Tradeweb Markets Inc. income statement
In fiscal 2025, Tradeweb Markets Inc. reported revenue of $2.05bn, up 18.9% on the year before, operating income of $835m (a 40.7% margin) and net income of $813m, or $3.78 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2017Dec 2017 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 504 | 776 | 893 | 1,076 | 1,189 | 1,338 | 1,726 | 2,052 | 2,282 |
| Operating income | 89 | 190 | 263 | 359 | 413 | 505 | 678 | 835 | 1,007 |
| Interest expense | — | — | — | — | 2 | 2 | 4 | 2 | 2 |
| Net interest income | — | 2 | −0 | −2 | 12 | 65 | — | — | — |
| Income before tax | 90 | 225 | 274 | 370 | 437 | 548 | 754 | 1,175 | 1,320 |
| Income tax | 6 | 52 | 56 | 97 | 78 | 128 | 184 | 253 | 288 |
| 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 |
| Diluted shares (average) | 216m | 157m | 188m | 207m | 208m | 213m | 215m | 215m | 213m |
| EBITDA | 158 | 329 | 417 | 530 | 591 | 691 | 898 | 1,086 | 1,252 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 463 | 510 | 513 | 509 | 521 | 618 | 559 | 585 |
| Operating income | 189 | 204 | 200 | 210 | 221 | 287 | 245 | 253 |
| Interest expense | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 1 |
| Income before tax | 210 | 222 | 227 | 270 | 457 | 303 | 270 | 290 |
| Income tax | 50 | 53 | 52 | 59 | 90 | 70 | 64 | 65 |
| Net income | 142 | 148 | 154 | 186 | 325 | 205 | 181 | 197 |
| Diluted EPS | $0.66 | $0.69 | $0.71 | $0.86 | $1.51 | $0.96 | $0.85 | $0.94 |
| EBITDA | 251 | 267 | 263 | 275 | 281 | 348 | 307 | 316 |
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