Tradeweb (TW): what its filings show

What does Tradeweb actually sell?#

Tradeweb describes itself as "a leader in building and operating electronic marketplaces" for clients across the financial system ^[1]. Its marketplaces cover four asset classes: rates, credit, equities and money markets ^[1].

It serves four client sectors: institutional, wholesale, retail and corporates ^[1]. The 10-K says its network has more than 3,000 clients in over 85 countries ^[1]. On the retail side, it gives financial advisors access to small "micro-lot" bond trades through its regulated retail alternative trading system ^[1].

Where does Tradeweb's revenue come from?#

The income statement splits revenue into four lines. Amounts below are in thousands of dollars, as the 10-K reports them ^[2]:

Consolidated statements of income, 2025 Form 10-K ^[2].

Transaction fees and commissions were 82.85% of 2025 revenue and grew 19.45% from 2024 (calculated) ^[2]. Subscription fees, LSEG market data fees and other revenue together were 17.15% (calculated). One line is worth noticing: LSEG market data fees, $93,197 thousand in 2025 ^[2]. Tradeweb has a market data license agreement with affiliates of LSEG, the group that controls it, under which LSEG distributes some Tradeweb data to its own customers ^[1].

How have revenue and profit changed over five years?#

The bars above cover fiscal 2021 to fiscal 2025, each ending December 31. Revenue rose from $1.08 billion to $2.05 billion, up 90.67% (calculated). Net income attributable to Tradeweb rose from $226.8 million to $812.8 million, up 258.33% (calculated).

The last year stands out. From 2024 to 2025 revenue grew 18.92% and operating income grew 23.2%, but net income attributable to the company grew 62.07% (calculated from the figures in ^[2]). When net income grows much faster than operating income, the difference sits in lines below operating income, such as taxes or other income. The 10-K's management discussion explains those lines; we did not find the reason in the part of the filing we could read, so we do not state it here.

Notice that total net income ($921,500 thousand) is higher than the amount attributable to Tradeweb Markets Inc. ($812,792 thousand) ^[2], a gap of $108,708 thousand (calculated). The panel above uses the attributable figure. It is the one that lines up with EPS: diluted EPS of $3.78 times 214.9 million diluted shares is about $812.3 million (calculated).

What do EPS and dividends per share show?#

Diluted EPS went from $1.09 in fiscal 2021 to $3.78 in fiscal 2025, up 246.79% (calculated). Diluted EPS divides net income by common shares plus shares that could be created from options and similar instruments ^[3]. Read more on earnings per share.

Dividends declared per share rose from $0.32 to $0.48 over the same years, up 50% (calculated). The payout ratio is the dividend divided by earnings for the same period ^[4]: $0.48 / $3.78 = 12.7% for 2025 (calculated). In other words, most of the year's earnings per share were not paid out as dividends. See how the payout ratio works.

What risks does Tradeweb say could hurt results?#

Item 1A of a 10-K covers the most significant risks that apply to the company ^[5]. Tradeweb's forward-looking statements open with a list of factors that could make actual results differ. Four of the first six are ^[1]:

• "changes in economic, political, social and market conditions and the impact of these changes on trading volumes"
• "our failure to compete successfully"
• "our dependence on dealer clients"
• "design defects, errors, failures or delays with our platform or solutions"

Transaction fees were 82.85% of 2025 revenue (calculated above), and the company's own first factor ties market conditions to trading volumes ^[1]. Keep both facts in mind when you look at the revenue bars.

How should a beginner use these numbers?#

1. Check what drives revenue

   At Tradeweb, transaction fees are the large line. Compare their growth with subscription fees, which are a smaller share.

2. Use the attributable profit

   Use net income attributable to Tradeweb Markets Inc., not total net income, when you compare with EPS or calculate margins.

3. Bring your own price

   This page has no share price. Take the current price from your broker and divide by diluted EPS with our P/E calculator. Investor.gov's definition uses earnings for the past 12 months ^[6], so EPS for 2025 gives a P/E on calendar 2025, not the latest 12 months.

4. Read the filing

   All 10-K and 10-Q filings are public on the SEC's EDGAR website ^[5]. Our guide to 10-K, 10-Q and 8-K filings shows where each number sits.

Frequently asked questions#

The bottom line#

Tradeweb's filings show a marketplace business that earns most of its revenue from transaction fees, with revenue up 90.67% and diluted EPS up 246.79% from fiscal 2021 to fiscal 2025 (calculated from the SEC data above). The company itself lists market conditions, trading volumes and its controlling shareholder among the factors that could change its results ^[1]. Read the numbers with those factors in mind.

Education only. This page is not investment, tax or legal advice. Stocks can lose value. See our risk disclosure.