Subscription Fees was Tradeweb Markets’s largest product and service line in fiscal 2025, bringing in $235.40M of $260.05M (91%).
| Product and Service | FY 2017 | FY 2018 | FY 2018 | FY 2018 | FY 2018 | FY 2019 | FY 2019 | FY 2019 | FY 2019 | FY 2020 | FY 2020 | FY 2020 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Transaction Fees & Commissions | $950.27M | $930.25M | $1.27B | — | ||||||||||||||
| Transaction Fees | — | — | — | — | ||||||||||||||
| Subscription Fees | $165.92M | $2.38M | $1.18M | $235.40M | ||||||||||||||
| Subscription Fees Including Refinitiv Market Data Fees | — | — | — | — | ||||||||||||||
| Commissions | — | — | — | — | ||||||||||||||
| Lseg Market Data Fees | $62.72M | $64.34M | $82.15M | — | ||||||||||||||
| Refinitiv Market Data Fees | — | — | — | — | ||||||||||||||
| Other | $9.87M | $22.62M | $25.51M | $24.65M | ||||||||||||||
| Total | $1.19B | $1.02B | $1.38B | $260.05M |
Tradeweb Markets brought in $260.05M from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $776.88M it reports by segment, so these lines do not cover all of its revenue. Subscription Fees was the largest at $235.40M (90.5%), ahead of Other at $24.65M (9.5%).
Compared with fiscal 2024, Subscription Fees grew 19,848.9% to $235.40M, while Other fell 3.3% to $24.65M. Some of that change comes from Tradeweb Markets regrouping its lines.
Tradeweb Markets stopped reporting Transaction Fees & Commissions ($1.27B in fiscal 2024) and Lseg Market Data Fees ($82.15M in fiscal 2024) as separate lines.
Wholesale was Tradeweb Markets’s largest segment in fiscal 2025, bringing in $400.75M of $776.88M (52%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Institutional | $719.21M | $797.04M | $1.04B | — | |||||
| Wholesale | $273.19M | $312.59M | $385.67M | $400.75M | |||||
| Retail | — | $134.52M | $143.25M | $146.51M | |||||
| Market Data | $85.91M | $94.07M | $118.02M | $133.72M | |||||
| Corporates | — | — | $43.23M | $95.90M | |||||
| Total | $1.08B | $1.34B | $1.73B | $776.88M |
Tradeweb Markets brought in $776.88M from its four segments in fiscal 2025, the year ended December 31, 2025. Tradeweb Markets regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $1.73B. Wholesale was the largest at $400.75M (51.6%), ahead of Retail at $146.51M (18.9%) and Market Data at $133.72M (17.2%). The remaining segment, Corporates, brought in $95.90M.
Compared with fiscal 2024, Corporates grew fastest, up 121.8% to $95.90M. Every segment above 2% of revenue grew.
Tradeweb Markets began breaking out Corporates in fiscal 2024, when it brought in $43.23M. Tradeweb Markets stopped reporting Institutional as a separate segment after fiscal 2024, when it brought in $1.04B.
Fixed was Tradeweb Markets’s largest revenue line in fiscal 2025, bringing in $232.18M of $234.02M (99%).
| Contract with Customer, Basis of Pricing | FY 2018 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Variable | $1.87M | $930.25M | $1.27B | $1.84M | |||||
| Fixed | $546.63M | $182.12M | $204.90M | $232.18M | |||||
| Total | $548.50M | $1.11B | $1.48B | $234.02M |
Tradeweb Markets brought in $234.02M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $776.88M it reports by segment, so these revenue lines do not cover all of its revenue. Fixed was the largest at $232.18M (99.2%), ahead of Variable at $1.84M (0.8%).
Tradeweb Markets (TW) reports its revenue by product and service, by segment and by contract with customer, basis of pricing. In fiscal 2025, Subscription Fees was its largest product and service line, bringing in $235.40M (90.5% of the total), followed by Other at $24.65M (9.5%).
Subscription Fees was Tradeweb Markets' largest product and service line in fiscal 2025, bringing in $235.40M, or 90.5% of the $260.05M total across its two product and service lines.
Wholesale was Tradeweb Markets' largest segment in fiscal 2025, bringing in $400.75M, or 51.6% of the $776.88M total across its four segments.
Fixed was Tradeweb Markets' largest revenue line in fiscal 2025, bringing in $232.18M, or 99.2% of the $234.02M total across its two revenue lines.
Every figure comes from Tradeweb Markets' annual financial filings, as reported. Each line keeps the name Tradeweb Markets gives it, and years follow its fiscal calendar.
Tradeweb Markets' revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.