Tradeweb Markets Inc. (TW)
Tradeweb Markets Inc. brought in $2.3B of revenue over the twelve months to September 30, 2026, up 14.4% from a year earlier. Net income was $909.1M, a net margin of 39.8%. Operating cash flow minus capital spending left $1.1B of free cash flow in fiscal 2025. At September 30, 2026 it held $2.1B in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on October 29, 2026.
Key facts about Tradeweb Markets Inc.
- Net worth
- Tradeweb Markets Inc. has a market value (market cap) of $30.3B at the latest share price, and shareholders' equity of $6.6B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $2.1B (+18.9% year on year), with net income of $812.8M. Over the 12 months to September 30, 2026: revenue $2.3B, net income $909.1M.
- Cash flow
- In fiscal 2025 operations brought in $1.2B of cash; after $40.6M of capital spending, free cash flow was $1.1B.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on October 29, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Tradeweb Markets Inc.'s next report is expected around February 4, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
- Dividend
- Tradeweb Markets Inc. declared dividends of $0.48 per share in fiscal 2025, a yield of 0.37% at the current price.
What Tradeweb Markets Inc. does
Tradeweb Markets Inc. is registered with the SEC under industry code SIC 6200 (Security & Commodity Brokers, Dealers, Exchanges & Services). Its shares trade on NASDAQ under the ticker TW.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $2.1B | $812.8M | $3.78 | $1.1B |
| 2024 | $1.7B | $501.5M | $2.33 | $856.8M |
| 2023 | $1.3B | $364.9M | $1.71 | $727.6M |
| 2022 | $1.2B | $309.3M | $1.48 | $609.6M |
| 2021 | $1.1B | $226.8M | $1.09 | $561.1M |
| 2020 | $892.7M | $166.3M | $0.88 | $431.7M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where TW ranks in Finance
Dividends
Tradeweb Markets Inc. declared $0.48 per share in fiscal 2025. At the current price that is a yield of 0.37%. It paid out $102.3M in cash dividends, 13% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $0.48 | $102.3M | 13% |
| 2024 | $0.40 | $85.2M | 17% |
| 2023 | $0.36 | $75.9M | 21% |
| 2022 | $0.32 | $66M | 21% |
| 2021 | $0.32 | $64.6M | 28% |
| 2020 | $0.32 | $58.1M | 35% |
Latest SEC filings
What Tradeweb Markets Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 29, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 15% to $584.5M versus the same quarter last year; diluted EPS $0.94 versus $0.86.
- October 29, 2026
- October 19, 2026
- August 13, 2026Passive stake changed SCHEDULE 13G/A
- July 31, 2026Passive stake (5% or more) SCHEDULE 13G
- July 30, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 9% to $558.9M versus the same quarter last year; diluted EPS $0.85 versus $0.71.
- July 30, 2026
- May 20, 2026
- May 15, 2026Passive stake changed SCHEDULE 13G/A
- April 30, 2026Passive stake (5% or more) SCHEDULE 13G
What is TW worth? A DCF from its reported cash flow
Insider trades
What the people running Tradeweb Markets Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $2.7M worth of shares in the last 90 days and bought none on the open market. 12% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| November 3, 2026 | Bruni EnricoMD, Co-Head of Global Markets | Exercised options | 18,500 | $380.9K |
| November 3, 2026 | Bruni EnricoMD, Co-Head of Global Markets | Sold | 12,563 | $1.6M |
| November 3, 2026 | Bruni EnricoMD, Co-Head of Global Markets | Sold | 5,937 | $752.8K |
| August 17, 2026 | Dixon TroyMD, Co-Head of Global Markets | Soldpre-planned (10b5-1) | 2,584 | $274.1K |
| August 14, 2026 | Dixon TroyMD, Co-Head of Global Markets | Soldpre-planned (10b5-1) | 546 | $57.7K |
| June 1, 2026 | Peterson JustinChief Technology Officer | Soldpre-planned (10b5-1) | 21,221 | $2.2M |
| May 26, 2026 | Berns StevenDirector | Soldpre-planned (10b5-1) | 425 | $44.7K |
| May 19, 2026 | Repetto Richard HDirector | Received as pay | 1,645 | - |
Who owns TW
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Refinitiv Parent Limited13D, may seek influence with 6 related filers | 50.8% | March 10, 2025 |
| T. Rowe Price Associates, Inc.13G, passive | 13.6% | February 17, 2026 |
| Wellington Management Group LLP13G, passive with 3 related filers | 5.3% | August 13, 2026 |
| Vanguard Portfolio Management13G, passive | 5.23% | July 31, 2026 |
| Vanguard Capital Management13G, passive | 5.21% | April 30, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 562 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 6,882,278 | +53,444 |
| Wellington Management Group Llp | 6,204,054 | -1,300,121 |
| Vanguard Portfolio Management LLC | 6,057,601 | +447,730 |
| Vanguard Capital Management LLC | 5,238,973 | +48,178 |
| Carmignac Gestion | 3,876,800 | +1,590,600 |
| State Street Corp | 2,807,827 | +63,023 |
| Aqr Capital Management LLC | 2,787,932 | -108,277 |
| Grantham, Mayo, Van Otterloo & Co. LLC | 2,663,518 | +12,855 |
| Capital World Investors | 2,313,422 | +114,561 |
| Geode Capital Management, LLC | 2,105,472 | -14,458 |
| Morgan Stanley | 1,685,129 | -18,749 |
| Nordea Investment Management AB | 1,688,604 | +39,570 |
| Norges Bank | 1,544,599 | new |
| Millennium Management LLC | 1,428,050 | -540,373 |
| Citadel Advisors LLC | 1,398,377 | +698,432 |
| Ninety One UK Ltd | 1,342,823 | -247,481 |
| Marshall Wace, Llp | 1,282,797 | +905,356 |
| Franklin Resources Inc | 1,166,645 | -191,387 |
| Artisan Partners Limited Partnership | 1,151,879 | +621,078 |
| D. E. Shaw & Co., Inc. | 1,121,171 | +736,598 |
Insiders
14 insiders reported holding 418,378 shares in total, about $54.2M at the last price.
| Holder | Shares |
|---|---|
| Hult WilliamChief Executive Officer, Director | 144,302 |
| Bruni EnricoMD, Co-Head of Global Markets | 108,234 |
| Dixon TroyMD, Co-Head of Global Markets | 31,863 |
| Furber SaraChief Financial Officer | 22,264 |
| Clack AmyChief Administrative Officer | 21,557 |
| Madoff PaulaDirector | 16,845 |
| Ganeles ScottDirector | 15,330 |
| Peterson JustinChief Technology Officer | 15,070 |
| Friedman DouglasChief Legal Officer | 13,921 |
| Aigrain JacquesDirector | 12,222 |
Questions about TW
What does Tradeweb Markets Inc. do?
Tradeweb Markets Inc. is a company in the Finance sector, listed on NASDAQ as TW. Its shares trade on NASDAQ under the ticker TW.
What is Tradeweb Markets Inc.'s net worth?
Tradeweb Markets Inc. has a market value (market cap) of $30.3B at the latest share price, and shareholders' equity of $6.6B on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Tradeweb Markets Inc. profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $909.1M on revenue of $2.3B, a net margin of 39.8%.
How much revenue does Tradeweb Markets Inc. make?
Over the twelve months to September 30, 2026 Tradeweb Markets Inc. reported revenue of $2.3B. That is 14.4% more than a year earlier.
When did Tradeweb Markets Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on October 29, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the insider trade from November 5, 2026.
When is Tradeweb Markets Inc.'s next earnings report?
Tradeweb Markets Inc.'s next report is expected around February 4, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
Does Tradeweb Markets Inc. pay a dividend?
Yes. Tradeweb Markets Inc. declared dividends of $0.48 per share in fiscal 2025, a yield of 0.37% at the current price.
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Where the numbers come from
Financial figures are the values Tradeweb Markets Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.