TW · XBRL financial data

Tradeweb Markets financial statements, every quarter

The same tables from 12 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal quarters (TW's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Revenue from contracts with customers	370*	409	405	449	463*	510	513	509	521*	618	559	585
Operating income (loss)	142*	168	162	159	189*	204	200	210	221*	287	245	253
Interest expense	1*	2	1	1	1*	1	0	1	0*	1	1	1
Other income (expense)	(11)*	0	0	0	(1)*	4	13	39	207*	(1)	7	19
Income tax expense (benefit)	38*	44	47	43	50*	53	52	59	90*	70	64	65
Net income (loss)	89*	126	119	114	142*	148	154	186	325*	205	181	197
Earnings per share, basic USD per share	0.42*	0.59	0.56	0.53	0.67*	0.70	0.72	0.87	1.53*	0.96	0.85	0.94
Earnings per share, diluted USD per share	0.42*	0.59	0.55	0.53	0.66*	0.69	0.71	0.86	1.51*	0.96	0.85	0.94
Weighted average shares, basic millions of shares	212*	213	213	213	213*	213	213	213	213*	213	212	210
Weighted average shares, diluted millions of shares	214*	215	215	215	215*	215	215	215	215*	213	213	211

Fiscal quarters (TW's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Cash and cash equivalents	1,706	1,545	1,718	1,174	1,340	1,306	1,630	1,908	2,085	1,937	2,058	2,115
Property and equipment, net	34	33	32	33	46	44	41	75	78	79	81	83
Right-of-use asset	25	22	26	26	34	30	30	122	123	124	130	129
Goodwill	2,816	2,858	2,858	3,150	3,150	3,150	3,150	3,150	3,150	3,150	3,150	3,150
Total assets	7,060	7,396	7,285	7,337	7,268	7,370	8,056	7,996	8,190	8,296	8,251	8,429
Total liabilities	1,128	1,320	1,077	1,050	869	823	1,330	1,061	1,000	986	913	1,095
Retained earnings	640	745	843	911	997	1,120	1,248	1,408	1,601	1,726	1,687	1,643
Total stockholders' equity	5,374	5,509	5,631	5,701	5,800	5,939	6,098	6,281	6,508	6,620	6,635	6,622
Total liabilities and equity	7,060	7,396	7,285	7,337	7,268	7,370	8,056	7,996	8,190	8,296	8,251	8,429

Fiscal quarters (TW's year ends in late December)

In millions of dollars	Q4 FY23Dec 31, 2023	Q1 FY24Mar 31, 2024	Q2 FY24Jun 30, 2024	Q3 FY24Sep 30, 2024	Q4 FY24Dec 31, 2024	Q1 FY25Mar 31, 2025	Q2 FY25Jun 30, 2025	Q3 FY25Sep 30, 2025	Q4 FY25Dec 31, 2025	Q1 FY26Mar 31, 2026	Q2 FY26Jun 30, 2026	Q3 FY26Sep 30, 2026
Net income (loss)	89*	126	119	114	142*	148	154	186	325*	205	181	197
Stock-based compensation	20*	16	24*	26*	23*	22	27*	26*	28*	25	30*	26*
Net cash from operating activities	245*	38	286*	292*	282*	60	409*	342*	356*	104	394*	347*
Purchases of property and equipment	1*	7	5*	4*	25*	2	5*	14*	19*	10	8*	9*
Net cash from investing activities	(12)*	(107)	(28)*	(788)*	(46)*	(15)	(42)*	(35)*	(35)*	(77)	(34)*	(49)*
Share repurchases	2*	0	0*	24*	35*	1	0*	0*	103*	53	187*	207*
Net cash from financing activities	(24)*	(91)	(84)*	(55)*	(60)*	(83)	(51)*	(28)*	(145)*	(172)	(239)*	(241)*
Net change in cash	213*	(162)	173*	(544)*	167*	(34)	324*	278*	177*	(147)	121*	57*

SIC 6200 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 6200 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
* marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.

Company	Cash ($M)	Revenue, quarter ($M)	Operating cash flow, quarter ($M)	Shares outstanding	Quarter
Tradeweb Markets	2,115	585	347*	not reported	Q3 FY26 10-QSep 30, 2026
Cboe Global Markets	2,663	1,359	817*	104.3M	Q3 FY26 10-QSep 30, 2026
LPL Financial Holdings	1,059	5,344	297*	77.9M	Q3 FY26 10-QSep 30, 2026
Nasdaq	365	2,393	521*	555.0M	Q3 FY26 10-QSep 30, 2026
BGC Group	767	846	162*	not reported	Q2 FY26 10-QJun 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.