Tradeweb Markets Inc. (TW) — Financial statements
Income statement, balance sheet, and cash flow for Tradeweb Markets Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 2,052↑18.9% | 1,726↑29.0% | 1,338↑12.6% | 1,189↑10.4% | 1,076 | |
| Cost of Revenue | 671↑13.2% | 593↑28.8% | 460↑6.4% | 432↑6.2% | 407 | |
| Gross Profit | 1,382↑21.9% | 1,133↑29.1% | 878↑16.1% | 756↑13.0% | 669 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00↓100.0% | 56 | 0.00 | 0.00 | |
| General & Administrative Expenses | 296↑25.9% | 235↑150.6% | 94↓43.1% | 165↑18.6% | 139 | |
| Selling & Marketing Expenses | 0.00 | 0.00↓100.0% | 468 | 0.00 | 0.00 | |
| SG&A Expenses | 296↑25.9% | 235↓58.1% | 562↑240.8% | 165↑18.6% | 139 | |
| Other Expenses | 240↑9.3% | 220↑189.7% | -245↓237.1% | 179↑4.4% | 171 | |
| Operating Expenses | 536↑17.8% | 455↑22.2% | 373↑8.4% | 344↑10.8% | 310 | |
| Total Costs & Expenses | 1,207↑15.2% | 1,048↑25.8% | 833↑7.3% | 776↑8.2% | 718 | |
| Operating Results | ||||||
| Operating Income | 845↑24.6% | 678↑34.2% | 505↑22.5% | 413↑15.0% | 359 | |
| Depreciation & Amortization | 250↑13.7% | 220↑18.7% | 185↑3.6% | 179↑4.4% | 171 | |
| EBITDA | 1,427↑45.8% | 979↑43.7% | 681↑10.2% | 618↑13.8% | 543 | |
| EBIT | 1,177↑55.1% | 759↑53.0% | 496↑12.9% | 439↑18.1% | 372 | |
| Interest & Other Income | ||||||
| Net Interest Income | 66↓4.7% | 70↑6.7% | 65↑448.8% | 12 | 0.00 | |
| Interest Income | 68↓7.6% | 74↑9.9% | 67↑391.5% | 14 | 0.00 | |
| Interest Expense | 2↓54.6% | 4↑109.0% | 2↑13.4% | 2 | 0.00 | |
| Non-Operating Income | -332↓311.4% | -81↓947.5% | 10↑136.1% | -26↓106.9% | -13 | |
| Other Income / Expenses | 330↑331.9% | 76↑78.8% | 43↑73.9% | 25↑120.2% | 11 | |
| Income Before Tax | 1,175↑55.7% | 754↑37.7% | 548↑25.4% | 437↑18.1% | 370 | |
| Income Tax Expense | 253↑37.4% | 184↑43.6% | 128↑65.7% | 78↓20.0% | 97 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 922↑61.7% | 570↑35.9% | 420↑16.7% | 360↑31.7% | 273 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 813↑62.1% | 502↑37.4% | 365↑18.0% | 309↑36.4% | 227 | |
| Bottom-Line Net Income | 812↑62.1% | 501↑37.5% | 364↑17.9% | 309↑36.3% | 227 | |
| EPS (Basic) | 3.81↑61.4% | 2.36↑36.4% | 1.73↑15.3% | 1.50↑32.7% | 1.13 | |
| EPS (Diluted) | 3.78↑61.5% | 2.34↑36.8% | 1.71↑15.5% | 1.48↑35.8% | 1.09 | |
| Weighted Average Shares | 213↑0.1% | 213↑1.1% | 211↑2.5% | 206↑2.1% | 201 | |
| Weighted Average Diluted Shares | 215↓0.0% | 215↑1.1% | 213↑2.0% | 208↑0.6% | 207 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.