At a glance
Tradeweb Markets Inc is worth $27.78B, about 32 times its fiscal 2025 earnings. Revenue grew 18.9% to $2.05B in fiscal 2025, with 39.6% kept as profit; over 5 years it has grown 18.1% a year. It pays a 0.45% dividend yield, raised every year for at least 3 years, and returned $767.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.5% over the past year with dividends reinvested and +7.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.1% in the 2020 crash (S&P 500: 33.7%) and 45.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 14 months after the lows.
The business in plain English
Tradeweb Markets runs electronic marketplaces where large investors trade bonds and other securities on screen instead of by phone. A client can, for example, ask several dealers (banks and trading firms that quote prices) for prices at once and trade with the one they choose. Founded in 1996 to modernize U.S. Treasury trading, it has grown to cover rates (such as government bonds), credit (such as corporate bonds), equities and money markets. It serves more than 3,000 clients in over 85 countries, from asset managers and central banks to retail brokerages and corporate treasurers.
In fiscal 2025, transaction fees and commissions brought in $1.70 billion, or 82.8% of $2.05 billion in revenue. Subscription fees added 11.4%, and market data fees from LSEG (London Stock Exchange Group, which controls Tradeweb) added 4.5%. That ties results closely to trading activity. Average daily trading volume on the platform reached $2.6 trillion in fiscal 2025, up 213% from $0.8 trillion in fiscal 2020.
The U.S. produced 58.2% of fiscal 2025 revenue and international markets 41.8%. Tradeweb says it is a market leader in electronic trading of several products, including U.S. Treasuries, highly rated U.S. corporate bonds, mortgage-backed securities, European government bonds and European ETFs. It has also grown through acquisitions, including Australia's Yieldbroker in 2023 and corporate cash platform ICD in 2024.
Price history
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TW +9.5% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transaction fees and commissions | $1.70B | 82.8% |
| Subscription fees | $234.0M | 11.4% |
| LSEG market data fees | $93.2M | 4.5% |
| Other | $24.8M | 1.2% |
By geography
| U.S. | $1.19B | 58.2% |
| International | $858.4M | 41.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $584.5M, up 14.9% from a year earlier, and net income was $197.5M (+6.4%).
- For fiscal 2025, revenue was $2.05B (+18.9% year over year; +18.1% a year from FY2020 to FY2025) with a 39.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.1% good |
|---|---|
| Operating margin | 40.7% good |
| Free cash flow margin | 54.9% good |
| Return on equity (FY2025) | 12.5% watch |
| Return on assets (FY2025) | 9.9% good |
| Cash and investments | $2.11B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $892.7M | $166.3M | $431.7M |
| FY2021 | $1.08B | $226.8M | $561.1M |
| FY2022 | $1.19B | $309.3M | $609.6M |
| FY2023 | $1.34B | $364.9M | $727.6M |
| FY2024 | $1.73B | $501.5M | $856.8M |
| FY2025 | $2.05B | $812.8M | $1.13B |
Valuation snapshot
| Market value | $27.78B |
|---|---|
| P/E ratio | 31.7 |
| Dividend yield | 0.45% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TW price data to Oct 27, 2026 | +11.7% | +9.5% | +11.4% | +7.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.7% |
| 2025 | -17.6% |
| 2024 | +44.6% |
| 2023 | +40.6% |
| 2022 | -34.9% |
| 2021 | +61.0% |
| 2020 | +35.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.7% over that stretch · deepest drop along the way 30.1%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.7% over that stretch · deepest drop along the way 45.7%, back to its old high 13.5 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 13 sales ($7.2M), 13 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 15, 2026 | Justin Peterson Chief Technology Officer | sell (plan) | $2.6M |
| Jun 1, 2026 | Justin Peterson Chief Technology Officer | sell (plan) | $2.2M |
| Mar 20, 2026 | Sara Furber Chief Financial Officer | sell (plan) | $615K |
| Mar 18, 2026 | Justin Peterson Chief Technology Officer | sell (plan) | $401K |
| Mar 20, 2026 | Troy Dixon MD, Co-Head of Global Markets | sell (plan) | $325K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 13.6% | Dec 31, 2025 |
| BlackRock, Inc. | 5.5% | Mar 31, 2025 |
| Wellington Management Group LLP | 5.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.23% | Jun 30, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
ETFs with the most weight in TW
| NBDS Neuberger Berman Disrupters ETF | 6.29% |
| BCDF Horizon Kinetics Blockchain Development ETF | 4.87% |
| FFTY Innovator IBD 50 ETF | 2.89% |
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 2.04% |
| HFGO Hartford Large Cap Growth ETF | 1.78% |
| FFOG Franklin Focused Growth ETF FOCUSED GROWTH ETF | 1.69% |
| FDFF Fidelity Disruptive Finance ETF | 1.64% |
| FXO First Trust Financials AlphaDEX Fund | 1.54% |
What could go wrong
- Controlled by LSEG. London Stock Exchange Group (LSEG) controls Tradeweb, and its interests may conflict with other shareholders'. As a Nasdaq “controlled company,” Tradeweb is exempt from certain governance rules other listed companies follow.
- Depends on dealers to supply prices. Its marketplaces depend on dealers being willing to trade with Tradeweb's other clients. Some clients have no long-term contracts, and mergers among financial firms could shrink the pool of dealers and clients.
- Revenue rises and falls with trading. Transaction fees and commissions made up 82.8% of fiscal 2025 revenue. If economic, political or market conditions lead clients to trade less, revenue could drop and quarterly results could swing sharply.
- Costly tax receivable agreement. Tradeweb must pay certain co-owners of its operating company, TWM LLC, for tax benefits it receives. It expects these payments to be substantial, and they could be accelerated or exceed the benefits actually realized.
- Strong competition in a fast-changing industry. Rival trading venues compete for the same clients, and the industry evolves quickly. Tradeweb's investments in artificial intelligence, blockchain and digital assets may not succeed, and crypto assets carry a risk of financial loss.
- Platform outages or cyberattacks. Clients need the platform to work reliably. System failures, design defects, problems at outside providers or clearinghouses (firms that settle trades), or a cyberattack could interrupt trading, raise costs and damage Tradeweb's reputation.
Recent events
- Quarterly results released
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released
- Change to shareholder rights; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Major agreement signed
- Major agreement signed; Quarterly results released
For income and retirement investors
Tradeweb's dividend is small: the yield was 0.45% as of October 27, 2026. Regular dividends per share held at $0.32 from fiscal 2020 through 2022, then rose three years in a row to $0.48 in fiscal 2025, an average gain of about 8.4% a year. Dividends used 12.6% of fiscal 2025 earnings and 9.1% of free cash flow (cash left after running and investing in the business). From fiscal 2021 through 2025, Tradeweb spent $373 million on buybacks (repurchases of its own shares) and $394 million on dividends.
The shares have fallen hard in downturns. They dropped 30.1% in the 2020 COVID crash but recovered in about a month. In the 2022 bear market they fell 45.7% and needed about 13.5 months from the low to recover. With a 0.45% yield, an income investor would receive little cash, and most of any return depends on share price gains. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Tradeweb make money?
Mostly from fees on trades. In fiscal 2025, transaction fees and commissions made up 82.8% of Tradeweb's $2.05 billion in revenue. Asset managers, hedge funds, banks, retail brokerages, corporate treasurers and other clients pay these fees when they trade government and corporate bonds, interest rate swaps, ETFs and money market funds on its electronic marketplaces. Subscription fees added 11.4%, and market data fees from LSEG, its controlling shareholder, added 4.5%. The U.S. produced 58.2% of revenue and international markets 41.8%.
Does Tradeweb pay a dividend?
Yes, but the yield was small: 0.45% as of October 27, 2026. Regular dividends per share rose from $0.32 in fiscal 2020 to $0.48 in fiscal 2025, an average gain of about 8.4% a year, with increases in fiscal 2023, 2024 and 2025. Dividends used only 12.6% of fiscal 2025 earnings. Tradeweb also returns cash through buybacks (repurchases of its own shares), which totaled $104 million in fiscal 2025.
Does the London Stock Exchange own Tradeweb?
Yes. London Stock Exchange Group (LSEG) controls Tradeweb. That makes Tradeweb a “controlled company” under Nasdaq rules, so it is exempt from certain corporate governance requirements that apply to other listed companies. Tradeweb's annual report warns that LSEG's interests may conflict with those of other shareholders. The relationship also brings in revenue: market data fees from LSEG totaled $93.2 million in fiscal 2025, or 4.5% of total revenue.
Is Tradeweb profitable?
Yes. In fiscal 2025, Tradeweb earned $812.8 million of net income on $2.05 billion of revenue, a 39.6% net margin, meaning it kept nearly 40 cents of profit from each dollar of revenue. Revenue grew 18.9% from fiscal 2024 and about 18.1% a year over five years. In the quarter ended September 30, 2026, revenue rose 14.9% from a year earlier. As of October 27, 2026, the price-to-earnings (P/E) ratio, or share price divided by earnings per share, was 31.7 based on fiscal 2025 earnings.
How has Tradeweb stock performed?
Returns have been positive but uneven. As of October 27, 2026, the share price was up 9.5% over one year and about 7% a year over five years, or 40% in total. Calendar years swung widely: up 44.6% in 2024, then down 17.6% in 2025. In about 7.6 years of price history, the deepest drop was 48.6%, and in the year to October 27, 2026, the shares fell as much as 27.6% from a high.