Tradeweb Markets Inc. (TW) stock
TWNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 29, 2026Score 17/302% below fair value
$131.64+1.04 (+0.80%)
Close on Nov 12, 2026Market cap $30.56BP/E 30.9Yield 0.36%
Tradeweb Markets operating margin
Operating margin is operating income as a percentage of revenue.
Tradeweb Markets's operating margin for the twelve months ending Sep 30, 2026 was 44.1%. For fiscal 2025 it was 40.7%, against 39.3% the year before. The highest annual figure on record is 40.7% in fiscal 2025.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 40.7% | +1.4 |
| FY2024 | Dec 31, 2024 | 39.3% | +1.5 |
| FY2023 | Dec 31, 2023 | 37.8% | +3.1 |
| FY2022 | Dec 31, 2022 | 34.7% | +1.4 |
| FY2021 | Dec 31, 2021 | 33.3% | +3.8 |
| FY2020 | Dec 31, 2020 | 29.5% | +5.0 |
| FY2019 | Dec 31, 2019 | 24.5% | +6.8 |
| FY2017 | Dec 31, 2017 | 17.7% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 43.4% | +2.0 |
| Q2 FY2026 | Jun 30, 2026 | 43.9% | +4.9 |
| Q1 FY2026 | Mar 31, 2026 | 46.5% | +6.5 |
| Q4 FY2025 | Dec 31, 2025 | 42.4% | +1.7 |
| Q3 FY2025 | Sep 30, 2025 | 41.4% | +5.9 |
| Q2 FY2025 | Jun 30, 2025 | 39.0% | −1.2 |
| Q1 FY2025 | Mar 31, 2025 | 40.0% | −1.0 |
| Q4 FY2024 | Dec 31, 2024 | 40.7% | +2.4 |
| Q3 FY2024 | Sep 30, 2024 | 35.5% | −2.5 |
| Q2 FY2024 | Jun 30, 2024 | 40.1% | +2.7 |
| Q1 FY2024 | Mar 31, 2024 | 41.0% | +3.8 |
| Q4 FY2023 | Dec 31, 2023 | 38.3% | +7.0 |
| Q3 FY2023 | Sep 30, 2023 | 38.0% | +2.2 |
| Q2 FY2023 | Jun 30, 2023 | 37.5% | +1.6 |
| Q1 FY2023 | Mar 31, 2023 | 37.2% | +1.4 |
| Q4 FY2022 | Dec 31, 2022 | 31.2% | −1.7 |
| Q3 FY2022 | Sep 30, 2022 | 35.8% | +3.6 |
| Q2 FY2022 | Jun 30, 2022 | 35.9% | +3.8 |
| Q1 FY2022 | Mar 31, 2022 | 35.8% | −0.1 |
| Q4 FY2021 | Dec 31, 2021 | 32.9% | +2.2 |
| Q3 FY2021 | Sep 30, 2021 | 32.2% | +4.7 |
| Q2 FY2021 | Jun 30, 2021 | 32.1% | +5.9 |
| Q1 FY2021 | Mar 31, 2021 | 36.0% | +2.9 |
| Q4 FY2020 | Dec 31, 2020 | 30.7% | +3.2 |
| Q3 FY2020 | Sep 30, 2020 | 27.5% | −1.5 |
| Q2 FY2020 | Jun 30, 2020 | 26.2% | +10.0 |
| Q1 FY2020 | Mar 31, 2020 | 33.1% | +8.3 |
| Q4 FY2019 | Dec 31, 2019 | 27.5% | +9.7 |
| Q3 FY2019 | Sep 30, 2019 | 29.0% | −2.5 |
| Q2 FY2019 | Jun 30, 2019 | 16.3% | – |
| Q1 FY2019 | Mar 31, 2019 | 24.8% | – |
| Q4 FY2018 | Dec 31, 2018 | 17.9% | – |
| Q3 FY2018 | Sep 30, 2018 | 31.5% | – |
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