Nasdaq vs Tradeweb Markets: revenue, profit, margins and growth compared
Nasdaq brought in $8.3B of revenue in fiscal 2025, Tradeweb Markets $2.1B in fiscal 2025. Revenue changed by +11.6% at Nasdaq and +18.9% at Tradeweb Markets on the year before, so Tradeweb Markets grew faster. Nasdaq kept 21.6% of its revenue as net profit, Tradeweb Markets 39.6%. Free cash flow was $2B at Nasdaq and $1.1B at Tradeweb Markets.
Fiscal years as each company reports them; the two may end in different months.
Questions about Nasdaq and Tradeweb Markets
Which is bigger by revenue, Nasdaq or Tradeweb Markets?
Nasdaq is bigger by revenue: $8.3B in fiscal 2025, against $2.1B for Tradeweb Markets in fiscal 2025.
Which keeps more of its revenue as profit, Nasdaq or Tradeweb Markets?
Nasdaq had a net margin of 21.6% in fiscal 2025; Tradeweb Markets had 39.6% in fiscal 2025.
Which grew revenue faster, Nasdaq or Tradeweb Markets?
In their latest fiscal years revenue changed by +11.6% at Nasdaq 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.