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Tradeweb Markets Inc. (TW) stock

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NASDAQ: TW Nasdaq Financial Exchanges & Data Next results ~February 4, 2027

C Fundamentals grade

Tradeweb Markets Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds290 adding, 297 cuttingOf 74 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tradeweb Markets files

10-Q filed October 29: Tradeweb Markets

Revenue for the twelve months to September 2026 was $2.28bn, up 14.4% on a year earlier, about the same pace as a quarter earlier. That growth ranks 1 of 11 among the financial exchanges & data companies we cover.

Our model value for Tradeweb Markets is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Tradeweb Markets

Revenue for the twelve months to June 2026 was $2.28bn, up 14.4% on a year earlier, about the same pace as a quarter earlier. That growth ranks 1 of 11 among the financial exchanges & data companies we cover. Its fundamentals grade moves from C+ to C.

10-Q on SEC EDGAR

Where Tradeweb Markets stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.21bn, up 14.0% on a year earlier, slower than 18.3% a quarter earlier.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Tradeweb Markets Inc.'s trailing-twelve-month revenue grew 14.4% year on year, with a free-cash-flow margin of 50.6%. Where it stands out: revenue growth of 14.4% ranks 1 of 11 financial exchanges & data companies we cover. Where it lags: stock pay as % of revenue of 4.8% ranks 10 of 11 financial exchanges & data companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 10.2% while net income grew 44.3%: a 34pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 44.1% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Margins widening. Operating margin is up 3.9 points on a year ago.
  • Strong cash generation. 50.6% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $2.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 8 insiders sold $45M of stock over the past 365 days and none bought (95% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 4.8% ranks 10 of 11 financial exchanges & data companies we cover (median 2.9%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.02 against an average estimate of $1.01: beat by 0.5%
Revenue
$585m, up 14.9% on a year earlier
Share reaction
+2.3% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted Expenses $1,100m to $1,160m (Full-Year 2026); acquisition and Refinitiv Transaction related depreciation and amortization expense $160m (Full-Year 2026)
Next report
October 29, 2026; average EPS estimate $1.03

Tradeweb Markets' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.2%
  • 1 week+0.5%
  • 1 month+21.3%
  • This year+15.8%
  • 1 year+18.3%
  • 5 years+36.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
44.1%
Net margin
39.8%
EPS (TTM, diluted)
$4.27

Growth

Revenue growth
+14.4%
Change in growth rate
+0.4 pts
Share count change
−0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tradeweb Markets Inc. valuation models and calculator

No model value for Tradeweb Markets Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Tradeweb Markets Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$68 ~$53–$110 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$34 ~$23–$51 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$34 ~$29–$42 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$3.1 ~$32–$140 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$36 ~$30–$45 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tradeweb Markets Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

66 /100

Moderate moat

How hard Tradeweb Markets's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 8 years.

  • Durability 19 / 20

    Operating margin has been a median 35.6%; its worst year was 22.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 50.5% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 4.1% over five years; stock-based pay has been a median 4.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.10 +18% $2.4bn +15%
Next $4.70 +15% $2.7bn +13%

Next year's EPS estimate has moved +2.1% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 8 analysts raised Tradeweb Markets Inc.'s forecast and 2 cut it.

Consensus EPS forecast Tradeweb Markets Inc., last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.06 Current fiscal year, 60 days ago: $4.06 Current fiscal year, 30 days ago: $4.05 Current fiscal year, 7 days ago: $4.09 Current fiscal year, Now: $4.10 $4.10 Next fiscal year, 90 days ago: $4.60 Next fiscal year, 60 days ago: $4.60 Next fiscal year, 30 days ago: $4.59 Next fiscal year, 7 days ago: $4.67 Next fiscal year, Now: $4.70 $4.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.06$4.60
60 days ago $4.06$4.60
30 days ago $4.05$4.59
7 days ago $4.09$4.67
Now $4.10$4.70

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.01 $1.02 +0.5%
Jun 2026 $0.95 $0.97 +2.5%
Mar 2026 $1.06 $1.08 +1.5%
Dec 2025 $0.84 $0.87 +3.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Adjusted Expenses Full-Year 2026 $1,100m to $1,160m Non-GAAP Maintained
    “Adjusted Expenses: $1,100 - 1,160 million (trending towards the top half of the range)” source
  • Acquisition and Refinitiv Transaction related depreciation and amortization expense Full-Year 2026 about $160m Maintained
    “Acquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million” source
  • Assumed non-GAAP tax rate Full-Year 2026 23.5% to 24.5% Non-GAAP Maintained
    “Assumed non-GAAP tax rate: ~23.5% - 24.5%” source
  • Cash capital expenditures and capitalized software development Full-Year 2026 $107m to $117m Maintained
    “Cash capital expenditures and capitalized software development: ~$107 - 117 million” source
  • LSEG Market Data Contract Revenue Full-Year 2026 about $105m Maintained
    “LSEG Market Data Contract Revenue: ~$105 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

16 analysts, Oct 2026
Buy850%
Hold850%
Sell00%

Monthly trend

  1. Oct 202635816
  2. Sep 202644715
  3. Aug 202644715
  4. Jul 202644715

Counts of recommendations published by analysts covering Tradeweb Markets Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
2.47
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
1,569
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +18.3%

$104.87 on October 31, 2025 to $124.02

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.2bn +14.0%
Net margin 28.9% 40.7% +40.9%
P/E multiple 40.4x 29.6x −26.8%
Share count 215m 214m +0.5%

Biggest factor: net margin.

Last 3 years +36.5%

$90.85 on November 3, 2023 to $124.02

ThenNowEffect
Revenue (last 12 months) $1.2bn $2.2bn +80.9%
Net margin 27.5% 40.7% +48.1%
P/E multiple 57.1x 29.6x −48.2%
Share count 211m 214m −1.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TW+61%−35%+41%+45%−18%+16%
Industry peers (median)+40%−24%+31%+15%+6%+9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TW83%42%58%67%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TW−9%−48%−17%−10%−30%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 4, 2019: 49% from December 28, 2021 to October 11, 2022. Getting back needed a 95% gain, reached on February 9, 2024, 486 days after the low.

Price behaviour

52-week range
$91.38 – $126.23
From 52-week high
−1.7%
vs 50-day average
+14.1%
vs 200-day average
+13.7%
Volatility (1 year)
31%
Beta vs S&P 500
-0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.5%
After a week
7 up, 4 down
typical move ±3.9%
After a month
9 up, 2 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.3% −2.1% — —
July 30, 2026 −7.1% +2.4% −4.5% +0.6%
April 29, 2026 +0.8% +1.0% −2.6% −10.8%
February 5, 2026 +11.2% +0.6% +15.1% +25.7%
October 30, 2025 0.0% −0.8% +1.4% +1.4%
July 30, 2025 +0.2% −0.5% −0.9% −10.3%
April 30, 2025 +0.5% +0.7% +4.6% +5.1%
February 6, 2025 −0.7% −0.6% +2.5% +6.4%
October 30, 2024 −3.4% −2.3% −2.4% +3.1%
July 25, 2024 −1.2% +0.6% +2.4% +8.6%
April 25, 2024 −1.1% +0.6% +2.5% +9.0%
February 6, 2024 +2.1% +1.1% +4.2% +6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Tradeweb Markets Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tradeweb Markets Inc.
$1B $1.5B $2B $2.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.5B Revenue (TTM), FY24 Q3: $1.6B Revenue (TTM), FY24 Q4: $1.7B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $2B Revenue (TTM), FY25 Q4: $2.1B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.3B
FY24 Q1 $1.4B
FY24 Q2 $1.5B
FY24 Q3 $1.6B
FY24 Q4 $1.7B
FY25 Q1 $1.8B
FY25 Q2 $1.9B
FY25 Q3 $2B
FY25 Q4 $2.1B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Tradeweb Markets Inc.
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 12.6% Revenue growth, TTM YoY, FY24 Q1: 17.5% Revenue growth, TTM YoY, FY24 Q2: 23.9% Revenue growth, TTM YoY, FY24 Q3: 29.4% Revenue growth, TTM YoY, FY24 Q4: 29.0% Revenue growth, TTM YoY, FY25 Q1: 28.9% Revenue growth, TTM YoY, FY25 Q2: 28.0% Revenue growth, TTM YoY, FY25 Q3: 22.2% Revenue growth, TTM YoY, FY25 Q4: 18.9% Revenue growth, TTM YoY, FY26 Q1: 18.3% Revenue growth, TTM YoY, FY26 Q2: 14.0% Revenue growth, TTM YoY, FY26 Q3: 14.4% 14.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 12.6%
FY24 Q1 17.5%
FY24 Q2 23.9%
FY24 Q3 29.4%
FY24 Q4 29.0%
FY25 Q1 28.9%
FY25 Q2 28.0%
FY25 Q3 22.2%
FY25 Q4 18.9%
FY26 Q1 18.3%
FY26 Q2 14.0%
FY26 Q3 14.4%
Operating margin (TTM) Tradeweb Markets Inc.
36% 38% 40% 42% 44% 46% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 37.8% Operating margin (TTM), FY24 Q1: 38.8% Operating margin (TTM), FY24 Q2: 39.5% Operating margin (TTM), FY24 Q3: 38.7% Operating margin (TTM), FY24 Q4: 39.3% Operating margin (TTM), FY25 Q1: 39.1% Operating margin (TTM), FY25 Q2: 38.9% Operating margin (TTM), FY25 Q3: 40.3% Operating margin (TTM), FY25 Q4: 40.7% Operating margin (TTM), FY26 Q1: 42.5% Operating margin (TTM), FY26 Q2: 43.7% Operating margin (TTM), FY26 Q3: 44.1% 44.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 37.8%
FY24 Q1 38.8%
FY24 Q2 39.5%
FY24 Q3 38.7%
FY24 Q4 39.3%
FY25 Q1 39.1%
FY25 Q2 38.9%
FY25 Q3 40.3%
FY25 Q4 40.7%
FY26 Q1 42.5%
FY26 Q2 43.7%
FY26 Q3 44.1%
FCF margin (TTM) Tradeweb Markets Inc.
48% 50% 52% 54% 56% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 54.4% FCF margin (TTM), FY24 Q1: 49.0% FCF margin (TTM), FY24 Q2: 50.7% FCF margin (TTM), FY24 Q3: 51.7% FCF margin (TTM), FY24 Q4: 49.6% FCF margin (TTM), FY25 Q1: 48.4% FCF margin (TTM), FY25 Q2: 52.0% FCF margin (TTM), FY25 Q3: 52.5% FCF margin (TTM), FY25 Q4: 54.9% FCF margin (TTM), FY26 Q1: 53.8% FCF margin (TTM), FY26 Q2: 51.9% FCF margin (TTM), FY26 Q3: 50.6% 50.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 54.4%
FY24 Q1 49.0%
FY24 Q2 50.7%
FY24 Q3 51.7%
FY24 Q4 49.6%
FY25 Q1 48.4%
FY25 Q2 52.0%
FY25 Q3 52.5%
FY25 Q4 54.9%
FY26 Q1 53.8%
FY26 Q2 51.9%
FY26 Q3 50.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 504 776 893 1,076 1,189 1,338 1,726 2,052 2,282
EBITDA 158 329 417 530 591 691 898 1,086 1,252
Operating income 89 190 263 359 413 505 678 835 1,007
Net income 84 84 166 227 309 365 502 813 909
Diluted EPS — $0.54 $0.88 $1.09 $1.48 $1.71 $2.33 $3.78 $4.27
Growth (year on year)
Revenue — +53.7% +15.1% +20.6% +10.4% +12.6% +29.0% +18.9% +14.4%
EBITDA — +108.7% +26.7% +27.1% +11.6% +16.8% +30.0% +20.9% +18.5%
Operating income — +113.1% +38.7% +36.3% +15.0% +22.5% +34.2% +23.2% +25.4%
Net income — +0.1% +98.5% +36.4% +36.4% +18.0% +37.4% +62.1% +44.3%
Diluted EPS — — +63.0% +23.9% +35.8% +15.5% +36.3% +62.2% +45.7%
Margins
EBITDA margin 31.3% 42.4% 46.7% 49.2% 49.8% 51.6% 52.0% 52.9% 54.8%
Operating margin 17.7% 24.5% 29.5% 33.3% 34.7% 37.8% 39.3% 40.7% 44.1%
Net margin 16.6% 10.8% 18.6% 21.1% 26.0% 27.3% 29.1% 39.6% 39.8%
Free-cash-flow margin 41.9% 38.1% 48.4% 52.1% 51.3% 54.4% 49.6% 54.9% 50.6%
Cash flow
Cash from operations 225 311 443 578 633 746 898 1,168 1,201
Capital spending 13 16 11 17 23 19 41 41 47
Free cash flow 211 295 432 561 610 728 857 1,127 1,155
Stock-based pay 26 50 39 52 67 65 90 104 110
Free cash flow after stock pay 185 245 392 509 543 662 767 1,024 1,045
Balance sheet
Cash 354 461 791 972 1,257 1,706 1,340 2,085 2,115
Total debt 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −354 −461 −791 −972 −1,257 −1,706 −1,340 −2,085 −2,115
Diluted shares 216m 157m 188m 207m 208m 213m 215m 215m 213m
Returned to shareholders
Dividends — 36 58 65 66 76 85 102 114
Buybacks — 0 0 76 99 35 59 104 551
Total returned — 36 58 140 165 111 144 207 665

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$551M
Dividends (TTM)
$114M
Returned to shareholders
58%
of free cash flow
Buybacks, last 3 fiscal years
$198M
Diluted share count
−0.9%
year over year
Total shareholder yield
2.5%
dividends 0.4% + buybacks 2.1% of market value
Dividend payout ratio
13%
of net income paid out

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated TW FDS MORN MSCI CBOE COIN Median
Revenue, last 12 months $2.3bn $2.5bn $2.6bn $3.4bn $5.3bn $5.6bn $5.3bn
Revenue growth, last 12 months 14.4% 6.7% 9.4% 12.3% 14.3% −26.6% 9.4%
Revenue growth, 3-year average 21.9% 5.9% 9.9% 12.4% 11.5% 26.5% 12.4%
Revenue growth, latest quarter 14.9% 6.3% 8.9% 12.4% 19.0% −35.0% 12.4%
Gross margin — 50.6% 63.1% 82.4% 53.9% — 63.1%
Operating margin 44.1% 28.3% 24.5% 55.7% 36.4% 3.6% 40.5%
Operating margin, 3-year average 41.0% 30.8% 21.8% 54.4% 31.2% 19.6% 38.4%
Net margin 39.8% 21.5% 17.0% 40.3% 28.0% −12.5% 29.6%
Cash from operations / revenue 52.6% 33.2% 24.5% 47.0% 49.7% 25.0% 40.7%
Free-cash-flow margin 50.6% 28.6% 18.8% 45.9% 47.9% 25.0% 36.4%
Free-cash-flow margin, 3-year average 51.6% 27.7% 18.4% 48.5% 33.6% 31.2% 34.0%
Stock pay / revenue 4.8% 3.4% 2.5% 3.7% 1.0% 16.9% 2.9%
Change in share count −0.9% −4.6% −8.7% −5.5% −0.1% −0.9% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth 14.4% 9.4% 1 of 11
Change in growth rate Growth +0.4pp +0.4pp 6 of 11
Operating margin Profitability 44.1% 40.5% 4 of 11
Net margin Profitability 39.8% 29.6% 3 of 11
Stock pay as % of revenue Cash generation 4.8% 2.9% 10 of 11
Change in share count Balance sheet -0.9% -1.7% 8 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Transaction Fee Revenue $1.7B 82.8% ▲ 19.5%
Subscription Fee Revenue $234M 11.4% ▲ 13.2%
Market Data Revenue $93.2M 4.5% ▲ 13.5%
Financial Service Other $24.8M 1.2% ▲ 82.3%
Geography
Region Revenue Share YoY
United States $1.2B 58.2% ▲ 12.6%
Outside the US $858M 41.8% ▲ 29.0%

From Tradeweb Markets Inc.'s 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.6B
Institutions reporting
560
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
60 / 84

Top buyers and sellers, Q2 2026: 290 institutions bought and 297 sold ; the biggest buyer was Carmignac Gestion (+1.6M shares) and the biggest seller Linonia Partnership LP (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Price T Rowe Associates Inc $1.6B 16.4M 14.0% ▲ 9.6%
Blackrock, Inc. $686M 6.9M 5.9% ▲ 0.8%
Wellington Management Group LLP $618M 6.2M 5.3% ▼ 17.3%
Vanguard Portfolio Management LLC $604M 6.1M 5.2% ▲ 8.0%
Vanguard Capital Management LLC $522M 5.2M 4.5% ▲ 0.9%
Carmignac Gestion $386M 3.9M 3.3% ▲ 69.6%
T. Rowe Price Investment Management, Inc. $329M 3.3M 2.8% ▼ 2.9%
State Street Corp $280M 2.8M 2.4% ▲ 2.3%
AQR Capital Management LLC $272M 2.8M 2.3% ▼ 3.7%
Grantham, Mayo, Van Otterloo & Co. LLC $265M 2.7M 2.3% ▲ 0.5%
Capital World Investors $231M 2.3M 2.0% ▲ 5.2%
Geode Capital Management, LLC $209M 2.1M 1.8% ▼ 0.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tradeweb Markets Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $44.6M 23 trades by 8 insiders · 95% under pre-set plans
Net ▼ $44.6M net selling
Insider Date Trade Shares Price Value
Dixon Troy MD, Co-Head of Global Markets August 17, 2026 Sell pre-set plan 2,584 $106.06 $274,059
Dixon Troy MD, Co-Head of Global Markets August 14, 2026 Sell pre-set plan 546 $105.74 $57,734
Peterson Justin Chief Technology Officer June 1, 2026 Sell pre-set plan 21,221 $102.00 $2.2M
Berns Steven Director May 26, 2026 Sell pre-set plan 425 $105.26 $44,736
Peterson Justin Chief Technology Officer April 15, 2026 Sell pre-set plan 21,221 $120.66 $2.6M
Furber Sara Chief Financial Officer March 23, 2026 Sell pre-set plan 1,614 $124.86 $201,524
Friedman Douglas Chief Legal Officer March 23, 2026 Sell pre-set plan 592 $124.86 $73,917
Clack Amy Chief Administrative Officer March 20, 2026 Sell pre-set plan 271 $125.75 $34,078
Peterson Justin Chief Technology Officer March 20, 2026 Sell pre-set plan 1,005 $125.13 $125,756
Furber Sara Chief Financial Officer March 20, 2026 Sell pre-set plan 4,911 $125.13 $614,513
Friedman Douglas Chief Legal Officer March 20, 2026 Sell pre-set plan 2,219 $125.12 $277,641
Dixon Troy MD, Co-Head of Global Markets March 20, 2026 Sell pre-set plan 2,584 $125.75 $324,938

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Tradeweb Markets Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded October 9, 2025, filed November 18, 2025
  • Byron Donalds(R-FL 19):Purchase, $1,001 - $15,000, traded October 9, 2025, filed November 18, 2025
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded October 1, 2025, filed January 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 29, 2026
  • February 5, 2026
  • October 30, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Tradeweb Markets Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tradeweb Markets Inc. in brief

What does Tradeweb Markets Inc. do?
Tradeweb Markets Inc. is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Tradeweb Markets Inc.'s stock ticker?
Tradeweb Markets Inc. trades under the ticker TW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tradeweb Markets Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tradeweb Markets Inc. reported revenue of $2.3B, 14.4% higher than a year earlier, according to its SEC filings.
What is Tradeweb Markets Inc.'s free cash flow?
Tradeweb Markets Inc.'s free-cash-flow margin is 50.6% of revenue over the trailing twelve months.
Who are Tradeweb Markets Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Price T Rowe Associates Inc, Blackrock, Inc. and Wellington Management Group LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tradeweb Markets Inc. buying back stock, and does it pay a dividend?
Tradeweb Markets Inc. spent $551M on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
What is Tradeweb Markets Inc.'s market cap?
On November 2, 2026, Tradeweb Markets Inc.'s market capitalisation was about $26.4B, with a price-to-earnings ratio of 29.1 and net debt of -$2.1B. Market figures come from third-party market data and may be delayed.
Does Tradeweb Markets Inc. pay a dividend?
Yes: Tradeweb Markets Inc. paid $114M in dividends over the trailing twelve months, a dividend yield of 0.44% and a payout ratio of 12.6%.
Who are Tradeweb Markets Inc.'s competitors?
In our Financial Exchanges & Data peer group, the companies closest to Tradeweb Markets Inc. are Factset Research Systems Inc, Morningstar, Inc., MSCI, Cboe Global Markets and Coinbase. The side-by-side comparison below sets their revenue, margins and growth against Tradeweb Markets Inc.'s.
Are insiders buying or selling Tradeweb Markets Inc. stock?
Over the last 12 months, Tradeweb Markets Inc.'s directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Tradeweb Markets Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tradeweb Markets Inc. announces its own schedule.