Tradeweb Markets Inc.
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TW Q1 2026 request
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 617,764 | 509,677 | +21.2% |
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| Financial Service Other | 6,916 | 3,631 | +90.5% |
| Financial Service Other · Affiliated Entity | 126 | 147 | -14.3% |
| Financial Service Other · Canton Coins | 3.7 | 0.3 | +1133.3% |
| Financial Service Other · Fixed Price Contract | 2,822 | 2,839 | -0.6% |
| Financial Service Other · Variable | 4,094 | 792 | +416.9% |
| LSEG market data fees | 26,742 | 28,925 | -7.5% |
| LSEG market data fees · Affiliated Entity | 26,742 | 28,925 | -7.5% |
| LSEG market data fees · Fixed Price Contract | 26,742 | 28,925 | -7.5% |
| Subscription fees | 60,273 | 55,777 | +8.1% |
| Subscription fees · Affiliated Entity | 292 | 326 | -10.4% |
| Subscription fees · Fixed Price Contract | 59,773 | 55,317 | +8.1% |
| Subscription fees · Variable | 500 | 460 | +8.7% |
| Transaction fees and commissions | 523,833 | 421,344 | +24.3% |
| Transaction fees and commissions · Fixed Price Contract | 50,735 | 42,587 | +19.1% |
| Transaction fees and commissions · Variable | 473,098 | 378,757 | +24.9% |
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| Reportable Segment | 617,764 | 509,677 | +21.2% |
| Reportable Segment · Corporates | 26,890 | 24,717 | +8.8% |
| Reportable Segment · Institutional | 404,925 | 308,071 | +31.4% |
| Reportable Segment · Market Data | 36,927 | 38,707 | -4.6% |
| Reportable Segment · Retail | 33,435 | 35,895 | -6.9% |
| Reportable Segment · Wholesale | 115,587 | 102,287 | +13.0% |
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| Non Us | 274,112 | 211,796 | +29.4% |
| US | 343,652 | 297,881 | +15.4% |
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| Fixed Price Contract | 140,072 | 129,668 | +8.0% |
| Variable | 477,692 | 380,009 | +25.7% |
| Labor And Related Expense | 197,793 | 176,877 | +11.8% |
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| Reportable Segment | 197,793 | 176,877 | +11.8% |
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| Affiliated Entity | -47 | — | — |
| Depreciation And Amortization | 60,709 | 62,699 | -3.2% |
| Communications And Information Technology | 39,549 | 28,728 | +37.7% |
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| Reportable Segment | 39,549 | 28,728 | +37.7% |
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| Affiliated Entity | 7,007 | 2,140 | +227.4% |
| Other General And Administrative Expense | 11,944 | 19,740 | -39.5% |
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| Reportable Segment | 11,944 | 19,740 | -39.5% |
| Professional Fees | 12,324 | 12,458 | -1.1% |
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| Reportable Segment | 12,324 | 12,458 | -1.1% |
| Occupancy Net | 8,192 | 5,074 | +61.5% |
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| Reportable Segment | 8,192 | 5,074 | +61.5% |
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| Affiliated Entity | 20 | 23 | -13.0% |
| Total Costs & Expenses | 330,511 | 305,576 | +8.2% |
| Operating Income | 287,253 | 204,101 | +40.7% |
| Investment Income Interest And Dividend | 17,451 | 13,849 | +26.0% |
| Interest Expense | -624 | -587 | -6.3% |
| Other Non-Operating Income (Expense) | -1,156 | 4,221 | -127.4% |
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| Affiliated Entity | -429 | — | — |
| Income Before Taxes | 302,924 | 221,584 | +36.7% |
| Income Tax Expense (Benefit) | -69,757 | -53,279 | -30.9% |
| Net Income | 233,167 | 168,305 | +38.5% |
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| Reportable Segment | 233,167 | 168,305 | +38.5% |
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| Noncontrolling Interest | 27,883 | 19,923 | +40.0% |
| Retained Earnings | 205,284 | 148,382 | +38.3% |
| Net Income Loss Attributable To Noncontrolling Interest | 27,883 | 19,923 | +40.0% |
| Net Income | 205,284 | 148,382 | +38.3% |
| EPS (Basic) | 0.96 | 0.7 | +37.1% |
| EPS (Diluted) | 0.96 | 0.69 | +39.1% |
| Wtd Avg Shares (Basic) | 212,685,136 | 213,087,496 | -0.2% |
| Wtd Avg Shares (Diluted) | 213,324,648 | 214,895,418 | -0.7% |
| Comprehensive Income | 202,315 | 156,553 | +29.2% |
| Net Income Loss Available To Common Stockholders Basic | 205,208 | 148,253 | +38.4% |
| Income Loss From Equity Method Investments | 0.4 | — | — |
| Foreign Currency Transaction Gain Loss Before Tax | -1.5 | 0.9 | -266.7% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 1,937,301 | 1,306,455 | +48.3% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 79,409 | 43,837 | +81.1% |
| Operating Lease Right-of-Use Assets | 124,426 | 29,813 | +317.4% |
| Goodwill | 3,150,112 | 3,150,112 | 0.0% |
| Deferred Tax Assets | 582,980 | 660,722 | -11.8% |
| Total Assets | 8,295,749 | 7,369,961 | +12.6% |
| Other Assets | |||
| Restricted Cash | 1,000 | 1,000 | 0.0% |
| Receivables From Brokers Dealers And Clearing Organizations | 131,252 | 135,760 | -3.3% |
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| Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring | 131,252 | 135,760 | -3.3% |
| Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring | 131,252 | 135,760 | -3.3% |
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| Fair Value Measurements Nonrecurring | 131,252 | 135,760 | -3.3% |
| Deposits With Clearing Organizations And Others Securities | 57,346 | 102,048 | -43.8% |
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| Fair Value Inputs Level1 · Fair Value Measurements Nonrecurring | 57,346 | 102,048 | -43.8% |
| Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring | 57,346 | 102,048 | -43.8% |
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| Fair Value Measurements Nonrecurring | 57,346 | 102,048 | -43.8% |
| Account Receivable Excluding Receivable From Brokers And Dealers And Clearing Organizations Net Of Allowance | 351,009 | 271,505 | +29.3% |
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| Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring | 351,009 | 271,505 | +29.3% |
| Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring | 351,009 | 271,505 | +29.3% |
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| Fair Value Measurements Nonrecurring | 351,009 | 271,505 | +29.3% |
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| Affiliated Entity | 29 | 10 | +190.0% |
| Capitalized Computer Software Net | 264,114 | 288,368 | -8.4% |
| Intangible Assets Net Excluding Goodwill | 1,118,932 | 1,246,295 | -10.2% |
| Other Receivables | 3,228 | 1,100 | +193.5% |
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| Affiliated Entity | 3,228 | 1,100 | +193.5% |
| Investments | 296,159 | — | — |
| Other Assets | 198,481 | 132,946 | +49.3% |
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| Affiliated Entity | 44,240 | 565 | +7730.1% |
| Non-Current Liabilities | |||
| Employee Related Liabilities Current And Noncurrent | 110,899 | 103,485 | +7.2% |
| Accounts Payable And Accrued Liabilities Current And Noncurrent | 151,629 | — | — |
| Deferred Tax Liabilities | 50,958 | 42,742 | +19.2% |
| Total Liabilities | 986,111 | 822,756 | +19.9% |
| Other Liabilities | |||
| Payables To Broker Dealers And Clearing Organizations | 130,651 | 104,799 | +24.7% |
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| Fair Value Inputs Level12 And3 · Fair Value Measurements Nonrecurring | 130,651 | 104,799 | +24.7% |
| Fair Value Inputs Level2 · Fair Value Measurements Nonrecurring | 130,651 | 104,799 | +24.7% |
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| Fair Value Measurements Nonrecurring | 130,651 | 104,799 | +24.7% |
| Contract With Customer Liability | 54,242 | 46,980 | +15.5% |
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| Affiliated Entity | 7,950 | 6,440 | +23.4% |
| Operating Lease Liability | 142,826 | 32,271 | +342.6% |
| Other Liabilities | 9,106 | 574 | +1486.4% |
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| Affiliated Entity | 9,106 | 574 | +1486.4% |
| Tax Receivable Agreement Liability | 335,800 | — | — |
| Stockholders' Equity | |||
| Common Stock (Q) | — | — | — |
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| Common Class A | 1 | 1 | 0.0% |
| Common Class B | 1 | 1 | 0.0% |
| Additional Paid-In Capital | 4,886,485 | 4,821,151 | +1.4% |
| Accumulated Other Comprehensive Income | 7,933 | -1,811 | +538.0% |
| Retained Earnings | 1,725,834 | 1,119,572 | +54.2% |
| Total Stockholders' Equity | 6,620,254 | 5,938,914 | +11.5% |
| Minority Interest | 689,384 | 608,291 | +13.3% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 7,309,638 | 6,547,205 | +11.6% |
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| Accumulated Other Comprehensive Income | 7,933 | -1,811 | +538.0% |
| Additional Paid In Capital | 4,886,485 | 4,821,151 | +1.4% |
| Common Stock · Common Class A | 1 | 1 | 0.0% |
| Common Stock · Common Class B | 1 | 1 | 0.0% |
| Noncontrolling Interest | 689,384 | 608,291 | +13.3% |
| Retained Earnings | 1,725,834 | 1,119,572 | +54.2% |
| Total Liabilities & Equity | 8,295,749 | 7,369,961 | +12.6% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 25,060 | 22,187 | +12.9% |
| Digital Assets Received As Revenue | -3,669 | -302 | -1114.9% |
| Deferred Income Taxes | 21,408 | 9,610 | +122.8% |
| Other Non-Cash Items | 1,156 | -4,221 | +127.4% |
| Increase Decrease In Brokerage Receivables | 4,666 | -30,972 | +115.1% |
| Increase Decrease In Deposit Other Assets | 864 | -47,246 | +101.8% |
| Change in Accounts Receivable | -95,857 | -46,632 | -105.6% |
| Increase Decrease Due From Affiliates | 7,426 | 6,604 | +12.4% |
| Increase Decrease In Other Operating Assets | -8,829 | -18,607 | +52.6% |
| Increase Decrease In Employee Related Liabilities | -141,244 | -121,644 | -16.1% |
| Increase Decrease In Deferred Revenue | 25,347 | 16,064 | +57.8% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -26,375 | 26,716 | -198.7% |
| Net Cash from Operations | 103,829 | 60,207 | +72.5% |
| Investing Activities | |||
| Payments To Acquire Investments | -50,191 | — | — |
| Capital Expenditures | -9,596 | -1,645 | -483.3% |
| Payments For Software | -17,514 | -13,172 | -33.0% |
| Net Cash from Investing | -77,301 | -14,817 | -421.7% |
| Equity Securities Received Upon Conversion Of Receivables | 39,755 | — | — |
| Unsettled Share Repurchases And Excise Tax Included In Other Liabilities | 231 | — | — |
| Noncash Financing Activities Taxes Payable Relating To Stock Based Compensation Settlements | 1,319 | 1,595 | -17.3% |
| Other Noncash Income Tax Expense (Q) | — | — | — |
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| Adjusted For Refinitiv Transaction | 34,905 | 28,830 | +21.1% |
| Financing Activities | |||
| Share Repurchases | -53,331 | -844 | -6218.8% |
| Proceeds From Stock Options Exercised | 2,983 | — | — |
| Payments Of Ordinary Dividends | -29,770 | -25,573 | -16.4% |
| Payments Of Capital Distribution To Noncontrolling Interest | -7,646 | -7,416 | -3.1% |
| Tax Withholding for Share Compensation | -83,659 | -46,127 | -81.4% |
| Payments On Tax Receivable Agreement Liability | -719 | -3,066 | +76.5% |
| Net Cash from Financing | -172,142 | -83,026 | -107.3% |
| Supplemental | |||
| Income Taxes Paid | 78,293 | 11,863 | +560.0% |
| Interest Paid | 475 | 1,385 | -65.7% |
| Unpaid Capital Expenditures | 254 | 964 | -73.7% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | -1,824 | 3,789 | -148.1% |
| Net Change in Cash | -147,438 | -33,847 | -335.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1,938,301 | 1,307,455 | +48.2% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.