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.
- Symbol
- TW
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $21.19B
- 52 week range
- 91.42 - 127.69
Valuation
- Share price
- $100.23 (close of 2026-09-23)
- P/E (TTM)
- 23.75x
- Price to book
- 2.89x
- Price to free cash flow
- 18.51x
- Enterprise value
- $19.28B
- Book value per share
- $34.54
Price performance
| Period | Change |
|---|
| 1 day | -4.04% |
| 5 days | -1.30% |
| 1 month | -6.36% |
| 3 months | +1.06% |
| 6 months | -19.27% |
| Year to date | -6.80% |
| 1 year | -10.23% |
| 3 years | +22.00% |
| 5 years | +19.96% |
| All time | +179.89% |
Profitability and growth
- Return on equity
- 11.31%
- Return on invested capital
- 11.10%
- Return on assets
- 9.92%
- Gross margin
- 40.70%
- Net margin
- 39.60%
- EBITDA margin
- 52.89%
- 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)
- 5.40%
- Net debt to EBITDA
- -1.23x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $2.05B
- Cost of revenue
- $1.22B
- Gross profit
- $835.34M
- EBITDA
- $1.09B
- Net income
- $812.79M
- Earnings per share
- $3.81
- Shares outstanding
- 213.21M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $2.05B | $835.34M | $812.79M | $3.81 |
| 2024-12-31 | $1.73B | $678.03M | $501.51M | $2.35 |
| 2023-12-31 | $1.34B | $505.27M | $364.87M | $1.73 |
| 2022-12-31 | $1.19B | $412.57M | $309.34M | $1.50 |
| 2021-12-31 | $1.08B | $358.83M | $226.83M | $1.13 |
| 2020-12-31 | $892.66M | $263.36M | $166.30M | $0.92 |
| 2019-12-31 | $775.57M | $189.82M | $83.77M | $0.57 |
| 2017-12-31 | $562.97M | $89.09M | $83.65M | $0.39 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 40.70% | 39.60% | 11.31% | 11.10% |
| 2024-12-31 | 39.28% | 29.06% | 7.84% | 9.69% |
| 2023-12-31 | 37.76% | 27.27% | 6.15% | 8.86% |
| 2022-12-31 | 34.71% | 26.02% | 5.58% | 7.76% |
| 2021-12-31 | 33.33% | 21.07% | 4.27% | 6.01% |
| 2020-12-31 | 29.50% | 18.63% | 3.31% | 4.86% |
| 2019-12-31 | 24.47% | 10.80% | 1.82% | 3.30% |
| 2017-12-31 | 15.83% | 14.86% | 0.00% | - |
Cash and debt by year
| Period end | Cash |
|---|
| 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 |
Free cash flow by year
| Period end | Free cash flow | Stock-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
- 2026-09-01
- Paid in the last twelve months
- $0.54
| Payment date | Dividend 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
Next earnings report
- Next confirmed report
- 2026-10-29
- Consensus EPS estimate
- $0.99
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-30 | Jun/2026 | $0.96 |
| 2026-04-29 | - | - |
| 2026-02-05 | - | - |
| 2025-10-30 | - | - |
| 2025-07-30 | - | - |
| 2025-04-30 | - | - |
| 2025-02-06 | - | - |
| 2024-10-30 | - | - |
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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