TW Q3 2025 Earnings — Tradeweb Markets Inc. Revenue & Financial Results | Market Cap Arena

TWTradeweb Markets Inc.

$27B

Q3 2025 Earnings

Financial Services Financial - Capital Markets

Income Statement

Revenue

$509M+13.3% YoY

Gross Profit

$344M67.6% margin

Operating Income

$210M41.4% margin

Net Income

$186M36.5% margin

EPS (Diluted)

$0.86

QoQ Revenue Growth

-0.9%

Cash Flow

Operating Cash Flow

$342M

Free Cash Flow

$311M

Stock-Based Comp.

$26M

Balance Sheet

Total Assets

$8.0B

Total Liabilities

$1.1B

Stockholders' Equity

$6.3B

Cash & Equivalents

$1.9B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$509M	$449M	+13.3%
Gross Profit	$344M	$289M	+19.0%
Operating Income	$210M	$159M	+32.0%
Net Income	$186M	$114M	+63.0%

Revenue Segments

Transaction Fee Revenue

$421M83%

Subscription Fee Revenue

$61M12%

Market Data Revenue

$21M4%

Financial Service, Other

$6M1%

Geographic Segments

UNITED STATES

$297M58%

Non-US

$211M42%