TW Stock - Tradeweb Markets Inc.
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $1.73B | $1.34B | $1.19B | $1.08B | $892.66M |
| Gross Profit | $1.13B | $877.91M | $756.36M | $669.19M | $543.00M |
| Gross Margin | 65.7% | 65.6% | 63.6% | 62.2% | 60.8% |
| Operating Income | $678.03M | $505.27M | $412.57M | $358.83M | $263.36M |
| Net Income | $501.51M | $364.87M | $309.34M | $226.83M | $166.30M |
| Net Margin | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% |
| EPS | $2.36 | $1.73 | $1.50 | $1.13 | $0.92 |
Tradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors in 45 markets across 25 currencies. It also offers a range of electronic, voice, and hybrid platforms to approximately 300 dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves a network of approximately 2,500 clients in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. Tradeweb Markets Inc. was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 12th 2025 | Barclays | Downgrade | Equal Weight | $121 |
| September 18th 2025 | Rothschild & Co Redburn | Downgrade | Neutral | $129 |
| July 31st 2025 | Goldman | Downgrade | Neutral | - |
| April 8th 2025 | Morgan Stanley | Downgrade | Equal Weight | $148 |
| December 20th 2024 | Keefe Bruyette | Upgrade | Outperform | $150← $143 |
| September 26th 2024 | TD Cowen | Initiation | Buy | $139 |
| April 9th 2024 | William Blair | Initiation | Outperform | - |
| June 28th 2023 | Barclays | Initiation | Overweight | $89 |
| December 7th 2022 | Raymond James | Upgrade | Outperform | $74 |
| October 12th 2022 | Citigroup | Initiation | Buy | $67 |
| August 17th 2022 | Rosenblatt | Initiation | Buy | $91 |
Earnings History & Surprises
TWEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | Apr 28, 2026 | — | — | — | — |
Q1 2026 | Feb 5, 2026 | $0.84 | — | — | — |
Q4 2025 | Oct 30, 2025 | $0.83 | $0.87 | +4.9% | ✓ BEAT |
Q3 2025 | Jul 30, 2025 | $0.86 | $0.87 | +1.2% | ✓ BEAT |
Q2 2025 | Apr 30, 2025 | $0.86 | $0.86 | +0.5% | ✓ BEAT |
Q1 2025 | Feb 6, 2025 | $0.75 | $0.76 | +1.3% | ✓ BEAT |
Q4 2024 | Oct 30, 2024 | $0.75 | $0.75 | -0.4% | ✗ MISS |
Q3 2024 | Jul 25, 2024 | $0.69 | $0.70 | +1.4% | ✓ BEAT |
Q2 2024 | Apr 25, 2024 | $0.71 | $0.71 | 0.0% | = MET |
Q1 2024 | Feb 6, 2024 | $0.63 | $0.64 | +1.6% | ✓ BEAT |
Q4 2023 | Oct 26, 2023 | $0.55 | $0.55 | 0.0% | = MET |
Q3 2023 | Jul 27, 2023 | $0.50 | $0.52 | +4.0% | ✓ BEAT |
Q2 2023 | Apr 27, 2023 | $0.53 | $0.54 | +1.9% | ✓ BEAT |
Q1 2023 | Feb 2, 2023 | $0.46 | $0.49 | +6.5% | ✓ BEAT |
Q4 2022 | Oct 27, 2022 | $0.44 | $0.45 | +2.3% | ✓ BEAT |
Q3 2022 | Aug 3, 2022 | $0.46 | $0.47 | +2.2% | ✓ BEAT |
Q2 2022 | Apr 28, 2022 | $0.49 | $0.48 | -2.0% | ✗ MISS |
Q1 2022 | Feb 3, 2022 | $0.42 | $0.42 | 0.0% | = MET |
Q4 2021 | Oct 28, 2021 | $0.39 | $0.39 | 0.0% | = MET |
Q3 2021 | Jul 29, 2021 | $0.39 | $0.39 | 0.0% | = MET |
Latest News
Barclays Downgrades Tradeweb Markets to Equal-Weight, Lowers Price Target to $121
📉 NegativeTradeweb Markets Posts $56.8T November Volume; ADV Up 22.3% YoY
📈 PositiveION Tradeweb Integration Streamlines Trade Lifecycle From Execution To Settlement With Straight Through Processing Tools
📈 PositiveBarclays Maintains Overweight on Tradeweb Markets, Lowers Price Target to $132
➖ NeutralJP Morgan Maintains Overweight on Tradeweb Markets, Raises Price Target to $135
📈 PositiveTD Cowen Maintains Buy on Tradeweb Markets, Lowers Price Target to $140
➖ NeutralTW stock has given up its prior loss. Tradeweb Markets shares were trading lower after the company reported mixed Q3 financial results.
➖ NeutralTradeweb Markets shares are trading lower after the company reported mixed Q3 financial results.
📉 NegativeTradeweb Markets Q3 Adj. EPS $0.87 Beats $0.83 Estimate, Sales $508.598M Miss $510.844M Estimate
📈 PositiveMorgan Stanley Maintains Equal-Weight on Tradeweb Markets, Lowers Price Target to $124
➖ NeutralTradeweb Debuts First Electronic Sukuk And Saudi Riyal Bond Platform In Saudi Arabia, Expanding Global Emerging Markets Footprint
📈 PositiveRaymond James Maintains Outperform on Tradeweb Markets, Lowers Price Target to $134
➖ NeutralUBS Maintains Buy on Tradeweb Markets, Lowers Price Target to $135
➖ NeutralGoldman Sachs Maintains Neutral on Tradeweb Markets, Lowers Price Target to $119
➖ NeutralTradeweb Markets Posts $63.7T September Volume, $172.8T Q3 Total; ADV Up 11.8% YoY, Fees Reach $95.5M
📈 PositiveTradeweb Markets Inc shares are trading lower. Morgan Stanley maintained its Equal-Weight rating on the stock and lowered its price target from $149 to $125.
📉 NegativeMorgan Stanley Maintains Equal-Weight on Tradeweb Markets, Lowers Price Target to $125
➖ NeutralLive On CNBC, Joe Terranova Announces Sold Broadridge Financial Solutions; Sold Tradeweb Markets
📉 NegativeTradeweb Markets shares are trading lower after Rothschild & Co downgraded the stock from Buy to Neutral and cut its price target from $157 to $129.
📉 NegativeRothschild & Co Downgrades Tradeweb Markets to Neutral, Lowers Price Target to $129
📉 NegativeFrequently Asked Questions about TW
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