TW Tradeweb Markets margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 95

Gross margin

69%

Operating margin

44.1%

EBITDA margin

63.3%

Net margin

39.8%

Currently, Tradeweb Markets has a gross margin of 69%, an operating margin of 44.1%, an EBITDA margin of 63.3%, and a net margin of 39.8%. The company's available margins all improved, with EBITDA margin showing the strongest expansion of 8.2 percentage points.

TW margin history

Gross, operating, EBITDA and net margin trends

Tradeweb Markets's margins averaged 66.56% gross, 40.28% operating, 56.17% EBITDA, and 32.55% net during the last 3 years. Currently all four current margins are above their three-year averages.

TW margin expansion

Year-over-year margin changes in percentage points

All available margins expanded year over year, led by EBITDA and net margins with an increase of 8.2 percentage points.

Gross margin expansion

2.3pp

Operating margin expansion

3.8pp

EBITDA margin expansion

8.2pp

Net margin expansion

8.2pp

TW Gross margin

The average gross margin for Tradeweb Markets was 66.56% over the last 3 years. Right now, the current gross margin for Tradeweb Markets is 69%, 2.4 percentage points above its three-year average. The gross margin for Tradeweb Markets moved between 65.3% in Sep 2024 and 69% in Sep 2026.

TW Operating margin

The average operating margin for Tradeweb Markets was 40.28% over the last 3 years. Currently, the current operating margin for Tradeweb Markets is 44.1%, 3.8 percentage points above its three-year average. The operating margin for Tradeweb Markets moved between 37.8% in Dec 2023 and 44.1% in Sep 2026.

TW EBITDA margin

Throughout the last 3 years, Tradeweb Markets had an average EBITDA margin of 56.17%. The current EBITDA margin stands at 63.3%, 7.1 percentage points above its three-year average. Looking back over the last 3 years, Tradeweb Markets's EBITDA margin reached 64.7% at its highest point in Jun 2026 and 50.8% at its lowest in Sep 2024.

TW Net margin

Over the last 3 years, the average net margin for Tradeweb Markets was 32.55%. The latest net margin for Tradeweb Markets is 39.8%, 7.3 percentage points above its three-year average. Tradeweb Markets's net margin ranged from a low of 27.3% in Dec 2023 to a high of 40.7% in Jun 2026.

TW margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 69%, TW stands higher than the industry and its peers average but lower than the Financial Services sector average. Looking at the Financial Services sector average of 83.5%, Tradeweb Markets's gross margin is 17% lower.

TW margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Tradeweb Markets's gross margin?

For the period ending Sep 30, 2026, TW recorded a gross margin of 69%.

What is Tradeweb Markets's operating margin?

For the period ending Sep 30, 2026, TW recorded an operating margin of 44.1%.

What is Tradeweb Markets's EBITDA margin?

As of Sep 30, 2026, TW has an EBITDA margin of 63.3%.

What is Tradeweb Markets's net margin?

The current net margin for TW is 39.8% as of Sep 30, 2026.

What are the average margins of TW?

Looking back over 3 years, TW recorded average margins of 66.6% gross, 40.3% operating, 56.2% EBITDA, and 32.6% net.

What are the highest historical margins of TW?

Across the 5-year period, TW posted its highest margins at 69% gross in Sep 2026, 44.1% operating in Sep 2026, 64.7% EBITDA in Jun 2026, and 40.7% net in Jun 2026.

What are the lowest historical margins of TW?

In the last 5 years, the lowest margins reported by TW were 62.2% gross in Dec 2021, 33.3% operating in Dec 2021, 46% EBITDA in Mar 2022, and 21.1% net in Dec 2021.