Skip to main content
logo
Tradeweb Markets Inc. (TW)
NASDAQ: TW · Real-Time Price · USD
115.02
-1.70 (-1.46%)
At close: Feb 11, 2026, 4:00 PM EST
115.02
0.00 (0.00%)
After-hours: Feb 11, 2026, 4:42 PM EST

Revenue Breakdown

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2017
Period Ending
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
Variable Transaction Fees and Commissions Revenue
1.51B1.27B
Variable Transaction Fees and Commissions Revenue Growth
18.42%37.02%
Variable Subscription Fees Revenue
1.84M1.76M
Variable Subscription Fees Revenue Growth
4.26%-5.01%
Variable Other Fees Revenue
13.17M2.37M
Variable Other Fees Revenue Growth
456.64%112.77%
Total Variable Revenue
1.52B1.28B
Total Variable Revenue Growth
19.21%37.03%
Fixed Transaction Fees and Commissions Revenue
191.02M148.91M
Fixed Transaction Fees and Commissions Revenue Growth
28.28%0.55%
Fixed Subscription Fees Revenue
232.18M204.90M
Fixed Subscription Fees Revenue Growth
13.31%12.51%
Fixed LSEG Market Data Fees Revenue
93.20M82.15M
Fixed LSEG Market Data Fees Revenue Growth
13.45%27.68%
Fixed Other Fees Revenue
11.62M11.23M
Fixed Other Fees Revenue Growth
3.44%7.43%
Total Fixed Revenue
528.02M447.19M
Total Fixed Revenue Growth
18.08%10.42%
Revenue (Total)
2.05B1.73B
Revenue (Total) Growth
18.92%28.97%

Revenue Breakdown 2

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2017
Period Ending
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
Institutional Revenue
1.28B1.04B
Institutional Revenue Growth
23.15%29.95%
Wholesale Revenue
400.75M385.67M
Wholesale Revenue Growth
3.91%23.38%
Retail Revenue
146.51M143.25M
Retail Revenue Growth
2.28%6.49%
Corporates Revenue
95.90M43.23M
Corporates Revenue Growth
121.81%-
Market Data Revenue
133.72M118.02M
Market Data Revenue Growth
13.31%25.45%
Revenue (Total)
2.05B1.73B
Revenue (Total) Growth
18.92%28.97%

Revenue by Geography

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2017
Period Ending
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
US Revenue
1.19B1.06B
US Revenue Growth
12.57%24.74%
International Revenue
858.37M665.25M
International Revenue Growth
29.03%36.35%
Revenue (Total)
2.05B1.73B
Revenue (Total) Growth
18.92%28.97%

Key Performance Indicators

Millions USD. Fiscal year is Jan - Dec.
Fiscal Year
FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020FY 2019FY 2018FY 2017FY 2017
Period Ending
Dec '25 Dec '24 Dec '23 Dec '22 Dec '21 Dec '20 Dec '19 Dec '18 Dec '17 Dec '16
Rates Cash Volume
137.04T120.90T
Rates Cash Volume Growth
13.35%31.76%
Rates Derivatives Volume
240.17T197.77T
Rates Derivatives Volume Growth
21.44%48.61%
Total Rates Volume
377.21T318.67T
Total Rates Volume Growth
18.37%41.74%
Cash Credit Volume
3.21T2.86T
Cash Credit Volume Growth
12.31%28.36%
Credit Derivatives Volume
6.94T5.61T
Credit Derivatives Volume Growth
23.64%28.05%
Total Credit Volume
10.15T8.47T
Total Credit Volume Growth
19.82%28.15%
Equities Cash Volume
3.26T2.79T
Equities Cash Volume Growth
16.98%8.63%
Equities Derivatives Volume
3.47T3.21T
Equities Derivatives Volume Growth
8.19%26.84%
Total Equities Volume
6.73T6.00T
Total Equities Volume Growth
12.28%17.67%
Money Markets Volume
293.86T204.01T
Money Markets Volume Growth
44.04%63.69%
Total Volume
687.95T537.15T
Total Volume Growth
28.07%48.72%
Updated Feb 5, 2026. Data Source: Fiscal.ai.