Tradeweb Markets Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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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.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $921,500 | $569,963 | $419,503 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 250,189 | 219,999 | 185,350 |
| Stock-based compensation expense | 103,537 | 89,649 | 65,128 |
| Digital assets received as revenue | (10,947) | (666) | — |
| Deferred tax expense | 92,318 | 32,314 | 89,896 |
| Tax receivable agreement liability adjustment | (9,786) | (7,730) | 9,517 |
| Other (income) loss, net | (263,384) | 1,114 | 13,122 |
| (Increase) decrease in operating assets: | |||
| Receivable from/payable to brokers and dealers and clearing organizations, net | (5,278) | 29,325 | (28,946) |
| Deposits with clearing organizations | (3,331) | (17,352) | (12,799) |
| Accounts receivable | (30,059) | (44,221) | (21,081) |
| Receivable and due from related parties/payable and due to related parties, net | 5,732 | (8,538) | (4,241) |
| Deferred tax asset as a result of transferable tax credit purchase | 23,857 | (23,857) | — |
| Other assets | (16,501) | (11,441) | (3,919) |
| Increase (decrease) in operating liabilities: | |||
| Securities sold under agreements to repurchase | — | (21,612) | 21,612 |
| Accrued compensation | 24,689 | 56,459 | 7,964 |
| Deferred revenue | (2,032) | 4,577 | 2,796 |
| Accounts payable, accrued expenses and other liabilities | 87,142 | 29,758 | 2,187 |
| Net cash provided by operating activities | 1,167,646 | 897,741 | 746,089 |
| Cash flows from investing activities | |||
| Cash paid for acquisitions, net of cash acquired | — | (860,126) | (69,712) |
| Cash paid for foreign currency call option, net of sale proceeds | — | — | (1,289) |
| Cash paid for investments | (38,440) | (20,195) | — |
| Cash received from sale of digital assets | 15,000 | — | — |
| Purchases of furniture, equipment, software and leasehold improvements | (40,552) | (40,960) | (18,529) |
| Capitalized software development costs | (62,541) | (47,909) | (43,235) |
| Net cash used in investing activities | (126,533) | (969,190) | (132,765) |
| Cash flows from financing activities | |||
| Share repurchases pursuant to share repurchase programs | (104,173) | (59,052) | (35,205) |
| Proceeds from stock-based compensation exercises | — | 6,743 | 15,238 |
| Deferred financing costs | — | — | (2,794) |
| Dividends | (102,344) | (85,232) | (75,909) |
| Distributions to non-controlling interests | (24,705) | (27,767) | (12,439) |
| Payroll taxes paid for stock-based compensation | (49,508) | (47,997) | (51,341) |
| Payments on tax receivable agreement liability | (26,745) | (76,956) | (5,724) |
| Net cash used in financing activities | (307,475) | (290,261) | (168,174) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 10,799 | (4,456) | 4,089 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 744,437 | (366,166) | 449,239 |
| Cash, cash equivalents and restricted cash | |||
| Beginning of period | 1,341,302 | 1,707,468 | 1,258,229 |
| End of period | $2,085,739 | $1,341,302 | $1,707,468 |
Consolidated Statements of Cash Flows - (Continued)
| Year Ended | |||
|---|---|---|---|
| December 31, | |||
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | |||
| Income taxes paid, net of (refunds) | $58,061 | $152,012 | $28,641 |
| Cash paid for interest | $2,547 | $2,574 | $1,305 |
| Non-cash investing and financing activities: | |||
| Issuance of common stock for business acquisitions | $— | $40,025 | $— |
| Digital asset loan receivable obtained in exchange for digital assets | $24,999 | $— | $— |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $1,104 | $162 | $1,834 |
| Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations | $101,660 | $19,718 | $10,395 |
| Leasehold improvements obtained in exchange for lease liabilities | $11,374 | $— | $— |
| Unsettled share repurchases and excise tax included in other liabilities | $2,838 | $844 | $— |
| Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation | $— | $133 | $178 |
| Stock-based compensation expense capitalized to software development costs | $2,764 | $2,344 | $1,474 |
| Items arising from LLC Interest ownership changes: | |||
| Establishment of liabilities under tax receivable agreement | $211 | $3 | $28,006 |
| Deferred tax asset | $21,670 | $(15,323) | $81,401 |
| Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition: | December 31, | ||
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $2,084,739 | $1,340,302 | $1,706,468 |
| Restricted cash | 1,000 | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash shown in the statement of cash flows | $2,085,739 | $1,341,302 | $1,707,468 |
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