Tradeweb Markets (TW) Financials

$144.31 +2.45 (+1.73%)

Closing price 04:00 PM Eastern

Extended Trading

$143.57 -0.74 (-0.51%)

As of 06:06 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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	69	89	88	89	99	89	126	119	114	142	148
Consolidated Net Income / (Loss)	82	99	102	102	112	104	143	136	130	160	168
Net Income / (Loss) Continuing Operations	82	99	102	102	112	104	143	136	130	160	168
Total Pre-Tax Income	106	113	135	131	140	141	187	183	174	210	222
Total Operating Income	103	92	123	116	125	142	168	162	159	189	204
Total Gross Profit	184	191	215	207	212	244	266	268	289	311	333
Total Revenue	287	293	329	311	328	370	409	405	449	463	510
Operating Revenue	287	293	329	311	328	370	409	405	449	463	510
Total Cost of Revenue	103	102	114	104	116	126	143	137	160	152	177
Operating Cost of Revenue	103	102	114	104	116	126	143	137	160	152	177
Total Operating Expenses	82	100	92	90	88	102	98	105	129	123	129
Selling, General & Admin Expense	33	51	43	40	37	51	44	50	66	55	61
Depreciation Expense	45	45	45	46	47	48	49	50	58	63	63
Other Operating Expenses / (Income)	3.70	3.87	4.12	4.03	4.13	3.65	4.67	4.98	5.42	5.15	5.07
Total Other Income / (Expense), net	3.41	21	13	15	16	-0.33	19	21	14	22	17
Interest Expense	-3.41	5.31	0.45	0.47	0.46	0.67	1.72	0.54	1.45	0.57	0.59
Interest & Investment Income	-	-	13	16	18	21	21	22	17	15	14
Other Income / (Expense), net	0.00	13	0.34	-0.46	-1.91	-21	0.00	0.00	-0.86	7.48	4.22
Income Tax Expense	25	14	33	29	29	38	44	47	43	50	53
Net Income / (Loss) Attributable to Noncontrolling Interest	12	10	14	13	13	14	17	17	16	18	20
Basic Earnings per Share	$0.34	$0.42	$0.42	$0.42	$0.47	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70
Weighted Average Basic Shares Outstanding	205.72M	205.58M	208.11M	211.57M	211.62M	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M
Diluted Earnings per Share	$0.33	$0.42	$0.42	$0.42	$0.46	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69
Weighted Average Diluted Shares Outstanding	208.33M	208.40M	210.14M	213.16M	213.49M	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M
Weighted Average Basic & Diluted Shares Outstanding	234.36M	234.50M	234.74M	234.66M	234.74M	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	151	147	-25	164	97	213	-162	173	-544	171	-34
Net Cash From Operating Activities	202	208	71	213	217	245	38	286	292	282	60
Net Cash From Continuing Operating Activities	202	208	71	213	217	245	38	286	292	282	60
Net Income / (Loss) Continuing Operations	82	99	102	102	112	104	143	136	130	160	168
Consolidated Net Income / (Loss)	82	99	102	102	112	104	143	136	130	160	168
Depreciation Expense	45	45	45	46	47	48	49	50	58	63	63
Non-Cash Adjustments To Reconcile Net Income	32	30	38	34	37	48	-0.74	54	40	-2.77	3.21
Changes in Operating Assets and Liabilities, net	43	34	-114	31	22	46	-154	45	65	62	-174
Net Cash From Investing Activities	-12	-15	-17	-17	-86	-12	-107	-28	-788	-46	-15
Net Cash From Continuing Investing Activities	-12	-15	-17	-17	-86	-12	-107	-28	-788	-46	-15
Purchase of Property, Plant & Equipment	-12	-15	-17	-15	-18	-12	-17	-17	-17	-38	-15
Acquisitions	-	-	0.00	-	-70	-0.06	-89	-	-771	0.28	0.00
Purchase of Investments	-	-	0.00	-2.39	1.10	-	-0.50	-11	-	-8.61	0.00
Net Cash From Financing Activities	-29	-55	-80	-33	-31	-24	-91	-84	-55	-60	-83
Net Cash From Continuing Financing Activities	-29	-55	-80	-33	-31	-24	-91	-84	-55	-60	-83
Repurchase of Common Equity	-9.00	-34	-21	-9.25	-2.82	-2.33	0.00	-	-24	-35	-0.84
Payment of Dividends	-20	-20	-21	-22	-21	-24	-27	-31	-30	-24	-33
Other Financing Activities, net	-0.21	-0.91	-39	-1.26	-7.02	5.09	-63	-53	-0.56	-1.44	-49
Other Net Changes in Cash	-9.93	8.52	1.78	0.81	-3.08	4.58	-1.74	-0.50	6.61	-	3.79
Cash Interest Paid	-	-	0.08	0.34	0.34	0.56	1.24	0.52	0.38	0.43	1.39
Cash Income Taxes Paid	5.67	2.21	4.30	15	5.60	4.02	4.45	57	9.18	81	12

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.21%	5.84%	5.70%	4.53%	14.36%	26.26%	24.14%	30.37%	36.72%	25.23%	24.70%
EBITDA Growth	13.22%	10.57%	7.86%	6.86%	14.77%	13.03%	28.94%	31.32%	27.71%	53.62%	24.89%
EBIT Growth	20.21%	14.29%	10.13%	8.70%	19.47%	16.13%	36.43%	40.23%	29.00%	61.98%	24.24%
NOPAT Growth	20.38%	52.29%	-5.45%	11.51%	25.72%	29.19%	38.96%	33.46%	20.36%	37.93%	20.59%
Net Income Growth	24.90%	64.99%	4.87%	24.93%	36.86%	4.79%	40.31%	33.82%	16.66%	54.17%	17.38%
EPS Growth	26.92%	82.61%	5.00%	27.27%	39.39%	-2.38%	40.48%	30.95%	15.22%	60.98%	16.95%
Operating Cash Flow Growth	10.50%	8.53%	56.58%	19.67%	7.88%	17.67%	-46.48%	34.06%	34.38%	15.22%	58.80%
Free Cash Flow Firm Growth	201.92%	328.47%	1,603.89%	-3.80%	-23.31%	31.05%	-118.11%	-126.03%	-643.11%	-510.52%	-1,512.01%
Invested Capital Growth	-1.88%	-1.10%	-2.18%	-2.03%	-0.58%	-1.50%	3.73%	3.88%	18.39%	19.73%	15.66%
Revenue Q/Q Growth	-3.37%	2.06%	12.36%	-5.66%	5.71%	12.68%	10.47%	-0.93%	10.86%	3.21%	10.00%
EBITDA Q/Q Growth	-2.50%	1.02%	12.89%	-3.89%	4.71%	-0.52%	28.78%	-2.11%	1.84%	19.67%	4.69%
EBIT Q/Q Growth	-3.56%	1.36%	17.95%	-5.72%	6.00%	-1.48%	38.56%	-3.09%	-2.49%	23.70%	6.28%
NOPAT Q/Q Growth	-2.76%	1.96%	14.93%	-2.13%	9.63%	4.77%	23.63%	-6.01%	-1.13%	20.07%	8.09%
Net Income Q/Q Growth	-0.04%	21.38%	3.22%	-0.25%	9.51%	-7.07%	38.21%	-4.86%	-4.54%	22.82%	5.23%
EPS Q/Q Growth	0.00%	27.27%	0.00%	0.00%	9.52%	-10.87%	43.90%	-6.78%	-3.64%	24.53%	4.55%
Operating Cash Flow Q/Q Growth	13.16%	3.22%	-65.94%	200.82%	2.01%	12.59%	-84.51%	653.47%	2.26%	-3.46%	-78.65%
Free Cash Flow Firm Q/Q Growth	-13.47%	-20.82%	48.08%	-5.20%	-31.01%	35.31%	-120.46%	-36.28%	-1,339.45%	-2.27%	19.65%
Invested Capital Q/Q Growth	-1.54%	-1.25%	1.84%	-1.07%	-0.07%	-2.16%	7.25%	-0.93%	13.89%	-1.06%	3.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.22%	65.25%	65.23%	66.54%	64.67%	65.98%	64.99%	66.11%	64.32%	67.15%	65.30%
EBITDA Margin	51.40%	50.88%	51.12%	52.08%	51.59%	45.54%	53.09%	52.46%	48.19%	55.87%	53.18%
Operating Margin	35.81%	31.24%	37.23%	37.45%	37.99%	38.28%	41.02%	40.13%	35.49%	40.69%	40.05%
EBIT Margin	35.81%	35.56%	37.33%	37.31%	37.41%	32.71%	41.02%	40.13%	35.30%	42.30%	40.87%
Profit (Net Income) Margin	28.41%	33.78%	31.04%	32.82%	34.00%	28.04%	35.08%	33.69%	29.01%	34.52%	33.02%
Tax Burden Percent	76.79%	87.92%	75.48%	77.82%	79.57%	73.42%	76.67%	74.36%	74.98%	76.07%	75.96%
Interest Burden Percent	103.32%	108.06%	110.16%	113.04%	114.22%	116.76%	111.54%	112.90%	109.60%	107.26%	106.37%
Effective Tax Rate	23.21%	12.08%	24.52%	22.18%	20.43%	26.58%	23.33%	25.64%	25.02%	23.93%	24.04%
Return on Invested Capital (ROIC)	7.35%	7.57%	7.68%	8.14%	8.80%	8.83%	10.02%	10.24%	9.21%	11.51%	11.37%
ROIC Less NNEP Spread (ROIC-NNEP)	7.08%	5.91%	6.74%	7.18%	7.85%	8.85%	8.95%	9.24%	8.41%	10.43%	10.44%
Return on Net Nonoperating Assets (RNNOA)	-1.28%	-1.21%	-1.27%	-1.52%	-1.81%	-2.29%	-2.13%	-2.41%	-1.85%	-2.58%	-2.36%
Return on Equity (ROE)	6.07%	6.36%	6.40%	6.62%	6.99%	6.55%	7.89%	7.83%	7.36%	8.93%	9.01%
Cash Return on Invested Capital (CROIC)	8.94%	8.98%	9.78%	9.92%	8.97%	10.59%	5.84%	6.48%	-6.81%	-6.92%	-3.50%
Operating Return on Assets (OROA)	6.96%	6.90%	7.36%	7.29%	7.46%	6.57%	8.53%	8.81%	8.33%	10.19%	10.11%
Return on Assets (ROA)	5.52%	6.56%	6.12%	6.42%	6.78%	5.63%	7.29%	7.40%	6.84%	8.32%	8.17%
Return on Common Equity (ROCE)	5.37%	5.62%	5.67%	5.91%	6.29%	5.89%	7.10%	7.10%	6.67%	8.10%	8.17%
Return on Equity Simple (ROE_SIMPLE)	6.59%	0.00%	7.28%	7.42%	7.88%	0.00%	8.36%	8.79%	9.01%	0.00%	10.02%
Net Operating Profit after Tax (NOPAT)	79	80	93	91	99	104	129	121	119	143	155
NOPAT Margin	27.50%	27.47%	28.10%	29.15%	30.23%	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%
Net Nonoperating Expense Percent (NNEP)	0.27%	1.66%	0.94%	0.97%	0.95%	-0.02%	1.07%	1.00%	0.81%	1.08%	0.93%
Return On Investment Capital (ROIC_SIMPLE)	-	1.45%	-	-	-	1.75%	-	-	-	2.24%	2.37%
Cost of Revenue to Revenue	35.78%	34.75%	34.77%	33.46%	35.33%	34.02%	35.01%	33.89%	35.68%	32.85%	34.70%
SG&A Expenses to Revenue	11.53%	17.38%	12.96%	13.02%	11.24%	13.88%	10.76%	12.42%	14.74%	11.78%	11.95%
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	28.42%	34.01%	28.00%	29.09%	26.68%	27.70%	23.97%	25.98%	28.83%	26.46%	25.25%
Earnings before Interest and Taxes (EBIT)	103	104	123	116	123	121	168	162	158	196	208
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	148	149	168	162	169	169	217	212	216	259	271
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.70	3.05	3.68	3.09	3.56	3.96	4.43	4.45	5.13	5.33	5.90
Price to Tangible Book Value (P/TBV)	15.54	15.74	17.76	12.84	14.61	14.95	16.70	15.48	31.42	28.84	27.96
Price to Revenue (P/Rev)	11.19	12.70	15.28	13.13	14.87	15.89	17.23	16.56	17.90	17.92	19.19
Price to Earnings (P/E)	48.73	48.80	58.67	47.81	51.44	58.27	60.60	57.78	65.14	61.67	66.94
Dividend Yield	0.57%	0.50%	0.42%	0.50%	0.44%	0.40%	0.36%	0.36%	0.32%	0.31%	0.28%
Earnings Yield	2.05%	2.05%	1.70%	2.09%	1.94%	1.72%	1.65%	1.73%	1.54%	1.62%	1.49%
Enterprise Value to Invested Capital (EV/IC)	2.90	3.36	4.08	3.51	4.12	4.76	5.18	5.32	5.60	5.97	6.56
Enterprise Value to Revenue (EV/Rev)	10.74	12.14	14.75	12.42	14.12	15.03	16.54	15.80	17.54	17.49	18.81
Enterprise Value to EBITDA (EV/EBITDA)	21.35	23.89	28.88	24.18	27.45	30.11	32.72	31.14	35.17	33.37	35.85
Enterprise Value to EBIT (EV/EBIT)	30.56	33.94	40.78	33.99	38.22	41.67	44.47	41.62	46.97	44.09	47.38
Enterprise Value to NOPAT (EV/NOPAT)	40.80	42.52	53.22	44.11	48.97	51.99	55.46	52.74	60.54	58.93	63.79
Enterprise Value to Operating Cash Flow (EV/OCF)	20.43	22.80	27.03	21.85	25.10	26.96	32.89	30.41	33.28	33.62	37.35
Enterprise Value to Free Cash Flow (EV/FCFF)	32.15	37.27	41.21	34.99	45.82	44.60	90.23	83.75	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	-0.18	-0.21	-0.19	-0.21	-0.23	-0.26	-0.24	-0.26	-0.22	-0.25	-0.23
Leverage Ratio	1.13	1.13	1.12	1.13	1.12	1.16	1.17	1.16	1.14	1.16	1.17
Compound Leverage Factor	1.17	1.22	1.24	1.27	1.28	1.36	1.30	1.30	1.25	1.25	1.24
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	10.72%	10.68%	10.68%	9.36%	9.39%	9.40%	9.34%	9.29%	9.32%	9.36%	9.29%
Common Equity to Total Capital	89.28%	89.32%	89.32%	90.64%	90.61%	90.60%	90.66%	90.71%	90.68%	90.64%	90.71%
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	12.06	13.25	17.89	13.03	16.89	11.96	11.64	14.59	17.34	22.08	26.30
Noncontrolling Interest Sharing Ratio	11.61%	11.57%	11.41%	10.74%	10.04%	10.02%	9.98%	9.32%	9.35%	9.38%	9.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	26.32	26.99	19.54	34.23	32.07	29.68	2.11	3.43	11.76	14.15	5.76
Quick Ratio	26.32	26.99	19.48	34.23	32.07	29.68	2.11	3.43	11.76	14.15	5.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	162	128	190	180	124	168	-34	-47	-675	-690	-555
Operating Cash Flow to CapEx	1,632.69%	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%
Free Cash Flow to Firm to Interest Expense	0.00	24.15	423.14	385.69	267.80	252.07	-20.03	-86.50	-466.71	-1,204.56	-944.77
Operating Cash Flow to Interest Expense	0.00	39.16	157.77	456.31	468.51	366.96	22.07	527.07	202.03	492.19	102.57
Operating Cash Flow Less CapEx to Interest Expense	0.00	36.40	120.55	424.29	429.93	348.68	12.02	496.39	190.26	425.95	77.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.20	0.20	0.20	0.20	0.21	0.22	0.24	0.24	0.25
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	916.59	0.00	407.50	1,000.98	416.59	1,003.78
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	38.13	34.72	33.50	34.31	36.25	37.71	40.34	44.29	47.42	43.40	47.30
Accounts Payable Turnover	11.52	10.11	8.51	10.48	10.38	8.84	6.95	8.85	7.73	7.76	5.98
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.40	0.00	0.90	0.36	0.88	0.36
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)	31.69	36.09	42.91	34.82	35.16	41.31	52.51	41.26	47.21	47.05	61.01
Cash Conversion Cycle (CCC)	-31.69	-36.09	-42.91	-34.82	-35.16	-40.91	-52.51	-40.36	-46.84	-46.17	-60.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,343	4,289	4,368	4,321	4,318	4,225	4,531	4,489	5,113	5,059	5,241
Invested Capital Turnover	0.27	0.28	0.27	0.28	0.29	0.31	0.32	0.34	0.35	0.37	0.37
Increase / (Decrease) in Invested Capital	-83	-48	-97	-90	-25	-64	163	168	794	834	710
Enterprise Value (EV)	12,596	14,431	17,800	15,152	17,803	20,111	23,453	23,893	28,636	30,186	34,364
Market Capitalization	13,122	15,095	18,435	16,013	18,751	21,260	24,430	25,035	29,224	30,928	35,062
Book Value per Share	$20.77	$21.14	$21.33	$22.08	$22.44	$22.89	$25.90	$23.84	$24.12	$24.55	$25.15
Tangible Book Value per Share	$3.60	$4.09	$4.43	$5.31	$5.47	$6.06	$6.88	$6.85	$3.94	$4.54	$5.31
Total Capital	5,454	5,546	5,601	5,717	5,812	5,931	6,076	6,207	6,286	6,399	6,547
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	-1,110	-1,257	-1,233	-1,396	-1,493	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306
Capital Expenditures (CapEx)	12	15	17	15	18	12	17	17	17	38	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42	-44	-59	-36	-44	-57	-731	-499	-100	-87	-226
Debt-free Net Working Capital (DFNWC)	1,068	1,213	1,173	1,359	1,450	1,649	813	1,219	1,074	1,253	1,081
Net Working Capital (NWC)	1,068	1,213	1,173	1,359	1,450	1,649	813	1,219	1,074	1,253	1,081
Net Nonoperating Expense (NNE)	-2.62	-19	-9.69	-11	-12	0.24	-15	-16	-11	-17	-13
Net Nonoperating Obligations (NNO)	-1,110	-1,257	-1,233	-1,396	-1,493	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306
Total Depreciation and Amortization (D&A)	45	45	45	46	47	48	49	50	58	63	63
Debt-free, Cash-free Net Working Capital to Revenue	-3.60%	-3.70%	-4.93%	-2.99%	-3.45%	-4.28%	-51.59%	-33.00%	-6.11%	-5.05%	-12.36%
Debt-free Net Working Capital to Revenue	91.08%	102.06%	97.24%	111.43%	114.96%	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%
Net Working Capital to Revenue	91.08%	102.06%	97.24%	111.43%	114.96%	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.42	$0.42	$0.42	$0.47	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70
Adjusted Weighted Average Basic Shares Outstanding	205.72M	205.58M	208.11M	211.57M	211.62M	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M
Adjusted Diluted Earnings per Share	$0.33	$0.42	$0.42	$0.42	$0.46	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69
Adjusted Weighted Average Diluted Shares Outstanding	208.33M	208.40M	210.14M	213.16M	213.49M	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M
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	234.36M	234.50M	234.74M	234.66M	234.74M	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M
Normalized Net Operating Profit after Tax (NOPAT)	79	80	93	91	99	104	129	121	119	143	155
Normalized NOPAT Margin	27.50%	27.47%	28.10%	29.15%	30.23%	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%
Pre Tax Income Margin	37.00%	38.43%	41.12%	42.17%	42.73%	38.19%	45.76%	45.31%	38.69%	45.38%	43.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	19.62	273.74	248.13	264.72	181.43	97.60	299.80	109.58	342.09	354.89
NOPAT to Interest Expense	0.00	15.15	206.03	193.87	213.90	155.90	74.83	222.92	82.61	250.31	264.10
EBIT Less CapEx to Interest Expense	0.00	16.86	236.51	216.11	226.14	163.15	87.55	269.13	97.81	275.84	329.65
NOPAT Less CapEx to Interest Expense	0.00	12.39	168.81	161.84	175.32	137.62	64.78	192.24	70.85	184.07	238.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.12%	21.38%	21.79%	21.52%	20.32%	21.06%	20.56%	20.93%	21.94%	19.83%	19.94%
Augmented Payout Ratio	48.24%	49.00%	41.77%	40.51%	36.45%	29.45%	23.68%	21.97%	27.15%	30.19%	30.01%

Frequently Asked Questions About Tradeweb Markets' Financials

When does Tradeweb Markets's 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. View Tradeweb Markets' forecast to see where analysts expect Tradeweb Markets to go next.

What is Tradeweb Markets's operating income?

Tradeweb Markets's 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%.

Related Companies

This page (NASDAQ:TW) was last updated on 5/5/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Tradeweb Markets (TW) Financials

Frequently Asked Questions About Tradeweb Markets' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Tradeweb Markets (TW) Financials

Annual Income Statements for Tradeweb Markets

Quarterly Income Statements for Tradeweb Markets

Annual Cash Flow Statements for Tradeweb Markets

Quarterly Cash Flow Statements for Tradeweb Markets

Annual Balance Sheets for Tradeweb Markets

Quarterly Balance Sheets for Tradeweb Markets

Annual Metrics and Ratios for Tradeweb Markets

Quarterly Metrics and Ratios for Tradeweb Markets

Frequently Asked Questions About Tradeweb Markets' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools