Tradeweb Markets Inc
tradeweb.comWhat Do They Do?
Runs electronic marketplaces for trading fixed-income products, equities and money-market investments for institutional investors, dealers and corporate treasury teams.
10-K for FY2025, filed Feb 5, 2026We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our…View ↗
Our institutional client sector serves institutional investors in over 85 countries around the globe and across over 30 currencies. We…View ↗
In our wholesale client sector, we provide a broad range of fully electronic, voice and hybrid trading options to dealers and financial…View ↗
In our corporates client sector, we provide comprehensive investment technology and research solutions tailored to the needs of corporate…View ↗
How Do They Make Money?
Clients pay transaction fees and commissions for trades on its marketplaces; variable charges depend on the products and volume traded and are billed when trades settle or monthly. Fixed transaction minimums and marketplace access fees are billed monthly or annually.
10-K for FY2025, filed Feb 5, 2026The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates…View ↗
For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are…View ↗
Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and…View ↗
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10-K for FY2025, filed Feb 5, 2026
FY2025 revenue by product or service ↗
$2.1B
-
10-K for FY2025, filed Feb 5, 2026
$2.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Transaction fees and commissions
Usage-based
10-K for FY2025, filed Feb 5, 2026 |
83%
FY2022: 80%
|
Transaction fees and commissions, FY2025
$1.7B Sources
|
Usage-based |
|
Subscription fees
Recurring
10-K for FY2025, filed Feb 5, 2026 |
11%
FY2022: 14%
|
Subscription fees, FY2025
$234M Sources
|
Recurring |
|
LSEG market data fees
Licensed
10-K for FY2025, filed Feb 5, 2026 |
4.5%
FY2022: 5.3%
|
LSEG market data fees, FY2025
$93.2M Sources
|
Licensed |
|
Other
|
1.2%
FY2022: 0.8%
|
Other, FY2025
$24.8M Sources
|
Who Are Their Customers?
Institutional investors, dealers and financial firms trade through Tradeweb's marketplaces; corporate treasury organizations use its investment tools, and LSEG buys market data for distribution to its customers.
10-K for FY2025, filed Feb 5, 2026Our institutional client sector serves institutional investors in over 85 countries around the globe and across over 30 currencies. We…View ↗
In our wholesale client sector, we provide a broad range of fully electronic, voice and hybrid trading options to dealers and financial…View ↗
In our retail client sector, our platform provides advanced trading solutions for financial advisory firms and traders. We entered the…View ↗
In our corporates client sector, we provide comprehensive investment technology and research solutions tailored to the needs of corporate…View ↗
Our over 25 year operating history has allowed us to build comprehensive and unique datasets across our markets and, as we add new products…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 40 cents of every revenue dollar as net income in FY2025 and turned 55 cents into free cash flow.
10-K for FY2025, filed Feb 5, 2026
$835.3MView ↗
10-K for FY2025, filed Feb 5, 2026
$812.8MView ↗
10-K for FY2025, filed Feb 5, 2026
$1.1BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$181.3MView ↗
- ▲ +18%
- vs $153.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 91% in 4 years, from $1.1B in FY2021 to $2.1B in FY2025, about 18% a year.
Corporate treasury services
The business added services for corporate treasury organizations, including investment technology and research for trading money market funds and other short-term investments, extending its client sectors beyond institutional, wholesale and retail.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 5, 2026We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our…View ↗
In our corporates client sector, we provide comprehensive investment technology and research solutions tailored to the needs of corporate…View ↗
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