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Tradeweb MarketsTW

Legal name
Tradeweb Markets Inc.
Sector
Other
Industry
Security & Commodity Brokers, Dealers, Exchanges & Services
Exchange
Nasdaq

Stock Price $TW

Latest filings

You are here#59 of 77 in Financials by market cap

Filing record · 2019–202610-K810-Q248-K69

TW filed 8 annual reports (10-K), 24 quarterly reports (10-Q) and 69 current reports (8-K) between 2019 and 2026.

  1. Material agreement8-K · Apr ’19Apr ’19
  2. Leadership change8-K · Aug ’21Aug ’21
  3. Leadership change8-K · Feb ’23Feb ’23
  4. FY2025 annual report10-K · Feb ’26Feb ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  8. $2.05B
YoY changeLargest recent move+53.7%in FY19Latest +18.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TW Financial Metrics44 metrics

Income Statement12

Balance Sheet15

Cash Flow12

Per Share5

02—Overview

Tradeweb Markets Financial Overview 2021–2025

Updated Nov 4, 2026

Canton Coin gains of $270.9 milliona helped push FY2025 net income attributable to Tradeweb to $812.8 million, up from $501.5 million in FY2024. That matters because it flatters the bottom line. The core thesis: the trading franchise is compounding at scale, but investors should separate operating strength from volatile digital-asset marks.

Revenue grew from $1.08 billion in FY2021 to $2.05 billionb in FY2025. Operating income rose from $358.8 million to $835.3 million over the same span, and Adjusted EBITDA margin widened from 50.8% to 54.0%. FY2025 revenue climbed 18.9%, led by Rates at $1.09 billion, roughly 53% of the total. That concentration is the trade-off for the growth.

The balance sheet carries little strain. Cash reached $2.08 billionc at the end of FY2025 with no revolver borrowings, and Free Cash Flow hit $1.06 billion. The board set the Q1 2026 dividend at $0.14 per share and authorized a new $500 million buyback. At the close of FY2025, the stock traded at $107.54, or 28.4x earnings on $3.78 of diluted EPS. That multiple rests on earnings that include the Canton gains.

Recent Developments (Q2 and Q3 2026)

Growth accelerated through the middle of 2026. Revenue rose to $558.9 milliond in Q2 2026 and $584.5 million in Q3 2026, up 14.9% year over year in the latest quarter. Adjusted EBITDA margin edged up to 54.5% from 54.0%. Average daily volume hit $3.2 trillion, up 22.4%. The biggest event was the October 19, 2026 agreement to buy Trumid for $1.97 billion, including $1.89 billion in cash. Closing is targeted for the first half of 2027. Management raised 2026 adjusted expense guidance to $1,155 to $1,175 million.

The bull case: volume records and a self-funded deal add credit trading scale, and Trumid should be accretive to adjusted EPS within a year of closing. The bear case: the stock closed at $118.88e, or 31.4x earnings as of the Q3 2026 report date (October 28, 2026), not today. Cash will drop on the deal, and Canton Coin holdings fell to $207.5 million.

What to watch: Trumid regulatory approvals and integration costs; expense guidance versus revenue growth

03—Filings

Recent SEC Filings

  1. 8-KTradeweb Markets 8-K Report, Financial Results (Oct 29, 2026)Tradeweb Markets Inc. (Nasdaq: TW) reported third quarter 2026 results on October 29, 2026, in a press release furnished as Exhibit 99.1 under Item 2.02. Total revenue was $584.5 million, up 14.9% year over year (15.4% on a constant currency basis). Net income was $224.9 million and adjusted net income was $238.8 million, with diluted EPS of $0.94 and adjusted diluted EPS of $1.02. Adjusted EBITDA was $318.9 million, a 54.5% margin. Average daily volume reached $3.2 trillion, up 22.4%, with quarterly ADV records in municipal bonds. Growth was broad across asset classes. Rates revenue rose 18.2% to $324.5 million, credit revenue rose 9.6% to $133.0 million, and equities revenue rose 28.8% to $38.4 million. Market data revenue rose 19.6%, driven by amendments to the LSEG market data license agreement. Operating expenses increased 11.0% to $331.1 million, reflecting higher compensation, technology investment, and professional fees tied partly to acquisition activity. Other revenue fell 17.3%, mainly due to lower digital asset revenue from Canton Network validation. The company also announced a definitive agreement to acquire Trumid Holdings, LLC for a total purchase price of approximately $1.97 billion, with a $1.89 billion cash component expected to be funded primarily from cash on hand and targeted to close in the first half of 2027. The Board declared a quarterly dividend of $0.14 per share, payable December 15, 2026. The company updated full-year 2026 guidance, including adjusted expenses of $1,155 to $1,175 million, trending toward the middle of the range.
  2. 8-KTradeweb Markets 8-K Report, Material Agreement (Oct 19, 2026)Tradeweb Markets Inc. (Nasdaq: TW) disclosed on October 19, 2026 that its subsidiary Tradeweb Markets LLC entered into an Equity Purchase Agreement and Agreement and Plan of Merger to acquire Trumid Holdings, LLC, a financial technology company and electronic credit trading marketplace. The purchase price is $1.970 billion, consisting of cash consideration of $1.888 billion, subject to customary adjustments, and equity consideration of $82.0 million paid in 733,900 LLC Units issued to rollover holders. The press release describes the price as $1.75 billion for the business and approximately $220 million for tax assets being acquired. The transaction is structured as a Blocker Purchase followed by a merger of Merger Sub into Trumid, with Trumid surviving as a wholly-owned subsidiary. Closing is subject to conditions including HSR waiting-period expiration, a UK Competition and Markets Authority review condition, FINRA approval, and the absence of a material adverse effect on Trumid. The company is targeting closing in the first half of 2027, and either party may terminate if closing has not occurred by October 19, 2027, extendable to a maximum of 24 months after signing. Tradeweb would owe Trumid a $105 million termination fee in certain circumstances. Management states the acquisition is expected to be accretive to adjusted earnings per share within the first full year after closing, with accretion increasing as expense synergies are realized. The cash portion is expected to be funded primarily through cash on hand. The company also amended the LLC Agreement's definition of "Assumed Tax Rate" and will report third-quarter 2026 results on October 29, 2026.
  3. 8-KTradeweb Markets 8-K Report, Financial Results (Jul 30, 2026)Tradeweb Markets Inc. (Nasdaq: TW) reported second quarter 2026 results in an 8-K furnished under Item 2.02, with the full press release attached as Exhibit 99.1. Revenues were $558.9 million, up 9.0% (8.3% on a constant currency basis) from the prior year period. Net income was $206.7 million, up 17.8%, and adjusted net income was $228.1 million, up 10.7%. Diluted EPS was $0.85 and adjusted diluted EPS was $0.97. Adjusted EBITDA was $304.1 million, with a 54.4% margin versus 54.2% a year earlier. Average daily volume reached $3.0 trillion, up 18.2%, with quarterly ADV records in rates futures, fully electronic U.S. high yield credit, convertibles/swaps/options and repurchase agreements. Growth was broad across asset classes. Rates revenue rose 10.2% to $302.5 million, credit rose 3.3% to $128.4 million, equities rose 13.5% to $38.9 million, and money markets rose 5.6% to $44.0 million. Market data revenue increased 22.6% to $37.3 million, which the company attributed mainly to amendments to its LSEG market data license agreement effective November 2025. International revenue was $245.1 million, up 13.9%. Operating expenses were roughly flat at $313.7 million, as higher technology costs were offset by lower general and administrative expenses tied to a decline in foreign exchange losses. The company repurchased 1,908,308 Class A shares for $188.9 million during the quarter, leaving $334.3 million of repurchase authorization. The Board declared a quarterly dividend of $0.14 per share, payable September 15, 2026. Full-year 2026 guidance was unchanged, including adjusted expenses of $1,100 to 1,160 million, trending toward the top half of the range.
  4. 8-KTradeweb Markets 8-K Report, Rights Modification (May 20, 2026)Tradeweb Markets Inc. (TW) filed this Form 8-K to report results from its 2026 Annual Meeting of Stockholders, held May 19, 2026, and to disclose amendments to its Amended and Restated Certificate of Incorporation. Stockholders approved two charter amendments: an exculpation amendment eliminating monetary liability of certain officers in limited circumstances (with other technical and clean-up changes), and a federal forum selection provision designating the federal district courts of the United States as the exclusive forum for complaints arising under the Securities Act of 1933, unless the Company consents to an alternative forum. The Company filed a Certificate of Amendment and then a Restated Certificate of Incorporation with the Delaware Secretary of State on May 19, 2026, both effective upon filing. The Restated Certificate integrates the prior charter and the amendments without further substantive changes. At the meeting, stockholders elected Class I directors Scott Ganeles, Catherine Johnson and Daniel Maguire to three-year terms expiring at the 2029 annual meeting, ratified Deloitte & Touche LLP as independent registered public accounting firm for fiscal 2026, and approved, on an advisory basis, the compensation of named executive officers. Vote tallies for each proposal are disclosed in the filing. The Exculpation Amendment and Federal Forum Selection Amendment were both approved, though the Exculpation Amendment received a noticeably higher number of votes against than the Federal Forum Selection Amendment. For investors, the filing is primarily governance-related and does not disclose financial results, new financing, or operational developments. The most material items are the charter changes affecting officer liability exculpation and securities-claim forum selection, along with the reaffirmed auditor appointment and director elections.
  5. 8-KTradeweb Markets 8-K Report, Financial Results (Apr 29, 2026)Tradeweb Markets Inc. (Nasdaq: TW) reported first quarter 2026 results in an 8-K filed April 29, 2026, furnishing a press release as Exhibit 99.1 under Item 2.02. Revenue was $617.8 million, up 21.2% (17.5% on a constant currency basis) from the prior year period. Net income was $233.2 million, up 38.5%, and diluted EPS was $0.96 versus $0.69. Adjusted net income was $255.1 million, up 24.0%, and adjusted EBITDA was $339.7 million at a 55.0% margin. Average daily volume reached $3.3 trillion, up 31.4%, with quarterly ADV records in several rates, credit, equities and money markets products. Growth was broad across asset classes. Rates revenue rose 29.7% to $344.2 million, and equities revenue rose 31.5% to $41.3 million. Credit revenue rose 11.5% to $138.2 million, although average cash credit variable fees per million fell 14.7%, which the company attributed to minimum fee floors, dealer migration to fixed-fee plans and product mix. Market data revenue declined 4.6% to $36.9 million, primarily due to amendments to the LSEG market data license agreement effective November 1, 2025. The Board declared a quarterly dividend of $0.14 per share, payable June 15, 2026. Management raised its adjusted expense guidance for full-year 2026 to $1,100 to $1,160 million, trending toward the top half of the range, citing strong first-quarter revenue growth. Other guidance items, including depreciation and amortization, the non-GAAP tax rate, capital expenditures and LSEG market data contract revenue, were unchanged. The filing also highlights frontier initiatives, including a strategic partnership with and minority investment in Kalshi, a $31 million Series B round led in Crossover Markets, and on-chain repo activity on the Canton Network.
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04—See also

Related Companies

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