Filing Flows › Tradeweb Markets (TW) › Q3 2025
Tradeweb Markets (TW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Tradeweb Markets (TW) reported revenue of $509M for the third quarter 2025 (Q3 2025), +13% from a year earlier and -0.9% from the quarter before. Operating margin was 41.4%, net earnings $186M (36.5% of revenue).
Tradeweb Markets, Q3 2025: revenue $509M (+13% year over year), operating margin 41.4%, net earnings $186M, operating cash flow $342M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $509M | -0.9% | +13% |
| Operating profit | $210M | +5% | +32% |
| Net earnings | $186M | +21% | +63% |
| Operating cash flow | $342M | -16% | +17% |
| Free cash flow | $328M | -19% | +14% |
What changed
Revenue was $508.6M in Q3 2025, up 13% year over year and down 1% from the previous quarter. Transaction fees and commissions was the largest line at 83% of revenue. Transaction fees and commissions added $47.8M year over year (up 13%), 80% of the total change.
Operating profit was $210.4M, a 41.4% margin (up 5.9 points year over year). Of the extra revenue versus a year earlier, 86% reached operating profit, above the 35% margin then. Total costs grew 3% against revenue growth of 13%. Net earnings were $185.6M, up 63% year over year. The effective tax rate was 21.9%. Non-operating items added $59.2M, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $342.3M (up 17% year over year), 163% of net income including minority interests. Non-cash charges added back $64.4M of depreciation and amortization and $26.1M of share-based compensation. Working capital and other items added $41.3M. Capital expenditures of $14.0M left free cash flow of $328.3M.
Questions
What was Tradeweb Markets' revenue in the third quarter 2025?
Tradeweb Markets (TW) reported revenue of $509M for the third quarter 2025 (Q3 2025), +13% from a year earlier and -0.9% from the quarter before.
Was Tradeweb Markets profitable in the third quarter 2025?
Operating profit was $210M (41.4% of revenue) and net earnings $186M.
Source: Tradeweb Markets 10-Q on SEC EDGAR.