What is Tradeweb Markets' operating income?

Tradeweb Markets' total operating income in 2025 was $835.34 million, based on the following breakdown: Total Gross Profit: $1.38 billion Total Operating Expenses: $546.26 million

Tradeweb Markets (TW) Financials

$100.50 +2.70 (+2.76%)

Closing price 07/31/2026 04:00 PM Eastern

Extended Trading

$100.47 -0.03 (-0.03%)

As of 07/31/2026 07:34 PM Eastern

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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	2025
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	84	166	227	309	365	502	813
Consolidated Net Income / (Loss)	84	173	218	273	360	420	570	922
Net Income / (Loss) Continuing Operations	84	173	218	273	360	420	570	922
Total Pre-Tax Income	90	225	274	370	437	548	754	1,175
Total Operating Income	89	190	263	359	413	505	678	835
Total Gross Profit	255	446	543	669	756	878	1,133	1,382
Total Revenue	504	776	893	1,076	1,189	1,338	1,726	2,052
Operating Revenue	504	776	893	1,076	1,189	1,338	1,726	2,052
Total Cost of Revenue	249	329	350	407	432	460	593	671
Operating Cost of Revenue	249	329	350	407	432	460	593	671
Total Operating Expenses	166	256	280	310	344	373	455	546
Selling, General & Admin Expense	83	102	111	125	150	171	215	270
Depreciation Expense	69	139	154	171	179	185	220	250
Other Operating Expenses / (Income)	14	15	15	15	15	16	20	26
Total Other Income / (Expense), net	0.69	36	11	11	25	43	76	340
Interest Expense	-	-2.37	0.32	1.59	1.81	2.05	4.28	1.94
Interest & Investment Income	0.69	-	0.00	-	14	67	74	68
Other Income / (Expense), net	0.00	33	11	13	13	-23	6.62	273
Income Tax Expense	6.13	52	56	97	78	128	184	253
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	47	52	46	50	55	68	109
Basic Earnings per Share	$0.39	$0.57	$0.92	$1.13	$1.50	$1.73	$2.35	$3.81
Weighted Average Basic Shares Outstanding	215.57M	148.01M	180.41M	201.42M	205.58M	210.80M	213.03M	213.21M
Diluted Earnings per Share	$0.39	$0.54	$0.88	$1.09	$1.48	$1.71	$2.33	$3.78
Weighted Average Diluted Shares Outstanding	215.57M	156.54M	188.22M	207.25M	208.40M	212.67M	214.92M	214.90M
Weighted Average Basic & Diluted Shares Outstanding	-	224.41M	229.15M	234.47M	234.50M	235.75M	236.17M	235.65M
Cash Dividends to Common per Share	-	-	$0.32	$0.32	$0.32	$0.36	$0.40	$0.48

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	89	126	119	114	142	148	154	186	325	205	181
Consolidated Net Income / (Loss)	104	143	136	130	160	168	176	211	367	233	207
Net Income / (Loss) Continuing Operations	104	143	136	130	160	168	176	211	367	233	207
Total Pre-Tax Income	141	187	183	174	210	222	227	270	457	303	270
Total Operating Income	142	168	162	159	189	204	200	210	221	287	245
Total Gross Profit	244	266	268	289	311	333	343	344	362	420	386
Total Revenue	370	409	405	449	463	510	513	509	521	618	559
Operating Revenue	370	409	405	449	463	510	513	509	521	618	559
Total Cost of Revenue	126	143	137	160	152	177	170	165	159	198	172
Operating Cost of Revenue	126	143	137	160	152	177	170	165	159	198	172
Total Operating Expenses	102	98	105	129	123	129	143	133	141	133	141
Selling, General & Admin Expense	51	44	50	66	55	61	74	62	73	64	71
Depreciation Expense	48	49	50	58	63	63	63	64	60	61	61
Other Operating Expenses / (Income)	3.65	4.67	4.98	5.42	5.15	5.07	6.02	6.64	8.21	8.19	8.38
Total Other Income / (Expense), net	-0.33	19	21	14	22	17	27	59	236	16	25
Interest Expense	0.67	1.72	0.54	1.45	0.57	0.59	0.43	0.52	0.40	0.62	0.51
Interest & Investment Income	21	21	22	17	15	14	15	20	19	17	18
Other Income / (Expense), net	-21	0.00	0.00	-0.86	7.48	4.22	13	39	217	-1.16	7.28
Income Tax Expense	38	44	47	43	50	53	52	59	90	70	64
Net Income / (Loss) Attributable to Noncontrolling Interest	14	17	17	16	18	20	22	25	42	28	25
Basic Earnings per Share	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72	$0.87	$1.52	$0.96	$0.85
Weighted Average Basic Shares Outstanding	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M	213.36M	213.21M	212.69M	212.46M
Diluted Earnings per Share	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71	$0.86	$1.52	$0.96	$0.85
Weighted Average Diluted Shares Outstanding	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M	214.98M	214.90M	213.32M	212.80M
Weighted Average Basic & Diluted Shares Outstanding	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M	236.48M	235.65M	236.03M	234.03M

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	2025
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	29	48	331	181	285	449	-366	744
Net Cash From Operating Activities	225	311	443	578	633	746	898	1,168
Net Cash From Continuing Operating Activities	225	311	443	578	633	746	898	1,179
Net Income / (Loss) Continuing Operations	84	173	218	273	360	420	570	922
Consolidated Net Income / (Loss)	84	173	218	273	360	420	570	922
Depreciation Expense	69	139	154	171	179	185	220	250
Non-Cash Adjustments To Reconcile Net Income	2.24	34	112	131	123	157	122	-67
Changes in Operating Assets and Liabilities, net	70	-35	-40	2.63	-29	-15	-14	74
Net Cash From Investing Activities	-46	-44	-63	-259	-60	-133	-969	-127
Net Cash From Continuing Investing Activities	-46	-44	-63	-259	-60	-133	-969	-127
Purchase of Property, Plant & Equipment	-41	-44	-43	-51	-60	-62	-89	-103
Acquisitions	-	0.00	0.00	-208	0.00	-70	-860	0.00
Purchase of Investments	-5.00	0.00	-20	0.00	0.00	-1.29	-20	-38
Other Investing Activities, net	0.07	-	-	-	-	0.00	0.00	15
Net Cash From Financing Activities	-153	-218	-53	-136	-277	-168	-290	-307
Net Cash From Continuing Financing Activities	-153	-218	-53	-136	-277	-168	-290	-307
Repayment of Debt	-	-	-	0.00	0.00	-2.79	0.00	0.00
Repurchase of Common Equity	0.00	-1,986	-629	-76	-99	-35	-59	-104
Payment of Dividends	-154	-194	-75	-76	-77	-88	-113	-127
Other Financing Activities, net	0.08	-8.92	25	15	-100	-42	-118	-76
Other Net Changes in Cash	-	-	2.56	-2.04	-11	4.09	-4.46	11
Cash Interest Paid	0.46	-	-	-	1.47	1.31	2.57	2.55
Cash Income Taxes Paid	6.31	44	19	3.88	13	29	152	58

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	213	-162	173	-544	171	-34	324	268	187	-146	121
Net Cash From Operating Activities	245	38	286	292	282	60	409	342	356	104	394
Net Cash From Continuing Operating Activities	245	38	286	292	282	61	409	342	367	104	394
Net Income / (Loss) Continuing Operations	104	143	136	130	160	168	176	211	367	233	207
Consolidated Net Income / (Loss)	104	143	136	130	160	168	176	211	367	233	207
Depreciation Expense	48	49	50	58	63	63	63	64	60	61	61
Non-Cash Adjustments To Reconcile Net Income	48	-0.74	54	40	-2.77	3.21	64	-38	-96	35	15
Changes in Operating Assets and Liabilities, net	46	-154	45	65	62	-174	107	106	36	-225	111
Net Cash From Investing Activities	-12	-107	-28	-788	-46	-15	-42	-35	-35	-77	-34
Net Cash From Continuing Investing Activities	-12	-107	-28	-788	-46	-15	-42	-35	-35	-77	-34
Purchase of Property, Plant & Equipment	-12	-17	-17	-17	-38	-15	-22	-31	-35	-27	-27
Purchase of Investments	-	-0.50	-11	-	-8.61	0.00	-20	-18	-	-50	-6.69
Net Cash From Financing Activities	-24	-91	-84	-55	-60	-83	-51	-28	-145	-172	-239
Net Cash From Continuing Financing Activities	-24	-91	-84	-55	-60	-83	-51	-28	-145	-172	-239
Repurchase of Common Equity	-2.33	0.00	-	-24	-35	-0.84	-	-	-103	-53	-187
Payment of Dividends	-24	-27	-31	-30	-24	-33	-31	-27	-36	-37	-32
Other Financing Activities, net	5.09	-63	-53	-0.56	-1.44	-49	-20	-1.22	-5.83	-81	-20
Cash Interest Paid	0.56	1.24	0.52	0.38	0.43	1.39	0.35	0.38	0.43	0.48	0.64
Cash Income Taxes Paid	4.02	4.45	57	9.18	81	12	33	-1.58	15	78	35

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,997	5,095	5,680	5,990	6,260	7,060	7,268	8,190
Total Current Assets	410	461	791	972	1,260	1,707	1,348	2,093
Cash & Equivalents	410	461	791	972	1,257	1,706	1,340	2,085
Accounts Receivable	-	-	-	-	2.73	0.19	8.09	8.30
Plant, Property, & Equipment, net	38	40	34	31	37	34	46	78
Total Noncurrent Assets	4,549	4,594	4,855	4,987	4,963	5,319	5,874	6,018
Goodwill	2,695	2,695	2,695	2,780	2,780	2,816	3,150	3,150
Intangible Assets	1,551	1,455	1,350	1,336	1,215	1,136	1,578	1,418
Noncurrent Deferred & Refundable Income Taxes	0.00	256	580	619	689	684	659	569
Other Noncurrent Operating Assets	215	96	125	122	136	515	487	881
Total Liabilities & Shareholders' Equity	4,997	5,095	5,680	5,990	6,260	7,060	7,268	8,190
Total Liabilities	411	503	661	681	714	1,128	869	1,000
Total Current Liabilities	48	34	48	44	47	58	163	187
Accounts Payable	43	33	43	39	47	58	95	184
Other Current Liabilities	5.01	1.51	5.14	4.86	-	-	68	3.36
Total Noncurrent Liabilities	363	468	613	638	667	1,071	706	813
Noncurrent Deferred Revenue	28	24	23	25	23	26	31	29
Noncurrent Deferred & Payable Income Tax Liabilities	20	22	19	21	21	21	416	387
Noncurrent Employee Benefit Liabilities	144	120	131	155	151	164	223	251
Other Noncurrent Operating Liabilities	171	302	439	437	472	860	37	146
Commitments & Contingencies	0.00	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	7,189
Total Preferred & Common Equity	4,572	3,379	4,303	4,646	4,954	5,374	5,800	6,508
Preferred Stock	0.00	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	6,508
Common Stock	4,573	3,329	4,143	4,401	4,577	4,739	4,813	4,896
Retained Earnings	0.00	48	156	243	387	640	997	1,601
Accumulated Other Comprehensive Income / (Loss)	-0.87	1.37	4.31	1.60	-10	-5.39	-9.98	11
Noncontrolling Interest	0.00	1,214	716	663	593	558	599	681

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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	6,240	6,491	6,505	7,396	7,285	7,337	7,370	8,056	7,996	8,296	8,251
Total Current Assets	1,237	1,400	1,497	1,547	1,721	1,174	1,308	1,631	1,908	1,941	2,065
Cash & Equivalents	1,233	1,396	1,493	1,545	1,718	1,174	1,306	1,630	1,908	1,937	2,058
Accounts Receivable	-	4.44	3.17	2.54	2.98	0.10	1.10	0.74	0.55	3.23	7.02
Plant, Property, & Equipment, net	37	36	36	33	32	33	44	41	75	79	81
Total Noncurrent Assets	4,967	5,054	4,972	5,815	5,531	6,130	6,019	6,385	6,012	6,276	6,105
Goodwill	2,780	2,780	2,815	2,858	2,858	3,150	3,150	3,150	3,150	3,150	3,150
Intangible Assets	1,184	1,155	1,167	1,188	1,156	1,621	1,535	1,495	1,455	1,383	1,349
Noncurrent Deferred & Refundable Income Taxes	679	709	693	693	684	635	661	652	641	583	570
Other Noncurrent Operating Assets	151	247	130	1,076	833	476	673	1,088	495	1,160	1,036
Total Liabilities & Shareholders' Equity	6,240	6,491	6,505	7,396	7,285	7,337	7,370	8,056	7,996	8,296	8,251
Total Liabilities	639	773	693	1,320	1,077	1,050	823	1,330	1,061	986	913
Total Current Liabilities	63	41	47	734	502	100	227	690	187	282	183
Accounts Payable	53	41	47	87	77	100	122	147	187	152	175
Other Current Liabilities	9.93	-	-	647	425	-	105	543	-	131	7.65
Total Noncurrent Liabilities	576	732	646	586	575	950	596	640	874	704	730
Noncurrent Deferred Revenue	31	27	31	27	28	30	47	41	36	54	38
Noncurrent Deferred & Payable Income Tax Liabilities	20	19	18	452	400	43	413	394	44	387	371
Noncurrent Employee Benefit Liabilities	65	85	121	82	119	179	103	158	211	111	159
Other Noncurrent Operating Liabilities	460	601	476	25	28	699	33	47	582	152	161
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,601	5,717	5,812	6,076	6,207	6,286	6,547	6,726	6,935	7,310	7,338
Total Preferred & Common Equity	5,003	5,182	5,266	5,509	5,631	5,701	5,939	6,098	6,281	6,620	6,635
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,003	5,182	5,266	5,509	5,631	5,701	5,939	6,098	6,281	6,620	6,635
Common Stock	4,578	4,694	4,707	4,771	4,796	4,789	4,821	4,843	4,865	4,886	4,932
Retained Earnings	433	495	570	745	843	911	1,120	1,248	1,408	1,726	1,687
Accumulated Other Comprehensive Income / (Loss)	-7.77	-6.82	-11	-7.52	-7.92	1.12	-1.81	7.03	7.75	7.93	16
Noncontrolling Interest	598	535	546	567	577	586	608	629	654	689	704

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

Metric	2017	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	15.10%	20.59%	10.44%	12.57%	28.97%	18.92%
EBITDA Growth	0.00%	0.00%	18.30%	26.67%	11.28%	10.57%	35.43%	50.19%
EBIT Growth	0.00%	0.00%	23.25%	35.23%	14.44%	13.50%	41.86%	61.91%
NOPAT Growth	0.00%	0.00%	43.77%	26.40%	28.14%	13.96%	32.43%	27.89%
Net Income Growth	0.00%	0.00%	26.22%	25.06%	31.67%	16.65%	35.87%	61.68%
EPS Growth	0.00%	0.00%	62.96%	23.86%	35.78%	15.54%	36.26%	62.23%
Operating Cash Flow Growth	0.00%	0.00%	42.52%	30.41%	9.48%	17.90%	20.33%	30.06%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	37.08%	148.44%	16.46%	-171.27%	289.56%
Invested Capital Growth	0.00%	0.00%	2.32%	2.58%	-1.10%	-1.50%	19.73%	0.91%
Revenue Q/Q Growth	0.00%	0.00%	-14.77%	4.24%	1.38%	6.10%	5.72%	2.90%
EBITDA Q/Q Growth	0.00%	0.00%	-10.27%	7.14%	2.42%	3.00%	11.10%	21.36%
EBIT Q/Q Growth	0.00%	0.00%	-16.04%	9.54%	3.16%	3.61%	12.30%	27.91%
NOPAT Q/Q Growth	0.00%	0.00%	-8.53%	-2.50%	9.93%	6.39%	8.29%	6.07%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-2.31%	12.16%	1.14%	10.94%	29.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-4.39%	14.73%	-0.58%	12.02%	29.45%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.52%	9.87%	2.65%	5.18%	4.33%	6.76%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	230.96%	-1.18%	16.05%	-0.03%	-13.37%
Invested Capital Q/Q Growth	0.00%	0.00%	0.62%	-2.02%	-1.25%	-2.16%	-1.06%	1.54%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	50.65%	57.52%	60.83%	62.17%	63.62%	65.60%	65.66%	67.32%
EBITDA Margin	31.26%	46.71%	48.01%	50.43%	50.82%	49.92%	52.41%	66.20%
Operating Margin	17.66%	24.47%	29.50%	33.33%	34.71%	37.76%	39.28%	40.70%
EBIT Margin	17.66%	28.75%	30.78%	34.52%	35.77%	36.07%	39.67%	54.01%
Profit (Net Income) Margin	16.58%	22.31%	24.47%	25.37%	30.25%	31.35%	33.02%	44.90%
Tax Burden Percent	93.17%	76.79%	79.57%	73.82%	82.27%	76.55%	75.55%	78.43%
Interest Burden Percent	100.77%	101.06%	99.89%	99.57%	102.80%	113.54%	110.19%	106.00%
Effective Tax Rate	6.83%	23.21%	20.43%	26.18%	17.73%	23.45%	24.45%	21.57%
Return on Invested Capital (ROIC)	0.00%	3.53%	5.01%	6.19%	7.87%	9.09%	11.04%	12.89%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-2.39%	3.60%	5.25%	6.06%	6.88%	7.25%	-2.66%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.24%	-0.47%	-0.90%	-1.24%	-1.78%	-1.79%	0.67%
Return on Equity (ROE)	0.00%	3.77%	4.54%	5.29%	6.63%	7.31%	9.24%	13.56%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	2.72%	3.64%	8.98%	10.59%	-6.92%	11.99%
Operating Return on Assets (OROA)	0.00%	4.42%	5.10%	6.37%	6.94%	7.25%	9.56%	14.34%
Return on Assets (ROA)	0.00%	3.43%	4.05%	4.68%	5.87%	6.30%	7.96%	11.92%
Return on Common Equity (ROCE)	0.00%	3.26%	3.63%	4.58%	5.86%	6.58%	8.38%	12.29%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.12%	5.07%	5.88%	7.26%	7.81%	9.83%	0.00%
Net Operating Profit after Tax (NOPAT)	83	146	210	265	339	387	512	655
NOPAT Margin	16.46%	18.79%	23.47%	24.61%	28.55%	28.90%	29.68%	31.92%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.92%	1.41%	0.93%	1.81%	2.21%	3.79%	15.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	6.12%	6.52%	8.01%	9.11%
Cost of Revenue to Revenue	49.35%	42.48%	39.17%	37.83%	36.38%	34.40%	34.34%	32.68%
SG&A Expenses to Revenue	16.52%	13.19%	12.46%	11.57%	12.63%	12.81%	12.46%	13.16%
R&D to Revenue	0.00%	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%	26.62%
Earnings before Interest and Taxes (EBIT)	89	223	275	372	425	483	685	1,109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	158	362	429	543	604	668	905	1,359
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.99	3.26	4.96	3.05	3.96	5.33	3.91
Price to Tangible Book Value (P/TBV)	0.00	0.00	54.17	43.54	15.74	14.95	28.84	13.11
Price to Revenue (P/Rev)	2.14	13.02	15.69	21.40	12.70	15.89	17.92	12.39
Price to Earnings (P/E)	0.00	120.57	84.24	101.55	48.80	58.27	61.67	31.29
Dividend Yield	0.00%	0.53%	0.52%	0.32%	0.50%	0.40%	0.31%	0.45%
Earnings Yield	0.00%	0.83%	1.19%	0.98%	2.05%	1.72%	1.62%	3.20%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.63	3.30	5.24	3.36	4.76	5.97	4.71
Enterprise Value to Revenue (EV/Rev)	0.00	13.99	15.61	21.11	12.14	15.03	17.49	11.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	29.96	32.51	41.86	23.89	30.11	33.37	17.68
Enterprise Value to EBIT (EV/EBIT)	0.00	48.68	50.70	61.16	33.94	41.67	44.09	21.68
Enterprise Value to NOPAT (EV/NOPAT)	0.00	74.46	66.49	85.80	42.52	51.99	58.93	36.68
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	34.90	31.43	39.32	22.80	26.96	33.62	20.58
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	122.54	145.81	37.27	44.60	0.00	39.44
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	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
Financial Leverage	0.00	-0.10	-0.13	-0.17	-0.21	-0.26	-0.25	-0.25
Leverage Ratio	0.00	1.10	1.12	1.13	1.13	1.16	1.16	1.14
Compound Leverage Factor	0.00	1.11	1.12	1.13	1.16	1.32	1.28	1.21
Debt to Total Capital	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%
Long-Term Debt to Total Capital	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%
Noncontrolling Interests to Total Capital	0.00%	26.44%	14.26%	12.49%	10.68%	9.40%	9.36%	9.48%
Common Equity to Total Capital	0.00%	73.56%	85.74%	87.51%	89.32%	90.60%	90.64%	90.52%
Debt to EBITDA	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
Long-Term Debt to EBITDA	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
Net Debt to NOPAT	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
Altman Z-Score	0.00	12.47	13.23	20.92	13.42	12.13	22.30	16.50
Noncontrolling Interest Sharing Ratio	0.00%	13.38%	20.08%	13.35%	11.57%	10.02%	9.38%	9.42%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	13.42	16.54	22.25	26.99	29.68	14.15	11.17
Quick Ratio	0.00	13.42	16.54	22.25	26.99	29.68	14.15	11.17
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	114	156	387	451	-321	609
Operating Cash Flow to CapEx	552.91%	699.48%	1,042.02%	1,125.69%	1,053.02%	1,207.97%	1,010.18%	1,132.61%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	359.82	98.03	214.52	220.30	-75.11	313.87
Operating Cash Flow to Interest Expense	0.00	0.00	1,402.64	363.54	350.59	364.48	209.80	601.57
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	1,268.03	331.24	317.30	334.31	189.03	548.46
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.15	0.17	0.18	0.19	0.20	0.24	0.27
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	916.59	416.59	250.34
Inventory Turnover	0.00	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	33.06
Accounts Payable Turnover	0.00	8.74	9.26	9.99	10.11	8.84	7.76	4.80
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.40	0.88	1.46
Days Inventory Outstanding (DIO)	0.00	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	75.97
Cash Conversion Cycle (CCC)	0.00	-41.76	-39.42	-36.53	-36.09	-40.91	-46.17	-74.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	4,132	4,228	4,337	4,289	4,225	5,059	5,104
Invested Capital Turnover	0.00	0.19	0.21	0.25	0.28	0.31	0.37	0.40
Increase / (Decrease) in Invested Capital	0.00	0.00	96	109	-48	-64	834	46
Enterprise Value (EV)	0.00	10,854	13,932	22,726	14,431	20,111	30,186	24,028
Market Capitalization	1,080	10,100	14,008	23,035	15,095	21,260	30,928	25,431
Book Value per Share	$0.00	$15.19	$18.90	$19.97	$21.14	$22.89	$24.55	$27.52
Tangible Book Value per Share	$0.00	($3.47)	$1.14	$2.27	$4.09	$6.06	$4.54	$8.20
Total Capital	0.00	4,593	5,019	5,309	5,546	5,931	6,399	7,189
Total Debt	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
Net Debt	0.00	-461	-791	-972	-1,257	-1,706	-1,340	-2,085
Capital Expenditures (CapEx)	41	44	43	51	60	62	89	103
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-34	-48	-44	-44	-57	-87	-179
Debt-free Net Working Capital (DFNWC)	0.00	426	743	928	1,213	1,649	1,253	1,906
Net Working Capital (NWC)	0.00	426	743	928	1,213	1,649	1,253	1,906
Net Nonoperating Expense (NNE)	-0.64	-27	-8.84	-8.23	-20	-33	-58	-266
Net Nonoperating Obligations (NNO)	0.00	-461	-791	-972	-1,257	-1,706	-1,340	-2,085
Total Depreciation and Amortization (D&A)	69	139	154	171	179	185	220	250
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-4.43%	-5.36%	-4.06%	-3.70%	-4.28%	-5.05%	-8.72%
Debt-free Net Working Capital to Revenue	0.00%	54.98%	83.28%	86.24%	102.06%	123.24%	72.60%	92.85%
Net Working Capital to Revenue	0.00%	54.98%	83.28%	86.24%	102.06%	123.24%	72.60%	92.85%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.39	$0.57	$0.00	$1.13	$1.50	$1.73	$2.35	$3.81
Adjusted Weighted Average Basic Shares Outstanding	215.57M	148.01M	0.00	201.42M	205.58M	210.80M	213.03M	213.21M
Adjusted Diluted Earnings per Share	$0.39	$0.54	$0.00	$1.09	$1.48	$1.71	$2.33	$3.78
Adjusted Weighted Average Diluted Shares Outstanding	215.57M	156.54M	0.00	207.25M	208.40M	212.67M	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	224.41M	0.00	234.47M	234.50M	235.75M	236.17M	235.65M
Normalized Net Operating Profit after Tax (NOPAT)	83	146	210	265	339	387	512	655
Normalized NOPAT Margin	16.46%	18.79%	23.47%	24.61%	28.55%	28.90%	29.68%	31.92%
Pre Tax Income Margin	17.80%	29.05%	30.75%	34.37%	36.77%	40.95%	43.71%	57.25%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	869.56	233.69	235.58	235.77	160.00	571.10
NOPAT to Interest Expense	0.00	0.00	663.13	166.59	188.04	188.96	119.72	337.52
EBIT Less CapEx to Interest Expense	0.00	0.00	734.95	201.40	202.29	205.60	139.23	517.99
NOPAT Less CapEx to Interest Expense	0.00	0.00	528.53	134.29	154.74	158.79	98.95	284.41
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	183.56%	112.29%	34.27%	27.72%	21.38%	21.06%	19.83%	13.79%
Augmented Payout Ratio	183.56%	1,260.20%	322.18%	55.43%	49.00%	29.45%	30.19%	25.09%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	235,647,893.00	236,026,021.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	235,647,893.00	236,026,021.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.87	0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.26%	24.14%	30.37%	36.72%	25.23%	24.70%	26.67%	13.29%	12.48%	21.21%	8.96%
EBITDA Growth	13.03%	28.94%	31.32%	27.71%	53.62%	24.89%	29.72%	45.22%	92.36%	27.96%	13.96%
EBIT Growth	16.13%	36.43%	40.23%	29.00%	61.98%	24.24%	30.79%	57.64%	123.39%	37.33%	18.83%
NOPAT Growth	29.19%	38.96%	33.46%	20.36%	37.93%	20.59%	27.86%	37.52%	23.87%	42.62%	21.44%
Net Income Growth	4.79%	40.31%	33.82%	16.66%	54.17%	17.38%	28.67%	61.68%	129.54%	38.54%	17.76%
EPS Growth	-2.38%	40.48%	30.95%	15.22%	60.98%	16.95%	29.09%	62.26%	130.30%	39.13%	19.72%
Operating Cash Flow Growth	17.67%	-46.48%	34.06%	34.38%	15.22%	58.80%	43.24%	17.17%	26.21%	72.45%	-3.69%
Free Cash Flow Firm Growth	31.05%	-118.11%	-126.03%	-643.11%	-510.52%	-1,512.01%	-865.13%	137.03%	119.09%	116.14%	100.78%
Invested Capital Growth	-1.50%	3.73%	3.88%	18.39%	19.73%	15.66%	13.52%	-1.67%	0.91%	2.51%	3.61%
Revenue Q/Q Growth	12.68%	10.47%	-0.93%	10.86%	3.21%	10.00%	0.65%	-0.85%	2.47%	18.53%	-9.52%
EBITDA Q/Q Growth	-0.52%	28.78%	-2.11%	1.84%	19.67%	4.69%	1.68%	14.00%	58.52%	-30.36%	-9.45%
EBIT Q/Q Growth	-1.48%	38.56%	-3.09%	-2.49%	23.70%	6.28%	2.01%	17.54%	75.30%	-34.66%	-11.73%
NOPAT Q/Q Growth	4.77%	23.63%	-6.01%	-1.13%	20.07%	8.09%	-0.35%	6.34%	8.14%	24.45%	-15.14%
Net Income Q/Q Growth	-7.07%	38.21%	-4.86%	-4.54%	22.82%	5.23%	4.29%	19.96%	74.37%	-36.49%	-11.36%
EPS Q/Q Growth	-10.87%	43.90%	-6.78%	-3.64%	24.53%	4.55%	2.90%	21.13%	76.74%	-36.84%	-11.46%
Operating Cash Flow Q/Q Growth	12.59%	-84.51%	653.47%	2.26%	-3.46%	-78.65%	579.63%	-16.35%	3.99%	-70.83%	279.57%
Free Cash Flow Firm Q/Q Growth	35.31%	-120.46%	-36.28%	-1,339.45%	-2.27%	19.65%	18.41%	155.23%	-47.28%	-32.05%	-96.03%
Invested Capital Q/Q Growth	-2.16%	7.25%	-0.93%	13.89%	-1.06%	3.60%	-2.76%	-1.36%	1.54%	5.25%	-1.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.98%	64.99%	66.11%	64.32%	67.15%	65.30%	66.92%	67.56%	69.44%	67.98%	69.15%
EBITDA Margin	45.54%	53.09%	52.46%	48.19%	55.87%	53.18%	53.72%	61.77%	95.55%	56.14%	56.18%
Operating Margin	38.28%	41.02%	40.13%	35.49%	40.69%	40.05%	38.96%	41.36%	42.41%	46.50%	43.88%
EBIT Margin	32.71%	41.02%	40.13%	35.30%	42.30%	40.87%	41.43%	49.11%	84.02%	46.31%	45.18%
Profit (Net Income) Margin	28.04%	35.08%	33.69%	29.01%	34.52%	33.02%	34.22%	41.40%	70.44%	37.74%	36.98%
Tax Burden Percent	73.42%	76.67%	74.36%	74.98%	76.07%	75.96%	77.30%	78.09%	80.38%	76.97%	76.50%
Interest Burden Percent	116.76%	111.54%	112.90%	109.60%	107.26%	106.37%	106.84%	107.94%	104.30%	105.88%	106.99%
Effective Tax Rate	26.58%	23.33%	25.64%	25.02%	23.93%	24.04%	22.70%	21.91%	19.62%	23.03%	23.50%
Return on Invested Capital (ROIC)	8.83%	10.02%	10.24%	9.21%	11.51%	11.37%	12.16%	12.71%	13.77%	14.57%	14.28%
ROIC Less NNEP Spread (ROIC-NNEP)	8.85%	8.95%	9.24%	8.41%	10.43%	10.44%	10.90%	9.71%	2.70%	13.83%	13.24%
Return on Net Nonoperating Assets (RNNOA)	-2.29%	-2.13%	-2.41%	-1.85%	-2.58%	-2.36%	-2.82%	-2.26%	-0.68%	-3.24%	-3.47%
Return on Equity (ROE)	6.55%	7.89%	7.83%	7.36%	8.93%	9.01%	9.34%	10.45%	13.09%	11.34%	10.80%
Cash Return on Invested Capital (CROIC)	10.59%	5.84%	6.48%	-6.81%	-6.92%	-3.50%	-0.72%	13.87%	11.99%	11.11%	11.00%
Operating Return on Assets (OROA)	6.57%	8.53%	8.81%	8.33%	10.19%	10.11%	10.45%	12.78%	22.31%	12.77%	12.23%
Return on Assets (ROA)	5.63%	7.29%	7.40%	6.84%	8.32%	8.17%	8.63%	10.77%	18.71%	10.41%	10.01%
Return on Common Equity (ROCE)	5.89%	7.10%	7.10%	6.67%	8.10%	8.17%	8.47%	9.47%	11.85%	10.27%	9.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.36%	8.79%	9.01%	0.00%	10.02%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	104	129	121	119	143	155	154	164	178	221	188
NOPAT Margin	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%	32.30%	34.09%	35.79%	33.57%
Net Nonoperating Expense Percent (NNEP)	-0.02%	1.07%	1.00%	0.81%	1.08%	0.93%	1.26%	3.00%	11.06%	0.74%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	1.75%	-	-	-	2.24%	2.37%	2.30%	2.37%	2.47%	3.02%	2.56%
Cost of Revenue to Revenue	34.02%	35.01%	33.89%	35.68%	32.85%	34.70%	33.08%	32.44%	30.56%	32.02%	30.85%
SG&A Expenses to Revenue	13.88%	10.76%	12.42%	14.74%	11.78%	11.95%	14.50%	12.24%	13.93%	10.33%	12.77%
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	27.70%	23.97%	25.98%	28.83%	26.46%	25.25%	27.96%	26.20%	27.04%	21.48%	25.27%
Earnings before Interest and Taxes (EBIT)	121	168	162	158	196	208	213	250	438	286	253
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	169	217	212	216	259	271	276	314	498	347	314
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.96	4.43	4.45	5.13	5.33	5.90	5.68	4.18	3.91	4.19	3.55
Price to Tangible Book Value (P/TBV)	14.95	16.70	15.48	31.42	28.84	27.96	23.83	15.66	13.11	13.28	11.01
Price to Revenue (P/Rev)	15.89	17.23	16.56	17.90	17.92	19.19	17.89	13.16	12.39	12.83	10.66
Price to Earnings (P/E)	58.27	60.60	57.78	65.14	61.67	66.94	62.00	41.65	31.29	31.88	26.22
Dividend Yield	0.40%	0.36%	0.36%	0.32%	0.31%	0.28%	0.30%	0.41%	0.45%	0.43%	0.52%
Earnings Yield	1.72%	1.65%	1.73%	1.54%	1.62%	1.49%	1.61%	2.40%	3.20%	3.14%	3.81%
Enterprise Value to Invested Capital (EV/IC)	4.76	5.18	5.32	5.60	5.97	6.56	6.60	4.97	4.71	4.93	4.20
Enterprise Value to Revenue (EV/Rev)	15.03	16.54	15.80	17.54	17.49	18.81	17.37	12.53	11.71	12.26	10.05
Enterprise Value to EBITDA (EV/EBITDA)	30.11	32.72	31.14	35.17	33.37	35.85	32.90	22.32	17.68	18.46	15.05
Enterprise Value to EBIT (EV/EBIT)	41.67	44.47	41.62	46.97	44.09	47.38	43.35	28.83	21.68	22.32	18.08
Enterprise Value to NOPAT (EV/NOPAT)	51.99	55.46	52.74	60.54	58.93	63.79	58.71	40.46	36.68	36.72	29.37
Enterprise Value to Operating Cash Flow (EV/OCF)	26.96	32.89	30.41	33.28	33.62	37.35	32.21	22.85	20.58	21.86	18.53
Enterprise Value to Free Cash Flow (EV/FCFF)	44.60	90.23	83.75	0.00	0.00	0.00	0.00	35.53	39.44	44.91	38.84
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	-0.26	-0.24	-0.26	-0.22	-0.25	-0.23	-0.26	-0.23	-0.25	-0.23	-0.26
Leverage Ratio	1.16	1.17	1.16	1.14	1.16	1.17	1.19	1.16	1.14	1.13	1.16
Compound Leverage Factor	1.36	1.30	1.30	1.25	1.25	1.24	1.27	1.25	1.19	1.20	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	9.40%	9.34%	9.29%	9.32%	9.36%	9.29%	9.34%	9.43%	9.48%	9.43%	9.59%
Common Equity to Total Capital	90.60%	90.66%	90.71%	90.68%	90.64%	90.71%	90.66%	90.57%	90.52%	90.57%	90.41%
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	11.96	11.64	14.59	17.34	22.08	26.30	16.30	15.70	16.23	17.78	16.39
Noncontrolling Interest Sharing Ratio	10.02%	9.98%	9.32%	9.35%	9.38%	9.31%	9.32%	9.38%	9.42%	9.36%	9.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	29.68	2.11	3.43	11.76	14.15	5.76	2.37	10.19	11.17	6.87	11.29
Quick Ratio	29.68	2.11	3.43	11.76	14.15	5.76	2.37	10.19	11.17	6.87	11.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	168	-34	-47	-675	-690	-555	-452	250	132	90	3.55
Operating Cash Flow to CapEx	2,007.55%	219.57%	1,718.01%	1,716.81%	742.99%	406.34%	1,855.13%	1,089.76%	1,022.61%	382.99%	1,447.38%
Free Cash Flow to Firm to Interest Expense	252.07	-20.03	-86.50	-466.71	-1,204.56	-944.77	-1,054.76	478.73	326.91	143.46	7.03
Operating Cash Flow to Interest Expense	366.96	22.07	527.07	202.03	492.19	102.57	953.82	655.75	883.25	166.39	780.41
Operating Cash Flow Less CapEx to Interest Expense	348.68	12.02	496.39	190.26	425.95	77.33	902.40	595.58	796.88	122.95	726.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.22	0.24	0.24	0.25	0.25	0.26	0.27	0.28	0.27
Accounts Receivable Turnover	916.59	0.00	407.50	1,000.98	416.59	1,003.78	1,041.39	6,194.38	250.34	998.39	569.27
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	37.71	40.34	44.29	47.42	43.40	47.30	52.91	37.00	33.06	35.06	36.34
Accounts Payable Turnover	8.84	6.95	8.85	7.73	7.76	5.98	5.89	4.62	4.80	5.05	4.31
Days Sales Outstanding (DSO)	0.40	0.00	0.90	0.36	0.88	0.36	0.35	0.06	1.46	0.37	0.64
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)	41.31	52.51	41.26	47.21	47.05	61.01	62.02	78.96	75.97	72.22	84.62
Cash Conversion Cycle (CCC)	-40.91	-52.51	-40.36	-46.84	-46.17	-60.64	-61.67	-78.90	-74.51	-71.86	-83.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,225	4,531	4,489	5,113	5,059	5,241	5,096	5,027	5,104	5,372	5,280
Invested Capital Turnover	0.31	0.32	0.34	0.35	0.37	0.37	0.40	0.39	0.40	0.41	0.43
Increase / (Decrease) in Invested Capital	-64	163	168	794	834	710	607	-86	46	132	184
Enterprise Value (EV)	20,111	23,453	23,893	28,636	30,186	34,364	33,613	24,987	24,028	26,478	22,168
Market Capitalization	21,260	24,430	25,035	29,224	30,928	35,062	34,615	26,241	25,431	27,726	23,522
Book Value per Share	$22.89	$25.90	$23.84	$24.12	$24.55	$25.15	$25.79	$26.56	$27.52	$28.09	$28.11
Tangible Book Value per Share	$6.06	$6.88	$6.85	$3.94	$4.54	$5.31	$6.14	$7.09	$8.20	$8.86	$9.05
Total Capital	5,931	6,076	6,207	6,286	6,399	6,547	6,726	6,935	7,189	7,310	7,338
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	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630	-1,908	-2,085	-1,937	-2,058
Capital Expenditures (CapEx)	12	17	17	17	38	15	22	31	35	27	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-57	-731	-499	-100	-87	-226	-689	-187	-179	-279	-176
Debt-free Net Working Capital (DFNWC)	1,649	813	1,219	1,074	1,253	1,081	941	1,721	1,906	1,658	1,882
Net Working Capital (NWC)	1,649	813	1,219	1,074	1,253	1,081	941	1,721	1,906	1,658	1,882
Net Nonoperating Expense (NNE)	0.24	-15	-16	-11	-17	-13	-21	-46	-189	-12	-19
Net Nonoperating Obligations (NNO)	-1,706	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630	-1,908	-2,085	-1,937	-2,058
Total Depreciation and Amortization (D&A)	48	49	50	58	63	63	63	64	60	61	61
Debt-free, Cash-free Net Working Capital to Revenue	-4.28%	-51.59%	-33.00%	-6.11%	-5.05%	-12.36%	-35.60%	-9.37%	-8.72%	-12.92%	-7.97%
Debt-free Net Working Capital to Revenue	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%	86.29%	92.85%	76.75%	85.30%
Net Working Capital to Revenue	123.24%	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%	86.29%	92.85%	76.75%	85.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72	$0.87	$1.52	$0.96	$0.85
Adjusted Weighted Average Basic Shares Outstanding	210.80M	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M	213.36M	213.21M	212.69M	212.46M
Adjusted Diluted Earnings per Share	$0.41	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71	$0.86	$1.52	$0.96	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	212.67M	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M	214.98M	214.90M	213.32M	212.80M
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	235.75M	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M	236.48M	235.65M	236.03M	234.03M
Normalized Net Operating Profit after Tax (NOPAT)	104	129	121	119	143	155	154	164	178	221	188
Normalized NOPAT Margin	28.10%	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%	32.30%	34.09%	35.79%	33.57%
Pre Tax Income Margin	38.19%	45.76%	45.31%	38.69%	45.38%	43.48%	44.26%	53.01%	87.63%	49.04%	48.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	181.43	97.60	299.80	109.58	342.09	354.89	495.38	478.53	1,086.54	458.49	500.08
NOPAT to Interest Expense	155.90	74.83	222.92	82.61	250.31	264.10	360.12	314.72	440.84	354.33	371.52
EBIT Less CapEx to Interest Expense	163.15	87.55	269.13	97.81	275.84	329.65	443.97	418.35	1,000.17	415.04	446.16
NOPAT Less CapEx to Interest Expense	137.62	64.78	192.24	70.85	184.07	238.86	308.70	254.54	354.47	310.89	317.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.06%	20.56%	20.93%	21.94%	19.83%	19.94%	18.62%	16.13%	13.79%	13.33%	13.06%
Augmented Payout Ratio	29.45%	23.68%	21.97%	27.15%	30.19%	30.01%	28.07%	21.10%	25.09%	29.21%	46.86%

Financials Breakdown Chart

Key Financial Trends

Tradeweb Markets (NASDAQ: TW) continues to show a strong long-term growth profile, with Q1 2026 results pointing to healthy revenue expansion, solid profitability, and a very strong cash position. Revenue climbed to $617.8 million in Q1 2026 from $521.2 million in Q4 2025 and $509.7 million in Q1 2025. Net income also improved year over year, with $233.2 million in Q1 2026 versus $168.3 million in Q1 2025.

Profitability remains a key strength. Gross profit in Q1 2026 was $420.0 million, up from $361.9 million in Q4 2025 and $332.8 million in Q1 2025. Operating income reached $287.3 million, producing an operating margin of about 46.5% in the quarter, which is excellent for a market infrastructure company.

Cash generation is also very healthy. Tradeweb produced $103.8 million of operating cash flow in Q1 2026, even after a large swing in working capital. The company ended the quarter with $1.94 billion in cash and equivalents, giving it substantial financial flexibility.

The balance sheet looks conservative. Total liabilities were just $986.1 million against $8.30 billion in total assets, while total equity and noncontrolling interests stood at $7.31 billion. That implies a strong capital structure and a sizable cushion of liquidity.

Revenue growth remains strong: Q1 2026 revenue rose 21% year over year from Q1 2025.
Net income improved materially: Q1 2026 net income of $233.2 million was up from $168.3 million a year ago.
Operating margin is robust: Q1 2026 operating income of $287.3 million reflected strong operating leverage.
Gross profit continues to expand: Gross profit rose to $420.0 million in Q1 2026, ahead of prior quarters.
Strong liquidity: Cash and equivalents of $1.94 billion provide a large financial buffer.
Balance sheet leverage appears low: liabilities remain modest relative to assets and equity.
Capital returns continue: the company repurchased $53.3 million of common equity and paid $37.4 million in dividends in Q1 2026.
Noncontrolling interest is significant: it was $689.4 million in Q1 2026, which reduces the share of earnings attributable to common shareholders.
Investing outflows continue: Tradeweb spent $27.1 million on PP&E and $50.2 million on investments in Q1 2026.
Working capital was a drag in Q1 2026: changes in operating assets and liabilities reduced operating cash flow by $224.7 million.

Looking at the longer trend, Tradeweb has generally been compounding well. Quarterly revenue has moved from the low-$300 million range in 2023 to more than $600 million in Q1 2026, while earnings and cash flow have also trended upward. The main caution is that quarterly cash flow can be lumpy because of working capital swings and non-operating items, so investors should focus on the multi-quarter trend rather than one quarter alone.

Bottom line: Tradeweb appears to be a high-quality, profitable growth company with strong margins, strong cash generation, and a fortified balance sheet. The stock’s long-term story still looks supported by consistent revenue growth and solid capital returns, though quarterly cash flow volatility remains something to watch.

08/01/26 01:09 PM ETAI Generated. May Contain Errors.

Tradeweb Markets Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tradeweb Markets' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tradeweb Markets' net income appears to be on an upward trend, with a most recent value of $921.50 million in 2025, rising from $83.65 million in 2017. The previous period was $569.96 million in 2024. Find out what analysts predict for Tradeweb Markets in the coming months.

Tradeweb Markets' total operating income in 2025 was $835.34 million, based on the following breakdown:

Total Gross Profit: $1.38 billion
Total Operating Expenses: $546.26 million

Over the last 7 years, Tradeweb Markets' total revenue changed from $504.45 million in 2017 to $2.05 billion in 2025, a change of 306.9%.

Tradeweb Markets' total liabilities were at $1.00 billion at the end of 2025, a 15.1% increase from 2024, and a 143.6% increase since 2018.

In the past 7 years, Tradeweb Markets' cash and equivalents has ranged from $410.10 million in 2018 to $2.08 billion in 2025, and is currently $2.08 billion as of their latest financial filing in 2025.

Over the last 7 years, Tradeweb Markets' book value per share changed from 0.00 in 2017 to 27.52 in 2025, a change of 2,751.9%.

Related Companies

Financial statements for NASDAQ:TW last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tradeweb Markets (TW) Financials

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Tradeweb Markets (TW) Financials

Annual Income Statements for Tradeweb Markets

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Quarterly Cash Flow Statements for Tradeweb Markets

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Quarterly Metrics And Ratios for Tradeweb Markets

Financials Breakdown Chart

Key Financial Trends

Tradeweb Markets Financials - Frequently Asked Questions

When does Tradeweb Markets' financial year end?

How has Tradeweb Markets' net income changed over the last 7 years?

What is Tradeweb Markets' operating income?

How has Tradeweb Markets' revenue changed over the last 7 years?

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How has Tradeweb Markets' book value per share changed over the last 7 years?

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