Tradeweb Markets Inc. (TW)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.2B

Revenue growth

14.0%

Net income, last twelve months

$897.2M

Earnings per share

$4.18

Operating margin

43.7%

Net margin

40.7%

Free cash flow

$1.1B

Return on equity

13.5%

Market value

$25.5B

Price to earnings

28.7x

Dividend yield

0.4%

Cash

$2.1B

Debt

$0

Debt to equity

0.00

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 29 October 2026.

• Revenue rose 14.9% on higher volume. Quarterly revenue was $584.5 million, up 14.9% (15.4% constant currency). Average daily volume was $3.2 trillion, up 22.4% from the prior year period.
• Diluted EPS and adjusted EPS reported. Net income was $224.9 million, up 6.8%. Diluted EPS was $0.94 versus $0.86, and adjusted diluted EPS was $1.02 versus $0.87 in the prior year period.
• International revenue grew 22.4%. International revenue was $258.5 million, up 22.4% (23.8% constant currency) from the prior year period.
• Other income fell on investment gains. Other income, net was $18.7 million, down 52.5%. It included $27.5 million of gains moved out of other comprehensive income after the Securitize note conversion, and $14.4 million of gains on a minority investment.
• Rates revenue rose 18.2%. Rates revenue was $324.5 million, up 18.2%. U.S. government bond ADV rose 28.0%, and swaps and swaptions of one year or more rose 42.4%.
• Credit revenue rose 9.6%. Credit revenue was $133.0 million, up 9.6%. U.S. credit ADV rose 23.9%, credit derivatives ADV rose 61.3%, and municipal bond ADV rose 9.7% against a market up 13%.
• Equities revenue rose 28.8%. Equities revenue was $38.4 million, up 28.8%. Equities ADV rose 14.4%, with activity in U.S. and international ETFs and wider use of automated trading.
• Market data revenue up on LSEG amendment. Market data revenue was $36.9 million, up 19.6%, mainly from amendments to the LSEG license effective November 2025, which changed the timing of historical data deliveries.
• Money markets and other revenue. Money markets revenue was $44.2 million, up 3.0%, with ADV up 6.0%. Other revenue fell 17.3% to $7.6 million.
• TRACE rule change affects share data. From August 31, 2026, FINRA excluded certain duplicate affiliated trades from TRACE volumes, lowering reported U.S. high grade TRACE volumes and raising Tradeweb's share.
• AiEX automated execution hit record. European credit AiEX activity reached a record in September 2026 as clients increasingly used automated execution.
• Saudi and digital asset launches. Launched local-to-local trading for Sukuk and SAR-denominated debt in Saudi Arabia. Also reached milestones in tokenized U.S. Treasuries and fully on-chain repo.
• U.S. credit growth across protocols. U.S. credit ADV rose 23.9% as client adoption grew across Portfolio Trading, RFQ and AllTrade protocols.
• Operating expenses rose 11.0%. Operating expenses were $331.1 million, up 11.0%. Adjusted expenses were $288.1 million, up 13.9%, mainly from incentive compensation and headcount.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 68 held.

Every filing

The newest filings with the SEC of 154 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

652 funds held it at 30 Jun 2026: 281 added and 214 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• CME Group Inc. (CME): revenue $7.0B, market value $105.5B
• Intercontinental Exchange, Inc. (ICE): revenue $13.4B, market value $87.5B
• Nasdaq, Inc. (NDAQ): revenue $9.2B, market value $59.0B
• Cboe Global Markets, Inc. (CBOE): revenue $5.1B, market value $33.5B
• LPL Financial Holdings Inc. (LPLA): revenue $19.6B, market value $21.2B
• StoneX Group Inc. (SNEX): revenue $2.9B, market value $6.7B
• BGC Group, Inc. (BGC): revenue $3.3B, market value $5.5B

What the company does

Tradeweb Markets Inc. builds and operates electronic marketplaces for a network of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors. Its platform handles trading in rates, credit, equities and money markets, and supports clients across the trade lifecycle: pre-trade, execution, post-trade, and data and analytics. It serves clients in over 85 countries and supports trading in over 30 currencies, with offices in North America, South America, Europe, Australia, Asia and the Middle East. The company was founded in 1996, and its first electronic marketplace went live in 1998. It had 1,569 employees as of 31 December 2025.

How it earns money

Revenue comes mainly from transaction fees, commissions, subscription fees and market data fees. Transaction fees and commissions made up 82.8% of total revenue, subscription fees 15.9% and other revenue 1.2%.

For most products, clients pay a fixed minimum monthly fee plus a variable fee per transaction above that minimum. Some clients pay a subscription in addition to or instead of the minimum. The company also earns commissions on electronic and voice brokerage done on a riskless principal basis, where it earns the spread between the buy and sell price. For the ICD Portal, fees are based on the client's average daily balance invested in money market funds.

Under a market data license, LSEG distributes some Tradeweb data to its own customers. The company mainly earns fixed license fees from it, plus a revenue share on certain data services. The initial license period runs through 31 October 2028. Other revenue includes Canton Coins, which the company earns for running Super Validator and Validator services on the Canton Network.

Who it sells to

- Institutional: asset managers, hedge funds, insurance companies, regional dealers and central banks and sovereign entities, who trade with dealers and with each other. - Wholesale: dealers and financial institutions trading on electronic, voice and hybrid markets. Products include TBA MBS, specified pools, U.S. Treasuries and repurchase agreements. - Retail: financial advisors at brokerage and advisory firms, who reach broker-dealer liquidity through a regulated retail ATS. - Corporates: corporate treasurers using the ICD Portal, which covers more than 40 investment providers and mainly offers money market funds.

The company says it depends on its dealer clients to supply liquidity, and that some of them may account for a significant portion of trading volume. It says it decided in 2025 to unite Dealerweb, Tradeweb Direct and ICD under one Tradeweb brand and that the older names will be gradually retired.

What it sells

Trading protocols include request-for-quote, which the company says it pioneered in 1998, request-for-market, request-for-stream, list trading, compression, blast all-to-all, click-to-trade, portfolio trading, session-based Sweep, a central limit order book and voice brokerage. Its Automated Intelligent Execution tool, AiEX, runs trades by pre-programmed rules. In 2025 it covered over 40% of total institutional trades.

Data and analytics products include Ai-Price, which prices nearly 30,000 U.S. corporate bonds and approximately 1 million U.S. municipal bonds, and SNAP+ for choosing dealers in interest rate swaps. Its marketplaces process on average over 150,000 trades daily. With FTSE Russell it provides closing prices for U.S. Treasuries, UK Gilts and European government bonds. It also runs an APA reporting service in the UK and EU. Corporate treasury clients can use the ICD Portfolio Analytics tool.

Technology and regulation

More than 400 technologists work on the proprietary platform. The company runs fourteen datacenters across the United States, the UK, Japan and Australia, and hosts some solutions, including the ICD Portal, in the cloud. It relies on patents, trademarks, copyrights and trade secrets to protect its technology.

Its subsidiaries are regulated in many jurisdictions. Tradeweb LLC, Dealerweb LLC, Tradeweb Direct LLC and Institutional Cash Distributors LLC are SEC-registered broker-dealers. TW SEF LLC is a CFTC-registered swap execution facility and an SEC-registered security-based swap execution facility. Tradeweb Europe Limited is regulated by the FCA, and Tradeweb EU B.V. by the DNB and AFM. Tradeweb Japan KK is regulated by the JFSA, and Tradeweb Australia Pty Ltd by ASIC.

Competition

The filing lists competitors in several groups. Other electronic trading platforms include MarketAxess, Bloomberg, ICE, Trumid and TP ICAP. Exchanges such as ICE, CME Group and CBOE also compete. In the wholesale sector the main competitors are inter-dealer brokers, including TP ICAP, BGC Partners and Tradition. Other competitors are single-bank trading systems, execution and order management providers, market data vendors, and dealers who trade by telephone. The company says it competes mainly on client network, domain expertise, breadth of offerings and ease of integration with client technology.

Ownership and people

Tradeweb Markets Inc. is a holding company and the sole manager of Tradeweb Markets LLC. It owned 90.2% of that entity as of 31 December 2025. Refinitiv, part of LSEG, held about 89.9% of the combined voting power. Of the 1,569 employees, 1,061 were in the United States and 508 were outside it. None are represented by a labor union.

*From Tradeweb's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1758730/000175873026000015/tw-20251231.htm)*

From the company's 10-K.