Filing Flows › Tradeweb Markets (TW) › Q4 2025
Tradeweb Markets (TW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Tradeweb Markets (TW) reported revenue of $521M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +2% from the quarter before. Operating margin was 42.4%, net earnings $325M (62.4% of revenue).
Tradeweb Markets, Q4 2025: revenue $521M (+12% year over year), operating margin 42.4%, net earnings $325M, operating cash flow $356M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $521M | +2% | +12% |
| Operating profit | $221M | +5% | +17% |
| Net earnings | $325M | +75% | +129% |
| Operating cash flow | $356M | +4% | +26% |
| Free cash flow | $337M | +3% | +31% |
What changed
Revenue was $521.2M in Q4 2025, up 12% year over year and up 2% from the previous quarter. Transaction fees and commissions was the largest line at 82% of revenue.
Operating profit was $221.0M, a 42.4% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 41% margin then. Total costs grew 9% against revenue growth of 12%. Net earnings were $325.0M, up 129% year over year. The effective tax rate was 19.6%. Non-operating items added $235.7M, 52% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $355.9M (up 26% year over year), 97% of net income including minority interests. Non-cash charges added back $60.1M of depreciation and amortization and $28.3M of share-based compensation. Working capital and other items used $99.6M. Capital expenditures of $19.4M left free cash flow of $336.5M.
Questions
What was Tradeweb Markets' revenue in the fourth quarter 2025?
Tradeweb Markets (TW) reported revenue of $521M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +2% from the quarter before.
Was Tradeweb Markets profitable in the fourth quarter 2025?
Operating profit was $221M (42.4% of revenue) and net earnings $325M.
Source: Tradeweb Markets 10-K on SEC EDGAR.