Tradeweb Markets Inc.

Listed Company

TWCIK 0001758730NasdaqLarge AcceleratedSecurity & Commodity Brokers, Dealers, Exchanges & ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.05B

Net Income

$812.79M

Total Assets

$8.19B

Equity

$6.51B

Shares Out

Op. Cash Flow

$1.17B

Business

Tradeweb Markets Inc. operates electronic marketplaces that facilitate trading and workflow solutions across the global financial ecosystem. It offers trading platforms, pre-trade data and analytics, execution protocols (RFQ, RFM, CLOB, AiEX, etc.), post-trade processing, market data and benchmark pricing, and specialized portals such as Tradeweb Institutional, Dealerweb, Tradeweb Direct and the ICD Portal. Its key business segments include institutional, wholesale, retail and corporates client sectors with dedicated platforms and protocol suites for each. Tradeweb serves clients across the Americas, EMEA and APAC through direct integrations, workstations, APIs, partner channels and regulated local entities.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	2,052	1,726	1,338	1,189	1,076
Employee compensation and benefits	671	593	460	432	407
Depreciation and amortization	250	220	185	179	171
Technology and communications	128	99	78	66	56
General and administrative	88	56	51	47	32
Professional fees	53	60	42	38	36
Occupancy	26	20	16	15	15
Total expenses	1,217	1,048	833	776	718
Other income (loss), net (3)	835	678	505	413	359
Tax receivable agreement liability adjustment	10	8	−10	14	13
Interest income	68	74	67	14	—
Interest expense	−2	−4	−2	−2	—
Other income (loss), net	263	−1	−13	−1	0
Income before taxes	1,175	754	548	437	370
Provision for income taxes	−253	−184	−128	−78	−97
Net income	922	570	420	360	273
Less: Net income attributable to non-controlling interests	109	68	55	50	46
Net income attributable to Tradeweb Markets Inc.	813	502	365	309	227
Basic (in dollars per share)	3.81	2.35	1.73	1.5	1.13
Diluted (in dollars per share)	3.78	2.33	1.71	1.48	1.09
Basic (in shares)	213	213	211	206	201
Diluted (in shares)	215	215	213	208	207

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,085	1,340	1,706	1,257	972
Restricted cash	1	1	1	1	1
Receivable from brokers and dealers and clearing organizations	9	68	381	12	0
Deposits with clearing organizations	58	55	37	24	21
Accounts receivable, net of allowance for credit losses of $587 and $447 at December 31, 2025 and 2024, respectively	258	222	168	143	130
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	78	46	34	37	31
Lease right-of-use assets	123	34	25	25	20
Software development costs, net of accumulated amortization	270	297	131	142	156
Goodwill	3,150	3,150	2,816	2,780	2,780
Intangible assets, net of accumulated amortization	1,148	1,281	1,005	1,073	1,180
Receivable and due from related parties	8	8	192,000	3	—
Deferred tax asset	569	659	684	689	619
Digital assets and other investments at fair value	292	11	—	—	—
Other assets	140	96	71	74	76
Total assets	8,190	7,268	7,060	6,260	5,990
Payable to brokers and dealers and clearing organizations	3	68	352	11	0
Accrued compensation	251	223	164	151	155
Deferred revenue	29	31	26	23	25
Accounts payable, accrued expenses and other liabilities	184	95	58	47	39
Lease liabilities	139	36	27	28	24
Payable and due to related parties	7	763,000	1	7	—
Deferred tax liability	50	43	21	21	21
Tax receivable agreement liability	337	373	458	426	412
Total liabilities	1,000	869	1,128	714	681
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0	0	0	0
Additional paid-in capital	4,896	4,813	4,739	4,577	4,401
Accumulated other comprehensive income (loss)	11	−10	−5	−10	2
Retained earnings	1,601	997	640	387	243
Total stockholders equity attributable to Tradeweb Markets Inc.	6,508	5,800	5,374	4,954	4,646
Non-controlling interests	681	599	558	593	663
Total equity	7,189	6,399	5,931	5,546	5,309
Total liabilities and equity	8,190	7,268	7,060	6,260	5,990

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	104	90	65	67	52
Digital assets received as revenue	−11	−666,000	0	—	—
Deferred tax expense	92	32	90	53	85
Other (income) loss, net	−263	1	13	1	0
Receivable from/payable to brokers and dealers and clearing organizations, net	−5	29	−29	−368,000	116,000
Deposits with clearing organizations	−3	−17	−13	−4	9
Accounts receivable	−30	−44	−21	−17	−22
Receivable and due from related parties/payable and due to related parties, net	6	−9	−4	3	−5
Deferred tax asset as a result of transferable tax credit purchase	24	−24	0	0	—
Other assets	−17	−11	−4	−2	6
Securities sold under agreements to repurchase	0	−22	22	0	0
Accrued compensation	25	56	8	−552,000	25
Deferred revenue	−2	5	3	−2	1
Accounts payable, accrued expenses and other liabilities	87	30	2	10	−3
Net cash provided by operating activities	1,168	898	746	633	578
Cash paid for acquisitions, net of cash acquired	0	−860	−70	0	−208
Cash paid for foreign currency call option, net of sale proceeds	0	0	−1	0	0
Cash paid for investments	−38	−20	0	0	0
Cash received from sale of digital assets	15	0	0	—	—
Purchases of furniture, equipment, software and leasehold improvements	−41	−41	−19	−23	−17
Capitalized software development costs	−63	−48	−43	−37	−34
Net cash used in investing activities	−127	−969	−133	−60	−259
Share repurchases pursuant to share repurchase programs	−104	−59	−35	−99	−76
Proceeds from stock-based compensation exercises	0	7	15	10	93
Deferred financing costs	0	0	−3	0	0
Dividends	−102	−85	−76	−66	−65
Distributions to non-controlling interests	−25	−28	−12	−11	−11
Payroll taxes paid for stock-based compensation	−50	−48	−51	−102	−71
Payments on tax receivable agreement liability	−27	−77	−6	−9	−7
Net cash used in financing activities	−307	−290	−168	−277	−136
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11	−4	4	−11	−2
Net increase (decrease) in cash, cash equivalents and restricted cash	744	−366	449	285	181
Income taxes paid, net of (refunds)	58	152	29	13	4
Cash paid for interest	3	3	1	1	—
Issuance of common stock for business acquisitions	0	40	0	0	—
Digital asset loan receivable obtained in exchange for digital assets	25	0	0	—	—
Furniture, equipment, software and leasehold improvement additions included in accounts payable	1	162,000	2	4	0
Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations	102	20	10	9	−575,000
Leasehold improvements obtained in exchange for lease liabilities	11	0	0	—	−575,000
Unsettled share repurchases and excise tax included in other liabilities	3	844,000	0	0	—
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	0	133,000	178,000	0	0
Stock-based compensation expense capitalized to software development costs	3	2	2	900,000	0

Filings

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