--- title: "Tradeweb Markets Inc. Metrics Guide" description: "Tradeweb Markets Inc. revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/tradeweb-markets-inc/financial-metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Tradeweb Markets Inc. Financial Metrics Guide ## Direct Answer > Tradeweb Markets Inc. reported revenue of $2.1 billion for the fiscal year ended December 31, 2025, with an operating margin of 40.7% and net income of $813 million, according to its SEC filings. Revenue grew 18.9% from the prior year. ## What Are Tradeweb Markets Inc.'s Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $2.1 billion | $1.7 billion | $1.3 billion | $1.2 billion | | Operating income | $835 million | $678 million | $505 million | $413 million | | Operating margin | 40.7% | 39.3% | 37.8% | 34.7% | | Net income | $813 million | $502 million | $365 million | $309 million | | Net margin | 39.6% | 29.1% | 27.3% | 26.0% | | Operating cash flow | $1.2 billion | $898 million | $746 million | $633 million | | Capital expenditures | $41 million | $41 million | $19 million | $23 million | | Free cash flow | $1.1 billion | $857 million | $728 million | $610 million | Operating margin widened by 1.4 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $1.1 billion against net income of $813 million; cash generation covered reported earnings. ![Bar chart of Tradeweb Markets Inc. revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $2.1 billion, operating income $835 million and net income $813 million.](https://www.getswoopr.com/images/charts/tradeweb-markets-inc-metrics-revenue-profit.webp) *Tradeweb Markets Inc. revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Tradeweb Markets Inc. operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 40.7% and net margin was 39.6%.](https://www.getswoopr.com/images/charts/tradeweb-markets-inc-metrics-margins.webp) *Tradeweb Markets Inc. operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Tradeweb Markets Inc. operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $1.2 billion, capital expenditures was $41 million, free cash flow was $1.1 billion.](https://www.getswoopr.com/images/charts/tradeweb-markets-inc-metrics-cash-flow.webp) *Tradeweb Markets Inc. operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Tradeweb Markets Inc.'s Balance Sheet Show? | Cash and cash equivalents | $2.1 billion | | --- | --- | | Long-term debt | Not reported | | Total assets | $8.2 billion | | Total liabilities | $1.0 billion | | Shareholders' equity | $6.5 billion | | Current ratio | n/a | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Tradeweb Markets Inc. reported in its own SEC filings, read from the SEC's XBRL data (accession 0001758730-26-000015 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Tradeweb Markets Inc.'s revenue in fiscal 2025? Tradeweb Markets Inc. reported revenue of $2.1 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Tradeweb Markets Inc.'s operating margin? Tradeweb Markets Inc.'s operating margin was 40.7% in fiscal 2025: operating income of $835 million on revenue of $2.1 billion. ### How much free cash flow did Tradeweb Markets Inc. generate? Operating cash flow of $1.2 billion less capital expenditures of $41 million gives free cash flow of $1.1 billion for fiscal 2025. ## References - [SEC EDGAR: Tradeweb Markets Inc. Form 10-K filed February 5, 2026](https://www.sec.gov/Archives/edgar/data/1758730/000175873026000015/tw-20251231.htm) - [SEC EDGAR: Tradeweb Markets Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1758730&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Tradeweb Markets Inc. company dossier](https://www.getswoopr.com/stocks/companies/tradeweb-markets-inc/) - [Tradeweb Markets Inc. financial metrics](https://www.getswoopr.com/stocks/companies/tradeweb-markets-inc/financial-metrics/) - [Tradeweb Markets Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/tradeweb-markets-inc/risks-monitoring/) - [Tradeweb Markets Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/tradeweb-markets-inc/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) Swoopr's editorial team produces independent investment education content. 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