Tradeweb Markets Inc. (TW) Income Statement
TW 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTW revenue and net income
Where TW's revenue goes
2025Each bar shows an amount and its share of revenue. TW kept 39.6% of revenue as net income.
TW profit margins
TW growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.9% | +20.0% | +18.1% | −5.6% |
| Gross profit | +21.9% | +22.2% | +20.5% | +2.5% |
| Operating income | +24.6% | +27.0% | +26.3% | +3.6% |
| Net income | +62.1% | +38.0% | +37.3% | +7.8% |
| EPS (diluted) | +18.8% | +22.4% | +21.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TW quarterly EPS vs estimates
Tradeweb Markets beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.01).
TW income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $892.7M | $775.6M | $657.6M | $504.4M | $492.2M |
| Cost of revenue | $670.8M | $592.7M | $460.3M | $432.4M | $407.3M | $349.7M | $329.5M | $289.5M | $249.0M | $228.6M |
| Gross profit | $1.38B | $1.13B | $877.9M | $756.4M | $669.2M | $543.0M | $446.1M | $368.1M | $255.5M | $263.6M |
| Research & development | — | $72.8M | $55.8M | $52.2M | $47.1M | $36.1M | $26.2M | $25.0M | $25.4M | $26.8M |
| Sales, general & admin | $296.1M | $354.0M | $93.9M | $164.9M | $139.1M | $125.9M | $117.0M | $114.0M | $97.8M | $89.6M |
| Total operating expenses | $536.5M | $455.2M | $372.6M | $343.8M | $310.4M | $279.6M | $256.3M | $195.8M | $166.4M | $170.5M |
| Operating income | $845.1M | $678.0M | $505.3M | $412.6M | $358.8M | $263.4M | $189.8M | $172.3M | $89.1M | $93.1M |
| Interest income | $68.4M | $74.0M | $67.4M | $13.7M | — | $316,000 | $2.4M | $2.5M | $685,000 | $644,000 |
| Interest expense | $1.9M | $4.3M | $2.0M | $1.8M | $1.6M | $316,000 | $86.9M | $0 | $455,000 | $1.3M |
| Income before taxes | $1.17B | $754.4M | $548.0M | $437.1M | $370.0M | $274.5M | $225.3M | $174.8M | $89.8M | $92.4M |
| Income taxes | $253.5M | $184.4M | $128.5M | $77.5M | $96.9M | $56.1M | $52.3M | $15.3M | $6.1M | −$725,000 |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M | $166.3M | $83.8M | $159.5M | $83.6M | $93.2M |
| EBITDA | $1.43B | $978.7M | $681.1M | $617.8M | $542.9M | $428.6M | $362.3M | $254.1M | $157.7M | $174.6M |
| EPS (diluted) | $3.47 | $2.92 | $2.25 | $1.89 | $1.63 | $1.31 | $1.01 | $0.18 | $0.54 | — |
| Gross margin | 67.3% | 65.7% | 65.6% | 63.6% | 62.2% | 60.8% | 57.5% | 56.0% | 50.6% | 53.6% |
| Operating margin | 41.2% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% | 24.5% | 26.2% | 17.7% | 18.9% |
| Net margin | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% | 10.8% | 24.3% | 16.6% | 18.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $558.9M | $617.8M | $521.2M | $508.6M | $513.0M | $509.7M | $463.3M | $448.9M | $405.0M | $408.7M | $370.0M | $328.4M |
| Cost of revenue | $180.8M | $197.8M | $159.3M | $165.0M | $169.7M | $176.9M | $152.2M | $160.2M | $137.2M | $143.1M | $125.9M | $116.0M |
| Gross profit | $378.1M | $420.0M | $361.9M | $343.6M | $343.3M | $332.8M | $311.1M | $288.8M | $267.7M | $265.7M | $244.1M | $212.3M |
| Research & development | — | — | — | — | $22.6M | $22.0M | — | — | $16.0M | $15.6M | $14.5M | $14.1M |
| Sales, general & admin | $79.7M | $72.0M | $80.8M | $68.9M | $80.4M | $99.8M | $59.7M | $29.3M | $55.3M | $48.6M | $55.0M | $41.0M |
| Total operating expenses | $132.8M | $132.7M | $131.1M | $133.2M | $143.4M | $128.7M | $122.6M | $129.4M | $105.2M | $98.0M | $102.5M | $87.6M |
| Operating income | $245.3M | $287.3M | $230.8M | $210.4M | $199.9M | $204.1M | $188.5M | $159.3M | $162.5M | $167.7M | $141.6M | $124.7M |
| Interest income | $18.2M | $17.5M | $19.2M | $20.3M | $15.0M | $13.8M | $14.8M | $16.7M | $21.5M | $21.1M | — | — |
| Interest expense | $505,000 | $624,000 | $403,000 | $522,000 | $429,000 | $587,000 | $573,000 | $1.4M | $542,000 | $1.7M | $20.3M | $464,000 |
| Income before taxes | $270.2M | $302.9M | $456.7M | $269.6M | $227.1M | $221.6M | $210.2M | $173.7M | $183.5M | $187.0M | $141.3M | $140.3M |
| Income taxes | $63.5M | $69.8M | $89.6M | $59.1M | $51.5M | $53.3M | $50.3M | $43.5M | $47.0M | $43.6M | $37.6M | $28.7M |
| Net income | $181.3M | $205.3M | $325.0M | $185.6M | $153.8M | $148.4M | $142.2M | $113.9M | $119.2M | $126.1M | $89.3M | $98.6M |
| EBITDA | $299.5M | $364.3M | $517.2M | $334.5M | $290.5M | $284.9M | $273.7M | $233.0M | $233.9M | $238.1M | $179.6M | $187.3M |
| EPS (diluted) | $0.97 | $1.08 | $0.87 | $0.87 | $0.87 | $0.86 | $0.76 | $0.75 | $0.70 | $0.71 | $0.64 | $0.55 |
| Gross margin | 67.6% | 68.0% | 69.4% | 67.6% | 66.9% | 65.3% | 67.2% | 64.3% | 66.1% | 65.0% | 66.0% | 64.7% |
| Operating margin | 43.9% | 46.5% | 44.3% | 41.4% | 39.0% | 40.0% | 40.7% | 35.5% | 40.1% | 41.0% | 38.3% | 38.0% |
| Net margin | 32.4% | 33.2% | 62.4% | 36.5% | 30.0% | 29.1% | 30.7% | 25.4% | 29.4% | 30.9% | 24.1% | 30.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TW's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TW financial results
In fiscal year 2025 (ended December 31, 2025), Tradeweb Markets reported revenue of $2.1 billion, up 18.9% from the year before. It had net income of $812.8 million (up 62.1%), a net profit margin of 39.6%. Diluted earnings per share came to $3.47. Over five years revenue grew at an average rate of 18.1% a year.
See the TW stock overview for the latest quote and news, or the TW chart for price history and technical indicators.
TW income statement FAQ
What is Tradeweb Markets's annual revenue?
Tradeweb Markets reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 18.9% from $1.7 billion the previous year.
Is Tradeweb Markets profitable?
Yes. Tradeweb Markets reported net income of $812.8 million in fiscal 2025, a net profit margin of 39.6%; its operating margin was 41.2%.
What is Tradeweb Markets's gross margin?
Tradeweb Markets's gross margin was 67.3% in fiscal 2025: for every $100 of revenue, Tradeweb Markets kept $67 after the direct cost of its products and services.
How fast is Tradeweb Markets growing?
Revenue grew 18.1% a year on average over the last five fiscal years, from $892.7 million to $2.1 billion.
What are Tradeweb Markets's earnings per share?
Tradeweb Markets earned $3.47 per diluted share in fiscal 2025, compared with $2.92 a year earlier.
When will Tradeweb Markets report its next earnings?
Tradeweb Markets is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Tradeweb Markets's fiscal year end?
Tradeweb Markets's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.