Tradeweb Markets Inc. Earnings Per Share Disclosure
| Year Ended | ||||||||||||||||||||
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||||||||
Numerator: | ||||||||||||||||||||
| Net income attributable to Tradeweb Markets Inc. | $ | 812,792 | $ | 501,507 | $ | 364,866 | ||||||||||||||
Less: Distributed and undistributed earnings allocated to participating securities (1) | (636) | (389) | (467) | |||||||||||||||||
| Net income attributable to outstanding shares of Class A and Class B common stock – Basic and Diluted | 812,156 | 501,118 | 364,399 | |||||||||||||||||
Denominator: | ||||||||||||||||||||
| Weighted average shares of Class A and Class B common stock outstanding – Basic | 213,213,371 | 213,030,056 | 210,796,802 | |||||||||||||||||
| Dilutive effect of PRSUs | 460,612 | 589,171 | 458,343 | |||||||||||||||||
| Dilutive effect of options | 284,464 | 428,926 | 1,150,159 | |||||||||||||||||
| Dilutive effect of RSUs and RSAs | 407,012 | 415,957 | 257,076 | |||||||||||||||||
| Dilutive effect of PSUs | 532,781 | 460,653 | 6,428 | |||||||||||||||||
| Weighted average shares of Class A and Class B common stock outstanding – Diluted | 214,898,240 | 214,924,763 | 212,668,808 | |||||||||||||||||
| Earnings per share – Basic | $ | 3.81 | $ | 2.35 | $ | 1.73 | ||||||||||||||
| Earnings per share – Diluted | $ | 3.78 | $ | 2.33 | $ | 1.71 | ||||||||||||||
| Year Ended | ||||||||||||||||||||
| December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
Anti-dilutive Shares: | ||||||||||||||||||||
| PRSUs | — | — | — | |||||||||||||||||
| Options | — | — | — | |||||||||||||||||
| RSUs and RSAs | 4,361 | — | — | |||||||||||||||||
| PSUs | — | — | — | |||||||||||||||||
| LLC Interests | 23,063,110 | 23,076,373 | 23,902,379 | |||||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.