Tradeweb Markets Inc. Goodwill & Intangibles Disclosure
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (dollars in thousands) | ||||||||||||||
| Balance at beginning of period | $ | 3,150,112 | $ | 2,815,524 | ||||||||||
| Goodwill recognized in connection with acquisitions | — | 334,588 | ||||||||||||
| Balance at end of period | $ | 3,150,112 | $ | 3,150,112 | ||||||||||
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (dollars in thousands) | ||||||||||||||
| Goodwill – Refinitiv Transaction | $ | 2,694,797 | $ | 2,694,797 | ||||||||||
| Goodwill – Acquisitions and other | 455,315 | 455,315 | ||||||||||||
| Total | $ | 3,150,112 | $ | 3,150,112 | ||||||||||
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (dollars in thousands) | ||||||||||||||
| Licenses – Refinitiv Transaction | $ | 168,800 | $ | 168,800 | ||||||||||
| Tradename – Refinitiv Transaction | 154,300 | 154,300 | ||||||||||||
| Total | $ | 323,100 | $ | 323,100 | ||||||||||
| Amortization Period | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||
| Cost | Accumulated Amortization | Net Carrying Amount | Cost | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Customer relationships – Refinitiv Transaction | 12 years | $ | 928,200 | $ | (560,788) | $ | 367,412 | $ | 928,200 | $ | (483,438) | $ | 444,762 | |||||||||||||||||||||||||||||||
| Customer relationships – Acquisitions | 13-15 years | 537,531 | (82,816) | 454,715 | 537,531 | (44,955) | 492,576 | |||||||||||||||||||||||||||||||||||||
| Content and data – Refinitiv Transaction | 7 years | 154,400 | (154,400) | — | 154,400 | (137,857) | 16,543 | |||||||||||||||||||||||||||||||||||||
| Tradename – Acquisitions | 4 years | 4,492 | (1,704) | 2,788 | 4,492 | (581) | 3,911 | |||||||||||||||||||||||||||||||||||||
| Total | $ | 1,624,623 | $ | (799,708) | $ | 824,915 | $ | 1,624,623 | $ | (666,831) | $ | 957,792 | ||||||||||||||||||||||||||||||||
Amount | ||||||||
| (dollars in thousands) | ||||||||
| 2026 | $ | 116,334 | ||||||
| 2027 | $ | 116,293 | ||||||
| 2028 | $ | 115,795 | ||||||
| 2029 | $ | 115,211 | ||||||
| 2030 | $ | 95,874 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.