Tradeweb Markets Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Tradeweb Markets Inc. reported revenue of $2.1B (+18.9% year on year) and net income of $921.5M (+61.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $2.1B | $1.7B | $1.3B | $1.2B |
| Employee compensation and benefits | $670.8M | $592.7M | $460.3M | $432.4M |
| Depreciation and amortization | $250.2M | $220.0M | $185.3M | $178.9M |
| Technology and communications | $128.3M | $98.6M | $77.5M | $65.9M |
| General and administrative | $88.4M | $56.3M | $51.5M | $46.6M |
| Professional fees | $53.4M | $60.1M | $42.4M | $37.8M |
| Occupancy | $26.0M | $20.2M | $15.9M | $14.7M |
| Total expenses | $1.2B | $1.0B | $833.0M | $776.2M |
| Other income (loss), net (3) | $835.3M | $678.0M | $505.3M | $412.6M |
| Tax receivable agreement liability adjustment | $9.8M | $7.7M | ($9.5M) | $13.7M |
| Interest income | $68.4M | $74.0M | — | — |
| Interest expense | ($1.9M) | ($4.3M) | — | — |
| Other income (loss), net | $263.4M | ($1.1M) | ($13.1M) | — |
| Income before taxes | $1.2B | $754.4M | $548.0M | $437.1M |
| Provision for income taxes | ($253.5M) | ($184.4M) | ($128.5M) | ($77.5M) |
| Net income | $921.5M | $570.0M | $419.5M | $359.6M |
| Less: Net income attributable to non-controlling interests | $108.7M | $68.5M | $54.6M | $50.3M |
| Net income attributable to Tradeweb Markets Inc. | $812.8M | $501.5M | $364.9M | $309.3M |
| Basic (in dollars per share) | $3.81 | $2.35 | $1.73 | $1.50 |
| Diluted (in dollars per share) | $3.78 | $2.33 | $1.71 | $1.48 |
| Basic (in shares) | 213.2M | 213.0M | 210.8M | 205.6M |
| Diluted (in shares) | 214.9M | 214.9M | 212.7M | 208.4M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenue | $558.9M | $617.8M | $508.6M | $513.0M |
| Employee compensation and benefits | $172.5M | $197.8M | $165.0M | $169.7M |
| Depreciation and amortization | $61.5M | $60.7M | $64.4M | $63.0M |
| Technology and communications | $42.0M | $39.5M | $33.9M | $30.2M |
| General and administrative | $16.6M | $11.9M | $16.9M | $30.0M |
| Professional fees | $12.8M | $12.3M | $11.5M | $14.2M |
| Occupancy | $8.4M | $8.2M | $6.6M | $6.0M |
| Total expenses | $313.7M | $330.5M | $298.2M | $313.1M |
| Operating income | $245.3M | $287.3M | $210.4M | $199.9M |
| Interest income | $18.2M | $17.5M | $20.3M | $15.0M |
| Interest expense | ($505.0K) | ($624.0K) | ($522.0K) | ($429.0K) |
| Other income (loss), net | $7.3M | ($1.2M) | $39.4M | $12.7M |
| Income before taxes | $270.2M | $302.9M | $269.6M | $227.1M |
| Provision for income taxes | ($63.5M) | ($69.8M) | ($59.1M) | ($51.5M) |
| Net income | $206.7M | $233.2M | $210.5M | $175.5M |
| Less: Net income attributable to non-controlling interests | $25.4M | $27.9M | $24.9M | $21.7M |
| Net income attributable to Tradeweb Markets Inc. | $181.3M | $205.3M | $185.6M | $153.8M |
| Basic (in dollars per share) | $0.85 | $0.96 | $0.87 | $0.72 |
| Diluted (in dollars per share) | $0.85 | $0.96 | $0.86 | $0.71 |
| Basic (in shares) | 212.5M | 212.7M | 213.4M | 213.3M |
| Diluted (in shares) | 212.8M | 213.3M | 215.0M | 215.0M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $2.1B | $1.3B | $1.7B | $1.3B |
| Restricted cash | $1.0M | $1.0M | $1.0M | $1.0M |
| Receivable from brokers and dealers and clearing organizations | $8.6M | $67.8M | $381.2M | $11.6M |
| Deposits with clearing organizations | $58.3M | $54.7M | $36.8M | $23.9M |
| Accounts receivable, net of allowance for credit losses of $587 and $447 at December 31, 2025 and 2024, respectively | $257.8M | $222.3M | $168.4M | $142.7M |
| Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization | $78.2M | $46.0M | $33.6M | $37.4M |
| Lease right-of-use assets | $123.1M | $33.5M | $25.2M | $24.9M |
| Software development costs, net of accumulated amortization | $270.3M | $296.7M | $131.3M | $141.8M |
| Goodwill | $3.2B | $3.2B | $2.8B | $2.8B |
| Intangible assets, net of accumulated amortization | $1.1B | $1.3B | $1.0B | $1.1B |
| Receivable and due from related parties | $8.3M | $8.1M | $192.0K | — |
| Deferred tax asset | $568.8M | $659.2M | $684.3M | $689.4M |
| Digital assets and other investments at fair value | $292.0M | — | — | — |
| Other assets | $140.2M | $107.4M | $70.8M | $77.0M |
| Total assets | $8.2B | $7.3B | $7.1B | $6.3B |
| Payable to brokers and dealers and clearing organizations | $3.4M | $67.8M | $351.9M | $11.3M |
| Accrued compensation | $251.2M | $223.0M | $164.3M | $150.9M |
| Deferred revenue | $29.0M | $30.8M | $25.7M | $22.8M |
| Accounts payable, accrued expenses and other liabilities | $184.0M | $95.3M | $57.5M | $52.5M |
| Lease liabilities | $139.2M | $35.7M | $27.5M | $27.9M |
| Payable and due to related parties | $7.1M | $763.0K | $1.3M | — |
| Deferred tax liability | $50.0M | $42.9M | $20.8M | $21.3M |
| Tax receivable agreement liability | $336.5M | $372.8M | $457.5M | $425.7M |
| Total liabilities | $1.0B | $869.1M | $1.1B | $713.8M |
| Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding | 0 | 0 | 0 | 0 |
| Common stock | $2.0K | $2.0K | $2.0K | $2.0K |
| Additional paid-in capital | $4.9B | $4.8B | $4.7B | $4.6B |
| Accumulated other comprehensive income (loss) | $10.9M | ($10.0M) | ($5.4M) | ($10.1M) |
| Retained earnings | $1.6B | $996.8M | $640.4M | $386.6M |
| Total stockholders’ equity attributable to Tradeweb Markets Inc. | $6.5B | $5.8B | $5.4B | $5.0B |
| Non-controlling interests | $681.5M | $598.7M | $557.7M | $592.5M |
| Total equity | $7.2B | $6.4B | $5.9B | $5.5B |
| Total liabilities and equity | $8.2B | $7.3B | $7.1B | $6.3B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.1B | $1.9B | $1.9B | $1.6B |
| Restricted cash | $1.0M | $1.0M | $1.0M | $1.0M |
| Receivable from brokers and dealers and clearing organizations | $11.5M | $131.3M | $91.6M | $543.1M |
| Deposits with clearing organizations | $55.5M | $57.3M | $64.9M | $66.9M |
| Accounts receivable, net of allowance for credit losses of $209 and $587 at June 30, 2026 and December 31, 2025, respectively | $309.4M | $351.0M | $271.2M | $264.8M |
| Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization | $80.7M | $79.4M | $75.1M | $40.7M |
| Lease right-of-use assets | $129.7M | $124.4M | $121.8M | $29.6M |
| Software development costs, net of accumulated amortization | $258.9M | $264.1M | $278.0M | $283.2M |
| Goodwill | $3.2B | $3.2B | $3.2B | $3.2B |
| Intangible assets, net of accumulated amortization | $1.1B | $1.1B | $1.2B | $1.2B |
| Receivable and due from related parties | $7.0M | $3.2M | $547.0K | $736.0K |
| Deferred tax asset | $570.2M | $583.0M | $641.4M | $651.8M |
| Digital assets and other investments at fair value | $291.6M | $296.2M | — | — |
| Other assets | $237.6M | $198.5M | $215.1M | $182.2M |
| Total assets | $8.3B | $8.3B | $8.0B | $8.1B |
| Payable to brokers and dealers and clearing organizations | $7.6M | $130.7M | $79.7M | $542.7M |
| Accrued compensation | $158.8M | $110.9M | $211.0M | $158.4M |
| Deferred revenue | $38.4M | $54.2M | $36.3M | $40.6M |
| Accounts payable, accrued expenses and other liabilities | $175.2M | $151.6M | $187.4M | $146.8M |
| Lease liabilities | $150.3M | $142.8M | $135.6M | $32.3M |
| Payable and due to related parties | $11.2M | $9.1M | $15.6M | $14.7M |
| Deferred tax liability | $53.7M | $51.0M | $44.1M | $42.9M |
| Tax receivable agreement liability | $317.5M | $335.8M | $351.4M | $351.4M |
| Total liabilities | $912.7M | $986.1M | $1.1B | $1.3B |
| Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding | 0 | 0 | 0 | 0 |
| Common stock, value | $2.0K | $2.0K | $2.0K | $2.0K |
| Additional paid-in capital | $4.9B | $4.9B | $4.9B | $4.8B |
| Accumulated other comprehensive income (loss) | $15.9M | $7.9M | $7.7M | $7.0M |
| Retained earnings | $1.7B | $1.7B | $1.4B | $1.2B |
| Total stockholders’ equity attributable to Tradeweb Markets Inc. | $6.6B | $6.6B | $6.3B | $6.1B |
| Non-controlling interests | $703.6M | $689.4M | $654.3M | $628.5M |
| Total equity | $7.3B | $7.3B | $6.9B | $6.7B |
| Total liabilities and equity | $8.3B | $8.3B | $8.0B | $8.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $921.5M | $570.0M | $419.5M | $359.6M |
| Depreciation and amortization | $250.2M | $220.0M | $185.3M | $178.9M |
| Stock-based compensation expense | $103.5M | $89.6M | $65.1M | $66.6M |
| Digital assets received as revenue | ($10.9M) | — | — | — |
| Deferred tax expense | $92.3M | $32.3M | $89.9M | $52.9M |
| Tax receivable agreement liability adjustment | ($9.8M) | ($7.7M) | $9.5M | ($13.7M) |
| Other (income) loss, net | ($263.4M) | $1.1M | $13.1M | — |
| Receivable from/payable to brokers and dealers and clearing organizations, net | ($5.3M) | $29.3M | ($28.9M) | ($368.0K) |
| Deposits with clearing organizations | ($3.3M) | ($17.4M) | ($12.8M) | ($3.6M) |
| Accounts receivable | ($30.1M) | ($44.2M) | ($21.1M) | ($17.2M) |
| Receivable and due from related parties/payable and due to related parties, net | $5.7M | ($8.5M) | ($4.2M) | $3.1M |
| Deferred tax asset as a result of transferable tax credit purchase | $23.9M | ($23.9M) | — | — |
| Other assets | ($16.5M) | ($12.1M) | ($3.9M) | ($2.1M) |
| Securities sold under agreements to repurchase | $0 | ($21.6M) | $21.6M | — |
| Accrued compensation | $24.7M | $56.5M | $8.0M | ($552.0K) |
| Deferred revenue | ($2.0M) | $4.6M | $2.8M | ($2.0M) |
| Accounts payable, accrued expenses and other liabilities | $87.1M | $29.8M | $2.2M | $10.2M |
| Net cash provided by operating activities | $1.2B | $897.7M | $746.1M | $632.8M |
| Cash paid for acquisitions, net of cash acquired | $0 | ($860.1M) | ($69.7M) | $0 |
| Cash paid for foreign currency call option, net of sale proceeds | $0 | $0 | ($1.3M) | — |
| Cash paid for investments | ($38.4M) | ($20.2M) | — | $0 |
| Cash received from sale of digital assets | $15.0M | — | — | — |
| Purchases of furniture, equipment, software and leasehold improvements | ($40.6M) | ($41.0M) | ($18.5M) | ($23.2M) |
| Capitalized software development costs | ($62.5M) | ($47.9M) | ($43.2M) | ($36.9M) |
| Net cash used in investing activities | ($126.5M) | ($969.2M) | ($132.8M) | ($60.1M) |
| Share repurchases pursuant to share repurchase programs | ($104.2M) | ($59.1M) | ($35.2M) | ($99.3M) |
| Proceeds from stock-based compensation exercises | $0 | $6.7M | $15.2M | $10.2M |
| Deferred financing costs | $0 | $0 | ($2.8M) | — |
| Dividends | ($102.3M) | ($85.2M) | ($75.9M) | ($66.0M) |
| Distributions to non-controlling interests | ($24.7M) | ($27.8M) | ($12.4M) | ($10.9M) |
| Payroll taxes paid for stock-based compensation | ($49.5M) | ($48.0M) | ($51.3M) | ($101.7M) |
| Payments on tax receivable agreement liability | ($26.7M) | ($77.0M) | ($5.7M) | ($9.0M) |
| Net cash used in financing activities | ($307.5M) | ($290.3M) | ($168.2M) | ($276.7M) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $10.8M | ($4.5M) | $4.1M | ($10.8M) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $744.4M | ($366.2M) | $449.2M | $285.2M |
| Beginning of period | $1.3B | $1.7B | $1.3B | $973.0M |
| End of period | $2.1B | $1.3B | $1.7B | $1.3B |
| Income taxes paid, net of (refunds) | $58.1M | $152.0M | $28.6M | $13.2M |
| Cash paid for interest | $2.5M | $2.6M | — | — |
| Issuance of common stock for business acquisitions | $0 | $40.0M | — | — |
| Digital asset loan receivable obtained in exchange for digital assets | $25.0M | — | — | — |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $1.1M | $162.0K | $1.8M | $3.6M |
| Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations | $101.7M | $19.7M | $10.4M | $9.1M |
| Leasehold improvements obtained in exchange for lease liabilities | $11.4M | — | — | — |
| Unsettled share repurchases and excise tax included in other liabilities | $2.8M | $844.0K | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $439.9M | $233.2M | $554.4M | $343.8M |
| Depreciation and amortization | $122.2M | $60.7M | $190.1M | $125.7M |
| Stock-based compensation expense | $54.9M | $25.1M | $75.2M | $49.1M |
| Digital assets received as revenue | ($5.4M) | ($3.7M) | — | — |
| Deferred taxes | $38.4M | $21.4M | $23.6M | $14.8M |
| Other (income) loss, net | ($6.1M) | $1.2M | ($56.3M) | ($16.9M) |
| Receivable from/payable to brokers and dealers and clearing organizations, net | $1.4M | $4.7M | ($12.0M) | ($387.0K) |
| Deposits with clearing organizations | $2.7M | $864.0K | ($10.0M) | ($11.9M) |
| Accounts receivable | ($53.7M) | ($95.9M) | ($43.7M) | ($35.2M) |
| Receivable and due from related parties/payable and due to related parties, net | $5.3M | $7.4M | $22.1M | $20.6M |
| Deferred tax asset as a result of transferable tax credit purchase | $0 | $0 | $17.6M | $17.6M |
| Other assets | ($15.3M) | ($8.8M) | ($21.7M) | ($30.8M) |
| Accrued compensation | ($91.9M) | ($141.2M) | ($14.9M) | ($67.5M) |
| Deferred revenue | $9.4M | $25.3M | $5.2M | $9.5M |
| Accounts payable, accrued expenses and other liabilities | ($3.8M) | ($26.4M) | $82.1M | $50.9M |
| Net cash provided by operating activities | $497.9M | $103.8M | $811.7M | $469.4M |
| Cash paid for investments | ($56.9M) | ($50.2M) | ($38.4M) | ($20.0M) |
| Purchases of furniture, equipment, software and leasehold improvements | ($17.9M) | ($9.6M) | ($21.1M) | ($7.1M) |
| Capitalized software development costs | ($36.4M) | ($17.5M) | ($47.1M) | ($29.8M) |
| Net cash used in investing activities | ($111.2M) | ($77.3M) | ($91.7M) | ($56.9M) |
| Share repurchases pursuant to share repurchase programs | ($240.5M) | ($53.3M) | ($844.0K) | ($844.0K) |
| Proceeds from stock-based compensation exercises | $3.0M | $3.0M | $0 | $0 |
| Dividends | ($59.5M) | ($29.8M) | ($76.8M) | ($51.2M) |
| Distributions to non-controlling interests | ($10.0M) | ($7.6M) | ($14.2M) | ($12.5M) |
| Payroll taxes paid for stock-based compensation | ($85.1M) | ($83.7M) | ($49.0M) | ($47.8M) |
| Payments on tax receivable agreement liability | ($19.0M) | ($719.0K) | ($21.4M) | ($21.4M) |
| Net cash used in financing activities | ($411.3M) | ($172.1M) | ($162.2M) | ($133.8M) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($2.3M) | ($1.8M) | $9.9M | $11.1M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($26.8M) | ($147.4M) | $567.6M | $289.8M |
| Beginning of period | $2.1B | $2.1B | $1.3B | $1.3B |
| End of period | $2.1B | $1.9B | $1.9B | $1.6B |
| Income taxes paid, net of (refunds) | $112.9M | $78.3M | $43.5M | $45.1M |
| Cash paid for interest | $1.1M | $475.0K | $2.1M | $1.7M |
| Equity securities received upon conversion of receivables | $39.8M | $39.8M | — | — |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $587.0K | $254.0K | $10.2M | $926.0K |
| Unsettled share repurchases and excise tax included in other liabilities | $3.3M | $231.0K | — | — |
| Establishment of liabilities under tax receivable agreement | $0 | $0 | $0 | $0 |
| Deferred tax asset | $39.4M | $34.9M | $24.3M | $25.5M |
| Cash and cash equivalents | $2.1B | $1.9B | $1.9B | $1.6B |
| Restricted cash | $1.0M | $1.0M | $1.0M | $1.0M |
| Cash, cash equivalents and restricted cash | $2.1B | $1.9B | — | — |
Tradeweb Markets Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.