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Nasdaq · Financials

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

Revenue
$2.05B
Revenue growth (YoY)
18.9%
Net income
$812.8M
Diluted EPS
$3.78
Gross margin
Operating margin
40.7%
Net margin
39.6%
FCF margin
54.9%
ROE
11.3%
net income / fiscal-year-end equity
P/E
25.5×
trailing when available, otherwise FY EPS
Market cap
$23.05B
Long-term debt / equity
non-current term debt only

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 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin40.7%
88th percentile of 146
Net margin39.6%
93rd percentile of 377
FCF margin54.9%
92nd percentile of 272
Revenue growth (YoY)+18.9%
66th percentile of 420
ROE11.3%
60th percentile of 375
P/E25.5×
83rd percentile of 318
Short interest2.98d
32nd percentile of 420

Tradeweb Markets’s net margin of 39.6% ranks in the 93rd percentile of the 377 Financials companies reporting it. Tradeweb Markets’s FCF margin of 54.9% ranks in the 92nd percentile of the 272 Financials companies reporting it. Tradeweb Markets’s operating margin of 40.7% ranks in the 88th percentile of the 146 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).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
6
2 new, 4 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$873.0M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$272.4M2.8MReduced
Millennium ManagementquantQ2 2026$142.3M1.4MReduced
Citadel AdvisorsquantQ2 2026$139.4M1.4MAdded
D. E. ShawquantQ2 2026$111.7M1.1MAdded
Two Sigma InvestmentsquantQ2 2026$81.9M821.5KAdded
Point72 Asset ManagementquantQ2 2026$37.1M372.5KNew
Viking Global InvestorsQ2 2026$31.3M314.2KNew
Renaissance TechnologiesquantQ2 2026$30.1M302.1KReduced
Gotham Asset ManagementQ2 2026$26.8M268.4KAdded

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.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
2
$332K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-17
filed 2026-08-18
Dixon TroyMD, Co-Head of Global MarketsSell2.6K$106.06$274K
2026-08-14
filed 2026-08-18
Dixon TroyMD, Co-Head of Global MarketsSell546$105.74$58K
2026-06-01
filed 2026-06-02
Peterson JustinChief Technology OfficerSell21.2K$102.00$2.2M
2026-05-26
filed 2026-05-27
BERNS STEVENDirectorSell425$105.26$45K
2026-04-15
filed 2026-04-17
Peterson JustinChief Technology OfficerSell21.2K$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.

Shares short
3.7M
settled 2026-08-14
Change vs prior
-5.3%
vs previous settlement
Days to cover
2.98
at avg daily volume
Avg daily volume
1.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-143.7M-5.3%2.98
2026-07-313.9M-7.8%2.17
2026-07-154.2M+16.1%2.63
2026-06-303.6M+18.9%1.99
2026-06-153.1M-2.9%1.59
2026-05-293.2M+1.8%1.46
2026-05-153.1M+45.1%2.71
2026-04-302.1M+1.2%1.31

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)

 FY2025FY2024FY2023FY2022FY2021
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 (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
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 (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
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$1.13B$856.8M$727.6M$609.6M$561.1M

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 (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$558.9M9.0%$181.3M$0.85
Q1 FY2026$617.8M21.2%$205.3M$0.96
Q4 FY2025$521.2M12.5%$325.0M$1.51
Q3 FY2025$508.6M13.3%$185.6M$0.86
Q2 FY2025$513.0M26.7%$153.8M$0.71
Q1 FY2025$509.7M24.7%$148.4M$0.69
Q4 FY2024$463.3M25.2%$142.2M$0.66
Q3 FY2024$448.9M36.7%$113.9M$0.53

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industrySecurity & Commodity Brokers, Dealers, Exchanges & Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK1758730

Selected SEC filings

10-K2026-02-05
View on EDGAR →
10-K2025-02-07
View on EDGAR →
10-Q2026-07-30
View on EDGAR →
10-Q2026-04-29
View on EDGAR →
10-Q2025-10-30
View on EDGAR →
10-Q2025-07-30
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-05-20
View on EDGAR →

Largest Financials peers

All Financials companies →

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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.