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Tradeweb Markets Inc.

Tradeweb Markets Inc.

NASDAQ•TW
CEO: Mr. William E. Hult
Sector: Financial Services
Industry: Financial - Capital Markets
Listing Date: 2019-04-04
Tradeweb Markets Inc., together with its subsidiaries, builds and operates electronic marketplaces worldwide. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors. It also offers a range of electronic, voice, and hybrid platforms to dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. operates as a subsidiary of Refinitiv Parent Limited.
Contact Information
1177 Avenue of the Americas, New York, NY, 10036, United States
646-430-6000
www.tradeweb.com
Market Cap
$22.68B
P/E (TTM)
36.0
52.4
Dividend Yield
0.5%
52W High
$152.65
52W Low
$101.71
52W Range
9%
Rank23Top 9.4%
5.8
F-Score
Modified Piotroski Analysis
Based on 9-year fundamentals
Average • 5.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2017-2025

Financial Dashboard

Q3 2025 Data

Revenue

$508.60M+13.30%
4-Quarter Trend

EPS

$0.87+64.15%
4-Quarter Trend

FCF

$310.89M+13.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Growth Strong Total revenue reached $1.53B USD for nine months, increasing 21.3% driven by transaction fees growth.
Net Income Soars Net income attributable to Tradeweb grew 35.8% to $487.80M USD for nine months ended September 30.
Canton Coin Income Boost Other income totaled $56.31M USD for nine months, largely due to realized and unrealized gains on Canton Coins.
Strong Liquidity Position Cash and equivalents totaled $1.91B USD as of September 30, 2025, reflecting strong operating cash generation.

Risk Factors

Regulatory Environment Uncertainty Extensive regulations expose the business to significant regulatory risk, potentially causing additional legal costs and compliance burdens.
Cybersecurity Threat Exposure Successful cybersecurity incidents could negatively impact revenue, operating income, and increase overall operational costs for the firm.
Client Concentration Risk Business relies heavily on dealer clients; nonperformance risk is present, especially during volatile trading market conditions.
Rising Operating Expenses Technology and Communications expenses rose 32.9% (9M) due to increased data strategy investment and higher trading volumes.

Outlook

Technology Investment Focus Plans include continued investment in technology infrastructure and platform expansion to enhance market position and competitiveness.
Corporates Sector Expansion ICD acquisition strengthened corporates channel, serving corporate treasury professionals with comprehensive liquidity management tools.
Dividend Policy Maintained Board declared Q4 2025 cash dividend of $0.12 per share for Class A and B common stock holders.
Data Agreement Renewal Reached agreement-in-principle to renew Master Data Agreement with LSEG for an additional three-year term starting November 2025.

Peer Comparison

Revenue (TTM)

Raymond James Financial, Inc.RJF
$15.91B
+7.5%
LPL Financial Holdings Inc.LPLA
$15.57B
+35.2%
Evercore Inc.EVR
$3.56B
+27.0%

Gross Margin (Latest Quarter)

Piper Sandler CompaniesPIPR
99.8%
+8.2pp
Evercore Inc.EVR
99.3%
-0.1pp
Raymond James Financial, Inc.RJF
89.2%
+3.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RJF$33.92B16.317.5%5.0%
LPLA$30.30B36.420.6%42.7%
TW$22.68B36.010.4%1.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.2%
Moderate Growth
4Q Net Income CAGR
9.3%
Profitability Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 5, 2026
|
EPS:$0.84
|
Revenue:$516.14M
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 30, 2025|
    Revenue: $508.60M+13.3%
    |
    EPS: $0.87+64.2%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $512.97M+26.7%
    |
    EPS: $0.72+28.6%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $509.68M+24.7%
    |
    EPS: $0.70+18.6%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 7, 2025|
    Revenue: $1.73B+29.0%
    |
    EPS: $2.36+36.4%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 30, 2024|
    Revenue: $448.92M+36.7%
    |
    EPS: $0.53+12.8%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 25, 2024|
    Revenue: $404.95M+30.4%
    |
    EPS: $0.56+33.3%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 25, 2024|
    Revenue: $408.74M+24.1%
    |
    EPS: $0.59+40.5%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 9, 2024|
    Revenue: $1.34B+12.6%
    |
    EPS: $1.73+15.3%
    Beat