Tradeweb Markets (TW) Operating Expenses (2018 - 2026)
Tradeweb Markets' Operating Expenses came in at $313.68 million for Q2 2026, up 0.2% from $313.12 million a year earlier but down 5.1% from the prior quarter.
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Analysis
Tradeweb Markets (TW) Operating Expenses (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Tradeweb Markets reported Operating Expenses of $1.24 billion, up 5.0% year-over-year; for FY2025, it was $1.22 billion, up 16.1% from FY2024.
- Operating Expenses has increased in each of the last seven years, with a five-year compound annual growth rate of 14.1% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $1.05 billion in FY2024 (+25.8%), $832.95 million in FY2023 (+7.3%), $776.21 million in FY2022 (+8.2%) and $717.62 million in FY2021 (+14.0%).
- The five-year range for quarterly Operating Expenses is $179.8 million (Q3 2021) to $330.51 million (Q1 2026).
- Year-over-year, Operating Expenses has increased for 24 consecutive quarters, with growth averaging 17.4% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 0.2% (Q2 2026) to 42.2% (Q3 2024).
- Business Quant data shows TW's Operating Expenses at $330.51 million (Q1 2026), $300.17 million (Q4 2025) and $298.23 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 734.00 Mn |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | 3.44 Bn |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 599.10 Mn |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 1.28 Bn |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 788.00 Mn |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | 2.66 Bn |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | 440.00 Mn |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | 1.64 Bn |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 255.60 Mn |
| 10 | Tradeweb Markets | 23.59 Bn | 16.31 Bn | - | 313.68 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 313.68 Mn |
| Mar 31, 2026 | 330.51 Mn |
| Dec 31, 2025 | 300.17 Mn |
| Sep 30, 2025 | 298.23 Mn |
| Jun 30, 2025 | 313.12 Mn |
| Mar 31, 2025 | 305.58 Mn |
| Dec 31, 2024 | 274.80 Mn |
| Sep 30, 2024 | 289.60 Mn |
| Jun 30, 2024 | 242.46 Mn |
| Mar 31, 2024 | 241.06 Mn |
| Dec 31, 2023 | 228.37 Mn |
| Sep 30, 2023 | 203.62 Mn |
| Jun 30, 2023 | 194.28 Mn |
| Mar 31, 2023 | 206.68 Mn |
| Dec 31, 2022 | 201.49 Mn |
| Sep 30, 2022 | 184.31 Mn |
| Jun 30, 2022 | 190.53 Mn |
| Mar 31, 2022 | 199.88 Mn |
| Dec 31, 2021 | 185.70 Mn |
| Sep 30, 2021 | 179.80 Mn |
API Access
Tradeweb Markets Operating Expenses 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=operating-expenses&ticker=TW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=TW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();