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

Marex brought in $2B of revenue in fiscal 2025, Tradeweb Markets $2.1B in fiscal 2025. Revenue changed by +26.9% at Marex and +18.9% at Tradeweb Markets on the year before, so Marex grew faster. Marex kept 14.5% of its revenue as net profit, Tradeweb Markets 39.6%. Free cash flow was $654.4M at Marex and $1.1B at Tradeweb Markets.

Side by side, latest fiscal year

MRXTW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2B$2.1B
Revenue growth+26.9%+18.9%
Net income$293.9M$812.8M
Net margin14.5%39.6%
Free cash flow$654.4M$1.1B
Free cash flow margin32.3%54.9%
Earnings per share (diluted)$3.86$3.78
Cash$2.9B$2.1B
Debt$200Mn/a
Price to earningsn/a26.8
Market value$5.3B$23.7B
Dividend yieldn/a0.47%
Rank by revenue in sector#144 of 444 · Finance#142 of 444 · Finance

Over the years

Revenue
MRX FY2022: $711.1MMRX FY2024: $1.2BMRX FY2024: $1.6BMRX FY2025: $2BTW FY2017: $563MTW FY2019: $775.6MTW FY2020: $892.7MTW FY2021: $1.1BTW FY2022: $1.2BTW FY2023: $1.3BTW FY2024: $1.7BTW FY2025: $2.1BFY17FY19FY20FY21FY22FY23FY24FY25
MRX $2BTW $2.1B
Net income
MRX FY2022: $91.6MMRX FY2024: $128MMRX FY2024: $204.7MMRX FY2025: $293.9MTW FY2017: $83.6MTW FY2019: $83.8MTW FY2020: $166.3MTW FY2021: $226.8MTW FY2022: $309.3MTW FY2023: $364.9MTW FY2024: $501.5MTW FY2025: $812.8MFY17FY19FY20FY21FY22FY23FY24FY25
MRX $293.9MTW $812.8M
Net margin
MRX FY2022: 12.9%MRX FY2024: 10.3%MRX FY2024: 12.8%MRX FY2025: 14.5%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%FY17FY19FY20FY21FY22FY23FY24FY25
MRX 14.5%TW 39.6%
Revenue growth
MRX FY2024: +75.0%MRX FY2024: +28.1%MRX FY2025: +26.9%TW FY2020: +15.1%TW FY2021: +20.6%TW FY2022: +10.4%TW FY2023: +12.6%TW FY2024: +29.0%TW FY2025: +18.9%FY20FY21FY22FY23FY24FY25
MRX +26.9%TW +18.9%
Free cash flow
MRX FY2022: $222MMRX FY2024: $726MMRX FY2024: $1.2BMRX FY2025: $654.4MTW FY2017: $211.1MTW FY2019: $295.2MTW FY2020: $431.7MTW FY2021: $561.1MTW FY2022: $609.6MTW FY2023: $727.6MTW FY2024: $856.8MTW FY2025: $1.1BFY17FY19FY20FY21FY22FY23FY24FY25
MRX $654.4MTW $1.1B

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

Questions about Marex and Tradeweb Markets

Which is bigger by revenue, Marex or Tradeweb Markets?

Tradeweb Markets is bigger by revenue: $2.1B in fiscal 2025, against $2B for Marex in fiscal 2025.

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

Marex had a net margin of 14.5% in fiscal 2025; Tradeweb Markets had 39.6% in fiscal 2025.

Which grew revenue faster, Marex or Tradeweb Markets?

In their latest fiscal years revenue changed by +26.9% at Marex 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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