Tradeweb Markets (TW) Change in Intangibles (2018 - 2026)
Tradeweb Markets' Change in Intangibles was $18.9 million in Q2 2026, up 13.9% from $16.59 million a year earlier and up 7.9% from the prior quarter.
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Analysis
Tradeweb Markets (TW) Change in Intangibles (2018 - 2026) Analysis & Trends
On a trailing twelve-month basis, Tradeweb Markets' Change in Intangibles was $66.81 million through Jun 30, 2026, up 21.0% year-over-year; for FY2025, it was $62.54 million, up 30.5% from FY2024.
- Change in Intangibles has now increased for seven consecutive years, with a five-year compound annual growth rate of 15.0% (FY2020 to FY2025).
- In earlier years, Change in Intangibles was $47.91 million in FY2024 (+10.8%), $43.24 million in FY2023 (+17.2%), $36.88 million in FY2022 (+7.0%) and $34.47 million in FY2021 (+11.0%).
- The Q2 2026 figure marks the highest quarterly Change in Intangibles in data going back to Q1 2019.
- Compared with a year earlier, Change in Intangibles has increased for 22 straight quarters, with growth averaging 21.7% over the last eight quarters.
- Across the past five years, year-over-year growth in Change in Intangibles ran from 4.1% in Q3 2022 to 40.6% in Q2 2025.
- Per Business Quant data, TW's Change in Intangibles in the three quarters before Q2 2026 was $17.51 million (Q1 2026), $15.4 million (Q4 2025) and $15 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Change Intangibless (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 101.35 Bn | 82.45 Bn | - | 12.00 Mn |
| 2 | Bank of New York Mellon | 98.65 Bn | 38.02 Bn | - | - |
| 3 | Cme | 94.54 Bn | 94.54 Bn | - | - |
| 4 | Intercontinental Exchange | 84.23 Bn | 78.04 Bn | - | 118.00 Mn |
| 5 | Nasdaq | 50.77 Bn | 48.20 Bn | 1.50 Bn | - |
| 6 | State Street | 48.31 Bn | 48.31 Bn | - | - |
| 7 | Interactive Brokers | 39.79 Bn | 33.24 Bn | - | - |
| 8 | Northern Trust | 31.37 Bn | 31.37 Bn | - | 129.10 Mn |
| 9 | Cboe Global Markets | 28.34 Bn | 20.00 Bn | 731.60 Mn | - |
| 10 | Tradeweb Markets | 23.93 Bn | 16.65 Bn | - | 18.90 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 18.90 Mn |
| Mar 31, 2026 | 17.51 Mn |
| Dec 31, 2025 | 15.40 Mn |
| Sep 30, 2025 | 15.00 Mn |
| Jun 30, 2025 | 16.59 Mn |
| Mar 31, 2025 | 13.17 Mn |
| Dec 31, 2024 | 12.73 Mn |
| Sep 30, 2024 | 12.70 Mn |
| Jun 30, 2024 | 11.80 Mn |
| Mar 31, 2024 | 10.68 Mn |
| Dec 31, 2023 | 11.13 Mn |
| Sep 30, 2023 | 11.60 Mn |
| Jun 30, 2023 | 10.67 Mn |
| Mar 31, 2023 | 9.84 Mn |
| Dec 31, 2022 | 9.41 Mn |
| Sep 30, 2022 | 9.21 Mn |
| Jun 30, 2022 | 9.29 Mn |
| Mar 31, 2022 | 8.98 Mn |
| Dec 31, 2021 | 8.66 Mn |
| Sep 30, 2021 | 8.85 Mn |
API Access
Tradeweb Markets Change in Intangibles API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=change-in-intangibles&ticker=TW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "change-in-intangibles", "ticker": "TW", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=change-in-intangibles&ticker=TW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();