TW
$102.22-1.05%
as of close, Oct 2, 2026
☾ AH $102.22 -1.05%
Tradeweb Markets Inc.Stock · FinanceNasdaq Composite 0.03%Russell 1000 0.02%Russell 3000 0.02%US Stock Market 0.02%MSCI World 0.01%MSCI ACWI 0.01%
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)
2024-06 236.3M2024-09 236.2M2024-12 236.0M2025-03 236.4M2025-06 236.4M2025-09 236.5M2025-12 235.5M2026-03 236.0M2026-06 212.8M-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.
As-reported fiscal years.
| Line item | Trend | 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+18.9% | 1.73B+29.0% | 1.34B+12.6% | 1.19B+10.4% | 1.08B+20.6% | |
| Amortization of intangibles | 133M+6.8% | 124M+14.9% | 108M+1.0% | 107M+3.8% | 103M+3.9% | |
| Provision for credit losses | 200K+0.0% | 200K+0.0% | 200K+1528.6% | -14.0K-207.7% | 13.0K-87.6% | |
| Operating income | 835M+23.2% | 678M+34.2% | 505M+22.5% | 413M+15.0% | 359M+36.3% | |
| Interest expense | 1.94M-54.6% | 4.28M+109.0% | 2.05M+13.4% | 1.80M | — | |
| Net interest income | — | — | 65.3M+448.8% | 11.9M+848.9% | -1.59M-403.2% | |
| Other non-operating income | 263M+23743.1% | -1.11M+91.5% | -13.1M-1212.2% | -1.00M | 0.00 | |
| Equity-method income | -500K | 0.00 | 0.00 | — | — | |
| Pre-tax income | 1.17B+55.7% | 754M+37.7% | 548M+25.4% | 437M+18.1% | 370M+34.8% | |
| Income tax | 253M+37.4% | 184M+43.6% | 128M+65.7% | 77.5M-20.0% | 96.9M+72.8% | |
| 813M+62.1% | 502M+37.4% | 365M+18.0% | 309M+36.4% | 227M+36.4% | ||
| Net income to non-controlling interest | 109M+58.8% | 68.5M+25.3% | 54.6M+8.7% | 50.3M+8.6% | 46.3M-11.2% | |
| Net income to common | 812M+62.1% | 501M+37.5% | 364M+17.9% | 309M+36.3% | 227M+36.4% | |
| $3.78+62.2% | $2.33+36.3% | $1.71+15.5% | $1.48+35.8% | $1.09+23.9% | ||
| EPS (basic) | $3.81+62.1% | $2.35+35.8% | $1.73+15.3% | $1.50+32.7% | $1.13+22.8% | |
| Weighted-avg shares (basic) | 213M+0.1% | 213M+1.1% | 211M+2.5% | 206M+2.1% | 201M+11.6% | |
| Weighted-avg shares (diluted) | 215M-0.0% | 215M+1.1% | 213M+2.0% | 208M+0.6% | 207M+10.1% | |
| Dividends per share | $0.48+20.0% | $0.40+11.1% | $0.36+12.5% | $0.32+0.0% | $0.32+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+55.5% | 1.34B-21.5% | 1.71B+35.7% | 1.26B+29.3% | 972M+22.8% | |
| 8.19B+12.7% | 7.27B+3.0% | 7.06B+12.8% | 6.26B+4.5% | 5.99B+5.5% | ||
| Property, plant & equipment | 78.2M+70.1% | 46.0M+37.0% | 33.6M-10.3% | 37.4M+20.5% | 31.1M-8.1% | |
| Operating lease right-of-use | 123M+266.8% | 33.5M+33.1% | 25.2M+1.1% | 24.9M+21.6% | 20.5M-30.4% | |
| Goodwill | 3.15B+0.0% | 3.15B+11.9% | 2.82B+1.3% | 2.78B+0.0% | 2.78B+3.2% | |
| Intangible assets | 1.15B-10.4% | 1.28B+27.5% | 1.00B-6.3% | 1.07B-9.1% | 1.18B-0.2% | |
| Deferred tax assets | 569M-13.7% | 659M-3.7% | 684M-0.8% | 689M+11.4% | 619M+6.8% | |
| 1.00B+15.1% | 869M-23.0% | 1.13B+58.0% | 714M+4.8% | 681M+3.1% | ||
| Operating lease liability (total) | 139M+289.3% | 35.7M+30.2% | 27.5M-1.7% | 27.9M+14.8% | 24.3M-29.4% | |
| Deferred tax liabilities | 50.0M+16.6% | 42.9M+106.5% | 20.8M-2.3% | 21.3M+1.1% | 21.0M+8.2% | |
| 6.51B+12.2% | 5.80B+7.9% | 5.37B+8.5% | 4.95B+6.6% | 4.65B+8.0% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Additional paid-in capital | 4.90B+1.7% | 4.81B+1.6% | 4.74B+3.5% | 4.58B+4.0% | 4.40B+6.2% | |
| Retained earnings | 1.60B+60.6% | 997M+55.7% | 640M+65.6% | 387M+59.4% | 243M+55.5% | |
| Accumulated other comprehensive income | 10.9M+209.2% | -9.98M-85.2% | -5.39M+46.7% | -10.1M-730.5% | 1.60M-62.8% | |
| Non-controlling interest | 681M+13.8% | 599M+7.4% | 558M-5.9% | 593M-10.7% | 663M-7.3% | |
| Total equity incl. non-controlling | 7.19B+12.4% | 6.40B+7.9% | 5.93B+6.9% | 5.55B+4.5% | 5.31B+5.8% | |
| Total liabilities & equity | 8.19B+12.7% | 7.27B+3.0% | 7.06B+12.8% | 6.26B+4.5% | 5.99B+5.5% | |
| Common shares outstanding | 235M-0.2% | 236M+0.4% | 235M+0.5% | 234M+0.1% | 234M+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+30.1% | 898M+20.3% | 746M+17.9% | 633M+9.5% | 578M+30.4% | ||
| Depreciation & amortization | 250M+13.7% | 220M+18.7% | 185M+3.6% | 179M+4.4% | 171M+11.4% | |
| Intangible amortization | 133M+6.8% | 124M+14.9% | 108M+1.0% | 107M+3.8% | 103M+3.9% | |
| Share-based compensation | 104M+15.5% | 89.6M+37.7% | 65.1M-2.3% | 66.6M+28.3% | 51.9M+32.2% | |
| Deferred income taxes | 92.3M+185.7% | 32.3M-64.1% | 89.9M+70.1% | 52.9M-38.1% | 85.4M+31.0% | |
| Change in receivables | 30.1M-32.0% | 44.2M+109.8% | 21.1M+22.4% | 17.2M-23.0% | 22.4M+92.5% | |
| -127M+86.9% | -969M-630.0% | -133M-120.9% | -60.1M+76.8% | -259M-314.3% | ||
| Capital expenditure | 40.6M-1.0% | 41.0M+121.1% | 18.5M-20.2% | 23.2M+37.5% | 16.9M+46.9% | |
| Free cash flow | 1.13B+31.5% | 857M+17.8% | 728M+19.3% | 610M+8.6% | 561M+30.0% | |
| Acquisitions | 0.00-100.0% | 860M+1133.8% | 69.7M | 0.00-100.0% | 208M | |
| Purchases of investments | 38.4M+90.3% | 20.2M | 0.00 | 0.00 | 0.00-100.0% | |
| -307M-5.9% | -290M-72.6% | -168M+39.2% | -277M-103.3% | -136M-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 | 0.00-100.0% | |
| Common stock repurchased | 104M+76.4% | 59.1M+67.7% | 35.2M-64.6% | 99.3M+31.2% | 75.7M | |
| Dividends paid | 102M+20.1% | 85.2M+12.3% | 75.9M+15.0% | 66.0M+2.2% | 64.6M+11.2% | |
| Net change in cash | 744M+303.3% | -366M-181.5% | 449M+57.5% | 285M+57.8% | 181M-45.3% | |
| Interest paid | 2.55M-1.0% | 2.57M+97.2% | 1.30M-11.2% | 1.47M | — | |
| Income taxes paid | 58.1M-61.8% | 152M+430.7% | 28.6M+117.0% | 13.2M+240.2% | 3.88M-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-18.0% | 30.9B+44.8% | 21.3B+40.1% | 15.2B-34.9% | 23.4B+63.7% | |
| P/E | 31.2×-49.4% | 61.6×+5.3% | 58.5×+3.5% | 56.5×-45.2% | 103.2×+20.0% | |
| P/S | 12.3×-31.1% | 17.9×+5.8% | 16.9×+30.2% | 13.0×-40.3% | 21.7×+35.7% | |
| P/B | 3.9×-26.9% | 5.3×+31.5% | 4.1×+29.5% | 3.1×-37.9% | 5.0×+51.6% | |
| P/FCF | 22.5×-37.7% | 36.1×+16.1% | 31.1×+20.7% | 25.8×-38.3% | 41.7×+25.9% | |
| Earnings yield | 3.2%+97.7% | 1.6%-5.0% | 1.7%-3.4% | 1.8%+82.5% | 0.97%-16.7% | |
| FCF yield | 4.5%+60.5% | 2.8%-13.8% | 3.2%-17.1% | 3.9%+62.0% | 2.4%-20.6% | |
| Dividend yield | 0.45%+46.1% | 0.31%-22.9% | 0.40%-19.6% | 0.49%+54.2% | 0.32%-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.