Tradeweb Markets Inc. (TW)
As-reported financials and SEC filings for Tradeweb Markets Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About Tradeweb Markets Inc.
Tradeweb Markets Inc. operates electronic marketplaces for trading a wide range of financial products including rates, credit, equities, and money markets. The company serves over 3,000 clients globally, including asset managers, hedge funds, banks, dealers, and corporations, providing solutions across the trade lifecycle such as pre-trade, execution, post-trade, and data analytics. Tradeweb supports trading in more than 30 currencies and operates in over 85 countries with a focus on enhancing price discovery, order execution, and trade workflow efficiency.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Tradeweb Markets
- Revenue grew 18.9% to $2.1B in FY2025, slower than the 29.0% the year before.
- Operating margin is 40.7% in FY2025, +7.4 pp against 33.3% in FY2021.
- Most recent quarter Q2 FY2026: revenue $559M, up 9.0% from Q2 FY2025.
- Free cash flow was $1.1B in FY2025, 54.9% of revenue.
- Net income rose 62.1% to $813M in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Tradeweb Markets’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Tradeweb Markets’s net margin of 39.6% ranks in the 94th percentile of the 372 Financials companies reporting it. Tradeweb Markets’s FCF margin of 54.9% ranks in the 92nd percentile of the 266 Financials companies reporting it. Tradeweb Markets’s operating margin of 40.7% ranks in the 88th percentile of the 141 Financials companies reporting it.
No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $331,793. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| AQR Capital Managementquant | Q2 2026 | $272.4M | 2.8M | Reduced |
| Millennium Managementquant | Q2 2026 | $142.3M | 1.4M | Reduced |
| Citadel Advisorsquant | Q2 2026 | $139.4M | 1.4M | Added |
| D. E. Shawquant | Q2 2026 | $111.7M | 1.1M | Added |
| Two Sigma Investmentsquant | Q2 2026 | $81.9M | 821.5K | Added |
| Point72 Asset Managementquant | Q2 2026 | $37.1M | 372.5K | New |
| Viking Global Investors | Q2 2026 | $31.3M | 314.2K | New |
| Renaissance Technologiesquant | Q2 2026 | $30.1M | 302.1K | Reduced |
| Gotham Asset Management | Q2 2026 | $26.8M | 268.4K | Added |
No longer held by: Bridgewater Associates (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-08-17 filed 2026-08-18 | Troy DixonMD, Co-Head of Global Markets | Sell | 2.6K | $106.06 | $274K |
2026-08-14 filed 2026-08-18 | Troy DixonMD, Co-Head of Global Markets | Sell | 546 | $105.74 | $58K |
2026-06-01 filed 2026-06-02 | Justin PetersonChief Technology Officer | Sell | 21.2K | $102.00 | $2.2M |
2026-05-26 filed 2026-05-27 | Steven BernsDirector | Sell | 425 | $105.26 | $45K |
2026-04-15 filed 2026-04-17 | Justin PetersonChief Technology Officer | Sell | 21.2K | $120.66 | $2.6M |
Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 3.4M | -0.8% | 2.45 |
| 2026-09-15 | 3.4M | -11.0% | 2.97 |
| 2026-08-31 | 3.9M | +4.7% | 3.37 |
| 2026-08-14 | 3.7M | -5.3% | 2.98 |
| 2026-07-31 | 3.9M | -7.8% | 2.17 |
| 2026-07-15 | 4.2M | +16.1% | 2.63 |
| 2026-06-30 | 3.6M | +18.9% | 1.99 |
| 2026-06-15 | 3.1M | -2.9% | 1.59 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B |
| Gross profit | — | — | — | — | — |
| Operating income | $835.3M | $678.0M | $505.3M | $412.6M | $358.8M |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M |
| Diluted EPS | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $2.08B | $1.34B | $1.71B | $1.26B | $972.0M |
| Current assets | — | — | — | — | — |
| Total assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B |
| Current liabilities | — | — | — | — | — |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $1.00B | $869.1M | $1.13B | $713.8M | $681.2M |
| Total equity | $7.19B | $6.40B | $5.93B | $5.55B | $5.31B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.17B | $897.7M | $746.1M | $632.8M | $578.0M |
| Capital expenditure | $40.6M | $41.0M | $18.5M | $23.2M | $16.9M |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $558.9M | 9.0% | $181.3M | $0.85 |
| Q1 FY2026 | $617.8M | 21.2% | $205.3M | $0.96 |
| Q4 FY2025 | 12.5% | |||
| Q3 FY2025 | $508.6M | 13.3% | $185.6M | $0.86 |
| Q2 FY2025 | $513.0M | 26.7% | $153.8M | $0.71 |
| Q1 FY2025 | $509.7M | 24.7% | $148.4M | $0.69 |
| Q4 FY2024 | 25.2% | |||
| Q3 FY2024 | $448.9M | 36.7% | $113.9M | $0.53 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Financials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.