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Tradeweb Markets Inc. revenue

Tradeweb Markets Inc.'s revenue was $2.05bn in fiscal 2025, up 18.9% on the year before. Since fiscal 2017 ($504m) it has grown at a compound 22.2% a year. Over the last twelve months it was $2.28bn.

Revenue history

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

Fiscal year2017Dec 20172019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Revenue5047768931,0761,1891,3381,7262,0522,282
Growth on the year before—+53.7%+15.1%+20.6%+10.4%+12.6%+29.0%+18.9%—

Revenue as reported in the company's 10-K and 10-Q filings (for banks, net interest income plus non-interest income). Growth is left blank when the earlier figure was zero or negative.

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.

Revenue against peers

Financial Exchanges & Data: the closest covered companies by revenue. Last twelve months.

CompanyRevenueGrowth3-year growth a year
Tradeweb Markets Inc. $2.28bn 14.4% 21.9%
Factset Research Systems Inc $2.48bn 6.7% 5.9%
Morningstar, Inc. $2.62bn 9.4% 9.9%
MSCI $3.43bn 12.3% 12.4%
Cboe Global Markets $5.28bn 14.3% 11.5%
Coinbase $5.63bn -26.6% 26.5%

Compare with peers

Head to head: FDS vs TWMORN vs TWMSCI vs TW

More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies

Figures from Tradeweb Markets Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tradeweb Markets Inc.