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Side-by-side financial comparison of Tradeweb Markets Inc. (TW) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Tradeweb Markets Inc. is the larger business by last-quarter revenue ($617.8M vs $382.7M, roughly 1.6× INNOVATE Corp.). Tradeweb Markets Inc. runs the higher net margin — 37.7% vs -1.9%, a 39.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 21.2%). Over the past eight quarters, Tradeweb Markets Inc.'s revenue compounded faster (23.5% CAGR vs 10.2%).
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...
Innovate Corp. is an American public financial services company founded in 1994.
TW vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $617.8M | $382.7M |
| Net Profit | $233.2M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 46.5% | 3.7% |
| Net Margin | 37.7% | -1.9% |
| Revenue YoY | 21.2% | 61.7% |
| Net Profit YoY | 38.5% | 55.4% |
| EPS (diluted) | $0.96 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $617.8M | — | ||
| Q4 25 | $521.2M | $382.7M | ||
| Q3 25 | $508.6M | $347.1M | ||
| Q2 25 | $513.0M | $242.0M | ||
| Q1 25 | $509.7M | $274.2M | ||
| Q4 24 | $463.3M | $236.6M | ||
| Q3 24 | $448.9M | $242.2M | ||
| Q2 24 | $405.0M | $313.1M |
| Q1 26 | $233.2M | — | ||
| Q4 25 | $325.0M | $-7.4M | ||
| Q3 25 | $185.6M | $-8.9M | ||
| Q2 25 | $153.8M | $-19.8M | ||
| Q1 25 | $148.4M | $-24.5M | ||
| Q4 24 | $142.2M | $-16.6M | ||
| Q3 24 | $113.9M | $-15.0M | ||
| Q2 24 | $119.2M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 46.5% | — | ||
| Q4 25 | 42.4% | 3.7% | ||
| Q3 25 | 41.4% | 1.8% | ||
| Q2 25 | 39.0% | 2.0% | ||
| Q1 25 | 40.0% | 1.2% | ||
| Q4 24 | 40.7% | 1.1% | ||
| Q3 24 | 35.5% | 2.4% | ||
| Q2 24 | 40.1% | 9.2% |
| Q1 26 | 37.7% | — | ||
| Q4 25 | 62.4% | -1.9% | ||
| Q3 25 | 36.5% | -2.6% | ||
| Q2 25 | 30.0% | -8.2% | ||
| Q1 25 | 29.1% | -8.9% | ||
| Q4 24 | 30.7% | -7.0% | ||
| Q3 24 | 25.4% | -6.2% | ||
| Q2 24 | 29.4% | 4.6% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $1.52 | $-0.57 | ||
| Q3 25 | $0.86 | $-0.71 | ||
| Q2 25 | $0.71 | $-1.67 | ||
| Q1 25 | $0.69 | $-1.89 | ||
| Q4 24 | $0.66 | $-0.72 | ||
| Q3 24 | $0.53 | $-1.18 | ||
| Q2 24 | $0.55 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | — | $-240.1M |
| Total Assets | — | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $112.1M | ||
| Q3 25 | $1.9B | $35.5M | ||
| Q2 25 | $1.6B | $33.4M | ||
| Q1 25 | $1.3B | $33.3M | ||
| Q4 24 | $1.3B | $48.8M | ||
| Q3 24 | $1.2B | $51.0M | ||
| Q2 24 | $1.7B | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | — | — | ||
| Q4 25 | $6.5B | $-240.1M | ||
| Q3 25 | $6.3B | $-233.3M | ||
| Q2 25 | $6.1B | $-224.8M | ||
| Q1 25 | $5.9B | $-204.2M | ||
| Q4 24 | $5.8B | $-180.4M | ||
| Q3 24 | $5.7B | $-163.1M | ||
| Q2 24 | $5.6B | $-149.0M |
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | $950.1M | ||
| Q3 25 | $8.0B | $913.2M | ||
| Q2 25 | $8.1B | $890.9M | ||
| Q1 25 | $7.4B | $868.0M | ||
| Q4 24 | $7.3B | $891.1M | ||
| Q3 24 | $7.3B | $897.2M | ||
| Q2 24 | $7.3B | $898.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $101.1M |
| Free Cash FlowOCF − Capex | $2.0M | — |
| FCF MarginFCF / Revenue | 0.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $355.9M | $101.1M | ||
| Q3 25 | $342.3M | $19.2M | ||
| Q2 25 | $409.2M | $40.4M | ||
| Q1 25 | $60.2M | $-14.1M | ||
| Q4 24 | $282.0M | $41.4M | ||
| Q3 24 | $292.1M | $-28.4M | ||
| Q2 24 | $285.7M | $21.5M |
| Q1 26 | $2.0M | — | ||
| Q4 25 | $336.5M | — | ||
| Q3 25 | $328.3M | $19.0M | ||
| Q2 25 | $403.7M | — | ||
| Q1 25 | $58.6M | $-18.8M | ||
| Q4 24 | $256.8M | $34.2M | ||
| Q3 24 | $287.8M | $-31.5M | ||
| Q2 24 | $280.8M | $18.4M |
| Q1 26 | 0.3% | — | ||
| Q4 25 | 64.6% | — | ||
| Q3 25 | 64.5% | 5.5% | ||
| Q2 25 | 78.7% | — | ||
| Q1 25 | 11.5% | -6.9% | ||
| Q4 24 | 55.4% | 14.5% | ||
| Q3 24 | 64.1% | -13.0% | ||
| Q2 24 | 69.4% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 2.8% | 0.1% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 5.4% | 3.0% | ||
| Q3 24 | 1.0% | 1.3% | ||
| Q2 24 | 1.2% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.66× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 2.56× | — | ||
| Q2 24 | 2.40× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
