Tradeweb Markets Inc.
Tradeweb Markets Inc.
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Financial Statements
Values in Millions ($) | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Data beyond 3 years is for subscribers only. Unlock 17+ years of financial data Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Common Class A | 116 | 116 | 0 | 116 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Class B | 97 | 97 | 0 | 97 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Class C | 18 | 18 | 0 | 18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common Class D | 5 | 5 | -0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Assets | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 1,937 | 2,085 | 1,908 | 1,630 | 1,306 | 1,340 | 1,174 | 1,718 | 1,545 | 1,706 | 1,493 | 1,396 | |||||
Restricted Cash | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | |||||
Receivables From Brokers Dealers And Clearing Orga… | 131 | 9 | 92 | 543 | 136 | 68 | 298 | 432 | 676 | 381 | 5 | 128 | |||||
Deposits With Clearing Organizations And Others Se… | 57 | 58 | 65 | 67 | 102 | 55 | 65 | 63 | 115 | 37 | 26 | 24 | |||||
Property Plant And Equipment Net | 79 | 78 | 75 | 41 | 44 | 46 | 33 | 32 | 33 | 34 | 36 | 36 | |||||
Operating Lease Right Of Use Asset | 124 | 123 | 122 | 30 | 30 | 34 | 26 | 26 | 22 | 25 | 19 | 20 | |||||
Capitalized Computer Software Net | 264 | 270 | 278 | 283 | 288 | 297 | 305 | 151 | 155 | 131 | 134 | 136 | |||||
Goodwill | 3,150 | 3,150 | 3,150 | 3,150 | 3,150 | 3,150 | 3,150 | 2,858 | 2,858 | 2,816 | 2,815 | 2,780 | |||||
Intangible Assets Net Excluding Goodwill | 1,119 | 1,148 | 1,177 | 1,212 | 1,246 | 1,281 | 1,315 | 1,004 | 1,033 | 1,005 | 1,032 | 1,019 | |||||
Other Receivables | 3 | 8 | 1 | 1 | 1 | 8 | 0 | 3 | 3 | 0 | 3 | 4 | |||||
Deferred Income Tax Assets Net | 583 | 569 | 641 | 652 | 661 | 659 | 635 | 684 | 693 | 684 | 693 | 709 | |||||
Investments | 296 | 292 | - | - | - | 11 | - | - | - | - | - | - | |||||
Other Assets | 198 | 140 | 215 | 182 | 133 | 96 | 86 | 79 | 70 | 71 | 78 | 73 | |||||
Assets | 8,296 | 8,190 | 7,996 | 8,056 | 7,370 | 7,268 | 7,337 | 7,285 | 7,396 | 7,060 | 6,505 | 6,491 | |||||
Liabilities And Stockhold… | |||||||||||||||||
Liabilities | |||||||||||||||||
Securities Sold Under Agreements To Repurchase | - | - | - | - | - | 0 | 0 | 0 | 0 | 22 | - | - | |||||
Payables To Broker Dealers And Clearing Organizati… | 131 | 3 | 80 | 543 | 105 | 68 | 286 | 425 | 647 | 352 | 5 | 128 | |||||
Employee Related Liabilities Current And Noncurren… | 111 | 251 | 211 | 158 | 103 | 223 | 179 | 119 | 82 | 164 | 121 | 85 | |||||
Contract With Customer Liability | 54 | 29 | 36 | 41 | 47 | 31 | 30 | 28 | 27 | 26 | 31 | 27 | |||||
Accounts Payable And Accrued Liabilities Current A… | 152 | 184 | 187 | 147 | 122 | 95 | 100 | 77 | 87 | 58 | 47 | 41 | |||||
Operating Lease Liability | 143 | 139 | 136 | 32 | 32 | 36 | 29 | 28 | 25 | 27 | 22 | 23 | |||||
Other Liabilities | 9 | 7 | 16 | 15 | 1 | 1 | 2 | 0 | 0 | 1 | 1 | 2 | |||||
Deferred Income Tax Liabilities Net | 51 | 50 | 44 | 43 | 43 | 43 | 43 | 19 | 20 | 21 | 18 | 19 | |||||
Liabilities | 986 | 1,000 | 1,061 | 1,330 | 823 | 869 | 1,050 | 1,077 | 1,320 | 1,128 | 693 | 773 | |||||
Members Equity | |||||||||||||||||
Preferred Stock Value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Additional Paid In Capital | 4,886 | 4,896 | 4,865 | 4,843 | 4,821 | 4,813 | 4,789 | 4,796 | 4,771 | 4,739 | 4,706 | 4,694 | |||||
Accumulated Other Comprehensive Income Loss Net Of… | 8 | 11 | 8 | 7 | -2 | -10 | 1 | -8 | -8 | -5 | -11 | -7 | |||||
Retained Earnings Accumulated Deficit | 1,726 | 1,601 | 1,408 | 1,248 | 1,120 | 997 | 911 | 843 | 745 | 640 | 570 | 495 | |||||
Stockholders Equity | 7,310 | 7,189 | 6,935 | 6,098 | 5,939 | 5,800 | 5,701 | 6,207 | 5,509 | 5,374 | 5,266 | 5,717 | |||||
Minority Interest | 689 | 681 | 654 | 629 | 608 | 599 | 586 | 577 | 567 | 558 | 546 | 535 | |||||
Liabilities And Stockholders Equity | 8,296 | 8,190 | 7,996 | 8,056 | 7,370 | 7,268 | 7,337 | 7,285 | 7,396 | 7,060 | 6,505 | 6,491 | |||||
Allowance For Doubtful Accounts Receivable | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Preferred Stock Par Or Stated Value Per Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Preferred Stock Shares Authorized | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | |||||
Preferred Stock Shares Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Preferred Stock Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -10.09% | -15.65% | -15.31% | - | - | - | - | - | - | - | - | - |
| 2025 | 5.29% | 0.84% | -0.13% | -12.41% | -23.22% | -26.76% | 2.22% | 0.47% | 2.14% | 12.53% | 6.55% | 3.55% |
| 2024 | 10.44% | 2.21% | 2.83% | 10.50% | 12.05% | 27.21% | 5.59% | 3.14% | 0.25% | 8.86% | 18.13% | 8.89% |
| 2023 | - | - | - | 3.52% | 3.60% | 3.48% | 6.30% | 0.50% | 9.24% | 2.46% | 1.83% | -0.44% |
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Performance and Valuation Metrics
Metrics | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Data beyond 3 years is for subscribers only. Unlock 17+ years of financial data Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Leverage & Debt | |||||||||||||||||
| Interest Coverage TTM | 464.35 | 430.36 | 380.32 | 247.71 | 226.95 | 158.45 | 130.88 | 155.35 | 146.18 | 202.43 | 46.54 | 34.04 | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | 3.98 | 3.78 | 3.40 | 3.03 | 2.77 | 2.65 | 2.37 | 2.28 | 2.15 | 1.97 | 1.71 | 1.57 | |||||
| Free Cash Flow Per Share TTM | 5.47 | 5.29 | 4.91 | 4.72 | 4.15 | 4.02 | 3.96 | 3.60 | 3.27 | 3.45 | 3.24 | 3.19 | |||||
| Dividend Per Share TTM | 0.50 | 0.48 | 0.46 | 0.44 | 0.42 | 0.40 | 0.39 | 0.38 | 0.37 | 0.36 | 0.35 | 0.34 | |||||
Margin Metrics | |||||||||||||||||
| Gross Profit Margin TTM | 67.98% | 67.32% | 66.72% | 65.94% | 65.71% | 74.05% | 74.18% | 75.04% | 75.73% | 74.19% | 74.52% | 74.75% | |||||
| Operating Profit Margin TTM | 42.51% | 40.70% | 40.25% | 38.86% | 39.11% | 39.28% | 38.66% | 39.45% | 38.82% | 37.76% | 36.09% | 35.51% | |||||
| Net Profit Margin TTM | 39.33% | 39.60% | 36.67% | 33.65% | 32.56% | 33.02% | 31.20% | 32.46% | 32.50% | 31.35% | 28.93% | 27.44% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 18.26% | 18.92% | 22.17% | 27.97% | 28.86% | 28.97% | 29.44% | 23.94% | 17.50% | 12.57% | 7.56% | 6.01% | |||||
| Net Income Growth (1Y) | 42.85% | 42.60% | 43.59% | 32.66% | 29.13% | 35.87% | 39.62% | 46.60% | 46.68% | 35.61% | 39.76% | 36.76% | |||||
| EPS Growth (1Y) | 43.12% | 42.48% | 43.48% | 32.55% | 28.90% | 34.44% | 38.58% | 45.50% | 43.50% | 32.25% | 35.87% | 32.19% | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | 29.41 | 28.14 | 32.25 | 47.74 | 52.89 | 48.62 | 51.39 | 45.67 | 47.67 | 45.22 | 46.02 | 42.77 | |||||
| P/B TTM | 3.42 | 3.18 | 3.40 | 5.10 | 5.30 | 4.33 | 4.59 | 3.61 | 3.99 | 3.20 | 3.19 | 2.50 | |||||
| P/S TTM | 11.57 | 11.14 | 11.83 | 16.07 | 17.22 | 16.06 | 16.04 | 14.83 | 15.49 | 14.18 | 13.31 | 11.74 | |||||
| Market Cap | 24.99B | 22.87B | 23.59B | 31.09B | 31.46B | 27.71B | 26.18B | 22.42B | 21.96B | 18.97B | 16.79B | 14.32B | |||||
| Enterprise Value | 23.05B | 20.79B | 21.68B | 29.46B | 30.16B | 26.37B | 25.01B | 20.70B | 20.42B | 17.26B | 15.30B | 12.92B | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | 1.16B | 1.13B | 1.05B | 1.01B | 884.02M | 856.78M | 843.69M | 766.95M | 694.92M | 727.56M | 686.61M | 673.89M | |||||
| Net Debt | -1.94B | -2.08B | -1.91B | -1.63B | -1.31B | -1.34B | -1.17B | -1.72B | -1.55B | -1.71B | -1.49B | -1.40B | |||||
Per-Share and Margin | |||||||||||||||||
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| Adjusted EPS TTM | |||||||||||||||||
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Turnover Ratios and Averages | |||||||||||||||||
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| Working Capital to Revenue | |||||||||||||||||
| Deferred Revenue to Revenue | |||||||||||||||||
Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
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| Net Revenue Growth (3Y) | |||||||||||||||||
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| Deferred Revenue Growth (1Y) | |||||||||||||||||
| Retained Earnings Growth (1Y) | |||||||||||||||||
Credit, Liquidity, Returns, Payout | |||||||||||||||||
| Cash Ratio | |||||||||||||||||
| Net Working Capital | |||||||||||||||||
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| Net Debt to Equity | |||||||||||||||||
| Altman A | |||||||||||||||||
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| Treasury Stock to Equity | |||||||||||||||||
| Treasury Stock Change (1Y) | |||||||||||||||||
| Accrued to Current Liabilities | |||||||||||||||||
Valuation Ratios | |||||||||||||||||
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| EV EBITDA TTM | |||||||||||||||||
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| Total Debt | |||||||||||||||||
| Invested Capital | |||||||||||||||||
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Insider Transactions
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Institutional Ownership
Tradeweb Markets Inc. (TW) — SEC Financial Statements & Analysis
Tradeweb Markets Inc. (TW) is a security & commodity brokers, dealers, exchanges & services company, incorporated in DE. Tradeweb Markets Inc. trades on Nasdaq as: TW. Based on its latest SEC filing (Form 10-Q, period ending 2026-03-31), Tradeweb Markets Inc. reported a 18.26% year-over-year revenue growth, a Gross Profit Margin of 67.98% (TTM), a Price-to-Sales (P/S) ratio of 11.57x (TTM), a Price-to-Book (P/B) ratio of 3.42 (TTM), at a market cap of $24.99B. Figures below are sourced from SEC EDGAR, as-filed.
- Net Revenue TTM Growth 1Y
- 18.26%
- Gross Profit Margin TTM
- 67.98%
- P/S TTM
- 11.57x
- P/B TTM
- 3.42
- Market Cap
- $24.99B
Data as of 2026-03-31 · Source: SEC EDGAR
Frequently Asked Questions
What industry is Tradeweb Markets Inc. in?
Tradeweb Markets Inc. (TW) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry.
What is TW's market cap?
Tradeweb Markets Inc. (TW) has a market capitalization of $24.99B as of 2026-03-31.
What is TW's P/E ratio?
Tradeweb Markets Inc. (TW)'s trailing twelve month P/E ratio is 29.41x as of 2026-03-31.
What exchange does TW trade on?
Tradeweb Markets Inc. (TW) trades on the Nasdaq.
Where is Tradeweb Markets Inc. incorporated?
Tradeweb Markets Inc. is incorporated in DE.