Tradeweb Markets Inc.TWEarnings & Financial Report
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
Revenue
$513.0M
Gross Profit
N/A
Operating Profit
$199.9M
Net Profit
$153.8M
Gross Margin
N/A
Operating Margin
39.0%
Net Margin
30.0%
YoY Growth
26.7%
EPS
$0.71
Financial Flow
Tradeweb Markets Inc. Q2 2025 Financial Summary
Tradeweb Markets Inc. reported revenue of $513.0M (up 26.7% YoY) for Q2 2025, with a net profit of $153.8M (up 29.0% YoY) (30.0% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $513.0M |
|---|---|
| Net Profit | $153.8M |
| Gross Margin | N/A |
| Operating Margin | 39.0% |
| Report Period | Q2 2025 |
Revenue Breakdown
Tradeweb Markets Inc. Q2 2025 revenue of $513.0M breaks down across 7 segments, led by Other at $296.1M (57.7% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Other | $296.1M | 57.7% |
| Wholesale Client Sector | $101.2M | 19.7% |
| Retail Client Sector | $37.6M | 7.3% |
| Market Data Client Sector | $30.4M | 5.9% |
| Corporate Client Sector | $21.8M | 4.2% |
| Market Data Revenue | $20.6M | 4.0% |
| Financial Service Other | $5.2M | 1.0% |
Tradeweb Markets Inc. Revenue by Segment — Quarterly Trend
Tradeweb Markets Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Other and Wholesale Client Sector) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Other | $235.2M | $229.9M | $296.1M | $219.7M |
| Wholesale Client Sector | $97.9M | $99.4M | $101.2M | $102.3M |
| Retail Client Sector | $35.0M | $38.0M | $37.6M | $35.9M |
| Market Data Client Sector | $33.8M | $30.8M | $30.4M | $38.7M |
| Corporate Client Sector | $26.1M | $23.2M | $21.8M | $24.7M |
Tradeweb Markets Inc. Annual Revenue by Year
Tradeweb Markets Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.1B).
| Year | Annual Revenue |
|---|---|
| 2025 | $2.1B |
| 2024 | $1.7B |
| 2023 | $1.3B |
| 2022 | $1.2B |
Tradeweb Markets Inc. Quarterly Revenue & Net Profit History
Tradeweb Markets Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $521.2M | +12.5% | $325.0M | 62.4% |
| Q3 2025 | $508.6M | +13.3% | $185.6M | 36.5% |
| Q2 2025 | $513.0M | +26.7% | $153.8M | 30.0% |
| Q1 2025 | $509.7M | +24.7% | $148.4M | 29.1% |
| Q4 2024 | $463.3M | +25.2% | $142.2M | 30.7% |
| Q3 2024 | $448.9M | +36.7% | $113.9M | 25.4% |
| Q2 2024 | $405.0M | +30.4% | $119.2M | 29.4% |
| Q1 2024 | $408.7M | +24.1% | $126.1M | 30.9% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $408.7M | $405.0M | $448.9M | $463.3M | $509.7M | $513.0M | $508.6M | $521.2M |
| YoY Growth | 24.1% | 30.4% | 36.7% | 25.2% | 24.7% | 26.7% | 13.3% | 12.5% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $7.40B | $7.28B | $7.34B | $7.27B | $7.37B | $8.06B | $8.00B | $8.19B |
| Liabilities | $1.32B | $1.08B | $1.05B | $869.1M | $822.8M | $1.33B | $1.06B | $1.00B |
| Equity | $5.51B | $5.63B | $5.70B | $5.80B | $5.94B | $6.10B | $6.28B | $6.51B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $37.9M | $285.7M | $292.1M | $282.0M | $60.2M | $409.2M | $342.3M | $355.9M |