Tradeweb Markets Inc.

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

TW$129.63+1.1%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows for the

Condensed Consolidated Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities
Net income	$168,305	$143,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	62,699	49,337
Stock-based compensation expense	22,187	16,402
Deferred taxes	9,610	8,118
Other (income) loss, net	(4,221)	—
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(30,972)	(155)
Deposits with clearing organizations	(47,246)	(77,811)
Accounts receivable	(46,632)	(24,657)
Receivable and due from affiliates/payable and due to affiliates, net	6,604	(3,493)
Deferred tax asset as a result of transferable tax credit purchase	17,646	—
Other assets	(18,909)	1,477
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	—	(21,612)
Accrued compensation	(121,644)	(85,330)
Deferred revenue	16,064	1,538
Accounts payable, accrued expenses and other liabilities	26,716	30,718
Net cash provided by operating activities	60,207	37,914
Cash flows from investing activities
Cash paid for acquisitions, net of cash acquired	—	(89,224)
Cash paid for investments	—	(500)
Purchases of furniture, equipment, software and leasehold improvements	(1,645)	(6,589)
Capitalized software development costs	(13,172)	(10,678)
Net cash used in investing activities	(14,817)	(106,991)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(844)	—
Proceeds from stock-based compensation exercises	—	2,807
Dividends	(25,573)	(21,286)
Distributions to non-controlling interests	(7,416)	(6,095)
Payroll taxes paid for stock-based compensation	(46,127)	(40,653)
Payments on tax receivable agreement liability	(3,066)	(25,543)
Net cash used in financing activities	(83,026)	(90,770)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,789	(1,740)
Net increase (decrease) in cash, cash equivalents and restricted cash	(33,847)	(161,587)
Cash, cash equivalents and restricted cash
Beginning of period	1,341,302	1,707,468
End of period	$1,307,455	$1,545,881

Consolidated Statements of Cash Flows - (Continued)

	Three Months Ended
	March 31,
	2025	2024
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	$11,863	$4,453
Cash paid for interest	$1,385	$1,242
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	$964	$605
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	$1,595	$3,356
Items arising from LLC Interest ownership changes:
Establishment of liabilities under tax receivable agreement	$—	$—
Deferred tax asset	$28,830	$18,356
	March 31,	December 31,
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:	2025	2024
Cash and cash equivalents	$1,306,455	$1,340,302
Restricted cash	1,000	1,000
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$1,307,455	$1,341,302

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.