The Filings Report

Tradeweb Markets Inc. Class A Common Stock

TWNasdaqCIK 1758730Financial / Capital Marketsfiscal year ends December33 quarters since 2018

Revenue, Q3 FY2026
$585M
+14.9% on Q3 FY2025
Net income
$197M
+6.4% on Q3 FY2025
Free cash flow
$338M
+3.0% on Q3 FY2025
Diluted EPS
$0.94
+9.3% on Q3 FY2025
Revenue, TTM
$2.3B
trailing four quarters
Net margin, TTM
39.8%
net income $909M
Free cash flow, TTM
$1.2B
$1.2B less $47M capex
Cash and equivalents
$2.1B
long-term debt —, Sep 30, 2026
Shares, 12-month change
—
— shares, Sep 30, 2026
Buybacks, TTM
$551M
no yield
Dividends, TTM
—
no yield
Market value
—
at the close, buybacks

Latest quarter Q3 FY2026, filed October 29, 2026. Trailing figures sum the latest four quarters. Market values at the latest close, from a market data vendor.

In Q3 FY2026, the quarter ended September 30, 2026, Tradeweb Markets Inc. Class A Common Stock reported revenue of $585M, +14.9% on Q3 FY2025, and net income of $197M (+6.4%). Operating margin was 43.4%. Free cash flow, operating cash flow less capital expenditures, was $338M ($347M less $9M). Diluted earnings per share were $0.94.

The last 16 quarters

Q4 FY2022 to Q3 FY2026, through the filing of October 29, 2026.

Revenue and net incomeRevenueNet income
$0$200M$400M$600M$800MQ4'22, Revenue: $293MQ4'22, Net income: $89MQ4'22Q1'23, Revenue: $329MQ1'23, Net income: $88MQ1'23Q2'23, Revenue: $311MQ2'23, Net income: $89MQ2'23Q3'23, Revenue: $328MQ3'23, Net income: $99MQ3'23Q4'23, Revenue: $370MQ4'23, Net income: $89MQ4'23Q1'24, Revenue: $409MQ1'24, Net income: $126MQ1'24Q2'24, Revenue: $405MQ2'24, Net income: $119MQ2'24Q3'24, Revenue: $449MQ3'24, Net income: $114MQ3'24Q4'24, Revenue: $463MQ4'24, Net income: $142MQ4'24Q1'25, Revenue: $510MQ1'25, Net income: $148MQ1'25Q2'25, Revenue: $513MQ2'25, Net income: $154MQ2'25Q3'25, Revenue: $509MQ3'25, Net income: $186MQ3'25Q4'25, Revenue: $521MQ4'25, Net income: $325MQ4'25Q1'26, Revenue: $618MQ1'26, Net income: $205MQ1'26Q2'26, Revenue: $559MQ2'26, Net income: $181MQ2'26Q3'26, Revenue: $585MQ3'26, Net income: $197MQ3'26$0$200M$400M$600M$800MQ4'22, Revenue: $293MQ4'22, Net income: $89MQ1'23, Revenue: $329MQ1'23, Net income: $88MQ1'23Q2'23, Revenue: $311MQ2'23, Net income: $89MQ3'23, Revenue: $328MQ3'23, Net income: $99MQ3'23Q4'23, Revenue: $370MQ4'23, Net income: $89MQ1'24, Revenue: $409MQ1'24, Net income: $126MQ1'24Q2'24, Revenue: $405MQ2'24, Net income: $119MQ3'24, Revenue: $449MQ3'24, Net income: $114MQ3'24Q4'24, Revenue: $463MQ4'24, Net income: $142MQ1'25, Revenue: $510MQ1'25, Net income: $148MQ1'25Q2'25, Revenue: $513MQ2'25, Net income: $154MQ3'25, Revenue: $509MQ3'25, Net income: $186MQ3'25Q4'25, Revenue: $521MQ4'25, Net income: $325MQ1'26, Revenue: $618MQ1'26, Net income: $205MQ1'26Q2'26, Revenue: $559MQ2'26, Net income: $181MQ3'26, Revenue: $585MQ3'26, Net income: $197MQ3'26

Net income losses drawn in red.

Free cash flow
$0$200M$400M$600MQ4'22, Free cash flow: $203MQ4'22Q1'23, Free cash flow: $64MQ1'23Q2'23, Free cash flow: $209MQ2'23Q3'23, Free cash flow: $211MQ3'23Q4'23, Free cash flow: $244MQ4'23Q1'24, Free cash flow: $31MQ1'24Q2'24, Free cash flow: $281MQ2'24Q3'24, Free cash flow: $288MQ3'24Q4'24, Free cash flow: $257MQ4'24Q1'25, Free cash flow: $59MQ1'25Q2'25, Free cash flow: $404MQ2'25Q3'25, Free cash flow: $328MQ3'25Q4'25, Free cash flow: $337MQ4'25Q1'26, Free cash flow: $94MQ1'26Q2'26, Free cash flow: $386MQ2'26Q3'26, Free cash flow: $338MQ3'26$0$200M$400M$600MQ4'22, Free cash flow: $203MQ1'23, Free cash flow: $64MQ1'23Q2'23, Free cash flow: $209MQ3'23, Free cash flow: $211MQ3'23Q4'23, Free cash flow: $244MQ1'24, Free cash flow: $31MQ1'24Q2'24, Free cash flow: $281MQ3'24, Free cash flow: $288MQ3'24Q4'24, Free cash flow: $257MQ1'25, Free cash flow: $59MQ1'25Q2'25, Free cash flow: $404MQ3'25, Free cash flow: $328MQ3'25Q4'25, Free cash flow: $337MQ1'26, Free cash flow: $94MQ1'26Q2'26, Free cash flow: $386MQ3'26, Free cash flow: $338MQ3'26

Operating cash flow less capital expenditures; negative quarters in red.

Cash and equivalents against long-term debtCash and equivalentsLong-term debt
$0$1B$2B$3BQ4'22, Cash and equivalents: $1.3BQ4'22Q1'23, Cash and equivalents: $1.2BQ1'23Q2'23, Cash and equivalents: $1.4BQ2'23Q3'23, Cash and equivalents: $1.5BQ3'23Q4'23, Cash and equivalents: $1.7BQ4'23Q1'24, Cash and equivalents: $1.5BQ1'24Q2'24, Cash and equivalents: $1.7BQ2'24Q3'24, Cash and equivalents: $1.2BQ3'24Q4'24, Cash and equivalents: $1.3BQ4'24Q1'25, Cash and equivalents: $1.3BQ1'25Q2'25, Cash and equivalents: $1.6BQ2'25Q3'25, Cash and equivalents: $1.9BQ3'25Q4'25, Cash and equivalents: $2.1BQ4'25Q1'26, Cash and equivalents: $1.9BQ1'26Q2'26, Cash and equivalents: $2.1BQ2'26Q3'26, Cash and equivalents: $2.1BQ3'26$0$1B$2B$3BQ4'22, Cash and equivalents: $1.3BQ1'23, Cash and equivalents: $1.2BQ1'23Q2'23, Cash and equivalents: $1.4BQ3'23, Cash and equivalents: $1.5BQ3'23Q4'23, Cash and equivalents: $1.7BQ1'24, Cash and equivalents: $1.5BQ1'24Q2'24, Cash and equivalents: $1.7BQ3'24, Cash and equivalents: $1.2BQ3'24Q4'24, Cash and equivalents: $1.3BQ1'25, Cash and equivalents: $1.3BQ1'25Q2'25, Cash and equivalents: $1.6BQ3'25, Cash and equivalents: $1.9BQ3'25Q4'25, Cash and equivalents: $2.1BQ1'26, Cash and equivalents: $1.9BQ1'26Q2'26, Cash and equivalents: $2.1BQ3'26, Cash and equivalents: $2.1BQ3'26

Positions at each quarter end, as filed; short-term investments are not included.

Income statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Tradeweb Markets Inc. Class A Common Stock income statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 29, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 30, 2025Q1 FY2025ended Mar 31, 2025filed Apr 30, 2025Q4 FY2024ended Dec 31, 2024filed Feb 7, 2025YoYQ3 FY2026vs Q3 FY2025
Revenue585559618521509513510463+14.9%
Cost of revenue—————————
Gross profit—————————
Research and development—————————
Selling, general and administrative—————————
Operating income253245287221210200204189+20.5%
Other income (expense)197(1)20739134(1)−52.5%
Pretax income290270303457270227222210+7.6%
Income tax6564709059525350+10.2%
Net income197181205325186154148142+6.4%
Diluted EPS ($)0.940.850.96—0.860.710.69—+9.3%
Diluted shares (millions)211213213—215215215——

Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none. Italic figures are derived.

Balance sheet

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Tradeweb Markets Inc. Class A Common Stock balance sheet, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 29, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 30, 2025Q1 FY2025ended Mar 31, 2025filed Apr 30, 2025Q4 FY2024ended Dec 31, 2024filed Feb 7, 2025YoYQ3 FY2026vs Q3 FY2025
Cash and equivalents2,1152,0581,9372,0851,9081,6301,3061,340+10.8%
Short-term investments—————————
Total current assets—————————
Total assets8,4298,2518,2968,1907,9968,0567,3707,268+5.4%
Total current liabilities—————————
Long-term debt—————————
Total liabilities1,0959139861,0001,0611,330823869+3.2%
Stockholders’ equity6,6226,6356,6206,5086,2816,0985,9395,800+5.4%
Shares outstanding (millions)—————————

Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers. Italic figures are derived.

Cash flow statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Tradeweb Markets Inc. Class A Common Stock cash flow statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 29, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 30, 2025Q1 FY2025ended Mar 31, 2025filed Apr 30, 2025Q4 FY2024ended Dec 31, 2024filed Feb 7, 2025YoYQ3 FY2026vs Q3 FY2025
Operating cash flow34739410435634240960282+1.5%
Capital expenditures981019145225−33.7%
Free cash flow (CFO − capex)3383869433732840459257+3.0%
Depreciation and amortization6261616064636363−3.2%
Share repurchases2071875310300135—
Dividends paid—————————

10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines. Italic figures are derived.

Annual statements

Every fiscal year filed, newest first, through FY2025 filed February 5, 2026.

Income statement

Tradeweb Markets Inc. Class A Common Stock income statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 7, 2025FY2023ended Dec 31, 2023filed Feb 9, 2024FY2022ended Dec 31, 2022filed Feb 24, 2023FY2021ended Dec 31, 2021filed Feb 24, 2022FY2020ended Dec 31, 2020filed Feb 25, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed May 20, 2019FY2017ended Dec 31, 2017filed Feb 21, 2020
Revenue2,0521,7261,3381,1891,076893776—563
Cost of revenue—————————
Gross profit—————————
Research and development—————————
Selling, general and administrative—————————
Operating income835678505413359263190—89
Other income (expense)263(1)(13)(1)0————
Pretax income1,175754548437370274225—90
Income tax25318412878975652—6
Net income81350236530922716684——
Diluted EPS ($)3.782.331.711.481.090.880.54——
Diluted shares (millions)215215213208207188157—216

Balance sheet

Tradeweb Markets Inc. Class A Common Stock balance sheet, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 7, 2025FY2023ended Dec 31, 2023filed Feb 9, 2024FY2022ended Dec 31, 2022filed Feb 24, 2023FY2021ended Dec 31, 2021filed Feb 24, 2022FY2020ended Dec 31, 2020filed Feb 25, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed May 20, 2019FY2017ended Dec 31, 2017filed Feb 21, 2020
Cash and equivalents2,0851,3401,7061,257972791461410—
Short-term investments—————————
Total current assets—————————
Total assets8,1907,2687,0606,2605,9905,6805,0954,997—
Total current liabilities—————————
Long-term debt—————————
Total liabilities1,0008691,128714681661503411—
Stockholders’ equity6,5085,8005,3744,9544,6464,3033,3794,572—
Shares outstanding (millions)—————————

Cash flow statement

Tradeweb Markets Inc. Class A Common Stock cash flow statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 7, 2025FY2023ended Dec 31, 2023filed Feb 9, 2024FY2022ended Dec 31, 2022filed Feb 24, 2023FY2021ended Dec 31, 2021filed Feb 24, 2022FY2020ended Dec 31, 2020filed Feb 25, 2021FY2019ended Dec 31, 2019filed Feb 21, 2020FY2018ended Dec 31, 2018filed May 20, 2019FY2017ended Dec 31, 2017filed Feb 21, 2020
Operating cash flow1,168898746633578443311—225
Capital expenditures41411923171116—13
Free cash flow (CFO − capex)1,127857728610561432295—211
Depreciation and amortization250220185179171154139—69
Share repurchases1045935997600——
Dividends paid—————————

Insider activity

Form 4 filings by officers, directors and 10% owners, November 1, 2024 to November 1, 2026. Only open-market purchases and sales count as buys and sells; awards, exercises, tax withholding and gifts are listed in grey and never counted.

Bought, three months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, three months
$332K
2 sales by 1 insider; officers and directors $332K
Bought, twelve months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, twelve months
$45M
23 sales by 8 insiders; officers and directors $45M

The last 25 transactions

TradedInsiderRoleTransactionSharesPriceValueHeld afterFiled
Aug 17, 2026Dixon TroyMD, Co-Head of Global Marketsopen-market sale10b5-12,584$106.06$274K31,863Aug 18, 2026
Aug 14, 2026Dixon TroyMD, Co-Head of Global Marketsopen-market sale10b5-1546$105.74$58K34,447Aug 18, 2026
Jun 1, 2026Peterson JustinChief Technology Officeropen-market sale10b5-121,221$102.00$2M15,070Jun 2, 2026
May 26, 2026Berns StevenDirectoropen-market sale10b5-1425$105.26$45K4,884May 27, 2026
May 19, 2026Yared RanaDirectoraward1,645$0.00—4,239May 20, 2026
May 19, 2026Aigrain JacquesDirectoraward2,668$0.00—12,222May 20, 2026
May 19, 2026Madoff PaulaDirectoraward1,912$0.00—16,845May 20, 2026
May 19, 2026Berns StevenDirectoraward1,645$0.00—5,309May 20, 2026
May 19, 2026Ganeles ScottDirectoraward1,645$0.00—15,330May 20, 2026
May 19, 2026Opoku LisaDirectoraward1,645$0.00—4,469May 20, 2026
May 19, 2026Repetto Richard HDirectoraward1,645$0.00—3,178May 20, 2026
Apr 15, 2026Peterson JustinChief Technology Officeropen-market sale10b5-121,221$120.66$3M36,291Apr 17, 2026
Mar 23, 2026Friedman DouglasChief Legal Officeropen-market sale10b5-1592$124.86$74K13,921Mar 24, 2026
Mar 23, 2026Furber SaraChief Financial Officeropen-market sale10b5-11,614$124.86$202K22,264Mar 24, 2026
Mar 20, 2026Dixon TroyMD, Co-Head of Global Marketsopen-market sale10b5-12,584$125.75$325K34,993Mar 24, 2026
Mar 20, 2026Friedman DouglasChief Legal Officeropen-market sale10b5-12,219$125.12$278K14,513Mar 24, 2026
Mar 20, 2026Furber SaraChief Financial Officeropen-market sale10b5-14,911$125.13$615K23,878Mar 24, 2026
Mar 20, 2026Peterson JustinChief Technology Officeropen-market sale10b5-11,005$125.13$126K57,512Mar 24, 2026
Mar 20, 2026Clack AmyChief Administrative Officeropen-market sale10b5-1271$125.75$34K21,557Mar 24, 2026
Mar 18, 2026Peterson JustinChief Technology Officeropen-market sale10b5-13,212$124.76$401K58,517Mar 19, 2026
Mar 17, 2026Peterson JustinChief Technology Officeraward3$0.00—61,729Mar 19, 2026
Mar 17, 2026Peterson JustinChief Technology Officertax withholding1,241$126.17$157K61,726Mar 19, 2026
Mar 17, 2026Clack AmyChief Administrative Officertax withholding1,128$126.17$142K21,825Mar 19, 2026
Mar 17, 2026Clack AmyChief Administrative Officeraward3$0.00—21,828Mar 19, 2026
Mar 17, 2026Friedman DouglasChief Legal Officeraward1$0.00—16,732Mar 19, 2026

Full insider history for Tradeweb Markets Inc. Class A Common Stock, or insider activity across all companies. A record of filings, not a recommendation.

Tracked funds holding it

1 of the tracked managers held TW in their latest 13F filing, through August 14, 2026. Weight is the share of the fund’s reported portfolio. How the funds have traded TW by quarter.

FundManagerQuarterValueSharesWeightMove
Baron Capital GroupRon BaronQ2 2026$51M510,8530.08%added +39.0%

Sources

Fiscal year ends in month 12; periods are labeled with the issuer's own fiscal calendar. Values are as most recently filed (restatements apply; per-share values are on current split basis per the connector's split table, flagged in adjusted). Flow items flagged in `derived` were computed (Q4 = FY − nine months; quarterly cash flow differenced from year-to-date filings) rather than read from a filing. `reconciliation.repaired` lists periods where a full-year figure was filed in a quarter slot: that row was dropped and the quarter rebuilt from the annual figure. `reconciliation.quarantined` lists periods where four filed quarters do not sum to the filed year — those quarterly values are withheld, so a blank there is a withholding rather than an absence of reporting.

Filer
Tradeweb Markets Inc., CIK 1758730 on EDGAR
Extract generated
November 1, 2026
Withheld
none
Repaired
none
XBRL concepts behind each line

Income statement

Revenue: RevenueFromContractWithCustomerExcludingAssessedTax
Cost of revenue: not filed
Gross profit: not filed
Research and development: not filed
Selling, general and administrative: not filed
Operating income: OperatingIncomeLoss
Other income (expense): OtherNonoperatingIncomeExpense
Pretax income: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax: IncomeTaxExpenseBenefit
Net income: NetIncomeLoss
Diluted EPS ($): EarningsPerShareDiluted
Diluted shares (millions): WeightedAverageNumberOfDilutedSharesOutstanding

Balance sheet

Cash and equivalents: CashAndCashEquivalentsAtCarryingValue
Short-term investments: not filed
Total current assets: not filed
Total assets: Assets
Total current liabilities: not filed
Long-term debt: not filed
Total liabilities: Liabilities
Stockholders’ equity: StockholdersEquity
Shares outstanding (millions): not filed

Cash flow statement

Operating cash flow: NetCashProvidedByUsedInOperatingActivities
Capital expenditures: PaymentsToAcquirePropertyPlantAndEquipment
Free cash flow (CFO − capex): not filed
Depreciation and amortization: DepreciationAndAmortization
Share repurchases: PaymentsForRepurchaseOfCommonStock
Dividends paid: not filed

The data

The statements on this page as files, generated November 1, 2026.

JSON file
/data/financials/TW.json