$TW

Tradeweb Markets Inc.

CIK:0001758730|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenue	$ 558,946	$ 512,971	$ 1,176,710	$ 1,022,648
Expenses
Employee compensation and benefits	172,462	169,693	370,255	346,570
Depreciation and amortization	61,487	63,048	122,196	125,747
Technology and communications	41,976	30,212	81,525	58,940
General and administrative	16,616	29,984	28,560	49,724
Professional fees	12,765	14,159	25,089	26,617
Occupancy	8,378	6,022	16,570	11,096
Total expenses	313,684	313,118	644,195	618,694
Operating income	245,262	199,853	532,515	403,954
Interest income	18,151	14,972	35,602	28,821
Interest expense	(505)	(429)	(1,129)	(1,016)
Other income (loss), net	7,278	12,665	6,122	16,886
Income before taxes	270,186	227,061	573,110	448,645
Provision for income taxes	(63,500)	(51,539)	(133,257)	(104,818)
Net income	206,686	175,522	439,853	343,827
Less: Net income attributable to non-controlling interests	25,368	21,740	53,251	41,663
Net income attributable to Tradeweb Markets Inc.	$ 181,318	$ 153,782	$ 386,602	$ 302,164
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)	$ 0.85	$ 0.72	$ 1.82	$ 1.42
Diluted (in dollars per share)	$ 0.85	$ 0.71	$ 1.81	$ 1.40
Weighted average shares outstanding:
Basic (in shares)	212,463,597	213,339,761	212,573,754	213,214,326
Diluted (in shares)	212,795,141	214,971,946	213,059,281	214,934,378
Transaction fees and commissions
Revenues
Total revenue	$ 465,335	$ 429,768	$ 989,168	$ 851,112
Subscription fees
Revenues
Total revenue	61,724	57,392	121,997	113,169
LSEG market data fees
Revenues
Total revenue	26,496	20,569	53,238	49,494
Other
Revenues
Total revenue	$ 5,391	$ 5,242	$ 12,307	$ 8,873

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 439,853	$ 343,827
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	122,196	125,747
Stock-based compensation expense	54,865	49,096
Digital assets received as revenue	(5,366)	(2,058)
Deferred taxes	38,417	14,764
Other (income) loss, net	(6,122)	(16,886)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	1,425	(387)
Deposits with clearing organizations	2,734	(11,916)
Accounts receivable	(53,730)	(35,246)
Receivable and due from related parties/payable and due to related parties, net	5,253	20,633
Deferred tax asset as a result of transferable tax credit purchase	0	17,646
Other assets	(15,277)	(28,728)
Increase (decrease) in operating liabilities:
Accrued compensation	(91,877)	(67,499)
Deferred revenue	9,397	9,505
Accounts payable, accrued expenses and other liabilities	(3,832)	50,896
Net cash provided by operating activities	497,936	469,394
Cash flows from investing activities
Cash paid for investments	(56,878)	(20,000)
Purchases of furniture, equipment, software and leasehold improvements	(17,929)	(7,110)
Capitalized software development costs	(36,410)	(29,764)
Net cash used in investing activities	(111,217)	(56,874)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(240,549)	(844)
Proceeds from stock-based compensation exercises	2,983	0
Dividends	(59,504)	(51,179)
Distributions to non-controlling interests	(10,042)	(12,528)
Payroll taxes paid for stock-based compensation	(85,128)	(47,766)
Payments on tax receivable agreement liability	(19,024)	(21,437)
Net cash used in financing activities	(411,264)	(133,754)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,265)	11,053
Net increase (decrease) in cash, cash equivalents and restricted cash	(26,810)	289,819
Cash, cash equivalents and restricted cash
Beginning of period	2,085,739	1,341,302
End of period	2,058,929	1,631,121
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	112,901	45,095
Cash paid for interest	1,118	1,736
Non-cash investing and financing activities
Equity securities received upon conversion of receivables	39,755	0
Furniture, equipment, software and leasehold improvement additions included in accounts payable	587	926
Unsettled share repurchases and excise tax included in other liabilities	3,330	0
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	2,057,929
Restricted cash	1,000
Cash, cash equivalents and restricted cash	2,058,929	1,631,121
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	0	0
Deferred tax asset	$ 39,368	$ 25,478

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 2,057,929	$ 2,084,739
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	11,491	8,630
Deposits with clearing organizations	55,477	58,282
Accounts receivable, net of allowance for credit losses of $209 and $587 at June 30, 2026 and December 31, 2025, respectively	309,368	257,845
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	80,742	78,193
Lease right-of-use assets	129,651	123,065
Software development costs, net of accumulated amortization	258,884	270,295
Goodwill	3,150,112	3,150,112
Intangible assets, net of accumulated amortization	1,089,848	1,148,015
Receivable and due from related parties	7,016	8,303
Deferred tax asset	570,156	568,832
Digital assets and other investments at fair value	291,587	291,997
Other assets	237,582	140,249
Total assets	8,250,843	8,189,557
Liabilities
Payable to brokers and dealers and clearing organizations	7,649	3,363
Accrued compensation	158,766	251,169
Deferred revenue	38,368	29,030
Accounts payable, accrued expenses and other liabilities	175,244	183,970
Lease liabilities	150,337	139,168
Payable and due to related parties	11,160	7,090
Deferred tax liability	53,670	50,011
Tax receivable agreement liability	317,495	336,519
Total liabilities	912,689	1,000,320
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,931,516	4,895,810
Accumulated other comprehensive income (loss)	15,912	10,899
Retained earnings	1,687,101	1,601,044
Total stockholders’ equity attributable to Tradeweb Markets Inc.	6,634,531	6,507,755
Non-controlling interests	703,623	681,482
Total equity	7,338,154	7,189,237
Total liabilities and equity	8,250,843	8,189,557
Class A Common Stock
Equity
Common stock, value	1	1
Class B Common Stock
Equity
Common stock, value	1	1
Class C Common Stock
Equity
Common stock, value	0	0
Class D Common Stock
Equity
Common stock, value	$ 0	$ 0