TW (Tradeweb Markets Inc.) Stock Financials & Earnings

TWTradeweb Markets Inc.

Mkt Cap$27B

Revenue (TTM)$2.1B

Net Income (TTM)$813M

EPS (TTM)$3.77

Free Cash Flow (TTM)$1.1B

Gross Margin72.1%

Op. Margin41.1%

Net Margin39.6%

FCF Margin54.1%

P/S Ratio (TTM)13.0x

P/E Ratio (TTM)32.9x

YoY Rev Growth+18.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$329M	$215M	$123M
Q2 23	$311M	$207M	$116M
Q3 23	$328M	$212M	$125M
Q4 23	$370M	$244M	$142M
Q1 24	$409M	$266M	$168M
Q2 24	$405M	$268M	$162M
Q3 24	$449M	$289M	$159M
Q4 24	$463M	$311M	$189M
Q1 25	$510M	$333M	$204M
Q2 25	$513M	$343M	$200M
Q3 25	$509M	$344M	$210M
Q4 25	$521M	$461M	$230M

Revenue Breakdown

Valuation

Operating Cash Flow

Capital Expenditures

CapEx

OpEx vs Revenue Growth (YoY)

Stock-Based Compensation

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	—	$47M	—	—
Q2 23	—	$44M	—	—
Q3 23	—	$41M	—	—
Q4 23	—	$55M	—	—
Q1 24	—	$49M	—	—
Q2 24	—	$55M	—	—
Q3 24	—	$29M	$162M	—
Q4 24	—	$60M	—	—
Q1 25	—	$66M	—	—
Q2 25	$23M	$80M	—	—
Q3 25	—	$69M	—	—
Q4 25	—	—	—	$205M

Revenue Segments

Quarter	Financial Service, Other	Market Data Revenue	Subscription Fee Revenue	Transaction Fee Revenue
Q3 23	$3M	$15M	$46M	$263M
Q1 24	$3M	$21M	$50M	$335M
Q2 24	$3M	$21M	$51M	$330M
Q3 24	$4M	$21M	$51M	$373M
Q1 25	$4M	$29M	$56M	$421M
Q2 25	$5M	$21M	$57M	$430M
Q3 25	$6M	$21M	$61M	$421M
Q4 25	$10M	$23M	$60M	$428M

Revenue by Geography

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.2B	$0	$1.2B
Q2 23	$1.4B	$0	$1.4B
Q3 23	$1.5B	$0	$1.5B
Q4 23	$1.7B	$0	$1.7B
Q1 24	$1.5B	$0	$1.5B
Q2 24	$1.7B	$0	$1.7B
Q3 24	$1.2B	$0	$1.2B
Q4 24	$1.3B	$0	$1.3B
Q1 25	$1.3B	$0	$1.3B
Q2 25	$1.6B	$0	$1.6B
Q3 25	$1.9B	$0	$1.9B
Q4 25	$2.1B	$0	$2.1B

Shares Outstanding

Revenue Per Employee

Revenue / Employee