TW Nasdaq Security & Commodity Brokers, Dealers, Exchanges & Services Financials FY2017βFY2025
Tradeweb Markets Inc. had $2.1B of revenue in fiscal 2025, up 18.9% on the year before. Over five years, revenue changed +18.1% a year on average.
Last close Β· Oct 27, 2026
$119.67
+$9.83 (+8.95%) past year
Hi! I read Tradeweb Markets Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+18.9%
Yes. Sales grew 18.9% last year.
Does it make a profit?
39.6%
Yes. It keeps 39.6% of every sale as profit.
Does profit turn into cash?
54.9%
Yes. 54.9% of sales ends up as free cash.
How is the share priced?
28.6x
One share costs 28.6 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Tradeweb Markets Inc. had $2.1B of revenue in fiscal 2025, up 18.9% on the year before.
Over five years, revenue changed +18.1% a year on average.
Its operating margin was 40.7%, up 1.4Β pts: of every 100 in sales, about 41 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Tradeweb Markets Inc. made $813M of net profit in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $1.1B in fiscal 2025, 54.9% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Tradeweb Markets Inc. returned $104M to shareholders in fiscal 2025, 9% of free cash flow.
The diluted share count fell 0.0%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $44.6M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$44.6M
8 insiders
Of sales under plans
95%
$42.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Troy DixonMD, Co-Head of Global Markets | Sold plan | 2,584 | $106.06 | $0.3M | Form 4 |
| Aug 14, 2026 | Troy DixonMD, Co-Head of Global Markets | Sold plan | 546 | $105.74 | $0.1M | Form 4 |
| Jun 1, 2026 | Justin PetersonChief Technology Officer | Sold plan | 21,221 | $102.00 | $2.2M | Form 4 |
| May 26, 2026 | Steven BernsDirector | Sold plan | 425 | $105.26 | $0.0M | Form 4 |
| Apr 15, 2026 | Justin PetersonChief Technology Officer | Sold plan | 21,221 | $120.66 | $2.6M | Form 4 |
| Mar 23, 2026 | Douglas FriedmanChief Legal Officer | Sold plan | 592 | $124.86 | $0.1M | Form 4 |
| Mar 23, 2026 | Sara FurberChief Financial Officer | Sold plan | 1,614 | $124.86 | $0.2M | Form 4 |
| Mar 20, 2026 | Amy ClackChief Administrative Officer | Sold plan | 271 | $125.75 | $0.0M | Form 4 |
| Mar 20, 2026 | Troy DixonMD, Co-Head of Global Markets | Sold plan | 2,584 | $125.75 | $0.3M | Form 4 |
| Mar 20, 2026 | Sara FurberChief Financial Officer | Sold plan | 4,911 | $125.13 | $0.6M | Form 4 |
| Mar 20, 2026 | Justin PetersonChief Technology Officer | Sold plan | 1,005 | $125.13 | $0.1M | Form 4 |
| Mar 20, 2026 | Douglas FriedmanChief Legal Officer | Sold plan | 2,219 | $125.12 | $0.3M | Form 4 |
| Mar 18, 2026 | Justin PetersonChief Technology Officer | Sold plan | 3,212 | $124.76 | $0.4M | Form 4 |
| Mar 3, 2026 | William HultChief Executive Officer, Director | Sold plan | 72,450 | $125.62 | $9.1M | Form 4 |
| Feb 20, 2026 | Enrico BruniMD, Co-Head of Global Markets | Sold | 17,380 | $119.27 | $2.1M | Form 4 |
| Feb 10, 2026 | Sara FurberChief Financial Officer | Sold plan | 63,128 | $115.10 | $7.3M | Form 4 |
| Feb 10, 2026 | Justin PetersonChief Technology Officer | Sold plan | 11,254 | $115.47 | $1.3M | Form 4 |
| Feb 10, 2026 | Douglas FriedmanChief Legal Officer | Sold plan | 30,549 | $115.46 | $3.5M | Form 4 |
| Feb 10, 2026 | Amy ClackCAO and CRO | Sold plan | 1,677 | $114.68 | $0.2M | Form 4 |
| Feb 10, 2026 | William HultChief Executive Officer, Director | Sold plan | 121,218 | $115.45 | $14.0M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Tradeweb Markets Inc. can carry it.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $972M | $1.3B | $1.7B | $1.3B | $2.1B |
| Interest coverage | β | 228.6x | 246.8x | 158.5x | 430.4x |
| Total assets | $6.0B | $6.3B | $7.1B | $7.3B | $8.2B |
| Total liabilities | $681M | $714M | $1.1B | $869M | $1.0B |
| Shareholders' equity | $4.6B | $5.0B | $5.4B | $5.8B | $6.5B |
| Net debt (β = net cash) | β | β | β | β | β |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY17 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | β5.1% | β6.0% | β5.3% | β5.7% | β5.5% | β4.6% |
| Altman Z'' | β | β | β | β | β | β | β |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY17 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $504M | β | $893M | $1.1B | $1.2B | $1.3B | $1.7B | $2.1B |
| Net interest income | β | β | β$0.3M | β$1.6M | $11.9M | $65.4M | β | β |
| Operating income | $89.1M | β | $263M | $359M | $413M | $505M | $678M | $835M |
| Interest expense | β | β | β | β | $1.8M | $2.0M | $4.3M | $1.9M |
| Pretax income | $89.8M | β | $274M | $370M | $437M | $548M | $754M | $1.2B |
| Income tax | $6.1M | β | $56.1M | $96.9M | $77.5M | $128M | $184M | $253M |
| Net income | $83.6M | β | $166M | $227M | $309M | $365M | $502M | $813M |
| Net income to common | β | β | $166M | $227M | $309M | $364M | $501M | $812M |
| Diluted EPS | β | β | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 |
| Diluted shares | 0.22B | β | 0.19B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B |
| Cash flow | ||||||||
| Cash from operations | $225M | β | $443M | $578M | $633M | $746M | $898M | $1.2B |
| Capital expenditure | $13.5M | β | $11.5M | $16.9M | $23.2M | $18.5M | $41.0M | $40.6M |
| Free cash flow | $211M | β | $432M | $561M | $610M | $728M | $857M | $1.1B |
| Depreciation and amortization | $68.6M | β | $154M | $171M | $179M | $185M | $220M | $250M |
| Stock-based compensation | $26.1M | β | $39.3M | $51.9M | $66.6M | $65.1M | $89.6M | $104M |
| Acquisitions | β | β | $0.0M | $208M | $0.0M | $69.7M | $860M | $0.0M |
| Share buybacks | β | β | $0.0M | $75.7M | $99.3M | $35.2M | $59.1M | $104M |
| Dividends and buybacks | β | β | $0.0M | $75.7M | $99.3M | $35.2M | $59.1M | $104M |
| Balance sheet | ||||||||
| Cash and short-term investments | $354M | $461M | $791M | $972M | $1.3B | $1.7B | $1.3B | $2.1B |
| Property and equipment, net | β | $40.4M | $33.8M | $31.1M | $37.4M | $33.6M | $46.0M | $78.2M |
| Goodwill | β | $2.7B | $2.7B | $2.8B | $2.8B | $2.8B | $3.2B | $3.2B |
| Intangible assets | β | $1.3B | $1.2B | $1.2B | $1.1B | $1.0B | $1.3B | $1.1B |
| Total assets | β | $5.1B | $5.7B | $6.0B | $6.3B | $7.1B | $7.3B | $8.2B |
| Total liabilities | β | $503M | $661M | $681M | $714M | $1.1B | $869M | $1.0B |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β | $3.4B | $4.3B | $4.6B | $5.0B | $5.4B | $5.8B | $6.5B |
| Margins | ||||||||
| Operating margin | 17.7% | β | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% |
| EBITDA margin | 31.3% | β | 46.7% | 49.2% | 49.8% | 51.6% | 52.0% | 52.9% |
| Net margin | 16.6% | β | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
| FCF margin | 41.9% | β | 48.4% | 52.1% | 51.3% | 54.4% | 49.6% | 54.9% |
| Net interest share of revenue | β | β | β0.0% | β0.1% | 1.0% | 4.9% | β | β |
| Returns | ||||||||
| Return on equity | β | β | 4.3% | 5.1% | 6.4% | 7.1% | 9.0% | 13.2% |
| Return on assets | β | β | 3.1% | 3.9% | 5.1% | 5.5% | 7.0% | 10.5% |
| Return on tangible equity | β | β | 39.0% | 33.1% | 28.1% | 23.5% | 36.6% | 36.8% |
| Growth | ||||||||
| Revenue growth | β | β | β | 20.6% | 10.4% | 12.6% | 29.0% | 18.9% |
| Net income growth | β | β | β | 36.4% | 36.4% | 18.0% | 37.4% | 62.1% |
| EPS growth | β | β | β | 23.9% | 35.8% | 15.5% | 36.3% | 62.2% |
| FCF growth | β | β | β | 30.0% | 8.6% | 19.3% | 17.8% | 31.5% |
| Share count change | β | β | β | 10.1% | 0.6% | 2.0% | 1.1% | β0.0% |
| Financial health | ||||||||
| Interest coverage | β | β | β | β | 228.6x | 246.8x | 158.5x | 430.4x |
| Capital allocation | ||||||||
| Capex / revenue | 2.7% | β | 1.3% | 1.6% | 2.0% | 1.4% | 2.4% | 2.0% |
| Stock comp / revenue | 5.2% | β | 4.4% | 4.8% | 5.6% | 4.9% | 5.2% | 5.0% |
| Payouts / FCF | β | β | 0.0% | 13.5% | 16.3% | 4.8% | 6.9% | 9.2% |
| Quality scores | ||||||||
| Accruals ratio | β | β | β5.1% | β6.0% | β5.3% | β5.7% | β5.5% | β4.6% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001758730). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
