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TW · Tradeweb Markets

8 filings

10-K

TW 10-K Annual Reports

Tradeweb Markets - 8 annual reports

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

2025
Tradeweb Markets Annual Report, Year Ended Dec 31, 2025
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $2.05 billion for the year ended December 31, 2025, up 18.9% from $1.73 billion in 2024, with transaction fees and commissions of $1.70 billion (up 19.5%) and subscription fees of $327.2 million. Operating income rose to $835.3 million from $678.0 million, and net income attributable to Tradeweb Markets Inc. was $812.8 million, or $3.78 diluted EPS, compared with $501.5 million in 2024. Adjusted EBITDA was $1.11 billion, a 54.0% margin, up from 53.3%, and Free Cash Flow was $1.06 billion, versus $808.9 million in 2024. Growth was led by the Rates asset class ($1.09 billion, up 20.8%), while Money Markets rose 50.9% on a full year of ICD Portal commissions following the August 2024 acquisition. The company ended 2025 with $2.08 billion in cash and cash equivalents, no outstanding borrowings under its $500.0 million revolving credit facility, and a $336.5 million Tax Receivable Agreement liability. Canton Coin holdings, measured at fair value, were $242.7 million at year-end and contributed $270.9 million of gains within other income, a significant driver of the year's net income. LSEG, through Refinitiv, controls approximately 89.9% of combined voting power. The board declared a first-quarter 2026 dividend of $0.14 per share, up from $0.12 in 2025, and authorized a new $500 million share repurchase program effective once the existing $300 million 2022 program is exhausted, with $23.2 million remaining under that program as of February 5, 2026. The filing also highlights continued expansion into digital assets, including the Canton Network validator role, minority investments in Digital Asset and other blockchain firms, and an ongoing shift of certain client contracts from variable to fixed subscription pricing. Risks include concentration in dealer clients and in Rates revenue, controlled-company governance under LSEG, and exposure to evolving regulation such as the forthcoming U.S. Treasury central clearing mandate.
Feb 5, 2026
2024
Tradeweb Markets Annual Report, Year Ended Dec 31, 2024
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $1.73 billion for the year ended December 31, 2024, up 29.0% from $1.34 billion in 2023. Transaction fees and commissions rose $345.2 million to $1.42 billion, driven mainly by higher rates derivatives, corporate bond, government bond, repurchase agreement and mortgage revenues, along with basis point commissions from the ICD Portal following the August 2024 acquisition of Institutional Cash Distributors. Net income attributable to Tradeweb Markets Inc. was $501.5 million, up 37.4%, and Adjusted EBITDA was $920.6 million, a 53.3% margin. Operating income rose 34.2% to $678.0 million. The company acquired ICD (August 2024) for net cash consideration of $774.2 million, r8fin (January 2024) for $125.9 million, and expanded into the corporates client sector. Free Cash Flow was $808.9 million, and cash and cash equivalents were $1.3 billion at year-end, with no outstanding borrowings under its $500.0 million revolving credit facility. The company paid $85.2 million in dividends during 2024 and repurchased shares under its $300 million 2022 program, with $179.9 million remaining available. Refinitiv (through LSEG) controls approximately 89.9% of the combined voting power, and the company is a controlled company under Nasdaq rules. The filing also discloses a $372.8 million Tax Receivable Agreement liability and two antitrust matters: the Treasuries matter, which the Second Circuit affirmed for dismissal in February 2024, and an Interest Rate Swaps matter that remains pending, with no reserves established.
Feb 7, 2025
2023
Tradeweb Markets Annual Report, Year Ended Dec 31, 2023
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $1.34 billion for the year ended December 31, 2023, up 12.6% from $1.19 billion in 2022, with transaction fees and commissions rising to $1.08 billion. Operating income increased 22.5% to $505.3 million, and net income attributable to Tradeweb Markets Inc. rose 18.0% to $364.9 million. Adjusted EBITDA reached $701.6 million, a 52.4% margin, and Free Cash Flow was $684.3 million. Rates was the largest asset class at $695.4 million, or roughly 52% of revenue according to the risk factors. The company ended 2023 with $1.7 billion in cash and cash equivalents and no outstanding borrowings. It replaced its credit facility with a $500.0 million unsecured revolving facility maturing in 2028. Shareholder returns in 2023 included $75.9 million in dividends and $35.2 million in share repurchases, and the Board declared a quarterly dividend of $0.10 per share for Q1 2024, up from $0.09. Key items for investors include a $457.5 million Tax Receivable Agreement liability, and Refinitiv (LSEG-controlled) holding approximately 89.9% of combined voting power as a controlled company. The company also completed the Yieldbroker acquisition in August 2023 and agreed to acquire r8fin for $125 million, which closed in January 2024. The auditor, Deloitte & Touche LLP, issued an unqualified opinion on both the financial statements and internal control over financial reporting.
Feb 9, 2024
2022
Tradeweb Markets Annual Report, Year Ended Dec 31, 2022
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $1,188.8 million for the year ended December 31, 2022, up 10.4% from $1,076.4 million in 2021, with a 14.0% constant currency increase offset by a 3.6% foreign currency impact. Transaction fees and commissions, the largest revenue line at $950.3 million (79.9% of total), rose 12.3%, driven mainly by rates derivatives, municipals, U.S. ETFs, government bonds and corporate bonds. Operating income increased 15.0% to $412.6 million, and net income attributable to Tradeweb Markets Inc. rose 36.4% to $309.3 million. Adjusted EBITDA reached $617.3 million, a 51.9% margin, and Free Cash Flow was $572.7 million. Cash and cash equivalents were approximately $1.3 billion at year-end, against $972.0 million a year earlier, and the company had no outstanding borrowings under its $500.0 million Revolving Credit Facility. The Tax Receivable Agreement liability stood at $425.7 million. The board approved a new share repurchase program of up to $300.0 million in December 2022, and the company declared a first-quarter 2023 dividend of $0.09 per share, up from $0.08. Billy Hult became Chief Executive Officer effective January 1, 2023, succeeding Lee Olesky. Refinitiv, which is controlled by London Stock Exchange Group following the LSEG Transaction, held approximately 91.2% of the combined voting power as of December 31, 2022, making Tradeweb a controlled company. The company faces antitrust class actions relating to U.S. Treasuries and interest rate swaps, both of which the company is contesting; it has no contingency reserves established for them.
Feb 24, 2023
2021
Tradeweb Markets Annual Report, Year Ended Dec 31, 2021
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $1,076.4 million for 2021, up 20.6% from $892.7 million in 2020, with operating income of $358.8 million (up 36.3%) and net income attributable to Tradeweb Markets Inc. of $226.8 million (up 36.4%). Transaction fees and commissions, at $846.4 million, were the primary driver, supported by higher volumes in U.S. and European corporate bonds, rates derivatives and U.S. government bonds. Rates revenue rose 18.2% to $562.9 million and Credit revenue rose 37.6% to $292.4 million. The company closed the June 2021 acquisition of Nasdaq's U.S. fixed income electronic trading platform (NFI Acquisition) for $190.0 million in cash. Adjusted EBITDA increased to $547.0 million (50.8% margin) from $436.4 million, and Free Cash Flow was $526.7 million. Cash and cash equivalents were $972.0 million at year-end, with no outstanding borrowings under the $500.0 million Revolving Credit Facility, and the Tax Receivable Agreement liability stood at $412.4 million. Refinitiv controls approximately 87.8% of the combined voting power, making Tradeweb a controlled company following LSEG's acquisition of Refinitiv on January 29, 2021. Subsequent events include the announced CEO transition, under which co-founder Lee Olesky will retire as CEO on December 31, 2022 and President Billy Hult will succeed him on January 1, 2023, and a quarterly dividend of $0.08 per share for the first quarter of 2022.
Feb 24, 2022
2020
Tradeweb Markets Annual Report, Year Ended Dec 31, 2020
Tradeweb Markets Inc. (Nasdaq: TW) reported gross revenue of $892.7 million for 2020, up 15.1% from $775.6 million in 2019, driven mainly by higher trading volumes that lifted transaction fees by $94.9 million and commissions by $13.7 million. Operating income rose 38.7% to $263.4 million, and net income attributable to Tradeweb Markets Inc. was $166.3 million, compared with $83.8 million in 2019. Adjusted EBITDA reached $436.4 million, a 48.9% margin, and Free Cash Flow was $400.7 million. Average daily volume across all asset classes rose 15.5% to $838.0 billion, with money markets and rates the largest contributors. The company is controlled by Refinitiv, which holds approximately 88.1% of combined voting power. The LSEG Transaction, an all-share acquisition of Refinitiv by London Stock Exchange Group plc, closed on January 29, 2021, and the filing states that Tradeweb remains a standalone public company with no expected change to Refinitiv's voting control in the near term. Rates generated 56% of gross revenue. The Tax Receivable Agreement liability stood at $404.3 million at year-end, and the Revolving Credit Facility of $500.0 million was undrawn. Subsequent events include a definitive agreement to acquire Nasdaq's U.S. fixed income electronic trading platform for $190 million in cash, a new $150.0 million share repurchase program through fiscal 2023, and a quarterly dividend of $0.08 per share. The company also faces pending antitrust litigation related to U.S. Treasuries and interest rate swaps, for which no contingency reserves have been recorded.
Feb 25, 2021
2019-A
Tradeweb Markets Annual Report (Amendment), Year Ended Dec 31, 2019
Tradeweb Markets Inc. (Nasdaq: TW) filed this Amendment on Form 10-K/A for fiscal 2019, which amends and restates the Annual Report originally filed on February 21, 2020. The amendment states that the Original Report was inadvertently filed in lieu of the final version because of a clerical error. Corrections include an omitted IDC Matter paragraph, conformed total assets and total equity figures in Selected Financial Data, an omitted Credit Risk subsection, right-of-use asset and capitalized software corrections, and corrections to deferred tax benefit and uncertain tax position amounts. Disclosures continue to speak as of the Original Report date. For 2019, gross revenue was $775.6 million, up 13.3% from the combined 2018 total of $684.4 million. Net income was $173.0 million, Adjusted EBITDA was $353.2 million with a 45.5% margin, and Adjusted Net Income was $230.9 million. Average daily volume was $725.4 billion, up from $548.2 billion. Cash flow from operations was $311.0 million and Free Cash Flow was $266.5 million. Cash and cash equivalents were $460.7 million at year end, and the company had no borrowings under its $500.0 million revolving credit facility. The filing highlights concentration and control risks. The Refinitiv Owners control about 77.1% of combined voting power, and the company is a controlled company under Nasdaq rules. The pending LSEG Transaction, an all-share acquisition of Refinitiv for a total enterprise value of approximately $27 billion, is expected to close in the second half of 2020. The IDC litigation seeks approximately $80 million in damages, and the Tax Receivable Agreement liability was $240.8 million at year end.
Mar 4, 2020
2019
Tradeweb Markets Annual Report, Year Ended Dec 31, 2019
Tradeweb Markets Inc. (Nasdaq: TW) filed its annual report on Form 10-K for the year ended December 31, 2019, following its April 2019 IPO. The company reported gross revenue of $775.6 million for 2019, up 13.3% from the combined 2018 total of $684.4 million, with net income of $173.0 million and Adjusted EBITDA of $353.2 million (45.5% margin). Growth was driven by higher trading volumes in rates derivatives, credit cash, money markets and European ETFs, and average daily volume reached $725.4 billion, up 32.3%. The filing highlights a few items investors should weigh. Refinitiv (controlled by the Investor Group) holds 77.1% of combined voting power and the company is a controlled company under Nasdaq rules. A pending all-share LSEG Transaction, valued at roughly $27 billion enterprise value for Refinitiv, is expected to close in the second half of 2020, and the company states it expects to remain standalone and publicly traded. The company also carries a $240.8 million Tax Receivable Agreement liability, a $500.0 million undrawn revolving credit facility, and goodwill of $2.69 billion from the Refinitiv Transaction and pushdown accounting. Pending litigation includes the IDC matter (about $80 million claimed) and antitrust suits involving U.S. Treasuries and interest rate swaps, which the company says it intends to defend vigorously. The company paid $0.08 quarterly dividends, declared a first-quarter 2020 dividend on February 11, 2020, and generated $266.5 million of Free Cash Flow in 2019.
Feb 21, 2020