Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 1,907,922	$ 1,340,302
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	91,640	67,805
Deposits with clearing organizations	64,936	54,702
Accounts receivable, net of allowance for credit losses of $298 and $447 at September 30, 2025 and December 31, 2024, respectively	271,241	222,268
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	75,101	45,973
Lease right-of-use assets	121,821	33,550
Software development costs, net of accumulated amortization	278,009	296,721
Goodwill	3,150,112	3,150,112
Intangible assets, net of accumulated amortization	1,177,099	1,280,892
Receivable and due from affiliates	547	8,094
Deferred tax asset	641,404	659,203
Other assets	215,116	107,371
Total assets	7,995,948	7,267,993
Liabilities
Payable to brokers and dealers and clearing organizations	79,662	67,816
Accrued compensation	211,000	222,959
Deferred revenue	36,266	30,800
Accounts payable, accrued expenses and other liabilities	187,357	95,290
Lease liabilities	135,633	35,748
Payable and due to affiliates	15,598	763
Deferred tax liability	44,067	42,893
Tax receivable agreement liability	351,402	372,839
Total liabilities	1,060,985	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	4,865,172	4,813,408
Accumulated other comprehensive income (loss)	7,749	(9,981)
Retained earnings	1,407,775	996,763
Total stockholders’ equity attributable to Tradeweb Markets Inc.	6,280,698	5,800,192
Non-controlling interests	654,265	598,693
Total equity	6,934,963	6,398,885
Total liabilities and equity	7,995,948	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