Tradeweb Markets Inc.

TWNASDAQFinancial Services● Active

$99.02

$-3.51(-3.42%)

Market Cap$21.1B

P/E Ratio—

52W High$147.49

52W Low$94.245

Avg Volume1.6M

Open$101.42

Beta0.62

Free Cash Flow Financials Revenue

Tradeweb Markets Inc. (TW) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TW · free cash flow · updated Jun 8, 2026

Core FCF metrics

TW · FCF · TTM · margin & CAGR

Free cash flow was $1.13B for FY2025 (fiscal year ending 2025-12-31), up 31.5% year-over-year The FCF margin was 54.9%. Five-year CAGR stands at +23.0%.

FY2025 Free Cash Flow$1.13B▲ +31.5% YoY

Trailing 12M (TTM)$1.15Btrailing 4 quarters sum

FCF Margin54.9%$1.13B ÷ revenue

3-Year CAGR+25.3%FY2022 → FY2025

5-Year CAGR+23.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TW · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.17B(41M)$1.13B▲ +31.5%54.9%

FY2024$897.7M(41M)$856.8M▲ +25.2%49.6%

FY2023$746.1M(62M)$684.3M▲ +19.5%51.1%

FY2022$632.8M(60M)$572.7M▲ +8.7%48.2%

FY2021$578.0M(51M)$526.7M▲ +31.4%48.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TW · P/FCF · FCF yield · FCF per share

Tradeweb Markets Inc. (TW) trades at a FCF yield of 5.38% and a price-to-free-cash-flow ratio of 18.4x. FCF per share stands at $5.37, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.38%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.37

TTM FCF ÷ Shares Outstanding

Price / FCF

x18.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x17.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

TW · cash flow statement · operating / investing / financing

For FY2025, Tradeweb Markets Inc. generated $1.17B in operating cash flow and spent 41M in capital expenditures, yielding $1.13B in free cash flow.

Operating Activities

+$1.17B

Cash from core business operations

2025-12-31

Investing Activities

−$126.5M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$307.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.17B) − |CapEx| (41M) = FCF ($1.13B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

TW vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Tradeweb Markets Inc.YOU

$1.13B+31.5%54.9%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Tradeweb Markets Inc. (TW) reported free cash flow of $1.13B for FY2025 (fiscal year ending 2025-12-31), up 31.5% year-over-year. The FCF margin was 54.9%.

Based on available data, Tradeweb Markets Inc. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $1.13B in FY2025. The 5-year CAGR stands at +23.0%.

Tradeweb Markets Inc.'s FCF yield is 5.38% and price-to-FCF ratio is 18.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TW free cash flow · 8 questions

Tradeweb Markets Inc. free cash flow was $1.13B for FY2025, up 31.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.15B.

TW free cash flowTW FCFTW FCF 2025TW free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Tradeweb Markets Inc. · Tradeweb Markets Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026