10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-38860

TRADEWEB MARKETS INC.

(Exact name of registrant as specified in its charter)

___________________________________________

Delaware	83-2456358
(State of other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1177 Avenue of the Americas New York, New York	10036
(Address of principal executive offices)	(Zip Code)

(646) 430-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.00001	TW	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Class of Stock	Shares Outstanding as of July 23, 2025
Class A Common Stock, par value $0.00001 per share	116,453,684
Class B Common Stock, par value $0.00001 per share	96,933,192
Class C Common Stock, par value $0.00001 per share	18,000,000
Class D Common Stock, par value $0.00001 per share	5,062,538

TRADEWEB MARKETS INC.

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

TABLE OF CONTENTS

		Page
INTRODUCTORY NOTE		3
USE OF NON-GAAP FINANCIAL MEASURES		4
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		6
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements	8
	Condensed Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 2024	8
	Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024	9
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	10
	Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024	11
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	13
	Notes to Condensed Consolidated Financial Statements	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	76
Item 4.	Controls and Procedures	78
PART II — OTHER INFORMATION		79
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3.	Defaults Upon Senior Securities	79
Item 4.	Mine Safety Disclosures	79
Item 5.	Other Information	79
Item 6.	Exhibits	80
	Signatures	81

2

INTRODUCTORY NOTE

The financial statements and other disclosures contained in this report include those of Tradeweb Markets Inc., which is the registrant, and those of its consolidating subsidiaries, including Tradeweb Markets LLC, which became the principal operating subsidiary of Tradeweb Markets Inc. on April 4, 2019 in a series of reorganization transactions (the “Reorganization Transactions”) that were completed in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019.

As a result of the Reorganization Transactions completed in connection with the IPO, Tradeweb Markets Inc. became a holding company whose only material assets consist of its equity interest in Tradeweb Markets LLC and related deferred tax assets. As the sole manager of Tradeweb Markets LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of Tradeweb Markets LLC and, through Tradeweb Markets LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in Tradeweb Markets LLC, Tradeweb Markets Inc. consolidates the financial results of Tradeweb Markets LLC and its subsidiaries.

As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, references to:

•“We,” “us,” “our,” the “Company,” “Tradeweb” and similar references refer: (i) on or prior to the completion of the Reorganization Transactions to Tradeweb Markets LLC, which we refer to as “TWM LLC,” and, unless otherwise stated or the context otherwise requires, all of its subsidiaries and any predecessor entities, and (ii) following the completion of the Reorganization Transactions to Tradeweb Markets Inc., and, unless otherwise stated or the context otherwise requires, its subsidiaries, including TWM LLC and all of its subsidiaries, and any predecessor entities.

•“Bank Stockholders” refer collectively to entities affiliated with the following clients: Barclays Capital Inc., BofA Securities, Inc. (a subsidiary of Bank of America Corporation), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC, which, prior to the completion of the IPO, collectively held a 46% ownership interest in Tradeweb. Subsequent to August 2022, there were no LLC Interests (as defined below) held by Bank Stockholders.

•“Continuing LLC Owners” refer collectively to (i) those Original LLC Owners (as defined below), including an indirect subsidiary of Refinitiv (as defined below), certain of the Bank Stockholders and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of our Class C common stock, shares of our Class D common stock or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) and (iii) solely with respect to the Tax Receivable Agreement (as defined below), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement.

•“Investor Group” refer to certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.), an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, which prior to the LSEG Transaction (as defined below) collectively held indirectly a 55% ownership interest in Refinitiv.

•“LLC Interests” refer to the single class of common membership interests of TWM LLC. LLC Interests, other than those held directly or indirectly by Tradeweb Markets Inc., are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations).

•“LSEG Transaction” refer to the acquisition of the Refinitiv business by LSEG (as defined below), in an all share transaction, which closed on January 29, 2021. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023.

•“LSEG” refer to London Stock Exchange Group plc, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, including Refinitiv.

3

•“Original LLC Owners” refer to the owners of TWM LLC prior to the Reorganization Transactions.

•“Refinitiv,” prior to the LSEG Transaction, refer to Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refer to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in Tradeweb, and was controlled by the Investor Group prior to the LSEG Transaction.

•“Refinitiv Transaction” refer to the transaction pursuant to which Refinitiv indirectly acquired on October 1, 2018 substantially all of the financial and risk business of Thomson Reuters and Thomson Reuters indirectly acquired a 45% ownership interest in Refinitiv.

•“Thomson Reuters” or “TR” refer to Thomson Reuters Corporation, which prior to the LSEG Transaction indirectly held a 45% ownership interest in Refinitiv.

Numerical figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. In addition, we round certain percentages presented in this Quarterly Report on Form 10-Q to the nearest whole number. As a result, figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.

USE OF NON-GAAP FINANCIAL MEASURES

This Quarterly Report on Form 10-Q contains “non-GAAP financial measures,” which are financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

The Securities and Exchange Commission (“SEC”) has adopted rules to regulate the use of non-GAAP financial measures in filings with the SEC and in other public disclosures. These rules govern the manner in which non-GAAP financial measures are publicly presented and require, among other things:

•a presentation with equal or greater prominence of the most comparable financial measure or measures calculated and presented in accordance with GAAP; and

•a statement disclosing the purposes for which the registrant’s management uses the non-GAAP financial measure.

Specifically, we make use of the non-GAAP financial measures “Free Cash Flow,” “Adjusted EBITDA,” “Adjusted EBITDA margin,” “Adjusted EBIT,” “Adjusted EBIT margin,” “Adjusted Net Income” and “Adjusted Diluted EPS,” as well as the change in revenue, Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis, in evaluating our historical results and future prospects. For the definition of Free Cash Flow and a reconciliation to cash flow from operating activities, its most directly comparable financial measure presented in accordance with GAAP, see Part I, Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.” For the definitions of Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income and reconciliations to net income and net income attributable to Tradeweb Markets Inc., as applicable, their most directly comparable financial measures presented in accordance with GAAP, see Part I, Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.” For the definition of constant currency revenue change, see Part I, Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations.” Adjusted EBITDA margin and Adjusted EBIT margin are defined as Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. For the definition of constant currency change in Adjusted EBITDA margin and Adjusted EBIT margin, see Part I, Item 2. – “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.” Adjusted Diluted EPS is defined as Adjusted Net Income divided by the diluted weighted average number of shares of Class A common stock and Class B common stock outstanding for the applicable period (including the effect of potentially dilutive securities determined using the treasury stock method), plus the weighted average number of other participating securities reflected in earnings per share using the two-class method, plus the assumed full exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A common stock or Class B common stock.

We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.

4

We present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation program is based in part on components of Adjusted EBITDA and Adjusted EBITDA margin.

We use constant currency measures as supplemental metrics to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We believe that providing certain percentage changes on a constant currency basis provide useful comparisons of our performance and trends between periods.

We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. Each of the normal recurring adjustments and other adjustments described in the definition of Adjusted Net Income helps to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses.

Free Cash Flow, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP. Some of these limitations include the following:

•Free Cash Flow, Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income and Adjusted Diluted EPS do not reflect every expenditure, future requirements for capital expenditures or contractual commitments;

•Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income and Adjusted Diluted EPS do not reflect changes in our working capital needs;

•Adjusted EBITDA and Adjusted EBIT do not reflect any interest income or expense, or the amounts necessary to service interest or principal payments on any debt obligations;

•Adjusted EBITDA and Adjusted EBIT do not reflect income tax expense, which is a necessary element of our costs and ability to operate;

•although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA, and the depreciation and amortization related to acquisitions and the Refinitiv Transaction are eliminated in the calculation of Adjusted EBIT, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA and Adjusted EBIT do not reflect any costs of such replacements;

•Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income and Adjusted Diluted EPS do not reflect the noncash component of certain employee stock-based compensation expense and associated payroll taxes;

•Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income and Adjusted Diluted EPS do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative, on a recurring basis, of our ongoing operations;

•constant currency measures do not reflect the impact of foreign currency fluctuations; and

•other companies in our industry may calculate Free Cash Flow, Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Diluted EPS, constant currency measures or similarly titled measures differently than we do, limiting their usefulness as comparative measures.

We compensate for these limitations by relying primarily on our GAAP results and using Free Cash Flow, Adjusted EBITDA, Adjusted EBIT, Adjusted Net Income, Adjusted Diluted EPS and constant currency measures only as supplemental information.

5

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “will” or “would,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including our expectations about market trends, our market opportunity and the growth of our various markets, our expansion into new markets, any pending or closed acquisitions or other strategic transactions, any potential tax savings we may realize as a result of our organizational structure, our dividend policy, our share repurchase program and our expectations, beliefs, plans, strategies, objectives, prospects or assumptions regarding future events, our performance or otherwise, contained in this Quarterly Report on Form 10-Q are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, or could affect our stock price.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

•changes in economic, political, social and market conditions and the impact of these changes on trading volumes;

•our failure to compete successfully;

•our failure to adapt our business effectively to keep pace with industry and technological changes;

•consolidation and concentration in the financial services industry;

•our dependence on dealer clients;

•design defects, errors, failures or delays with our platforms or solutions;

•our dependence on third parties for certain market data and certain key functions;

•our ability to implement our business strategies profitably;

•our ability to successfully integrate any acquisition or to realize benefits from any strategic alliances, partnerships, joint ventures or investments;

•our inability to maintain and grow the capacity of our trading platforms, systems and infrastructure;

•systems failures, interruptions, delays in services, cybersecurity incidents, catastrophic events and any resulting interruptions;

•inadequate protection of our intellectual property;

•extensive regulation of our industry;

•our ability to retain the services of our senior management team;

•limitations on operating our business and incurring additional indebtedness as a result of covenant restrictions under our $500.0 million senior unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with Citibank, N.A., as administrative agent, and the other lenders party thereto;

•our dependence on distributions from TWM LLC to fund our expected dividend payments and to pay our taxes and expenses, including payments under the tax receivable agreement (the “Tax Receivable Agreement”) entered into in connection with the IPO;

•our ability to realize any benefit from our organizational structure;

6

•Refinitiv’s, and indirectly LSEG’s, control of us and our status as a controlled company; and

•other risks and uncertainties, including those listed under Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), filed with the SEC and in other filings we may make from time to time with the SEC.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this Quarterly Report on Form 10-Q, they may not be predictive of events, results or developments in future periods.

Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q.

Investors and others should note that we announce material financial and operational information using our investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, our business and our results of operations may also be announced by posts on Tradeweb’s accounts on the following social media channels: Instagram, LinkedIn and X. The information that we post through these social media channels may be deemed material. As a result, we encourage investors, the media and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investor relations website.

7

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition

(dollars in thousands, except per share amounts)

(Unaudited)

	June 30,		December 31,
	2025		2024
Assets
Cash and cash equivalents	$	1,630,121	$	1,340,302
Restricted cash	1,000		1,000
Receivable from brokers and dealers and clearing organizations	543,114		67,805
Deposits with clearing organizations	66,926		54,702
Accounts receivable, net of allowance for credit losses of $297 and $447 at June 30, 2025 and December 31, 2024, respectively	264,825		222,268
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	40,680		45,973
Lease right-of-use assets	29,643		33,550
Software development costs, net of accumulated amortization	283,193		296,721
Goodwill	3,150,112		3,150,112
Intangible assets, net of accumulated amortization	1,211,697		1,280,892
Receivable and due from affiliates	736		8,094
Deferred tax asset	651,842		659,203
Other assets	182,166		107,371
Total assets	$	8,056,055	$	7,267,993
Liabilities and Equity
Liabilities
Payable to brokers and dealers and clearing organizations	$	542,738	$	67,816
Accrued compensation	158,387		222,959
Deferred revenue	40,614		30,800
Accounts payable, accrued expenses and other liabilities	146,775		95,290
Lease liabilities	32,322		35,748
Payable and due to affiliates	14,685		763
Deferred tax liability	42,856		42,893
Tax receivable agreement liability	351,402		372,839
Total liabilities	1,329,779		869,108
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	—		—
Class A common stock, $0.00001 par value; 1,000,000,000 shares authorized; 116,453,684 and 115,977,551 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1		1
Class B common stock, $0.00001 par value; 450,000,000 shares authorized; 96,933,192 and 96,933,192 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1		1
Class C common stock, $0.00001 par value; 350,000,000 shares authorized; 18,000,000 and 18,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	—		—
Class D common stock, $0.00001 par value; 300,000,000 shares authorized; 5,062,538 and 5,073,538 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	—		—
Additional paid-in capital	4,842,990		4,813,408
Accumulated other comprehensive income (loss)	7,031		(9,981)
Retained earnings	1,247,748		996,763
Total stockholders’ equity attributable to Tradeweb Markets Inc.	6,097,771		5,800,192
Non-controlling interests	628,505		598,693
Total equity	6,726,276		6,398,885
Total liabilities and equity	$	8,056,055	$	7,267,993

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenues
Transaction fees and commissions	$	429,768	$	330,475	$	851,112	$	665,926
Subscription fees	57,392		50,746		113,169		100,427
LSEG market data fees	20,569		20,581		49,494		41,081
Other	5,242		3,149		8,873		6,256
Total revenue	512,971		404,951		1,022,648		813,690
Expenses
Employee compensation and benefits	169,693		137,236		346,570		280,323
Depreciation and amortization	63,048		49,936		125,747		99,273
Technology and communications	30,212		24,230		58,940		45,540
General and administrative	29,984		12,755		49,724		23,609
Professional fees	14,159		13,324		26,617		25,124
Occupancy	6,022		4,976		11,096		9,649
Total expenses	313,118		242,457		618,694		483,518
Operating income	199,853		162,494		403,954		330,172
Interest income	14,972		21,511		28,821		42,571
Interest expense	(429)		(542)		(1,016)		(2,260)
Other income (loss), net	12,665		—		16,886		—
Income before taxes	227,061		183,463		448,645		370,483
Provision for income taxes	(51,539)		(47,047)		(104,818)		(90,685)
Net income	175,522		136,416		343,827		279,798
Less: Net income attributable to non-controlling interests	21,740		17,177		41,663		34,417
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic	$	0.72	$	0.56	$	1.42	$	1.15
Diluted	$	0.71	$	0.55	$	1.40	$	1.14
Weighted average shares outstanding:
Basic	213,339,761		213,162,158		213,214,326		212,936,015
Diluted	214,971,946		214,895,947		214,934,378		214,778,342

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(dollars in thousands)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Net income	$	175,522	$	136,416	$	343,827	$	279,798
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the three and six months ended June 30, 2025 and 2024	10,250		(439)		16,214		(2,803)
Unrealized gain on available-for-sale debt security, net of tax expense of $741 and $799 for the three and six months ended June 30, 2025	(366)		—		2,726		—
Other comprehensive income (loss), net of tax	9,884		(439)		18,940		(2,803)
Comprehensive income	185,406		135,977		362,767		276,995
Less: Net income attributable to non-controlling interests	21,740		17,177		41,663		34,417
Less: Other comprehensive income (loss) attributable to non-controlling interests	1,042		(43)		1,927		(275)
Comprehensive income attributable to Tradeweb Markets Inc.	$	162,624	$	118,843	$	319,177	$	242,853

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity

(dollars in thousands, except per share amounts)

(Unaudited)

	Tradeweb Markets Inc. Stockholders’ Equity
	Par Value
	Class A Common Stock		Class B Common Stock		Class C Common Stock		Class D Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Non- Controlling Interests		Total Equity
Balance at December 31, 2024	$	1	$	1	$	—	$	—	$	4,813,408	$	(9,981)	$	996,763	$	598,693	$	6,398,885
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	—		—		—		—		28,830		—		—		—		28,830
Adjustments to non-controlling interests	—		—		—		—		3,795		(1)		—		(3,794)		—
Distributions to non-controlling interests	—		—		—		—		—		—		—		(7,416)		(7,416)
Dividends ($0.12 per share)	—		—		—		—		—		—		(25,573)		—		(25,573)
Stock-based compensation expense	—		—		—		—		22,708		—		—		—		22,708
Payroll taxes paid for stock-based compensation	—		—		—		—		(47,590)		—		—		—		(47,590)
Net income	—		—		—		—		—		—		148,382		19,923		168,305
Other comprehensive income (loss)	—		—		—		—		—		8,171		—		885		9,056
Balance at March 31, 2025	$	1	$	1	$	—	$	—	$	4,821,151	$	(1,811)	$	1,119,572	$	608,291	$	6,547,205
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	—		—		—		—		(3,352)		—		—		—		(3,352)
Adjustments to non-controlling interests	—		—		—		—		(2,544)		—		—		2,544		—
Distributions to non-controlling interests	—		—		—		—		—		—		—		(5,112)		(5,112)
Dividends ($0.12 per share)	—		—		—		—		—		—		(25,606)		—		(25,606)
Stock-based compensation expense	—		—		—		—		27,779		—		—		—		27,779
Payroll taxes paid for stock-based compensation	—		—		—		—		(44)		—		—		—		(44)
Net income	—		—		—		—		—		—		153,782		21,740		175,522
Other comprehensive income (loss)	—		—		—		—		—		8,842		—		1,042		9,884
Balance at June 30, 2025	$	1	$	1	$	—	$	—	$	4,842,990	$	7,031	$	1,247,748	$	628,505	$	6,726,276

The accompanying notes are an integral part of these condensed consolidated financial statements.

11

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity – (Continued)

(dollars in thousands, except per share amounts)

(Unaudited)

	Tradeweb Markets Inc. Stockholders’ Equity
	Par Value
	Class A Common Stock		Class B Common Stock		Class C Common Stock		Class D Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Non- Controlling Interests		Total Equity
Balance at December 31, 2023	$	1	$	1	$	—	$	—	$	4,738,758	$	(5,389)	$	640,384	$	557,651	$	5,931,406
Issuance of common stock from equity incentive plans	—		—		—		—		2,807		—		—		—		2,807
Issuance of common stock for business acquisition	—		—		—		—		36,692		—		—		—		36,692
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	—		—		—		—		18,358		—		—		—		18,358
Adjustments to non-controlling interests	—		—		—		—		1,333		(3)		—		(1,330)		—
Distributions to non-controlling interests	—		—		—		—		—		—		—		(6,095)		(6,095)
Dividends ($0.10 per share)	—		—		—		—		—		—		(21,286)		—		(21,286)
Stock-based compensation expense	—		—		—		—		16,959		—		—		—		16,959
Payroll taxes paid for stock-based compensation	—		—		—		—		(43,832)		—		—		—		(43,832)
Net income	—		—		—		—		—		—		126,142		17,240		143,382
Other comprehensive income (loss)	—		—		—		—		—		(2,132)		—		(232)		(2,364)
Balance at March 31, 2024	$	1	$	1	$	—	$	—	$	4,771,075	$	(7,524)	$	745,240	$	567,234	$	6,076,027
Issuance of common stock from equity incentive plans	—		—		—		—		2,021		—		—		—		2,021
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	—		—		—		—		761		—		—		—		761
Adjustments to non-controlling interests	—		—		—		—		(2,198)		—		—		2,198		—
Distributions to non-controlling interests	—		—		—		—		—		—		—		(9,963)		(9,963)
Dividends ($0.10 per share)	—		—		—		—		—		—		(21,321)		—		(21,321)
Stock-based compensation expense	—		—		—		—		24,350		—		—		—		24,350
Payroll taxes paid for stock-based compensation	—		—		—		—		(447)		—		—		—		(447)
Net income	—		—		—		—		—		—		119,239		17,177		136,416
Other comprehensive income (loss)	—		—		—		—		—		(396)		—		(43)		(439)
Balance at June 30, 2024	$	1	$	1	$	—	$	—	$	4,795,562	$	(7,920)	$	843,158	$	576,603	$	6,207,405

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(dollars in thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2025		2024
Cash flows from operating activities
Net income	$	343,827	$	279,798
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	125,747		99,273
Stock-based compensation expense	49,096		40,117
Deferred taxes	14,764		17,008
Other (income) loss, net	(16,886)		—
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(387)		22,027
Deposits with clearing organizations	(11,916)		(25,902)
Accounts receivable	(35,246)		(64,949)
Receivable and due from affiliates/payable and due to affiliates, net	20,633		(4,356)
Deferred tax asset as a result of transferable tax credit purchase	17,646		—
Other assets	(30,786)		3,554
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	—		(21,612)
Accrued compensation	(67,499)		(44,448)
Deferred revenue	9,505		2,226
Accounts payable, accrued expenses and other liabilities	50,896		20,848
Net cash provided by operating activities	469,394		323,584
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	—		(89,224)
Cash paid for investments	(20,000)		(11,585)
Purchases of furniture, equipment, software and leasehold improvements	(7,110)		(11,417)
Capitalized software development costs	(29,764)		(22,478)
Net cash used in investing activities	(56,874)		(134,704)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(844)		—
Proceeds from stock-based compensation exercises	—		4,828
Dividends	(51,179)		(42,607)
Distributions to non-controlling interests	(12,528)		(16,058)
Payroll taxes paid for stock-based compensation	(47,766)		(44,457)
Payments on tax receivable agreement liability	(21,437)		(76,586)
Net cash used in financing activities	(133,754)		(174,880)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,053		(2,238)
Net increase (decrease) in cash, cash equivalents and restricted cash	289,819		11,762
Cash, cash equivalents and restricted cash
Beginning of period	1,341,302		1,707,468
End of period	$	1,631,121	$	1,719,230

The accompanying notes are an integral part of these condensed consolidated financial statements.

13

Tradeweb Markets Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows - (Continued)

(dollars in thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2025		2024
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	$	45,095	$	61,414
Cash paid for interest	$	1,736	$	1,757
Non-cash investing and financing activities
Issuance of common stock for business acquisitions	$	—	$	36,692
Furniture, equipment, software and leasehold improvement additions included in accounts payable	$	926	$	165
Items arising from LLC Interest ownership changes:
Establishment of liabilities under tax receivable agreement	$	—	$	—
Deferred tax asset	$	25,478	$	19,119
	June 30,		December 31,
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:	2025		2024
Cash and cash equivalents	$	1,630,121	$	1,340,302
Restricted cash	1,000		1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$	1,631,121	$	1,341,302

The accompanying notes are an integral part of these condensed consolidated financial statements.

14

Notes to Condensed Consolidated Financial Statements

(Unaudited)

		Page
Note 1	Organization	16
Note 2	Significant Accounting Policies	19
Note 3	Restricted Cash	26
Note 4	Acquisitions	26
Note 5	Revenue	27
Note 6	Income Taxes	29
Note 7	Tax Receivable Agreement	29
Note 8	Non-Controlling Interests	30
Note 9	Stockholders’ Equity and Stock-Based Compensation Plans	30
Note 10	Related Party Transactions	33
Note 11	Fair Value of Financial Instruments and Other Assets	34
Note 12	Credit Risk	38
Note 13	Commitments and Contingencies	39
Note 14	Earnings Per Share	41
Note 15	Regulatory Capital Requirements	42
Note 16	Business Segment and Geographic Information	42
Note 17	Subsequent Events	44

15

Tradeweb Markets Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1.    Organization

Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv (as defined below) owned an indirect majority ownership interest in the Company (as defined below).

On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”).

In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023.

The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s condensed consolidated financial statements. As of both June 30, 2025 and December 31, 2024, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations).

Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions.

A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction.

In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis.

As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the

16

completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 7 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement.

The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale, retail and corporates client sectors. The Company’s principal subsidiaries include:

•Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”).

•Dealerweb LLC (“DW”) (formerly known as Hilliard Farber & Co., Inc. and Dealerweb Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. Effective on January 2, 2025, Dealerweb Inc. merged with and into Dealerweb LLC, with Dealerweb LLC being the surviving entity.

•Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB.

•Institutional Cash Distributors, LLC (“ICDLC”), acquired on August 1, 2024, a registered broker-dealer under the Exchange Act and a member of FINRA.

•Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK and certain other global regulators and that maintains branches in Asia.

•TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators and a registered security-based swap execution facility (“SBSEF”) under the Exchange Act.

•DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators.

•Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”).

•Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France.

•Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK with an exemption from the Australian Securities & Investments Commission (“ASIC”) from having to hold an Australian financial services license.

•Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (“WOFE”) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect.

•Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis.

•Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by ASIC, that also maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator.

•Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA.

17

•TW Technology and Trading Private Limited (“TTTL”), a private limited company incorporated in Mumbai, India, which is pending regulatory approval from the Reserve Bank of India as an Electronic Trading Platform for the trading of Indian Government Bonds and other local securities.

•Tradeweb Brasil Ltda (“TWB”), a limited liability company incorporated in Sao Paulo, Brazil.

•Institutional Cash Distributors Limited (“ICDLT”), acquired on August 1, 2024, a firm engaged in the provision of intermediary services authorized and regulated by the FCA in the UK.

•ICD Europa - Empresa de Investimento, S.A. (“ICDEU”), acquired on August 1, 2024, was an investment firm regulated by the Comissão do Mercado de Valores Mobiliários (“CMVM”) in Portugal. ICDEU was dissolved and liquidated on June 17, 2025.

•Tradeweb Company, a Joint Stock Company incorporated in the Kingdom of Saudi Arabia (“TWSA”), authorized and regulated by the Capital Markets Authority to operate an Alternative Trading System.

In August 2024, the Company acquired Institutional Cash Distributors (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. (the “ICD Acquisition”). ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments. ICD’s flagship products include ICD Portal and ICD Portfolio Analytics. The portal is a one-stop shop to research, trade, analyze and report on investments across more than 40 available investment providers primarily offering money market funds and access to other short term products including deposits, fixed term funds and separately managed accounts (“SMAs”) (collectively referred to herein as “money market funds”). Portfolio Analytics is an AI-driven cloud solution for aggregating positions across a corporate treasury’s entire portfolio for analysis and reporting. With the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients. See Note 4 – Acquisitions for additional details on this acquisition.

In January 2024, the Company acquired R8FIN Holdings LP (together with its subsidiaries, “r8fin”) (the “r8fin Acquisition”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (“EMS”) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (“CLOB”), Tradeweb Request-for-Quote (“RFQ”) and Tradeweb Automated Intelligent Execution (“AiEX”) offerings. See Note 4 – Acquisitions for additional details on this acquisition.

In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector (the “Yieldbroker Acquisition”). This acquisition combined Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale.

In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable CLOB for electronic trading in on-the-run (“OTR”) U.S. government bonds.

As of June 30, 2025:

•The public investors collectively owned 116,453,684 shares of Class A common stock, representing 10.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.2% of the economic interest in TWM LLC;

•Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.8% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.7% of the economic interest in TWM LLC; and

•Other stockholders that continued to own LLC Interests also collectively owned 74,209 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC.

18

In addition, the Company’s basic and diluted earnings per share calculations for the three and six months ended June 30, 2025 were impacted by 162,433 and 173,894, respectively, of weighted average shares resulting from unvested or unsettled vested stock awards that were considered participating securities for purposes of calculating earnings per share in accordance with the two-class method. The Company’s diluted earnings per share calculations for the three and six months ended June 30, 2025 also includes 1,632,185 and 1,720,052, respectively, of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 14 – Earnings Per Share for additional details.

2.    Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The consolidated financial information as of December 31, 2024 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.

Business Combinations

Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives.

Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income.

19

Pushdown Accounting

In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.

Allowance for Credit Losses

The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.

Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. See Note 12 – Credit Risk for additional information.

Receivable from and Payable to Brokers and Dealers and Clearing Organizations

Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.

Deposits with Clearing Organizations

Deposits with clearing organizations are comprised of cash deposits.

Furniture, Equipment, Purchased Software and Leasehold Improvements

Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space.

Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.

As of June 30, 2025 and December 31, 2024, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $100.5 million and $92.0 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.9 million and $5.2 million for the three months ended June 30, 2025 and 2024, respectively, and $12.0 million and $10.5 million for the six months ended June 30, 2025 and 2024, respectively.

20

Software Development Costs

The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.

As of June 30, 2025 and December 31, 2024, accumulated amortization related to software development costs totaled $339.8 million and $295.3 million, respectively. Amortization expense for software development costs was $22.6 million and $16.0 million for the three months ended June 30, 2025 and 2024, respectively, and $44.5 million and $31.6 million for the six months ended June 30, 2025 and 2024, respectively.

Goodwill

Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition, which were all accounted for as business combinations. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.

Goodwill was last tested for impairment on October 1, 2024 and no impairment of goodwill was identified.

Intangible Assets

Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.

As of June 30, 2025 and December 31, 2024, accumulated amortization related to intangible assets totaled $736.0 million and $666.8 million, respectively. Amortization expense for definite-lived intangible assets was $34.6 million and $28.7 million for the three months ended June 30, 2025 and 2024, respectively, and $69.2 million and $57.2 million for the six months ended June 30, 2025 and 2024, respectively.

Investments in Available-for-Sale Debt Securities

Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of income. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition.

21

Equity Investments Without Readily Determinable Fair Values

Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.

Investments in Digital Assets - Canton Coins

The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin that is currently used to pay traffic fees for using the Global Synchronizer. As a Super Validator and Validator on the network, the Company verifies network transactions and contributes to the consensus mechanism of the network. For these validation services, the Company earns Canton Coins and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. The number of Canton Coins earned for validation services in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium and the amount of time that the Company’s nodes are active during any given minting cycle (occurring at regular 10 minute intervals throughout each day), in comparison to other network participants. The cost basis of the Canton Coins received is initially recorded at fair value on the date of receipt as a component of other assets on the condensed consolidated statements of financial condition and other revenue on the condensed consolidated statements of income. The Canton Coins are then remeasured to fair market value at the end of each reporting period through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the condensed consolidated statements of income. The Company employs the first-in-first-out (“FIFO”) method on a per wallet basis to determine the cost basis of its Canton Coins for the computation of gains and losses on its disposal or sale. Realized gain (loss) on the disposal or sale of Canton Coins are included as a component of other income (loss), net in the condensed consolidated statements of income.

Securities Sold Under Agreements to Repurchase

From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition.

Leases

At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income.

Revenue Recognition

The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 5 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition.

22

Translation of Foreign Currency and Foreign Exchange Derivative Contracts

Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a gain of $1.7 million and a loss of $0.8 million during the three months ended June 30, 2025 and 2024, respectively, and a gain of $2.6 million and a loss of $2.0 million during the six months ended June 30, 2025 and 2024, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income.

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a loss of $14.5 million and a gain of $2.6 million during the three months ended June 30, 2025 and 2024, respectively and a loss of $20.8 million, and a gain of $6.9 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition. See Note 11 – Fair Value of Financial Instruments and Other Assets for additional details on the Company’s derivative instruments.

Income Tax

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes.

The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition.

The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred.

23

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s effective tax rate for the three and six months ended June 30, 2025 or 2024.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company is currently evaluating the implications of this legislation.

Stock-Based Compensation

The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately.

The grant-date fair value of stock-based awards with only time-based vesting requirements and stock-based awards that also vest based on the financial performance of the Company are determined based on the price of the Company’s Class A common stock on the grant date. For performance-based restricted stock units that vest based on the financial performance of the Company, the number of shares included in the stock-based compensation expense calculation each period is based on management’s estimate of the probable number of shares expected to be issued at settlement.

For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation expense based on the estimated grant-date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. If the service condition is met, expense is recognized based on the grant-date fair value of the award even if the market condition is not achieved.

Forfeitures of stock-based awards related to service conditions not being met are recognized as they occur.

Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The non-cash stock-based compensation expense associated with the Special Option Award was expensed beginning in the second quarter of 2019 and ended during the first quarter of 2024 when all previously awarded options were fully vested.

24

Earnings Per Share

Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock.

The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.

Fair Value Measurement

Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs.

The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below.

Basis of Fair Value Measurement

An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly;

•Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

25

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

3.    Restricted Cash

Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both June 30, 2025 and December 31, 2024, cash in the amount of $1.0 million, has been segregated in the PAB reserve account, exceeding the requirements pursuant to SEC Rule 15c3-3.

4.    Acquisitions

r8fin

On January 19, 2024, the Company completed its acquisition of r8fin in exchange for total purchase consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the acquisition date at $36.7 million. r8fin provides a suite of algorithmic-based tools as well as a thin-client EMS trading application to facilitate futures and cash trades.

The r8fin Acquisition was not material to the Company's condensed consolidated financial statements and therefore pro forma and current period results of this acquisition have not been presented.

ICD

On August 1, 2024, the Company completed its acquisition of ICD in exchange for total purchase consideration of $774.2 million.

In connection with the acquisition closing, the Corporation was required to issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the ICD seller, who was also an employee of ICD and is currently an employee of the Company. These shares of Class A common stock were issued and sold as restricted stock (“RSAs”), subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. The 41,705 RSAs issued at closing, had a fair market value of $4.7 million as of the acquisition date, and will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

Cash paid at closing, net of $23.3 million in cash acquired and net of $4.5 million in proceeds from the sale of RSAs, totaled $773.8 million. Of this amount, $770.9 million was determined to be the net cash consideration transferred for the business combination, $1.4 million was recorded as compensation expense during the quarter ended September 30, 2024, related to the acceleration of vesting on the acquisition date of previously unvested stock awards issued by the ICD seller, and $1.4 million was recorded as a prepaid asset, to be recognized as compensation expense over a two-year required service period, relating to sale proceeds held in escrow for certain key executives, who are required to remain employed by the Company during that service period in order to receive the escrow portion of their sale proceeds.

ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments and with the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients.

ICD revenues of $21.8 million and operating loss of $2.4 million, including $11.2 million of depreciation and amortization expense, were included in the Company’s condensed consolidated statements of income for the three months ended June 30, 2025. ICD revenues of $46.5 million and operating loss of $1.5 million, including $22.4 million of depreciation and amortization expense, were included in the Company’s condensed consolidated statements of income for the six months ended June 30, 2025.

26

Supplemental Pro Forma Information (Unaudited)

The financial information in the table below summarizes the combined results of operations of Tradeweb Markets Inc. and ICD, on a pro forma basis, as though the companies had been combined as of January 1, 2023. The unaudited supplemental pro forma information is presented for informational purposes only and is not indicative of the actual results of operations that would have been achieved if the ICD Acquisition had taken place on January 1, 2023 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of Tradeweb Markets Inc. and ICD. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma financial information, including, without limitation, purchase accounting adjustments, acquisition related transaction costs, the removal of historical ICD interest expense and intangible asset amortization and the addition of intangible asset amortization and incremental stock-based compensation expense related to this acquisition, together with their consequential tax effects. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any anticipated synergies or operating cost reductions that may be achieved from integrating ICD into the rest of the Company.

The unaudited supplemental pro forma financial information for the three and six months ended June 30, 2024 are as follows:

	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
	(dollars in thousands)
Revenue	$	427,350	$	860,269
Operating income	$	160,862	$	328,220
Net income attributable to Tradeweb Markets Inc.	$	117,761	$	243,203

5.    Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress.

For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms.

The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces, including the basis point commissions earned on the monthly average daily balance (“ADB”) of money market fund investments made through its ICD Portal, and commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product.

Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees and commissions, or monthly transaction fees and commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees and commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable commission revenue based upon a clients’ ADB invested in money market funds during a calendar month is recorded monthly and the rates billed may vary by money market fund and by the total level of funds invested. Variable discounts or rebates on transaction fees and commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

The Company also earns fees from an affiliate of LSEG relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line

27

basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG.

Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations:

•The provision of real-time market data feeds and historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set.

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees and commissions. The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2025 and 2024 is as follows:

	Three Months Ended				Three Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	380,148	$	49,620	$	294,003	$	36,472
Subscription fees	440		56,952		465		50,281
LSEG market data fees	—		20,569		—		20,581
Other	2,275		2,967		382		2,767
Total revenue	$	382,863	$	130,108	$	294,850	$	110,101

	Six Months Ended				Six Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	758,905	$	92,207	$	592,265	$	73,661
Subscription fees	900		112,269		935		99,492
LSEG market data fees	—		49,494		—		41,081
Other	3,067		5,806		744		5,512
Total revenue	$	762,872	$	259,776	$	593,944	$	219,746

Deferred Revenue

Fees received by the Company which are not yet earned are included in deferred revenue on the condensed consolidated statements of financial condition until the revenue recognition criteria have been met. The revenue recognized and the remaining deferred revenue balances are shown below:

	Amount
	(dollars in thousands)
Deferred revenue balance - December 31, 2024	$	30,800
New billings	105,103
Revenue recognized	(95,620)
Effect of foreign currency exchange rate changes	331
Deferred revenue balance - June 30, 2025	$	40,614

28

During the six months ended June 30, 2025, the Company recognized into revenue $25.6 million in deferred revenue that was deferred as of December 31, 2024. During the six months ended June 30, 2024, the Company recognized into revenue $22.6 million in deferred revenue that was deferred as of December 31, 2023.

6.    Income Taxes

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes.

The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was approximately 22.7% and 25.6%, respectively. The effective tax rate for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the Foreign-Derived Intangible Income (“FDII”) deduction. The effective tax rate for the three months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was approximately 23.4% and 24.5%, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the FDII deduction. The effective tax rate for the six months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 7 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the condensed consolidated statements of financial condition.

7.    Tax Receivable Agreement

In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation, and estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests.

The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation

29

estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance.

The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the condensed consolidated statements of income in the period in which the change occurs. As of June 30, 2025 and December 31, 2024, the tax receivable agreement liability on the condensed consolidated statements of financial condition totaled $351.4 million and $372.8 million, respectively. During each of the three and six months ended June 30, 2025 and 2024, no tax receivable agreement liability adjustment was recognized in the condensed consolidated statements of income.

8.    Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the Continuing LLC Owners.

The following table summarizes the ownership interest in Tradeweb Markets LLC:

	June 30, 2025			June 30, 2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	213,345,171	90.2	%	213,215,797	90.2	%
Number of LLC Interests held by non-controlling interests	23,062,538	9.8	%	23,076,973	9.8	%
Total LLC Interests outstanding	236,407,709	100.0	%	236,292,770	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement.

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:

Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(2,544)		(2,198)		1,251		(865)
Net transfers (to) from non-controlling interests	(2,544)		(2,198)		1,251		(865)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	151,238	$	117,041	$	303,415	$	244,516

9.    Stockholders’ Equity and Stock-Based Compensation Plans

The rights and privileges of the Company’s stockholders’ equity and LLC Interests are described in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and there have been no changes to those rights and privileges during the six months ended June 30, 2025.

30

Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2024	115,977,551	96,933,192	18,000,000	5,073,538	235,984,281
Activities related to exchanges of LLC Interests	7,000	—	—	(7,000)	—
Issuance of common stock from equity incentive plans	454,830	—	—	—	454,830
Balance at March 31, 2025	116,439,381	96,933,192	18,000,000	5,066,538	236,439,111
Activities related to exchanges of LLC Interests	4,000	—	—	(4,000)	—
Issuance of common stock from equity incentive plans	10,303	—	—	—	10,303
Balance at June 30, 2025	116,453,684	96,933,192	18,000,000	5,062,538	236,449,414

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952
Issuance of common stock from equity incentive plans	699,840	—	—	—	699,840
Issuance of common stock for business acquisition (1)	374,601	—	—	—	374,601
Balance at March 31, 2024	116,165,228	96,933,192	18,000,000	5,077,973	236,176,393
Activities related to exchanges of LLC Interests	1,000	—	—	(1,000)	—
Issuance of common stock from equity incentive plans	116,377	—	—	—	116,377
Balance at June 30, 2024	116,282,605	96,933,192	18,000,000	5,076,973	236,292,770

(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition.

Stock-Based Compensation Plans

Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including restricted stock units (“RSUs”) and RSAs with only time-based vesting conditions, performance-based restricted stock units with both time and performance-based vesting conditions, stock options and dividend equivalent rights. The Company refers to performance-based restricted stock units that vest based on the financial performance of the Company as “PRSUs” and performance-based restricted stock units that vest based on market conditions, such as total shareholder return, as “PSUs”. RSUs, PRSUs and PSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. RSAs are issued shares of restricted Class A common stock that are released to an employee at the end of a vesting period. Stock options have a maximum contractual term of 10 years.

During the three months ended June 30, 2025, the Company granted 19,037 RSUs at a weighted-average grant-date fair value per share of $144.35. No PRSUs or PSUs were granted during the three months ended June 30, 2025. During the six months ended June 30, 2025, the Company granted 378,032 RSUs, 147,733 PRSUs and 65,532 PSUs at a weighted-average grant-date fair value per share of $135.49, $135.80 and $216.02, respectively.

RSU awards granted to employees will generally vest one-third each year over a three-year period, RSU awards granted to non-employee directors will generally vest after one year and RSAs vest at the end of a two-year period.

PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2025 and 2024, the financial performance of the

31

Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. For PRSU awards granted during 2023, 2024 and 2025, the performance modifier can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount.

PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of PSUs granted in March 2025 and 2024 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:

	March 17, 2025 PSU Grant		March 15, 2024 PSU Grant
Maturity (years)	2.8		2.8
Annualized Volatility	25.04	%	26.63	%
Risk-Free Interest Rate	3.95	%	4.44	%

A summary of the Company’s total stock-based compensation expense is presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Total stock-based compensation expense	$	26,909	$	23,715	$	49,096	$	40,117

The stock-based compensation expense above excludes $0.8 million and $0.6 million of stock-based compensation expense capitalized to software development costs during the three months ended June 30, 2025 and 2024, respectively, and $1.2 million during both the six months ended June 30, 2025 and 2024.

Share Repurchase Program

On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), after completing in October 2022, the $150.0 million of total repurchases of the Company’s Class A common stock authorized under its previous share repurchase program. The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b-18 or Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. There were no share repurchases during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, a total of $179.9 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

For shares repurchased pursuant to the 2022 Share Repurchase Program, the excess of the repurchase price paid over the par value of the Class A common stock is recorded as a reduction to retained earnings.

32

Other Share Repurchases

During the three months ended June 30, 2025 and 2024, the Company withheld 309 and 2,505 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $141.55 and $107.57, respectively, and an aggregate value of approximately $44,000 and $0.3 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. During the six months ended June 30, 2025 and 2024, the Company withheld 346,528 and 455,326 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $137.46 and $97.24, respectively, and an aggregate value of $47.6 million and $44.3 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

10.    Related Party Transactions

The Company enters into transactions with its affiliates from time to time which are considered to be related party transactions.

As of June 30, 2025 and December 31, 2024, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Accounts receivable	$	29	$	786
Receivable and due from affiliates	736		8,094
Other assets	349		7
Accounts payable, accrued expenses and other liabilities	14		1,469
Deferred revenue	6,420		6,459
Payable and due to affiliates	14,685		763

The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenue:
Subscription fees	$	239	$	271	$	565	$	575
LSEG market data fees (1)	20,569		20,581		49,494		41,081
Other fees	156		155		303		360
Expenses: (2)
Technology and communications	1,884		1,556		4,024		3,128
General and administrative	3		2		5		5
Professional fees	205		39		281		65
Occupancy	16		26		39		39

(1)The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

33

11.    Fair Value of Financial Instruments and Other Assets

Financial Instruments and Other Assets Measured at Fair Value

The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(dollars in thousands)
As of June 30, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,396,729	$	—	$	—	$	1,396,729
Other assets – Digital Assets – Canton Coins	—		—		25,196		25,196
Other assets – Investment in available for sale debt securities	—		—		14,132		14,132
Total assets measured at fair value	$	1,396,729	$	—	$	39,328	$	1,436,057
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	12,378	$	—	$	12,378
Total liabilities measured at fair value	$	—	$	12,378	$	—	$	12,378
As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,117,133	$	—	$	—	$	1,117,133
Receivable and due from affiliates – Foreign exchange derivative contracts	—		7,844		—		7,844
Other assets – Digital Assets – Canton Coins	—		—		852		852
Other assets – Investment in available for sale debt securities	—		—		10,354		10,354
Total assets measured at fair value	$	1,117,133	$	7,844	$	11,206	$	1,136,183

Cash Equivalents

The Company’s cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

34

Investments in Available-for-Sale Debt Securities

In April 2024, the Company made a strategic investment in a convertible note with a principal amount and original amortized cost basis of $10.0 million. The investment was made as part of the Company’s broader initiative to support the digitization of capital markets through the adoption of blockchain technology. The note accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within other assets on the accompanying condensed consolidated statements of financial condition at a fair value of $14.1 million and $10.4 million as of June 30, 2025 and December 31, 2024, respectively. The convertible note, including accrued interest, had an amortized cost basis of $10.6 million and $10.4 million as of June 30, 2025 and December 31, 2024, respectively. There were no credit losses recorded on the convertible note during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2025, there were $0.4 million and $3.5 million of unrealized gains, respectively, recorded as a component of other comprehensive income related to an increase in fair value of the convertible note during the periods. There were no fair value adjustments or credit losses recorded on the convertible note during the three and six months ended June 30, 2024. The convertible note is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary methods used to estimate the fair value of the convertible note were a discounted cash flow analysis and a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 15%. Significant increases or decreases in the discount rate would have resulted in a significantly lower or higher fair value measurement.

Digital Assets - Canton Coins

The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin that is currently used to pay traffic fees for using the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. Beginning in the third quarter of 2024, the Company earned and continues to earn Canton Coins for its function as a Super Validator and Validator on the Global Synchronizer, and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. During the three and six months ended June 30, 2025, the Company recognized $1.8 million and $2.1 million, respectively, in other revenue relating to Canton Coins received in exchange for providing services as a Super Validator and Validator. As of June 30, 2025, Canton Coins may only be transferred to other approved participants on the Canton Network and there is no public market for Canton Coins.

The following table presents the Company’s Canton Coin holdings as of June 30, 2025 and December 31, 2024:

	June 30, 2025					December 31, 2024
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value
	(dollars in thousands)
Canton Coins	1.6 billion	$	2,725	$	25,196	1.2 billion	$	666	$	852

The Company’s Canton Coin holdings are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The Company utilized the assistance of a third-party valuation specialist to determine the fair value of its Canton Coins. Because of the lack of a public market, the fair value was determined using a combination of a development cost approach and a market approach. The Company’s valuation of its Canton Coins is highly subjective. As the Company held 1.6 billion and 1.2 billion Canton Coins as of June 30, 2025 and December 31, 2024, respectively, a significant increase or decrease in either the estimated development costs or market price, the weighting of the development cost versus the market approaches, or the discount for lack of marketability applied could have resulted in a significant change to the fair value measurement.

35

Level 3 Roll Forward

The table below presents a summary of the changes in fair value for level 3 assets during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Investment in Available for Sale Debt Securities
Beginning balance	$	13,627	$	—	$	10,354	$	—
Additions	130		10,102		253		10,102
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	—		—		—		—
Total realized and unrealized gains included in other comprehensive income (loss)	375		—		3,525		—
Ending balance	$	14,132	$	10,102	$	14,132	$	10,102
Digital Assets
Beginning balance	$	5,375	$	—	$	852	$	—
Additions	1,756		—		2,058		—
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	18,065		—		22,286		—
Ending balance	$	25,196	$	—	$	25,196	$	—

During the three and six months ended June 30, 2025, the Company recognized unrealized gains relating to level 3 assets held at June 30, 2025 totaling $18.1 million and $22.3 million, respectively, included as a component of other income (loss), net on the accompanying condensed consolidated statements of income and $0.4 million and $3.5 million, respectively, included as a component of other comprehensive income on the accompanying condensed consolidated statements of comprehensive income. There were no unrealized or realized gains (losses) relating to level 3 assets recognized during the three and six months ended June 30, 2024.

There were no material realized gains or realized losses recorded on the disposition of digital assets during the three and six months ended June 30, 2025.

Foreign Exchange Derivative Contracts

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The valuations for the Company’s foreign currency forward contracts are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of June 30, 2025 and December 31, 2024, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition.

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	310,660	$	238,182

36

The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(14,488)	$	2,560	$	(20,808)	$	6,911

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of June 30, 2025	(dollars in thousands)
Assets
Cash and restricted cash	$	234,392	$	234,392	$	—	$	—	$	234,392
Receivable from brokers and dealers and clearing organizations	543,114		—		543,114		—		543,114
Deposits with clearing organizations	66,926		66,926		—		—		66,926
Accounts receivable	264,825		—		264,825		—		264,825
Other assets – Memberships in clearing organizations	3,124		—		—		3,124		3,124
Total	$	1,112,381	$	301,318	$	807,939	$	3,124	$	1,112,381
Liabilities
Payable to brokers and dealers and clearing organizations	$	542,738	$	—	$	542,738	$	—	$	542,738
Total	$	542,738	$	—	$	542,738	$	—	$	542,738
As of December 31, 2024
Assets
Cash and restricted cash	$	224,169	$	224,169	$	—	$	—	$	224,169
Receivable from brokers and dealers and clearing organizations	67,805		—		67,805		—		67,805
Deposits with clearing organizations	54,702		54,702		—		—		54,702
Accounts receivable	222,268		—		222,268		—		222,268
Other assets – Memberships in clearing organizations	2,918		—		—		2,918		2,918
Total	$	571,862	$	278,871	$	290,073	$	2,918	$	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	$	67,816	$	—	$	67,816	$	—	$	67,816
Total	$	67,816	$	—	$	67,816	$	—	$	67,816

37

The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the condensed consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the condensed consolidated statements of financial condition are minority equity investments in various companies without readily determinable fair values of $32.4 million and $17.8 million as of June 30, 2025 and December 31, 2024, respectively. These equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee.

During the three and six months ended June 30, 2025, and as of June 30, 2025, the Company recorded an impairment totaling $5.4 million on a minority equity investment, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the condensed consolidated statements of income. The investment’s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 25% and a perpetual growth rate of 3.0%. There were no impairments recorded on minority equity investments during the three and six months ended June 30, 2024.

12.    Credit Risk

Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate.

In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty.

The Company self-clears U.S. Treasury trades executed by non-FICC members on the Company’s wholesale trading platform. The number of self-cleared trades that settle over the fed wire, instead of FICC clearing, may impact the number of U.S. Treasury failed settlement transactions. As of June 30, 2025, the Company recorded a $543.1 million receivable and a $542.7 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $0.4 million difference between the fail to deliver and fail to receive. All of the above failed settlement transactions outstanding as of June 30, 2025 were fully settled during July 2025.

Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved.

A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company.

The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business.

38

Allowance for Credit Losses

The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.

Account balances are pooled based on the following risk characteristics:

•Geographic location

•Transaction fee type (billing type)

•Legal entity

An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. There was no allowance for credit losses recorded on available-for-sale debt securities as of June 30, 2025 and December 31, 2024 and there were no credit losses on available-for-sale debt securities recognized during the three and six months ended June 30, 2025 and 2024.

Write-Offs

Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due.

As of June 30, 2025 and December 31, 2024, the Company maintained an allowance for credit losses with regard to its receivables of $0.3 million and $0.4 million, respectively. For the three months ended June 30, 2025, credit loss expense was $2,000 and for three months ended June 30, 2024, recoveries resulted in a reversal of credit loss expense totaling $79,000. For the six months ended June 30, 2025 and 2024, recoveries resulted in a reversal of credit loss expense totaling $164,000 and $71,000, respectively.

13.    Commitments and Contingencies

From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations.

In the normal course of business, the Company enters into agreements with its clients which provide the clients with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote.

Although the 2017 antitrust claims against the Company relating to interest rate swaps were dismissed, the claims brought by certain swap execution facilities against the remaining defendant financial institutions continues and could still be appealed as to the Company.

The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, and therefore does not have any contingency reserves established for any of these matters.

Revolving Credit Facility

On November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019.

39

The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in US Dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. The 2023 Revolving Credit Facility will mature on November 21, 2028.

Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in US Dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement that governs the 2023 Revolving Credit Facility also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage.

As of both June 30, 2025 and December 31, 2024, there were $0.5 million in letters of credit issued and no borrowings outstanding under the 2023 Revolving Credit Facility.

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following table presents the future minimum lease payments and the maturity of lease liabilities as of June 30, 2025:

	Amount
	(dollars in thousands)
Reminder of 2025	6,413
2026	10,854
2027	10,095
2028	4,173
2029	3,436
Thereafter	234
Total future lease payments	35,205
Less imputed interest	(2,883)
Lease liability	$	32,322

The lease payments above exclude $159.2 million of future minimum lease payments for a lease signed but not yet commenced as of June 30, 2025. This lease, for the Company’s New York City headquarters, is expected to commence in the third quarter of 2025 and has an expected initial lease term of approximately 16 years.

40

14.    Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Less: Distributed and undistributed earnings allocated to participating securities (1)	(117)		(70)		(225)		(164)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	153,665	$	119,169	$	301,939	$	245,217
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,339,761		213,162,158		213,214,326		212,936,015
Dilutive effect of PRSUs	450,980		568,304		442,710		534,583
Dilutive effect of options	292,392		449,252		291,132		524,413
Dilutive effect of RSUs and RSAs	330,102		252,498		441,924		348,282
Dilutive effect of PSUs	558,711		463,735		544,286		435,049
Weighted average shares of Class A and Class B common stock outstanding - Diluted	214,971,946		214,895,947		214,934,378		214,778,342
Earnings per share - Basic	$	0.72	$	0.56	$	1.42	$	1.15
Earnings per share - Diluted	$	0.71	$	0.55	$	1.40	$	1.14

(1)During the three months ended June 30, 2025 and 2024, there was a total of 162,433 and 125,012, respectively, and during the six months ended June 30, 2025 and 2024, there was a total of 173,894 and 142,484, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Anti-dilutive Shares:
PRSUs	—	—	—	—
Options	—	—	—	—
RSUs and RSAs	3,460	964	3,460	964
PSUs	—	—	—	—
LLC Interests	23,063,153	23,077,698	23,066,571	23,077,836

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

41

15.    Regulatory Capital Requirements

TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act and certain of the Company's foreign subsidiaries are subject to financial resource requirements from their local regulators. At June 30, 2025 and December 31, 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:

	June 30, 2025						December 31, 2024
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
	(dollars in thousands)
TWL	$	73,241	$	3,049	$	70,192	$	63,532	$	3,646	$	59,886
DW	233,161		2,183		230,978		204,134		4,359		199,775
TWD	55,351		931		54,420		52,808		1,208		51,600
TEL	96,172		35,484		60,688		56,152		32,499		23,653
TWJ	12,566		2,921		9,645		3,589		2,841		748
TWEU	12,910		7,003		5,907		8,073		6,838		1,235
TESL	7,006		1,029		5,977		5,755		942		4,813
TESBV	3,807		1,549		2,258		1,591		1,377		214
YB	6,439		—		6,439		11,677		—		11,677
TDIFC	473		30		443		250		30		220
ICDLC	11,265		662		10,603		20,845		594		20,251
ICDLT	8,128		4,680		3,448		6,504		2,997		3,507
ICDEU	—		—		—		523		150		373
TWSA	1,051		63		988		—		—		—

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025						December 31, 2024
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources
	(dollars in thousands)
TW SEF	$	64,820	$	17,500	$	47,320	$	50,974	$	16,500	$	34,474
DW SEF	14,184		8,856		5,328		14,083		9,062		5,021

	June 30, 2025						December 31, 2024
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets
	(dollars in thousands)
TW SEF	$	33,146	$	4,375	$	28,771	$	28,163	$	4,125	$	24,038
DW SEF	7,379		2,214		5,165		9,956		2,266		7,690

16.    Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to clients, primarily LSEG, as incremental market data revenue. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the Chief Operating Decision Maker (the “CODM”) reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment.

42

Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented on the accompanying condensed consolidated statements of income.

Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
Institutional	$	321,943	$	245,581	$	630,014	$	492,918
Wholesale	101,242		94,272		203,529		191,483
Retail	37,584		35,871		73,479		71,040
Corporates	21,785		—		46,502		—
Market Data	30,417		29,227		69,124		58,249
Total revenue	512,971		404,951		1,022,648		813,690
Less:
Employee compensation and benefits	169,693		137,236		346,570		280,323
Technology and communications	30,212		24,230		58,940		45,540
General and administrative	29,984		12,755		49,724		23,609
Professional fees	14,159		13,324		26,617		25,124
Occupancy	6,022		4,976		11,096		9,649
Other segment items (1)	87,379		76,014		185,874		149,647
Net income	$	175,522	$	136,416	$	343,827	$	279,798

(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying condensed consolidated statements of income.

The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and our clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business.

The measure of segment assets is reported on the accompanying condensed consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported on the accompanying condensed consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

The following table provides revenue by geographic area:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
U.S.	$	297,803	$	252,144	$	595,684	$	506,242
International	215,168		152,807		426,964		307,448
Total revenue	$	512,971	$	404,951	$	1,022,648	$	813,690

43

The following table provides information on the attribution of long-lived assets by geographic area:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Long-lived assets
U.S.	$	4,687,416	$	4,777,770
International	27,909		29,478
Total	$	4,715,325	$	4,807,248

17.    Subsequent Events

On July 30, 2025, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.12 per share of Class A common stock and Class B common stock for the third quarter of 2025. This dividend will be payable on September 16, 2025 to stockholders of record as of September 2, 2025.

On July 30, 2025, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $16.7 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of September 2, 2025, payable on September 12, 2025.

44

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Basis of Presentation,” “Use of Non-GAAP Financial Measures” and our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10‑Q. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by the forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the section titled “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10‑Q and the section titled “Item 1A. Risk Factors” in Part I of the 2024 Form 10-K.

Overview

We are a leader in building and operating electronic marketplaces for our global network of more than 3,000 clients across the financial ecosystem. Our network is comprised of clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations. Our marketplaces facilitate trading across a range of asset classes, including rates, credit, equities and money markets. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our offerings to enter new markets, create new platforms and solutions and adjust to regulations quickly and efficiently. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics.

Our institutional client sector serves institutional investors in over 85 countries around the globe and across over 30 currencies. We connect institutional investors with pools of liquidity using our flexible order and trading systems. Our clients trust the integrity of our markets and recognize the value they get by trading electronically: enhanced transparency, competitive pricing, efficient trade execution and regulatory compliance.

In our wholesale client sector, we provide a broad range of electronic, voice and hybrid platforms to dealers and financial institutions trading on our electronic or hybrid markets with our Dealerweb platform. This platform was launched in 2008 following the acquisition of inter-dealer broker Hilliard Farber & Co., Inc. In 2011, we acquired the brokerage assets of Rafferty Capital Markets and in June 2021, we acquired Nasdaq’s U.S. fixed income electronic trading platform (formerly known as eSpeed) (the “NFI Acquisition”). Today, Dealerweb actively competes across a range of rates, credit, money markets, derivatives and equity markets.

In our retail client sector, we provide advanced trading solutions for financial advisory firms and traders with our Tradeweb Direct platform. We entered the retail sector in 2006 and launched our Tradeweb Direct platform following the 2013 acquisition of BondDesk Group LLC, which was built to bring innovation and efficiency to the wealth management community. Tradeweb Direct provides financial advisory firms access to live offerings, accurate pricing in the marketplace and fast execution.

In our corporates client sector, we provide comprehensive investment technology and research solutions tailored to the needs of corporate treasury organizations globally. These solutions enable efficient trading of institutional money market funds and other short-term investments. We expanded into the corporates client sector through our acquisition of Institutional Cash Distributors (“ICD”) on August 1, 2024 (the “ICD Acquisition”). The addition of ICD to our network broadened our product suite, further diversified our client and revenue base and strengthened our position in the corporate treasury space, enabling us to provide a more comprehensive range of liquidity management tools and services.

Our markets are large and growing. Electronic trading continues to increase across the markets in which we operate as a result of market demand for greater transparency, higher execution quality, operational efficiency and lower costs, as well as regulatory changes. We believe our deep client relationships, asset class breadth, geographic reach, regulatory knowledge and scalable technology position us to continue to be at the forefront of the evolution of electronic trading. Our platforms provide transparent, efficient, cost-effective and compliant trading solutions across multiple products, regions and regulatory regimes. As market participants seek to trade across multiple asset classes, reduce their costs of trading and increase the effectiveness of their trading, including through the use of data and analytics, we believe the demand for our platforms and electronic trading solutions will continue to grow.

45

Trends and Other Factors Impacting Our Performance

Acquisitions

From time to time, we may evaluate potential acquisitions and engage in discussions and negotiations regarding potential acquisitions. Our revenues and profitability are affected by our acquisition activity, including the speed and cost at which we successfully integrate completed acquisitions into our existing business operations.

On August 1, 2024, we completed our acquisition of ICD. ICD revenues of $21.8 million and operating loss of $2.4 million, including $11.2 million of depreciation and amortization expense, were included in our condensed consolidated statements of income for three months ended June 30, 2025. ICD revenues of $46.5 million and operating loss of $1.5 million, including $22.4 million of depreciation and amortization expense, were included in the Company’s condensed consolidated statements of income for the six months ended June 30, 2025. See Note 4 – Acquisitions to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details of this acquisition.

Economic Environment

Our business is impacted by the overall market activity and, in particular, trading volumes and market volatility. Lower volatility may result in lower trading volume for our clients and may negatively impact our operating performance and financial condition. Factors that may impact market activity during the remainder of 2025 include, among other things, evolving monetary policies of central banks, economic, political and social conditions, legislative, regulatory or government policy changes, including recent and potential future changes in tariffs, international trade agreements or trade policies and other potential material changes to prior laws, rules and regulations, guidance and enforcement stances, rising geopolitical tensions in the Middle East and concerns with respect to the banking industry, including as a result of any bank failures.

Because the majority of our financial assets are short-term in nature, they are not significantly affected by inflation. However, the rate of inflation may affect our expenses, such as employee compensation and benefits, technology and communication expenses and occupancy costs, which may not be readily recoverable in the prices of our services. We believe any effects of inflation on our results of operations and financial condition have not been significant during any of the periods presented in this Quarterly Report on Form 10-Q. To the extent inflation, along with other factors, continues to result in elevated interest rates and has other adverse effects on the securities markets and the overall economy, it may adversely affect our results of operations and financial condition.

While our business is impacted by the overall activity of the market and market volatility, our revenues consist of a mix of fixed and variable fees that partially mitigates this impact. More importantly, we are actively engaged in the further electronification of trading activities, which will help mitigate this impact as we believe secular growth trends can partially offset market volatility risk.

Regulatory Environment

Our business is subject to extensive regulations in the United States and internationally, which may expose us to significant regulatory risk and cause additional legal costs to ensure compliance. The existing legal framework that governs the financial markets is periodically reviewed and amended, typically resulting in enforcement of new laws and regulations that apply to our business. The regulatory environment in the United States and abroad may be subject to future legislative and regulatory changes driven by current U.S. and global issues and priorities. Legislative and regulatory changes may include the promulgation of new or revised laws and regulations, or the adoption of changes in the interpretation of or the repeal of existing laws and regulations, or the abandonment of any pending legislative or regulatory proposals. The impact of any changes in the legal or regulatory landscape on us and our operations generally remains uncertain. Compliance with regulations may require us to dedicate additional financial and operational resources, which may adversely affect our profitability. In addition, compliance with regulations may require our clients to dedicate significant financial and operational resources, which may negatively affect their ability to pay our fees and use our platforms and, as a result, our profitability. However, under certain circumstances regulation may increase demand for our platforms and solutions, and we believe we are well positioned to benefit from any potential increased electronification due to regulatory changes as market participants seek platforms that meet regulatory requirements and solutions that help them comply with their regulatory obligations. Currently, we believe that uncertainty and potential delays around the final form of certain new rules and regulations may negatively impact our clients and trading volumes in certain markets in which we transact, although a relaxation of or the amendment of existing rules and requirements could potentially have a positive impact on certain markets.

46

Competitive Environment

We and our competitors compete to introduce innovations in market structure and new electronic trading capabilities. While we endeavor to be a leader in innovation, new trading capabilities of our competitors are also adopted by market participants. On the one hand, this increases liquidity and electronification for all participants, but it also puts pressure on us to further invest in our technology and to innovate to ensure the continued growth of our network of clients and continued improvement of liquidity, electronic processing and pricing on our platforms. Our ability to compete is influenced by key factors such as (i) developments in trading platforms and solutions, (ii) the liquidity we provide on transactions, (iii) the transaction costs we incur in providing our solutions, (iv) the efficiency in execution of transactions on our platforms, (v) our ability to hire and retain talent, (vi) our

ability to pursue strategic acquisitions and alliances and (vii) our ability to maintain the security of our platforms and solutions. Our competitive position is also influenced by the familiarity and integration of our clients with our electronic, voice and hybrid systems. When either a client wants to trade in a new product or we want to introduce a new product, trading protocol or other solution, we believe we benefit from our clients’ familiarity with our offerings as well as our integration into their order management systems and back offices.

Technology and Cybersecurity Environment

Our business and its success are largely impacted by the introduction of increasingly complex and sophisticated technology systems and infrastructures and new business models. Offering specialized trading venues and solutions through the development of new and enhanced platforms is essential to maintaining our level of competitiveness in the market and attracting new clients seeking platforms that provide advanced automation and better liquidity. We believe we will continue to increase demand for our platforms and solutions and the volume of transactions on our platforms, and thereby enhance our client relationships, by responding to new trading and information requirements through utilizing technological advances and emerging industry standards and practices in an effective and efficient way. We plan to continue to focus on and invest in technology infrastructure initiatives and continually improve and expand our platforms and solutions to further enhance our market position.

We experience cyber-threats and attempted security breaches. If these were successful, these cybersecurity incidents could impact revenue and operating income and increase costs. We therefore continue to make investments to strengthen our cybersecurity infrastructure, which may result in increased costs.

Foreign Currency Exchange Rate Environment

We earn revenues, pay expenses, hold assets and incur liabilities in currencies other than the U.S. dollar. Accordingly, fluctuations in foreign currency exchange rates can affect our results of operations from period to period. In particular, fluctuations in exchange rates for non-U.S. dollar currencies may reduce the U.S. dollar value of revenues, earnings and cash flows we receive from non-U.S. markets, increase our operating expenses (as measured in U.S. dollars) in those markets, negatively impact our competitiveness in those markets or otherwise adversely impact our results of operations or financial condition. Future fluctuations of foreign currency exchange rates and their impact on our results of operations and financial condition are inherently uncertain. As we continue to grow the size of our global operations, these fluctuations may be material. See Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency and Derivative Risk” elsewhere in this Quarterly Report on Form 10-Q.

Taxation

In connection with the Reorganization Transactions, we became the sole manager of TWM LLC. As a result, beginning with the second quarter of 2019, we became subject to U.S. federal, state and local income taxes with respect to our allocable share of any taxable income of TWM LLC and are taxed at prevailing corporate tax rates. Our actual effective tax rate is impacted by our ownership share of TWM LLC, which has increased over time primarily due to Continuing LLC Owners redeeming or exchanging their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, and our purchase of LLC Interests from Continuing LLC Owners. Furthermore, in connection with the IPO, we entered into the Tax Receivable Agreement pursuant to which we began to make payments in January 2021, and we expect future payments to be significant. We intend to continue to cause TWM LLC to make distributions in an amount sufficient to allow us to pay our tax obligations, operating expenses, including payments under the Tax Receivable Agreement, and our quarterly cash dividends, as and when declared by our board of directors.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s

47

effective tax rate for the three and six months ended June 30, 2025 or 2024. The IRA also did not have an impact to our non-GAAP adjusted effective tax rate used for purposes of calculating our non-GAAP measure of Adjusted Net Income for the three and six months ended June 30, 2025 or 2024.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates. 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company is currently evaluating the implications of this legislation.

Components of our Results of Operations

Revenues

Our revenue is derived primarily from transaction fees, commissions, subscription fees and market data fees.

Transaction Fees and Commissions

We earn transaction fees and/or commissions from transactions executed on our trading platforms on both a variable and fixed price basis, which vary by geographic region, product type and trade size. For most of our products, clients pay both fixed minimum monthly transaction fees and variable transaction fees on a per transaction basis in excess of the monthly minimum. Clients may also pay a subscription fee in addition to or instead of the minimum monthly transaction fees. For other products, instead of a minimum monthly transaction fee, clients may pay a fixed transaction fee or only a variable transaction fee on a per transaction basis. We also earn commission revenue from our electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product. For to-be-announced mortgage backed securities (“TBA-MBS”), U.S. Treasury and repurchase agreement transactions executed by our wholesale clients, we also generate revenue from fixed commissions that are generally invoiced monthly.

For variable transaction fees and commissions, we charge clients based on the mix of products traded and the volume of transactions executed. Transaction volume is determined by using a measure of the notional volume of the products traded, a count of the number of trades or, in the case of the ICD Portal, the client’s average daily balance (“ADB”) invested in the money market funds during a calendar month. Because transaction fees and commissions are sometimes subject to plans with tiered pricing based on product mix, volume, monthly minimums and monthly maximum fee caps, average variable fees per million dollars of volume traded generated for a client may vary each month depending on the mix of products and volume traded. Furthermore, because transaction fees and commissions vary by geographic region, product type and trade size, our revenues may not correlate with volume growth. The mix between fixed and variable revenue may change overtime.

Subscription Fees

We earn subscription fees primarily for granting clients access to our markets for trading and market data. For a limited number of products, we only charge subscription fees and no transaction fees or commissions. Subscription fees are generally charged on a fixed price basis.

For purposes of our discussion of our results of operations, we include LSEG market data fees in subscription fees. We earn fixed license fees from our market data license agreement with LSEG. We also earn a revenue share for certain data services which are provided to LSEG and then sold by LSEG to its customers. Our revenue share revenues may fluctuate from period to period depending on the revenue achieved by LSEG during the applicable fee earning period.

48

Other Revenue

Included in our other revenue is revenue earned for performing Super Validator and Validator services on the Canton Network. For these services, we earn Canton Coins and the number of Canton Coins earned in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium and the amount of time that our nodes are active during any given minting cycle (occurring at regular 10 minute intervals throughout each day), in comparison to other network participants. The value of the validation revenue recognized is based on the fair value of each Canton Coin upon its receipt at the end of each minting cycle and therefore our revenue for performing these validations services will also vary based on any changes in the fair value of the Canton Coin.

Operating Expenses

Employee Compensation and Benefits

Employee compensation and benefits expense consists of wages, employee benefits, bonuses, commissions, stock-based compensation cost and related taxes. Factors that influence employee compensation and benefits expense include revenue and earnings growth, hiring or acquiring new employees and trading activity which generates broker commissions. We expect employee compensation and benefits expense to increase as we hire or acquire additional employees to support revenue and earnings growth. As a result, employee compensation and benefits can vary from period to period.

Depreciation and Amortization

Depreciation and amortization expense consists of costs relating to the depreciation and amortization of acquired and internally developed software, other intangible assets, leasehold improvements, furniture and equipment.

General and Administrative

General and administrative expense consists of travel and entertainment, marketing, value-added taxes, state use taxes, foreign currency transaction gains and losses, gains and losses on foreign exchange derivative contracts entered into for foreign exchange risk management purposes relating to operating activities, charitable contributions, other administrative expenses and credit loss expense. We expect general and administrative expense to increase as we expand the number of our employees and product offerings and grow our operations.

Technology and Communications

Technology and communications expense consists of costs relating to software and hardware maintenance, our internal network connections, data center costs, clearance and other trading platform related transaction costs and data feeds provided by third-party service providers, including LSEG. Factors that influence technology and communications expense include trading volumes and our investments in innovation, data strategy and cybersecurity.

Professional Fees

Professional fees consist primarily of accounting, tax and legal fees and fees paid to technology and software consultants to maintain our trading platforms and infrastructure, as well as costs related to business acquisition transactions.

Occupancy

Occupancy expense consists of operating lease rent and related costs for office space and data centers leased in North America, South America, Europe, Australia, Asia and the Middle East. We expect occupancy expense to increase as our space needs grow in line with our global expansion.

Tax Receivable Agreement Liability Adjustment

The tax receivable agreement liability adjustment reflects changes in the tax receivable agreement liability recorded in our condensed consolidated statements of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our estimated future tax savings. There was no tax receivable agreement liability adjustment during each of the three and six months ended June 30, 2025 and 2024.

49

Interest Income

Interest income consists primarily of interest earned from our cash deposited with large commercial banks and money market funds, as well as interest earned from our investments in available-for-sale debt securities.

Interest Expense

Interest expense consists primarily of any interest expense incurred or payable on our tax receivable agreement liability, commitment fees payable on, and, if applicable, interest payable on any borrowings outstanding under our credit facility and amortization of deferred financing costs.

Other Income (Loss), Net

Other income (loss), net consists of any income or loss earned from investments, any mark-to-market adjustments or impairments recorded on investments, unrealized and realized gain/loss on foreign exchange derivative contracts entered into for foreign exchange risk management purposes relating to investing activities and any other non-operating items.

Income Taxes

We are subject to U.S. federal, state and local income taxes with respect to our taxable income, including our allocable share of any taxable income of TWM LLC, and are taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including to us. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes.

Net Income Attributable to Non-Controlling Interests

We are the sole manager of TWM LLC. As a result of this control, and because we have a substantial financial interest in TWM LLC, we consolidate the financial results of TWM LLC and report a non-controlling interest in our condensed consolidated financial statements, representing the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by us and any Continuing LLC Owners.

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis. In the event of such election by a Continuing LLC Owner, we may, at our option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In connection with any redemption or exchange, we will receive a corresponding number of LLC Interests, increasing our total ownership interest in TWM LLC. As of June 30, 2025, we owned 90.2% of TWM LLC and Continuing LLC Owners owned the remaining 9.8% of TWM LLC.

50

Results of Operations

For the Three Months Ended June 30, 2025 and June 30, 2024

The following table sets forth a summary of our statements of income for the three months ended June 30, 2025 and 2024:

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Total revenue	$	512,971	$	404,951	$	108,020	26.7	%
Total expenses	313,118		242,457		70,661		29.1	%
Operating income	199,853		162,494		37,359		23.0	%
Interest income	14,972		21,511		(6,539)		(30.4)	%
Interest expense	(429)		(542)		113		(20.8)	%
Other income (loss), net	12,665		—		12,665		N/M
Income before taxes	227,061		183,463		43,598		23.8	%
Provision for income taxes	(51,539)		(47,047)		(4,492)		9.5	%
Net income	175,522		136,416		39,106		28.7	%
Less: Net income attributable to non-controlling interests	21,740		17,177		4,563		26.6	%
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	34,543	29.0	%

N/M = not meaningful

Revenues

Our revenues for the three months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Three Months Ended
	June 30,
	2025				2024
	$		% of Total Revenue		$		% of Total Revenue		$ Change		% Change
	(dollars in thousands)
Revenues
Transaction fees and commissions	$	429,768	83.8	%	$	330,475	81.6	%	$	99,293	30.0	%
Subscription fees (1)	77,961		15.2		71,327		17.6		6,634		9.3	%
Other	5,242		1.0		3,149		0.8		2,093		66.5	%
Total revenue	$	512,971	100.0	%	$	404,951	100.0	%	$	108,020	26.7	%
Components of total revenue growth:
Constant currency change (2)											24.7	%
Foreign currency impact											2.0	%
Total revenue growth											26.7	%

(1)Subscription fees for both the three months ended June 30, 2025 and 2024 include $20.6 million of LSEG market data fees.

(2)Constant currency revenue change, which is a non-GAAP financial measure, is defined as total revenue change excluding the effects of foreign currency fluctuations. Total revenue excluding the effects of foreign currency fluctuations is calculated by translating the current period and prior period’s total revenue using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying total revenue performance between periods by removing the impact of foreign currency fluctuations. We believe that providing constant currency change provides a useful comparison of our total revenue performance and trends between periods.

Our strong results for the second quarter of 2025 reflected significant organic growth, strong client engagement and solid contributions from our recent acquisition of ICD. The quarter was marked by several notable events, including heightened volatility in April, brought on by evolving central bank policy expectations, the announcement of new U.S. tariffs and rising geopolitical tensions in the Middle East, all of which influenced trading activity across the broader financial ecosystem. The

51

primary driver of the $108.0 million increase in revenue was related to a $99.3 million increase in transaction fees and commissions to $429.8 million for the three months ended June 30, 2025 from $330.5 million for the three months ended June 30, 2024, primarily due to higher revenues for rates derivatives products, U.S. government bonds, U.S. and European exchange traded funds (“ETFs”), municipals and credit derivatives products, as well as the basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal during the three months ended June 30, 2025.

Our total revenue by asset class for the three months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
Rates	$	274,517	$	217,531	$	56,986	26.2	%
Credit	124,295		111,324		12,971		11.7	%
Equities	34,252		22,871		11,381		49.8	%
Money Markets	41,636		18,045		23,591		130.7	%
Market Data	30,417		29,227		1,190		4.1	%
Other	7,854		5,953		1,901		31.9	%
Total revenue	$	512,971	$	404,951	$	108,020	26.7	%

Our variable and fixed revenues by asset class for the three months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Three Months Ended
	June 30,
	2025				2024				$ Change				% Change
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
	(dollars in thousands)
Revenues
Rates	$	204,743	$	69,774	$	157,636	$	59,895	$	47,107	$	9,879	29.9	%	16.5	%
Credit	106,956		17,339		102,785		8,539		4,171		8,800		4.1	%	103.1	%
Equities	31,893		2,359		20,602		2,269		11,291		90		54.8	%	4.0	%
Money Markets	37,287		4,349		13,695		4,350		23,592		(1)		172.3	%	—	%
Market Data	109		30,308		132		29,095		(23)		1,213		(17.4)	%	4.2	%
Other	1,875		5,979		—		5,953		1,875		26		N/M		0.4	%
Total revenue	$	382,863	$	130,108	$	294,850	$	110,101	$	88,013	$	20,007	29.9	%	18.2	%

N/M = not meaningful

52

A significant percentage of our transaction fees and commissions are tied directly to overall trading volumes in the rates, credit, equities and money markets asset classes. The average daily volumes and total volumes on our trading platforms by asset class for the three months ended June 30, 2025 and 2024, and the resulting percentage changes, are summarized as follows:

	Three Months Ended
	June 30,
	2025				2024				ADV
	ADV		Volume		ADV		Volume		% Change
	(dollars in millions)
Rates	$	1,442,925	$	89,495,268	$	1,249,433	$	78,673,663	15.5	%
Rates Cash	546,389		33,874,577		462,335		29,121,090		18.2	%
Rates Derivatives	896,536		55,620,692		787,098		49,552,573		13.9	%
Swaps / Swaptions Tenor (greater than 1 year)	503,630		31,235,081		466,924		29,396,355		7.9	%
Other Rates Derivatives (1)	392,906		24,385,610		320,174		20,156,218		22.7	%
Credit	37,740		2,334,433		29,717		1,858,159		27.0	%
Cash Credit (2)	11,828		733,198		10,218		643,683		15.8	%
Credit Derivatives, China Bonds and U.S. Cash EP	25,912		1,601,235		19,499		1,214,476		32.9	%
Equities	27,543		1,707,685		21,257		1,339,163		29.6	%
Equities Cash	13,681		848,246		9,939		626,128		37.7	%
Equities Derivatives	13,862		859,438		11,318		713,035		22.5	%
Money Markets	1,041,814		71,783,776		621,840		39,173,808		67.5	%
Total (4)	$	2,550,022	$	165,321,162	$	1,922,247	$	121,044,793	32.7	%
Total excluding Other Rates Derivatives (3)	$	2,157,116	$	140,935,552	$	1,602,073	$	100,888,575	34.6	%

(1)Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures.

(2)The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity.

(3)Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on totals for all periods presented.

(4)We acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the closing date of the acquisition. For average daily volume derived from acquisitions, the denominator is the number of trading days within the reporting period that have elapsed from the acquisition date to the end date of the reporting period.

The average variable fees per million dollars of volume traded on our trading platforms by asset class for the three months ended June 30, 2025 and 2024 are summarized below. There are four potential drivers of quarterly fluctuations in our average variable fees per million: (1) the mix and duration of cash and derivatives products traded, (2) the mix of protocols underpinning cash and derivatives products, (3) volume discounts and (4) clients moving between fixed and variable pricing structures. Average variable fees per million should be reviewed in conjunction with our trading volumes and total revenue by asset class. Since variable fees are sometimes subject to fee plans with tiered pricing based on product mix and volume, average variable fees per million for a specific asset class may not correlate with volumes or revenue growth.

53

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
Rates	$	2.29	$	2.00	$	0.29	14.2	%
Rates Cash	$	2.36	$	2.54	$	(0.18)	(7.1)	%
Rates Derivatives	$	2.24	$	1.69	$	0.55	32.9	%
Rates Derivatives (greater than 1 year)	$	3.79	$	2.71	$	1.08	40.1	%
Other Rates Derivatives (1)	$	0.26	$	0.20	$	0.06	27.9	%
Credit	$	45.82	$	55.32	$	(9.50)	(17.2)	%
Cash Credit (2)	$	128.76	$	145.04	$	(16.28)	(11.2)	%
Credit Derivatives, China Bonds and U.S. Cash EP	$	7.84	$	7.76	$	0.08	1.0	%
Equities	$	18.68	$	15.38	$	3.30	21.4	%
Equities Cash	$	30.54	$	26.50	$	4.04	15.2	%
Equities Derivatives	$	6.97	$	5.62	$	1.35	23.9	%
Money Markets	$	0.52	$	0.35	$	0.17	48.6	%
Total	$	2.30	$	2.43	$	(0.13)	(5.4)	%
Total excluding Other Rates Derivatives (3)	$	2.66	$	2.88	$	(0.22)	(7.7)	%

(1)Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures.

(2)The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity.

(3)Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across all periods presented.

The key drivers of the change in total revenue, volumes and variable fees per million by asset class are summarized as follows:

Rates. Revenues from our rates asset class increased by $57.0 million or 26.2% to $274.5 million for the three months ended June 30, 2025 compared to $217.5 million for the three months ended June 30, 2024 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products and U.S. government bonds. The increase in fixed revenue was primarily driven by changes to certain contracts that, among other items, introduced minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue.

Average variable fees per million for rates increased primarily due to a mix shift away from rates derivative compression activity, which has a lower variable fee capture compared to overall rates.

Credit. Revenues from our credit asset class increased by $13.0 million or 11.7% to $124.3 million for the three months ended June 30, 2025 compared to $111.3 million for the three months ended June 30, 2024 primarily due to an increase in fixed revenues, primarily driven by certain market participants switching from fully variable pricing plans to pricing plans that include minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue and a net increase in total revenue. Revenues from our credit asset class also increased due to higher variable transaction fees and commissions on higher trading volumes for municipals and credit derivatives products.

Average variable fees per million for credit decreased primarily due to certain market participants opting for pricing plans with more fixed fee components, resulting in a shift from variable to fixed revenue within U.S. corporate bonds, and a mix shift towards derivatives products, which have a lower variable fee capture compared to overall credit.

Equities. Revenues from our equities asset class increased by $11.4 million or 49.8% to $34.3 million for the three months ended June 30, 2025 compared to $22.9 million for the three months ended June 30, 2024 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and European ETFs.

Average variable fees per million for equities increased primarily due to higher fee per million for U.S. ETFs, which was due to lower volume per unit traded, and a mix shift towards European ETFs, which have a higher variable fee capture compared to overall equities.

54

Money Markets. Revenues from our money markets asset class increased by $23.6 million or 130.7% to $41.6 million for the three months ended June 30, 2025 compared to $18.0 million for the three months ended June 30, 2024 primarily due to the August 1, 2024 acquisition of ICD and the associated basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal, as well as higher variable transaction fees and commissions on higher trading volumes for repurchase agreements.

Average variable fees per million for money markets increased primarily due to a shift in the mix of products traded in this category as a result of the August 1, 2024 acquisition of ICD and the associated basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal, which have a higher variable fee capture compared to the historical product mix, partially offset by a mix shift away from certificates of deposit, which have a higher variable fee capture compared to overall money markets.

Market Data. Revenues from our market data asset class were $30.4 million for the three months ended June 30, 2025, an increase of $1.2 million or 4.1% from $29.2 million for the three months ended June 30, 2024.

Other. Revenues from our other asset class increased by $1.9 million or 31.9% to $7.9 million for the three months ended June 30, 2025 compared to $6.0 million for the three months ended June 30, 2024. The increase was primarily due to an increase in the value of Canton Coins earned during the three months ended June 30, 2025, in exchange for providing services as a Super Validator and Validator on the Canton Network. The Company began providing services to the Canton Network during the third quarter of 2024.

We generate revenue from a diverse portfolio of client sectors. Our total revenue by client sector for the three months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
Institutional	$	321,943	$	245,581	$	76,362	31.1	%
Wholesale	101,242		94,272		6,970		7.4	%
Retail	37,584		35,871		1,713		4.8	%
Corporates	21,785		—		21,785		N/M
Market Data	30,417		29,227		1,190		4.1	%
Total revenue	$	512,971	$	404,951	$	108,020	26.7	%

N/M = not meaningful

Institutional. Revenues from our institutional client sector increased by $76.4 million or 31.1% to $321.9 million for the three months ended June 30, 2025 from $245.6 million for the three months ended June 30, 2024. The increase was derived primarily from higher revenues for rates derivatives products, U.S. and European ETFs, U.S. and European corporate bonds, credit derivatives products, mortgages and European and U.S. government bonds.

Wholesale. Revenues from our wholesale client sector increased by $7.0 million or 7.4% to $101.2 million for the three months ended June 30, 2025 from $94.3 million for the three months ended June 30, 2024. The increase was derived primarily from higher revenues for U.S. government bonds and repurchase agreements.

Retail. Revenues from our retail client sector were relatively flat at $37.6 million for the three months ended June 30, 2025, an increase of $1.7 million or 4.8% from $35.9 million for the three months ended June 30, 2024.

Corporates. Revenues from our corporates client sector were $21.8 million for the three months ended June 30, 2025. With the August 1, 2024 acquisition of ICD and its proprietary institutional investment technology, we entered the corporates client sector. This new client channel primarily serves corporate treasury organizations worldwide in investing in money market funds. Revenues from our corporates client sector primarily includes the basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal during the three months ended June 30, 2025.

Market Data. Revenues from our market data client sector were $30.4 million for the three months ended June 30, 2025, an increase of $1.2 million or 4.1% from $29.2 million for the three months ended June 30, 2024.

55

Our revenues and client base are also diversified by geography. Our total revenue by geography (based on client location) for the three months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
U.S.	$	297,803	$	252,144	$	45,659	18.1	%
International	215,168		152,807		62,361		40.8	%
Total revenue	$	512,971	$	404,951	$	108,020	26.7	%

U.S. Revenues from U.S. clients increased by $45.7 million or 18.1% to $297.8 million for the three months ended June 30, 2025 from $252.1 million for the three months ended June 30, 2024 primarily due to higher revenues for money markets, including the contribution from the ICD Acquisition, rates derivatives products, U.S. government bonds, U.S. ETFs, municipals and U.S. corporate bonds.

International. Revenues from international clients increased by $62.4 million or 40.8% to $215.2 million for the three months ended June 30, 2025 from $152.8 million for the three months ended June 30, 2024 primarily due to higher revenues for rates derivatives products, money markets, including the contribution from the ICD Acquisition, European ETFs, credit derivatives products, European government bonds and market data.

Operating Expenses

Our expenses for the three months ended June 30, 2025 and 2024 were as follows:

	Three Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Employee compensation and benefits	$	169,693	$	137,236	$	32,457	23.7	%
Depreciation and amortization	63,048		49,936		13,112		26.3	%
Technology and communications	30,212		24,230		5,982		24.7	%
General and administrative	29,984		12,755		17,229		135.1	%
Professional fees	14,159		13,324		835		6.3	%
Occupancy	6,022		4,976		1,046		21.0	%
Total expenses	$	313,118	$	242,457	$	70,661	29.1	%

Employee Compensation and Benefits. Expenses related to employee compensation and benefits increased by $32.5 million or 23.7% to $169.7 million for the three months ended June 30, 2025 from $137.2 million for the three months ended June 30, 2024. The increase was primarily due to an increase in incentive compensation expense tied to our financial performance, as well as an increase in headcount and related salaries, bonus and benefits associated with our continued growth, including the August 1, 2024 ICD Acquisition. As of June 30, 2025, December 31, 2024 and June 30, 2024, we had 1,462, 1,412 and 1,223 employees globally, respectively.

Depreciation and Amortization. Expenses related to depreciation and amortization increased by $13.1 million or 26.3% to $63.0 million for the three months ended June 30, 2025 from $49.9 million for the three months ended June 30, 2024. The increase was primarily due to increases in amortization of assets acquired in connection with the ICD Acquisition on August 1, 2024.

Technology and Communications. Expenses related to technology and communications increased by $6.0 million or 24.7% to $30.2 million for the three months ended June 30, 2025 from $24.2 million for the three months ended June 30, 2024. The increase was primarily due to increased investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes period-over-period.

56

General and Administrative. Expenses related to general and administrative costs increased by $17.2 million or 135.1% to $30.0 million for the three months ended June 30, 2025 from $12.8 million for the three months ended June 30, 2024. The increase was primarily due to a $14.6 million increase in foreign exchange losses during the three months ended June 30, 2025 compared to the prior year period. Realized and unrealized foreign currency losses totaled $12.8 million during the three months ended June 30, 2025 as compared to $1.8 million in gains during the three months ended June 30, 2024. The change was primarily driven by the change in fair value of our foreign currency forward contracts used in connection with our foreign currency risk management program, partially offset by an increase in foreign currency re-measurement gains on transactions in nonfunctional currencies. Increases in travel and entertainment costs to support our continued growth also contributed to the overall increase in general and administrative expenses.

Professional Fees. Expenses related to professional fees were relatively flat at $14.2 million for the three months ended June 30, 2025, an increase of $0.8 million or 6.3% from $13.3 million for the three months ended June 30, 2024.

Occupancy. Expenses related to occupancy costs increased by $1.0 million or 21.0% to $6.0 million for the three months ended June 30, 2025 from $5.0 million for the three months ended June 30, 2024. The increase was primarily due to higher data center and office rent expense associated with our global expansion.

Interest Income

Interest income decreased by $6.5 million or 30.4% to $15.0 million for the three months ended June 30, 2025 from $21.5 million for the three months ended June 30, 2024 primarily due to a decrease in our average invested cash balance as a result of the cash paid in connection with the August 1, 2024 ICD Acquisition and a decrease in the average interest rates earned period-over-period.

Interest Expense

Interest expense was relatively flat with a decrease of $0.1 million or 20.8% to $0.4 million for the three months ended June 30, 2025 from $0.5 million for the three months ended June 30, 2024.

Other Income (Loss), Net

Other income was $12.7 million for the three months ended June 30, 2025 due to an $18.1 million unrealized gain relating to the increase in fair value of our Canton Coin holdings, which was partially offset by a $5.4 million loss due to the impairment of a minority equity investment. There was no other income (loss), net during the three months ended June 30, 2024.

Income Taxes

Income tax expense increased by $4.5 million or 9.5% to $51.5 million for the three months ended June 30, 2025 from $47.0 million for the three months ended June 30, 2024. The provision for income taxes includes U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended June 30, 2025 was approximately 22.7%, compared with 25.6% for the three months ended June 30, 2024. The effective tax rate for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the Foreign-Derived Intangible Income (“FDII”) deduction. The effective tax rate for the three months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

57

For the Six Months Ended June 30, 2025 and June 30, 2024

The following table sets forth a summary of our statements of income for the six months ended June 30, 2025 and 2024:

	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Total revenue	$	1,022,648	$	813,690	$	208,958	25.7	%
Total expenses	618,694		483,518		135,176		28.0	%
Operating income	403,954		330,172		73,782		22.3	%
Interest income	28,821		42,571		(13,750)		(32.3)	%
Interest expense	(1,016)		(2,260)		1,244		(55.0)	%
Other income (loss), net	16,886		—		16,886		N/M
Income before taxes	448,645		370,483		78,162		21.1	%
Provision for income taxes	(104,818)		(90,685)		(14,133)		15.6	%
Net income	343,827		279,798		64,029		22.9	%
Less: Net income attributable to non-controlling interests	41,663		34,417		7,246		21.1	%
Net income attributable to Tradeweb Markets Inc.	$	302,164	$	245,381	$	56,783	23.1	%

N/M = not meaningful

Revenues

Our revenues for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Six Months Ended
	June 30,
	2025				2024
	$		% of Total Revenue		$		% of Total Revenue		$ Change		% Change
	(dollars in thousands)
Revenues
Transaction fees and commissions	$	851,112	83.2	%	$	665,926	81.8	%	$	185,186	27.8	%
Subscription fees (1)	162,663		15.9		141,508		17.4		21,155		14.9	%
Other	8,873		0.9		6,256		0.8		2,617		41.8	%
Total revenue	$	1,022,648	100.0	%	$	813,690	100.0	%	$	208,958	25.7	%
Components of total revenue growth:
Constant currency change (2)											25.3	%
Foreign currency impact											0.4	%
Total revenue growth											25.7	%

(1)Subscription fees for the six months ended June 30, 2025 and 2024 include $49.5 million and $41.1 million, respectively, of LSEG market data fees.

(2)Constant currency revenue change, which is a non-GAAP financial measure, is defined as total revenue change excluding the effects of foreign currency fluctuations. Total revenue excluding the effects of foreign currency fluctuations is calculated by translating the current period and prior period’s total revenue using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying total revenue performance between periods by removing the impact of foreign currency fluctuations. We believe that providing constant currency change provides a useful comparison of our total revenue performance and trends between periods.

The primary driver of the $209.0 million increase in revenue related to a $185.2 million increase in transaction fees and commissions to $851.1 million for the six months ended June 30, 2025 from $665.9 million for the six months ended June 30, 2024, primarily due to higher revenues for rates derivatives products, U.S. government bonds, European and U.S. ETFs, credit derivatives products and municipals, as well as the basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal during the six months ended June 30, 2025.

58

Our total revenue by asset class for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
Rates	$	539,949	$	431,624	$	108,325	25.1	%
Credit	248,295		227,163		21,132		9.3	%
Equities	65,662		49,921		15,741		31.5	%
Money Markets	85,348		34,836		50,512		145.0	%
Market Data	69,124		58,249		10,875		18.7	%
Other	14,270		11,897		2,373		19.9	%
Total revenue	$	1,022,648	$	813,690	$	208,958	25.7	%

Our variable and fixed revenues by asset class for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Six Months Ended
	June 30,
	2025				2024				$ Change				% Change
	Variable		Fixed		Variable		Fixed		Variable		Fixed		Variable		Fixed
	(dollars in thousands)
Revenues
Rates	$	402,100	$	137,849	$	311,333	$	120,291	$	90,767	$	17,558	29.2	%	14.6	%
Credit	220,498		27,797		210,813		16,350		9,685		11,447		4.6	%	70.0	%
Equities	61,099		4,563		45,276		4,645		15,823		(82)		34.9	%	(1.8)	%
Money Markets	76,682		8,666		26,258		8,578		50,424		88		192.0	%	1.0	%
Market Data	220		68,904		264		57,985		(44)		10,919		(16.7)	%	18.8	%
Other	2,273		11,997		—		11,897		2,273		100		N/M		0.8	%
Total revenue	$	762,872	$	259,776	$	593,944	$	219,746	$	168,928	$	40,030	28.4	%	18.2	%

N/M = not meaningful

The key drivers of the change in total revenue by asset class are summarized as follows:

Rates. Revenues from our rates asset class increased by $108.3 million or 25.1% to $539.9 million for the six months ended June 30, 2025 compared to $431.6 million for the six months ended June 30, 2024 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products and U.S. government bonds. The increase in fixed revenue was primarily driven by changes to certain contracts that, among other items, introduced minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue.

Credit. Revenues from our credit asset class increased by $21.1 million or 9.3% to $248.3 million for the six months ended June 30, 2025 compared to $227.2 million for the six months ended June 30, 2024 primarily due to an increase in fixed revenues, primarily driven by certain market participants switching from fully variable pricing plans to pricing plans that include minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue and a net increase in total revenue. Revenues from our credit asset class also increased due to higher variable transaction fees and commissions on higher trading volumes for credit derivatives products and municipals.

Equities. Revenues from our equities asset class increased by $15.7 million or 31.5% to $65.7 million for the six months ended June 30, 2025 compared to $49.9 million for the six months ended June 30, 2024 primarily due to higher variable transaction fees and commissions on higher trading volumes for European and U.S. ETFs.

59

Money Markets. Revenues from our money markets asset class increased by $50.5 million or 145.0% to $85.3 million for the six months ended June 30, 2025 compared to $34.8 million for the six months ended June 30, 2024 primarily due to the August 1, 2024 acquisition of ICD and the associated basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal, as well as higher variable transaction fees and commissions on higher trading volumes for repurchase agreements.

Market Data. Revenues from our market data asset class increased by $10.9 million or 18.7% to $69.1 million for the six months ended June 30, 2025 compared to $58.2 million for the six months ended June 30, 2024. The increase was primarily due to increased LSEG market data fees, with $8.4 million of the increase derived from the periodic delivery of historical data sets which occurred during the three months ended March 31, 2025, and other increases in proprietary third party market data revenue.

Other. Revenues from our other asset class increased by $2.4 million or 19.9% to $14.3 million for the six months ended June 30, 2025 compared to $11.9 million for the six months ended June 30, 2024. The increase was primarily due to an increase in the value of Canton Coins earned during the six months ended June 30, 2025, in exchange for providing services as a Super Validator and Validator on the Canton Network. The Company began providing services to the Canton Network during the third quarter of 2024.

We generate revenue from a diverse portfolio of client sectors. Our total revenue by client sector for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
Institutional	$	630,014	$	492,918	$	137,096	27.8	%
Wholesale	203,529		191,483		12,046		6.3	%
Retail	73,479		71,040		2,439		3.4	%
Corporates	46,502		—		46,502		N/M
Market Data	69,124		58,249		10,875		18.7	%
Total revenue	$	1,022,648	$	813,690	$	208,958	25.7	%

N/M = not meaningful

Institutional. Revenues from our institutional client sector increased by $137.1 million or 27.8% to $630.0 million for the six months ended June 30, 2025 from $492.9 million for the six months ended June 30, 2024. The increase was derived primarily from higher revenues for rates derivatives products, U.S. corporate bonds, credit derivatives products, European and U.S. ETFs, mortgages and U.S. and European government bonds.

Wholesale. Revenues from our wholesale client sector increased by $12.0 million or 6.3% to $203.5 million for the six months ended June 30, 2025 from $191.5 million for the six months ended June 30, 2024. The increase was derived primarily from higher revenues for U.S. government bonds and repurchase agreements.

Retail. Revenues from our retail client sector were relatively flat at $73.5 million for the six months ended June 30, 2025, an increase of $2.4 million or 3.4% from $71.0 million for the six months ended June 30, 2024.

Corporates. Revenues from our corporates client sector were $46.5 million for the six months ended June 30, 2025. With the August 1, 2024 acquisition of ICD and its proprietary institutional investment technology, we entered the corporates client sector. This new client channel primarily serves corporate treasury organizations worldwide in investing in money market funds. Revenues from our corporates client sector primarily includes the basis point commissions earned on the average daily balance of client money market fund investments made through the ICD Portal during the six months ended June 30, 2025.

Market Data. Revenues from our market data client sector increased by $10.9 million or 18.7% to $69.1 million for the six months ended June 30, 2025 from $58.2 million for the six months ended June 30, 2024. The increase was primarily due to increased LSEG market data fees, with $8.4 million of the increase derived from the periodic delivery of historical data sets which occurred during the three months ended March 31, 2025, and other increases in proprietary third party market data revenue.

60

Our revenues and client base are also diversified by geography. Our total revenue by geography (based on client location) for the six months ended June 30, 2025 and 2024, and the resulting dollar and percentage changes, were as follows:

	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Revenues
U.S.	$	595,684	$	506,242	$	89,442	17.7	%
International	426,964		307,448		119,516		38.9	%
Total revenue	$	1,022,648	$	813,690	$	208,958	25.7	%

U.S. Revenues from U.S. clients increased by $89.4 million or 17.7% to $595.7 million for the six months ended June 30, 2025 from $506.2 million for the six months ended June 30, 2024 primarily due to higher revenues for money markets, including the contribution from the ICD Acquisition, rates derivatives products, U.S. government bonds, municipals, U.S. ETFs and mortgages.

International. Revenues from international clients increased by $119.5 million or 38.9% to $427.0 million for the six months ended June 30, 2025 from $307.4 million for the six months ended June 30, 2024 primarily due to higher revenues for rates derivatives products, money markets, including the contribution from the ICD Acquisition, market data, European ETFs, credit derivatives products and European government bonds.

Operating Expenses

Our expenses for the six months ended June 30, 2025 and 2024 were as follows:

	Six Months Ended
	June 30,
	2025		2024		$ Change		% Change
	(dollars in thousands)
Employee compensation and benefits	$	346,570	$	280,323	$	66,247	23.6	%
Depreciation and amortization	125,747		99,273		26,474		26.7	%
Technology and communications	58,940		45,540		13,400		29.4	%
General and administrative	49,724		23,609		26,115		110.6	%
Professional fees	26,617		25,124		1,493		5.9	%
Occupancy	11,096		9,649		1,447		15.0	%
Total expenses	$	618,694	$	483,518	$	135,176	28.0	%

Employee Compensation and Benefits. Expenses related to employee compensation and benefits increased by $66.2 million or 23.6% to $346.6 million for the six months ended June 30, 2025 from $280.3 million for the six months ended June 30, 2024. The increase was primarily due to an increase in incentive compensation expense tied to our financial performance, as well as an increase in headcount and related salaries, bonus and benefits associated with our continued growth, including the August 1, 2024 ICD Acquisition.

Depreciation and Amortization. Expenses related to depreciation and amortization increased $26.5 million or 26.7% to $125.7 million for the six months ended June 30, 2025 from $99.3 million for the six months ended June 30, 2024. The increase was primarily due to increases in amortization of assets acquired in connection with the ICD Acquisition on August 1, 2024.

Technology and Communications. Expenses related to technology and communications increased by $13.4 million or 29.4% to $58.9 million for the six months ended June 30, 2025 from $45.5 million for the six months ended June 30, 2024. The increase was primarily due to increased investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes period-over-period.

61

General and Administrative. Expenses related to general and administrative costs increased by $26.1 million or 110.6% to $49.7 million for the six months ended June 30, 2025 from $23.6 million for the six months ended June 30, 2024. The increase was primarily due to a $23.1 million increase in foreign exchange losses during the six months ended June 30, 2025 compared to the prior year period. Realized and unrealized foreign currency losses totaled $18.2 million during the six months ended June 30, 2025 as compared to $5.0 million in gains during the six months ended June 30, 2024. The change was primarily driven by the change in fair value of our foreign currency forward contracts used in connection with our foreign currency risk management program, partially offset by an increase in foreign currency re-measurement gains on transactions in nonfunctional currencies. Increases in travel and entertainment costs to support our continued growth also contributed to the overall increase in general and administrative expenses.

Professional Fees. Expenses related to professional fees increased by $1.5 million or 5.9% to $26.6 million for the six months ended June 30, 2025 from $25.1 million for the six months ended June 30, 2024, primarily due to higher technology consulting expenses.

Occupancy. Expenses related to occupancy costs increased by $1.4 million or 15.0% to $11.1 million for the six months ended June 30, 2025 from $9.6 million for the six months ended June 30, 2024. The increase was primarily due to higher data center and office rent expense associated with our global expansion.

Interest Income

Interest income decreased by $13.8 million or 32.3% to $28.8 million for the six months ended June 30, 2025 from $42.6 million for the six months ended June 30, 2024 primarily due to a decrease in our average invested cash balance as a result of the cash paid in connection with the August 1, 2024 ICD Acquisition and a decrease in the average interest rates earned period-over-period.

Interest Expense

Interest expense decreased by $1.2 million or 55.0% to $1.0 million for the six months ended June 30, 2025 from $2.3 million for the six months ended June 30, 2024 primarily due to timing of payments made under the Tax Receivable Agreement. No interest expense was incurred on payments due under the Tax Receivable Agreement during the six months ended June 30, 2025 compared to $1.2 million of interest expense during the six months ended June 30, 2024.

Other Income (Loss), Net

Other income was $16.9 million for the six months ended June 30, 2025 due to a $22.3 million unrealized gain relating to the increase in fair value of our Canton Coin holdings, which was partially offset by a $5.4 million loss due to the impairment of a minority equity investment. There was no other income (loss), net during the six months ended June 30, 2024.

Income Taxes

Income tax expense increased by $14.1 million or 15.6% to $104.8 million for the six months ended June 30, 2025 from $90.7 million for the six months ended June 30, 2024. The provision for income taxes includes U.S. federal, state, local, and foreign taxes. The effective tax rate for the six months ended June 30, 2025 was approximately 23.4%, compared with 24.5% for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, dividends received deduction and the FDII deduction. The effective tax rate for the six months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

Effects of Inflation

While inflation may impact our revenues and operating expenses, we believe the effects of inflation, if any, on our results of operations and financial condition have not been significant during the three and six months ended June 30, 2025 and 2024. However, there can be no assurance that our results of operations and financial condition will not be materially impacted by inflation in the future. See “— Trends and Other Factors Impacting Our Performance — Economic Environment” above.

62

Liquidity and Capital Resources

Overview

Liquidity describes the ability of a company to generate sufficient cash flows to meet the cash requirements of its business operations, including working capital needs to meet operating expenses, debt service, acquisitions, other commitments and contractual obligations. We consider liquidity in terms of cash on hand, cash flows from operations and availability under the 2023 Revolving Credit Facility (as defined in “— Factors Influencing Our Liquidity and Capital Resources — Indebtedness” below) and their sufficiency to fund our operating and investing activities.

Historically, we have generated significant cash flows from operations and have funded our business operations through cash on hand and cash flows from operations.

Our primary cash needs are for day to day operations, working capital requirements, clearing margin requirements, capital expenditures primarily for software and equipment, our expected dividend payments and our share repurchase program. In addition, we are obligated to make payments under the Tax Receivable Agreement.

We expect to fund our short and long-term liquidity requirements through cash and cash equivalents and cash flows from operations. While historically we have generated significant and adequate cash flows from operations, in the case of an unexpected event in the future or otherwise, we may fund our liquidity requirements through borrowings under the 2023 Revolving Credit Facility.

We believe that our projected cash position, cash flows from operations and, if necessary, borrowings under the 2023 Revolving Credit Facility, will be sufficient to fund our liquidity requirements for at least the next 12 months. However, our future liquidity requirements could be higher than we currently expect as a result of various factors. For example, any future investments, acquisitions, joint ventures or other similar transactions, which we consider from time to time, may reduce our cash balance or require additional capital. In addition, our ability to continue to meet our future liquidity requirements will depend on, among other things, our ability to achieve anticipated levels of revenues and cash flows from operations and our ability to manage costs and working capital successfully, all of which are subject to general economic, financial, competitive and other factors beyond our control. In the event we require any additional capital, it will take the form of equity or debt financing, or both, and there can be no assurance that we will be able to raise any such financing on terms acceptable to us or at all.

As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $1.6 billion and $1.3 billion, respectively. All cash and cash equivalents were held in accounts with financial institutions or money market funds such that the funds are immediately available or in fixed term deposits or investments with a maximum maturity of three months. See Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Credit Risk.”

Factors Influencing Our Liquidity and Capital Resources

Dividend Policy

Subject to legally available funds, we intend to pay quarterly cash dividends on our Class A common stock and Class B common stock equal to $0.12 per share. As discussed below, our ability to pay these quarterly cash dividends on our Class A common stock and Class B common stock will depend on distributions to us from TWM LLC.

The declaration, amount and payment of any dividends will be at the sole discretion of our board of directors and will depend on our and our subsidiaries’ results of operations, capital requirements, financial condition, business prospects, contractual restrictions, restrictions imposed by applicable laws and other factors that our board of directors deem relevant. Because we are a holding company and all of our business is conducted through our subsidiaries, we expect to pay dividends, if any, only from funds we receive from our subsidiaries. Accordingly, our ability to pay dividends to our stockholders is dependent on the earnings and distributions of funds from our subsidiaries. As the sole manager of TWM LLC, we intend to cause, and will rely on, TWM LLC to make distributions in respect of LLC Interests to fund our dividends. If TWM LLC is unable to cause these subsidiaries to make distributions, it may have inadequate funds to distribute to us and we may be unable to fund our dividends. In addition, when TWM LLC makes distributions to us, the other holders of LLC Interests will be entitled to receive proportionate distributions based on their economic interests in TWM LLC at the time of such distributions.

Our board of directors will periodically review the cash generated from our business and the capital expenditures required to finance our growth plans and determine whether to modify the amount of regular dividends and/or declare any periodic special dividends. Any future determination to change the amount of dividends and/or declare special dividends will be at the discretion

63

of our board of directors and will be dependent upon then-existing conditions and other factors that our board of directors considers relevant.

Cash Dividends

On July 30, 2025, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.12 per share of Class A common stock and Class B common stock for the third quarter of 2025. This dividend will be payable on September 16, 2025 to stockholders of record as of September 2, 2025.

In March and June 2025, Tradeweb Markets Inc. paid quarterly cash dividends to holders of Class A common stock and Class B common stock in an aggregate amount totaling $51.2 million during the six months ended June 30, 2025.

Cash Distributions

On July 30, 2025, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $16.7 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of September 2, 2025, payable on September 12, 2025.

In March and June 2025, TWM LLC made quarterly cash distributions to its equityholders in an aggregate amount of $128.2 million during the six months ended June 30, 2025, including distributions to Tradeweb Markets Inc. of $115.7 million and distributions to non-controlling interests of $12.5 million. The proceeds of the cash distributions were used by Tradeweb Markets Inc. to fund dividend payments, taxes and expenses.

Share Repurchase Program

On December 5, 2022, the board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), after completing in October 2022, the $150.0 million of total repurchases of the Company’s Class A common stock authorized under its previous share repurchase program. The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase our Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of our Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b-18 or Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of our Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the six months ended June 30, 2025, the Company did not repurchase any shares pursuant to the 2022 Share Repurchase Program. As of June 30, 2025, a total of $179.9 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

Other Share Repurchases

In addition to the share repurchase programs discussed above, we may also withhold shares to cover the payroll tax withholding obligations upon the exercise of stock options and vesting of performance-based restricted stock units that vest based on the Company’s financial performance (“PRSUs”), restricted stock units (“RSUs”) and performance-based restricted stock units that vest based on market conditions (“PSUs”).

During the six months ended June 30, 2025, the Company withheld 346,528 shares of common stock from employee stock option, PRSU and RSU awards, at an average price per share of $137.46 and an aggregate value of $47.6 million, based on the price of the Class A common stock on the date the relevant withholding occurred.

64

Tax Receivable Agreement

We are obligated to make payments under the Tax Receivable Agreement. See Note 7 – Tax Receivable Agreement to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding the requirements for these payments. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect the payments required will be significant. Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flows that might have otherwise been available to us or to TWM LLC. These payments will offset some of the tax benefits that we expect to realize as a result of the ownership structure of TWM LLC. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us. The first payment of the Tax Receivable Agreement was made in January 2021. As of June 30, 2025, total amounts due to Continuing LLC Owners under the Tax Receivable Agreement were $351.4 million, substantially all due to be paid over 15 years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. As of June 30, 2025, we expect to make tax receivable agreement liability payments of approximately $29.3 million within the next 12 months and approximately $322.1 million thereafter.

In addition to these amounts above, our tax receivable agreement liability and future payments thereunder are expected to increase as we realize (or are deemed to realize) an increase in tax basis of TWM LLC’s assets resulting from any future purchases, redemptions or exchanges of LLC Interests from Continuing LLC Owners. We currently expect to fund these future tax receivable agreement liability payments from some of the realized cash tax savings as a result of this increase in tax basis.

Indebtedness

As of June 30, 2025 and December 31, 2024, we had no outstanding indebtedness.

On November 21, 2023, TWM LLC entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019. Subject to the satisfaction of certain conditions, we will be able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. As of June 30, 2025, there were $0.5 million in letters of credit issued and no borrowings outstanding under the 2023 Revolving Credit Facility. The 2023 Revolving Credit Facility will mature on November 21, 2028.

The credit agreement that governs the 2023 Revolving Credit Facility contains a number of covenants that, among other things and subject to certain exceptions, restrict the ability of (i) TWM LLC to merge or consolidate with other entities, (ii) the subsidiaries of TWM LLC to incur or guarantee indebtedness and (iii) TWM LLC and its subsidiaries to create or incur liens. As of June 30, 2025, we were in compliance with all the covenants set forth in the 2023 Revolving Credit Facility.

See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Factors Influencing Our Liquidity and Capital Resources – Indebtedness” in Part II of our 2023 Form 10-K for additional details regarding the terms, restrictions and covenants applicable to the 2023 Revolving Credit Facility.

Operating Lease Obligations

We currently have operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. Our operating lease obligations are primarily related to rental payments under lease agreements for office space in the United States and the United Kingdom through March 2030. In addition, in June 2024, we signed a lease for our new headquarters in New York City that is expected to commence in the third quarter of 2025 and has an expected initial lease term of approximately 16 years. In August 2024, the existing lease for our current New York City headquarters was extended through September 2025.

As of June 30, 2025, our operating lease liabilities totaled $32.3 million, with payments pursuant to these obligations due within the next 12 months and thereafter totaling $12.1 million and $23.1 million, respectively. In addition, we are obligated on long-term future minimum lease payments of $159.2 million for a lease signed but not yet commenced as of June 30, 2025.

65

Capital Expenditures

Our business also requires continued investment in our technology for product innovation, proprietary technology architecture, operational reliability and cybersecurity. We expect total cash paid for capital expenditures and software development costs for fiscal year 2025 to be between $99 million and $109 million, compared to expenditures of $88.9 million in fiscal year 2024, with the midpoint of our 2025 capital expenditure guidance up 17% versus fiscal year 2024 primarily due to anticipated capitalized one-time spend associated with our New York City headquarters relocation. Excluding the 2024 and 2025 one-time spend, the mid-point growth is projected to be approximately 3% higher year over year.

Other Cash and Liquidity Requirements

Certain of our U.S. subsidiaries are registered as broker-dealers, SEFs, SBSEFs or introducing brokers and are subject to the applicable rules and regulations of the SEC and CFTC. These rules contain minimum net capital or other financial resource requirements, as defined in the applicable regulations. These rules may also require a significant part of the registrants’ assets be kept in relatively liquid form. Certain of our foreign subsidiaries are regulated by the Financial Conduct Authority in the UK, the Nederlandsche Bank in the Netherlands, the Japanese Financial Services Agency, the Japanese Securities Dealers Association and other foreign regulators, and must maintain financial resources, as defined in the applicable regulations, in excess of the applicable financial resources requirement. As of June 30, 2025 and December 31, 2024, each of our regulated subsidiaries had maintained sufficient net capital or financial resources to at least satisfy their minimum requirements, which in aggregate were $85.9 million and $83.0 million, respectively. We maintain capital balances in these subsidiaries in excess of our minimum requirements in order to satisfy working capital needs and to ensure that we have enough cash on hand to satisfy margin requirements and credit risk, including the excess capital expectations of our clients. The Fixed Income Clearing Corporation (“FICC”) and some of our clearing brokers require us to post collateral on unsettled positions, included within deposits with clearing organizations in our condensed consolidated statements of financial condition. Collateral amounts are marked to market on a daily basis, requiring us to pay or receive margin amounts as part of the daily funds settlement. Margin call requirements can vary significantly across periods based on daily market changes and may represent a significant and unpredictable use of our liquidity.

At times, transactions executed on our wholesale platform fail to settle due to the inability of a transaction party to deliver or receive the transacted security. Until the failed transaction settles, we will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction. The impact on our liquidity and capital resources is minimal as receivables and payables for failed transactions are usually recognized simultaneously and predominantly offset. However, from time to time, we enter into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. We seek to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the FICC. The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty.

We self-clear U.S. Treasury trades executed by non-FICC members on our wholesale trading platform. The number of self-cleared trades that settle over the fed wire, instead of FICC clearing, may impact the number of U.S. Treasury failed settlement transactions. As of June 30, 2025, we recorded a $543.1 million receivable and a $542.7 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and we self-funded the remaining $0.4 million difference between the fail to deliver and fail to receive. All of the above failed settlement transactions outstanding as of June 30, 2025 were fully settled during July 2025. See below for further details regarding the changes to working capital as a result of these failed settlement transactions.

Working Capital

Working capital is defined as current assets minus current liabilities. Current assets consist of cash and cash equivalents, restricted cash, receivable from brokers and dealers and clearing organizations, deposits with clearing organizations, accounts receivable, receivable and due from affiliates and other current assets. Current liabilities consist of, as applicable, securities sold under agreements to repurchase, payable to brokers and dealers and clearing organizations, accrued compensation, deferred revenue, payable and due to affiliates, accounts payable, accrued expenses and other liabilities, lease liabilities and tax receivable agreement liability. Changes in working capital, which impact our cash flows provided by operating activities, can vary depending on factors such as delays in the collection of receivables, changes in our operating performance, changes in trading patterns, changes in client billing terms and other changes in the demand for our platforms and solutions.

66

Our working capital as of June 30, 2025 and December 31, 2024 was as follows:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Cash and cash equivalents	$	1,630,121	$	1,340,302
Restricted cash	1,000		1,000
Receivable from brokers and dealers and clearing organizations	543,114		67,805
Deposits with clearing organizations	66,926		54,702
Accounts receivable	264,825		222,268
Receivable and due from affiliates	736		8,094
Current portion of other assets	70,573		43,163
Total current assets	2,577,295		1,737,334
Payable to brokers and dealers and clearing organizations	542,738		67,816
Accrued compensation	158,387		222,959
Deferred revenue	40,614		30,800
Payable and due to affiliates	14,685		763
Current portion of:
Accounts payable, accrued expenses and other liabilities	145,992		94,620
Lease liabilities	10,658		11,963
Tax receivable agreement liability	29,289		3,981
Total current liabilities	942,363		432,902
Total working capital	$	1,634,932	$	1,304,432

Current Assets

Current assets increased to $2.6 billion as of June 30, 2025 from $1.7 billion as of December 31, 2024 primarily due to an increase in receivables from brokers and dealers and clearing organizations resulting from an increase in unsettled wholesale platform transactions and a higher value of fails to deliver, all of which settled in July 2025, and an increase in cash and cash equivalents due to our operating performance and the timing of collections of accounts receivable. See “—Cash Flows” below for further discussion of the change in cash and cash equivalents.

Current Liabilities

Current liabilities increased to $942.4 million as of June 30, 2025 from $432.9 million as of December 31, 2024 primarily due to an increase in payable to brokers and dealers and clearing organizations resulting from an increase in unsettled wholesale platform transactions and a higher value of fails to receive, all of which settled in July 2025, an increase in current income taxes payable and an increase in the current portion of our tax receivable agreement liability. These increases were offset by a decrease in accrued compensation as a result of annual bonus payments, which occurred during the six months ended June 30, 2025.

See “—Other Cash and Liquidity Requirements” above for a discussion on how capital requirements can impact our working capital.

67

Cash Flows

Our cash flows for the six months ended June 30, 2025 and 2024 were as follows:

	Six Months Ended
	June 30,
	2025		2024
	(dollars in thousands)
Net cash provided by operating activities	$	469,394	$	323,584
Net cash used in investing activities	(56,874)		(134,704)
Net cash used in financing activities	(133,754)		(174,880)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,053		(2,238)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	289,819	$	11,762

Operating Activities

Operating activities consist primarily of net income adjusted for noncash items that primarily include depreciation and amortization, stock-based compensation expense and deferred tax expense. Cash flows from operating activities can fluctuate significantly from period-to-period as working capital needs and the timing of payments for accrued compensation (primarily in the first quarter) and other items impact reported cash flows.

Net cash provided by operating activities for the six months ended June 30, 2025 was $469.4 million, an increase of $145.8 million over the six months ended June 30, 2024, primarily driven by an increase in net income and net changes in working capital, partially offset by an increase in net cash used to self fund the clearing of payables to brokers and dealers and clearing organizations resulting from unsettled wholesale platform transactions.

Investing Activities

Investing activities consist primarily of software development costs, investments in technology hardware, purchases of equipment and other tangible assets, business acquisitions and investments.

Net cash used in investing activities was $56.9 million for the six months ended June 30, 2025, which consisted of $29.8 million of capitalized software development costs, $20.0 million of cash paid for investments and $7.1 million of purchases of furniture, equipment, purchased software and leasehold improvements. Net cash used in investing activities was $134.7 million for the six months ended June 30, 2024, which consisted of $89.2 million of total net cash paid for the acquisition of r8fin (net of cash acquired), $22.5 million of capitalized software development costs, $11.6 million of cash paid for investments and $11.4 million of purchases of furniture, equipment, purchased software and leasehold improvements.

Financing Activities

Net cash used in financing activities for the six months ended June 30, 2025 was $133.8 million, and was primarily driven by $51.2 million in cash dividends to our Class A and Class B common stockholders, $47.8 million in payroll tax payments for PRSUs and RSUs, $21.4 million in payments due under our Tax Receivable Agreement and $12.5 million in distributions to non-controlling interest holders. Net cash used in financing activities for the six months ended June 30, 2024 was $174.9 million, and was primarily driven by $76.6 million in payments due under our Tax Receivable Agreement, $42.6 million in cash dividends to our Class A and Class B common stockholders and $39.6 million in payroll tax payments for options, PRSUs and RSUs, net of proceeds from the related option exercises.

Non-GAAP Financial Measures

Free Cash Flow

In addition to cash flow from operating activities presented in accordance with GAAP, we use Free Cash Flow, a non-GAAP measure, to measure liquidity. Free Cash Flow is defined as cash flow from operating activities less non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.

We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations after non-acquisition related expenditures for capitalized software development costs and furniture, equipment and leasehold improvements.

68

Free Cash Flow has limitations as an analytical tool, and you should not consider Free Cash Flow in isolation or as an alternative to cash flow from operating activities or any other liquidity measure determined in accordance with GAAP. You are encouraged to evaluate each adjustment. In addition, in evaluating Free Cash Flow, you should be aware that in the future, we may incur expenditures similar to the adjustments in the presentation of Free Cash Flow. In addition, Free Cash Flow may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

The table set forth below presents a reconciliation of our cash flow from operating activities to Free Cash Flow for the six months ended June 30, 2025 and 2024:

	Six Months Ended
	June 30,
	2025		2024
	(dollars in thousands)
Cash flow from operating activities	$	469,394	$	323,584
Less: Capitalization of software development costs	(29,764)		(22,478)
Less: Purchases of furniture, equipment and leasehold improvements	(7,110)		(11,417)
Free Cash Flow	$	432,520	$	289,689

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS

In addition to net income, net income margin and net income attributable to Tradeweb Markets Inc., each presented in accordance with GAAP, we present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin as non-GAAP measures of our operating performance and Adjusted Net Income and Adjusted Net Income per diluted share (“Adjusted Diluted EPS”) as non-GAAP measures of our profitability.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin

Adjusted EBITDA is defined as net income before interest income, interest expense, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including merger and acquisition transaction and integration costs, certain stock-based compensation expense and related payroll taxes, tax receivable agreement liability adjustments, unrealized gains and losses from outstanding foreign currency forward contracts, gains and losses from the revaluation of foreign denominated cash and other income and loss.

Adjusted EBIT is defined as net income before interest income, interest expense and provision for income taxes, adjusted for the impact of certain other items, including merger and acquisition transaction and integration costs, certain stock-based compensation expense and related payroll taxes, tax receivable agreement liability adjustments, depreciation and amortization related to acquisitions and the Refinitiv Transaction, unrealized gains and losses from outstanding foreign currency forward contracts, gains and losses from the revaluation of foreign denominated cash and other income and loss.

Net income margin is defined as net income, divided by revenue for the applicable period. Adjusted EBITDA margin and Adjusted EBIT margin are defined as Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period.

We present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. For example, we exclude non-cash stock-based compensation expense associated with the Special Option Award as defined in Note 2 – Significant Accounting Policies to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and post-IPO options awarded in 2019 to management and other employees as well as payroll taxes associated with exercises of such options during the applicable period. The value of all previously issued options was fully expensed as of March 31, 2024, however we will continue to incur payroll tax expense as previously issued options are exercised by the holders. For applicable periods, we also exclude the incremental non-cash accelerated stock-based compensation expense and related payroll taxes associated with former and/or departing executive officers. We also exclude stock-based compensation expense associated with special equity awards granted to help ensure the retention of key employees during the integration of acquisitions. We believe it is useful to exclude these stock-based compensation expenses and, as applicable, associated payroll taxes because the amount of expense may not directly correlate to the underlying performance of our business and will vary across periods. In addition, we exclude the tax receivable agreement liability adjustments discussed below under “— Critical Accounting Policies and Estimates — Tax

69

Receivable Agreement.” We believe it is useful to exclude the tax receivable agreement liability adjustment because the recognition of income during a period due to changes in the tax receivable agreement liability recorded in our condensed consolidated statements of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact our tax savings, may not directly correlate to the underlying performance of our business and will vary across periods. We also believe it is useful to exclude merger and acquisition transaction and integration costs as the incremental direct costs related to completed and potential acquisitions and related integrations are not indicative of our core ongoing operating performance. With respect to Adjusted EBIT and Adjusted EBIT margin, we believe it is useful to exclude the depreciation and amortization of tangible and intangible assets resulting from acquisitions and the application of pushdown accounting to the Refinitiv Transaction in order to facilitate a period-over-period comparison of our financial performance.

Management and our board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Further, our executive incentive compensation is based in part on components of Adjusted EBITDA and Adjusted EBITDA margin.

Adjusted Net Income and Adjusted Diluted EPS

Adjusted Net Income is defined as net income attributable to Tradeweb Markets Inc. assuming the full exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A common stock or Class B common stock of Tradeweb Markets Inc., adjusted for certain stock-based compensation expense and related payroll taxes, tax receivable agreement liability adjustments, merger and acquisition transaction and integration costs, depreciation and amortization related to acquisitions and the Refinitiv Transaction, unrealized gains and losses from outstanding foreign currency forward contracts, gains and losses from the revaluation of foreign denominated cash and other income and loss. Adjusted Net Income also gives effect to certain tax related adjustments to reflect an assumed effective tax rate. Adjusted Diluted EPS is defined as Adjusted Net Income divided by the diluted weighted average number of shares of Class A common stock and Class B common stock outstanding for the applicable period (including the effect of potentially dilutive securities determined using the treasury stock method), plus the weighted average number of other participating securities reflected in earnings per share using the two-class method, plus the assumed full exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A common stock or Class B common stock.

We use Adjusted Net Income and Adjusted Diluted EPS as supplemental metrics to evaluate our business performance in a way that also considers our ability to generate profit without the impact of certain items. We exclude certain stock-based compensation expense and related payroll taxes, tax receivable agreement liability adjustments, merger and acquisition transaction and integration costs and acquisition and Refinitiv Transaction-related depreciation and amortization for the reasons described above. Each of the adjustments described in the definition of Adjusted Net Income helps to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are non-cash expenses. In addition to excluding items that are non-recurring or may not be indicative of our ongoing operating performance, by assuming the full exchange of all outstanding LLC Interests held by non-controlling interests, we believe that Adjusted Net Income and Adjusted Diluted EPS for Tradeweb Markets Inc. facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period, because it eliminates the effect of any changes in net income attributable to Tradeweb Markets Inc. driven by increases in our ownership of TWM LLC, which are unrelated to our operating performance.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, operating income, gross margin, earnings per share or any other financial measure derived in accordance with GAAP. You are encouraged to evaluate each adjustment and, as applicable, the reasons we consider it appropriate for supplemental analysis. In addition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of these non-GAAP financial measures. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income and Adjusted Diluted EPS may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

70

The table set forth below presents a reconciliation of net income and net income margin to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT and Adjusted EBIT margin for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	(dollars in thousands)
Net income	$	175,522		$	136,416		$	343,827		$	279,798
Merger and acquisition transaction and integration costs (1)	3,772			3,650			6,268			7,264
Interest income	(14,972)			(21,511)			(28,821)			(42,571)
Interest expense	429			542			1,016			2,260
Depreciation and amortization	63,048			49,936			125,747			99,273
Stock-based compensation expense (2)	601			531			1,195			1,714
Provision for income taxes	51,539			47,047			104,818			90,685
Foreign exchange (gains) / losses (3)	10,622			(78)			18,951			(2,362)
Tax receivable agreement liability adjustment (4)	—			—			—			—
Other (income) loss, net	(12,665)			—			(16,886)			—
Adjusted EBITDA	$	277,896		$	216,533		$	556,115		$	436,061
Less: Depreciation and amortization	(63,048)			(49,936)			(125,747)			(99,273)
Add: D&A related to acquisitions and the Refinitiv Transaction (5)	45,474			34,715			90,947			69,082
Adjusted EBIT	$	260,322		$	201,312		$	521,315		$	405,870
Net income margin	34.2		%	33.7		%	33.6		%	34.4		%
Adjusted EBITDA margin	54.2		%	53.5		%	54.4		%	53.6		%
Adjusted EBIT margin	50.7		%	49.7		%	51.0		%	49.9		%

(1)Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.

(2)Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.

(3)Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

(4)Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.

(5)Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025		2024		Basis Point Change	Constant Currency Basis Point Change (1)	2025		2024		Basis Point Change	Constant Currency Basis Point Change (1)
Adjusted EBITDA margin	54.2	%	53.5	%	+70 bps	+101 bps	54.4	%	53.6	%	+79 bps	+90 bps
Adjusted EBIT margin	50.7	%	49.7	%	+104 bps	+131 bps	51.0	%	49.9	%	+110 bps	+120 bps

(1)The changes in Adjusted EBITDA margin and Adjusted EBIT margin, both on a constant currency basis, are non-GAAP financial measures, and are defined as the changes in Adjusted EBITDA margin and Adjusted EBIT margin excluding the effects of foreign currency fluctuations. Adjusted EBITDA margin and Adjusted EBIT margin excluding the effects of foreign currency fluctuations are calculated by translating the current period and prior period’s results using the annual average exchange rates for the prior period. We use the changes in Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis as supplemental metrics to evaluate our underlying margin performance between periods by removing the impact of foreign currency fluctuations. We believe that providing changes in Adjusted EBITDA margin and Adjusted EBIT margin on a constant currency basis provide useful comparisons of our Adjusted EBITDA margin and Adjusted EBIT margin and trends between periods.

71

The table set forth below presents a reconciliation of net income attributable to Tradeweb Markets Inc. and net income, as applicable, to Adjusted Net Income and Adjusted Diluted EPS for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands except per share amounts)
Earnings per diluted share	$	0.71	$	0.55	$	1.40	$	1.14
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Net income attributable to non-controlling interests (1)	21,740		17,177		41,663		34,417
Net income	175,522		136,416		343,827		279,798
Provision for income taxes	51,539		47,047		104,818		90,685
Merger and acquisition transaction and integration costs (2)	3,772		3,650		6,268		7,264
D&A related to acquisitions and the Refinitiv Transaction (3)	45,474		34,715		90,947		69,082
Stock-based compensation expense (4)	601		531		1,195		1,714
Foreign exchange (gains) / losses (5)	10,622		(78)		18,951		(2,362)
Tax receivable agreement liability adjustment (6)	—		—		—		—
Other (income) loss, net	(12,665)		—		(16,886)		—
Adjusted Net Income before income taxes	274,865		222,281		549,120		446,181
Adjusted income taxes (7)	(68,716)		(55,570)		(137,280)		(111,545)
Adjusted Net Income	$	206,149	$	166,711	$	411,840	$	334,636
Adjusted Diluted EPS (8)	$	0.87	$	0.70	$	1.73	$	1.41

(1)Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock.

(2)Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.

(3)Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).

(4)Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and six months ended June 30, 2025, this adjustment also includes $0.6 million and $1.2 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three and six months ended June 30, 2024, this adjustment also includes $0.3 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.

(5)Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency.

(6)Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.

(7)Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for each of the three and six months ended June 30, 2025 and June 30, 2024.

(8)For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below.

72

The following table summarizes the calculation of Adjusted Diluted EPS for the three and six months ended June 30, 2025 and 2024:

Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Diluted weighted average shares of Class A and Class B common stock outstanding	214,971,946		214,895,947		214,934,378		214,778,342
Weighted average of other participating securities (1)	162,433		125,012		173,894		142,484
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2)	23,063,153		23,077,698		23,066,571		23,077,836
Adjusted diluted weighted average shares outstanding	238,197,532		238,098,657		238,174,843		237,998,662
Adjusted Net Income (in thousands)	$	206,149	$	166,711	$	411,840	$	334,636
Adjusted Diluted EPS	$	0.87	$	0.70	$	1.73	$	1.41

(1)Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. See Note 2 – Significant Accounting Policies to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for a discussion of the two-class method.

(2)Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.

Critical Accounting Policies and Estimates

Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP which requires us to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. These estimates and assumptions are based on judgment and the best available information at the time. Management bases its estimates on historical experience, observance of trends in particular areas, information available from outside sources and various other assumptions that are believed to be reasonable under the circumstances. Information from these sources form the basis for making judgments about the carrying values of assets and liabilities that may not be readily apparent from other sources. Therefore, actual results could differ materially from those estimates. Management evaluates its accounting policies, estimates and judgments on an on-going basis.

Management evaluated the development and selection of its critical accounting policies and estimates and believes that the following policies are most critical to the portrayal of our financial condition and results of operations, and that require our most difficult, subjective or complex judgments in estimating the effect of inherent uncertainties. Our most critical policies and estimates include revenue recognition, stock-based compensation, current and deferred income taxes and the tax receivable agreement liability. With respect to critical accounting policies and estimates, even a relatively minor variance between actual and expected experience can potentially have a materially favorable or unfavorable impact on subsequent results of operations. More information on all of our significant accounting policies can be found in Note 2 – Significant Accounting Policies to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Revenue Recognition

We enter into contracts with our clients to provide a stand-ready connection to our electronic marketplaces, which facilitates the execution of trades by our clients. The access to our electronic marketplaces includes market data and continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to our electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from our performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress.

For our services, we may earn subscription fees for granting access to our electronic marketplaces. We may also earn transaction fees and/or commissions from transactions executed on our trading platforms, including the basis point commissions earned on the monthly ADB of money market fund investments made through our ICD Portal and commission revenue from electronic and voice brokerage transacted on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product. Fixed monthly transaction fees and commissions or monthly transaction fee and commission minimums are generally earned on a monthly basis in the period the stand-ready trading services are provided. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs. Variable commission revenue based upon a clients’ ADB invested in money market funds during a calendar month is recorded monthly. Variable discounts or rebates on

73

transaction fees and commissions are generally earned and applied monthly or quarterly, are resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

We earn fees from LSEG relating to the sale of market data to LSEG, which distributes that data. Included in these fees are real-time market data fees which are recognized monthly on a straight-line basis as LSEG receives and consumes the benefit evenly, over the contact period, as the data is provided, and fees for historical data sets which are recognized when the historical data set is provided to LSEG.

We are required to make significant judgments for the LSEG market data fees. Significant judgments used in accounting for this contract include the following determinations:

•The provision of real-time market data feeds and historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set.

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

During each of the three and six months ended June 30, 2025 and 2024, there were no material changes in the methodology or assumptions used to determine the LSEG market data fees.

Stock-Based Compensation

The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date.

For PSUs, the Company recognizes stock-based compensation based on the estimated grant date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model, which represents a significant accounting estimate given the significant level of estimation uncertainty relating to the selection of valuation assumptions required for the valuation. The significant assumptions used to estimate the fair value of the PSUs are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. On March 17, 2025, we granted 65,532 PSUs with a grant date fair value totaling $14.2 million, which will be amortized into expense on a straight-line basis through December 31, 2027. The significant assumptions used in determining the grant date fair value of the award were a maturity of 2.8 years, annualized volatility of 25.04% and a risk-free interest rate of 3.95%. A change in any of the assumptions used to value these awards could materially affect stock-based compensation expense recorded in the current and future periods. During each of the three and six months ended June 30, 2025 and 2024, there were no material changes in the methodology or assumptions used to determine the valuation of our annual PSU grants.

For PRSUs, the Company recognizes stock-based compensation based on the fair market value of our Class A common stock at the grant date and an estimate of the number of shares included in expense each period is based on management’s estimate of the probable final performance modifier for those grants, with such estimate updated each period until the performance modifier is finalized. For PRSUs granted during 2025 and 2024, the financial performance of the Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant and the performance modifier can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. As of June 30, 2025, a 10% decrease in the estimated final share payouts would decrease the total expense recognized for these awards for both the three and six months ended June 30, 2025 by approximately $2.8 million.

74

Income Taxes

Tradeweb Markets Inc. is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including to us. TWM LLC records taxes for conducting business in certain state, local and foreign jurisdictions and records U.S. federal taxes for subsidiaries that are taxed as corporations for U.S. tax purposes. We currently record deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and measure the deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The measurement of deferred taxes often involves the exercise of significant judgment related to the realization of tax basis. Our deferred tax assets and liabilities reflect our assessment that tax positions taken in filed tax returns and the resulting tax basis are more likely than not to be sustained if they are audited by taxing authorities. Assessing tax rates that we expect to apply and determining the years when the temporary differences are expected to affect taxable income requires judgment about the future apportionment of our income among the jurisdictions in which we operate. Any changes in our practices or judgments involved in the measurement of deferred tax assets and liabilities could materially impact our financial condition or results of operations.

In connection with recording deferred tax assets and liabilities, we record valuation allowances when we believe that it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. We evaluate our deferred tax assets quarterly to determine whether adjustments to our valuation allowance are appropriate in light of changes in facts or circumstances, such as changes in tax law, interactions with taxing authorities and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings, our forecasts of future earnings and the nature and timing of future deductions and benefits represented by the deferred tax assets, all of which involve the exercise of significant judgment. As of both June 30, 2025 and December 31, 2024, we had a $1.7 million valuation allowance established on our deferred tax assets. If forecasts of future earnings and the nature and estimated timing of future deductions and benefits change in the future, we may determine that existing valuation allowances must be revised or new valuation allowances created, any of which could materially impact our financial condition or results of operations. See Note 6 – Income Taxes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes in our condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in our condensed consolidated statements of financial condition. A U.S. shareholder of a controlled foreign corporation (“CFC”) is required to include in income, as a deemed dividend, the global intangible low-taxed income (“GILTI”) of the CFC. We have elected to treat taxes due on future U.S. inclusions in taxable income of GILTI as a current period expense when incurred.

Tax Receivable Agreement

Tradeweb Markets Inc. entered into a Tax Receivable Agreement with TWM LLC and the Continuing LLC Owners which provides for the payment by Tradeweb Markets Inc. to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that Tradeweb Markets Inc. actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO, the October 2019 and April 2020 follow-on offerings and any future offering or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to Tradeweb Markets Inc. making payments under the Tax Receivable Agreement. Substantially all payments due under the Tax Receivable Agreement are payable over the 15 years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The timing of the payments over the 15 year period is dependent upon our annual taxable income over the same period. In determining the estimated timing of payments, the current year’s taxable income is used to extrapolate an estimate of future taxable income. This requires significant judgment relating to projecting future earnings, the geographic mix of those earnings and the timing of deferred taxes becoming current.

The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the geographic mix of our earnings, changes in tax legislation and tax rates or other factors that may impact our actual tax savings realized will be reflected in income before taxes in the period in which the change occurs.

Recent Accounting Pronouncements

See Note 2 – Significant Accounting Policies to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for a discussion of recent accounting pronouncements.

75

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency and Derivative Risk

We have global operations and substantial portions of our revenues, expenses, assets and liabilities are generated and denominated in non-U.S. dollar currencies.

The following table shows the percentage breakdown of our revenue and operating expenses denominated in currencies other than the U.S. dollar for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
% of revenue denominated in foreign currencies (1)	31%	29%	30%	29%
% of operating expenses denominated in foreign currencies (2)	15%	15%	15%	16%

(1)Revenue in foreign currencies is primarily denominated in euros.

(2)Operating expenses in foreign currencies are primarily denominated in British pounds sterling.

Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. Realized and unrealized gains/losses from foreign currency remeasurement of transactions in nonfunctional currencies recognized in the condensed consolidated statements of income within general and administrative expense totaled a gain of $1.7 million and a loss of $0.8 million during the three months ended June 30, 2025 and 2024, respectively, and a gain of $2.6 million and a loss of $2.0 million during the six months ended June 30, 2025 and 2024, respectively.

Since our condensed consolidated financial statements are presented in U.S. dollars, we also translate all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income. Accordingly, increases or decreases in the value of the U.S. dollar against the other currencies will affect our operating revenues, operating income and the value of balance sheet items.

Aside from U.S. dollars, a significant portion of our revenues are denominated in euros and a significant portion of our expenses are denominated in British pound sterling. The following table shows the average foreign currency exchange rates to the U.S. dollar for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Euros	$	1.13	$	1.08	$	1.09	$	1.08
British pound sterling	$	1.33	$	1.26	$	1.30	$	1.27

The following table shows the change in revenue and operating income caused by fluctuations in foreign currency rates used in translation during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
Impact of Foreign Currency Rate Fluctuations (dollars in thousands)	June 30,				June 30,
	2025		2024		2025		2024
Increase (decrease) in revenue	$	6,700	$	(1,100)	$	2,500	$	(1,000)
Increase (decrease) in operating income	$	5,200	$	(1,300)	$	1,800	$	(1,800)

76

The following table shows the impact a hypothetical 10% increase or decrease in the U.S. dollar against all other currencies and a hypothetical 10% increase or decrease in only euro or only British pound sterling exchange rates would have on the translation of actual revenue and operating income for the three and six months ended June 30, 2025 and 2024:

	Three Months Ended						Six Months Ended
Hypothetical 10% Change in Value of U.S. Dollar (dollars in thousands)	June 30,						June 30,
	2025			2024			2025			2024
All currencies
Effect of 10% change on revenue	+/-	$	17,600	+/-	$	13,100	+/-	$	34,500	+/-	$	26,500
Effect of 10% change on operating income	+/-	$	12,400	+/-	$	9,000	+/-	$	24,400	+/-	$	18,000
Euros
Effect of 10% change on revenue	+/-	$	15,400	+/-	$	11,500	+/-	$	30,100	+/-	$	23,400
Effect of 10% change on operating income	+/-	$	15,000	+/-	$	11,200	+/-	$	29,300	+/-	$	22,600
British pound sterling
Effect of 10% change on revenue	+/-	$	800	+/-	$	500	+/-	$	1,700	+/-	$	1,000
Effect of 10% change on operating income	+/-	$	3,000	+/-	$	2,500	+/-	$	5,800	+/-	$	5,200

We have derivative risk relating to our foreign exchange derivative contracts. We enter into foreign currency forward contracts to mitigate our U.S. dollar and British pound sterling versus euro exposure, generally with a duration of not more than 12 months. We do not use derivative instruments for trading or speculative purposes. As of June 30, 2025 and December 31, 2024, the notional amount of our foreign currency forward contracts was $310.7 million and $238.2 million, respectively. Realized and unrealized gains/losses on foreign currency forward contracts totaled a loss of $14.5 million and a gain of $2.6 million during the three months ended June 30, 2025 and 2024, respectively, and a loss of $20.8 million and a gain of $6.9 million during the six months ended June 30, 2025 and 2024, respectively.

By using derivative instruments to hedge exposures to foreign currency fluctuations, we are exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, we are not exposed to the counterparty’s credit risk in those circumstances. We attempt to minimize counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties whose credit rating is at least upper-medium investment grade. As of June 30, 2025 and December 31, 2024, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG.

Credit Risk

Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate.

We have credit risk relating to our receivables, which are primarily receivables from financial institutions, including investment managers and brokers and dealers and our investments in available-for-sale debt securities. As of June 30, 2025 and December 31, 2024, the allowance for credit losses with regard to these receivables totaled $0.3 million and $0.4 million, respectively. There was no allowance for credit losses recorded on available-for-sale debt securities as of June 30, 2025 and December 31, 2024.

In the normal course of our business we, as an agent, execute transactions with, and on behalf of, other brokers and dealers. If these transactions do not settle because of failure to perform by either counterparty, we may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the instrument is different than the contractual amount. This credit risk exposure can be directly impacted by volatile trading markets, as our clients may be unable to satisfy their contractual obligations during volatile trading markets.

Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction.

77

Our policy is to monitor our market exposure and counterparty risk. Counterparties are evaluated for creditworthiness and risk assessment prior to our initiating contract activities. The counterparties’ creditworthiness is then monitored on an ongoing basis, and credit levels are reviewed to ensure that there is not an inappropriate concentration of credit outstanding to any particular counterparty.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), the effectiveness of our disclosure controls and procedures, as defined in Rule 13a‑15(e) of the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10‑Q. Based on that evaluation, our CEO and CFO have concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10‑Q are effective at a reasonable assurance level in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Our management, including our CEO and CFO, does not expect that our disclosure controls and procedures will prevent or detect all errors and all fraud. While our disclosure controls and procedures are designed to provide reasonable assurance of their effectiveness, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting during the quarter ended June 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

78

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Except as set forth in Note 13 to the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there have been no material changes from the legal proceedings previously disclosed under the heading “Item 3. Legal Proceedings” in Part I of our 2024 Form 10-K.

ITEM 1A. RISK FACTORS

There have been no material changes to our principal risks that we believe are material to our business, results of operations and financial condition, from the risk factors previously disclosed in “Item 1A. Risk Factors” in Part I of our 2024 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

Not applicable.

Issuer Purchases of Equity Securities

During the three months ended June 30, 2025, we did not repurchase any securities pursuant to the 2022 Share Repurchase Program.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(a) None.

(b) None.

(c) Securities Trading Plans of Executive Officers and Directors

During the three months ended June 30, 2025, none of our directors or executive officers adopted, modified or terminated a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”) or a non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).

79

ITEM 6. EXHIBITS

Exhibit Number	Description of Exhibit
10.1*†	Form of Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan 2025 Director RSU Award Agreement.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a‑14(a) or 15d‑14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a‑14(a) or 15d‑14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover page formatted as Inline XBRL and contained in Exhibit 101.

*	Filed herewith.
**	Furnished herewith.
†	Indicates a management contract or compensatory plan or arrangement.

80

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TRADEWEB MARKETS INC.
July 30, 2025	/s/ William Hult
	By:	William Hult
		Chief Executive Officer (Principal Executive Officer)
July 30, 2025	/s/ Sara Furber
	By:	Sara Furber
		Chief Financial Officer (Principal Financial Officer)

81

EX-10.1

EXHIBIT 10.1

TRADEWEB MARKETS INC.

2019 OMNIBUS EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT - NOTICE OF GRANT

Tradeweb Markets Inc. (the “Company”), a Delaware corporation, hereby grants to the Grantee set forth below (the “Grantee”) Restricted Stock Units (the “Restricted Stock Units”), pursuant to the terms and conditions of this Notice of Grant (the “Notice”), the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Award Agreement”), and the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan (the “Plan”). Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Award Agreement or, if not defined therein, in the Plan, unless the context requires otherwise. Each Restricted Stock Unit represents the right to receive one (1) Share at the time and in the manner set forth in Section 4 of the Award Agreement.

Date of Grant:    ___________________________

Name of Grantee:    ___________________________

Number of
Restricted Stock Units:    ___________________________

Vesting:    The Restricted Stock Units shall vest pursuant to the terms and conditions set forth in Section 3 and Section 5 of the Award Agreement.

Vesting Start Date:    ___________________________

The Restricted Stock Units shall be subject to the execution and return of this Notice by the Grantee to the Company within 60 days of the date hereof (including by utilizing an electronic signature and/or web-based approval and notice process or any other process as may be authorized by the Company). By executing this Notice, the Grantee acknowledges that his or her agreement to the covenants set forth in Section 6 of the Award Agreement is a material inducement to the Company in granting this Award to the Grantee.

This Notice may be executed by facsimile or electronic means (including, without limitation, PDF) and in one or more counterparts, each of which shall be considered an original instrument, but all of which together shall constitute one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to the other party hereto.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Notice of Grant as of the Date of Grant set forth above.

TRADEWEB MARKETS INC.

By: ___________________________

Name:

Title:

GRANTEE

By:    ___________________________

Name:

Date:     

[Signature Page to Notice of Restricted Stock Unit Grant for the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan]

Exhibit A

TRADEWEB MARKETS INC.

2019 OMNIBUS EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT

AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Award Agreement”) is entered into by and among Tradeweb Markets Inc. (the “Company”) and the individual set forth on the signature page to that certain Notice of Grant (the “Notice”) to which this Award Agreement is attached. The terms and conditions of the Restricted Stock Units granted hereby, to the extent not controlled by the terms and conditions contained in the Plan, shall be as set forth in the Notice and this Award Agreement. Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Notice or, if not defined therein, in the Plan, unless the context requires otherwise.

1.No Right to Continued Employee Status or Consultant Service

Nothing contained in this Award Agreement shall confer upon the Grantee the right to the continuation of his or her Employee status, or, in the case of a Consultant or Director, to the continuation of his or her service arrangement, or any case shall interfere with the right of the Company or any of its Subsidiaries or other Affiliates to Terminate the Grantee.

2.Term of Restricted Stock Units

This Award Agreement shall remain in effect until the Restricted Stock Units have fully vested and been settled or been forfeited by the Grantee as provided in this Award Agreement.

3.Vesting of Restricted Stock Units.

(a)Vesting Schedule. Subject to the remainder of this Section 3 and Section 5 hereof, the Restricted Stock Units shall become fully (100%) vested upon the first anniversary of the Vesting Start Date, subject to the Grantee not having Terminated prior to such anniversary.

Except as otherwise provided in Sections 3(b) and Section 5, if the Grantee Terminates for any reason, the Grantee will vest in the pro rata portion of Restricted Stock Units to represent time served as a director from the Date of Grant to the Grantee’s termination date, unless otherwise determined by the Compensation Committee of the Board of Directors of Tradeweb Markets Inc. (the “Compensation Committee”).

(b)Change in Control.Notwithstanding the foregoing, if the Grantee is Terminated by the Company (or its successor) without Cause within the 12-month period following a Change in Control, the portion of the Award that has not vested as of the date of such Termination shall become fully vested as of the date of such Termination.

4.Settlement

Within thirty (30) days following the date on which any portion of the Award vests pursuant to Section 3 or Section 5 of this Award Agreement, the Company shall deliver to the Grantee one (1) Share in settlement of each Restricted Stock Unit that becomes vested on such vesting date.

5.Termination of Service

(a)General Rule.Except as set forth in Section 5(c) below, if the Grantee incurs a Termination for any reason, whether voluntarily or involuntarily, the Grantee will vest in the pro rata portion of Restricted Stock Units to represent time served as a director from the Date of Grant to the Grantee’s termination date, unless otherwise determined by the Compensation Committee.

(b)Termination for Cause. If the Grantee incurs a Termination for Cause, then the Restricted Stock Units (including, for the avoidance of doubt, Restricted Stock Units that are unvested and vested but not yet settled) shall be forfeited and terminate immediately without consideration upon the effective date of such Termination for Cause.

(c)Termination due to Death or Disability. If the Grantee incurs a Termination due to death or Disability, the portion of the Grantee’s Restricted Stock Units that have not previously vested shall become vested in full as of the date of the Grantee’s death or Termination due to Disability.

6.Prohibited Activities

(a)No Sale or Transfer. Unless otherwise required by law, the Restricted Stock Units shall not be (i) sold, transferred or otherwise disposed of, (ii) pledged or otherwise hypothecated or (iii) subject to attachment, execution or levy of any kind, other than by will or by the laws of descent or distribution; provided, however, that any transferred Restricted Stock Units will be subject to all of the same terms and conditions as provided in the Plan and this Award Agreement and the Grantee’s estate or beneficiary appointed in accordance with the Plan will remain liable for any withholding tax that may be imposed by any federal, state or local tax authority.

(b)Right to Terminate Restricted Stock Units and Recovery. The Grantee understands and agrees that the Company has granted the Restricted Stock Units to the Grantee to reward the Grantee for the Grantee’s future efforts and loyalty to the Company and its Affiliates by giving the Grantee the opportunity to participate in the potential future appreciation of the Company. Accordingly, if (i) the Grantee materially breaches or violates the Grantee’s obligations under any Restrictive Agreement, (ii) the Grantee engages in any activity prohibited by this Section 6 of this Award Agreement, or (iii) the Grantee is convicted of a felony against the Company or any of its Affiliates, then, in addition to any other rights and remedies available to the Company, the Company shall be entitled, at its option, exercisable by written notice, to terminate the Restricted Stock Units (including the vested portion of the Restricted Stock Units)

2

without consideration, which shall be of no further force and effect. “Restrictive Agreement” shall mean any agreement between the Company or any Subsidiary and the Grantee that contains non-competition, non-solicitation, non-hire, non-disparagement, non-disclosure, confidentiality or similar restrictions applicable to the Grantee.

(c)Other Remedies. The Grantee specifically acknowledges and agrees that its remedies under this Section 6 shall not prevent the Company or any Subsidiary from seeking injunctive or other equitable relief in connection with the Grantee’s breach of any Restrictive Agreement. In the event that the provisions of this Section 6 should ever be deemed to exceed the limitation provided by applicable law, then the Grantee and the Company agree that such provisions shall be reformed to set forth the maximum limitations permitted.

7.No Rights as Stockholder

The Grantee shall have no rights as a stockholder with respect to the Shares covered by the Restricted Stock Units until the effective date of issuance of the Shares and the entry of the Grantee’s name as a shareholder of record on the books of the Company following delivery of the Shares in settlement of the Restricted Stock Units.

8.Taxation Upon Settlement of the Restricted Stock Units; Tax Withholding

The Grantee understands that the Grantee will recognize income, for Federal, state and local income tax purposes, as applicable, in respect of the vesting and/or settlement of the Restricted Stock Units. The acceptance of the Shares by the Grantee shall constitute an agreement by the Grantee to report such income in accordance with then applicable law and to cooperate with Company and its Subsidiaries in establishing the amount of such income and corresponding deduction to the Company and/or its subsidiaries for its income tax purposes.

The Grantee is responsible for all tax obligations that arise as a result of the vesting and settlement of the Restricted Stock Units. The Company may withhold from any amount payable to the Grantee an amount sufficient to cover any Federal, state or local withholding taxes which may become required with respect to such vesting and settlement or take any other action it deems necessary to satisfy any income or other tax withholding requirements as a result of the vesting and settlement of the Restricted Stock Units. The Company shall have the right to require the payment of any such taxes and require that the Grantee, or the Grantee’s beneficiary, to furnish information deemed necessary by the Company to meet any tax reporting obligation as a condition to delivery of any Shares pursuant to settlement of the Restricted Stock Units. The Grantee may pay his or her withholding tax obligation in connection with the vesting and settlement of the Restricted Stock Units, by making a cash payment to the Company. In addition, the Company, in its sole discretion, may allow the Grantee, to pay his or her withholding tax obligation in connection with the vesting and settlement of the Restricted Stock Units, by (x) having withheld a portion of the Shares then issuable to him or her upon settlement of the Restricted Stock Units or (z) surrendering Shares that have been held by the Grantee for at least six (6) months (or such lesser period as may be permitted by the Company) prior to the

3

settlement of the Restricted Stock Units, in each case having an aggregate Fair Market Value equal to the withholding taxes.

9.Securities Laws

Upon the acquisition of any Shares pursuant to the settlement of the Restricted Stock Units, the Grantee will make such written representations, warranties, and agreements as the Company may reasonably request in order to comply with securities laws or with this Award Agreement. Grantee hereby agrees not to offer, sell or otherwise attempt to dispose of any Shares issued to the Grantee upon settlement of the Restricted Stock Units in any way which would: (a) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other county) or to amend or supplement any such filing or (b) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, or any other Federal, state or local law, or the laws of any other country. The Company reserves the right to place restrictions on any Shares the Grantee may receive as a result of the settlement of the Restricted Stock Units.

10.Modification, Amendment, and Termination of Restricted Stock Units

Except as set forth in Section 12(b) hereof, this Award Agreement may not be modified, amended, terminated and no provision hereof may be waived in whole or in part except by a written agreement signed by the Company and the Grantee and no modification shall, without the consent of the Grantee, alter to the Grantee’s material detriment or materially impair any rights of the Grantee under this Award Agreement except to the extent permitted under the Plan.

11.Notices

Unless otherwise provided herein, any notices or other communication given or made pursuant to the Notice, this Award Agreement or the Plan shall be in writing and shall be deemed to have been duly given (a) as of the date delivered, if personally delivered (including receipted courier service) or overnight delivery service, with confirmation of receipt; (b) on the date of delivery by email to the address indicated or through an electronic administrative system designated by the Company; (c) one (1) business day after being sent by reputable commercial overnight delivery service courier, with confirmation of receipt; or (d) three (3) business days after being mailed by registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below:

(i)If to the Company at the address below:

Tradeweb Markets Inc.
1177 Avenue of the Americas

4

New York, New York 10036
Attention: Douglas Friedman, General Counsel
Email: Douglas.Friedman@tradeweb.com

(ii)If to the Grantee, at the most recent address or email contained in the Company’s records.

12.Award Agreement Subject to Plan and Applicable Law

(a)This Award Agreement is made pursuant to the Plan and shall be interpreted to comply therewith. Any provision of this Award Agreement inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. The Plan shall control in the event there shall be any conflict between the Plan, the Notice, and this Award Agreement, and it shall control as to any matters not contained in this Award Agreement. The Committee shall have authority to construe this Award Agreement, and to correct any defect or supply any omission or reconcile any inconsistency in this Award Agreement, and to prescribe rules and regulations relating to the administration of this Award.

(b)For the avoidance of doubt, with respect to any Grantee resident outside of the U.S., if the application of the vesting provision as set forth in Section 5(c) hereof is invalid or impracticable under applicable local law, the terms of Section 5(c) hereof shall either be amended or be deemed not to apply to such Grantee, as determined in the sole discretion of the Committee. All determinations made and actions taken with respect to this Section 12(b) shall be made in the sole discretion of the Committee.

(c)This Award Agreement shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles thereof, and subject to the exclusive jurisdiction of the courts therein. The Grantee hereby consents to personal jurisdiction in any action brought in any court, federal or state, within the State of Delaware having subject matter jurisdiction in the matter.

13.Section 409A

The Restricted Stock Units are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be exempt from Section 409A of the Code or, if not exempt, in compliance therewith. Nothing contained herein shall constitute any representation or warranty by the Company regarding compliance with Section 409A of the Code. The Company shall have no obligation to take any action to prevent the assessment of any additional income tax, interest or penalties under Section 409A of the Code on any Person and none of the Company, its Subsidiaries or Affiliates, nor any of their respective employees or representatives, shall have any liability to the Grantee with respect thereto.

5

14.Headings and Capitalized Terms

Unless otherwise provided herein, capitalized terms used herein that are defined in the Plan and not defined herein shall have the meanings set forth in the Plan. Headings are for convenience only and are not deemed to be part of this Award Agreement. Unless otherwise indicated, any reference to a Section herein is a reference to a Section of this Award Agreement.

15.Severability and Reformation

If any provision of this Award Agreement shall be determined by a court of law of competent jurisdiction to be unenforceable for any reason, such unenforceability shall not affect the enforceability of any of the remaining provisions hereof. In that case, this Award Agreement, to the fullest extent lawful, shall be reformed and construed as if such unenforceable provision, or part thereof, had never been contained herein, and such provision or part thereof shall be reformed or construed so that it would be enforceable to the maximum extent legally possible.

16.Binding Effect

This Award Agreement shall be binding upon the parties hereto, together with their personal executors, administrator, successors, personal representatives, heirs and permitted assigns.

17.Entire Agreement

This Award Agreement, together with the Plan, supersedes all prior written and oral agreements and understandings among the parties as to its subject matter and constitutes the entire agreement of the parties with respect to the subject matter hereof. If there is any conflict between the Notice, this Award Agreement and the Plan, then the applicable terms of the Plan shall govern.

18.Waiver

Waiver by any party of any breach of this Award Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right whether or not of the same or a similar nature. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.

6

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William Hult, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 of Tradeweb Markets Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

July 30, 2025	/s/ William Hult
	William Hult
	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sara Furber, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025 of Tradeweb Markets Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

July 30, 2025	/s/ Sara Furber
	Sara Furber
	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Tradeweb Markets Inc. (the “Company”) for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), William Hult, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

July 30, 2025	/s/ William Hult
	William Hult
	Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Tradeweb Markets Inc. (the “Company”) for the fiscal quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Sara Furber, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to her knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

July 30, 2025	/s/ Sara Furber
	Sara Furber
	Chief Financial Officer

XML

Cover - shares	6 Months Ended
	Jun. 30, 2025	Jul. 23, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-38860
Entity Registrant Name	Tradeweb Markets Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	1177 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001758730
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		116,453,684
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,062,538

XML

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 1,630,121	$ 1,340,302
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	543,114	67,805
Deposits with clearing organizations	66,926	54,702
Accounts receivable, net of allowance for credit losses of $297 and $447 at June 30, 2025 and December 31, 2024, respectively	264,825	222,268
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	40,680	45,973
Lease right-of-use assets	29,643	33,550
Software development costs, net of accumulated amortization	283,193	296,721
Goodwill	3,150,112	3,150,112
Intangible assets, net of accumulated amortization	1,211,697	1,280,892
Receivable and due from affiliates	736	8,094
Deferred tax asset	651,842	659,203
Other assets	182,166	107,371
Total assets	8,056,055	7,267,993
Liabilities
Payable to brokers and dealers and clearing organizations	542,738	67,816
Accrued compensation	158,387	222,959
Deferred revenue	40,614	30,800
Accounts payable, accrued expenses and other liabilities	146,775	95,290
Lease liabilities	32,322	35,748
Payable and due to affiliates	14,685	763
Deferred tax liability	42,856	42,893
Tax receivable agreement liability	351,402	372,839
Total liabilities	1,329,779	869,108
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,842,990	4,813,408
Accumulated other comprehensive income (loss)	7,031	(9,981)
Retained earnings	1,247,748	996,763
Total stockholders’ equity attributable to Tradeweb Markets Inc.	6,097,771	5,800,192
Non-controlling interests	628,505	598,693
Total equity	6,726,276	6,398,885
Total liabilities and equity	8,056,055	7,267,993
Class A Common Stock
Equity
Common stock, value	1	1
Class B Common Stock
Equity
Common stock, value	1	1
Class C Common Stock
Equity
Common stock, value	0	0
Class D Common Stock
Equity
Common stock, value	$ 0	$ 0

XML

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accounts receivable, allowance for credit losses	$ 297	$ 447
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	116,453,684	115,977,551
Common stock, shares outstanding (in shares)	116,453,684	115,977,551
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	18,000,000	18,000,000
Common stock, shares outstanding (in shares)	18,000,000	18,000,000
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,062,538	5,073,538
Common stock, shares outstanding (in shares)	5,062,538	5,073,538

XML

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenues
Total revenue	$ 512,971	$ 404,951	$ 1,022,648	$ 813,690
Expenses
Employee compensation and benefits	169,693	137,236	346,570	280,323
Depreciation and amortization	63,048	49,936	125,747	99,273
Technology and communications	30,212	24,230	58,940	45,540
General and administrative	29,984	12,755	49,724	23,609
Professional fees	14,159	13,324	26,617	25,124
Occupancy	6,022	4,976	11,096	9,649
Total expenses	313,118	242,457	618,694	483,518
Operating income	199,853	162,494	403,954	330,172
Interest income	14,972	21,511	28,821	42,571
Interest expense	(429)	(542)	(1,016)	(2,260)
Other income (loss), net	12,665	0	16,886	0
Income before taxes	227,061	183,463	448,645	370,483
Provision for income taxes	(51,539)	(47,047)	(104,818)	(90,685)
Net income	175,522	136,416	343,827	279,798
Less: Net income attributable to non-controlling interests	21,740	17,177	41,663	34,417
Net income attributable to Tradeweb Markets Inc.	$ 153,782	$ 119,239	$ 302,164	$ 245,381
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic (in dollars per share)	$ 0.72	$ 0.56	$ 1.42	$ 1.15
Diluted (in dollars per share)	$ 0.71	$ 0.55	$ 1.40	$ 1.14
Weighted average shares outstanding:
Basic (in shares)	213,339,761	213,162,158	213,214,326	212,936,015
Diluted (in shares)	214,971,946	214,895,947	214,934,378	214,778,342
Transaction fees and commissions
Revenues
Total revenue	$ 429,768	$ 330,475	$ 851,112	$ 665,926
Subscription fees
Revenues
Total revenue	57,392	50,746	113,169	100,427
LSEG market data fees
Revenues
Total revenue	20,569	20,581	49,494	41,081
Other
Revenues
Total revenue	$ 5,242	$ 3,149	$ 8,873	$ 6,256

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 175,522	$ 136,416	$ 343,827	$ 279,798
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the three and six months ended June 30, 2025 and 2024	10,250	(439)	16,214	(2,803)
Unrealized gain on available-for-sale debt security, net of tax expense of $741 and $799 for the three and six months ended June 30, 2025	(366)	0	2,726	0
Other comprehensive income (loss), net of tax	9,884	(439)	18,940	(2,803)
Comprehensive income	185,406	135,977	362,767	276,995
Less: Net income attributable to non-controlling interests	21,740	17,177	41,663	34,417
Less: Other comprehensive income (loss) attributable to non-controlling interests	1,042	(43)	1,927	(275)
Comprehensive income attributable to Tradeweb Markets Inc.	$ 162,624	$ 118,843	$ 319,177	$ 242,853

XML

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax benefit	$ 0	$ 0	$ 0	$ 0
Unrealized gain on available-for-sale debt security, tax expense	$ 741,000		$ 799,000

XML

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Common Stock Class C Common Stock	Common Stock Class D Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2023	$ 5,931,406	$ 1	$ 1	$ 0	$ 0	$ 4,738,758	$ (5,389)	$ 640,384	$ 557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,807					2,807
Issuance of common stock for business acquisitions	36,692					36,692
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	18,358					18,358
Adjustments to non-controlling interests	0					1,333	(3)		(1,330)
Distributions to non-controlling interests	(6,095)								(6,095)
Dividends	(21,286)							(21,286)
Stock-based compensation expense	16,959					16,959
Payroll taxes paid for stock-based compensation	(43,832)					(43,832)
Net income	143,382							126,142	17,240
Other comprehensive income (loss)	(2,364)						(2,132)		(232)
Ending balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Beginning balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	279,798
Other comprehensive income (loss)	(2,803)
Ending balance at Jun. 30, 2024	6,207,405	1	1	0	0	4,795,562	(7,920)	843,158	576,603
Beginning balance at Mar. 31, 2024	6,076,027	1	1	0	0	4,771,075	(7,524)	745,240	567,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	2,021					2,021
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	761					761
Adjustments to non-controlling interests	0					(2,198)			2,198
Distributions to non-controlling interests	(9,963)								(9,963)
Dividends	(21,321)							(21,321)
Stock-based compensation expense	24,350					24,350
Payroll taxes paid for stock-based compensation	(447)					(447)
Net income	136,416							119,239	17,177
Other comprehensive income (loss)	(439)						(396)		(43)
Ending balance at Jun. 30, 2024	6,207,405	1	1	0	0	4,795,562	(7,920)	843,158	576,603
Beginning balance at Dec. 31, 2024	6,398,885	1	1	0	0	4,813,408	(9,981)	996,763	598,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	28,830					28,830
Adjustments to non-controlling interests	0					3,795	(1)		(3,794)
Distributions to non-controlling interests	(7,416)								(7,416)
Dividends	(25,573)							(25,573)
Stock-based compensation expense	22,708					22,708
Payroll taxes paid for stock-based compensation	(47,590)					(47,590)
Net income	168,305							148,382	19,923
Other comprehensive income (loss)	9,056						8,171		885
Ending balance at Mar. 31, 2025	6,547,205	1	1	0	0	4,821,151	(1,811)	1,119,572	608,291
Beginning balance at Dec. 31, 2024	6,398,885	1	1	0	0	4,813,408	(9,981)	996,763	598,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	343,827
Other comprehensive income (loss)	18,940
Ending balance at Jun. 30, 2025	6,726,276	1	1	0	0	4,842,990	7,031	1,247,748	628,505
Beginning balance at Mar. 31, 2025	6,547,205	1	1	0	0	4,821,151	(1,811)	1,119,572	608,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	(3,352)					(3,352)
Adjustments to non-controlling interests	0					(2,544)			2,544
Distributions to non-controlling interests	(5,112)								(5,112)
Dividends	(25,606)							(25,606)
Stock-based compensation expense	27,779					27,779
Payroll taxes paid for stock-based compensation	(44)					(44)
Net income	175,522							153,782	21,740
Other comprehensive income (loss)	9,884						8,842		1,042
Ending balance at Jun. 30, 2025	$ 6,726,276	$ 1	$ 1	$ 0	$ 0	$ 4,842,990	$ 7,031	$ 1,247,748	$ 628,505

XML

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.12	$ 0.12	$ 0.10	$ 0.10

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income	$ 343,827	$ 279,798
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	125,747	99,273
Stock-based compensation expense	49,096	40,117
Deferred taxes	14,764	17,008
Other (income) loss, net	(16,886)	0
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(387)	22,027
Deposits with clearing organizations	(11,916)	(25,902)
Accounts receivable	(35,246)	(64,949)
Receivable and due from affiliates/payable and due to affiliates, net	20,633	(4,356)
Deferred tax asset as a result of transferable tax credit purchase	17,646	0
Other assets	(30,786)	3,554
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	0	(21,612)
Accrued compensation	(67,499)	(44,448)
Deferred revenue	9,505	2,226
Accounts payable, accrued expenses and other liabilities	50,896	20,848
Net cash provided by operating activities	469,394	323,584
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	0	(89,224)
Cash paid for investments	(20,000)	(11,585)
Purchases of furniture, equipment, software and leasehold improvements	(7,110)	(11,417)
Capitalized software development costs	(29,764)	(22,478)
Net cash used in investing activities	(56,874)	(134,704)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(844)	0
Proceeds from stock-based compensation exercises	0	4,828
Dividends	(51,179)	(42,607)
Distributions to non-controlling interests	(12,528)	(16,058)
Payroll taxes paid for stock-based compensation	(47,766)	(44,457)
Payments on tax receivable agreement liability	(21,437)	(76,586)
Net cash used in financing activities	(133,754)	(174,880)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11,053	(2,238)
Net increase (decrease) in cash, cash equivalents and restricted cash	289,819	11,762
Cash, cash equivalents and restricted cash
Beginning of period	1,341,302	1,707,468
End of period	1,631,121	1,719,230
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	45,095	61,414
Cash paid for interest	1,736	1,757
Non-cash investing and financing activities
Issuance of common stock for business acquisitions	0	36,692
Furniture, equipment, software and leasehold improvement additions included in accounts payable	926	165
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash and cash equivalents	1,630,121
Restricted cash	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	1,631,121	1,719,230
Adjusted For Refinitiv Transaction
Non-cash investing and financing activities
Establishment of liabilities under tax receivable agreement	0	0
Deferred tax asset	$ 25,478	$ 19,119

XML

Organization

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv (as defined below) owned an indirect majority ownership interest in the Company (as defined below).

On January 29, 2021, London Stock Exchange Group plc (“LSEG”) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) (“Blackstone”) as well as Thomson Reuters Corporation (“TR”), in an all share transaction (the “LSEG Transaction”).

In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023.

The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation’s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation’s condensed consolidated financial statements. As of both June 30, 2025 and December 31, 2024, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% of TWM LLC. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations).

Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions.

A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction.

In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis.

As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the

completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 7 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement.

The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale, retail and corporates client sectors. The Company’s principal subsidiaries include:

•Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”).

•Dealerweb LLC (“DW”) (formerly known as Hilliard Farber & Co., Inc. and Dealerweb Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. Effective on January 2, 2025, Dealerweb Inc. merged with and into Dealerweb LLC, with Dealerweb LLC being the surviving entity.

•Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB.

•Institutional Cash Distributors, LLC (“ICDLC”), acquired on August 1, 2024, a registered broker-dealer under the Exchange Act and a member of FINRA.

•Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK and certain other global regulators and that maintains branches in Asia.

•TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators and a registered security-based swap execution facility (“SBSEF”) under the Exchange Act.

•DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators.

•Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”).

•Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains a branch in France.

•Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK with an exemption from the Australian Securities & Investments Commission (“ASIC”) from having to hold an Australian financial services license.

•Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (“WOFE”) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect.

•Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis.

•Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by ASIC, that also maintains a branch in Singapore that is regulated by the Monetary Authority of Singapore (“MAS”) as a Regulated Market Operator.

•Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA.

•TW Technology and Trading Private Limited (“TTTL”), a private limited company incorporated in Mumbai, India, which is pending regulatory approval from the Reserve Bank of India as an Electronic Trading Platform for the trading of Indian Government Bonds and other local securities.

•Tradeweb Brasil Ltda (“TWB”), a limited liability company incorporated in Sao Paulo, Brazil.

•Institutional Cash Distributors Limited (“ICDLT”), acquired on August 1, 2024, a firm engaged in the provision of intermediary services authorized and regulated by the FCA in the UK.

•ICD Europa - Empresa de Investimento, S.A. (“ICDEU”), acquired on August 1, 2024, was an investment firm regulated by the Comissão do Mercado de Valores Mobiliários (“CMVM”) in Portugal. ICDEU was dissolved and liquidated on June 17, 2025.

•Tradeweb Company, a Joint Stock Company incorporated in the Kingdom of Saudi Arabia (“TWSA”), authorized and regulated by the Capital Markets Authority to operate an Alternative Trading System.

In August 2024, the Company acquired Institutional Cash Distributors (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. (the “ICD Acquisition”). ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments. ICD’s flagship products include ICD Portal and ICD Portfolio Analytics. The portal is a one-stop shop to research, trade, analyze and report on investments across more than 40 available investment providers primarily offering money market funds and access to other short term products including deposits, fixed term funds and separately managed accounts (“SMAs”) (collectively referred to herein as “money market funds”). Portfolio Analytics is an AI-driven cloud solution for aggregating positions across a corporate treasury’s entire portfolio for analysis and reporting. With the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients. See Note 4 – Acquisitions for additional details on this acquisition.

In January 2024, the Company acquired R8FIN Holdings LP (together with its subsidiaries, “r8fin”) (the “r8fin Acquisition”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (“EMS”) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (“CLOB”), Tradeweb Request-for-Quote (“RFQ”) and Tradeweb Automated Intelligent Execution (“AiEX”) offerings. See Note 4 – Acquisitions for additional details on this acquisition.

In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector (the “Yieldbroker Acquisition”). This acquisition combined Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale.

In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable CLOB for electronic trading in on-the-run (“OTR”) U.S. government bonds.

As of June 30, 2025:

•The public investors collectively owned 116,453,684 shares of Class A common stock, representing 10.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.2% of the economic interest in TWM LLC;

•Refinitiv collectively owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, representing 89.8% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.7% of the economic interest in TWM LLC; and

•Other stockholders that continued to own LLC Interests also collectively owned 74,209 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC.

In addition, the Company’s basic and diluted earnings per share calculations for the three and six months ended June 30, 2025 were impacted by 162,433 and 173,894, respectively, of weighted average shares resulting from unvested or unsettled vested stock awards that were considered participating securities for purposes of calculating earnings per share in accordance with the two-class method. The Company’s diluted earnings per share calculations for the three and six months ended June 30, 2025 also includes 1,632,185 and 1,720,052, respectively, of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 14 – Earnings Per Share for additional details.

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

The following is a summary of significant accounting policies:

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The consolidated financial information as of December 31, 2024 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.

Business Combinations

Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives.

Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income.

Pushdown Accounting

In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.

Allowance for Credit Losses

The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.

Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. See Note 12 – Credit Risk for additional information.

Receivable from and Payable to Brokers and Dealers and Clearing Organizations

Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.

Deposits with Clearing Organizations

Deposits with clearing organizations are comprised of cash deposits.

Furniture, Equipment, Purchased Software and Leasehold Improvements

Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space.

Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.

As of June 30, 2025 and December 31, 2024, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $100.5 million and $92.0 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $5.9 million and $5.2 million for the three months ended June 30, 2025 and 2024, respectively, and $12.0 million and $10.5 million for the six months ended June 30, 2025 and 2024, respectively.

Software Development Costs

The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.

As of June 30, 2025 and December 31, 2024, accumulated amortization related to software development costs totaled $339.8 million and $295.3 million, respectively. Amortization expense for software development costs was $22.6 million and $16.0 million for the three months ended June 30, 2025 and 2024, respectively, and $44.5 million and $31.6 million for the six months ended June 30, 2025 and 2024, respectively.

Goodwill

Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition, which were all accounted for as business combinations. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.

Goodwill was last tested for impairment on October 1, 2024 and no impairment of goodwill was identified.

Intangible Assets

Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.

As of June 30, 2025 and December 31, 2024, accumulated amortization related to intangible assets totaled $736.0 million and $666.8 million, respectively. Amortization expense for definite-lived intangible assets was $34.6 million and $28.7 million for the three months ended June 30, 2025 and 2024, respectively, and $69.2 million and $57.2 million for the six months ended June 30, 2025 and 2024, respectively.

Investments in Available-for-Sale Debt Securities

Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of income. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition.

Equity Investments Without Readily Determinable Fair Values

Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.

Investments in Digital Assets - Canton Coins

The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin that is currently used to pay traffic fees for using the Global Synchronizer. As a Super Validator and Validator on the network, the Company verifies network transactions and contributes to the consensus mechanism of the network. For these validation services, the Company earns Canton Coins and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. The number of Canton Coins earned for validation services in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium and the amount of time that the Company’s nodes are active during any given minting cycle (occurring at regular 10 minute intervals throughout each day), in comparison to other network participants. The cost basis of the Canton Coins received is initially recorded at fair value on the date of receipt as a component of other assets on the condensed consolidated statements of financial condition and other revenue on the condensed consolidated statements of income. The Canton Coins are then remeasured to fair market value at the end of each reporting period through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the condensed consolidated statements of income. The Company employs the first-in-first-out (“FIFO”) method on a per wallet basis to determine the cost basis of its Canton Coins for the computation of gains and losses on its disposal or sale. Realized gain (loss) on the disposal or sale of Canton Coins are included as a component of other income (loss), net in the condensed consolidated statements of income.

Securities Sold Under Agreements to Repurchase

From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition.

Leases

At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income.

Revenue Recognition

The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue. See Note 5 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition.

Translation of Foreign Currency and Foreign Exchange Derivative Contracts

Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a gain of $1.7 million and a loss of $0.8 million during the three months ended June 30, 2025 and 2024, respectively, and a gain of $2.6 million and a loss of $2.0 million during the six months ended June 30, 2025 and 2024, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income.

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a loss of $14.5 million and a gain of $2.6 million during the three months ended June 30, 2025 and 2024, respectively and a loss of $20.8 million, and a gain of $6.9 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition. See Note 11 – Fair Value of Financial Instruments and Other Assets for additional details on the Company’s derivative instruments.

Income Tax

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes.

The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition.

The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s effective tax rate for the three and six months ended June 30, 2025 or 2024.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company is currently evaluating the implications of this legislation.

Stock-Based Compensation

The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately.

The grant-date fair value of stock-based awards with only time-based vesting requirements and stock-based awards that also vest based on the financial performance of the Company are determined based on the price of the Company’s Class A common stock on the grant date. For performance-based restricted stock units that vest based on the financial performance of the Company, the number of shares included in the stock-based compensation expense calculation each period is based on management’s estimate of the probable number of shares expected to be issued at settlement.

For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation expense based on the estimated grant-date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. If the service condition is met, expense is recognized based on the grant-date fair value of the award even if the market condition is not achieved.

Forfeitures of stock-based awards related to service conditions not being met are recognized as they occur.

Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The non-cash stock-based compensation expense associated with the Special Option Award was expensed beginning in the second quarter of 2019 and ended during the first quarter of 2024 when all previously awarded options were fully vested.

Earnings Per Share

Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock.

The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.

Fair Value Measurement

Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs.

The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below.

Basis of Fair Value Measurement

An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly;

•Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

XML

Restricted Cash

6 Months Ended

Jun. 30, 2025

Restricted Cash Equivalent [Abstract]

Restricted Cash

Restricted Cash

Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers (“PAB”) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both June 30, 2025 and December 31, 2024, cash in the amount of $1.0 million, has been segregated in the PAB reserve account, exceeding the requirements pursuant to SEC Rule 15c3-3.

XML

Acquisitions

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

r8fin

On January 19, 2024, the Company completed its acquisition of r8fin in exchange for total purchase consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the acquisition date at $36.7 million. r8fin provides a suite of algorithmic-based tools as well as a thin-client EMS trading application to facilitate futures and cash trades.

The r8fin Acquisition was not material to the Company's condensed consolidated financial statements and therefore pro forma and current period results of this acquisition have not been presented.

ICD

On August 1, 2024, the Company completed its acquisition of ICD in exchange for total purchase consideration of $774.2 million.

In connection with the acquisition closing, the Corporation was required to issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the ICD seller, who was also an employee of ICD and is currently an employee of the Company. These shares of Class A common stock were issued and sold as restricted stock (“RSAs”), subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. The 41,705 RSAs issued at closing, had a fair market value of $4.7 million as of the acquisition date, and will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

Cash paid at closing, net of $23.3 million in cash acquired and net of $4.5 million in proceeds from the sale of RSAs, totaled $773.8 million. Of this amount, $770.9 million was determined to be the net cash consideration transferred for the business combination, $1.4 million was recorded as compensation expense during the quarter ended September 30, 2024, related to the acceleration of vesting on the acquisition date of previously unvested stock awards issued by the ICD seller, and $1.4 million was recorded as a prepaid asset, to be recognized as compensation expense over a two-year required service period, relating to sale proceeds held in escrow for certain key executives, who are required to remain employed by the Company during that service period in order to receive the escrow portion of their sale proceeds.

ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments and with the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients.

ICD revenues of $21.8 million and operating loss of $2.4 million, including $11.2 million of depreciation and amortization expense, were included in the Company’s condensed consolidated statements of income for the three months ended June 30, 2025. ICD revenues of $46.5 million and operating loss of $1.5 million, including $22.4 million of depreciation and amortization expense, were included in the Company’s condensed consolidated statements of income for the six months ended June 30, 2025.

Supplemental Pro Forma Information (Unaudited)

The financial information in the table below summarizes the combined results of operations of Tradeweb Markets Inc. and ICD, on a pro forma basis, as though the companies had been combined as of January 1, 2023. The unaudited supplemental pro forma information is presented for informational purposes only and is not indicative of the actual results of operations that would have been achieved if the ICD Acquisition had taken place on January 1, 2023 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of Tradeweb Markets Inc. and ICD. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma financial information, including, without limitation, purchase accounting adjustments, acquisition related transaction costs, the removal of historical ICD interest expense and intangible asset amortization and the addition of intangible asset amortization and incremental stock-based compensation expense related to this acquisition, together with their consequential tax effects. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any anticipated synergies or operating cost reductions that may be achieved from integrating ICD into the rest of the Company.

The unaudited supplemental pro forma financial information for the three and six months ended June 30, 2024 are as follows:

	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
	(dollars in thousands)
Revenue	$	427,350	$	860,269
Operating income	$	160,862	$	328,220
Net income attributable to Tradeweb Markets Inc.	$	117,761	$	243,203

XML

Revenue

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress.

For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms.

The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces, including the basis point commissions earned on the monthly average daily balance (“ADB”) of money market fund investments made through its ICD Portal, and commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product.

Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees and commissions, or monthly transaction fees and commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees and commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable commission revenue based upon a clients’ ADB invested in money market funds during a calendar month is recorded monthly and the rates billed may vary by money market fund and by the total level of funds invested. Variable discounts or rebates on transaction fees and commissions are earned and applied monthly or quarterly, resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

The Company also earns fees from an affiliate of LSEG relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line

basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG.

Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations:

•The provision of real-time market data feeds and historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set.

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction-based fees and commissions. The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2025 and 2024 is as follows:

	Three Months Ended				Three Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	380,148	$	49,620	$	294,003	$	36,472
Subscription fees	440		56,952		465		50,281
LSEG market data fees	—		20,569		—		20,581
Other	2,275		2,967		382		2,767
Total revenue	$	382,863	$	130,108	$	294,850	$	110,101

	Six Months Ended				Six Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	758,905	$	92,207	$	592,265	$	73,661
Subscription fees	900		112,269		935		99,492
LSEG market data fees	—		49,494		—		41,081
Other	3,067		5,806		744		5,512
Total revenue	$	762,872	$	259,776	$	593,944	$	219,746

Deferred Revenue

Fees received by the Company which are not yet earned are included in deferred revenue on the condensed consolidated statements of financial condition until the revenue recognition criteria have been met. The revenue recognized and the remaining deferred revenue balances are shown below:

	Amount
	(dollars in thousands)
Deferred revenue balance - December 31, 2024	$	30,800
New billings	105,103
Revenue recognized	(95,620)
Effect of foreign currency exchange rate changes	331
Deferred revenue balance - June 30, 2025	$	40,614

During the six months ended June 30, 2025, the Company recognized into revenue $25.6 million in deferred revenue that was deferred as of December 31, 2024. During the six months ended June 30, 2024, the Company recognized into revenue $22.6 million in deferred revenue that was deferred as of December 31, 2023.

XML

Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate will be impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate will also vary from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes.

The Company’s effective tax rate for the three months ended June 30, 2025 and 2024 was approximately 22.7% and 25.6%, respectively. The effective tax rate for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the Foreign-Derived Intangible Income (“FDII”) deduction. The effective tax rate for the three months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

The Company’s effective tax rate for the six months ended June 30, 2025 and 2024 was approximately 23.4% and 24.5%, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the FDII deduction. The effective tax rate for the six months ended June 30, 2024 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests.

The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50% of tax benefits, if any, that the Corporation may actually realize. See Note 7 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the condensed consolidated statements of financial condition.

XML

Tax Receivable Agreement

6 Months Ended

Jun. 30, 2025

Tax Receivable Agreement

Tax Receivable Agreement

Tax Receivable Agreement

In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 50% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation, and estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests.

The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation

estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance.

The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation’s actual tax savings realized, are reflected in income before taxes on the condensed consolidated statements of income in the period in which the change occurs. As of June 30, 2025 and December 31, 2024, the tax receivable agreement liability on the condensed consolidated statements of financial condition totaled $351.4 million and $372.8 million, respectively. During each of the three and six months ended June 30, 2025 and 2024, no tax receivable agreement liability adjustment was recognized in the condensed consolidated statements of income.

XML

Non-Controlling Interests

6 Months Ended

Jun. 30, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interests

Non-Controlling Interests

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the Continuing LLC Owners.

The following table summarizes the ownership interest in Tradeweb Markets LLC:

	June 30, 2025			June 30, 2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	213,345,171	90.2	%	213,215,797	90.2	%
Number of LLC Interests held by non-controlling interests	23,062,538	9.8	%	23,076,973	9.8	%
Total LLC Interests outstanding	236,407,709	100.0	%	236,292,770	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement.

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:

Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(2,544)		(2,198)		1,251		(865)
Net transfers (to) from non-controlling interests	(2,544)		(2,198)		1,251		(865)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	151,238	$	117,041	$	303,415	$	244,516

XML

Stockholders' Equity and Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation Plans

Stockholders’ Equity and Stock-Based Compensation Plans

The rights and privileges of the Company’s stockholders’ equity and LLC Interests are described in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and there have been no changes to those rights and privileges during the six months ended June 30, 2025.

Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2024	115,977,551	96,933,192	18,000,000	5,073,538	235,984,281
Activities related to exchanges of LLC Interests	7,000	—	—	(7,000)	—
Issuance of common stock from equity incentive plans	454,830	—	—	—	454,830
Balance at March 31, 2025	116,439,381	96,933,192	18,000,000	5,066,538	236,439,111
Activities related to exchanges of LLC Interests	4,000	—	—	(4,000)	—
Issuance of common stock from equity incentive plans	10,303	—	—	—	10,303
Balance at June 30, 2025	116,453,684	96,933,192	18,000,000	5,062,538	236,449,414

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952
Issuance of common stock from equity incentive plans	699,840	—	—	—	699,840
Issuance of common stock for business acquisition (1)	374,601	—	—	—	374,601
Balance at March 31, 2024	116,165,228	96,933,192	18,000,000	5,077,973	236,176,393
Activities related to exchanges of LLC Interests	1,000	—	—	(1,000)	—
Issuance of common stock from equity incentive plans	116,377	—	—	—	116,377
Balance at June 30, 2024	116,282,605	96,933,192	18,000,000	5,076,973	236,292,770

(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition.

Stock-Based Compensation Plans

Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including restricted stock units (“RSUs”) and RSAs with only time-based vesting conditions, performance-based restricted stock units with both time and performance-based vesting conditions, stock options and dividend equivalent rights. The Company refers to performance-based restricted stock units that vest based on the financial performance of the Company as “PRSUs” and performance-based restricted stock units that vest based on market conditions, such as total shareholder return, as “PSUs”. RSUs, PRSUs and PSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. RSAs are issued shares of restricted Class A common stock that are released to an employee at the end of a vesting period. Stock options have a maximum contractual term of 10 years.

During the three months ended June 30, 2025, the Company granted 19,037 RSUs at a weighted-average grant-date fair value per share of $144.35. No PRSUs or PSUs were granted during the three months ended June 30, 2025. During the six months ended June 30, 2025, the Company granted 378,032 RSUs, 147,733 PRSUs and 65,532 PSUs at a weighted-average grant-date fair value per share of $135.49, $135.80 and $216.02, respectively.

RSU awards granted to employees will generally vest one-third each year over a three-year period, RSU awards granted to non-employee directors will generally vest after one year and RSAs vest at the end of a two-year period.

PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2025 and 2024, the financial performance of the

Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. For PRSU awards granted during 2023, 2024 and 2025, the performance modifier can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount.

PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of PSUs granted in March 2025 and 2024 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:

	March 17, 2025 PSU Grant		March 15, 2024 PSU Grant
Maturity (years)	2.8		2.8
Annualized Volatility	25.04	%	26.63	%
Risk-Free Interest Rate	3.95	%	4.44	%

A summary of the Company’s total stock-based compensation expense is presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Total stock-based compensation expense	$	26,909	$	23,715	$	49,096	$	40,117

The stock-based compensation expense above excludes $0.8 million and $0.6 million of stock-based compensation expense capitalized to software development costs during the three months ended June 30, 2025 and 2024, respectively, and $1.2 million during both the six months ended June 30, 2025 and 2024.

Share Repurchase Program

On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (the “2022 Share Repurchase Program”), after completing in October 2022, the $150.0 million of total repurchases of the Company’s Class A common stock authorized under its previous share repurchase program. The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b-18 or Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. There were no share repurchases during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025, a total of $179.9 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

For shares repurchased pursuant to the 2022 Share Repurchase Program, the excess of the repurchase price paid over the par value of the Class A common stock is recorded as a reduction to retained earnings.

Other Share Repurchases

During the three months ended June 30, 2025 and 2024, the Company withheld 309 and 2,505 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $141.55 and $107.57, respectively, and an aggregate value of approximately $44,000 and $0.3 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. During the six months ended June 30, 2025 and 2024, the Company withheld 346,528 and 455,326 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $137.46 and $97.24, respectively, and an aggregate value of $47.6 million and $44.3 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of RSUs and PRSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

XML

Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

The Company enters into transactions with its affiliates from time to time which are considered to be related party transactions.

As of June 30, 2025 and December 31, 2024, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Accounts receivable	$	29	$	786
Receivable and due from affiliates	736		8,094
Other assets	349		7
Accounts payable, accrued expenses and other liabilities	14		1,469
Deferred revenue	6,420		6,459
Payable and due to affiliates	14,685		763

The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenue:
Subscription fees	$	239	$	271	$	565	$	575
LSEG market data fees (1)	20,569		20,581		49,494		41,081
Other fees	156		155		303		360
Expenses: (2)
Technology and communications	1,884		1,556		4,024		3,128
General and administrative	3		2		5		5
Professional fees	205		39		281		65
Occupancy	16		26		39		39

(1)The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

XML

Fair Value of Financial Instruments and Other Assets

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Other Assets

Fair Value of Financial Instruments and Other Assets

Financial Instruments and Other Assets Measured at Fair Value

The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(dollars in thousands)
As of June 30, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,396,729	$	—	$	—	$	1,396,729
Other assets – Digital Assets – Canton Coins	—		—		25,196		25,196
Other assets – Investment in available for sale debt securities	—		—		14,132		14,132
Total assets measured at fair value	$	1,396,729	$	—	$	39,328	$	1,436,057
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	12,378	$	—	$	12,378
Total liabilities measured at fair value	$	—	$	12,378	$	—	$	12,378
As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,117,133	$	—	$	—	$	1,117,133
Receivable and due from affiliates – Foreign exchange derivative contracts	—		7,844		—		7,844
Other assets – Digital Assets – Canton Coins	—		—		852		852
Other assets – Investment in available for sale debt securities	—		—		10,354		10,354
Total assets measured at fair value	$	1,117,133	$	7,844	$	11,206	$	1,136,183

Cash Equivalents

The Company’s cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Investments in Available-for-Sale Debt Securities

In April 2024, the Company made a strategic investment in a convertible note with a principal amount and original amortized cost basis of $10.0 million. The investment was made as part of the Company’s broader initiative to support the digitization of capital markets through the adoption of blockchain technology. The note accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within other assets on the accompanying condensed consolidated statements of financial condition at a fair value of $14.1 million and $10.4 million as of June 30, 2025 and December 31, 2024, respectively. The convertible note, including accrued interest, had an amortized cost basis of $10.6 million and $10.4 million as of June 30, 2025 and December 31, 2024, respectively. There were no credit losses recorded on the convertible note during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2025, there were $0.4 million and $3.5 million of unrealized gains, respectively, recorded as a component of other comprehensive income related to an increase in fair value of the convertible note during the periods. There were no fair value adjustments or credit losses recorded on the convertible note during the three and six months ended June 30, 2024. The convertible note is classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary methods used to estimate the fair value of the convertible note were a discounted cash flow analysis and a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 15%. Significant increases or decreases in the discount rate would have resulted in a significantly lower or higher fair value measurement.

Digital Assets - Canton Coins

The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin that is currently used to pay traffic fees for using the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. Beginning in the third quarter of 2024, the Company earned and continues to earn Canton Coins for its function as a Super Validator and Validator on the Global Synchronizer, and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. During the three and six months ended June 30, 2025, the Company recognized $1.8 million and $2.1 million, respectively, in other revenue relating to Canton Coins received in exchange for providing services as a Super Validator and Validator. As of June 30, 2025, Canton Coins may only be transferred to other approved participants on the Canton Network and there is no public market for Canton Coins.

The following table presents the Company’s Canton Coin holdings as of June 30, 2025 and December 31, 2024:

	June 30, 2025					December 31, 2024
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value
	(dollars in thousands)
Canton Coins	1.6 billion	$	2,725	$	25,196	1.2 billion	$	666	$	852

The Company’s Canton Coin holdings are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The Company utilized the assistance of a third-party valuation specialist to determine the fair value of its Canton Coins. Because of the lack of a public market, the fair value was determined using a combination of a development cost approach and a market approach. The Company’s valuation of its Canton Coins is highly subjective. As the Company held 1.6 billion and 1.2 billion Canton Coins as of June 30, 2025 and December 31, 2024, respectively, a significant increase or decrease in either the estimated development costs or market price, the weighting of the development cost versus the market approaches, or the discount for lack of marketability applied could have resulted in a significant change to the fair value measurement.

Level 3 Roll Forward

The table below presents a summary of the changes in fair value for level 3 assets during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Investment in Available for Sale Debt Securities
Beginning balance	$	13,627	$	—	$	10,354	$	—
Additions	130		10,102		253		10,102
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	—		—		—		—
Total realized and unrealized gains included in other comprehensive income (loss)	375		—		3,525		—
Ending balance	$	14,132	$	10,102	$	14,132	$	10,102
Digital Assets
Beginning balance	$	5,375	$	—	$	852	$	—
Additions	1,756		—		2,058		—
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	18,065		—		22,286		—
Ending balance	$	25,196	$	—	$	25,196	$	—

During the three and six months ended June 30, 2025, the Company recognized unrealized gains relating to level 3 assets held at June 30, 2025 totaling $18.1 million and $22.3 million, respectively, included as a component of other income (loss), net on the accompanying condensed consolidated statements of income and $0.4 million and $3.5 million, respectively, included as a component of other comprehensive income on the accompanying condensed consolidated statements of comprehensive income. There were no unrealized or realized gains (losses) relating to level 3 assets recognized during the three and six months ended June 30, 2024.

There were no material realized gains or realized losses recorded on the disposition of digital assets during the three and six months ended June 30, 2025.

Foreign Exchange Derivative Contracts

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The valuations for the Company’s foreign currency forward contracts are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of June 30, 2025 and December 31, 2024, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition.

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	310,660	$	238,182

The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(14,488)	$	2,560	$	(20,808)	$	6,911

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of June 30, 2025	(dollars in thousands)
Assets
Cash and restricted cash	$	234,392	$	234,392	$	—	$	—	$	234,392
Receivable from brokers and dealers and clearing organizations	543,114		—		543,114		—		543,114
Deposits with clearing organizations	66,926		66,926		—		—		66,926
Accounts receivable	264,825		—		264,825		—		264,825
Other assets – Memberships in clearing organizations	3,124		—		—		3,124		3,124
Total	$	1,112,381	$	301,318	$	807,939	$	3,124	$	1,112,381
Liabilities
Payable to brokers and dealers and clearing organizations	$	542,738	$	—	$	542,738	$	—	$	542,738
Total	$	542,738	$	—	$	542,738	$	—	$	542,738
As of December 31, 2024
Assets
Cash and restricted cash	$	224,169	$	224,169	$	—	$	—	$	224,169
Receivable from brokers and dealers and clearing organizations	67,805		—		67,805		—		67,805
Deposits with clearing organizations	54,702		54,702		—		—		54,702
Accounts receivable	222,268		—		222,268		—		222,268
Other assets – Memberships in clearing organizations	2,918		—		—		2,918		2,918
Total	$	571,862	$	278,871	$	290,073	$	2,918	$	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	$	67,816	$	—	$	67,816	$	—	$	67,816
Total	$	67,816	$	—	$	67,816	$	—	$	67,816

The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the condensed consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

Financial Instruments Without Readily Determinable Fair Values

Included in other assets on the condensed consolidated statements of financial condition are minority equity investments in various companies without readily determinable fair values of $32.4 million and $17.8 million as of June 30, 2025 and December 31, 2024, respectively. These equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee.

During the three and six months ended June 30, 2025, and as of June 30, 2025, the Company recorded an impairment totaling $5.4 million on a minority equity investment, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the condensed consolidated statements of income. The investment’s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 25% and a perpetual growth rate of 3.0%. There were no impairments recorded on minority equity investments during the three and six months ended June 30, 2024.

XML

Credit Risk

6 Months Ended

Jun. 30, 2025

Risks and Uncertainties [Abstract]

Credit Risk

Credit Risk

Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate.

In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty.

The Company self-clears U.S. Treasury trades executed by non-FICC members on the Company’s wholesale trading platform. The number of self-cleared trades that settle over the fed wire, instead of FICC clearing, may impact the number of U.S. Treasury failed settlement transactions. As of June 30, 2025, the Company recorded a $543.1 million receivable and a $542.7 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $0.4 million difference between the fail to deliver and fail to receive. All of the above failed settlement transactions outstanding as of June 30, 2025 were fully settled during July 2025.

Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. As between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved.

A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company.

The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business.

Allowance for Credit Losses

The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.

Account balances are pooled based on the following risk characteristics:

•Geographic location

•Transaction fee type (billing type)

•Legal entity

An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities. There was no allowance for credit losses recorded on available-for-sale debt securities as of June 30, 2025 and December 31, 2024 and there were no credit losses on available-for-sale debt securities recognized during the three and six months ended June 30, 2025 and 2024.

Write-Offs

Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due.

As of June 30, 2025 and December 31, 2024, the Company maintained an allowance for credit losses with regard to its receivables of $0.3 million and $0.4 million, respectively. For the three months ended June 30, 2025, credit loss expense was $2,000 and for three months ended June 30, 2024, recoveries resulted in a reversal of credit loss expense totaling $79,000. For the six months ended June 30, 2025 and 2024, recoveries resulted in a reversal of credit loss expense totaling $164,000 and $71,000, respectively.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations.

In the normal course of business, the Company enters into agreements with its clients which provide the clients with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote.

Although the 2017 antitrust claims against the Company relating to interest rate swaps were dismissed, the claims brought by certain swap execution facilities against the remaining defendant financial institutions continues and could still be appealed as to the Company.

The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings, and therefore does not have any contingency reserves established for any of these matters.

Revolving Credit Facility

On November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019.

The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in US Dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. The 2023 Revolving Credit Facility will mature on November 21, 2028.

Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in US Dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement that governs the 2023 Revolving Credit Facility also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage.

As of both June 30, 2025 and December 31, 2024, there were $0.5 million in letters of credit issued and no borrowings outstanding under the 2023 Revolving Credit Facility.

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 10 years. The following table presents the future minimum lease payments and the maturity of lease liabilities as of June 30, 2025:

	Amount
	(dollars in thousands)
Reminder of 2025	6,413
2026	10,854
2027	10,095
2028	4,173
2029	3,436
Thereafter	234
Total future lease payments	35,205
Less imputed interest	(2,883)
Lease liability	$	32,322

The lease payments above exclude $159.2 million of future minimum lease payments for a lease signed but not yet commenced as of June 30, 2025. This lease, for the Company’s New York City headquarters, is expected to commence in the third quarter of 2025 and has an expected initial lease term of approximately 16 years.

XML

Earnings Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Less: Distributed and undistributed earnings allocated to participating securities (1)	(117)		(70)		(225)		(164)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	153,665	$	119,169	$	301,939	$	245,217
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,339,761		213,162,158		213,214,326		212,936,015
Dilutive effect of PRSUs	450,980		568,304		442,710		534,583
Dilutive effect of options	292,392		449,252		291,132		524,413
Dilutive effect of RSUs and RSAs	330,102		252,498		441,924		348,282
Dilutive effect of PSUs	558,711		463,735		544,286		435,049
Weighted average shares of Class A and Class B common stock outstanding - Diluted	214,971,946		214,895,947		214,934,378		214,778,342
Earnings per share - Basic	$	0.72	$	0.56	$	1.42	$	1.15
Earnings per share - Diluted	$	0.71	$	0.55	$	1.40	$	1.14

(1)During the three months ended June 30, 2025 and 2024, there was a total of 162,433 and 125,012, respectively, and during the six months ended June 30, 2025 and 2024, there was a total of 173,894 and 142,484, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Anti-dilutive Shares:
PRSUs	—	—	—	—
Options	—	—	—	—
RSUs and RSAs	3,460	964	3,460	964
PSUs	—	—	—	—
LLC Interests	23,063,153	23,077,698	23,066,571	23,077,836

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

XML

Regulatory Capital Requirements

6 Months Ended

Jun. 30, 2025

Broker-Dealer [Abstract]

Regulatory Capital Requirements

Regulatory Capital Requirements

TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act and certain of the Company's foreign subsidiaries are subject to financial resource requirements from their local regulators. At June 30, 2025 and December 31, 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:

	June 30, 2025						December 31, 2024
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
	(dollars in thousands)
TWL	$	73,241	$	3,049	$	70,192	$	63,532	$	3,646	$	59,886
DW	233,161		2,183		230,978		204,134		4,359		199,775
TWD	55,351		931		54,420		52,808		1,208		51,600
TEL	96,172		35,484		60,688		56,152		32,499		23,653
TWJ	12,566		2,921		9,645		3,589		2,841		748
TWEU	12,910		7,003		5,907		8,073		6,838		1,235
TESL	7,006		1,029		5,977		5,755		942		4,813
TESBV	3,807		1,549		2,258		1,591		1,377		214
YB	6,439		—		6,439		11,677		—		11,677
TDIFC	473		30		443		250		30		220
ICDLC	11,265		662		10,603		20,845		594		20,251
ICDLT	8,128		4,680		3,448		6,504		2,997		3,507
ICDEU	—		—		—		523		150		373
TWSA	1,051		63		988		—		—		—

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025						December 31, 2024
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources
	(dollars in thousands)
TW SEF	$	64,820	$	17,500	$	47,320	$	50,974	$	16,500	$	34,474
DW SEF	14,184		8,856		5,328		14,083		9,062		5,021

	June 30, 2025						December 31, 2024
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets
	(dollars in thousands)
TW SEF	$	33,146	$	4,375	$	28,771	$	28,163	$	4,125	$	24,038
DW SEF	7,379		2,214		5,165		9,956		2,266		7,690

XML

Business Segment and Geographic Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Business Segment and Geographic Information

Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to clients, primarily LSEG, as incremental market data revenue. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the Chief Operating Decision Maker (the “CODM”) reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment.

Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented on the accompanying condensed consolidated statements of income.

Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
Institutional	$	321,943	$	245,581	$	630,014	$	492,918
Wholesale	101,242		94,272		203,529		191,483
Retail	37,584		35,871		73,479		71,040
Corporates	21,785		—		46,502		—
Market Data	30,417		29,227		69,124		58,249
Total revenue	512,971		404,951		1,022,648		813,690
Less:
Employee compensation and benefits	169,693		137,236		346,570		280,323
Technology and communications	30,212		24,230		58,940		45,540
General and administrative	29,984		12,755		49,724		23,609
Professional fees	14,159		13,324		26,617		25,124
Occupancy	6,022		4,976		11,096		9,649
Other segment items (1)	87,379		76,014		185,874		149,647
Net income	$	175,522	$	136,416	$	343,827	$	279,798

(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying condensed consolidated statements of income.

The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and our clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business.

The measure of segment assets is reported on the accompanying condensed consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported on the accompanying condensed consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

The following table provides revenue by geographic area:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
U.S.	$	297,803	$	252,144	$	595,684	$	506,242
International	215,168		152,807		426,964		307,448
Total revenue	$	512,971	$	404,951	$	1,022,648	$	813,690

The following table provides information on the attribution of long-lived assets by geographic area:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Long-lived assets
U.S.	$	4,687,416	$	4,777,770
International	27,909		29,478
Total	$	4,715,325	$	4,807,248

XML

Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 30, 2025, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.12 per share of Class A common stock and Class B common stock for the third quarter of 2025. This dividend will be payable on September 16, 2025 to stockholders of record as of September 2, 2025.

On July 30, 2025, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $16.7 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of September 2, 2025, payable on September 12, 2025.

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net income attributable to Tradeweb Markets Inc.	$ 153,782	$ 119,239	$ 302,164	$ 245,381

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The condensed consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.

These condensed consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The consolidated financial information as of December 31, 2024 has been derived from audited financial statements not included herein. These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) with respect to interim financial reporting and Form 10-Q. In accordance with such rules and regulations, certain disclosures that are normally included in annual financial statements have been omitted. These unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the condensed consolidated financial statements.

Business Combinations

Business Combinations

Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives.

Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the condensed consolidated statements of income.

Pushdown Accounting

Pushdown Accounting

In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.

Allowance for Credit Losses

Allowance for Credit Losses

The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed.

Additions to the allowance for credit losses are charged to credit loss expense, which is included in general and administrative expenses in the condensed consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. An allowance for credit losses is also recognized for any credit impairment for available-for-sale debt securities.

Receivable from and Payable to Broker and Dealers and Clearing Organizations

Receivable from and Payable to Brokers and Dealers and Clearing Organizations

Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from transactions executed on the Company’s wholesale platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.

Deposits with Clearing Organizations

Deposits with Clearing Organizations

Deposits with clearing organizations are comprised of cash deposits.

Furniture, Equipment, Purchased Software and Leasehold Improvements

Furniture, Equipment, Purchased Software and Leasehold Improvements

Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space.

Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.

Software Development Costs

Software Development Costs

The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.

Goodwill

Goodwill

Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition, which were all accounted for as business combinations. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.

Intangible Assets

Intangible Assets

Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.

Investments in Available-for-Sale Debt Securities

Investments in Available-for-Sale Debt Securities

Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of income. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of other assets on the condensed consolidated statements of financial condition.

Equity Investments Without Readily Determinable Fair Values

Equity Investments Without Readily Determinable Fair Values

Equity investments without a readily determinable fair value are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity investments are included as a component of other assets on the condensed consolidated statements of financial condition.

Investments in Digital Assets - Canton Coins

Investments in Digital Assets - Canton Coins

The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network’s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin that is currently used to pay traffic fees for using the Global Synchronizer. As a Super Validator and Validator on the network, the Company verifies network transactions and contributes to the consensus mechanism of the network. For these validation services, the Company earns Canton Coins and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. The number of Canton Coins earned for validation services in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium and the amount of time that the Company’s nodes are active during any given minting cycle (occurring at regular 10 minute intervals throughout each day), in comparison to other network participants. The cost basis of the Canton Coins received is initially recorded at fair value on the date of receipt as a component of other assets on the condensed consolidated statements of financial condition and other revenue on the condensed consolidated statements of income. The Canton Coins are then remeasured to fair market value at the end of each reporting period through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the condensed consolidated statements of income. The Company employs the first-in-first-out (“FIFO”) method on a per wallet basis to determine the cost basis of its Canton Coins for the computation of gains and losses on its disposal or sale. Realized gain (loss) on the disposal or sale of Canton Coins are included as a component of other income (loss), net in the condensed consolidated statements of income.

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the condensed consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the condensed consolidated statements of financial condition.

Leases

Leases

At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the condensed consolidated statements of income.

Revenue Recognition

Revenue Recognition

The Company’s classification of revenues in the condensed consolidated statements of income represents revenues from contracts with customers disaggregated by type of revenue.

Translation of Foreign Currency and Foreign Exchange Derivative Contracts

Translation of Foreign Currency and Foreign Exchange Derivative Contracts

Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a gain of $1.7 million and a loss of $0.8 million during the three months ended June 30, 2025 and 2024, respectively, and a gain of $2.6 million and a loss of $2.0 million during the six months ended June 30, 2025 and 2024, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income.

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a loss of $14.5 million and a gain of $2.6 million during the three months ended June 30, 2025 and 2024, respectively and a loss of $20.8 million, and a gain of $6.9 million during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, the counterparty on each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from affiliates or payable and due to affiliates, respectively, on the accompanying condensed consolidated statements of financial condition.

Income Tax

Income Tax

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes.

The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the condensed consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated statements of financial condition.

The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s effective tax rate for the three and six months ended June 30, 2025 or 2024.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have an impact on the Company’s financial condition, results of operations and cash flows as of and for the three and six months ended June 30, 2025 or 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company is currently evaluating the implications of this legislation.

Stock-Based Compensation

Stock-Based Compensation

The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately.

The grant-date fair value of stock-based awards with only time-based vesting requirements and stock-based awards that also vest based on the financial performance of the Company are determined based on the price of the Company’s Class A common stock on the grant date. For performance-based restricted stock units that vest based on the financial performance of the Company, the number of shares included in the stock-based compensation expense calculation each period is based on management’s estimate of the probable number of shares expected to be issued at settlement.

For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation expense based on the estimated grant-date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. If the service condition is met, expense is recognized based on the grant-date fair value of the award even if the market condition is not achieved.

Forfeitures of stock-based awards related to service conditions not being met are recognized as they occur.

Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The non-cash stock-based compensation expense associated with the Special Option Award was expensed beginning in the second quarter of 2019 and ended during the first quarter of 2024 when all previously awarded options were fully vested.

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock.

The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase common shares at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period.

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.

Fair Value Measurement

Fair Value Measurement

Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs.

The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below.

Basis of Fair Value Measurement

An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly;

•Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

XML

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule Of Unaudited Supplemental Pro Forma Financial Information

The unaudited supplemental pro forma financial information for the three and six months ended June 30, 2024 are as follows:

	Three Months Ended		Six Months Ended
	June 30, 2024		June 30, 2024
	(dollars in thousands)
Revenue	$	427,350	$	860,269
Operating income	$	160,862	$	328,220
Net income attributable to Tradeweb Markets Inc.	$	117,761	$	243,203

XML

Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues Between Fixed and Variable Revenues

The breakdown of revenues between fixed and variable revenues for the three and six months ended June 30, 2025 and 2024 is as follows:

	Three Months Ended				Three Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	380,148	$	49,620	$	294,003	$	36,472
Subscription fees	440		56,952		465		50,281
LSEG market data fees	—		20,569		—		20,581
Other	2,275		2,967		382		2,767
Total revenue	$	382,863	$	130,108	$	294,850	$	110,101

	Six Months Ended				Six Months Ended
	June 30, 2025				June 30, 2024
	(dollars in thousands)				(dollars in thousands)
	Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	758,905	$	92,207	$	592,265	$	73,661
Subscription fees	900		112,269		935		99,492
LSEG market data fees	—		49,494		—		41,081
Other	3,067		5,806		744		5,512
Total revenue	$	762,872	$	259,776	$	593,944	$	219,746

Schedule of Recognized Revenue and Remaining Deferred Revenue Balance

The revenue recognized and the remaining deferred revenue balances are shown below:

	Amount
	(dollars in thousands)
Deferred revenue balance - December 31, 2024	$	30,800
New billings	105,103
Revenue recognized	(95,620)
Effect of foreign currency exchange rate changes	331
Deferred revenue balance - June 30, 2025	$	40,614

XML

Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of the Ownership Interest in Noncontrolling Interest

The following table summarizes the ownership interest in Tradeweb Markets LLC:

	June 30, 2025			June 30, 2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	213,345,171	90.2	%	213,215,797	90.2	%
Number of LLC Interests held by non-controlling interests	23,062,538	9.8	%	23,076,973	9.8	%
Total LLC Interests outstanding	236,407,709	100.0	%	236,292,770	100.0	%

Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:

Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(2,544)		(2,198)		1,251		(865)
Net transfers (to) from non-controlling interests	(2,544)		(2,198)		1,251		(865)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	151,238	$	117,041	$	303,415	$	244,516

XML

Stockholders' Equity and Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Shares Of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2024	115,977,551	96,933,192	18,000,000	5,073,538	235,984,281
Activities related to exchanges of LLC Interests	7,000	—	—	(7,000)	—
Issuance of common stock from equity incentive plans	454,830	—	—	—	454,830
Balance at March 31, 2025	116,439,381	96,933,192	18,000,000	5,066,538	236,439,111
Activities related to exchanges of LLC Interests	4,000	—	—	(4,000)	—
Issuance of common stock from equity incentive plans	10,303	—	—	—	10,303
Balance at June 30, 2025	116,453,684	96,933,192	18,000,000	5,062,538	236,449,414

	Class A	Class B	Class C	Class D	Total
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952
Issuance of common stock from equity incentive plans	699,840	—	—	—	699,840
Issuance of common stock for business acquisition (1)	374,601	—	—	—	374,601
Balance at March 31, 2024	116,165,228	96,933,192	18,000,000	5,077,973	236,176,393
Activities related to exchanges of LLC Interests	1,000	—	—	(1,000)	—
Issuance of common stock from equity incentive plans	116,377	—	—	—	116,377
Balance at June 30, 2024	116,282,605	96,933,192	18,000,000	5,076,973	236,292,770

(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remain subject to a lock-up that restricts the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition.

Schedule of PSUs Granted, Valuation Assumptions

The grant date fair value of PSUs granted in March 2025 and 2024 was estimated using the Monte Carlo simulation model and the significant valuation assumptions used in those models were as follows:

	March 17, 2025 PSU Grant		March 15, 2024 PSU Grant
Maturity (years)	2.8		2.8
Annualized Volatility	25.04	%	26.63	%
Risk-Free Interest Rate	3.95	%	4.44	%

Schedule of Total Stock-based Compensation Expense

A summary of the Company’s total stock-based compensation expense is presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Total stock-based compensation expense	$	26,909	$	23,715	$	49,096	$	40,117

XML

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements

As of June 30, 2025 and December 31, 2024, the following balances with such affiliates were included in the condensed consolidated statements of financial condition in the following line items:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Accounts receivable	$	29	$	786
Receivable and due from affiliates	736		8,094
Other assets	349		7
Accounts payable, accrued expenses and other liabilities	14		1,469
Deferred revenue	6,420		6,459
Payable and due to affiliates	14,685		763

The following balances with such affiliates were included in the condensed consolidated statements of income in the following line items:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenue:
Subscription fees	$	239	$	271	$	565	$	575
LSEG market data fees (1)	20,569		20,581		49,494		41,081
Other fees	156		155		303		360
Expenses: (2)
Technology and communications	1,884		1,556		4,024		3,128
General and administrative	3		2		5		5
Professional fees	205		39		281		65
Occupancy	16		26		39		39

(1)The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

XML

Fair Value of Financial Instruments and Other Assets (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement

The Company’s financial instruments and other assets measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(dollars in thousands)
As of June 30, 2025
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,396,729	$	—	$	—	$	1,396,729
Other assets – Digital Assets – Canton Coins	—		—		25,196		25,196
Other assets – Investment in available for sale debt securities	—		—		14,132		14,132
Total assets measured at fair value	$	1,396,729	$	—	$	39,328	$	1,436,057
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts	$	—	$	12,378	$	—	$	12,378
Total liabilities measured at fair value	$	—	$	12,378	$	—	$	12,378
As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,117,133	$	—	$	—	$	1,117,133
Receivable and due from affiliates – Foreign exchange derivative contracts	—		7,844		—		7,844
Other assets – Digital Assets – Canton Coins	—		—		852		852
Other assets – Investment in available for sale debt securities	—		—		10,354		10,354
Total assets measured at fair value	$	1,117,133	$	7,844	$	11,206	$	1,136,183

Schedule of Canton Coin Holdings

The following table presents the Company’s Canton Coin holdings as of June 30, 2025 and December 31, 2024:

	June 30, 2025					December 31, 2024
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value
	(dollars in thousands)
Canton Coins	1.6 billion	$	2,725	$	25,196	1.2 billion	$	666	$	852

Summary of Changes in Fair Value for Level 3

The table below presents a summary of the changes in fair value for level 3 assets during the three and six months ended June 30, 2025 and 2024:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Investment in Available for Sale Debt Securities
Beginning balance	$	13,627	$	—	$	10,354	$	—
Additions	130		10,102		253		10,102
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	—		—		—		—
Total realized and unrealized gains included in other comprehensive income (loss)	375		—		3,525		—
Ending balance	$	14,132	$	10,102	$	14,132	$	10,102
Digital Assets
Beginning balance	$	5,375	$	—	$	852	$	—
Additions	1,756		—		2,058		—
Dispositions	—		—		—		—
Total realized and unrealized gains included in other income (loss), net	18,065		—		22,286		—
Ending balance	$	25,196	$	—	$	25,196	$	—

Schedule of Derivative Values

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	310,660	$	238,182

The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(14,488)	$	2,560	$	(20,808)	$	6,911

Schedule of Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2025 and December 31, 2024 have been categorized based upon the fair value hierarchy as follows:

	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
As of June 30, 2025	(dollars in thousands)
Assets
Cash and restricted cash	$	234,392	$	234,392	$	—	$	—	$	234,392
Receivable from brokers and dealers and clearing organizations	543,114		—		543,114		—		543,114
Deposits with clearing organizations	66,926		66,926		—		—		66,926
Accounts receivable	264,825		—		264,825		—		264,825
Other assets – Memberships in clearing organizations	3,124		—		—		3,124		3,124
Total	$	1,112,381	$	301,318	$	807,939	$	3,124	$	1,112,381
Liabilities
Payable to brokers and dealers and clearing organizations	$	542,738	$	—	$	542,738	$	—	$	542,738
Total	$	542,738	$	—	$	542,738	$	—	$	542,738
As of December 31, 2024
Assets
Cash and restricted cash	$	224,169	$	224,169	$	—	$	—	$	224,169
Receivable from brokers and dealers and clearing organizations	67,805		—		67,805		—		67,805
Deposits with clearing organizations	54,702		54,702		—		—		54,702
Accounts receivable	222,268		—		222,268		—		222,268
Other assets – Memberships in clearing organizations	2,918		—		—		2,918		2,918
Total	$	571,862	$	278,871	$	290,073	$	2,918	$	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	$	67,816	$	—	$	67,816	$	—	$	67,816
Total	$	67,816	$	—	$	67,816	$	—	$	67,816

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments

The following table presents the future minimum lease payments and the maturity of lease liabilities as of June 30, 2025:

	Amount
	(dollars in thousands)
Reminder of 2025	6,413
2026	10,854
2027	10,095
2028	4,173
2029	3,436
Thereafter	234
Total future lease payments	35,205
Less imputed interest	(2,883)
Lease liability	$	32,322

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	153,782	$	119,239	$	302,164	$	245,381
Less: Distributed and undistributed earnings allocated to participating securities (1)	(117)		(70)		(225)		(164)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	153,665	$	119,169	$	301,939	$	245,217
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	213,339,761		213,162,158		213,214,326		212,936,015
Dilutive effect of PRSUs	450,980		568,304		442,710		534,583
Dilutive effect of options	292,392		449,252		291,132		524,413
Dilutive effect of RSUs and RSAs	330,102		252,498		441,924		348,282
Dilutive effect of PSUs	558,711		463,735		544,286		435,049
Weighted average shares of Class A and Class B common stock outstanding - Diluted	214,971,946		214,895,947		214,934,378		214,778,342
Earnings per share - Basic	$	0.72	$	0.56	$	1.42	$	1.15
Earnings per share - Diluted	$	0.71	$	0.55	$	1.40	$	1.14

(1)During the three months ended June 30, 2025 and 2024, there was a total of 162,433 and 125,012, respectively, and during the six months ended June 30, 2025 and 2024, there was a total of 173,894 and 142,484, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

Schedule of Antidilutive Shares

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Anti-dilutive Shares:
PRSUs	—	—	—	—
Options	—	—	—	—
RSUs and RSAs	3,460	964	3,460	964
PSUs	—	—	—	—
LLC Interests	23,063,153	23,077,698	23,066,571	23,077,836

XML

Regulatory Capital Requirements (Tables)

6 Months Ended

Jun. 30, 2025

Broker-Dealer [Abstract]

Schedule of Regulatory Capital Requirements

At June 30, 2025 and December 31, 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:

	June 30, 2025						December 31, 2024
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital
	(dollars in thousands)
TWL	$	73,241	$	3,049	$	70,192	$	63,532	$	3,646	$	59,886
DW	233,161		2,183		230,978		204,134		4,359		199,775
TWD	55,351		931		54,420		52,808		1,208		51,600
TEL	96,172		35,484		60,688		56,152		32,499		23,653
TWJ	12,566		2,921		9,645		3,589		2,841		748
TWEU	12,910		7,003		5,907		8,073		6,838		1,235
TESL	7,006		1,029		5,977		5,755		942		4,813
TESBV	3,807		1,549		2,258		1,591		1,377		214
YB	6,439		—		6,439		11,677		—		11,677
TDIFC	473		30		443		250		30		220
ICDLC	11,265		662		10,603		20,845		594		20,251
ICDLT	8,128		4,680		3,448		6,504		2,997		3,507
ICDEU	—		—		—		523		150		373
TWSA	1,051		63		988		—		—		—

Schedule of Financial Resources and Liquid Financial Resources

The required and maintained financial resources and liquid financial assets at June 30, 2025 and December 31, 2024 are as follows:

	June 30, 2025						December 31, 2024
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources
	(dollars in thousands)
TW SEF	$	64,820	$	17,500	$	47,320	$	50,974	$	16,500	$	34,474
DW SEF	14,184		8,856		5,328		14,083		9,062		5,021

	June 30, 2025						December 31, 2024
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets
	(dollars in thousands)
TW SEF	$	33,146	$	4,375	$	28,771	$	28,163	$	4,125	$	24,038
DW SEF	7,379		2,214		5,165		9,956		2,266		7,690

XML

Business Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue by Client Sector

Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
Institutional	$	321,943	$	245,581	$	630,014	$	492,918
Wholesale	101,242		94,272		203,529		191,483
Retail	37,584		35,871		73,479		71,040
Corporates	21,785		—		46,502		—
Market Data	30,417		29,227		69,124		58,249
Total revenue	512,971		404,951		1,022,648		813,690
Less:
Employee compensation and benefits	169,693		137,236		346,570		280,323
Technology and communications	30,212		24,230		58,940		45,540
General and administrative	29,984		12,755		49,724		23,609
Professional fees	14,159		13,324		26,617		25,124
Occupancy	6,022		4,976		11,096		9,649
Other segment items (1)	87,379		76,014		185,874		149,647
Net income	$	175,522	$	136,416	$	343,827	$	279,798

(1)Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on the accompanying condensed consolidated statements of income.

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
	(dollars in thousands)
Revenues
U.S.	$	297,803	$	252,144	$	595,684	$	506,242
International	215,168		152,807		426,964		307,448
Total revenue	$	512,971	$	404,951	$	1,022,648	$	813,690

The following table provides information on the attribution of long-lived assets by geographic area:

	June 30,		December 31,
	2025		2024
	(dollars in thousands)
Long-lived assets
U.S.	$	4,687,416	$	4,777,770
International	27,909		29,478
Total	$	4,715,325	$	4,807,248

XML

Organization (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2025 $ / shares shares	Jun. 30, 2024 shares	Jun. 30, 2025 investment_provider $ / shares shares	Jun. 30, 2024 shares	Dec. 31, 2024 $ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Stock split ratio, common stock			1
Number of investment providers | investment_provider			40
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	162,433	125,012	173,894	142,484
Dilutive effect (in shares)	1,632,185		1,720,052
Class A Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value | $ / shares	$ 0.00001		$ 0.00001		$ 0.00001
Class B Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value | $ / shares	0.00001		0.00001		0.00001
Class C Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value | $ / shares	0.00001		0.00001		0.00001
Class D Common Stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Common stock, par value | $ / shares	$ 0.00001		$ 0.00001		$ 0.00001
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	90.20%	90.20%	90.20%	90.20%	90.20%
Ownership percentage, continuing LLC owners	9.80%	9.80%	9.80%	9.80%	9.80%
Tradeweb Markets LLC | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	50.70%		50.70%
Tradeweb Markets LLC | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners	49.20%		49.20%
Tradeweb Markets LLC | Class D Common Stock | Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership percentage, continuing LLC owners	10.00%		10.00%
Tradeweb Markets Inc | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Ownership interest	89.80%		89.80%
Tradeweb Markets Inc | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Voting power percentage	10.10%		10.10%
Tradeweb Markets Inc | Class A Common Stock | Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	116,453,684		116,453,684
Tradeweb Markets Inc | Class B Common Stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	96,933,192		96,933,192
Tradeweb Markets Inc | Class C Common Stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	18,000,000		18,000,000
Tradeweb Markets Inc | Class D Common Stock | Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	4,988,329		4,988,329
Tradeweb Markets Inc | Class D Common Stock | Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Number of share owned (in shares)	74,209		74,209
Voting power percentage	0.10%		0.10%

XML

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Software Development
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 339.8		$ 339.8		$ 295.3
Useful life of intangible assets	3 years		3 years
Amortization of pushdown accounting allocation			9 years
Amortization expense	$ 22.6	$ 16.0	$ 44.5	$ 31.6
Software Development | ICD Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	8 years		8 years
Software Development | R8Fin
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	7 years		7 years
Software Development | Yieldbroker Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Software Development | NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year		1 year
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 100.5		$ 100.5		$ 92.0
Depreciation expense	$ 5.9	$ 5.2	$ 12.0	$ 10.5
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	4 years		4 years
Minimum | Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years		3 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	15 years		15 years
Maximum | Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years		7 years

XML

Significant Accounting Policies - Goodwill (Details)		6 Months Ended
	Oct. 01, 2024 USD ($)	Jun. 30, 2025 reportingUnit
Accounting Policies [Abstract]
Number of reporting units | reportingUnit		1
Impairment of goodwill | $	$ 0

XML

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Intangible Assets
Accumulated amortization	$ 736.0		$ 736.0		$ 666.8
Amortization expense	$ 34.6	$ 28.7	$ 69.2	$ 57.2
Minimum
Intangible Assets
Useful life of intangible assets	4 years		4 years
Maximum
Intangible Assets
Useful life of intangible assets	15 years		15 years

XML

Significant Accounting Policies - Translation of Foreign Currency and Exchange Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative [Line Items]
Realized and unrealized gains (losses)	$ 1,700	$ (800)	$ 2,600	$ (2,000)
Foreign currency forward contracts – Gross notional amount | Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts	$ (14,488)	$ 2,560	$ (20,808)	$ 6,911

XML

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Restricted Cash Equivalent [Abstract]
Restricted cash	$ 1,000	$ 1,000

XML

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended			6 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Jun. 30, 2025	Sep. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Business Combination [Line Items]
Cash paid for acquisition, net of cash acquired						$ 0	$ 89,224
Issuance of common stock for business acquisitions					$ 36,692
R8Fin
Business Combination [Line Items]
Net cash acquired		$ 125,900
Cash paid for acquisition, net of cash acquired		$ 89,200
R8Fin | Class A Common Stock
Business Combination [Line Items]
Common stock shares issued by corporation (in shares)		374,601
Equity interests issued and issuable		$ 36,700
ICD Acquisition
Business Combination [Line Items]
Net cash acquired	$ 774,200
Cash paid for acquisition, net of cash acquired	770,900
Cash acquired from acquisition	23,300
Consideration transferred, net of equity issued	773,800
Share-based payment arrangement, accelerated cost				$ 1,400
Prepaid expense	1,400
Revenue			$ 21,800			46,500
Operating loss			2,400			1,500
Depreciation and amortization			$ 11,200			$ 22,400
ICD Acquisition | Class A Common Stock
Business Combination [Line Items]
Equity interests issued and issuable	$ 4,500
ICD Acquisition | Class A Common Stock | RSUs and RSAs
Business Combination [Line Items]
Common stock shares issued by corporation (in shares)	41,705
Issuance of common stock for business acquisitions	$ 4,700
Award requisite service period	2 years
Issuance, allocated to consideration transferred for the business combination	$ 3,300
Issuance, amortized into stock-based compensation expense	$ 1,300

XML

Acquisitions - Unaudited Supplemental Pro Forma Financial Information (Details) - ICD Acquisition - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Business Combination [Line Items]
Revenue	$ 427,350	$ 860,269
Operating income	160,862	328,220
Net income attributable to Tradeweb Markets Inc.	$ 117,761	$ 243,203

XML

Revenue - Schedule of Breakdown of Revenues Between Fixed and Variable Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenues
Total revenue	$ 512,971	$ 404,951	$ 1,022,648	$ 813,690
Transaction fees and commissions
Revenues
Total revenue	429,768	330,475	851,112	665,926
LSEG market data fees
Revenues
Total revenue	20,569	20,581	49,494	41,081
Other
Revenues
Total revenue	5,242	3,149	8,873	6,256
Variable
Revenues
Total revenue	382,863	294,850	762,872	593,944
Variable | Transaction fees and commissions
Revenues
Total revenue	380,148	294,003	758,905	592,265
Variable | Subscription fees
Revenues
Total revenue	440	465	900	935
Variable | LSEG market data fees
Revenues
Total revenue	0	0	0	0
Variable | Other
Revenues
Total revenue	2,275	382	3,067	744
Fixed
Revenues
Total revenue	130,108	110,101	259,776	219,746
Fixed | Transaction fees and commissions
Revenues
Total revenue	49,620	36,472	92,207	73,661
Fixed | Subscription fees
Revenues
Total revenue	56,952	50,281	112,269	99,492
Fixed | LSEG market data fees
Revenues
Total revenue	20,569	20,581	49,494	41,081
Fixed | Other
Revenues
Total revenue	$ 2,967	$ 2,767	$ 5,806	$ 5,512

XML

Revenue - Schedule of Recognized Revenue and Remaining Deferred Revenue Balance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 30,800
New billings	105,103
Revenue recognized	(95,620)
Effect of foreign currency exchange rate changes	331
Deferred revenue balance - ending of period	$ 40,614

XML

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 25.6	$ 22.6

XML

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	22.70%	25.60%	23.40%	24.50%
Remaining percentage of tax benefits			50.00%

XML

Tax Receivable Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Tax Receivable Agreement
Percentage of amount of U.S. federal, state and local income or franchise tax savings			50.00%
Tax receivable agreement, payment term			15 years
Tax receivable agreement liability	$ 351,402,000		$ 351,402,000		$ 372,839,000
Tax receivable agreement liability adjustment	$ 0	$ 0	$ 0	$ 0

XML

Non-Controlling Interests -Schedule of the Ownership Interest in Noncontrolling Interest (Details) - Tradeweb Markets LLC - shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	213,345,171	213,215,797
Number of LLC Interests held by non-controlling interests (in shares)	23,062,538	23,076,973
Total LLC Interests outstanding (in shares)	236,407,709	236,292,770
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	90.20%	90.20%
Number of LLC Interests held by non-controlling interests	9.80%	9.80%	9.80%
Total LLC Interests outstanding	100.00%	100.00%

XML

Non-Controlling Interests - Narrative (Details)	6 Months Ended
	Jun. 30, 2025
Class A Common Stock
Non-Controlling Interests
Conversion ratio	1
Class B Common Stock
Non-Controlling Interests
Conversion ratio	1

XML

Non-Controlling Interests - Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 153,782	$ 119,239	$ 302,164	$ 245,381
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	(2,544)	(2,198)		(865)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC			1,251
Net transfers (to) from non-controlling interests	(2,544)	(2,198)	1,251	(865)
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 151,238	$ 117,041	$ 303,415	$ 244,516

XML

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Outstanding Shares of Common Stock (Details) - shares		3 Months Ended
	Jan. 19, 2024	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		236,439,111	235,984,281	236,176,393	235,101,952
Activities related to exchanges of LLC Interests (in shares)		0	0	0
Issuance of common stock from equity incentive plans (in shares)		10,303	454,830	116,377	699,840
Issuance of common stock for business acquisition (in shares)					374,601
Common stock ending balance (in shares)		236,449,414	236,439,111	236,292,770	236,176,393
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			115,977,551
Common stock ending balance (in shares)		116,453,684
Class A Common Stock | R8Fin
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisition (in shares)	374,601
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		116,439,381	115,977,551	116,165,228	115,090,787
Activities related to exchanges of LLC Interests (in shares)		4,000	7,000	1,000
Issuance of common stock from equity incentive plans (in shares)		10,303	454,830	116,377	699,840
Issuance of common stock for business acquisition (in shares)					374,601
Common stock ending balance (in shares)		116,453,684	116,439,381	116,282,605	116,165,228
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			96,933,192
Common stock ending balance (in shares)		96,933,192
Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		96,933,192	96,933,192	96,933,192	96,933,192
Activities related to exchanges of LLC Interests (in shares)		0	0	0
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)					0
Common stock ending balance (in shares)		96,933,192	96,933,192	96,933,192	96,933,192
Class C Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			18,000,000
Common stock ending balance (in shares)		18,000,000
Class C Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		18,000,000	18,000,000	18,000,000	18,000,000
Activities related to exchanges of LLC Interests (in shares)		0	0	0
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)					0
Common stock ending balance (in shares)		18,000,000	18,000,000	18,000,000	18,000,000
Class D Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)			5,073,538
Common stock ending balance (in shares)		5,062,538
Class D Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance (in shares)		5,066,538	5,073,538	5,077,973	5,077,973
Activities related to exchanges of LLC Interests (in shares)		(4,000)	(7,000)	(1,000)
Issuance of common stock from equity incentive plans (in shares)		0	0	0	0
Issuance of common stock for business acquisition (in shares)					0
Common stock ending balance (in shares)		5,062,538	5,066,538	5,076,973	5,077,973

XML

Stockholders' Equity and Stock-Based Compensation Plans - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 05, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense capitalized	$ 800,000		$ 600,000		$ 1,200,000	$ 1,200,000
Stock repurchase program, remaining authorized repurchase amount	179,900,000				$ 179,900,000
Share-based payment arrangement, decrease for tax withholding obligation	$ 44,000	$ 47,590,000	$ 447,000	$ 43,832,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares withheld (in shares)	309		2,505		346,528	455,326
2021 Share Repurchase Program | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount authorized							$ 150,000,000
2022 Share Repurchase Program | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, amount authorized							$ 300,000,000.0
Common stock repurchased (in shares)	0		0		0	0
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	8,841,864				8,841,864
Maximum contractual term					10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	19,037				378,032
Weighted-average grant-date fair value (in dollars per share)	$ 144.35				$ 135.49
RSUs | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)			$ 107.57
Share-based payment arrangement, decrease for tax withholding obligation	$ 44,000		$ 300,000
RSUs | Awards Granted to Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term					3 years
Vesting percentage					33.00%
RSUs | Awards Granted To Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term					1 year
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0				147,733
Weighted-average grant-date fair value (in dollars per share)					$ 135.80
Performance period					3 years
PRSUs | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per share (in dollars per share)	$ 141.55				$ 137.46	$ 97.24
Share-based payment arrangement, decrease for tax withholding obligation					$ 47,600,000	$ 44,300,000
PRSUs | Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent	0.00%				0.00%
Maximum performance modifier, percent	250.00%				250.00%
Target performance modifier, percent	100.00%				100.00%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0				65,532
Weighted-average grant-date fair value (in dollars per share)					$ 216.02
Performance period					3 years
PSUs | Awarded During 2024 And 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum performance modifier, percent	0.00%				0.00%
Maximum performance modifier, percent	250.00%				250.00%
Target performance modifier, percent	100.00%				100.00%
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term					2 years

XML

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of Significant Valuation Assumptions Used To Estimate The Grant Date Fair Value of PSUs (Details) - PSUs	Mar. 17, 2025	Mar. 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days	2 years 9 months 18 days
Annualized Volatility	25.04%	26.63%
Risk-Free Interest Rate	3.95%	4.44%

XML

Stockholders' Equity and Stock-Based Compensation Plans - Schedule of the Company’s Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 26,909	$ 23,715	$ 49,096	$ 40,117

XML

Related Party Transactions - Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Related Party Transactions
Accounts receivable	$ 264,825	$ 222,268
Receivable and due from affiliates	736	8,094
Other assets	182,166	107,371
Accounts payable, accrued expenses and other liabilities	146,775	95,290
Deferred revenue	40,614	30,800
Payable and due to affiliates	14,685	763
Affiliated Entity
Related Party Transactions
Accounts receivable	29	786
Receivable and due from affiliates	736	8,094
Other assets	349	7
Accounts payable, accrued expenses and other liabilities	14	1,469
Deferred revenue	6,420	6,459
Payable and due to affiliates	$ 14,685	$ 763

XML

Related Party Transactions - Schedule of Affiliates were Included in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue:
Total revenue	$ 512,971	$ 404,951	$ 1,022,648	$ 813,690
Expenses
Technology and communications	30,212	24,230	58,940	45,540
Professional fees	14,159	13,324	26,617	25,124
Occupancy	6,022	4,976	11,096	9,649
Affiliated Entity
Expenses
Technology and communications	1,884	1,556	4,024	3,128
General and administrative	3	2	5	5
Professional fees	205	39	281	65
Occupancy	16	26	39	39
Subscription fees
Revenue:
Total revenue	57,392	50,746	113,169	100,427
Subscription fees | Affiliated Entity
Revenue:
Total revenue	239	271	565	575
LSEG market data fees
Revenue:
Total revenue	20,569	20,581	49,494	41,081
LSEG market data fees | Affiliated Entity
Revenue:
Total revenue	20,569	20,581	49,494	41,081
Other fees
Revenue:
Total revenue	5,242	3,149	8,873	6,256
Other fees | Affiliated Entity
Revenue:
Total revenue	$ 156	$ 155	$ 303	$ 360

XML

Fair Value of Financial Instruments and Other Assets - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,396,729	$ 1,117,133
Derivative asset		7,844
Other assets – Digital Assets – Canton Coins	25,196	852
Other assets – Investment in available for sale debt securities	14,132	10,354
Total assets measured at fair value	1,436,057	1,136,183
Liabilities	12,378
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	1,396,729	1,117,133
Derivative asset		0
Other assets – Digital Assets – Canton Coins	0	0
Other assets – Investment in available for sale debt securities	0	0
Total assets measured at fair value	1,396,729	1,117,133
Liabilities	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Derivative asset		7,844
Other assets – Digital Assets – Canton Coins	0	0
Other assets – Investment in available for sale debt securities	0	0
Total assets measured at fair value	0	7,844
Liabilities	12,378
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Derivative asset		0
Other assets – Digital Assets – Canton Coins	25,196	852
Other assets – Investment in available for sale debt securities	14,132	10,354
Total assets measured at fair value	39,328	$ 11,206
Liabilities	$ 0

XML

Fair Value of Financial Instruments and Other Assets - Narrative (Details) canton_coin in Billions	3 Months Ended		6 Months Ended
	Jun. 30, 2025 USD ($) canton_coin	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) canton_coin	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) canton_coin	Apr. 30, 2024 USD ($)
Fair Value of Financial Instruments
Amortized cost basis	$ 10,600,000		$ 10,600,000		$ 10,400,000	$ 10,000,000
Other assets – Investment in available for sale debt securities	14,132,000		14,132,000		10,354,000
Fair value adjustments or credit losses	0	$ 0	0	$ 0
Total realized and unrealized gains included in other comprehensive income (loss)	400,000	0	3,500,000	0
Total revenue	512,971,000	404,951,000	1,022,648,000	813,690,000
Unrealized gain relating to level 3 assets held	18,100,000		22,300,000
Equity investment without readily determinable fair values	32,400,000		32,400,000		$ 17,800,000
Equity investment impairment	5,400,000	0	5,400,000	0
Other
Fair Value of Financial Instruments
Total revenue	$ 5,242,000	$ 3,149,000	$ 8,873,000	$ 6,256,000
Canton Coins
Fair Value of Financial Instruments
Quantity (canton coins) | canton_coin	1.6		1.6		1.2
Canton Coins | Other
Fair Value of Financial Instruments
Total revenue	$ 1,800,000		$ 2,100,000
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Significant unobservable input						0.15
Fair value, measurement input	0.25		0.25
Measurement Input, Perpetual Growth Rate
Fair Value of Financial Instruments
Fair value, measurement input	0.030		0.030
Convertible Notes Payable
Fair Value of Financial Instruments
Interest rate						5.00%

XML

Fair Value of Financial Instruments and Other Assets - Canton Coin (Details) $ in Thousands, canton_coin in Billions	Jun. 30, 2025 USD ($) canton_coin	Dec. 31, 2024 USD ($) canton_coin
Crypto Asset, Holding [Line Items]
Fair Value	$ 25,196	$ 852
Canton Coins
Crypto Asset, Holding [Line Items]
Quantity (canton coins) | canton_coin	1.6	1.2
Cost Basis	$ 2,725	$ 666
Fair Value	$ 25,196	$ 852

XML

Fair Value of Financial Instruments and Other Assets - Changes in Fair Value for Level 3 (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains included in other comprehensive income (loss)	$ 400,000	$ 0	$ 3,500,000	$ 0
Investment in Available for Sale Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	13,627,000	0	10,354,000	0
Additions	130,000	10,102,000	253,000	10,102,000
Dispositions	0	0	0	0
Total realized and unrealized gains included in other income (loss), net	0	0	0	0
Total realized and unrealized gains included in other comprehensive income (loss)	375,000	0	3,525,000	0
Ending balance	14,132,000	10,102,000	14,132,000	10,102,000
Digital Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,375,000	0	852,000	0
Additions	1,756,000	0	2,058,000	0
Dispositions	0	0	0	0
Total realized and unrealized gains included in other income (loss), net	18,065,000	0	22,286,000	0
Ending balance	$ 25,196,000	$ 0	$ 25,196,000	$ 0

XML

Fair Value of Financial Instruments and Other Assets - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Foreign currency forward contracts – Gross notional amount | Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 310,660	$ 238,182

XML

Fair Value of Financial Instruments and Other Assets - Unrealized Gains (Losses) on Foreign Currency Forwards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Foreign currency forward contracts – Gross notional amount | Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative contracts	$ (14,488)	$ 2,560	$ (20,808)	$ 6,911

XML

Fair Value of Financial Instruments and Other Assets - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Receivable from brokers and dealers and clearing organizations	$ 543,114	$ 67,805
Deposits with clearing organizations	66,926	54,702
Accounts receivable	264,825	222,268
Total assets measured at fair value	1,436,057	1,136,183
Liabilities
Payable to brokers and dealers and clearing organizations	542,738	67,816
Fair Value, Nonrecurring
Assets
Cash and restricted cash	234,392	224,169
Receivable from brokers and dealers and clearing organizations	543,114	67,805
Deposits with clearing organizations	66,926	54,702
Accounts receivable	264,825	222,268
Other assets – Memberships in clearing organizations	3,124	2,918
Total assets measured at fair value	1,112,381	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	542,738	67,816
Total	542,738	67,816
Total Fair Value | Fair Value, Nonrecurring
Assets
Cash and restricted cash	234,392	224,169
Receivable from brokers and dealers and clearing organizations	543,114	67,805
Deposits with clearing organizations	66,926	54,702
Accounts receivable	264,825	222,268
Other assets – Memberships in clearing organizations	3,124	2,918
Total assets measured at fair value	1,112,381	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	542,738	67,816
Total	542,738	67,816
Quoted Prices in active Markets for Identical Assets (Level 1)
Assets
Total assets measured at fair value	1,396,729	1,117,133
Quoted Prices in active Markets for Identical Assets (Level 1) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	234,392	224,169
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	66,926	54,702
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	301,318	278,871
Liabilities
Payable to brokers and dealers and clearing organizations	0	0
Total	0	0
Significant Observable Inputs (Level 2)
Assets
Total assets measured at fair value	0	7,844
Significant Observable Inputs (Level 2) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	543,114	67,805
Deposits with clearing organizations	0	0
Accounts receivable	264,825	222,268
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	807,939	290,073
Liabilities
Payable to brokers and dealers and clearing organizations	542,738	67,816
Total	542,738	67,816
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	39,328	11,206
Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	3,124	2,918
Total assets measured at fair value	3,124	2,918
Liabilities
Payable to brokers and dealers and clearing organizations	0	0
Total	$ 0	$ 0

XML

Credit Risk (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Receivable from brokers and dealers and clearing organizations	$ 543,114,000		$ 543,114,000		$ 67,805,000
Payable to brokers and dealers and clearing organizations	542,738,000		542,738,000		67,816,000
Broker-dealer, self-funded remaining difference between the fail to deliver and fail to receive	400,000		400,000
Allowance for credit losses recorded on available-for-sale debt securities	0		0		0
Credit losses on available-for-sale debt securities	0	$ 0	0	$ 0
Allowance for doubtful accounts	297,000		297,000		$ 447,000
Accounts receivable, credit loss expense (reversal)	$ 2,000	$ (79,000)	$ (164,000)	$ (71,000)

XML

Commitments and Contingencies - Narrative (Details) - USD ($)	Nov. 21, 2023	Jun. 30, 2025	Dec. 31, 2024	Apr. 08, 2019
Commitments and Contingencies
Initial term of lease		16 years
Future minimum lease payments for lease not yet commenced		$ 159,200,000
Minimum
Commitments and Contingencies
Initial term of lease		1 year
Maximum
Commitments and Contingencies
Initial term of lease		10 years
Revolving credit facility
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000			$ 500,000,000
Accordion feature	$ 250,000,000
Commitment fee, percentage	0.25%
Letters of credit outstanding		$ 500,000	$ 500,000
Letter of credit issued		$ 0	$ 0
Revolving credit facility | Fed Funds Effective Rate
Commitments and Contingencies
Basis spread on variable rate	0.50%
Revolving credit facility | One Month SOFR
Commitments and Contingencies
Basis spread on variable rate	1.00%
Credit adjustment spread	0.10%
Revolving credit facility | One Month SOFR | Minimum
Commitments and Contingencies
Additional adjustment	0.25%
Revolving credit facility | One Month SOFR | Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Commitments and Contingencies
Credit adjustment spread	0.10%
Debt instrument floor rate	0.00%
Revolving credit facility | EURIBOR
Commitments and Contingencies
Debt instrument floor rate	0.00%
Revolving credit facility | EURIBOR | Minimum
Commitments and Contingencies
Additional adjustment	1.25%
Revolving credit facility | EURIBOR | Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Revolving credit facility | Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000
Revolving credit facility | Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000

XML

Commitments and Contingencies - Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Reminder of 2025	$ 6,413
2026	10,854
2027	10,095
2028	4,173
2029	3,436
Thereafter	234
Total future lease payments	35,205
Less imputed interest	(2,883)
Lease liability	$ 32,322	$ 35,748

XML

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 153,782	$ 119,239	$ 302,164	$ 245,381
Less: Distributed and undistributed earnings allocated to participating securities	(117)	(70)	(225)	(164)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	153,665	119,169	301,939	245,217
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 153,665	$ 119,169	$ 301,939	$ 245,217
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	213,339,761	213,162,158	213,214,326	212,936,015
Dilutive effect (in shares)	1,632,185		1,720,052
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	214,971,946	214,895,947	214,934,378	214,778,342
Earnings per share - Basic (in dollars per share)	$ 0.72	$ 0.56	$ 1.42	$ 1.15
Earnings per share - Diluted (in dollars per share)	$ 0.71	$ 0.55	$ 1.40	$ 1.14
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	162,433	125,012	173,894	142,484
PRSUs
Denominator:
Dilutive effect (in shares)	450,980	568,304	442,710	534,583
Options
Denominator:
Dilutive effect (in shares)	292,392	449,252	291,132	524,413
RSUs and RSAs
Denominator:
Dilutive effect (in shares)	330,102	252,498	441,924	348,282
PSUs
Denominator:
Dilutive effect (in shares)	558,711	463,735	544,286	435,049

XML

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
RSUs and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,460	964	3,460	964
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,063,153	23,077,698	23,066,571	23,077,836

XML

Regulatory Capital Requirements - Schedule of Regulatory Capital Requirements and Schedule of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 73,241	$ 63,532
Regulatory Capital Requirement	3,049	3,646
Excess Regulatory Capital	70,192	59,886
DW
Regulatory Capital Requirements
Regulatory Capital	233,161	204,134
Regulatory Capital Requirement	2,183	4,359
Excess Regulatory Capital	230,978	199,775
TWD
Regulatory Capital Requirements
Regulatory Capital	55,351	52,808
Regulatory Capital Requirement	931	1,208
Excess Regulatory Capital	54,420	51,600
TEL
Regulatory Capital Requirements
Regulatory Capital	96,172	56,152
Regulatory Capital Requirement	35,484	32,499
Excess Regulatory Capital	60,688	23,653
TWJ
Regulatory Capital Requirements
Regulatory Capital	12,566	3,589
Regulatory Capital Requirement	2,921	2,841
Excess Regulatory Capital	9,645	748
TWEU
Regulatory Capital Requirements
Regulatory Capital	12,910	8,073
Regulatory Capital Requirement	7,003	6,838
Excess Regulatory Capital	5,907	1,235
TESL
Regulatory Capital Requirements
Regulatory Capital	7,006	5,755
Regulatory Capital Requirement	1,029	942
Excess Regulatory Capital	5,977	4,813
TESBV
Regulatory Capital Requirements
Regulatory Capital	3,807	1,591
Regulatory Capital Requirement	1,549	1,377
Excess Regulatory Capital	2,258	214
YB
Regulatory Capital Requirements
Regulatory Capital	6,439	11,677
Regulatory Capital Requirement	0	0
Excess Regulatory Capital	6,439	11,677
TDIFC
Regulatory Capital Requirements
Regulatory Capital	473	250
Regulatory Capital Requirement	30	30
Excess Regulatory Capital	443	220
ICDLC
Regulatory Capital Requirements
Regulatory Capital	11,265	20,845
Regulatory Capital Requirement	662	594
Excess Regulatory Capital	10,603	20,251
ICDLT
Regulatory Capital Requirements
Regulatory Capital	8,128	6,504
Regulatory Capital Requirement	4,680	2,997
Excess Regulatory Capital	3,448	3,507
ICDEU
Regulatory Capital Requirements
Regulatory Capital	0	523
Regulatory Capital Requirement	0	150
Excess Regulatory Capital	0	373
TWSA
Regulatory Capital Requirements
Regulatory Capital	1,051	0
Regulatory Capital Requirement	63	0
Excess Regulatory Capital	988	0
TW SEF
Regulatory Capital Requirements
Financial Resources	64,820	50,974
Required Financial Resources	17,500	16,500
Excess Financial Resources	47,320	34,474
Liquid Financial Assets	33,146	28,163
Required Liquid Financial Assets	4,375	4,125
Excess Liquid Financial Assets	28,771	24,038
DW SEF
Regulatory Capital Requirements
Financial Resources	14,184	14,083
Required Financial Resources	8,856	9,062
Excess Financial Resources	5,328	5,021
Liquid Financial Assets	7,379	9,956
Required Liquid Financial Assets	2,214	2,266
Excess Liquid Financial Assets	$ 5,165	$ 7,690

XML

Business Segment and Geographic Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

XML

Business Segment and Geographic Information - Schedule of Information Regarding Revenue by Client Sector (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Business Segment and Geographic Information
Total revenue	$ 512,971		$ 404,951		$ 1,022,648	$ 813,690
Employee compensation and benefits	169,693		137,236		346,570	280,323
Technology and communications	30,212		24,230		58,940	45,540
General and administrative	29,984		12,755		49,724	23,609
Professional fees	14,159		13,324		26,617	25,124
Occupancy	6,022		4,976		11,096	9,649
Net income	175,522	$ 168,305	136,416	$ 143,382	343,827	279,798
Reportable Segment
Business Segment and Geographic Information
Total revenue	512,971		404,951		1,022,648	813,690
Employee compensation and benefits	169,693		137,236		346,570	280,323
Technology and communications	30,212		24,230		58,940	45,540
General and administrative	29,984		12,755		49,724	23,609
Professional fees	14,159		13,324		26,617	25,124
Occupancy	6,022		4,976		11,096	9,649
Other segment items	87,379		76,014		185,874	149,647
Net income	175,522		136,416		343,827	279,798
Institutional | Reportable Segment
Business Segment and Geographic Information
Total revenue	321,943		245,581		630,014	492,918
Wholesale | Reportable Segment
Business Segment and Geographic Information
Total revenue	101,242		94,272		203,529	191,483
Retail | Reportable Segment
Business Segment and Geographic Information
Total revenue	37,584		35,871		73,479	71,040
Corporates | Reportable Segment
Business Segment and Geographic Information
Total revenue	21,785		0		46,502	0
Market Data | Reportable Segment
Business Segment and Geographic Information
Total revenue	$ 30,417		$ 29,227		$ 69,124	$ 58,249

XML

Business Segment and Geographic Information - Schedule of Revenue and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Business Segment and Geographic Information
Revenues	$ 512,971	$ 404,951	$ 1,022,648	$ 813,690
Long-lived assets	4,715,325		4,715,325		$ 4,807,248
U.S.
Business Segment and Geographic Information
Revenues	297,803	252,144	595,684	506,242
Long-lived assets	4,687,416		4,687,416		4,777,770
International
Business Segment and Geographic Information
Revenues	215,168	$ 152,807	426,964	$ 307,448
Long-lived assets	$ 27,909		$ 27,909		$ 29,478

XML

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			6 Months Ended
	Jul. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Dividends (in dollars per share)		$ 0.12	$ 0.12	$ 0.10	$ 0.10
Subsequent Event | TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 16.7
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.12
Subsequent Event | Class B Common Stock
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.12