What is the 13F Pro Quality Score for TW?

13F Pro ranks Tradeweb Markets Inc. (TW) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View TW's current score at https://13fpro.ai/research/TW (free sign-up required for the full ranking).

Where does 13F Pro source TW data?

All Tradeweb Markets Inc. fundamentals and ownership data come directly from SEC EDGAR. Tradeweb Markets Inc. files with the SEC under CIK 1758730. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is TW in?

Tradeweb Markets Inc. (TW) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives TW's revenue?

Per Tradeweb Markets Inc.'s latest 10-Q filed with the SEC on 2026-04-29, the biggest revenue drivers are: Transaction fees and commissions ($523.8M, +24.3% YoY); Subscription fees ($87.0M, +2.7% YoY); Other revenue ($6.9M, +90.5% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/TW.

What are TW's largest expenses?

Tradeweb Markets Inc.'s latest 10-Q reports these as the largest expense items: Employee compensation and benefits ($197.8M, +11.8% YoY); Technology and communications ($39.5M, +37.7% YoY); Depreciation and amortization ($60.7M, -3.2% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is TW research updated on 13F Pro?

TW's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Tradeweb Markets Inc.(TW)Stock Analysis

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13F Pro Quality Score

80.9/100

Rank #37 of 2,879 stocksTOP 5%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

84.6/100

Profitability

92.4/100

Balance Sheet

83.0/100

Earnings Quality

77.4/100

Free Cash Flow

90.4/100

Institutional Flow

96.1/100

Revenue Scale

63.8/100

Dilution Risk

25.6/100

TW Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Tradeweb Markets Inc. (TW), a Financials sector company. 13F Pro's AI-powered ranking engine scores TW at 80.9/100 on a 32-signal composite quality model, placing it at rank #37 of 2,879 stocks — the top 5% of the AI-ranked universe. TW scores in the top quartile across institutional flow (96.1), profitability (92.4), free cash flow (90.4). Shareholder dilution risk is elevated at 25.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Tradeweb Markets Inc. reports quarterly revenue of $617.8M, net income of $205.3M, an operating margin of 46.5%. Top institutional holders of TW by reported 13-F value include WELLINGTON MANAGEMENT GROUP LLP, BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. TW trades on the Nasdaq exchange and files with the SEC under CIK 1758730. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TW daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Tradeweb Markets Inc. directly from SEC EDGAR. Tradeweb Markets Inc.'s 13F Pro composite quality score has ranged between 64 and 81 since 2021, currently 80.9 — an improving long-term trajectory across 30 quarterly and live scoring snapshots.

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Fun facts about Tradeweb Markets Inc.

Quirks, history, and lore behind TW — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · mid-cap · listed on Nasdaq · headquartered in New York City.
2
The Numbers
Annual revenue in the low billions of dollars, with a business model built on transaction fees and subscriptions rather than taking market risk itself.
3
The History
Founded in 1996 and backed early by major Wall Street dealers, it was built to drag a corner of finance kicking and screaming into the electronic age.
4
The Secret
It operates a electronic marketplace specifically for fixed-income securities — think bonds, not stocks — serving institutional clients like asset managers and central banks.
5
The Lore
Its founding shareholders included giants like Goldman Sachs, JPMorgan, and Morgan Stanley, which made it simultaneously the industry's disruptor and its darling.
6
The Giveaway
The place where the world's biggest bond traders click 'buy' — an electronic fixed-income and derivatives platform that went public in 2019 under a two-letter ticker.

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What's Driving TW's Business? Latest 10-Q Breakdown

AI-extracted from Tradeweb Markets Inc.'s 10-Q filed 2026-04-29 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q1 2026 revenue grew 21.2% YoY to $617.8M; transaction fees jumped 24.3% to $523.8M on higher trading volumes across rates, credit, equities and money markets.

Biggest Revenue Drivers

Total revenue: $617.8M+21.2% YoY

Transaction fees and commissions$523.8M+24.3% YoY

Higher revenues for rates and credit derivatives products, U.S. government bonds, mortgages, U.S. and international ETFs, and European and U.S. corporate bonds.

Subscription fees$87.0M+2.7% YoY

Includes $26.7M of LSEG market data fees; relatively flat due to amended market data agreement with quarterly historical data delivery vs. concentrated January delivery in prior year.

Other revenue$6.9M+90.5% YoY

Increase in digital asset revenue earned for performing validation services on the Canton Network, from $0.3M to $3.7M.

Largest Expense Items

Employee compensation and benefits$197.8M+11.8% YoY

Increase in headcount and related salaries, bonus, benefits and stock-based compensation; headcount rose from 1,435 to 1,598 employees.

Technology and communications$39.5M+37.7% YoY

Increased investment in data strategy and infrastructure and increased data fees driven by higher trading volumes.

Depreciation and amortization$60.7M-3.2% YoY

Decrease primarily due to fully amortized content and data intangible assets from 2018 Refinitiv Transaction, partially offset by increased amortization of software development costs.

General and administrative$11.9M-39.5% YoY

$9.4M decrease in foreign exchange losses; realized and unrealized FX gains of $4.0M vs. losses of $5.4M prior year.

Watch Items from the Filing

LSEG concentration: $26.7M market data revenue (4.3% of total) from affiliated entity; market data revenue declined 4.6% YoY due to amended agreement timing.
Canton Coin volatility: $243.5M holdings with unrealized losses of $2.9M in Q1 2026 vs. $4.2M gains in Q1 2025; revenue dependent on highly volatile coin fair value.
Tax Receivable Agreement liability: $335.8M total obligation with ~$22.9M due within 12 months and $312.9M thereafter; impacts liquidity and capital allocation.
Retail revenue decline: Retail client sector revenue fell 6.9% YoY to $33.4M, driven by lower revenues for U.S. corporate and government bonds.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$617.8M

Net Income

Q1 2026

$205.3M

Free Cash Flow

Q1 2026

$94.2M

Operating Margin

Q1 2026

46.5%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+18.9% YoY

$2.05BFY 2025

FY22 $1.19BFY23 $1.34BFY24 $1.73BFY25 $2.05B

Net Income

+62.1% YoY

$812.8MFY 2025

FY22 $309.3MFY23 $364.9MFY24 $501.5MFY25 $812.8M

Operating Income

+23.2% YoY

$835.3MFY 2025

FY22 $412.6MFY23 $505.3MFY24 $678.0MFY25 $835.3M

EPS (Diluted)

+62.2% YoY

$3.78FY 2025

FY22 $1.48FY23 $1.71FY24 $2.33FY25 $3.78

Total Assets

+12.7% YoY

$8.19BFY 2025

FY22 $6.26BFY23 $7.06BFY24 $7.27BFY25 $8.19B

Op. Cash Flow

+30.1% YoY

$1.17BFY 2025

FY22 $632.8MFY23 $746.1MFY24 $897.7MFY25 $1.17B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.05B +18.9%	$1.73B +29.0%	$1.34B +12.6%	$1.19B +10.4%	$1.08B +20.6%	$892.7M
Net Income	$812.8M +62.1%	$501.5M +37.4%	$364.9M +18.0%	$309.3M +36.4%	$226.8M +36.4%	$166.3M
Operating Income	$835.3M +23.2%	$678.0M +34.2%	$505.3M +22.5%	$412.6M +15.0%	$358.8M +36.3%	$263.4M
EPS (Diluted)	$3.78 +62.2%	$2.33 +36.3%	$1.71 +15.5%	$1.48 +35.8%	$1.09 +23.9%	$0.88
Total Assets	$8.19B +12.7%	$7.27B +3.0%	$7.06B +12.8%	$6.26B +4.5%	$5.99B +5.5%	$5.68B
Operating Cash Flow	$1.17B +30.1%	$897.7M +20.3%	$746.1M +17.9%	$632.8M +9.5%	$578.0M +30.4%	$443.2M

AI Insight: TW Financial Trends

Revenue surged 21% year-over-year in Q1 2026 to $618M while operating leverage drove margin expansion across the business.

• Revenue accelerated from $510M in Q1 2025 to $618M in Q1 2026, marking 21% year-over-year growth.

• Operating income expanded from $204M to $287M year-over-year, with operating margin rising to 46.4% in Q1 2026.

• Equity grew steadily from $5,631M in Q2 2024 to $6,620M in Q1 2026, reflecting consistent capital accumulation.

• Net income showed strong momentum, rising from $148M in Q1 2025 to $205M in Q1 2026.

⚠ Operating cash flow volatile, dropping sharply to $60M in Q1 2025 and $104M in Q1 2026 versus prior quarters.

⚠ Q4 2025 net income spike to $325M appears unusual compared to normalized quarterly run-rate around $150-200M.

AI Insight: TW Ratio Trends

Tradeweb delivered exceptional Q1 2026 operating leverage with 46.5% operating margin and 17.4% ROIC, both multi-quarter highs.

• Operating margin expanded from 40.1% in Q2 2024 to 46.5% in Q1 2026, showing consistent improvement.

• ROIC jumped to 17.4% in Q1 2026 from 13.6% in Q4 2025, reaching the highest level in the data.

• ROA strengthened to 9.9% in Q1 2026, up from 6.6% in Q2 2024, indicating improving asset utilization.

⚠ Net profit margin volatility, ranging from 25.4% in Q3 2024 to 62.4% in Q4 2025, suggests irregular earnings patterns.

⚠ Q4 2025's 62.4% net margin and 20.0% ROE appear anomalous compared to surrounding quarters, indicating potential one-off items.

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Available Research

13F Pro tracks comprehensive data for Tradeweb Markets Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of TW

WELLINGTON MANAGEMENT GROUP LLP
$882.9M7,504,175 sh
BlackRock, Inc.
$803.5M6,828,834 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$660.1M5,609,871 sh
VANGUARD CAPITAL MANAGEMENT LLC
$610.7M5,190,795 sh
AQR CAPITAL MANAGEMENT LLC
$340.8M2,896,209 sh
Linonia Partnership LP
$328.4M2,791,246 sh
STATE STREET CORP
$323.0M2,744,804 sh
Grantham, Mayo, Van Otterloo & Co. LLC
$311.9M2,650,663 sh
CANTILLON CAPITAL MANAGEMENT LLC
$278.5M2,367,041 sh
Carmignac Gestion
$269.0M2,286,200 sh

Fund	Value	Shares
WELLINGTON MANAGEMENT GROUP LLP	$882.9M	7,504,175
BlackRock, Inc.	$803.5M	6,828,834
VANGUARD PORTFOLIO MANAGEMENT LLC	$660.1M	5,609,871
VANGUARD CAPITAL MANAGEMENT LLC	$610.7M	5,190,795
AQR CAPITAL MANAGEMENT LLC	$340.8M	2,896,209
Linonia Partnership LP	$328.4M	2,791,246
STATE STREET CORP	$323.0M	2,744,804
Grantham, Mayo, Van Otterloo & Co. LLC	$311.9M	2,650,663
CANTILLON CAPITAL MANAGEMENT LLC	$278.5M	2,367,041
Carmignac Gestion	$269.0M	2,286,200

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Is TW a good stock to buy?

13F Pro's AI-powered analysis of Tradeweb Markets Inc. (TW) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TW are available on the TW stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own TW?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TW. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Tradeweb Markets Inc.'s investment landscape.