Tradeweb Markets Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Tradeweb Markets Inc (TW). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Reportable Segment | $1.19B 100.0% | $1.34B 100.0% · +12.6% | $1.73B 100.0% · +29.0% | $2.05B 100.0% · +18.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| U.S. | $570.1M 63.9% | $673.2M 62.5% · +18.1% | $760.6M 64.0% · +13.0% | $850.3M 63.5% · +11.8% | $1.06B 61.5% · +24.7% | $1.19B 58.2% · +12.6% |
| International | $322.6M 36.1% | $403.2M 37.5% · +25.0% | $428.1M 36.0% · +6.2% | $487.9M 36.5% · +14.0% | $665.3M 38.5% · +36.4% | $858.4M 41.8% · +29.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Transaction fees and commissions | $681.6M 76.4% | $846.4M 78.6% · +24.2% | $950.3M 79.9% · +12.3% | $1.08B 80.6% · +13.5% | $1.42B 82.5% · +32.0% | $1.70B 82.8% · +19.5% |
| Subscription fees | $142.4M 15.9% | $158.4M 14.7% · +11.3% | $165.9M 14.0% · +4.7% | $184.0M 13.7% · +10.9% | $206.7M 12.0% · +12.3% | $234.0M 11.4% · +13.2% |
| Refinitiv market data fees | $59.7M 6.7% | $61.2M 5.7% · +2.4% | $62.7M 5.3% · +2.6% | $64.3M 4.8% · +2.6% | $82.1M 4.8% · +27.7% | $93.2M 4.5% · +13.5% |
| Other | $9.0M 1.0% | $10.5M 1.0% · +16.4% | $9.9M 0.8% · -5.9% | $11.6M 0.9% · +17.2% | $13.6M 0.8% · +17.6% | $24.8M 1.2% · +82.3% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 10, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.