Tradeweb Markets (TW) Net Margin (2018 - 2026)
Tradeweb Markets' Net Margin came in at 32.44% for Q2 2026, up 2.46 percentage points from 29.98% a year earlier but down 0.79 percentage points from the prior quarter.
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Analysis
Tradeweb Markets (TW) Net Margin (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Tradeweb Markets reported Net Margin of 40.66%, up 11.81 percentage points year-over-year; for FY2025, it was 39.60%, up 10.54 percentage points from FY2024.
- Net Margin has increased in each of the last six years, with a five-year change of +20.97 percentage points (FY2020 to FY2025).
- Going back by year, Net Margin was 29.06% in FY2024 (+1.79 pp), 27.27% in FY2023 (+1.24 pp), 26.02% in FY2022 (+4.95 pp) and 21.07% in FY2021 (+2.44 pp).
- The five-year range for quarterly Net Margin is 17.66% (Q4 2021) to 62.36% (Q4 2025).
- Year-over-year, Net Margin has increased for five consecutive quarters, with an average year-over-year change of +6.26 percentage points over the last eight quarters.
- The fastest year-over-year change in Net Margin over five years came in Q4 2025 (a gain of 31.66 percentage points), and the weakest in Q4 2023 (a drop of 6.21 percentage points).
- Business Quant data shows TW's Net Margin at 33.23% (Q1 2026), 62.36% (Q4 2025) and 36.50% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 42.89% |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | 29.93% |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 61.06% |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 26.53% |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 20.02% |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | 25.35% |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | 16.46% |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | 58.35% |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 24.38% |
| 10 | Tradeweb Markets | 23.59 Bn | 16.31 Bn | - | 32.44% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.44% |
| Mar 31, 2026 | 33.23% |
| Dec 31, 2025 | 62.36% |
| Sep 30, 2025 | 36.50% |
| Jun 30, 2025 | 29.98% |
| Mar 31, 2025 | 29.11% |
| Dec 31, 2024 | 30.69% |
| Sep 30, 2024 | 25.38% |
| Jun 30, 2024 | 29.45% |
| Mar 31, 2024 | 30.86% |
| Dec 31, 2023 | 24.14% |
| Sep 30, 2023 | 30.03% |
| Jun 30, 2023 | 28.68% |
| Mar 31, 2023 | 26.68% |
| Dec 31, 2022 | 30.35% |
| Sep 30, 2022 | 24.06% |
| Jun 30, 2022 | 23.00% |
| Mar 31, 2022 | 26.64% |
| Dec 31, 2021 | 17.66% |
| Sep 30, 2021 | 20.64% |
API Access
Tradeweb Markets Net Margin 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=net-margin&ticker=TW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "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=net-margin&ticker=TW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();