Tradeweb Markets Inc. (TW)

Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company offers marketplaces that facilitate trading products across various asset classes, including rates, credit, equities, and money markets. It also provides pre-trade data and analytics, such as AI-Price, SNAP+, iNAV for ETFs, integrations, and LSEG market data; and trade execution comprising request-for-quote, request-for-market, request-for-stream, list trading, compression, blast all-to-all, click-to-trade, portfolio trading, session-based, central limit order book, bilateral firm streams, inventory-based, rematch, voice, futures vs. cash spreading, and dealer algorithmic suite. In addition, the company offers trade processing; and post-trade data, analytics, and reporting, which include transaction cost analysis, benchmark prices, and APA. It serves institutional, wholesale, retail, and corporate clients, such as asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers, and corporations. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.

Ticker
TW
Exchange
Nasdaq
Sector
Financial Services
Industry
Capital Markets
Market cap
$29.65B
52-week range
$91.42 - $128.97

Valuation

Share price
$127.73 (close of Nov 6, 2026)
P/E (TTM)
29.91x
Price to book
4.04x
Price to free cash flow
25.68x
Enterprise value
$27.68B
Book value per share
$31.59

Price performance

PeriodChange
1 day+0.13%
5 days+4.24%
1 month+18.77%
3 months+23.63%
6 months+16.72%
Year to date+18.77%
1 year+19.51%
3 years+38.82%
5 years+35.16%
All time+256.69%

Short interest

As of
Oct 15, 2026
Short % of float
2.85%
Shares short
3.18M
Days to cover
2.69
Change since prior report
-6.84%
Source
FINRA consolidated short interest

Members of Congress who disclosed TW trades

Byron Donalds · Julia Letlow

Super investors holding TW

Ken Griffin (Citadel) · Andreas Halvorsen (Viking Global Investors) · William Von Mueffling (Cantillon Capital Management LLC)

Profitability and growth

Return on equity
11.31%
Return on assets
9.92%
Net margin
39.60%
Revenue growth
18.92%
Net income growth
62.07%
Free cash flow growth
31.55%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.89%
Net debt to EBITDA
-1.25x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.05B
Net income
$812.79M
Earnings per share
$3.81
Interest expense
$1.94M
Shares outstanding
213.21M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$2.05B$812.79M$3.81
2024-12-31$1.73B$501.51M$2.35
2023-12-31$1.34B$364.87M$1.73
2022-12-31$1.19B$309.34M$1.50
2021-12-31$1.08B$226.83M$1.13
2020-12-31$892.66M$166.30M$0.92
2019-12-31$775.57M$83.77M$0.57
2017-12-31$504.45M$83.65M$0.39
2016-12-31$492.18M$93.16M-

Margins and returns by year

Period endNet marginReturn on equity
2025-12-3139.60%11.31%
2024-12-3129.06%7.84%
2023-12-3127.27%6.15%
2022-12-3126.02%5.58%
2021-12-3121.07%4.27%
2020-12-3118.63%3.31%
2019-12-3110.80%1.82%
2017-12-3116.58%8.48%
2016-12-3118.93%9.09%

Cash and debt by year

Period endCash
2025-12-31$2.08B
2024-12-31$1.34B
2023-12-31$1.71B
2022-12-31$1.26B
2021-12-31$972.05M
2020-12-31$791.28M
2019-12-31$460.71M
2018-12-31$411.30M
2017-12-31$353.80M
2016-12-31$325.07M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.13B$103.54M
2024-12-31$856.78M$89.65M
2023-12-31$727.56M$65.13M
2022-12-31$609.61M$66.64M
2021-12-31$561.14M$51.94M
2020-12-31$431.74M$39.29M
2019-12-31$295.22M$49.82M
2017-12-31$211.12M$26.10M

Dividend history

Most recent payment
Sep 1, 2026
Paid in the last twelve months
$0.54
Payment dateDividend per share
2026-09-01$0.14
2026-06-01$0.14
2026-03-02$0.14
2025-12-01$0.12
2025-09-02$0.12
2025-06-02$0.12
2025-03-03$0.12
2024-12-02$0.10

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-29Sep 2026$1.02
2026-07-30Jun 2026$0.96
2026-04-29Mar 2026$1.06
2026-02-05Dec 2025$0.85
2025-10-30Sep 2025$0.83
2025-07-30Jun 2025$0.86
2025-04-30Mar 2025$0.85
2025-02-06Dec 2024$0.74

Filings and sources

Company website
tradeweb.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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