Tradeweb Markets (TW) Financials

$144.86 -1.05 (-0.72%)

As of 12:53 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	2024	2023	2022	2021	2020	2019	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2017
Net Income / (Loss) Attributable to Common Shareholders	502	365	309	227	166	84	0.00
Consolidated Net Income / (Loss)	570	420	360	273	218	173	84
Net Income / (Loss) Continuing Operations	570	420	360	273	218	173	84
Total Pre-Tax Income	754	548	437	370	274	225	90
Total Operating Income	678	505	413	359	263	190	89
Total Gross Profit	1,133	878	756	669	543	446	255
Total Revenue	1,726	1,338	1,189	1,076	893	776	504
Operating Revenue	1,726	1,338	1,189	1,076	893	776	504
Total Cost of Revenue	593	460	432	407	350	329	249
Operating Cost of Revenue	593	460	432	407	350	329	249
Total Operating Expenses	455	373	344	310	280	256	166
Selling, General & Admin Expense	215	171	150	125	111	102	83
Depreciation Expense	220	185	179	171	154	139	69
Other Operating Expenses / (Income)	20	16	15	15	15	15	14
Total Other Income / (Expense), net	76	43	25	11	11	36	0.69
Interest Expense	4.28	2.05	1.81	1.59	0.32	-2.37	-
Interest & Investment Income	74	67	14	-	0.00	-	0.69
Other Income / (Expense), net	6.62	-23	13	13	11	33	0.00
Income Tax Expense	184	128	78	97	56	52	6.13
Net Income / (Loss) Attributable to Noncontrolling Interest	68	55	50	46	52	47	0.00
Basic Earnings per Share	$2.35	$1.73	$1.50	$1.13	$0.92	$0.57	$0.39
Weighted Average Basic Shares Outstanding	213.03M	210.80M	205.58M	201.42M	180.41M	148.01M	215.57M
Diluted Earnings per Share	$2.33	$1.71	$1.48	$1.09	$0.88	$0.54	$0.39
Weighted Average Diluted Shares Outstanding	214.92M	212.67M	208.40M	207.25M	188.22M	156.54M	215.57M
Weighted Average Basic & Diluted Shares Outstanding	236.17M	235.75M	234.50M	234.47M	229.15M	224.41M	-
Cash Dividends to Common per Share	$0.40	$0.36	$0.32	$0.32	$0.32	-	-

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	148	142	114	119	126	89	99	89	88	89	69
Consolidated Net Income / (Loss)	168	160	130	136	143	104	112	102	102	99	82
Net Income / (Loss) Continuing Operations	168	160	130	136	143	104	112	102	102	99	82
Total Pre-Tax Income	222	210	174	183	187	141	140	131	135	113	106
Total Operating Income	204	189	159	162	168	142	125	116	123	92	103
Total Gross Profit	333	311	289	268	266	244	212	207	215	191	184
Total Revenue	510	463	449	405	409	370	328	311	329	293	287
Operating Revenue	510	463	449	405	409	370	328	311	329	293	287
Total Cost of Revenue	177	152	160	137	143	126	116	104	114	102	103
Operating Cost of Revenue	177	152	160	137	143	126	116	104	114	102	103
Total Operating Expenses	129	123	129	105	98	102	88	90	92	100	82
Selling, General & Admin Expense	61	55	66	50	44	51	37	40	43	51	33
Depreciation Expense	63	63	58	50	49	48	47	46	45	45	45
Other Operating Expenses / (Income)	5.07	5.15	5.42	4.98	4.67	3.65	4.13	4.03	4.12	3.87	3.70
Total Other Income / (Expense), net	17	22	14	21	19	-0.33	16	15	13	21	3.41
Interest Expense	0.59	0.57	1.45	0.54	1.72	0.67	0.46	0.47	0.45	5.31	-3.41
Interest & Investment Income	14	15	17	22	21	21	18	16	13	-	-
Other Income / (Expense), net	4.22	7.48	-0.86	0.00	0.00	-21	-1.91	-0.46	0.34	13	0.00
Income Tax Expense	53	50	43	47	44	38	29	29	33	14	25
Net Income / (Loss) Attributable to Noncontrolling Interest	20	18	16	17	17	14	13	13	14	10	12
Basic Earnings per Share	$0.70	$0.67	$0.53	$0.56	$0.59	$0.42	$0.47	$0.42	$0.42	$0.42	$0.34
Weighted Average Basic Shares Outstanding	213.09M	213.03M	213.21M	213.16M	212.71M	210.80M	211.62M	211.57M	208.11M	205.58M	205.72M
Diluted Earnings per Share	$0.69	$0.66	$0.53	$0.55	$0.59	$0.41	$0.46	$0.42	$0.42	$0.42	$0.33
Weighted Average Diluted Shares Outstanding	214.90M	214.92M	215.10M	214.90M	214.66M	212.67M	213.49M	213.16M	210.14M	208.40M	208.33M
Weighted Average Basic & Diluted Shares Outstanding	236.44M	236.17M	236.24M	236.30M	236.18M	235.75M	234.74M	234.66M	234.74M	234.50M	234.36M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-34	171	-544	173	-162	213	97	164	-25	147	151
Net Cash From Operating Activities	60	282	292	286	38	245	217	213	71	208	202
Net Cash From Continuing Operating Activities	60	282	292	286	38	245	217	213	71	208	202
Net Income / (Loss) Continuing Operations	168	160	130	136	143	104	112	102	102	99	82
Consolidated Net Income / (Loss)	168	160	130	136	143	104	112	102	102	99	82
Depreciation Expense	63	63	58	50	49	48	47	46	45	45	45
Non-Cash Adjustments To Reconcile Net Income	3.21	-2.77	40	54	-0.74	48	37	34	38	30	32
Changes in Operating Assets and Liabilities, net	-174	62	65	45	-154	46	22	31	-114	34	43
Net Cash From Investing Activities	-15	-46	-788	-28	-107	-12	-86	-17	-17	-15	-12
Net Cash From Continuing Investing Activities	-15	-46	-788	-28	-107	-12	-86	-17	-17	-15	-12
Purchase of Property, Plant & Equipment	-15	-38	-17	-17	-17	-12	-18	-15	-17	-15	-12
Acquisitions	0.00	0.28	-771	-	-89	-0.06	-70	-	0.00	-	-
Purchase of Investments	0.00	-8.61	-	-11	-0.50	-	1.10	-2.39	0.00	-	-
Net Cash From Financing Activities	-83	-60	-55	-84	-91	-24	-31	-33	-80	-55	-29
Net Cash From Continuing Financing Activities	-83	-60	-55	-84	-91	-24	-31	-33	-80	-55	-29
Repurchase of Common Equity	-0.84	-35	-24	-	0.00	-2.33	-2.82	-9.25	-21	-34	-9.00
Payment of Dividends	-33	-24	-30	-31	-27	-24	-21	-22	-21	-20	-20
Other Financing Activities, net	-49	-1.44	-0.56	-53	-63	5.09	-7.02	-1.26	-39	-0.91	-0.21
Other Net Changes in Cash	3.79	-	6.61	-0.50	-1.74	4.58	-3.08	0.81	1.78	8.52	-9.93
Cash Interest Paid	1.39	0.43	0.38	0.52	1.24	0.56	0.34	0.34	0.08	-	-
Cash Income Taxes Paid	12	81	9.18	57	4.45	4.02	5.60	15	4.30	2.21	5.67

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

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

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.70%	25.23%	36.72%	30.37%	24.14%	26.26%	14.36%	4.53%	5.70%	5.84%	8.21%
EBITDA Growth	24.89%	53.62%	27.71%	31.32%	28.94%	13.03%	14.77%	6.86%	7.86%	10.57%	13.22%
EBIT Growth	24.24%	61.98%	29.00%	40.23%	36.43%	16.13%	19.47%	8.70%	10.13%	14.29%	20.21%
NOPAT Growth	20.59%	37.93%	20.36%	33.46%	38.96%	29.19%	25.72%	11.51%	-5.45%	52.29%	20.38%
Net Income Growth	17.38%	54.17%	16.66%	33.82%	40.31%	4.79%	36.86%	24.93%	4.87%	64.99%	24.90%
EPS Growth	16.95%	60.98%	15.22%	30.95%	40.48%	-2.38%	39.39%	27.27%	5.00%	82.61%	26.92%
Operating Cash Flow Growth	58.80%	15.22%	34.38%	34.06%	-46.48%	17.67%	7.88%	19.67%	56.58%	8.53%	10.50%
Free Cash Flow Firm Growth	-1,512.01%	-510.52%	-643.11%	-126.03%	-118.11%	31.05%	-23.31%	-3.80%	1,603.89%	328.47%	201.92%
Invested Capital Growth	15.66%	19.73%	18.39%	3.88%	3.73%	-1.50%	-0.58%	-2.03%	-2.18%	-1.10%	-1.88%
Revenue Q/Q Growth	10.00%	3.21%	10.86%	-0.93%	10.47%	12.68%	5.71%	-5.66%	12.36%	2.06%	-3.37%
EBITDA Q/Q Growth	4.69%	19.67%	1.84%	-2.11%	28.78%	-0.52%	4.71%	-3.89%	12.89%	1.02%	-2.50%
EBIT Q/Q Growth	6.28%	23.70%	-2.49%	-3.09%	38.56%	-1.48%	6.00%	-5.72%	17.95%	1.36%	-3.56%
NOPAT Q/Q Growth	8.09%	20.07%	-1.13%	-6.01%	23.63%	4.77%	9.63%	-2.13%	14.93%	1.96%	-2.76%
Net Income Q/Q Growth	5.23%	22.82%	-4.54%	-4.86%	38.21%	-7.07%	9.51%	-0.25%	3.22%	21.38%	-0.04%
EPS Q/Q Growth	4.55%	24.53%	-3.64%	-6.78%	43.90%	-10.87%	9.52%	0.00%	0.00%	27.27%	0.00%
Operating Cash Flow Q/Q Growth	-78.65%	-3.46%	2.26%	653.47%	-84.51%	12.59%	2.01%	200.82%	-65.94%	3.22%	13.16%
Free Cash Flow Firm Q/Q Growth	19.65%	-2.27%	-1,339.45%	-36.28%	-120.46%	35.31%	-31.01%	-5.20%	48.08%	-20.82%	-13.47%
Invested Capital Q/Q Growth	3.60%	-1.06%	13.89%	-0.93%	7.25%	-2.16%	-0.07%	-1.07%	1.84%	-1.25%	-1.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.30%	67.15%	64.32%	66.11%	64.99%	65.98%	64.67%	66.54%	65.23%	65.25%	64.22%
EBITDA Margin	53.18%	55.87%	48.19%	52.46%	53.09%	45.54%	51.59%	52.08%	51.12%	50.88%	51.40%
Operating Margin	40.05%	40.69%	35.49%	40.13%	41.02%	38.28%	37.99%	37.45%	37.23%	31.24%	35.81%
EBIT Margin	40.87%	42.30%	35.30%	40.13%	41.02%	32.71%	37.41%	37.31%	37.33%	35.56%	35.81%
Profit (Net Income) Margin	33.02%	34.52%	29.01%	33.69%	35.08%	28.04%	34.00%	32.82%	31.04%	33.78%	28.41%
Tax Burden Percent	75.96%	76.07%	74.98%	74.36%	76.67%	73.42%	79.57%	77.82%	75.48%	87.92%	76.79%
Interest Burden Percent	106.37%	107.26%	109.60%	112.90%	111.54%	116.76%	114.22%	113.04%	110.16%	108.06%	103.32%
Effective Tax Rate	24.04%	23.93%	25.02%	25.64%	23.33%	26.58%	20.43%	22.18%	24.52%	12.08%	23.21%
Return on Invested Capital (ROIC)	11.37%	11.51%	9.21%	10.24%	10.02%	8.83%	8.80%	8.14%	7.68%	7.57%	7.35%
ROIC Less NNEP Spread (ROIC-NNEP)	10.44%	10.43%	8.41%	9.24%	8.95%	8.85%	7.85%	7.18%	6.74%	5.91%	7.08%
Return on Net Nonoperating Assets (RNNOA)	-2.36%	-2.58%	-1.85%	-2.41%	-2.13%	-2.29%	-1.81%	-1.52%	-1.27%	-1.21%	-1.28%
Return on Equity (ROE)	9.01%	8.93%	7.36%	7.83%	7.89%	6.55%	6.99%	6.62%	6.40%	6.36%	6.07%
Cash Return on Invested Capital (CROIC)	-3.50%	-6.92%	-6.81%	6.48%	5.84%	10.59%	8.97%	9.92%	9.78%	8.98%	8.94%
Operating Return on Assets (OROA)	10.11%	10.19%	8.33%	8.81%	8.53%	6.57%	7.46%	7.29%	7.36%	6.90%	6.96%
Return on Assets (ROA)	8.17%	8.32%	6.84%	7.40%	7.29%	5.63%	6.78%	6.42%	6.12%	6.56%	5.52%
Return on Common Equity (ROCE)	8.17%	8.10%	6.67%	7.10%	7.10%	5.89%	6.29%	5.91%	5.67%	5.62%	5.37%
Return on Equity Simple (ROE_SIMPLE)	10.02%	0.00%	9.01%	8.79%	8.36%	0.00%	7.88%	7.42%	7.28%	0.00%	6.59%
Net Operating Profit after Tax (NOPAT)	155	143	119	121	129	104	99	91	93	80	79
NOPAT Margin	30.42%	30.96%	26.61%	29.84%	31.45%	28.10%	30.23%	29.15%	28.10%	27.47%	27.50%
Net Nonoperating Expense Percent (NNEP)	0.93%	1.08%	0.81%	1.00%	1.07%	-0.02%	0.95%	0.97%	0.94%	1.66%	0.27%
Return On Investment Capital (ROIC_SIMPLE)	2.37%	2.24%	-	-	-	1.75%	-	-	-	1.45%	-
Cost of Revenue to Revenue	34.70%	32.85%	35.68%	33.89%	35.01%	34.02%	35.33%	33.46%	34.77%	34.75%	35.78%
SG&A Expenses to Revenue	11.95%	11.78%	14.74%	12.42%	10.76%	13.88%	11.24%	13.02%	12.96%	17.38%	11.53%
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	25.25%	26.46%	28.83%	25.98%	23.97%	27.70%	26.68%	29.09%	28.00%	34.01%	28.42%
Earnings before Interest and Taxes (EBIT)	208	196	158	162	168	121	123	116	123	104	103
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	271	259	216	212	217	169	169	162	168	149	148
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.90	5.33	5.13	4.45	4.43	3.96	3.56	3.09	3.68	3.05	2.70
Price to Tangible Book Value (P/TBV)	27.96	28.84	31.42	15.48	16.70	14.95	14.61	12.84	17.76	15.74	15.54
Price to Revenue (P/Rev)	19.19	17.92	17.90	16.56	17.23	15.89	14.87	13.13	15.28	12.70	11.19
Price to Earnings (P/E)	66.94	61.67	65.14	57.78	60.60	58.27	51.44	47.81	58.67	48.80	48.73
Dividend Yield	0.28%	0.31%	0.32%	0.36%	0.36%	0.40%	0.44%	0.50%	0.42%	0.50%	0.57%
Earnings Yield	1.49%	1.62%	1.54%	1.73%	1.65%	1.72%	1.94%	2.09%	1.70%	2.05%	2.05%
Enterprise Value to Invested Capital (EV/IC)	6.56	5.97	5.60	5.32	5.18	4.76	4.12	3.51	4.08	3.36	2.90
Enterprise Value to Revenue (EV/Rev)	18.81	17.49	17.54	15.80	16.54	15.03	14.12	12.42	14.75	12.14	10.74
Enterprise Value to EBITDA (EV/EBITDA)	35.85	33.37	35.17	31.14	32.72	30.11	27.45	24.18	28.88	23.89	21.35
Enterprise Value to EBIT (EV/EBIT)	47.38	44.09	46.97	41.62	44.47	41.67	38.22	33.99	40.78	33.94	30.56
Enterprise Value to NOPAT (EV/NOPAT)	63.79	58.93	60.54	52.74	55.46	51.99	48.97	44.11	53.22	42.52	40.80
Enterprise Value to Operating Cash Flow (EV/OCF)	37.35	33.62	33.28	30.41	32.89	26.96	25.10	21.85	27.03	22.80	20.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	83.75	90.23	44.60	45.82	34.99	41.21	37.27	32.15
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	-0.23	-0.25	-0.22	-0.26	-0.24	-0.26	-0.23	-0.21	-0.19	-0.21	-0.18
Leverage Ratio	1.17	1.16	1.14	1.16	1.17	1.16	1.12	1.13	1.12	1.13	1.13
Compound Leverage Factor	1.24	1.25	1.25	1.30	1.30	1.36	1.28	1.27	1.24	1.22	1.17
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	9.29%	9.36%	9.32%	9.29%	9.34%	9.40%	9.39%	9.36%	10.68%	10.68%	10.72%
Common Equity to Total Capital	90.71%	90.64%	90.68%	90.71%	90.66%	90.60%	90.61%	90.64%	89.32%	89.32%	89.28%
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	26.30	22.08	17.34	14.59	11.64	11.96	16.89	13.03	17.89	13.25	12.06
Noncontrolling Interest Sharing Ratio	9.31%	9.38%	9.35%	9.32%	9.98%	10.02%	10.04%	10.74%	11.41%	11.57%	11.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.76	14.15	11.76	3.43	2.11	29.68	32.07	34.23	19.54	26.99	26.32
Quick Ratio	5.76	14.15	11.76	3.43	2.11	29.68	32.07	34.23	19.48	26.99	26.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-555	-690	-675	-47	-34	168	124	180	190	128	162
Operating Cash Flow to CapEx	406.34%	742.99%	1,716.81%	1,718.01%	219.57%	2,007.55%	1,214.40%	1,424.74%	423.84%	1,418.15%	1,632.69%
Free Cash Flow to Firm to Interest Expense	-944.77	-1,204.56	-466.71	-86.50	-20.03	252.07	267.80	385.69	423.14	24.15	0.00
Operating Cash Flow to Interest Expense	102.57	492.19	202.03	527.07	22.07	366.96	468.51	456.31	157.77	39.16	0.00
Operating Cash Flow Less CapEx to Interest Expense	77.33	425.95	190.26	496.39	12.02	348.68	429.93	424.29	120.55	36.40	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.24	0.24	0.22	0.21	0.20	0.20	0.20	0.20	0.19	0.19
Accounts Receivable Turnover	1,003.78	416.59	1,000.98	407.50	0.00	916.59	0.00	0.00	0.00	0.00	0.00
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	47.30	43.40	47.42	44.29	40.34	37.71	36.25	34.31	33.50	34.72	38.13
Accounts Payable Turnover	5.98	7.76	7.73	8.85	6.95	8.84	10.38	10.48	8.51	10.11	11.52
Days Sales Outstanding (DSO)	0.36	0.88	0.36	0.90	0.00	0.40	0.00	0.00	0.00	0.00	0.00
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)	61.01	47.05	47.21	41.26	52.51	41.31	35.16	34.82	42.91	36.09	31.69
Cash Conversion Cycle (CCC)	-60.64	-46.17	-46.84	-40.36	-52.51	-40.91	-35.16	-34.82	-42.91	-36.09	-31.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,241	5,059	5,113	4,489	4,531	4,225	4,318	4,321	4,368	4,289	4,343
Invested Capital Turnover	0.37	0.37	0.35	0.34	0.32	0.31	0.29	0.28	0.27	0.28	0.27
Increase / (Decrease) in Invested Capital	710	834	794	168	163	-64	-25	-90	-97	-48	-83
Enterprise Value (EV)	34,364	30,186	28,636	23,893	23,453	20,111	17,803	15,152	17,800	14,431	12,596
Market Capitalization	35,062	30,928	29,224	25,035	24,430	21,260	18,751	16,013	18,435	15,095	13,122
Book Value per Share	$25.15	$24.55	$24.12	$23.84	$25.90	$22.89	$22.44	$22.08	$21.33	$21.14	$20.77
Tangible Book Value per Share	$5.31	$4.54	$3.94	$6.85	$6.88	$6.06	$5.47	$5.31	$4.43	$4.09	$3.60
Total Capital	6,547	6,399	6,286	6,207	6,076	5,931	5,812	5,717	5,601	5,546	5,454
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	-1,306	-1,340	-1,174	-1,718	-1,545	-1,706	-1,493	-1,396	-1,233	-1,257	-1,110
Capital Expenditures (CapEx)	15	38	17	17	17	12	18	15	17	15	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-226	-87	-100	-499	-731	-57	-44	-36	-59	-44	-42
Debt-free Net Working Capital (DFNWC)	1,081	1,253	1,074	1,219	813	1,649	1,450	1,359	1,173	1,213	1,068
Net Working Capital (NWC)	1,081	1,253	1,074	1,219	813	1,649	1,450	1,359	1,173	1,213	1,068
Net Nonoperating Expense (NNE)	-13	-17	-11	-16	-15	0.24	-12	-11	-9.69	-19	-2.62
Net Nonoperating Obligations (NNO)	-1,306	-1,340	-1,174	-1,718	-1,545	-1,706	-1,493	-1,396	-1,233	-1,257	-1,110
Total Depreciation and Amortization (D&A)	63	63	58	50	49	48	47	46	45	45	45
Debt-free, Cash-free Net Working Capital to Revenue	-12.36%	-5.05%	-6.11%	-33.00%	-51.59%	-4.28%	-3.45%	-2.99%	-4.93%	-3.70%	-3.60%
Debt-free Net Working Capital to Revenue	59.15%	72.60%	65.78%	80.64%	57.38%	123.24%	114.96%	111.43%	97.24%	102.06%	91.08%
Net Working Capital to Revenue	59.15%	72.60%	65.78%	80.64%	57.38%	123.24%	114.96%	111.43%	97.24%	102.06%	91.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.70	$0.67	$0.53	$0.56	$0.59	$0.42	$0.47	$0.42	$0.42	$0.42	$0.34
Adjusted Weighted Average Basic Shares Outstanding	213.09M	213.03M	213.21M	213.16M	212.71M	210.80M	211.62M	211.57M	208.11M	205.58M	205.72M
Adjusted Diluted Earnings per Share	$0.69	$0.66	$0.53	$0.55	$0.59	$0.41	$0.46	$0.42	$0.42	$0.42	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	214.90M	214.92M	215.10M	214.90M	214.66M	212.67M	213.49M	213.16M	210.14M	208.40M	208.33M
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	236.44M	236.17M	236.24M	236.30M	236.18M	235.75M	234.74M	234.66M	234.74M	234.50M	234.36M
Normalized Net Operating Profit after Tax (NOPAT)	155	143	119	121	129	104	99	91	93	80	79
Normalized NOPAT Margin	30.42%	30.96%	26.61%	29.84%	31.45%	28.10%	30.23%	29.15%	28.10%	27.47%	27.50%
Pre Tax Income Margin	43.48%	45.38%	38.69%	45.31%	45.76%	38.19%	42.73%	42.17%	41.12%	38.43%	37.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	354.89	342.09	109.58	299.80	97.60	181.43	264.72	248.13	273.74	19.62	0.00
NOPAT to Interest Expense	264.10	250.31	82.61	222.92	74.83	155.90	213.90	193.87	206.03	15.15	0.00
EBIT Less CapEx to Interest Expense	329.65	275.84	97.81	269.13	87.55	163.15	226.14	216.11	236.51	16.86	0.00
NOPAT Less CapEx to Interest Expense	238.86	184.07	70.85	192.24	64.78	137.62	175.32	161.84	168.81	12.39	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.94%	19.83%	21.94%	20.93%	20.56%	21.06%	20.32%	21.52%	21.79%	21.38%	24.12%
Augmented Payout Ratio	30.01%	30.19%	27.15%	21.97%	23.68%	29.45%	36.45%	40.51%	41.77%	49.00%	48.24%

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%.

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This page (NASDAQ:TW) was last updated on 5/28/2025 by MarketBeat.com Staff

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Tradeweb Markets (TW) Financials

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