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Tradeweb Markets Inc. TW Q4 2025 Annual earnings

Reported February 5, 2026 · Before market open

Revenue$521.2MBeat by $4.2M
EPS$0.87Beat by $0.02
Revenue estimate$517.0M
EPS estimate$0.85

Next report

Oct 29, 2026 (In 3 weeks)
Revenue estimate$575.8M
EPS estimate$0.99

Financials

Q4 2025

Income statement

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Revenue$521.2M+12.5%
Operating income$221.0M+17.2%
Net income$325.0M+129%
EPS (diluted)$1.51+129%

Balance sheet

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Cash & equivalents$2.1B+55.5%
Total debt$139.2M+289%
Total equity$6.5B+12.2%
Total assets$8.2B+12.7%

Cash flow

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Operating cash flow$355.9M+26.2%
CapEx$19.4M-23.1%
Free cash flow$336.5M+31.1%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$22.95B-17.8%
Enterprise value$21B-21.0%
P/E28.2×-27.4×
P/S11.2×-5.0×

Profitability

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Operating margin40.7%+1.4pp
Net margin39.6%+10.5pp
FCF margin54.9%+5.3pp

Returns & leverage

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Return on equity13.2%+4.2pp
Debt / equity0×0.0×

Segments

By product

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Transaction fees and commissions$428.0M+11.4%
LSEG market data fees$23.2M+12.7%
Other$10.0M+175%

By segment

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Reportable Segment$521.2M+12.5%

FAQ

When did Tradeweb Markets Inc. report Q4 2025 earnings?
Tradeweb Markets Inc. (TW) reported Q4 2025 earnings on February 5, 2026 before market open.
What were Tradeweb Markets Inc.'s Q4 2025 revenue and EPS?
Tradeweb Markets Inc. reported revenue of $521.2M and eps of $0.87 for Q4 2025.
Did Tradeweb Markets Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $517.0M by $4.2M. EPS beat the consensus estimate of $0.85 by $0.02.
How did Tradeweb Markets Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.5% from $463.3M a year earlier and eps grew 14.5% from $0.76.
Where can I find Tradeweb Markets Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001758730-26-000014) and the 10-K periodic report (0001758730-26-000015) directly on SEC EDGAR. The filing index links above go to sec.gov.