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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $558.95M | $617.76M | $521.18M | $508.60M | $512.97M | $509.68M | $463.34M | $448.92M |
| Gross profit | $558.95M | $617.76M | $521.18M | $508.60M | $512.97M | $509.68M | $463.34M | $448.92M |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Selling, general and administrative | $252.20M | $269.80M | $240.08M | $233.88M | $250.07M | $242.88M | $211.95M | $231.73M |
| Operating expenses | $313.68M | $330.51M | $300.17M | $298.23M | $313.12M | $305.58M | $274.80M | $289.60M |
| Operating income | $245.26M | $287.25M | $221.01M | $210.37M | $199.85M | $204.10M | $188.54M | $159.32M |
| Operating margin | 43.9% | 46.5% | 42.4% | 41.4% | 39.0% | 40.0% | 40.7% | 35.5% |
| EBITDA | $306.75M | $347.96M | $281.10M | $274.72M | $262.90M | $266.80M | $251.39M | $217.19M |
| Interest income | $18.15M | $17.45M | $19.24M | $20.35M | $14.97M | $13.85M | $14.80M | $16.66M |
| Interest expense | −$505.00K | −$624.00K | −$403.00K | −$522.00K | −$429.00K | −$587.00K | −$573.00K | −$1.45M |
| Income before taxes | $270.19M | $302.92M | $456.71M | $269.62M | $227.06M | $221.58M | $210.25M | $173.67M |
| Income taxes | $63.50M | $69.76M | $89.59M | $59.07M | $51.54M | $53.28M | $50.30M | $43.45M |
| Net income | $206.69M | $233.17M | $367.12M | $210.55M | $175.52M | $168.31M | $159.94M | $130.22M |
| Net margin | 37.0% | 37.7% | 70.4% | 41.4% | 34.2% | 33.0% | 34.5% | 29.0% |
| EPS, basic | $0.85 | $0.96 | $1.53 | $0.87 | $0.72 | $0.70 | $0.67 | $0.53 |
| EPS, diluted | $0.85 | $0.96 | $1.51 | $0.86 | $0.71 | $0.69 | $0.66 | $0.53 |
| Diluted shares | 212.80M | 213.32M | 214.74M | 214.98M | 214.97M | 214.90M | 215.05M | 215.10M |
Figures describe Tradeweb Markets shares, not any token. As of Jul 30, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.