8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $2.1B | $813M | 0.0% | 40.7% | $1.1B | — | $2.1B |
| 2024 | $1.7B | $502M | 0.0% | 39.3% | $857M | — | $1.3B |
| 2023 | $1.3B | $365M | 0.0% | 37.8% | $728M | — | $1.7B |
| 2022 | $1.2B | $309M | 0.0% | 34.7% | $610M | — | $1.3B |
| 2021 | $1.1B | $227M | 0.0% | 33.3% | $561M | — | $972M |
| 2020 | $893M | $166M | 0.0% | 29.5% | $432M | — | $791M |
| 2019 | $776M | $84M | 0.0% | 24.5% | $295M | — | $461M |
| 2017 | $563M | — | 0.0% | 15.8% | $211M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $618M | $205M | 0.0% | 46.5% | $94M | — | $1.9B |
| Dec '25 | $521M | $325M | 0.0% | 42.4% | $337M | — | $2.1B |
| Sep '25 | $509M | $186M | 0.0% | 41.4% | $328M | — | $1.9B |
| Jun '25 | $513M | $154M | 0.0% | 39.0% | $404M | — | $1.6B |
| Mar '25 | $510M | $148M | 0.0% | 40.0% | $59M | — | $1.3B |
| Dec '24 | $463M | $142M | 0.0% | 40.7% | $257M | — | $1.3B |
| Sep '24 | $449M | $114M | 0.0% | 35.5% | $288M | — | $1.2B |
| Jun '24 | $405M | $119M | 0.0% | 40.1% | $281M | — | $1.7B |
| Mar '24 | $409M | $126M | 0.0% | 41.0% | $31M | — | $1.5B |
| Dec '23 | $370M | $89M | 0.0% | 38.3% | $244M | — | $1.7B |
| Sep '23 | $328M | $99M | 0.0% | 38.0% | $211M | — | $1.5B |
| Jun '23 | $311M | $89M | 0.0% | 37.5% | $209M | — | $1.4B |
| Mar '23 | $329M | $88M | 0.0% | 37.2% | $64M | — | $1.2B |
| Dec '22 | $293M | $89M | 0.0% | 31.2% | $203M | — | $1.3B |
| Sep '22 | $287M | $69M | 0.0% | 35.8% | $198M | — | $1.1B |
| Jun '22 | $297M | $68M | 0.0% | 35.9% | $172M | — | $960M |
| Mar '22 | $311M | $83M | 0.0% | 35.8% | $36M | — | $828M |
| Dec '21 | $277M | $49M | 0.0% | 32.9% | $184M | — | $972M |
| Sep '21 | $265M | $55M | 0.0% | 32.2% | $181M | — | $822M |
| Jun '21 | $261M | $55M | 0.0% | 32.1% | $144M | — | $681M |
How the market has priced TW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Tradeweb Markets Inc.'s revenue has grown 18.1% per year, and net income grown 37.3% per year. These are computed facts, not advice.
As of FY2025, Tradeweb Markets Inc. reported — of total debt against $2.1B of cash; operating income covered interest expense 430×.
In FY2025, gross margin was —, operating margin 40.7%, and net margin 39.6%.
As of Jun '26, Tradeweb Markets Inc. traded at a price-to-earnings ratio of about 23.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.