TW Q4 2025 Earnings — Tradeweb Markets Inc. Revenue & Financial Results | Market Cap Arena

TWTradeweb Markets Inc.

$27B

Q4 2025 Earnings

Financial Services Financial - Capital Markets

Income Statement

Revenue

$521M+12.5% YoY

Gross Profit

$461M88.5% margin

Operating Income

$230M44.2% margin

Net Income

$325M62.4% margin

EPS (Diluted)

$1.51

QoQ Revenue Growth

+2.5%

Cash Flow

Operating Cash Flow

$356M

Free Cash Flow

$337M

Stock-Based Comp.

$0

Balance Sheet

Total Assets

$8.2B

Total Liabilities

$1.0B

Stockholders' Equity

$6.5B

Cash & Equivalents

$2.1B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$521M	$463M	+12.5%
Gross Profit	$461M	$311M	+48.2%
Operating Income	$230M	$189M	+22.1%
Net Income	$325M	$142M	+128.5%

Revenue Segments

Transaction Fee Revenue

$428M82%

Subscription Fee Revenue

$60M12%

Market Data Revenue

$23M4%

Financial Service, Other

$10M2%

Geographic Segments

UNITED STATES

$301M58%

Non-US

$220M42%