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BGC vs Tradeweb Markets: revenue, profit, margins and growth compared

BGC brought in $2.9B of revenue in fiscal 2025, Tradeweb Markets $2.1B in fiscal 2025. Revenue changed by +30.0% at BGC and +18.9% at Tradeweb Markets on the year before, so BGC grew faster. BGC kept 5.3% of its revenue as net profit, Tradeweb Markets 39.6%. Free cash flow was $372.9M at BGC and $1.1B at Tradeweb Markets.

Side by side, latest fiscal year

BGCTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.9B$2.1B
Revenue growth+30.0%+18.9%
Net income$155M$812.8M
Net margin5.3%39.6%
Free cash flow$372.9M$1.1B
Free cash flow margin12.7%54.9%
Earnings per share (diluted)$0.31$3.78
Cash$851.5M$2.1B
Debt$1.5Bn/a
Price to earnings38.226.8
Market value$5.6B$23.7B
Dividend yield0.68%0.47%
Rank by revenue in sector#123 of 444 · Finance#142 of 444 · Finance

Over the years

Revenue
BGC FY2018: $1.9BBGC FY2019: $2.1BBGC FY2020: $2.1BBGC FY2021: $2BBGC FY2022: $1.8BBGC FY2023: $2BBGC FY2024: $2.3BBGC FY2025: $2.9BTW FY2017: $563MTW FY2019: $775.6MTW FY2020: $892.7MTW FY2021: $1.1BTW FY2022: $1.2BTW FY2023: $1.3BTW FY2024: $1.7BTW FY2025: $2.1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
BGC $2.9BTW $2.1B
Net income
BGC FY2018: $202.2MBGC FY2019: $43.9MBGC FY2020: $50.9MBGC FY2021: $153.5MBGC FY2022: $58.9MBGC FY2023: $38.8MBGC FY2024: $123.2MBGC FY2025: $155MTW FY2017: $83.6MTW FY2019: $83.8MTW FY2020: $166.3MTW FY2021: $226.8MTW FY2022: $309.3MTW FY2023: $364.9MTW FY2024: $501.5MTW FY2025: $812.8MFY17FY18FY19FY20FY21FY22FY23FY24FY25
BGC $155MTW $812.8M
Net margin
BGC FY2018: 10.4%BGC FY2019: 2.1%BGC FY2020: 2.5%BGC FY2021: 7.6%BGC FY2022: 3.3%BGC FY2023: 1.9%BGC FY2024: 5.4%BGC FY2025: 5.3%TW FY2017: 14.9%TW FY2019: 10.8%TW FY2020: 18.6%TW FY2021: 21.1%TW FY2022: 26.0%TW FY2023: 27.3%TW FY2024: 29.1%TW FY2025: 39.6%FY17FY18FY19FY20FY21FY22FY23FY24FY25
BGC 5.3%TW 39.6%
Revenue growth
BGC FY2019: +8.6%BGC FY2020: -2.3%BGC FY2021: -2.0%BGC FY2022: -10.9%BGC FY2023: +12.8%BGC FY2024: +11.7%BGC FY2025: +30.0%TW FY2020: +15.1%TW FY2021: +20.6%TW FY2022: +10.4%TW FY2023: +12.6%TW FY2024: +29.0%TW FY2025: +18.9%FY19FY20FY21FY22FY23FY24FY25
BGC +30.0%TW +18.9%
Free cash flow
BGC FY2018: -$91.9MBGC FY2019: $194.4MBGC FY2020: $271.8MBGC FY2021: $407.1MBGC FY2022: $213.8MBGC FY2023: $390.3MBGC FY2024: $285.7MBGC FY2025: $372.9MTW FY2017: $211.1MTW FY2019: $295.2MTW FY2020: $431.7MTW FY2021: $561.1MTW FY2022: $609.6MTW FY2023: $727.6MTW FY2024: $856.8MTW FY2025: $1.1BFY17FY18FY19FY20FY21FY22FY23FY24FY25
BGC $372.9MTW $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about BGC and Tradeweb Markets

Which is bigger by revenue, BGC or Tradeweb Markets?

BGC is bigger by revenue: $2.9B in fiscal 2025, against $2.1B for Tradeweb Markets in fiscal 2025.

Which keeps more of its revenue as profit, BGC or Tradeweb Markets?

BGC had a net margin of 5.3% in fiscal 2025; Tradeweb Markets had 39.6% in fiscal 2025.

Which grew revenue faster, BGC or Tradeweb Markets?

In their latest fiscal years revenue changed by +30.0% at BGC and +18.9% at Tradeweb Markets.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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