# Tradeweb Markets Inc.: overview

TW · Nasdaq · CIK 1758730 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/tw.md) · [Financials](/companies/tw/financials.md) · [Filings](/companies/tw/filings.md) · [Insiders](/companies/tw/insiders.md)

Latest reported revenue: [$584.5m](/filings/0001758730-26-000144.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001758730-26-000144).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [463 d](/filings/0001758730-26-000015.md) | [510](/filings/0001758730-26-000096.md) | [513](/filings/0001758730-26-000133.md) | [509](/filings/0001758730-26-000144.md) | [521 d](/filings/0001758730-26-000015.md) | [618](/filings/0001758730-26-000096.md) | [559](/filings/0001758730-26-000133.md) | [585](/filings/0001758730-26-000144.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [40.7% d](/filings/0001758730-26-000015.md) | [40.0%](/filings/0001758730-26-000096.md) | [39.0%](/filings/0001758730-26-000133.md) | [41.4%](/filings/0001758730-26-000144.md) | [42.4% d](/filings/0001758730-26-000015.md) | [46.5%](/filings/0001758730-26-000096.md) | [43.9%](/filings/0001758730-26-000133.md) | [43.4%](/filings/0001758730-26-000144.md) |
| Net margin | % | [30.7% d](/filings/0001758730-26-000015.md) | [29.1%](/filings/0001758730-26-000096.md) | [30.0%](/filings/0001758730-26-000133.md) | [36.5%](/filings/0001758730-26-000144.md) | [62.4% d](/filings/0001758730-26-000015.md) | [33.2%](/filings/0001758730-26-000096.md) | [32.4%](/filings/0001758730-26-000133.md) | [33.8%](/filings/0001758730-26-000144.md) |
| Diluted EPS | $ per share | not reported | [0.69](/filings/0001758730-26-000096.md) | [0.71](/filings/0001758730-26-000133.md) | [0.86](/filings/0001758730-26-000144.md) | not reported | [0.96](/filings/0001758730-26-000096.md) | [0.85](/filings/0001758730-26-000133.md) | [0.94](/filings/0001758730-26-000144.md) |
| Free cash flow | $m | [257 d](/filings/0001758730-26-000015.md) | [58.6](/filings/0001758730-26-000096.md) | [404 d](/filings/0001758730-26-000133.md) | [328 d](/filings/0001758730-26-000144.md) | [337 d](/filings/0001758730-26-000015.md) | [94.2](/filings/0001758730-26-000096.md) | [386 d](/filings/0001758730-26-000133.md) | [338 d](/filings/0001758730-26-000144.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,076](/filings/0001758730-24-000025.md) | [1,189](/filings/0001758730-25-000038.md) | [1,338](/filings/0001758730-26-000015.md) | [1,726](/filings/0001758730-26-000015.md) | [2,052](/filings/0001758730-26-000015.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [33.3%](/filings/0001758730-24-000025.md) | [34.7%](/filings/0001758730-25-000038.md) | [37.8%](/filings/0001758730-26-000015.md) | [39.3%](/filings/0001758730-26-000015.md) | [40.7%](/filings/0001758730-26-000015.md) |
| Net margin | % | [21.1%](/filings/0001758730-24-000025.md) | [26.0%](/filings/0001758730-25-000038.md) | [27.3%](/filings/0001758730-26-000015.md) | [29.1%](/filings/0001758730-26-000015.md) | [39.6%](/filings/0001758730-26-000015.md) |
| Diluted EPS | $ per share | [1.09](/filings/0001758730-24-000025.md) | [1.48](/filings/0001758730-25-000038.md) | [1.71](/filings/0001758730-26-000015.md) | [2.33](/filings/0001758730-26-000015.md) | [3.78](/filings/0001758730-26-000015.md) |
| Free cash flow | $m | [561](/filings/0001758730-24-000025.md) | [610](/filings/0001758730-25-000038.md) | [728](/filings/0001758730-26-000015.md) | [857](/filings/0001758730-26-000015.md) | [1,127](/filings/0001758730-26-000015.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/tw/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $685.9m | 6,882,278 |  | Added +53,444 |
| [WELLINGTON MANAGEMENT GROUP LLP](/funds/902219.md) | 2026-06-30 | $618.3m | 6,204,054 |  | Reduced −1,300,121 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $603.7m | 6,057,601 |  | Added +447,730 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $522.1m | 5,238,973 |  | Added +48,178 |
| [Carmignac Gestion](/funds/1569758.md) | 2026-06-30 | $386.4m | 3,876,800 |  | Not compared |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $279.8m | 2,807,827 |  | Added +63,023 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $272.4m | 2,787,932 |  | Reduced −108,277 |
| [Grantham, Mayo, Van Otterloo & Co. LLC](/funds/1352662.md) | 2026-06-30 | $265.4m | 2,663,518 |  | Added +12,855 |
| [Capital World Investors](/funds/1422849.md) | 2026-06-30 | $230.6m | 2,313,422 |  | Added +114,561 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $209.2m | 2,105,472 |  | Reduced −14,458 |

## Recent filings

[All 850 filings](/companies/tw/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 07:02 ET | [10-Q](/filings/0001758730-26-000144.md) | Quarterly report, period 2026-09-30 | 0001758730-26-000144 |
| 2026-10-29 | 07:01 ET | [8-K](/filings/0001758730-26-000143.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001758730-26-000143 |
| 2026-10-19 | 17:17 ET | [8-K](/filings/0001193125-26-425378.md) | 1.01 Entry into a material agreement; 3.02 Unregistered sale of equity; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-425378 |
| 2026-07-30 | 07:04 ET | [10-Q](/filings/0001758730-26-000133.md) | Quarterly report, period 2026-06-30 | 0001758730-26-000133 |
| 2026-07-30 | 07:03 ET | [8-K](/filings/0001758730-26-000132.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001758730-26-000132 |
| 2026-05-20 | 16:08 ET | [8-K](/filings/0001758730-26-000116.md) | 3.03 Change to security holders’ rights; 5.03 Amendment to articles or bylaws; 5.07 Shareholder vote results | 0001758730-26-000116 |
| 2026-04-29 | 07:02 ET | [10-Q](/filings/0001758730-26-000096.md) | Quarterly report, period 2026-03-31 | 0001758730-26-000096 |
| 2026-04-29 | 07:01 ET | [8-K](/filings/0001758730-26-000095.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001758730-26-000095 |
| 2026-03-26 | 16:08 ET | [DEF 14A](/filings/0001758730-26-000084.md) | Proxy statement, period 2026-05-19 | 0001758730-26-000084 |
| 2026-02-05 | 07:02 ET | [10-K](/filings/0001758730-26-000015.md) | Annual report, period 2025-12-31 | 0001758730-26-000015 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001758730-26-000015.md), filed Feb 5, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/e80208e8-bf32-4729-a1a0-54f16f5f31fa)

## About the filer

- CIK: 1758730
- Tickers: TW
- Exchange: Nasdaq
- SIC code: 6200 Security & Commodity Brokers, Dealers, Exchanges & Services
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 07:17 ET. No prices; not investment advice.