Tradeweb Markets Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
View on SEC.govAbout this filing
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 Income
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2025 | 2024 | 2023 | |
| Revenues | |||
| Transaction fees and commissions | $1,700,427 | $1,423,547 | $1,078,344 |
| Subscription fees | 234,017 | 206,659 | 183,972 |
| LSEG market data fees | 93,197 | 82,145 | 64,336 |
| Other | 24,788 | 13,598 | 11,567 |
| Total revenue | 2,052,429 | 1,725,949 | 1,338,219 |
| Expenses | |||
| Employee compensation and benefits | 670,831 | 592,690 | 460,305 |
| Depreciation and amortization | 250,189 | 219,999 | 185,350 |
| Technology and communications | 128,327 | 98,568 | 77,506 |
| General and administrative | 88,402 | 56,317 | 51,495 |
| Professional fees | 53,391 | 60,132 | 42,364 |
| Occupancy | 25,951 | 20,215 | 15,930 |
| Total expenses | 1,217,091 | 1,047,921 | 832,950 |
| Operating income | 835,338 | 678,028 | 505,269 |
| Tax receivable agreement liability adjustment (1) | 9,786 | 7,730 | (9,517) |
| Interest income | 68,407 | 74,037 | 67,397 |
| Interest expense | (1,941) | (4,279) | (2,047) |
| Other income (loss), net | 263,384 | (1,114) | (13,122) |
| Income before taxes | 1,174,974 | 754,402 | 547,980 |
| Provision for income taxes | (253,474) | (184,439) | (128,477) |
| Net income | 921,500 | 569,963 | 419,503 |
| Less: Net income attributable to non-controlling interests | 108,708 | 68,456 | 54,637 |
| Net income attributable to Tradeweb Markets Inc. | $812,792 | $501,507 | $364,866 |
| Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: | |||
| Basic | $3.81 | $2.35 | $1.73 |
| Diluted | $3.78 | $2.33 | $1.71 |
| Weighted average shares outstanding: | |||
| Basic | 213,213,371 | 213,030,056 | 210,796,802 |
| Diluted | 214,898,240 | 214,924,763 | 212,668,808 |
(1)See Note 10 – Tax Receivable Agreement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.