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Financial statementsTradeweb Markets Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Tradeweb Markets Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 563 | 776 | 893 | 1,076 | 1,189 | 1,338 | 1,726 | 2,052 |
| Operating income | 89.1 | 190 | 263 | 359 | 413 | 505 | 678 | 835 |
| Interest expense | 1.81 | 2.05 | 4.28 | 1.94 | ||||
| Interest income | 0.69 | 2.37 | 13.7 | 67.4 | 74 | 68.4 | ||
| Other non-operating income | 0 | -1 | -13.1 | -1.11 | 263 | |||
| Pre-tax income | 89.8 | 225 | 274 | 370 | 437 | 548 | 754 | 1,175 |
| Income tax | 6.13 | 52.3 | 56.1 | 96.9 | 77.5 | 128 | 184 | 253 |
| Net income to minority interests | 46.9 | 52.1 | 46.3 | 50.3 | 54.6 | 68.5 | 109 | |
| Net income | 83.6 | 83.8 | 166 | 227 | 309 | 365 | 502 | 813 |
| EBITDA | 158 | 329 | 417 | 530 | 591 | 691 | 898 | 1,086 |
| EPS, basic | 0.57 | 0.92 | 1.13 | 1.50 | 1.73 | 2.35 | 3.81 | |
| EPS, diluted | 0.54 | 0.88 | 1.09 | 1.48 | 1.71 | 2.33 | 3.78 | |
| Shares, basic (weighted) | 216 | 148 | 180 | 201 | 206 | 211 | 213 | 213 |
| Shares, diluted (weighted) | 216 | 157 | 188 | 207 | 208 | 213 | 215 | 215 |
| Dividend per share | 0.32 | 0.32 | 0.32 | 0.36 | 0.40 | 0.48 |
Balance sheet
| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 354 | 461 | 791 | 972 | 1,257 | 1,706 | 1,340 | 2,085 |
| Property, plant and equipment | 40.4 | 33.8 | 31.1 | 37.4 | 33.6 | 46 | 78.2 | |
| Lease right-of-use assets | 24.5 | 29.4 | 20.5 | 24.9 | 25.2 | 33.6 | 123 | |
| Goodwill | 2,695 | 2,695 | 2,780 | 2,780 | 2,816 | 3,150 | 3,150 | |
| Intangible assets | 1,281 | 1,182 | 1,180 | 1,073 | 1,005 | 1,281 | 1,148 | |
| Total assets | 5,095 | 5,680 | 5,990 | 6,260 | 7,060 | 7,268 | 8,190 | |
| Total liabilities | 503 | 661 | 681 | 714 | 1,128 | 869 | 1,000 | |
| Paid-in capital | 3,329 | 4,143 | 4,401 | 4,577 | 4,739 | 4,813 | 4,896 | |
| Retained earnings | 47.8 | 156 | 243 | 387 | 640 | 997 | 1,601 | |
| Treasury stock | -76.2 | |||||||
| Other comprehensive income | 1.37 | 4.31 | 1.6 | -10.1 | -5.39 | -9.98 | 10.9 | |
| Shareholders' equity | 3,379 | 4,303 | 4,646 | 4,954 | 5,374 | 5,800 | 6,508 | |
| Minority interests | 1,214 | 716 | 663 | 593 | 558 | 599 | 681 | |
| Total equity | 4,593 | 5,019 | 5,309 | 5,546 | 5,931 | 6,399 | 7,189 | |
| Total liabilities and equity | 5,095 | 5,680 | 5,990 | 6,260 | 7,060 | 7,268 | 8,190 |
Cash flow statement
| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 83.6 | 173 | 218 | 273 | 360 | 420 | 570 | 922 |
| Depreciation and amortization | 68.6 | 139 | 154 | 171 | 179 | 185 | 220 | 250 |
| Stock-based compensation | 26.1 | 49.8 | 39.3 | 51.9 | 66.6 | 65.1 | 89.6 | 104 |
| Deferred income tax | -0.95 | 15 | 65.2 | 85.4 | 52.9 | 89.9 | 32.3 | 92.3 |
| Change in receivables | 11.2 | -4.28 | -11.6 | -22.4 | -17.2 | -21.1 | -44.2 | -30.1 |
| Change in payables | -3.83 | -3.55 | 11.2 | -3.48 | 10.2 | 2.19 | 29.8 | 87.1 |
| Cash from operations | 225 | 311 | 443 | 578 | 633 | 746 | 898 | 1,168 |
| Capital expenditures | -13.5 | -15.8 | -11.5 | -16.9 | -23.2 | -18.5 | -41 | -40.6 |
| Acquisitions | 0 | 0 | -208 | 0 | -69.7 | -860 | 0 | |
| Purchases of investments | -5 | 0 | -20 | 0 | 0 | 0 | -20.2 | -38.4 |
| Cash from investing | -45.6 | -44.5 | -62.5 | -259 | -60.1 | -133 | -969 | -127 |
| Stock issued | 1,971 | 626 | 0 | 0 | 15.2 | 6.74 | 0 | |
| Share buybacks | 0 | 0 | -75.7 | -99.3 | -35.2 | -59.1 | -104 | |
| Dividends paid | -35.9 | -58.1 | -64.6 | -66 | -75.9 | -85.2 | -102 | |
| Cash from financing | -153 | -218 | -52.7 | -136 | -277 | -168 | -290 | -307 |
| Net change in cash | 28.7 | 50.4 | 331 | 181 | 285 | 449 | -366 | 744 |
| Free cash flow | 211 | 295 | 432 | 561 | 610 | 728 | 857 | 1,127 |
| Interest paid | 0.46 | 1.47 | 1.31 | 2.57 | 2.55 | |||
| Income taxes paid | 6.31 | 43.8 | 19.1 | 3.88 | 13.2 | 28.6 | 152 | 58.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 43.7% | Operating income / revenue. |
| EBITDA margin | 54.9% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 58.9% | Pre-tax income / revenue. |
| Net margin | 40.7% | Net income / revenue. |
| FCF margin | 51.9% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 54.2% | Cash from operations / revenue. |
| Effective tax rate | 21.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 13.5% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 10.9% | Net income / average total assets. |
| Return on invested capital (ROIC) | 16.5% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 5.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 2.3% | Capital expenditures / revenue. |
| D&A / revenue | 11.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 18.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 20.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 18.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 23.2% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 26.5% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 26.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 20.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 22.4% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 21.1% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 62.1% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 38.0% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 37.3% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 62.2% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 36.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 33.8% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 30.1% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 22.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 21.4% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 31.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 22.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 21.2% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 20.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 14.5% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 8.4% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 12.2% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 9.5% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 8.6% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 12.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 9.4% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 7.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.0% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 1.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 2.7% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 11.1% | Total liabilities / total assets. |
| Interest coverage | 469x | Operating income / interest expense. |
| Goodwill and intangibles / assets | 38.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $3.48B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.27x | Revenue / average total assets. |
| Fixed asset turnover | 27.3x | Revenue / average property, plant and equipment. |
| FCF conversion | 127.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $4.22 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $10.37 | Revenue / diluted weighted shares. |
| FCF per share | $5.38 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $5.62 | Cash from operations / diluted weighted shares. |
| Book value per share | $31.18 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $16.37 | Tangible book value / shares outstanding. |
| Cash per share | $9.67 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 12.3% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 9.7% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 30.0% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $23.68B | Share price x shares outstanding. |
| Enterprise value | $21.62B | Market cap + total debt - cash - short-term investments. |
| P/E | 26.4x | Market cap / net income. Only when net income is positive. |
| P/S | 10.7x | Market cap / revenue. |
| P/B | 3.57x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 6.80x | Market cap / tangible book value, when positive. |
| P/FCF | 20.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 19.8x | Market cap / cash from operations, when positive. |
| EV/Sales | 9.80x | Enterprise value / revenue. |
| EV/EBIT | 22.4x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 17.9x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 18.9x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.8% | Free cash flow / market cap. |
| Earnings yield | 3.8% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 1.9% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.72x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was Tradeweb Markets Inc.'s revenue in fiscal 2025?
Tradeweb Markets Inc. reported revenue of $2.05B for fiscal 2025, 18.9% higher than the year before.
Was Tradeweb Markets Inc. profitable in fiscal 2025?
Yes. Net income was $812.8M, a net margin of 39.6%.
How much free cash flow did Tradeweb Markets Inc. generate in fiscal 2025?
Cash from operations of $1.17B minus capital expenditures of $40.6M left free cash flow of $1.13B.