Tradeweb Markets Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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.
Sep 30, 2025 · Filed Oct 30, 2025
TW$129.63+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Income for the and
Condensed Consolidated Statements of Income
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Transaction fees and commissions | $421,309 | $373,493 | $1,272,421 | $1,039,419 |
| Subscription fees | 60,830 | 51,206 | 173,999 | 151,633 |
| LSEG market data fees | 20,534 | 20,512 | 70,028 | 61,593 |
| Other | 5,925 | 3,704 | 14,798 | 9,960 |
| Total revenue | 508,598 | 448,915 | 1,531,246 | 1,262,605 |
| Expenses | ||||
| Employee compensation and benefits | 164,993 | 160,161 | 511,563 | 440,484 |
| Depreciation and amortization | 64,351 | 57,872 | 190,098 | 157,145 |
| Technology and communications | 33,867 | 24,300 | 92,807 | 69,840 |
| General and administrative | 16,892 | 20,417 | 66,616 | 44,026 |
| Professional fees | 11,483 | 21,434 | 38,100 | 46,558 |
| Occupancy | 6,641 | 5,415 | 17,737 | 15,064 |
| Total expenses | 298,227 | 289,599 | 916,921 | 773,117 |
| Operating income | 210,371 | 159,316 | 614,325 | 489,488 |
| Tax receivable agreement liability adjustment | — | (870) | — | (870) |
| Interest income | 20,348 | 16,663 | 49,169 | 59,234 |
| Interest expense | (522) | (1,446) | (1,538) | (3,706) |
| Other income (loss), net | 39,420 | 10 | 56,306 | 10 |
| Income before taxes | 269,617 | 173,673 | 718,262 | 544,156 |
| Provision for income taxes | (59,068) | (43,450) | (163,886) | (134,135) |
| Net income | 210,549 | 130,223 | 554,376 | 410,021 |
| Less: Net income attributable to non-controlling interests | 24,913 | 16,307 | 66,576 | 50,724 |
| Net income attributable to Tradeweb Markets Inc. | $185,636 | $113,916 | $487,800 | $359,297 |
| Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: | ||||
| Basic | $0.87 | $0.53 | $2.29 | $1.69 |
| Diluted | $0.86 | $0.53 | $2.27 | $1.67 |
| Weighted average shares outstanding: | ||||
| Basic | 213,359,090 | 213,206,193 | 213,263,111 | 213,026,732 |
| Diluted | 214,983,486 | 215,096,974 | 214,951,279 | 214,885,210 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.