Tradeweb Markets Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 5, 2026
TW$129.63+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Financial Condition
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Cash and cash equivalents | $2,084,739 | $1,340,302 |
| Restricted cash | 1,000 | 1,000 |
| Receivable from brokers and dealers and clearing organizations | 8,630 | 67,805 |
| Deposits with clearing organizations | 58,282 | 54,702 |
| Accounts receivable, net of allowance for credit losses of $587 and $447 at December 31, 2025 and 2024, respectively | 257,845 | 222,268 |
| Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization | 78,193 | 45,973 |
| Lease right-of-use assets | 123,065 | 33,550 |
| Software development costs, net of accumulated amortization | 270,295 | 296,721 |
| Goodwill | 3,150,112 | 3,150,112 |
| Intangible assets, net of accumulated amortization | 1,148,015 | 1,280,892 |
| Receivable and due from related parties | 8,303 | 8,094 |
| Deferred tax asset | 568,832 | 659,203 |
| Digital assets and other investments at fair value | 291,997 | 11,206 |
| Other assets | 140,249 | 96,165 |
| Total assets | $8,189,557 | $7,267,993 |
| Liabilities and Equity | ||
| Liabilities | ||
| Payable to brokers and dealers and clearing organizations | $3,363 | $67,816 |
| Accrued compensation | 251,169 | 222,959 |
| Deferred revenue | 29,030 | 30,800 |
| Accounts payable, accrued expenses and other liabilities | 183,970 | 95,290 |
| Lease liabilities | 139,168 | 35,748 |
| Payable and due to related parties | 7,090 | 763 |
| Deferred tax liability | 50,011 | 42,893 |
| Tax receivable agreement liability | 336,519 | 372,839 |
| Total liabilities | 1,000,320 | 869,108 |
| Commitments and contingencies (Note 17) | ||
| 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; 115,502,689 and 115,977,551 shares issued and outstanding as of December 31, 2025 and 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 December 31, 2025 and 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 December 31, 2025 and 2024, respectively | — | — |
| Class D common stock, $0.00001 par value; 300,000,000 shares authorized; 5,056,868 and 5,073,538 shares issued and outstanding as of December 31, 2025 and 2024, respectively | — | — |
| Additional paid-in capital | 4,895,810 | 4,813,408 |
| Accumulated other comprehensive income (loss) | 10,899 | (9,981) |
| Retained earnings | 1,601,044 | 996,763 |
| Total stockholders’ equity attributable to Tradeweb Markets Inc. | 6,507,755 | 5,800,192 |
| Non-controlling interests | 681,482 | 598,693 |
| Total equity | 7,189,237 | 6,398,885 |
| Total liabilities and equity | $8,189,557 | $7,267,993 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.