72%	6.00%	-1.48%	38.56%	-3.09%	-2.49%	23.70%	6.28%	2.01%
NOPAT Q/Q Growth	1.96%	14.93%	-2.13%	9.63%	4.77%	23.63%	-6.01%	-1.13%	20.07%	8.09%	-0.35%
Net Income Q/Q Growth	21.38%	3.22%	-0.25%	9.51%	-7.07%	38.21%	-4.86%	-4.54%	22.82%	5.23%	4.29%
EPS Q/Q Growth	27.27%	0.00%	0.00%	9.52%	-10.87%	43.90%	-6.78%	-3.64%	24.53%	4.55%	2.90%
Operating Cash Flow Q/Q Growth	3.22%	-65.94%	200.82%	2.01%	12.59%	-84.51%	653.47%	2.26%	-3.46%	-78.65%	579.63%
Free Cash Flow Firm Q/Q Growth	-20.82%	48.08%	-5.20%	-31.01%	35.31%	-120.46%	-36.28%	-1,339.45%	-2.27%	19.65%	18.41%
Invested Capital Q/Q Growth	-1.25%	1.84%	-1.07%	-0.07%	-2.16%	7.25%	-0.93%	13.89%	-1.06%	3.60%	-2.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.25%	65.23%	66.54%	64.67%	65.98%	64.99%	66.11%	64.32%	67.15%	65.30%	66.92%
EBITDA Margin	50.88%	51.12%	52.08%	51.59%	45.54%	53.09%	52.46%	48.19%	55.87%	53.18%	53.72%
Operating Margin	31.24%	37.23%	37.45%	37.99%	38.28%	41.02%	40.13%	35.49%	40.69%	40.05%	38.96%
EBIT Margin	35.56%	37.33%	37.31%	37.41%	32.71%	41.02%	40.13%	35.30%	42.30%	40.87%	41.43%
Profit (Net Income) Margin	33.78%	31.04%	32.82%	34.00%	28.04%	35.08%	33.69%	29.01%	34.52%	33.02%	34.22%
Tax Burden Percent	87.92%	75.48%	77.82%	79.57%	73.42%	76.67%	74.36%	74.98%	76.07%	75.96%	77.30%
Interest Burden Percent	108.06%	110.16%	113.04%	114.22%	116.76%	111.54%	112.90%	109.60%	107.26%	106.37%	106.84%
Effective Tax Rate	12.08%	24.52%	22.18%	20.43%	26.58%	23.33%	25.64%	25.02%	23.93%	24.04%	22.70%
Return on Invested Capital (ROIC)	7.57%	7.68%	8.14%	8.80%	8.83%	10.02%	10.24%	9.21%	11.51%	11.37%	12.16%
ROIC Less NNEP Spread (ROIC-NNEP)	5.91%	6.74%	7.18%	7.85%	8.85%	8.95%	9.24%	8.41%	10.43%	10.44%	10.90%
Return on Net Nonoperating Assets (RNNOA)	-1.21%	-1.27%	-1.52%	-1.81%	-2.29%	-2.13%	-2.41%	-1.85%	-2.58%	-2.36%	-2.82%
Return on Equity (ROE)	6.36%	6.40%	6.62%	6.99%	6.55%	7.89%	7.83%	7.36%	8.93%	9.01%	9.34%
Cash Return on Invested Capital (CROIC)	8.98%	9.78%	9.92%	8.97%	10.59%	5.84%	6.48%	-6.81%	-6.92%	-3.50%	-0.72%
Operating Return on Assets (OROA)	6.90%	7.36%	7.29%	7.46%	6.57%	8.53%	8.81%	8.33%	10.19%	10.11%	10.45%
Return on Assets (ROA)	6.56%	6.12%	6.42%	6.78%	5.63%	7.29%	7.40%	6.84%	8.32%	8.17%	8.63%
Return on Common Equity (ROCE)	5.62%	5.67%	5.91%	6.29%	5.89%	7.10%	7.10%	6.67%	8.10%	8.17%	8.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.28%	7.42%	7.88%	0.00%	8.36%	8.79%	9.01%	0.00%	10.02%	0.00%
Net Operating Profit after Tax (NOPAT)	80	93	91	99	104	129	121	119	143	155	154
NOPAT Margin	27.47%	28.10%	29.15%	30.23%	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%
Net Nonoperating Expense Percent (NNEP)	1.66%	0.94%	0.97%	0.95%	-0.02%	1.07%	1.00%	0.81%	1.08%	0.93%	1.26%
Return On Investment Capital (ROIC_SIMPLE)	1.45%	-	-	-	1.75%	-	-	-	2.24%	2.37%	2.30%
Cost of Revenue to Revenue	34.75%	34.77%	33.46%	35.33%	34.02%	35.01%	33.89%	35.68%	32.85%	34.70%	33.08%
SG&A Expenses to Revenue	17.38%	12.96%	13.02%	11.24%	13.88%	10.76%	12.42%	14.74%	11.78%	11.95%	14.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.01%	28.00%	29.09%	26.68%	27.70%	23.97%	25.98%	28.83%	26.46%	25.25%	27.96%
Earnings before Interest and Taxes (EBIT)	104	123	116	123	121	168	162	158	196	208	213
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	149	168	162	169	169	217	212	216	259	271	276
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.05	3.68	3.09	3.56	3.96	4.43	4.45	5.13	5.33	5.90	5.68
Price to Tangible Book Value (P/TBV)	15.74	17.76	12.84	14.61	14.95	16.70	15.48	31.42	28.84	27.96	23.83
Price to Revenue (P/Rev)	12.70	15.28	13.13	14.87	15.89	17.23	16.56	17.90	17.92	19.19	17.89
Price to Earnings (P/E)	48.80	58.67	47.81	51.44	58.27	60.60	57.78	65.14	61.67	66.94	62.00
Dividend Yield	0.50%	0.42%	0.50%	0.44%	0.40%	0.36%	0.36%	0.32%	0.31%	0.28%	0.30%
Earnings Yield	2.05%	1.70%	2.09%	1.94%	1.72%	1.65%	1.73%	1.54%	1.62%	1.49%	1.61%
Enterprise Value to Invested Capital (EV/IC)	3.36	4.08	3.51	4.12	4.76	5.18	5.32	5.60	5.97	6.56	6.60
Enterprise Value to Revenue (EV/Rev)	12.14	14.75	12.42	14.12	15.03	16.54	15.80	17.54	17.49	18.81	17.37
Enterprise Value to EBITDA (EV/EBITDA)	23.89	28.88	24.18	27.45	30.11	32.72	31.14	35.17	33.37	35.85	32.90
Enterprise Value to EBIT (EV/EBIT)	33.94	40.78	33.99	38.22	41.67	44.47	41.62	46.97	44.09	47.38	43.35
Enterprise Value to NOPAT (EV/NOPAT)	42.52	53.22	44.11	48.97	51.99	55.46	52.74	60.54	58.93	63.79	58.71
Enterprise Value to Operating Cash Flow (EV/OCF)	22.80	27.03	21.85	25.10	26.96	32.89	30.41	33.28	33.62	37.35	32.21
Enterprise Value to Free Cash Flow (EV/FCFF)	37.27	41.21	34.99	45.82	44.60	90.23	83.75	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.21	-0.19	-0.21	-0.23	-0.26	-0.24	-0.26	-0.22	-0.25	-0.23	-0.26
Leverage Ratio	1.13	1.12	1.13	1.12	1.16	1.17	1.16	1.14	1.16	1.17	1.19
Compound Leverage Factor	1.22	1.24	1.27	1.28	1.36	1.30	1.30	1.25	1.25	1.24	1.27
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.68%	10.68%	9.36%	9.39%	9.40%	9.34%	9.29%	9.32%	9.36%	9.29%	9.34%
Common Equity to Total Capital	89.32%	89.32%	90.64%	90.61%	90.60%	90.66%	90.71%	90.68%	90.64%	90.71%	90.66%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	13.25	17.89	13.03	16.89	11.96	11.64	14.59	17.34	22.08	26.30	16.30
Noncontrolling Interest Sharing Ratio	11.57%	11.41%	10.74%	10.04%	10.02%	9.98%	9.32%	9.35%	9.38%	9.31%	9.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	26.99	19.54	34.23	32.07	29.68	2.11	3.43	11.76	14.15	5.76	2.37
Quick Ratio	26.99	19.48	34.23	32.07	29.68	2.11	3.43	11.76	14.15	5.76	2.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	128	190	180	124	168	-34	-47	-675	-690	-555	-452
Operating Cash Flow to CapEx	1,418.15%	423.84%	1,424.74%	1,214.40%	2,007.55%	219.57%	1,718.01%	1,716.81%	742.99%	406.34%	1,855.13%
Free Cash Flow to Firm to Interest Expense	24.15	423.14	385.69	267.80	252.07	-20.03	-86.50	-466.71	-1,204.56	-944.77	-1,054.76
Operating Cash Flow to Interest Expense	39.16	157.77	456.31	468.51	366.96	22.07	527.07	202.03	492.19	102.57	953.82
Operating Cash Flow Less CapEx to Interest Expense	36.40	120.55	424.29	429.93	348.68	12.02	496.39	190.26	425.95	77.33	902.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.20	0.20	0.20	0.20	0.21	0.22	0.24	0.24	0.25	0.25
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	916.59	0.00	407.50	1,000.98	416.59	1,003.78	1,041.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	34.72	33.50	34.31	36.25	37.71	40.34	44.29	47.42	43.40	47.30	52.91
Accounts Payable Turnover	10.11	8.51	10.48	10.38	8.84	6.95	8.85	7.73	7.76	5.98	5.89
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.40	0.00	0.90	0.36	0.88	0.36	0.35
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.09	42.91	34.82	35.16	41.31	52.51	41.26	47.21	47.05	61.01	62.02
Cash Conversion Cycle (CCC)	-36.09	-42.91	-34.82	-35.16	-40.91	-52.51	-40.36	-46.84	-46.17	-60.64	-61.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,289	4,368	4,321	4,318	4,225	4,531	4,489	5,113	5,059	5,241	5,096
Invested Capital Turnover	0.28	0.27	0.28	0.29	0.31	0.32	0.34	0.35	0.37	0.37	0.40
Increase / (Decrease) in Invested Capital	-48	-97	-90	-25	-64	163	168	794	834	710	607
Enterprise Value (EV)	14,431	17,800	15,152	17,803	20,111	23,453	23,893	28,636	30,186	34,364	33,613
Market Capitalization	15,095	18,435	16,013	18,751	21,260	24,430	25,035	29,224	30,928	35,062	34,615
Book Value per Share	$21.14	$21.33	$22.08	$22.44	$22.89	$25.90	$23.84	$24.12	$24.55	$25.15	$25.79
Tangible Book Value per Share	$4.09	$4.43	$5.31	$5.47	$6.06	$6.88	$6.85	$3.94	$4.54	$5.31	$6.14
Total Capital	5,546	5,601	5,717	5,812	5,931	6,076	6,207	6,286	6,399	6,547	6,726
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-1,257	-1,233	-1,396	-1,493	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630
Capital Expenditures (CapEx)	15	17	15	18	12	17	17	17	38	15	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	-59	-36	-44	-57	-731	-499	-100	-87	-226	-689
Debt-free Net Working Capital (DFNWC)	1,213	1,173	1,359	1,450	1,649	813	1,219	1,074	1,253	1,081	941
Net Working Capital (NWC)	1,213	1,173	1,359	1,450	1,649	813	1,219	1,074	1,253	1,081	941
Net Nonoperating Expense (NNE)	-19	-9.69	-11	-12	0.24	-15	-16	-11	-17	-13	-21
Net Nonoperating Obligations (NNO)	-1,257	-1,233	-1,396	-1,493	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630
Total Depreciation and Amortization (D&A)	45	45	46	47	48	49	50	58	63	63	63
Debt-free, Cash-free Net Working Capital to Revenue	-3.70%	-4.93%	-2.99%	-3.45%	-4.28%	-51.59%	-33.00%	-6.11%	-5.05%	-12.36%	-35.60%
Debt-free Net Working Capital to Revenue	102.06%	97.24%	111.43%	114.96%	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%
Net Working Capital to Revenue	102.06%	97.24%	111.43%	114.96%	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$0.42	$0.42	$0.47	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72
Adjusted Weighted Average Basic Shares Outstanding	205.58M	208.11M	211.57M	211.62M	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M
Adjusted Diluted Earnings per Share	$0.42	$0.42	$0.42	$0.46	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71
Adjusted Weighted Average Diluted Shares Outstanding	208.40M	210.14M	213.16M	213.49M	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	234.50M	234.74M	234.66M	234.74M	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M
Normalized Net Operating Profit after Tax (NOPAT)	80	93	91	99	104	129	121	119	143	155	154
Normalized NOPAT Margin	27.47%	28.10%	29.15%	30.23%	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%
Pre Tax Income Margin	38.43%	41.12%	42.17%	42.73%	38.19%	45.76%	45.31%	38.69%	45.38%	43.48%	44.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.62	273.74	248.13	264.72	181.43	97.60	299.80	109.58	342.09	354.89	495.38
NOPAT to Interest Expense	15.15	206.03	193.87	213.90	155.90	74.83	222.92	82.61	250.31	264.10	360.12
EBIT Less CapEx to Interest Expense	16.86	236.51	216.11	226.14	163.15	87.55	269.13	97.81	275.84	329.65	443.97
NOPAT Less CapEx to Interest Expense	12.39	168.81	161.84	175.32	137.62	64.78	192.24	70.85	184.07	238.86	308.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.38%	21.79%	21.52%	20.32%	21.06%	20.56%	20.93%	21.94%	19.83%	19.94%	18.62%
Augmented Payout Ratio	49.00%	41.77%	40.51%	36.45%	29.45%	23.68%	21.97%	27.15%	30.19%	30.01%	28.07%

Key Financial Trends

Tradeweb Markets (NASDAQ:TW) has demonstrated solid financial performance over the last four years through mid-2025, supported by growing revenues, consistent profitability, and strong operating cash flows. Here is a summary of the most noteworthy trends and insights derived from its quarterly financial statements:

Revenue Growth: Operating revenue increased steadily from $293 million in Q4 2022 to $513 million in Q2 2025, exhibiting healthy top-line growth over two years, reflecting robust demand and business expansion.
Profitability and Earnings: Net income attributable to common shareholders rose from roughly $89 million in Q4 2022 to about $154 million in Q2 2025. Diluted EPS followed, rising from $0.42 in Q4 2022 to $0.71 in Q2 2025, indicating improved profitability on a per-share basis.
Strong Operating Cash Flow: Net cash from operating activities consistently increased, reaching $409 million in Q2 2025, up significantly from $208 million in Q4 2022. This suggests efficient cash generation from core operations supporting sustainable growth.
Solid Gross Margins: Gross profit margins have remained robust around 67%, with total gross profit expanding in line with revenue growth—highlighting effective cost management relative to revenue.
Increasing Equity Base: Total common equity increased from about $4.87 billion in Q4 2022 to $6.1 billion in Q2 2025, reflecting retained earnings growth and a strong balance sheet position.
Rising Depreciation Expense: Depreciation expense has increased from $44.9 million in Q4 2022 to over $63 million in Q2 2025, likely tied to increased investments in property, plant, and equipment. This is typical in growth phases but worth monitoring.
Investments and Capital Expenditures: Capital expenditures have risen, with purchases of property and equipment around $22 million in Q2 2025, and investments consistently occurring. These are investments in future capacity but impact free cash flow.
Increasing Current Liabilities in Recent Quarters: Current liabilities rose notably to $689 million in Q2 2025 from $124 million in Q1 2025, largely driven by other current liabilities. This should be watched for liquidity implications.
Negative Net Cash Outflows from Financing Activities: Net cash used in financing activities was $50.7 million in Q2 2025, due to dividend payments ($30.7 million) and other financing activities, indicating capital returned to shareholders but lowering cash reserves.
Consistent Dividend Payments: Dividends to common shareholders have been steady, increasing slightly to $0.12 per share in Q2 2025 from $0.08-$0.09 per share in 2022, reflecting a shareholder return policy balanced with growth needs.

Summary: Tradeweb Markets has shown ongoing revenue and earnings growth with expanding profitability, supported by strong operating cash flow and a growing equity base. The company is actively investing in its asset base and consistently returning capital to shareholders through dividends. Some rising liabilities and cash used in financing activities highlight areas to monitor but do not currently overshadow the positive trajectory. Overall, the financials reflect a healthy and strategically growing business suitable for investors seeking growth combined with income potential.

08/28/25 09:55 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Tradeweb Markets' Financials

When does Tradeweb Markets' fiscal year end?

According to the most recent income statement we have on file, Tradeweb Markets' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Tradeweb Markets' net income changed over the last 6 years?

Tradeweb Markets' net income appears to be on an upward trend, with a most recent value of $569.96 million in 2024, rising from $83.65 million in 2017. The previous period was $419.50 million in 2023. See Tradeweb Markets' forecast for analyst expectations on what’s next for the company.

What is Tradeweb Markets' operating income?

Tradeweb Markets' total operating income in 2024 was $678.03 million, based on the following breakdown:

Total Gross Profit: $1.13 billion
Total Operating Expenses: $455.23 million

How has Tradeweb Markets' revenue changed over the last 6 years?

Over the last 6 years, Tradeweb Markets' total revenue changed from $504.45 million in 2017 to $1.73 billion in 2024, a change of 242.1%.

How much debt does Tradeweb Markets have?

Tradeweb Markets' total liabilities were at $869.11 million at the end of 2024, a 23.0% decrease from 2023, and a 111.7% increase since 2018.

How much cash does Tradeweb Markets have?

In the past 6 years, Tradeweb Markets' cash and equivalents has ranged from $410.10 million in 2018 to $1.71 billion in 2023, and is currently $1.34 billion as of their latest financial filing in 2024.

How has Tradeweb Markets' book value per share changed over the last 6 years?

Over the last 6 years, Tradeweb Markets' book value per share changed from 0.00 in 2017 to 24.55 in 2024, a change of 2,455.3%.

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This page (NASDAQ:TW) was last updated on 8/28/2025 by MarketBeat.com Staff

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Tradeweb Markets (TW) Financials

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Tradeweb Markets (TW) Financials

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