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

$132.74 +1.10 (+0.84%)

Closing price 11/13/2026 04:00 PM Eastern

Extended Trading

$132.90 +0.16 (+0.12%)

As of 11/13/2026 07:30 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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	126	119	114	142	148	154	186	325	205	181	197
Consolidated Net Income / (Loss)	143	136	130	160	168	176	211	367	233	207	225
Net Income / (Loss) Continuing Operations	143	136	130	160	168	176	211	367	233	207	225
Total Pre-Tax Income	187	183	174	210	222	227	270	457	303	270	290
Total Operating Income	168	162	159	189	204	200	210	221	287	245	253
Total Gross Profit	266	268	289	311	333	343	344	362	420	386	406
Total Revenue	409	405	449	463	510	513	509	521	618	559	585
Operating Revenue	409	405	449	463	510	513	509	521	618	559	585
Total Cost of Revenue	143	137	160	152	177	170	165	159	198	172	179
Operating Cost of Revenue	143	137	160	152	177	170	165	159	198	172	179
Total Operating Expenses	98	105	129	123	129	143	133	141	133	141	152
Selling, General & Admin Expense	44	50	66	55	61	74	62	73	64	71	82
Depreciation Expense	49	50	58	63	63	63	64	60	61	61	62
Other Operating Expenses / (Income)	4.67	4.98	5.42	5.15	5.07	6.02	6.64	8.21	8.19	8.38	8.17
Total Other Income / (Expense), net	19	21	14	22	17	27	59	236	16	25	37
Interest Expense	1.72	0.54	1.45	0.57	0.59	0.43	0.52	0.40	0.62	0.51	0.52
Interest & Investment Income	21	22	17	15	14	15	20	19	17	18	18
Other Income / (Expense), net	0.00	0.00	-0.86	7.48	4.22	13	39	217	-1.16	7.28	19
Income Tax Expense	44	47	43	50	53	52	59	90	70	64	65
Net Income / (Loss) Attributable to Noncontrolling Interest	17	17	16	18	20	22	25	42	28	25	27
Basic Earnings per Share	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72	$0.87	$1.52	$0.96	$0.85	$0.94
Weighted Average Basic Shares Outstanding	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M	213.36M	213.21M	212.69M	212.46M	210.41M
Diluted Earnings per Share	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71	$0.86	$1.52	$0.96	$0.85	$0.94
Weighted Average Diluted Shares Outstanding	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M	214.98M	214.90M	213.32M	212.80M	210.90M
Weighted Average Basic & Diluted Shares Outstanding	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M	236.48M	235.65M	236.03M	234.03M	232.13M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
Net Change in Cash & Equivalents	-162	173	-544	171	-34	324	268	187	-146	121	55
Net Cash From Operating Activities	38	286	292	282	60	409	342	356	104	394	347
Net Cash From Continuing Operating Activities	38	286	292	282	61	409	342	367	104	394	354
Net Income / (Loss) Continuing Operations	143	136	130	160	168	176	211	367	233	207	225
Consolidated Net Income / (Loss)	143	136	130	160	168	176	211	367	233	207	225
Depreciation Expense	49	50	58	63	63	63	64	60	61	61	62
Non-Cash Adjustments To Reconcile Net Income	-0.74	54	40	-2.77	3.21	64	-38	-96	35	15	29
Changes in Operating Assets and Liabilities, net	-154	45	65	62	-174	107	106	36	-225	111	38
Net Cash From Investing Activities	-107	-28	-788	-46	-15	-42	-35	-35	-77	-34	-49
Net Cash From Continuing Investing Activities	-107	-28	-788	-46	-15	-42	-35	-35	-77	-34	-49
Purchase of Property, Plant & Equipment	-17	-17	-17	-38	-15	-22	-31	-35	-27	-27	-29
Purchase of Investments	-0.50	-11	-	-8.61	0.00	-20	-18	-	-50	-6.69	-20
Net Cash From Financing Activities	-91	-84	-55	-60	-83	-51	-28	-145	-172	-239	-241
Net Cash From Continuing Financing Activities	-91	-84	-55	-60	-83	-51	-28	-145	-172	-239	-241
Repurchase of Common Equity	0.00	-	-24	-35	-0.84	-	-	-103	-53	-187	-207
Payment of Dividends	-27	-31	-30	-24	-33	-31	-27	-36	-37	-32	-33
Other Financing Activities, net	-63	-53	-0.56	-1.44	-49	-20	-1.22	-5.83	-81	-20	-0.90
Cash Interest Paid	1.24	0.52	0.38	0.43	1.39	0.35	0.38	0.43	0.48	0.64	0.09
Cash Income Taxes Paid	4.45	57	9.18	81	12	33	-1.58	15	78	35	23

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	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
Total Assets	6,491	6,505	7,396	7,285	7,337	7,370	8,056	7,996	8,296	8,251	8,429
Total Current Assets	1,400	1,497	1,547	1,721	1,174	1,308	1,631	1,908	1,941	2,065	2,123
Cash & Equivalents	1,396	1,493	1,545	1,718	1,174	1,306	1,630	1,908	1,937	2,058	2,115
Accounts Receivable	4.44	3.17	2.54	2.98	0.10	1.10	0.74	0.55	3.23	7.02	8.54
Plant, Property, & Equipment, net	36	36	33	32	33	44	41	75	79	81	83
Total Noncurrent Assets	5,054	4,972	5,815	5,531	6,130	6,019	6,385	6,012	6,276	6,105	6,223
Goodwill	2,780	2,815	2,858	2,858	3,150	3,150	3,150	3,150	3,150	3,150	3,150
Intangible Assets	1,155	1,167	1,188	1,156	1,621	1,535	1,495	1,455	1,383	1,349	1,315
Noncurrent Deferred & Refundable Income Taxes	709	693	693	684	635	661	652	641	583	570	562
Other Noncurrent Operating Assets	247	130	1,076	833	476	673	1,088	495	1,160	1,036	1,196
Total Liabilities & Shareholders' Equity	6,491	6,505	7,396	7,285	7,337	7,370	8,056	7,996	8,296	8,251	8,429
Total Liabilities	773	693	1,320	1,077	1,050	823	1,330	1,061	986	913	1,095
Total Current Liabilities	41	47	734	502	100	227	690	187	282	183	311
Accounts Payable	41	47	87	77	100	122	147	187	152	175	220
Other Current Liabilities	-	-	647	425	-	105	543	-	131	7.65	91
Total Noncurrent Liabilities	732	646	586	575	950	596	640	874	704	730	784
Noncurrent Deferred Revenue	27	31	27	28	30	47	41	36	54	38	38
Noncurrent Deferred & Payable Income Tax Liabilities	19	18	452	400	43	413	394	44	387	371	366
Noncurrent Employee Benefit Liabilities	85	121	82	119	179	103	158	211	111	159	218
Other Noncurrent Operating Liabilities	601	476	25	28	699	33	47	582	152	161	162
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	5,717	5,812	6,076	6,207	6,286	6,547	6,726	6,935	7,310	7,338	7,334
Total Preferred & Common Equity	5,182	5,266	5,509	5,631	5,701	5,939	6,098	6,281	6,620	6,635	6,622
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	5,182	5,266	5,509	5,631	5,701	5,939	6,098	6,281	6,620	6,635	6,622
Common Stock	4,694	4,707	4,771	4,796	4,789	4,821	4,843	4,865	4,886	4,932	4,981
Retained Earnings	495	570	745	843	911	1,120	1,248	1,408	1,726	1,687	1,643
Accumulated Other Comprehensive Income / (Loss)	-6.82	-11	-7.52	-7.92	1.12	-1.81	7.03	7.75	7.93	16	-1.79
Noncontrolling Interest	535	546	567	577	586	608	629	654	689	704	712

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	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	9/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	235,647,893.00	236,026,021.00	234,028,262.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	235,647,893.00	236,026,021.00	234,028,262.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.87	0.77	0.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.14%	30.37%	36.72%	25.23%	24.70%	26.67%	13.29%	12.48%	21.21%	8.96%	14.93%
EBITDA Growth	28.94%	31.32%	27.71%	53.62%	24.89%	29.72%	45.22%	92.36%	27.96%	13.96%	6.48%
EBIT Growth	36.43%	40.23%	29.00%	61.98%	24.24%	30.79%	57.64%	123.39%	37.33%	18.83%	8.96%
NOPAT Growth	38.96%	33.46%	20.36%	37.93%	20.59%	27.86%	37.52%	23.87%	42.62%	21.44%	19.64%
Net Income Growth	40.31%	33.82%	16.66%	54.17%	17.38%	28.67%	61.68%	129.54%	38.54%	17.76%	6.82%
EPS Growth	40.48%	30.95%	15.22%	60.98%	16.95%	29.09%	62.26%	130.30%	39.13%	19.72%	9.30%
Operating Cash Flow Growth	-46.48%	34.06%	34.38%	15.22%	58.80%	43.24%	17.17%	26.21%	72.45%	-3.69%	1.47%
Free Cash Flow Firm Growth	-118.11%	-126.03%	-643.11%	-510.52%	-1,512.01%	-865.13%	137.03%	119.09%	116.14%	100.78%	-98.29%
Invested Capital Growth	3.73%	3.88%	18.39%	19.73%	15.66%	13.52%	-1.67%	0.91%	2.51%	3.61%	3.82%
Revenue Q/Q Growth	10.47%	-0.93%	10.86%	3.21%	10.00%	0.65%	-0.85%	2.47%	18.53%	-9.52%	4.58%
EBITDA Q/Q Growth	28.78%	-2.11%	1.84%	19.67%	4.69%	1.68%	14.00%	58.52%	-30.36%	-9.45%	6.52%
EBIT Q/Q Growth	38.56%	-3.09%	-2.49%	23.70%	6.28%	2.01%	17.54%	75.30%	-34.66%	-11.73%	7.77%
NOPAT Q/Q Growth	23.63%	-6.01%	-1.13%	20.07%	8.09%	-0.35%	6.34%	8.14%	24.45%	-15.14%	4.76%
Net Income Q/Q Growth	38.21%	-4.86%	-4.54%	22.82%	5.23%	4.29%	19.96%	74.37%	-36.49%	-11.36%	8.81%
EPS Q/Q Growth	43.90%	-6.78%	-3.64%	24.53%	4.55%	2.90%	21.13%	76.74%	-36.84%	-11.46%	10.59%
Operating Cash Flow Q/Q Growth	-84.51%	653.47%	2.26%	-3.46%	-78.65%	579.63%	-16.35%	3.99%	-70.83%	279.57%	-11.87%
Free Cash Flow Firm Q/Q Growth	-120.46%	-36.28%	-1,339.45%	-2.27%	19.65%	18.41%	155.23%	-47.28%	-32.05%	-96.03%	20.37%
Invested Capital Q/Q Growth	7.25%	-0.93%	13.89%	-1.06%	3.60%	-2.76%	-1.36%	1.54%	5.25%	-1.71%	-1.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.99%	66.11%	64.32%	67.15%	65.30%	66.92%	67.56%	69.44%	67.98%	69.15%	69.39%
EBITDA Margin	53.09%	52.46%	48.19%	55.87%	53.18%	53.72%	61.77%	95.55%	56.14%	56.18%	57.22%
Operating Margin	41.02%	40.13%	35.49%	40.69%	40.05%	38.96%	41.36%	42.41%	46.50%	43.88%	43.36%
EBIT Margin	41.02%	40.13%	35.30%	42.30%	40.87%	41.43%	49.11%	84.02%	46.31%	45.18%	46.56%
Profit (Net Income) Margin	35.08%	33.69%	29.01%	34.52%	33.02%	34.22%	41.40%	70.44%	37.74%	36.98%	38.48%
Tax Burden Percent	76.67%	74.36%	74.98%	76.07%	75.96%	77.30%	78.09%	80.38%	76.97%	76.50%	77.55%
Interest Burden Percent	111.54%	112.90%	109.60%	107.26%	106.37%	106.84%	107.94%	104.30%	105.88%	106.99%	106.55%
Effective Tax Rate	23.33%	25.64%	25.02%	23.93%	24.04%	22.70%	21.91%	19.62%	23.03%	23.50%	22.45%
Return on Invested Capital (ROIC)	10.02%	10.24%	9.21%	11.51%	11.37%	12.16%	12.71%	13.77%	14.57%	14.28%	14.98%
ROIC Less NNEP Spread (ROIC-NNEP)	8.95%	9.24%	8.41%	10.43%	10.44%	10.90%	9.71%	2.70%	13.83%	13.24%	13.57%
Return on Net Nonoperating Assets (RNNOA)	-2.13%	-2.41%	-1.85%	-2.58%	-2.36%	-2.82%	-2.26%	-0.68%	-3.24%	-3.47%	-3.83%
Return on Equity (ROE)	7.89%	7.83%	7.36%	8.93%	9.01%	9.34%	10.45%	13.09%	11.34%	10.80%	11.15%
Cash Return on Invested Capital (CROIC)	5.84%	6.48%	-6.81%	-6.92%	-3.50%	-0.72%	13.87%	11.99%	11.11%	11.00%	11.61%
Operating Return on Assets (OROA)	8.53%	8.81%	8.33%	10.19%	10.11%	10.45%	12.78%	22.31%	12.77%	12.23%	12.94%
Return on Assets (ROA)	7.29%	7.40%	6.84%	8.32%	8.17%	8.63%	10.77%	18.71%	10.41%	10.01%	10.69%
Return on Common Equity (ROCE)	7.10%	7.10%	6.67%	8.10%	8.17%	8.47%	9.47%	11.85%	10.27%	9.78%	10.09%
Return on Equity Simple (ROE_SIMPLE)	8.36%	8.79%	9.01%	0.00%	10.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	129	121	119	143	155	154	164	178	221	188	197
NOPAT Margin	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%	32.30%	34.09%	35.79%	33.57%	33.62%
Net Nonoperating Expense Percent (NNEP)	1.07%	1.00%	0.81%	1.08%	0.93%	1.26%	3.00%	11.06%	0.74%	1.03%	1.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	2.24%	2.37%	2.30%	2.37%	2.47%	3.02%	2.56%	2.68%
Cost of Revenue to Revenue	35.01%	33.89%	35.68%	32.85%	34.70%	33.08%	32.44%	30.56%	32.02%	30.85%	30.61%
SG&A Expenses to Revenue	10.76%	12.42%	14.74%	11.78%	11.95%	14.50%	12.24%	13.93%	10.33%	12.77%	13.98%
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	23.97%	25.98%	28.83%	26.46%	25.25%	27.96%	26.20%	27.04%	21.48%	25.27%	26.04%
Earnings before Interest and Taxes (EBIT)	168	162	158	196	208	213	250	438	286	253	272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	217	212	216	259	271	276	314	498	347	314	334
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.43	4.45	5.13	5.33	5.90	5.68	4.18	3.91	4.19	3.55	3.56
Price to Tangible Book Value (P/TBV)	16.70	15.48	31.42	28.84	27.96	23.83	15.66	13.11	13.28	11.01	10.94
Price to Revenue (P/Rev)	17.23	16.56	17.90	17.92	19.19	17.89	13.16	12.39	12.83	10.66	10.34
Price to Earnings (P/E)	60.60	57.78	65.14	61.67	66.94	62.00	41.65	31.29	31.88	26.22	25.96
Dividend Yield	0.36%	0.36%	0.32%	0.31%	0.28%	0.30%	0.41%	0.45%	0.43%	0.52%	0.54%
Earnings Yield	1.65%	1.73%	1.54%	1.62%	1.49%	1.61%	2.40%	3.20%	3.14%	3.81%	3.85%
Enterprise Value to Invested Capital (EV/IC)	5.18	5.32	5.60	5.97	6.56	6.60	4.97	4.71	4.93	4.20	4.25
Enterprise Value to Revenue (EV/Rev)	16.54	15.80	17.54	17.49	18.81	17.37	12.53	11.71	12.26	10.05	9.73
Enterprise Value to EBITDA (EV/EBITDA)	32.72	31.14	35.17	33.37	35.85	32.90	22.32	17.68	18.46	15.05	14.86
Enterprise Value to EBIT (EV/EBIT)	44.47	41.62	46.97	44.09	47.38	43.35	28.83	21.68	22.32	18.08	17.78
Enterprise Value to NOPAT (EV/NOPAT)	55.46	52.74	60.54	58.93	63.79	58.71	40.46	36.68	36.72	29.37	28.19
Enterprise Value to Operating Cash Flow (EV/OCF)	32.89	30.41	33.28	33.62	37.35	32.21	22.85	20.58	21.86	18.53	18.48
Enterprise Value to Free Cash Flow (EV/FCFF)	90.23	83.75	0.00	0.00	0.00	0.00	35.53	39.44	44.91	38.84	37.31
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	-0.24	-0.26	-0.22	-0.25	-0.23	-0.26	-0.23	-0.25	-0.23	-0.26	-0.28
Leverage Ratio	1.17	1.16	1.14	1.16	1.17	1.19	1.16	1.14	1.13	1.16	1.15
Compound Leverage Factor	1.30	1.30	1.25	1.25	1.24	1.27	1.25	1.19	1.20	1.24	1.23
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	9.34%	9.29%	9.32%	9.36%	9.29%	9.34%	9.43%	9.48%	9.43%	9.59%	9.71%
Common Equity to Total Capital	90.66%	90.71%	90.68%	90.64%	90.71%	90.66%	90.57%	90.52%	90.57%	90.41%	90.29%
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	11.64	14.59	17.34	22.08	26.30	16.30	15.70	16.23	17.78	16.39	13.84
Noncontrolling Interest Sharing Ratio	9.98%	9.32%	9.35%	9.38%	9.31%	9.32%	9.38%	9.42%	9.36%	9.47%	9.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	3.43	11.76	14.15	5.76	2.37	10.19	11.17	6.87	11.29	6.83
Quick Ratio	2.11	3.43	11.76	14.15	5.76	2.37	10.19	11.17	6.87	11.29	6.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-34	-47	-675	-690	-555	-452	250	132	90	3.55	4.27
Operating Cash Flow to CapEx	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%	1,190.51%
Free Cash Flow to Firm to Interest Expense	-20.03	-86.50	-466.71	-1,204.56	-944.77	-1,054.76	478.73	326.91	143.46	7.03	8.19
Operating Cash Flow to Interest Expense	22.07	527.07	202.03	492.19	102.57	953.82	655.75	883.25	166.39	780.41	665.36
Operating Cash Flow Less CapEx to Interest Expense	12.02	496.39	190.26	425.95	77.33	902.40	595.58	796.88	122.95	726.49	609.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.22	0.24	0.24	0.25	0.25	0.26	0.27	0.28	0.27	0.28
Accounts Receivable Turnover	0.00	407.50	1,000.98	416.59	1,003.78	1,041.39	6,194.38	250.34	998.39	569.27	502.13
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	40.34	44.29	47.42	43.40	47.30	52.91	37.00	33.06	35.06	36.34	28.86
Accounts Payable Turnover	6.95	8.85	7.73	7.76	5.98	5.89	4.62	4.80	5.05	4.31	3.48
Days Sales Outstanding (DSO)	0.00	0.90	0.36	0.88	0.36	0.35	0.06	1.46	0.37	0.64	0.73
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)	52.51	41.26	47.21	47.05	61.01	62.02	78.96	75.97	72.22	84.62	104.90
Cash Conversion Cycle (CCC)	-52.51	-40.36	-46.84	-46.17	-60.64	-61.67	-78.90	-74.51	-71.86	-83.98	-104.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,531	4,489	5,113	5,059	5,241	5,096	5,027	5,104	5,372	5,280	5,219
Invested Capital Turnover	0.32	0.34	0.35	0.37	0.37	0.40	0.39	0.40	0.41	0.43	0.45
Increase / (Decrease) in Invested Capital	163	168	794	834	710	607	-86	46	132	184	192
Enterprise Value (EV)	23,453	23,893	28,636	30,186	34,364	33,613	24,987	24,028	26,478	22,168	22,197
Market Capitalization	24,430	25,035	29,224	30,928	35,062	34,615	26,241	25,431	27,726	23,522	23,599
Book Value per Share	$25.90	$23.84	$24.12	$24.55	$25.15	$25.79	$26.56	$27.52	$28.09	$28.11	$28.30
Tangible Book Value per Share	$6.88	$6.85	$3.94	$4.54	$5.31	$6.14	$7.09	$8.20	$8.86	$9.05	$9.22
Total Capital	6,076	6,207	6,286	6,399	6,547	6,726	6,935	7,189	7,310	7,338	7,334
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	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630	-1,908	-2,085	-1,937	-2,058	-2,115
Capital Expenditures (CapEx)	17	17	17	38	15	22	31	35	27	27	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-731	-499	-100	-87	-226	-689	-187	-179	-279	-176	-302
Debt-free Net Working Capital (DFNWC)	813	1,219	1,074	1,253	1,081	941	1,721	1,906	1,658	1,882	1,813
Net Working Capital (NWC)	813	1,219	1,074	1,253	1,081	941	1,721	1,906	1,658	1,882	1,813
Net Nonoperating Expense (NNE)	-15	-16	-11	-17	-13	-21	-46	-189	-12	-19	-28
Net Nonoperating Obligations (NNO)	-1,545	-1,718	-1,174	-1,340	-1,306	-1,630	-1,908	-2,085	-1,937	-2,058	-2,115
Total Depreciation and Amortization (D&A)	49	50	58	63	63	63	64	60	61	61	62
Debt-free, Cash-free Net Working Capital to Revenue	-51.59%	-33.00%	-6.11%	-5.05%	-12.36%	-35.60%	-9.37%	-8.72%	-12.92%	-7.97%	-13.25%
Debt-free Net Working Capital to Revenue	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%	86.29%	92.85%	76.75%	85.30%	79.41%
Net Working Capital to Revenue	57.38%	80.64%	65.78%	72.60%	59.15%	48.65%	86.29%	92.85%	76.75%	85.30%	79.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.59	$0.56	$0.53	$0.67	$0.70	$0.72	$0.87	$1.52	$0.96	$0.85	$0.94
Adjusted Weighted Average Basic Shares Outstanding	212.71M	213.16M	213.21M	213.03M	213.09M	213.34M	213.36M	213.21M	212.69M	212.46M	210.41M
Adjusted Diluted Earnings per Share	$0.59	$0.55	$0.53	$0.66	$0.69	$0.71	$0.86	$1.52	$0.96	$0.85	$0.94
Adjusted Weighted Average Diluted Shares Outstanding	214.66M	214.90M	215.10M	214.92M	214.90M	214.97M	214.98M	214.90M	213.32M	212.80M	210.90M
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	236.18M	236.30M	236.24M	236.17M	236.44M	236.45M	236.48M	235.65M	236.03M	234.03M	232.13M
Normalized Net Operating Profit after Tax (NOPAT)	129	121	119	143	155	154	164	178	221	188	197
Normalized NOPAT Margin	31.45%	29.84%	26.61%	30.96%	30.42%	30.12%	32.30%	34.09%	35.79%	33.57%	33.62%
Pre Tax Income Margin	45.76%	45.31%	38.69%	45.38%	43.48%	44.26%	53.01%	87.63%	49.04%	48.34%	49.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	97.60	299.80	109.58	342.09	354.89	495.38	478.53	1,086.54	458.49	500.08	521.40
NOPAT to Interest Expense	74.83	222.92	82.61	250.31	264.10	360.12	314.72	440.84	354.33	371.52	376.52
EBIT Less CapEx to Interest Expense	87.55	269.13	97.81	275.84	329.65	443.97	418.35	1,000.17	415.04	446.16	465.51
NOPAT Less CapEx to Interest Expense	64.78	192.24	70.85	184.07	238.86	308.70	254.54	354.47	310.89	317.61	320.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.56%	20.93%	21.94%	19.83%	19.94%	18.62%	16.13%	13.79%	13.33%	13.06%	13.48%
Augmented Payout Ratio	23.68%	21.97%	27.15%	30.19%	30.01%	28.07%	21.10%	25.09%	29.21%	46.86%	66.85%

Financials Breakdown Chart

Key Financial Trends

Tradeweb Markets’ financial statements show a business that has expanded substantially over the past several years. Revenue increased from $287.1 million in Q3 2022 to $558.9 million in Q2 2026, while operating income rose from $102.8 million to $245.3 million over the same comparison. The latest quarter continued to show strong year-over-year growth, although revenue and earnings declined sequentially from an unusually strong first quarter.

Strong year-over-year growth: Q2 2026 revenue rose 9.0% from Q2 2025, gross profit increased 12.6%, and operating income climbed 22.7%.
Improving profitability: The operating margin expanded to approximately 43.9% in Q2 2026, compared with 39.0% in Q2 2025 and 40.1% in Q2 2024.
Higher earnings for common shareholders: Net income attributable to common shareholders increased 17.9% year over year to $181.3 million. Diluted EPS rose to $0.85 from $0.71.
Long-term revenue momentum: Quarterly revenue has generally advanced from $293.0 million in Q4 2022 to $521.2 million in Q4 2025, with Q1 2026 reaching a record $617.8 million in the provided data.
Large cash position and limited balance-sheet leverage: Cash and equivalents totaled $2.06 billion at June 30, 2026. Total liabilities were $912.7 million, leaving Tradeweb with substantial liquidity and no reported debt-like borrowing balance in the provided statements.
Strong operating cash generation: Q2 2026 operating cash flow was $394.1 million, more than covering $27.2 million of capital expenditures and supporting $187.2 million of share repurchases and $32.1 million of dividends.
Shareholder returns are increasing: The company repurchased $187.2 million of common stock in Q2 2026, up substantially from $53.3 million in Q1 2026 and $103.3 million in Q4 2025, while continuing to pay a regular dividend.
Sequential moderation after an exceptional quarter: Q2 2026 revenue declined 9.5% from Q1 2026, and net income attributable to common shareholders fell 11.7%. However, Q1’s $617.8 million of revenue and $205.3 million of common net income were unusually high, so the sequential decline does not negate the broader growth trend.
Working capital remains volatile: Changes in operating assets and liabilities contributed $110.5 million of cash in Q2 2026 but reduced operating cash flow by $224.7 million in Q1. This volatility makes quarterly cash-flow comparisons less consistent than the income statement trend.
Significant acquired-asset concentration: Goodwill of $3.15 billion and intangible assets of $1.35 billion represented roughly 54% of total assets at June 30, 2026. This creates impairment risk if acquired businesses underperform, although the balance sheet currently shows strong equity support.

The balance sheet has strengthened meaningfully since 2023. Cash increased from approximately $1.23 billion in Q1 2023 to $2.06 billion in Q2 2026, while total equity and noncontrolling interests rose from $5.60 billion to $7.34 billion. Total liabilities have also declined from $1.33 billion in Q2 2025 to $912.7 million in the latest quarter, improving financial flexibility.

Investors should note that several historical income and cash-flow figures are identified as restated or calculated, particularly for 2024 and 2025. Comparisons should therefore be interpreted using the latest restated figures where available. Overall, the statements point to strong multi-year revenue growth, expanding operating margins, robust liquidity and an increasingly aggressive capital-return program, balanced against quarterly cash-flow volatility and substantial goodwill and intangible-asset exposure.

11/15/26 04:05 AM ETAI Generated. May Contain Errors.

Tradeweb Markets Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tradeweb Markets' financial year ends in December. Their financial 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. View Tradeweb Markets' forecast to see where analysts expect Tradeweb Markets to go next.

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

In the past 13 quarters, Tradeweb Markets' cash and equivalents has ranged from $1.17 billion in Q3 2024 to $2.11 billion in Q3 2026, and is currently $2.11 billion as of their latest financial filing in Q3 2026.

Tradeweb Markets had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2017.

Over the last 8 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 10/29/2026 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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Financials Breakdown Chart

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Tradeweb Markets Financials - Frequently Asked Questions

When does Tradeweb Markets' fiscal year end?

How has Tradeweb Markets' net income changed over the last 8 years?

What is Tradeweb Markets' operating income?

How has Tradeweb Markets' revenue changed over the last 8 years?

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