Transaction Fees & Commissions was Tradeweb Markets’s largest product and service line in fiscal 2025, bringing in $1.70B of $2.05B (83%).
| Product and Service | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Transaction Fees & Commissions | $950.27M | $1.08B | $1.42B | $1.70B | ||||
| Transaction Fees | — | — | — | — | ||||
| Subscription Fees | $165.92M | $183.97M | $206.66M | $234.02M | ||||
| Commissions | — | — | — | — | ||||
| Lseg Market Data Fees | $62.72M | $64.34M | $82.15M | $93.20M | ||||
| Refinitiv Market Data Fees | — | — | — | — | ||||
| Other | $9.87M | $11.57M | $13.60M | $24.79M | ||||
| Total | $1.19B | $1.34B | $1.73B | $2.05B |
Tradeweb Markets brought in $2.05B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 18.9% from $1.73B in fiscal 2024. Transaction Fees & Commissions was the largest at $1.70B (82.8%), ahead of Subscription Fees at $234.02M (11.4%) and Lseg Market Data Fees at $93.20M (4.5%). The remaining line, Other, brought in $24.79M.
Compared with fiscal 2024, Transaction Fees & Commissions grew fastest, up 19.5% to $1.70B. Every line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these lines grew from $1.19B to $2.05B, a compound annual growth rate of 20.0%. Transaction Fees & Commissions' share of the total rose from 79.9% to 82.8%.
Institutional was Tradeweb Markets’s largest revenue line in fiscal 2025, bringing in $1.28B of $2.05B (62%).
| Customer | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Institutional | $719.21M | $797.04M | $1.04B | $1.28B | ||||
| Wholesale | $273.19M | $312.59M | $385.67M | $400.75M | ||||
| Retail | $110.47M | $134.52M | $143.25M | $146.51M | ||||
| Market Data | $85.91M | $94.07M | $118.02M | $133.72M | ||||
| Corporates | — | — | $43.23M | $95.90M | ||||
| Total | $1.19B | $1.34B | $1.73B | $2.05B |
Tradeweb Markets brought in $2.05B from its five revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 18.9% from $1.73B in fiscal 2024. Institutional was the largest at $1.28B (62.1%), ahead of Wholesale at $400.75M (19.5%) and Retail at $146.51M (7.1%). The other two revenue lines brought in $229.62M combined.
Compared with fiscal 2024, Corporates grew fastest, up 121.8% to $95.90M. Every revenue line above 2% of revenue grew.
Tradeweb Markets began breaking out Corporates in fiscal 2024, when it brought in $43.23M.
U.S was Tradeweb Markets’s largest region in fiscal 2025, bringing in $1.19B of $2.05B (58%).
| Geography | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| U.S | $760.64M | $850.34M | $1.06B | $1.19B | ||||
| International | $428.14M | $487.88M | $665.25M | $858.37M | ||||
| Total | $1.19B | $1.34B | $1.73B | $2.05B |
Tradeweb Markets brought in $2.05B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 18.9% from $1.73B in fiscal 2024. U.S was the largest at $1.19B (58.2%), ahead of International at $858.37M (41.8%).
Compared with fiscal 2024, International grew 29.0% to $858.37M and U.S grew 12.6% to $1.19B. From fiscal 2022 to 2025, combined revenue from these regions grew from $1.19B to $2.05B, a compound annual growth rate of 20.0%. U.S's share of the total fell from 64.0% to 58.2%.
Tradeweb Markets (TW) reports its revenue by product and service, by customer and by geography. In fiscal 2025, Transaction Fees & Commissions was its largest product and service line, bringing in $1.70B (82.8% of the total), followed by Subscription Fees at $234.02M (11.4%).
Transaction Fees & Commissions was Tradeweb Markets' largest product and service line in fiscal 2025, bringing in $1.70B, or 82.8% of the $2.05B total across its four product and service lines.
Institutional was Tradeweb Markets' largest revenue line in fiscal 2025, bringing in $1.28B, or 62.1% of the $2.05B total across its five revenue lines.
U.S was Tradeweb Markets' largest region in fiscal 2025, bringing in $1.19B, or 58.2% of the $2.05B total across its two regions.
Among Tradeweb Markets' product and service lines that make up at least 2% of revenue, Transaction Fees & Commissions grew fastest in fiscal 2025, up 19.5% from $1.42B to $1.70B.
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.