Tradeweb Markets (TW) revenue breakdown
By product, Transaction fees and commissions is the largest at 83% of fiscal 2025 revenue, growing 30% a year over 7 years.
By region, U.S. is the largest at 58% of fiscal 2025 revenue; International grew fastest, 25% a year over 7 years.
Revenue by product
Fiscal years, as Tradeweb Markets reports them in its 10-K filings; fiscal 2025 total $2.1B.
| Products | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Transaction fees and commissions | $267M | $573M | $682M | $846M | $950M | $1.1B | $1.4B | $1.7B | 83% |
| Subscription fees | $144M | $139M | $142M | $158M | $166M | $184M | $207M | $234M | 11% |
| LSEG market data fees | $50M | $56M | $60M | $61M | $63M | $64M | $82M | $93M | 5% |
| Other | $5M | $8M | $9M | $10M | $10M | $12M | $14M | $25M | 1% |
| Commissions | $97M | — | — | — | — | — | — | — | — |
Revenue by region
Fiscal years, as Tradeweb Markets reports them in its 10-K filings; fiscal 2025 total $2.1B.
| Regions | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| U.S. | $385M | $497M | $570M | $673M | $761M | $850M | $1.1B | $1.2B | 58% |
| International | $178M | $278M | $323M | $403M | $428M | $488M | $665M | $858M | 42% |
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Where does Tradeweb Markets make its money?
In fiscal 2025, by product: Transaction fees and commissions $1.7B, Subscription fees $234M, LSEG market data fees $93M, Other $25M.
From Tradeweb Markets's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.