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Condensed Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Total revenue $ 508,598,000 $ 448,915,000 $ 1,531,246,000 $ 1,262,605,000
Expenses        
Employee compensation and benefits 164,993,000 160,161,000 511,563,000 440,484,000
Depreciation and amortization 64,351,000 57,872,000 190,098,000 157,145,000
Technology and communications 33,867,000 24,300,000 92,807,000 69,840,000
General and administrative 16,892,000 20,417,000 66,616,000 44,026,000
Professional fees 11,483,000 21,434,000 38,100,000 46,558,000
Occupancy 6,641,000 5,415,000 17,737,000 15,064,000
Total expenses 298,227,000 289,599,000 916,921,000 773,117,000
Operating income 210,371,000 159,316,000 614,325,000 489,488,000
Tax receivable agreement liability adjustment 0 (870,000) 0 (870,000)
Interest income 20,348,000 16,663,000 49,169,000 59,234,000
Interest expense (522,000) (1,446,000) (1,538,000) (3,706,000)
Other income (loss), net 39,420,000 10,000 56,306,000 10,000
Income before taxes 269,617,000 173,673,000 718,262,000 544,156,000
Provision for income taxes (59,068,000) (43,450,000) (163,886,000) (134,135,000)
Net income 210,549,000 130,223,000 554,376,000 410,021,000
Less: Net income attributable to non-controlling interests 24,913,000 16,307,000 66,576,000 50,724,000
Net income attributable to Tradeweb Markets Inc. $ 185,636,000 $ 113,916,000 $ 487,800,000 $ 359,297,000
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:        
Basic (in dollars per share) $ 0.87 $ 0.53 $ 2.29 $ 1.69
Diluted (in dollars per share) $ 0.86 $ 0.53 $ 2.27 $ 1.67
Weighted average shares outstanding:        
Basic (in shares) 213,359,090 213,206,193 213,263,111 213,026,732
Diluted (in shares) 214,983,486 215,096,974 214,951,279 214,885,210
Transaction fees and commissions        
Revenues        
Total revenue $ 421,309,000 $ 373,493,000 $ 1,272,421,000 $ 1,039,419,000
Subscription fees        
Revenues        
Total revenue 60,830,000 51,206,000 173,999,000 151,633,000
LSEG market data fees        
Revenues        
Total revenue 20,534,000 20,512,000 70,028,000 61,593,000
Other        
Revenues        
Total revenue $ 5,925,000 $ 3,704,000 $ 14,798,000 $ 9,960,000