Filing Flows › Tradeweb Markets (TW) › Q2 2025
Tradeweb Markets (TW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Tradeweb Markets (TW) reported revenue of $513M for the second quarter 2025 (Q2 2025), +27% from a year earlier and +0.6% from the quarter before. Operating margin was 39.0%, net earnings $154M (30.0% of revenue).
Tradeweb Markets, Q2 2025: revenue $513M (+27% year over year), operating margin 39.0%, net earnings $154M, operating cash flow $409M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $513M | +0.6% | +27% |
| Operating profit | $200M | -2% | +23% |
| Net earnings | $154M | +4% | +29% |
| Operating cash flow | $409M | +580% | +43% |
| Free cash flow | $404M | +589% | +44% |
What changed
Revenue was $513.0M in Q2 2025, up 27% year over year and up 1% from the previous quarter. Transaction fees and commissions was the largest line at 84% of revenue. Transaction fees and commissions added $99.3M year over year (up 30%), 92% of the total change.
Operating profit was $199.9M, a 39.0% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, below the 40% margin then. Total costs grew 29% against revenue growth of 27%. Net earnings were $153.8M, up 29% year over year. The effective tax rate was 22.7%.
Operating cash flow was $409.2M (up 43% year over year), 233% of net income including minority interests. Non-cash charges added back $63.0M of depreciation and amortization and $26.9M of share-based compensation. Working capital and other items added $143.7M. Capital expenditures of $5.5M left free cash flow of $403.7M.
Questions
What was Tradeweb Markets' revenue in the second quarter 2025?
Tradeweb Markets (TW) reported revenue of $513M for the second quarter 2025 (Q2 2025), +27% from a year earlier and +0.6% from the quarter before.
Was Tradeweb Markets profitable in the second quarter 2025?
Operating profit was $200M (39.0% of revenue) and net earnings $154M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.