Tradeweb Markets Inc. income statement TW

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Tradeweb Markets Inc. reported revenue of $2.1 billion, up 18.9% from the year before. Net income was $812.8 million, a profit margin of 39.6%. Operating income came to $835.3 million, an operating margin of 40.7%. Diluted earnings per share were $3.78. Over the twelve months ended Sep 30, 2026, revenue was $2.3 billion and net income was $909.1 million. Across the 7 fiscal years shown, revenue grew from $775.6 million in fiscal 2019 to $2.1 billion in fiscal 2025, about 17.6% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

FY 2026
Sep 30, 2026
FY 2025
Dec 31, 2025
FY 2024
Dec 31, 2024
FY 2023
Dec 31, 2023
FY 2022
Dec 31, 2022
FY 2021
Dec 31, 2021
FY 2020
Dec 31, 2020
FY 2019
Dec 31, 2019
Revenue
2,282
+14.4%
2,052
+18.9%
1,726
+29.0%
1,338
+12.6%
1,189
+10.4%
1,076
+20.6%
893
+15.1%
776
Operating income
1,007
+25.4%
835
+23.2%
678
+34.2%
505
+22.5%
413
+15.0%
359
+36.3%
263
+38.7%
190
Pretax income
1,320
+42.1%
1,175
+55.7%
754
+37.7%
548
+25.4%
437
+18.1%
370
+34.8%
274
+21.8%
225
Income tax
288
+34.4%
253
+37.4%
184
+43.6%
128
+65.7%
78
-20.0%
97
+72.8%
56
+7.2%
52
Net income
909
+44.3%
813
+62.1%
502
+37.4%
365
+18.0%
309
+36.4%
227
+36.4%
166
+98.5%
84
Basic EPS
4.28
+45.1%
3.81
+62.1%
2.35
+35.8%
1.73
+15.3%
1.50
+32.7%
1.13
+22.8%
0.92
+61.4%
0.57
Diluted EPS
4.27
+45.7%
3.78
+62.2%
2.33
+36.3%
1.71
+15.5%
1.48
+35.8%
1.09
+23.9%
0.88
+63.0%
0.54
Weighted average shares, basic
212
-0.5%
213
+0.1%
213
+1.1%
211
+2.5%
206
+2.1%
201
+11.6%
180
+21.9%
148
Weighted average shares, diluted
213
-0.9%
215
-0.0%
215
+1.1%
213
+2.0%
208
+0.6%
207
+10.1%
188
+20.2%
157
Other measures
Depreciation and amortization
245
-3.3%
250
+13.7%
220
+18.7%
185
+3.6%
179
+4.4%
171
+11.4%
154
+10.4%
139
EBITDA
1,252
+18.5%
1,086
+20.9%
898
+30.0%
691
+16.8%
591
+11.6%
530
+27.1%
417
+26.7%
329
Interest coverage
490.24x
430.36x
158.45x
—
—
—
—
—
Margins
Operating margin
44.12%
40.70%
39.28%
37.76%
34.71%
33.33%
29.50%
24.47%
Pretax margin
57.83%
57.25%
43.71%
40.95%
36.77%
34.37%
30.75%
29.05%
Profit margin
39.83%
39.60%
29.06%
27.27%
26.02%
21.07%
18.63%
10.80%
EBITDA margin
54.83%
52.89%
52.03%
51.61%
49.75%
49.25%
46.73%
42.44%
Effective tax rate
21.82%
21.57%
24.45%
23.45%
17.73%
26.18%
20.43%
23.21%
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.

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Company profile

Industry
Security & Commodity Brokers, Dealers, Exchanges & Services (SIC 6200)
Listed as
TW (Nasdaq)
Fiscal year ends
December 31
Incorporated in
DE
Headquarters
New York, NY
SEC filer status
Large accelerated filer
SEC CIK
1758730

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.