01—Abstract
Summary
Summary of the 10-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Tradeweb Markets Inc. (Nasdaq: TW) reported total revenue of $2.05 billiona 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 millionb 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 billionc 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 $0.14d 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.
02—Key points
Key Highlights
- Total revenue rose 18.9% to $2.05 billion in 2025, led by a $276.9 million increase in transaction fees and commissions.
- Operating income increased 23.2% to $835.3 million; net income attributable to Tradeweb Markets Inc. was $812.8 million, or $3.78 diluted EPS.
- Adjusted EBITDA reached $1.11 billion with a 54.0% margin (up 64 bps); Free Cash Flow was $1.06 billion versus $808.9 million in 2024.
- Rates revenue reached $1.09 billion (up 20.8%), accounting for roughly 53% of total revenue, while Money Markets grew 50.9% on the full-year ICD Portal contribution.
- Canton Coin holdings were valued at $242.7 million at year-end, contributing $270.9 million of realized and unrealized gains to other income in 2025.
- Cash and cash equivalents were $2.08 billion with no revolver borrowings; the board declared a $0.14 quarterly dividend for Q1 2026 and authorized a $500 million share repurchase program.
- LSEG (via Refinitiv) controls about 89.9% of combined voting power, making Tradeweb a controlled company under Nasdaq rules.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 5, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.05B$1.73B | +18.9% |
| Operating Expenses | $1.22B$1.05B | +16.1% |
| Operating Income | $835.34M$678.03M | +23.2% |
| Net Income | $812.79M$501.51M | +62.1% |
| EPS (Basic) | $3.81$2.35 | +62.1% |
| EPS (Diluted) | $3.78$2.33 | +62.2% |
| Shares Outstanding (Basic) | 213.21M213.03M | +0.1% |
| Shares Outstanding (Diluted) | 214.90M214.92M | 0.0% |
05—Questions
Frequently Asked Questions
How did Tradeweb perform financially in 2025?
Total revenue grew 18.9% to $2.05 billion and operating income rose 23.2% to $835.3 million. Net income attributable to Tradeweb Markets Inc. increased 62.1% to $812.8 million, and diluted EPS was $3.78. Other income of $263.4 million, driven largely by Canton Coin gains, contributed meaningfully to the bottom line.
What drove revenue growth in 2025?
The primary driver was a $276.9 million increase in transaction fees and commissions to $1.70 billion, mainly from rates derivatives, U.S. government bonds, and ETFs. Subscription fees rose $38.4 million to $327.2 million as some clients moved to pricing plans with subscriptions, and Corporates revenue grew 121.8% to $95.9 million on a full year of ICD.
What is the company's capital return policy?
The company intends to pay quarterly cash dividends of $0.14 per share on Class A and Class B common stock, beginning with the first quarter of 2026, up from $0.12 per share in 2025. In 2025 it paid $102.3 million in dividends and repurchased 987,379 Class A shares for $105.9 million under the 2022 program. On February 5, 2026, the board authorized a new $500 million repurchase program to take effect after the 2022 program is exhausted.
What are the main risks highlighted in the filing?
Key risks include dependence on dealer clients and a limited number of liquidity-taking clients, with most clients lacking long-term contracts; concentration of revenue in Rates (about 53%); intense competition from exchanges, inter-dealer brokers and single-bank systems; and cybersecurity threats. The filing also flags the Tax Receivable Agreement obligations, LSEG's controlling vote, volatility in Canton Coin valuations, and uncertain regulation including the U.S. Treasury central clearing mandate.
How significant is the Canton Coin investment to results?
Canton Coin holdings had a fair value of $242.7 million at December 31, 2025, from a cost basis of $11.5 million, and gains of $270.9 million were recorded in other income during 2025. The filing notes the valuation is volatile and that changes in Canton Coin pricing also affect validator revenue, so future earnings may fluctuate significantly from this source.
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