Tradeweb Markets (TW) financial statements
Tradeweb Markets reported revenue of $2.1B in fiscal 2025, up 20.3% a year over 7 years.
Net income was $813M and the operating margin 40.7%, against 15.8% in 2017.
Free cash flow was $1.1B, and the company returned $104M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tradeweb Markets's 10-K filings with the SEC.
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $563M | $776M | $893M | $1.1B | $1.2B | $1.3B | $1.7B | $2.1B |
| Operating income | $89M | $190M | $263M | $359M | $413M | $505M | $678M | $835M |
| Interest expense | — | — | — | — | $2M | $2M | $4M | $2M |
| Pre-tax income | $90M | $225M | $274M | $370M | $437M | $548M | $754M | $1.2B |
| Income tax | $6M | $52M | $56M | $97M | $78M | $128M | $184M | $253M |
| Net income | $84M | $84M | $166M | $227M | $309M | $365M | $502M | $813M |
| EPS (diluted) | — | $0.54 | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 |
| Diluted shares | 216M | 157M | 188M | 207M | 208M | 213M | 215M | 215M |
| Operating margin | 15.8% | 24.5% | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% |
| Net margin | 14.9% | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
Balance sheet
Fiscal years, from Tradeweb Markets's 10-K filings with the SEC.
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $354M | $461M | $791M | $972M | $1.3B | $1.7B | $1.3B | $2.1B |
| Property, plant and equipment | — | $40M | $34M | $31M | $37M | $34M | $46M | $78M |
| Goodwill | — | $2.7B | $2.7B | $2.8B | $2.8B | $2.8B | $3.2B | $3.2B |
| Total assets | — | $5.1B | $5.7B | $6.0B | $6.3B | $7.1B | $7.3B | $8.2B |
| Total liabilities | — | $503M | $661M | $681M | $714M | $1.1B | $869M | $1.0B |
| Shareholders' equity | — | $3.4B | $4.3B | $4.6B | $5.0B | $5.4B | $5.8B | $6.5B |
| Net debt | -$354M | -$461M | -$791M | -$972M | -$1.3B | -$1.7B | -$1.3B | -$2.1B |
Cash flow
Fiscal years, from Tradeweb Markets's 10-K filings with the SEC.
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $225M | $311M | $443M | $578M | $633M | $746M | $898M | $1.2B |
| Capital spending | $41M | $44M | $43M | $51M | $60M | $62M | $89M | $103M |
| Free cash flow | $184M | $267M | $401M | $527M | $573M | $684M | $809M | $1.1B |
| Stock-based compensation | $26M | $50M | $39M | $52M | $67M | $65M | $90M | $104M |
| Share buybacks (net) | — | $0 | $0 | -$76M | -$99M | -$35M | -$59M | -$104M |
| Free cash flow margin | 32.7% | 34.4% | 44.9% | 48.9% | 48.2% | 51.1% | 46.9% | 51.9% |
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Open TW in InvestinglyQuestions
What was Tradeweb Markets's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tradeweb Markets generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From Tradeweb Markets's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.