TW Q2 2025 Earnings — Tradeweb Markets Inc. Revenue & Financial Results | Market Cap Arena

TWTradeweb Markets Inc.

$27B

Q2 2025 Earnings

Financial Services Financial - Capital Markets

Income Statement

Revenue

$513M+26.7% YoY

Gross Profit

$343M66.9% margin

Operating Income

$200M39.0% margin

Net Income

$154M30.0% margin

EPS (Diluted)

$0.71

QoQ Revenue Growth

+0.6%

Cash Flow

Operating Cash Flow

$409M

Free Cash Flow

$404M

Stock-Based Comp.

$27M

Balance Sheet

Total Assets

$8.1B

Total Liabilities

$1.3B

Stockholders' Equity

$6.1B

Cash & Equivalents

$1.6B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$513M	$405M	+26.7%
Gross Profit	$343M	$268M	+28.2%
Operating Income	$200M	$162M	+23.0%
Net Income	$154M	$119M	+29.0%

Revenue Segments

Transaction Fee Revenue

$430M84%

Subscription Fee Revenue

$57M11%

Market Data Revenue

$21M4%

Financial Service, Other

$5M1%

Geographic Segments

UNITED STATES

$298M58%

Non-US

$215M42%