Tradeweb Markets (TW) Operating Margin (2018 - 2026)
Tradeweb Markets' Operating Margin came in at 43.88% for Q2 2026, up 4.92 percentage points from 38.96% a year earlier but down 2.62 percentage points from the prior quarter.
Powered by 
Analysis
Tradeweb Markets (TW) Operating Margin (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Tradeweb Markets reported Operating Margin of 43.68%, up 4.83 percentage points year-over-year; for FY2025, it was 40.70%, up 1.42 percentage points from FY2024.
- Operating Margin has increased in each of the last eight years, with a five-year change of +11.20 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was 39.28% in FY2024 (+1.53 pp), 37.76% in FY2023 (+3.05 pp), 34.71% in FY2022 (+1.37 pp) and 33.33% in FY2021 (+3.83 pp).
- The five-year range for quarterly Operating Margin is 31.24% (Q4 2022) to 46.50% (Q1 2026).
- Year-over-year, Operating Margin has increased for four consecutive quarters, with an average year-over-year change of +2.09 percentage points over the last eight quarters.
- The fastest year-over-year change in Operating Margin over five years came in Q4 2023 (a gain of 7.04 percentage points), and the weakest in Q3 2024 (a drop of 2.50 percentage points).
- Business Quant data shows TW's Operating Margin at 46.50% (Q1 2026), 42.41% (Q4 2025) and 41.36% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | - |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | - |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 64.89% |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 38.52% |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 28.12% |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | - |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | - |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | - |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 32.99% |
| 10 | Tradeweb Markets | 23.59 Bn | 16.31 Bn | - | 43.88% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 43.88% |
| Mar 31, 2026 | 46.50% |
| Dec 31, 2025 | 42.41% |
| Sep 30, 2025 | 41.36% |
| Jun 30, 2025 | 38.96% |
| Mar 31, 2025 | 40.05% |
| Dec 31, 2024 | 40.69% |
| Sep 30, 2024 | 35.49% |
| Jun 30, 2024 | 40.13% |
| Mar 31, 2024 | 41.02% |
| Dec 31, 2023 | 38.28% |
| Sep 30, 2023 | 37.99% |
| Jun 30, 2023 | 37.45% |
| Mar 31, 2023 | 37.23% |
| Dec 31, 2022 | 31.24% |
| Sep 30, 2022 | 35.81% |
| Jun 30, 2022 | 35.88% |
| Mar 31, 2022 | 35.83% |
| Dec 31, 2021 | 32.93% |
| Sep 30, 2021 | 32.24% |
API Access
Tradeweb Markets Operating 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=operating-margin&ticker=TW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=TW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();