TW · XBRL financial data

Tradeweb Markets financial statements, every fiscal year

The same tables from 6 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 years (TW's year ends in late December)

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	893	—	—	—	—	—
Revenue from contracts with customers	893	1,076	1,189	1,338	1,726	2,052
Operating income (loss)	263	359	413	505	678	835
Interest expense	—	—	2	2	4	2
Other income (expense)	—	0	(1)	(13)	(1)	263
Income tax expense (benefit)	56	97	78	128	184	253
Net income (loss)	166	227	309	365	502	813
Earnings per share, basic USD per share	0.92	1.13	1.50	1.73	2.35	3.81
Earnings per share, diluted USD per share	0.88	1.09	1.48	1.71	2.33	3.78
Weighted average shares, basic millions of shares	180	201	206	211	213	213
Weighted average shares, diluted millions of shares	188	207	208	213	215	215

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	791	972	1,257	1,706	1,340	2,085
Property and equipment, net	34	31	37	34	46	78
Right-of-use asset	29	20	25	25	34	123
Goodwill	2,695	2,780	2,780	2,816	3,150	3,150
Total assets	5,680	5,990	6,260	7,060	7,268	8,190
Total liabilities	661	681	714	1,128	869	1,000
Retained earnings	156	243	387	640	997	1,601
Total stockholders' equity	4,303	4,646	4,954	5,374	5,800	6,508
Total liabilities and equity	5,680	5,990	6,260	7,060	7,268	8,190

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

In millions of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	166	227	309	365	502	813
Stock-based compensation	39	52	67	65	90	104
Net cash from operating activities	443	578	633	746	898	1,168
Purchases of property and equipment	11	17	23	19	41	41
Net cash from investing activities	(63)	(259)	(60)	(133)	(969)	(127)
Proceeds from issuing common stock	626	0	0	—	—	—
Share repurchases	0	76	99	35	59	104
Net cash from financing activities	(53)	(136)	(277)	(168)	(290)	(307)
Net change in cash	331	181	285	449	(366)	744

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.