Tradeweb Markets Inc.
Tradeweb Markets Inc. is classed by the SEC under Security & Commodity Brokers, Dealers, Exchanges & Services (industry code 6200), based in New York, NY. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $2.1 billion and a profit of $812 million (its filed statements).
vs its business-model standard
Three tenses, nine metrics. Unseen metrics stay unseen; the grade never fakes a number. Proxy era: provisional values, marked. Weighed as a marketplace business: prior from its industry code (SEC 6200, Security & Commodity Brokers, Dealers, Exchanges & Services); the filing read can change it. All three tenses have at least two readings, so the archetype blend applies as printed.
The grade, in three tenses
Headline 6.1 out of ten, 9 of 9 metrics filed: past 6.1 out of ten, present 5.8 out of ten, future 6.4 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.
The nine metrics
- Surviving crises (past): 6.2 out of ten. No warning events in its filings since 2018. 62nd percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Track record (past): 7.8 out of ten. +17.6% a year over 8 filed years; profitable in 8 of 8. 78th percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Shareholder treatment (past): 3.9 out of ten. Share count grew 1.0% a year. 7% of cash flow returned. Insiders: 23 sales, 0 purchases. 39th percentile among 9 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Financial health (present): 7.0 out of ten. ROE 13%: 13¢ of profit per shareholder dollar. Leverage 12%: owes 12¢ per asset dollar. 71st percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Industry position (present): 6.5 out of ten. top 35% of 13 in its family; net margin 44.9%. 65th percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Leadership (present): 2.3 out of ten. bottom 23% of 7 in its family for leadership; chief executive since 2023. 23rd percentile among 7 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
- Room to expand (future): 7.3 out of ten. top 27% of 13 in its family for room to expand. 73rd percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Growth drivers (future): 5.5 out of ten. top 45% of 13 in its family for growth drivers. 55th percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
- Expectations vs reality (future): 6.8 out of ten. top 32% of 13 in its family for expectations against reality. 68th percentile among 13 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
The filing record
Newest annual report: Form 10-K filed 2026-02-05 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-30 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-30 (on EDGAR). Newest filing: Form 3, 2026-10-09. Filings on record since 2018. Read from EDGAR 2026-10-12.
Where the revenue comes from
Product and service lines in fiscal 2025: Transaction Fee Revenue 83%, Subscription Fee Revenue 11%, Market Data Revenue 5%, Financial Service Other 1%. By geography: United States 58%, International 42%. As tagged in its annual report (Form 10-K, filed 2026-02-05).
Who runs it
Hult, William (Chief Executive Officer); Furber, Sara (Chief Financial Officer); Peterson, Justin (Chief Technology Officer); Clack, Amy (Chief Administrative Officer); Friedman, Douglas (Chief Legal Officer); Dixon, Troy (MD, Co-Head of Global Markets); Bruni, Enrico (MD, Co-Head of Global Markets); Berns, Steven (director); Aigrain, Jacques (director); Ganeles, Scott (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.
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