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Tradeweb Markets (TW) Financials

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$135.47 -2.83 (-2.05%)
Closing price 04:00 PM Eastern
Extended Trading
$135.75 +0.28 (+0.21%)
As of 04:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for Tradeweb Markets

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

Quarterly Income Statements for Tradeweb Markets

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

Annual Cash Flow Statements for Tradeweb Markets

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

Quarterly Cash Flow Statements for Tradeweb Markets

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

Annual Balance Sheets for Tradeweb Markets

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

Quarterly Balance Sheets for Tradeweb Markets

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

Annual Metrics And Ratios for Tradeweb Markets

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%

Quarterly Metrics And Ratios for Tradeweb Markets

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 Inc. has shown consistent growth in operating revenue and net income over the past several quarters, indicating steady business expansion. Operating revenue rose from $293.0 million in Q4 2022 to $509.7 million in Q1 2025, nearly doubling over this period.

Key financial highlights and trends include:

  • Operating Revenue increased substantially from $293.0M in Q4 2022 to $509.7M in Q1 2025, demonstrating strong top-line growth.
  • Net Income attributable to common shareholders rose from approximately $88.9M in Q4 2022 to $148.4M in Q1 2025, reflecting improved profitability.
  • Gross profit margin has remained healthy with Total Gross Profit growing from $191.2M in Q4 2022 to $332.8M in Q1 2025, indicating good cost control relative to revenue.
  • Total Operating Expenses increased moderately, but the increase was outpaced by revenue growth, supporting higher operating income which rose to $204.1M in Q1 2025 from $91.6M in Q4 2022.
  • Tradeweb generated positive cash flow from operating activities in recent quarters, with $60.2M in Q1 2025, showing solid cash conversion from earnings.
  • Capital expenditures remain steady, around $12M to $17M per quarter, indicating ongoing investments in property and equipment to support operations.
  • The company paid consistent dividends each quarter, with $0.08-$0.10 per share recently, supporting shareholder returns.
  • Tradeweb maintains a strong liquidity position, with Cash & Equivalents increasing from $1.11B in Q3 2022 to $1.31B in Q1 2025, providing financial flexibility.
  • Goodwill and intangible assets have grown over time due to acquisitions, now totaling over $4.6B, which investors should watch for potential impairment risks.
  • Total liabilities increased substantially, including noncurrent liabilities related to deferred tax and employee benefits, which rose to $822.8M in total liabilities by Q1 2025 from $683.0M in Q4 2022, which may increase financial leverage and risk.

In summary, Tradeweb Markets demonstrates strong revenue and earnings growth, good operating leverage, and healthy cash flow generation. The company’s solid liquidity and consistent dividend payments also support its financial stability. However, investors should monitor the growth in goodwill and liabilities, which could impact future earnings quality and balance sheet strength.

08/08/25 01:54 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Tradeweb Markets' Financials

When does Tradeweb Markets' financial year end?

According to the most recent income statement we have on file, Tradeweb Markets' fiscal year ends in December. Their fiscal 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. Check out Tradeweb Markets' forecast to explore projected trends and price targets.

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%.



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