Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $563M | — | $776M | $893M | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B |
| Revenue growth | — | — | — | 15.1% | 20.6% | 10.4% | 12.6% | 29.0% | 18.9% |
| Operating income | $89.1M | — | $190M | $263M | $359M | $413M | $505M | $678M | $835M |
| Operating margin | 15.8% | — | 24.5% | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% |
| Net income | $83.6M | — | $83.8M | $166M | $227M | $309M | $365M | $502M | $813M |
| Net margin | 14.9% | — | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
| EPS (diluted) | — | — | $0.54 | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $225M | — | $311M | $443M | $578M | $633M | $746M | $898M | $1.17B |
| Capital expenditures | $13.5M | — | $15.8M | $11.5M | $16.9M | $23.2M | $18.5M | $41.0M | $40.6M |
| Free cash flow | $211M | — | $295M | $432M | $561M | $610M | $728M | $857M | $1.13B |
| Share buybacks | — | — | $0.00 | $0.00 | $75.7M | $99.3M | $35.2M | $59.1M | $104M |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $354M | $410M | $461M | $791M | $972M | $1.26B | $1.71B | $1.34B | $2.08B |
| Total assets | — | $5.00B | $5.10B | $5.68B | $5.99B | $6.26B | $7.06B | $7.27B | $8.19B |
| Total liabilities | — | $411M | $503M | $661M | $681M | $714M | $1.13B | $869M | $1.00B |
| Shareholders' equity | — | $4.57B | $3.38B | $4.30B | $4.65B | $4.95B | $5.37B | $5.80B | $6.51B |
| Retained earnings | — | — | $47.8M | $156M | $243M | $387M | $640M | $997M | $1.60B |
| Shares (wtd avg diluted) | 216M | — | 157M | 188M | 207M | 208M | 213M | 215M | 215M |
Every figure is extracted from Tradeweb Markets Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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