TW

MKT CAP:$24B

Tradeweb Markets Inc.

Market Cap

$24B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$118.34+$12.14 (+11.43%)

Apr 17, 2026

Company Details

Tradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rate...

CEO

William E. Hult

IPO Date

Apr 4, 2019

Website

www.tradeweb.com

Key Metrics TTM

Revenue

$1.5B

+57.0% YoY

Net Income

$602M

EPS (Diluted)

$2.83

Free Cash Flow

$566M

Revenue / Share

$7.16

Gross Margin

72.0%

Operating Margin

40.0%

Net Margin

39.2%

FCF Margin

36.8%

P/S

15.6x

P/E

40.0x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 5, 2026

$2.1BEPS $3.78

Q4 2025

Feb 5, 2026

$521MEPS $1.51

Q1 2024

Apr 25, 2024

$409MEPS $0.59

Q2 2022

Aug 3, 2022

$297M+13.9%EPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$159M	$88M	$47M
Q2 18	$152M	$83M	$40M
Q3 18	$168M	$99M	$53M
Q4 18	$179M	$98M	$32M
Q1 19	$187M	$110M	$46M
Q4 19	$197M	$121M	$54M
Q1 20	$235M	$144M	$78M
Q2 20	$212M	$123M	$56M
Q3 20	$213M	$129M	$59M
Q4 20	$233M	$147M	$72M
Q1 21	$273M	$170M	$98M
Q2 21	$261M	$162M	$84M
Q1 22	$311M	$193M	$112M
Q2 22	$297M	$187M	$107M
Q1 24	$409M	$266M	$168M
Q4 25	$521M	$461M	$230M

Valuation

Quarter	P/S	P/E
Q1 18	—	—
Q2 18	—	—
Q3 18	38.7x	175.4x
Q4 18	36.6x	151.0x
Q1 19	35.1x	153.8x
Q4 19	33.0x	151.5x
Q1 20	30.2x	153.4x
Q2 20	29.0x	152.3x
Q3 20	28.1x	157.8x
Q4 20	27.0x	144.8x
Q1 21	25.8x	126.5x
Q2 21	24.6x	111.9x
Q1 22	22.3x	92.2x
Q2 22	21.1x	87.7x
Q1 24	18.8x	72.3x
Q4 25	15.6x	40.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	-$14M	-$22M
Q2 18	$79M	$71M
Q3 18	$100M	$90M
Q4 18	$113M	$96M
Q1 19	-$21M	-$29M
Q4 19	$145M	$138M
Q1 20	-$22M	-$23M
Q2 20	$186M	$183M
Q3 20	$139M	$137M
Q4 20	$140M	$135M
Q1 21	$56M	$51M
Q2 21	$148M	$144M
Q1 22	$25M	$16M
Q2 22	$199M	$193M
Q1 24	$38M	$21M
Q4 25	$356M	$337M

Capital Expenditures

Quarter	CapEx
Q1 18	$7M
Q2 18	$8M
Q3 18	$10M
Q4 18	$16M
Q1 19	$8M
Q4 19	$7M
Q1 20	$1M
Q2 20	$3M
Q3 20	$2M
Q4 20	$5M
Q1 21	$4M
Q2 21	$4M
Q1 22	$9M
Q2 22	$6M
Q1 24	$17M
Q4 25	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+24.6%	+40.3%
Q1 19	+17.2%	+25.4%
Q4 19	+30.0%	+28.2%
Q1 20	+39.8%	+36.5%
Q2 20	+18.7%	+6.7%
Q3 20	+14.0%	+9.8%
Q4 20	+18.1%	+13.0%
Q1 21	+16.5%	+11.5%
Q2 21	+23.0%	+13.2%
Q1 22	+46.3%	+29.5%
Q2 22	+27.5%	+18.0%
Q1 24	+49.5%	+37.7%
Q4 25	+99.8%	+64.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$6M	3.7%
Q2 18	$5M	3.4%
Q3 18	$5M	2.9%
Q4 18	$9M	5.2%
Q1 19	$5M	2.5%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q1 24	$16M	4.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 18	$24M	—
Q2 18	$27M	—
Q3 18	$30M	—
Q4 18	$33M	—
Q1 19	$30M	—
Q4 19	$30M	—
Q1 20	$29M	—
Q2 20	$30M	—
Q3 20	$32M	—
Q4 20	$35M	—
Q1 21	$30M	—
Q2 21	$37M	—
Q1 22	$37M	—
Q2 22	$36M	—
Q1 24	$49M	—
Q4 25	—	$205M

Revenue Segments

Quarter	Commissions Revenue	Financial Service Other	Market Data Revenue	Subscription Fee Revenue	Transaction Fee Revenue	Financial Service, Other
Q4 19	$41M	$2M	$15M	$34M	$104M	—
Q1 20	$42M	$2M	$15M	$34M	$141M	—
Q1 24	—	—	$21M	$50M	$335M	$3M
Q4 25	—	—	$23M	$60M	$428M	$10M

Revenue by Geography

Quarter	Non Us	U	Non-US	United States
Q4 19	$69M	$129M	—	—
Q2 20	—	—	$72M	$140M
Q3 20	—	—	$76M	$137M
Q4 20	—	—	$85M	$148M
Q1 21	—	—	$106M	$168M
Q2 21	—	—	$97M	$164M
Q1 22	—	—	$121M	$190M
Q2 22	—	—	$107M	$190M
Q1 24	—	—	$155M	$254M
Q4 25	—	—	$220M	$301M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$829M	$0	$829M
Q2 22	$961M	$0	$961M
Q3 22	$1.1B	$0	$1.1B
Q4 22	$1.3B	$0	$1.3B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	227M	+47.9%	—
Q2 18	227M	0.0%	—
Q3 18	227M	0.0%	—
Q4 18	123M	-45.7%	-19.7%
Q1 19	137M	+11.0%	-39.8%
Q4 19	167M	+22.0%	-26.5%
Q1 20	175M	+4.5%	-23.2%
Q2 20	185M	+6.3%	+50.3%
Q3 20	195M	+5.1%	+42.4%
Q4 20	198M	+1.4%	+18.4%
Q1 21	205M	+3.7%	+17.5%
Q2 21	207M	+1.2%	+11.8%
Q1 22	207M	+0.0%	+6.4%
Q2 22	207M	-0.1%	+4.8%
Q1 24	215M	+3.6%	+4.7%
Q4 25	215M	+0.0%	+3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	—	—
Q1 19	—	—
Q4 19	$214.7K	919
Q1 20	$255.3K	919
Q2 20	$230.8K	919
Q3 20	$231.6K	919
Q4 20	$242.5K	961
Q1 21	$284.5K	961
Q2 21	$271.4K	961
Q1 22	$297.8K	1K
Q2 22	$284.1K	1K
Q1 24	$346.7K	1K
Q4 25	$332.2K	2K

Revenue / Employee