TW financial statements

The full income statement, balance sheet, and cash-flow statement for Tradeweb Markets Inc. (TW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 236.3M2024-09 236.2M2024-12 236.0M2025-03 236.4M2025-06 236.4M2025-09 236.5M2025-12 235.5M2026-03 213.3M2026-06 212.8M-9.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	2.05B YoY+18.9%	1.73B YoY+29.0%	1.34B YoY+12.6%	1.19B YoY+10.4%	1.08B YoY+20.6%
Amortization of intangibles	133M YoY+6.8%	124M YoY+14.9%	108M YoY+1.0%	107M YoY+3.8%	103M YoY+3.9%
Provision for credit losses	200K YoY+0.0%	200K YoY+0.0%	200K YoY+1528.6%	-14.0K YoY-207.7%	13.0K YoY-87.6%
Operating income	835M YoY+23.2%	678M YoY+34.2%	505M YoY+22.5%	413M YoY+15.0%	359M YoY+36.3%
Interest expense	1.94M YoY-54.6%	4.28M YoY+109.0%	2.05M YoY+13.4%	1.80M	—
Net interest income	—	—	65.3M YoY+448.8%	11.9M YoY+848.9%	-1.59M YoY-403.2%
Other non-operating income	263M YoY+23743.1%	-1.11M YoY+91.5%	-13.1M YoY-1212.2%	-1.00M	0.00
Equity-method income	-500K	0.00	0.00	—	—
Pre-tax income	1.17B YoY+55.7%	754M YoY+37.7%	548M YoY+25.4%	437M YoY+18.1%	370M YoY+34.8%
Income tax	253M YoY+37.4%	184M YoY+43.6%	128M YoY+65.7%	77.5M YoY-20.0%	96.9M YoY+72.8%
	813M YoY+62.1%	502M YoY+37.4%	365M YoY+18.0%	309M YoY+36.4%	227M YoY+36.4%
Net income to non-controlling interest	109M YoY+58.8%	68.5M YoY+25.3%	54.6M YoY+8.7%	50.3M YoY+8.6%	46.3M YoY-11.2%
Net income to common	812M YoY+62.1%	501M YoY+37.5%	364M YoY+17.9%	309M YoY+36.3%	227M YoY+36.4%
	$3.78 YoY+62.2%	$2.33 YoY+36.3%	$1.71 YoY+15.5%	$1.48 YoY+35.8%	$1.09 YoY+23.9%
EPS (basic)	$3.81 YoY+62.1%	$2.35 YoY+35.8%	$1.73 YoY+15.3%	$1.50 YoY+32.7%	$1.13 YoY+22.8%
	213M YoY+0.1%	213M YoY+1.1%	211M YoY+2.5%	206M YoY+2.1%	201M YoY+11.6%
	215M YoY-0.0%	215M YoY+1.1%	213M YoY+2.0%	208M YoY+0.6%	207M YoY+10.1%
Dividends per share	$0.48 YoY+20.0%	$0.40 YoY+11.1%	$0.36 YoY+12.5%	$0.32 YoY+0.0%	$0.32 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	2.08B YoY+55.5%	1.34B YoY-21.5%	1.71B YoY+35.7%	1.26B YoY+29.3%	972M YoY+22.8%
	8.19B YoY+12.7%	7.27B YoY+3.0%	7.06B YoY+12.8%	6.26B YoY+4.5%	5.99B YoY+5.5%
Property, plant & equipment	78.2M YoY+70.1%	46.0M YoY+37.0%	33.6M YoY-10.3%	37.4M YoY+20.5%	31.1M YoY-8.1%
Operating lease right-of-use	123M YoY+266.8%	33.5M YoY+33.1%	25.2M YoY+1.1%	24.9M YoY+21.6%	20.5M YoY-30.4%
Goodwill	3.15B YoY+0.0%	3.15B YoY+11.9%	2.82B YoY+1.3%	2.78B YoY+0.0%	2.78B YoY+3.2%
Intangible assets	1.15B YoY-10.4%	1.28B YoY+27.5%	1.00B YoY-6.3%	1.07B YoY-9.1%	1.18B YoY-0.2%
Deferred tax assets	569M YoY-13.7%	659M YoY-3.7%	684M YoY-0.8%	689M YoY+11.4%	619M YoY+6.8%
	1.00B YoY+15.1%	869M YoY-23.0%	1.13B YoY+58.0%	714M YoY+4.8%	681M YoY+3.1%
Operating lease liability (total)	139M YoY+289.3%	35.7M YoY+30.2%	27.5M YoY-1.7%	27.9M YoY+14.8%	24.3M YoY-29.4%
Deferred tax liabilities	50.0M YoY+16.6%	42.9M YoY+106.5%	20.8M YoY-2.3%	21.3M YoY+1.1%	21.0M YoY+8.2%
	6.51B YoY+12.2%	5.80B YoY+7.9%	5.37B YoY+8.5%	4.95B YoY+6.6%	4.65B YoY+8.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Additional paid-in capital	4.90B YoY+1.7%	4.81B YoY+1.6%	4.74B YoY+3.5%	4.58B YoY+4.0%	4.40B YoY+6.2%
Retained earnings	1.60B YoY+60.6%	997M YoY+55.7%	640M YoY+65.6%	387M YoY+59.4%	243M YoY+55.5%
Accumulated other comprehensive income	10.9M YoY+209.2%	-9.98M YoY-85.2%	-5.39M YoY+46.7%	-10.1M YoY-730.5%	1.60M YoY-62.8%
Non-controlling interest	681M YoY+13.8%	599M YoY+7.4%	558M YoY-5.9%	593M YoY-10.7%	663M YoY-7.3%
Total equity incl. non-controlling	7.19B YoY+12.4%	6.40B YoY+7.9%	5.93B YoY+6.9%	5.55B YoY+4.5%	5.31B YoY+5.8%
Total liabilities & equity	8.19B YoY+12.7%	7.27B YoY+3.0%	7.06B YoY+12.8%	6.26B YoY+4.5%	5.99B YoY+5.5%
	235M YoY-0.2%	236M YoY+0.4%	235M YoY+0.5%	234M YoY+0.1%	234M YoY+2.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.17B YoY+30.1%	898M YoY+20.3%	746M YoY+17.9%	633M YoY+9.5%	578M YoY+30.4%
Depreciation & amortization	250M YoY+13.7%	220M YoY+18.7%	185M YoY+3.6%	179M YoY+4.4%	171M YoY+11.4%
Intangible amortization	133M YoY+6.8%	124M YoY+14.9%	108M YoY+1.0%	107M YoY+3.8%	103M YoY+3.9%
Share-based compensation	104M YoY+15.5%	89.6M YoY+37.7%	65.1M YoY-2.3%	66.6M YoY+28.3%	51.9M YoY+32.2%
Deferred income taxes	92.3M YoY+185.7%	32.3M YoY-64.1%	89.9M YoY+70.1%	52.9M YoY-38.1%	85.4M YoY+31.0%
Change in receivables	30.1M YoY-32.0%	44.2M YoY+109.8%	21.1M YoY+22.4%	17.2M YoY-23.0%	22.4M YoY+92.5%
	-127M YoY+86.9%	-969M YoY-630.0%	-133M YoY-120.9%	-60.1M YoY+76.8%	-259M YoY-314.3%
Capital expenditure	40.6M YoY-1.0%	41.0M YoY+121.1%	18.5M YoY-20.2%	23.2M YoY+37.5%	16.9M YoY+46.9%
Free cash flow	1.13B YoY+31.5%	857M YoY+17.8%	728M YoY+19.3%	610M YoY+8.6%	561M YoY+30.0%
Acquisitions	0.00 YoY-100.0%	860M YoY+1133.8%	69.7M	0.00 YoY-100.0%	208M
Purchases of investments	38.4M YoY+90.3%	20.2M	0.00	0.00	0.00 YoY-100.0%
	-307M YoY-5.9%	-290M YoY-72.6%	-168M YoY+39.2%	-277M YoY-103.3%	-136M YoY-158.3%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	104M YoY+76.4%	59.1M YoY+67.7%	35.2M YoY-64.6%	99.3M YoY+31.2%	75.7M
Dividends paid	102M YoY+20.1%	85.2M YoY+12.3%	75.9M YoY+15.0%	66.0M YoY+2.2%	64.6M YoY+11.2%
Net change in cash	744M YoY+303.3%	-366M YoY-181.5%	449M YoY+57.5%	285M YoY+57.8%	181M YoY-45.3%
Interest paid	2.55M YoY-1.0%	2.57M YoY+97.2%	1.30M YoY-11.2%	1.47M	—
Income taxes paid	58.1M YoY-61.8%	152M YoY+430.7%	28.6M YoY+117.0%	13.2M YoY+240.2%	3.88M YoY-79.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	25.3B YoY-18.0%	30.9B YoY+44.8%	21.3B YoY+40.1%	15.2B YoY-34.9%	23.4B YoY+63.7%
P/E	31.2× YoY-49.4%	61.6× YoY+5.3%	58.5× YoY+3.5%	56.5× YoY-45.2%	103.2× YoY+20.0%
P/S	12.3× YoY-31.1%	17.9× YoY+5.8%	16.9× YoY+30.2%	13.0× YoY-40.3%	21.7× YoY+35.7%
P/B	3.9× YoY-26.9%	5.3× YoY+31.5%	4.1× YoY+29.5%	3.1× YoY-37.9%	5.0× YoY+51.6%
P/FCF	22.5× YoY-37.7%	36.1× YoY+16.1%	31.1× YoY+20.7%	25.8× YoY-38.3%	41.7× YoY+25.9%
	3.2% YoY+97.7%	1.6% YoY-5.0%	1.7% YoY-3.4%	1.8% YoY+82.5%	0.97% YoY-16.7%
	4.5% YoY+60.5%	2.8% YoY-13.8%	3.2% YoY-17.1%	3.9% YoY+62.0%	2.4% YoY-20.6%
	0.45% YoY+46.1%	0.31% YoY-22.9%	0.40% YoY-19.6%	0.49% YoY+54.2%	0.32% YoY-37.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TW filings on SEC EDGAR → Not investment advice.