TW Tradeweb Markets Inc.

Overview and Growth

Fiscal 2025 results for Tradeweb Markets Inc. combined $2.05B of revenue with net income of $812.79M and an operating cash inflow of $1.17B. The $2.05B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 18.9% above fiscal 2024 revenue of $1.73B, marking a year-over-year increase. Diluted earnings per share were $3.78, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 62.2% increase from fiscal 2024 diluted EPS of $2.33. Total assets stood at $8.19B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.25x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operating income was $835.34M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 40.7%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $812.79M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 39.6%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $1.17B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 57.2%, adding a pre-tax profitability layer between revenue and net income. The company recognized $253.47M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 21.6%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 11.3%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 9.9%, showing earnings relative to the full balance sheet. Against $501.51M in fiscal 2024, the current $812.79M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

Total assets were $8.19B, supported by $1.00B of liabilities and $7.19B of shareholder equity. Cash and equivalents totaled $2.08B, identifying the most liquid reported component available within the broader current-asset balance. Equity equaled 87.8% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 12.2%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 25.5% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 12.7% higher than fiscal 2024 assets of $7.27B, measuring the company’s own balance-sheet change. Book equity was 12.4% higher than fiscal 2024 equity of $6.40B, showing how shareholder capital changed year over year. The reported cash balance changed 55.5% from $1.34B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.17B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 1.44x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $40.55M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 3.5%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $1.13B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 54.9%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 13.8%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.