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Tradeweb Markets Inc.

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Tradeweb Markets Inc. • NASDAQ
$108.86 ▲ 0.87% (+0.94)
Market Cap $23.23 B
52w High $152.65
52w Low $101.70
Dividend Yield 0.46%
P/E 37.15
Volume 417.63K
Outstanding Shares 213.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $508.598M ▼ $133.234M ▼ $185.636M ▲ 36.5% ▲ $0.87 ▲ $334.49M ▲
Q2-2025 $512.971M ▲ $143.425M ▲ $153.782M ▲ 29.979% ▲ $0.72 ▲ $290.538M ▲
Q1-2025 $509.677M ▲ $128.699M ▲ $148.382M ▲ 29.113% ▼ $0.7 ▲ $284.87M ▲
Q4-2024 $463.344M ▲ $122.598M ▼ $142.21M ▲ 30.692% ▲ $0.67 ▲ $273.673M ▲
Q3-2024 $448.915M $129.438M $113.916M 25.376% $0.53 $232.991M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.908B ▲ $7.996B ▼ $1.061B ▼ $6.281B ▲
Q2-2025 $1.631B ▲ $8.056B ▲ $1.33B ▲ $6.098B ▲
Q1-2025 $1.307B ▼ $7.37B ▲ $822.756M ▼ $5.939B ▲
Q4-2024 $1.341B ▲ $7.268B ▼ $869.108M ▼ $5.8B ▲
Q3-2024 $1.175B $7.337B $1.05B $5.701B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $210.549M ▲ $342.303M ▼ $-34.851M ▲ $-28.458M ▲ $277.801M ▼ $310.892M ▼
Q2-2025 $175.522M ▲ $409.187M ▲ $-42.057M ▼ $-50.728M ▲ $323.666M ▲ $403.722M ▲
Q1-2025 $168.305M ▲ $60.207M ▼ $-14.817M ▲ $-83.026M ▼ $-33.847M ▼ $58.562M ▼
Q4-2024 $159.942M ▲ $282.025M ▼ $-46.287M ▲ $-60.346M ▼ $166.568M ▲ $244.067M ▼
Q3-2024 $130.223M $292.132M $-788.199M $-55.035M $-544.496M $275.116M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Financial Service Other
Financial Service Other
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Market Data Revenue
Market Data Revenue
 $40.00M ▲$30.00M ▼$20.00M ▼$20.00M ▲
Subscription Fee Revenue
Subscription Fee Revenue
 $100.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲
Transaction Fee Revenue
Transaction Fee Revenue
 $720.00M ▲$420.00M ▼$430.00M ▲$420.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Tradeweb’s income statement shows a business that has been steadily scaling up. Revenue has risen consistently each year, and profits have grown faster than sales, which signals strong operating leverage and good cost control. Profit margins, from gross profit down to net income, have improved over time, suggesting the platform model is very efficient once fixed costs are covered. The trend also indicates the company has been able to keep pricing power and maintain healthy economics despite competitive and market cycle pressures. Overall, the earnings profile looks more mature and resilient today than just a few years ago, though it remains exposed to trading volumes and market volatility.

Balance Sheet

Balance Sheet The balance sheet looks conservative and sturdy. Total assets have grown gradually, supported by a solid and rising equity base, which means the company is largely funded by shareholders rather than lenders. Debt levels are very low relative to the size of the business, pointing to limited financial leverage risk. Cash balances are sizable, giving Tradeweb flexibility to invest, acquire, or weather downturns without stressing the balance sheet. This combination of ample equity, strong liquidity, and minimal debt supports financial stability, though it may also mean returns are driven more by growth and efficiency than by leverage.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has increased steadily in line with earnings, showing that reported profits largely turn into real cash. Free cash flow is strong because the business does not require heavy capital spending; its model is asset-light and largely technology-based. Capital expenditures are modest, mostly for technology and platform enhancements rather than large physical assets. This pattern gives Tradeweb room to fund innovation, potential acquisitions, and shareholder returns while maintaining a solid cash cushion. The main sensitivity is that cash flow still depends on trading activity and market conditions, which can be cyclical.

Competitive Edge

Competitive Edge Tradeweb holds a strong position as a leading electronic marketplace for rates, credit, and related products. Its key advantage is deep network effects: a large base of dealers and buy-side clients creates liquidity that is difficult for rivals to replicate. The multi-asset platform, integrated workflows, and broad execution options make it deeply embedded in clients’ daily operations, raising switching costs. Strong relationships with institutional investors, banks, and public-sector entities further reinforce its moat. At the same time, the company operates in a very competitive arena against other major electronic platforms and data providers, and it is exposed to regulatory changes and shifts in trading behavior, so maintaining its edge will require constant innovation.

Innovation and R&D

Innovation and R&D Innovation is at the core of Tradeweb’s strategy and moat. Tools like its automated execution engine, sophisticated portfolio trading capabilities, and rich data and analytics demonstrate ongoing investment in technology that improves client efficiency and execution quality. The company is pushing further into algorithmic trading, more electronic handling of complex derivatives, and expansion into emerging markets, which could open new growth avenues if adoption continues. Its work in green and sustainable finance, as well as early moves around generative AI and advanced data science, show a willingness to invest ahead of the curve. The main risk is the need to stay ahead of fast-moving competitors and evolving client needs in a highly technical and regulated environment, where missteps or underinvestment could erode its current advantage.

Summary

Across the financial statements, Tradeweb looks like a scalable, high-margin, cash-generative platform business with a conservative balance sheet. Revenue and profits have grown steadily, margins have expanded, and cash flow is robust, all supported by modest capital spending needs. Strategically, the company benefits from network effects, deep client relationships, and a broad, integrated product suite that is difficult to displace. Its emphasis on technology—automation, data, analytics, and new trading protocols—underpins a strong competitive position and opens additional growth pathways in derivatives, algorithms, and new geographies. Looking forward, key variables include how trading activity and regulation evolve, how successfully Tradeweb continues to innovate, and whether it can maintain its lead in an increasingly crowded and technologically sophisticated market.

NEWS

November 18, 2025 · 2:18 PM UTC

Tradeweb to Present at the Goldman Sachs 2025 U.S. Financial Services Conference

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November 6, 2025 · 7:30 AM UTC

Tradeweb Reports October 2025 Total Trading Volume of $65.4 Trillion and Average Daily Volume of $2.8 Trillion

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November 3, 2025 · 10:30 AM UTC

Tradeweb Appoints Sandra Buchanan as Chief People Officer

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October 30, 2025 · 7:00 AM UTC

Tradeweb Reports Third Quarter 2025 Financial Results

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October 27, 2025 · 8:30 AM UTC

Tradeweb Advances Electronification of Swaptions Market via New Protocol

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