Tradeweb Markets Inc.

TW 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 2,052,429 1,725,949 +18.9%
Show Product Lines breakouts
Financial Service Other 24,788 13,598 +82.3%
Financial Service Other · Affiliated Entity 583 677 -13.9%
Financial Service Other · Canton coins 10.9 0.7 +1457.1%
Financial Service Other · Fixed Price Contract 11,618 11,232 +3.4%
Financial Service Other · Variable 13,170 2,366 +456.6%
LSEG market data fees 93,197 82,145 +13.5%
LSEG market data fees · Affiliated Entity 93,197 82,145 +13.5%
LSEG market data fees · Fixed Price Contract 93,197 82,145 +13.5%
Subscription fees 234,017 206,659 +13.2%
Subscription fees · Affiliated Entity 1,380 1,180 +16.9%
Subscription fees · Fixed Price Contract 232,180 204,897 +13.3%
Subscription fees · Variable 1,837 1,762 +4.3%
Transaction fees and commissions 1,700,427 1,423,547 +19.5%
Transaction fees and commissions · Fixed Price Contract 191,022 148,911 +28.3%
Transaction fees and commissions · Variable 1,509,405 1,274,636 +18.4%
Show Business Segments breakouts
Reportable Segment 2,052,429 1,725,949 +18.9%
Reportable Segment · Corporates 95,895 43,234 +121.8%
Reportable Segment · Institutional 1,275,547 1,035,775 +23.1%
Reportable Segment · Market Data 133,724 118,020 +13.3%
Reportable Segment · Retail 146,510 143,247 +2.3%
Reportable Segment · Wholesale 400,753 385,673 +3.9%
Show Geography breakouts
Non Us 858,367 665,252 +29.0%
US 1,194,062 1,060,697 +12.6%
Show Contract With Customer Basis Of Pricing breakouts
Fixed Price Contract 528,017 447,185 +18.1%
Variable 1,524,412 1,278,764 +19.2%
Labor And Related Expense 670,831 592,690 +13.2%
Show Business Segments breakouts
Reportable Segment 670,831 592,690 +13.2%
Depreciation And Amortization 250,189 219,999 +13.7%
Communications And Information Technology 128,327 98,568 +30.2%
Show Business Segments breakouts
Reportable Segment 128,327 98,568 +30.2%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 14,005 6,386 +119.3%
Other General And Administrative Expense 88,402 56,317 +57.0%
Show Business Segments breakouts
Reportable Segment 88,402 56,317 +57.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 8 10 -20.0%
Professional Fees 53,391 60,132 -11.2%
Show Business Segments breakouts
Reportable Segment 53,391 60,132 -11.2%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 427 95 +349.5%
Occupancy Net 25,951 20,215 +28.4%
Show Business Segments breakouts
Reportable Segment 25,951 20,215 +28.4%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 78 72 +8.3%
Total Costs & Expenses 1,217,091 1,047,921 +16.1%
Operating Income 835,338 678,028 +23.2%
Tax Receivable Agreement Liability Adjustment 9,786 7,730 +26.6%
Investment Income Interest And Dividend 68,407 74,037 -7.6%
Interest Expense -1,941 -4,279 +54.6%
Other Non-Operating Income (Expense) 263,384 -1,114 +23743.1%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity -528 — —
Income Before Taxes 1,174,974 754,402 +55.7%
Income Tax Expense (Benefit) -253,474 -184,439 -37.4%
Net Income 921,500 569,963 +61.7%
Show Business Segments breakouts
Reportable Segment 921,500 569,963 +61.7%
Show Equity Components breakouts
Noncontrolling Interest 108,708 68,456 +58.8%
Retained Earnings 812,792 501,507 +62.1%
Net Income Loss Attributable To Noncontrolling Interest 108,708 68,456 +58.8%
Net Income 812,792 501,507 +62.1%
EPS (Basic) 3.81 2.35 +62.1%
EPS (Diluted) 3.78 2.33 +62.2%
Wtd Avg Shares (Basic) 213,213,371 213,030,056 +0.1%
Wtd Avg Shares (Diluted) 214,898,240 214,924,763 -0.0%
Comprehensive Income 833,679 496,917 +67.8%
Net Income Loss Available To Common Stockholders Basic 812,156 501,118 +62.1%
Income Loss From Equity Method Investments 0.5 — —
Foreign Currency Transaction Gain Loss Before Tax 3.9 -4.5 +186.7%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 2,084,739 1,340,302 +55.5%
Non-Current Assets
Property, Plant & Equipment 78,193 45,973 +70.1%
Operating Lease Right-of-Use Assets 123,065 33,550 +266.8%
Goodwill 3,150,112 3,150,112 0.0%
Show Counterparty Name breakouts
Acquisitions and Other 455,315 455,315 0.0%
Refinitiv 2,694,797 2,694,797 0.0%
Deferred Tax Assets 568,832 659,203 -13.7%
Total Assets 8,189,557 7,267,993 +12.7%
Intangible Assets 824,915 957,792 -13.9%
Show Counterparty Name breakouts
Refinitiv · Customer Relationships 367,412 444,762 -17.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 454,715 492,576 -7.7%
Trade Names 2,788 3,911 -28.7%
Other Assets
Restricted Cash 1,000 1,000 0.0%
Receivables From Brokers Dealers And Clearing Organizations 8,630 67,805 -87.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring 8,630 67,805 -87.3%
Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring 8,630 67,805 -87.3%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 8,630 67,805 -87.3%
Deposits With Clearing Organizations And Others Securities 58,282 54,702 +6.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Nonrecurring 58,282 54,702 +6.5%
Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring 58,282 54,702 +6.5%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 58,282 54,702 +6.5%
Account Receivable Excluding Receivable From Brokers And Dealers And Clearing Organizations Net Of Allowance 257,845 222,268 +16.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring 257,845 222,268 +16.0%
Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring 257,845 222,268 +16.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 257,845 222,268 +16.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 56 786 -92.9%
Capitalized Computer Software Net 270,295 296,721 -8.9%
Show Counterparty Name breakouts
Refinitiv · Software Development 32,764 51,486 -36.4%
Show Finite Lived Intangible Assets By Major Class breakouts
Software Development 237,531 245,235 -3.1%
Intangible Assets Net Excluding Goodwill 1,148,015 1,280,892 -10.4%
Other Receivables 8,303 8,094 +2.6%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 8,303 8,094 +2.6%
Investments 291,997 11,206 +2505.7%
Other Assets 140,249 96,165 +45.8%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 4,472 7 +63785.7%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 251,169 222,959 +12.7%
Accounts Payable And Accrued Liabilities Current And Noncurrent 183,970 95,290 +93.1%
Deferred Tax Liabilities 50,011 42,893 +16.6%
Total Liabilities 1,000,320 869,108 +15.1%
Other Liabilities
Payables To Broker Dealers And Clearing Organizations 3,363 67,816 -95.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring 3,363 67,816 -95.0%
Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring 3,363 67,816 -95.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 3,363 67,816 -95.0%
Contract With Customer Liability 29,030 30,800 -5.7%
Operating Lease Liability 139,168 35,748 +289.3%
Other Liabilities 7,090 763 +829.2%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 7,090 763 +829.2%
Tax Receivable Agreement Liability 336,519 372,839 -9.7%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 1 1 0.0%
Common Class B 1 1 0.0%
Additional Paid-In Capital 4,895,810 4,813,408 +1.7%
Accumulated Other Comprehensive Income 10,899 -9,981 +209.2%
Retained Earnings 1,601,044 996,763 +60.6%
Total Stockholders' Equity 6,507,755 5,800,192 +12.2%
Minority Interest 681,482 598,693 +13.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 7,189,237 6,398,885 +12.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 10,899 -9,981 +209.2%
Additional Paid In Capital 4,895,810 4,813,408 +1.7%
Common Stock · Common Class A 1 1 0.0%
Common Stock · Common Class B 1 1 0.0%
Noncontrolling Interest 681,482 598,693 +13.8%
Retained Earnings 1,601,044 996,763 +60.6%
Total Liabilities & Equity 8,189,557 7,267,993 +12.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 103,537 89,649 +15.5%
Digital Assets Received As Revenue -10,947 -666 -1543.7%
Deferred Income Taxes 92,318 32,314 +185.7%
Other Non-Cash Items -263,384 1,114 -23743.1%
Increase Decrease In Brokerage Receivables -5,278 29,325 -118.0%
Increase Decrease In Deposit Other Assets -3,331 -17,352 +80.8%
Change in Accounts Receivable -30,059 -44,221 +32.0%
Increase Decrease Due From Affiliates 5,732 -8,538 +167.1%
Increase Decrease In Deferred Tax Assets 23,857 -23,857 +200.0%
Increase Decrease In Other Operating Assets -16,501 -11,441 -44.2%
Increase Decrease In Employee Related Liabilities 24,689 56,459 -56.3%
Increase Decrease In Deferred Revenue -2,032 4,577 -144.4%
Increase Decrease In Accounts Payable And Accrued Liabilities 87,142 29,758 +192.8%
Net Cash from Operations 1,167,646 897,741 +30.1%
Investing Activities
Payments To Acquire Investments -38,440 -20,195 -90.3%
Proceeds From Disposal Crypto Asset 15,000 — —
Show Crypto Asset breakouts
Canton coins 15 — —
Capital Expenditures -40,552 -40,960 +1.0%
Payments For Software -62,541 -47,909 -30.5%
Net Cash from Investing -126,533 -969,190 +86.9%
Crypto Asset Loan Receivable Obtained In Exchange For Crypto Assets 24,999 — —
Right Of Use Asset Obtained In Exchange For Operating Lease Liability Net Of Modifications 101,660 19,718 +415.6%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 11,374 — —
Unsettled Share Repurchases Included In Other Liabilities 2,838 844 +236.3%
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount 2,764 2,344 +17.9%
Liabilities Assumed1 (FY) — — —
Show Nonrecurring Adjustment breakouts
Adjusted For Refinitiv Transaction 211 3 +6933.3%
Other Noncash Income Tax Expense (FY) — — —
Show Nonrecurring Adjustment breakouts
Adjusted For Refinitiv Transaction 21,670 -15,323 +241.4%
Financing Activities
Share Repurchases -104,173 -59,052 -76.4%
Payments Of Ordinary Dividends -102,344 -85,232 -20.1%
Payments Of Capital Distribution To Noncontrolling Interest -24,705 -27,767 +11.0%
Tax Withholding for Share Compensation -49,508 -47,997 -3.1%
Payments On Tax Receivable Agreement Liability -26,745 -76,956 +65.2%
Net Cash from Financing -307,475 -290,261 -5.9%
Supplemental
Income Taxes Paid 58,061 152,012 -61.8%
Interest Paid 2,547 2,574 -1.0%
Unpaid Capital Expenditures 1,104 162 +581.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 10,799 -4,456 +342.3%
Net Change in Cash 744,437 -366,166 +303.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,085,739 1,341,302 +55.5%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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