Tradeweb Markets Inc.

For the period ended Mar 31, 2026. Filed Apr 29, 2026.

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, 2026 · Filed Apr 29, 2026

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,
	2026	2025
Cash flows from operating activities
Net income	$233,167	$168,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	60,709	62,699
Stock-based compensation expense	25,060	22,187
Digital assets received as revenue	(3,669)	(302)
Deferred taxes	21,408	9,610
Other (income) loss, net	1,156	(4,221)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	4,666	(30,972)
Deposits with clearing organizations	864	(47,246)
Accounts receivable	(95,857)	(46,632)
Receivable and due from related parties/payable and due to related parties, net	7,426	6,604
Deferred tax asset as a result of transferable tax credit purchase	—	17,646
Other assets	(8,829)	(18,607)
Increase (decrease) in operating liabilities:
Accrued compensation	(141,244)	(121,644)
Deferred revenue	25,347	16,064
Accounts payable, accrued expenses and other liabilities	(26,375)	26,716
Net cash provided by operating activities	103,829	60,207
Cash flows from investing activities
Cash paid for investments	(50,191)	—
Purchases of furniture, equipment, software and leasehold improvements	(9,596)	(1,645)
Capitalized software development costs	(17,514)	(13,172)
Net cash used in investing activities	(77,301)	(14,817)
Cash flows from financing activities
Share repurchases pursuant to share repurchase programs	(53,331)	(844)
Proceeds from stock-based compensation exercises	2,983	—
Dividends	(29,770)	(25,573)
Distributions to non-controlling interests	(7,646)	(7,416)
Payroll taxes paid for stock-based compensation	(83,659)	(46,127)
Payments on tax receivable agreement liability	(719)	(3,066)
Net cash used in financing activities	(172,142)	(83,026)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,824)	3,789
Net increase (decrease) in cash, cash equivalents and restricted cash	(147,438)	(33,847)
Cash, cash equivalents and restricted cash
Beginning of period	2,085,739	1,341,302
End of period	$1,938,301	$1,307,455

Condensed Consolidated Statements of Cash Flows - (Continued)

	Three Months Ended
	March 31,
	2026	2025
Supplemental disclosure of cash flow information
Income taxes paid, net of (refunds)	$78,293	$11,863
Cash paid for interest	$475	$1,385
Non-cash investing and financing activities
Equity securities received upon conversion of receivables	$39,755	$—
Furniture, equipment, software and leasehold improvement additions included in accounts payable	$254	$964
Unsettled share repurchases and excise tax included in other liabilities	$231	$—
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation	$1,319	$1,595
Items arising from LLC Interest ownership changes:
Establishment of liabilities under tax receivable agreement	$—	$—
Deferred tax asset	$34,905	$28,830
	March 31,	December 31,
Reconciliation of cash, cash equivalents and restricted cash	2026	2025
Cash and cash equivalents	$1,937,301	$2,084,739
Restricted cash	1,000	1,000
Cash, cash equivalents and restricted cash	$1,938,301	$2,085,739

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.