Tradeweb Markets Inc.

Previous wording

We earn revenues, pay expenses, hold assets and incur liabilities in currencies other than the U.S. dollar. Accordingly, fluctuations in foreign currency exchange rates can affect our results of operations from period to period. In particular, fluctuations in exchange rates for non-U.S. dollar currencies may reduce the U.S. dollar value of revenues, earnings and cash flows we receive from non-U.S. markets, increase our operating expenses (as measured in U.S. dollars) in those markets, negatively impact our competitiveness in those markets or otherwise adversely impact our results of operations or financial condition. Future fluctuations of foreign currency exchange rates and their impact on our results of operations and financial condition are inherently uncertain. As we continue to grow the size of our global operations, these fluctuations may be material. See Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency and Derivative Risk” elsewhere in this Quarterly Report on Form 10-Q, for the change in revenue and operating income caused by fluctuations in foreign currency rates used in translation and realized and unrealized gains/losses from foreign currency remeasurement of transactions in nonfunctional currencies during the three months ended March 31, 2026 and 2025.

Current wording

We earn revenues, pay expenses, hold assets and incur liabilities in currencies other than the U.S. dollar. Accordingly, fluctuations in foreign currency exchange rates can affect our results of operations from period to period. In particular, fluctuations in exchange rates for non-U.S. dollar currencies may reduce the U.S. dollar value of revenues, earnings and cash flows we receive from non-U.S. markets, increase our operating expenses (as measured in U.S. dollars) in those markets, negatively impact our competitiveness in those markets or otherwise adversely impact our results of operations or financial condition. Future fluctuations of foreign currency exchange rates and their impact on our results of operations and financial condition are inherently uncertain. As we continue to grow the size of our global operations, these fluctuations may be material. See Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Foreign Currency and Derivative Risk” elsewhere in this Quarterly Report on Form 10-Q, for the change in revenue and operating income caused by fluctuations in foreign currency rates used in translation and realized and unrealized gains/losses from foreign currency remeasurement of transactions in nonfunctional currencies during the three and six months ended June 30, 2026 and 2025.

Previous wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a material impact on the Company’s condensed consolidated statements of financial condition as of March 31, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three months ended March 31, 2026. The Company will continue to evaluate the implications of this legislation on future periods.

Current wording

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a material impact on the Company’s condensed consolidated statements of financial condition as of June 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and six months ended June 30, 2026. The Company will continue to evaluate the implications of this legislation on future periods.

Previous wording

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have a material impact on the Company’s condensed consolidated statements of financial condition as of March 31, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three months ended March 31, 2026 or 2025. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s effective tax rate for the three months ended March 31, 2026 or 2025. The IRA also has not had an impact to our non-GAAP adjusted effective tax rate used for purposes of calculating our non-GAAP measure of Adjusted Net Income for the three months ended March 31, 2026 or 2025.

Current wording

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA established a 15% corporate alternative minimum tax (“CAMT”) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have a material impact on the Company’s condensed consolidated statements of financial condition as of June 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and six months ended June 30, 2026 or 2025. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company’s effective tax rate for the three and six months ended June 30, 2026 or 2025. The IRA also has not had an impact to our non-GAAP adjusted effective tax rate used for purposes of calculating our non-GAAP measure of Adjusted Net Income for the three and six months ended June 30, 2026 or 2025.

Previous wording

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have a material impact on the Company’s condensed consolidated statements of financial condition as of March 31, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three months ended March 31, 2026 or 2025. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.

Current wording

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the “Two Pillar Plan.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have a material impact on the Company’s condensed consolidated statements of financial condition as of June 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and six months ended June 30, 2026 or 2025. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.

Previous wording

In line with our digital asset strategy, currently included in our other revenue is revenue earned for performing Super Validator and Validator services on the Canton Network(collectively “Validator Revenue”). For these services, we earn Canton Coins and the number of Canton Coins earned in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium and the amount of time that our nodes are active during any given minting cycle (with new rounds beginningat regular 10 minute intervals throughout each day), in comparison to other network participants. Validator Revenue is recognized based on the fair value of each Canton Coin at contract inception, which has been deemed to be the start of each validation round, and therefore Validator Revenue will also vary based on any changes in the fair value of the Canton Coin, which may be highly volatile. As our digital asset strategy continues to evolve, in the future, we may also begin earning revenue from applications developed on the Canton Network.

Current wording

In line with our digital asset strategy, currently included in our other revenue is revenue earned for performing Super Validator and Validator services on the Canton Network(collectively “Validator Revenue”). For these services, we earn Canton Coins and the number of Canton Coins earned in a particular period is variable based on the Canton Network’s minting curve and burn-mint equilibrium, the amount of time that our nodes are active during any given minting cycle (with new rounds beginningat regular 10 minute intervals throughout each day) in comparison to other network participants, the network designated weight of each of our validators and, beginning in the second quarter of 2026, our elected tier within the long-term locking commitment framework for Super Validators. Validator Revenue is recognized based on the fair value of each Canton Coin at contract inception, which has been deemed to be the start of each validation round, and therefore Validator Revenue will also vary based on any changes in the fair value of the Canton Coin, which may be highly volatile. As our digital asset strategy continues to evolve, in the future, we may also begin earning revenue from applications developed on the Canton Network.

Previous wording

The tax receivable agreement liability adjustment reflects changes in the tax receivable agreement liability recorded in our condensed consolidated statements of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our estimated future tax savings.

Current wording

The tax receivable agreement liability adjustment reflects changes in the tax receivable agreement liability recorded in our condensed consolidated statements of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our estimated future tax savings. There was no tax receivable agreement liability adjustment during each of the three and six months ended June 30, 2026 and 2025.

Previous wording

(1)Subscription fees for the three months ended March 31, 2026 and 2025 include $26.7 million and $28.9 million, respectively, of LSEG market data fees.

Current wording

(1)Subscription fees for the three months ended June 30, 2026 and 2025 include $26.5 million and $20.6 million, respectively, of LSEG market data fees.

Previous wording

Rates. Revenues from our rates asset class increased by $78.7 million or 29.7% to $344.2 million for the three months ended March 31, 2026 compared to $265.4 million for the three months ended March 31, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products, U.S. government bonds and mortgages.

Current wording

Rates. Revenues from our rates asset class increased by $28.0 million or 10.2% to $302.5 million for the three months ended June 30, 2026 compared to $274.5 million for the three months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products, mortgages and other government bonds.

Previous wording

Average variable fees per million for credit decreased primarily due to certain market participants opting for pricing plans with more fixed fee components as described above, resulting in a shift from variable to fixed revenue within U.S. corporate bonds, along with a mix shift towards credit derivatives, which have a lower variable fee capture compared to overall credit.

Current wording

Average variable fees per million for credit decreased primarily due to a mix shift away from municipal bonds, which have a higher variable fee capture compared to overall credit and towards credit derivatives, which have a lower variable fee capture compared to overall credit.

Previous wording

Equities. Revenues from our equities asset class increased by $9.9 million or 31.5% to $41.3 million for the three months ended March 31, 2026 compared to $31.4 million for the three months ended March 31, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and international ETFs and equity derivative products.

Current wording

Equities. Revenues from our equities asset class increased by $4.6 million or 13.5% to $38.9 million for the three months ended June 30, 2026 compared to $34.3 million for the three months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for equity derivative products and U.S. and international ETFs.

Previous wording

Money Markets. Revenues from our money markets asset class increased by $3.4 million or 7.8% to $47.1 million for the three months ended March 31, 2026 compared to $43.7 million for the three months ended March 31, 2025 primarily due to higher variable transaction fees and commissions on higher average daily balances of money market fund investments made through the ICD Portal and higher trading volumes for repurchase agreements.

Current wording

Money Markets. Revenues from our money markets asset class increased by $2.3 million or 5.6% to $44.0 million for the three months ended June 30, 2026 compared to $41.6 million for the three months ended June 30, 2025 primarily due to higher variable transaction fees and commissions earned on higher average daily balances of money market fund investments made through the ICD Portal and higher trading volumes for repurchase agreements.

Previous wording

Retail. Revenues from our retail client sector decreased by $2.5 million or 6.9% to $33.4 million for the three months ended March 31, 2026 compared to $35.9 million for the three months ended March 31, 2025. The decrease was derived primarily from lower revenues for U.S. corporate and U.S. government bonds.

Current wording

Retail. Revenues from our retail client sector decreased by $4.5 million or 12.0% to $33.1 million for the three months ended June 30, 2026 compared to $37.6 million for the three months ended June 30, 2025. The decrease was derived primarily from lower revenues for municipals and U.S. corporate bonds.

Previous wording

Corporates. Revenues from our corporates client sector increased by $2.2 million or 8.8% to $26.9 million for the three months ended March 31, 2026 compared to $24.7 million for the three months ended March 31, 2025. The primary driver of the increase was higher commissions earned on higher average daily balances of money market fund investments made through the ICD Portal.

Current wording

Corporates. Revenues from our corporates client sector increased by $1.8 million or 8.5% to $23.6 million for the three months ended June 30, 2026 compared to $21.8 million for the three months ended June 30, 2025. The primary driver of the increase was higher commissions earned on higher average daily balances of money market fund investments made through the ICD Portal.

Previous wording

Employee Compensation and Benefits. Expenses related to employee compensation and benefits increased by $20.9 million or 11.8% to $197.8 million for the three months ended March 31, 2026 compared to $176.9 million for the three months ended March 31, 2025. The increase was primarily due to an increase in headcount and related salaries, bonus, benefits and stock-based compensation associated with our continued growth. As of March 31, 2026, December 31, 2025 and March 31, 2025, we had 1,598, 1,569 and 1,435 employees globally, respectively. An increase in incentive compensation tied to our financial performance also contributed to the overall increase in employee compensation and benefits expenses.

Current wording

Employee Compensation and Benefits. Expenses related to employee compensation and benefits were relatively flat at $172.5 million for the three months ended June 30, 2026, an increase of $2.8 million or 1.6% compared to $169.7 million for the three months ended June 30, 2025. As of June 30, 2026, December 31, 2025 and June 30, 2025, we had 1,613, 1,569 and 1,462 employees globally, respectively. The increase in headcount and related salaries, benefits and stock-based compensation associated with our continued growth was partially offset by a decrease in the amount of incentive compensation tied to our financial performance.

Previous wording

Technology and Communications. Expenses related to technology and communications increased by $10.8 million or 37.7% to $39.5 million for the three months ended March 31, 2026 compared to $28.7 million for the three months ended March 31, 2025. The increase was primarily due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period.

Current wording

Technology and Communications. Expenses related to technology and communications increased by $11.8 million or 38.9% to $42.0 million for the three months ended June 30, 2026 compared to $30.2 million for the three months ended June 30, 2025. The increase was primarily due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period. Approximately $5.2 million of the increase was driven by a step-up in costs, which began in the second half of 2025, relating to investments in our data infrastructure strategy and higher reference data costs. As this step-up occurred during the second half of 2025, it is not expected to continue to contribute to significant expense growth in future periods.

Previous wording

General and Administrative. Expenses related to general and administrative costs decreased by $7.8 million or 39.5% to $11.9 million for the three months ended March 31, 2026 compared to $19.7 million for the three months ended March 31, 2025. The decrease was primarily due to a $9.4 million decrease in foreign exchange losses during the three months ended March 31, 2026 compared to the prior year period. Realized and unrealized foreign currency gains totaled $4.0 million during the three months ended March 31, 2026 as compared to $5.4 million in losses during the three months ended March 31, 2025. The change was primarily driven by the change in fair value of our foreign currency forward contracts used in connection with our foreign currency risk management program, partially offset by an increase in foreign currency re-measurement losses on transactions in nonfunctional currencies. The decrease was partially offset by an increase in travel and entertainment costs to support our continued growth.

Current wording

General and Administrative. Expenses related to general and administrative costs decreased by $13.4 million or 44.6% to $16.6 million for the three months ended June 30, 2026 compared to $30.0 million for the three months ended June 30, 2025. The decrease was primarily due to a $17.2 million decrease in foreign exchange losses during the three months ended June 30, 2026 compared to the prior year period. Realized and unrealized foreign currency gains totaled $4.4 million during the three months ended June 30, 2026 as compared to $12.8 million in losses during the three months ended June 30, 2025. The change was primarily driven by the change in fair value of our foreign currency forward contracts used in connection with our foreign currency risk management program, partially offset by a decrease in foreign currency re-measurement gains on transactions in nonfunctional currencies. The overall decrease in general and administrative expenses was partially offset by an increase in travel and entertainment costs to support our continued growth.

Previous wording

Professional Fees. Expenses related to professional fees were relatively flat at $12.3 million for the three months ended March 31, 2026, a decrease of $0.1 million or 1.1% compared to $12.5 million for the three months ended March 31, 2025.

Current wording

Professional Fees. Expenses related to professional fees decreased by $1.4 million or 9.8% to $12.8 million for the three months ended June 30, 2026, compared to $14.2 million for the three months ended June 30, 2025, primarily due to a decrease in professional fees related to acquisition and integration activities.

Previous wording

Occupancy. Expenses related to occupancy costs increased by $3.1 million or 61.5% to $8.2 million for the three months ended March 31, 2026 compared to $5.1 million for the three months ended March 31, 2025. The increase was primarily due to higher office and data center rent expense associated with our global expansion, including the commencement in September 2025 of the lease for our new corporate headquarters in New York City.

Current wording

Occupancy. Expenses related to occupancy costs increased by $2.4 million or 39.1% to $8.4 million for the three months ended June 30, 2026 compared to $6.0 million for the three months ended June 30, 2025. The increase was primarily due to higher office and data center rent expense associated with our global expansion, including the commencement in September 2025 of the lease for our new corporate headquarters in New York City.

Previous wording

Interest income increased by $3.6 million or 26.0% to $17.5 million for the three months ended March 31, 2026 compared to $13.8 million for the three months ended March 31, 2025 primarily due to an increase in our average invested cash balance, partially offset by a decrease in the average interest rates earned period-over-period.

Current wording

Interest income increased by $3.2 million or 21.2% to $18.2 million for the three months ended June 30, 2026 compared to $15.0 million for the three months ended June 30, 2025 primarily due to an increase in our average invested cash balance, partially offset by a decrease in the average interest rates earned period-over-period.

Previous wording

Interest expense was relatively flat at $0.6 million for both the three months ended March 31, 2026 and 2025.

Current wording

Interest expense was relatively flat at $0.5 million for the three months ended June 30, 2026 compared to $0.4 million for the three months ended June 30, 2025.

Previous wording

Income tax expense increased by $16.5 million or 30.9% to $69.8 million for the three months ended March 31, 2026 compared to $53.3 million for the three months ended March 31, 2025. The provision for income taxes includes U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended March 31, 2026 was approximately 23.0%, compared with 24.0% for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2026 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the Foreign-Derived Intangible Income (“FDII”) deduction and benefits associated with purchasing transferable tax credits at a discount. The effective tax rate for the three months ended March 31, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests and the FDII deduction.

Current wording

Income tax expense increased by $12.0 million or 23.2% to $63.5 million for the three months ended June 30, 2026 compared to $51.5 million for the three months ended June 30, 2025. The provision for income taxes includes U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended June 30, 2026 was approximately 23.5%, compared with 22.7% for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the Foreign-Derived Deduction Eligible Income (“FDDEI”) deduction and benefits associated with purchasing transferable tax credits at a discount. The effective tax rate for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the FDDEI deduction.

Previous wording

Credit. Revenues from our credit asset class increased by $14.2 million or 11.5% to $138.2 million for the three months ended March 31, 2026 compared to $124.0 million for the three months ended March 31, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for credit derivatives products and European corporate bonds. The increase in fixed revenue was primarily driven by certain market participants for U.S. corporate bonds switching during 2025 from fully variable pricing plans to pricing plans that include minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue.

Current wording

Credit. Revenues from our credit asset class increased by $18.3 million or 7.4% to $266.6 million for the six months ended June 30, 2026 compared to $248.3 million for the six months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for credit derivatives products and European corporate bonds, partially offset by lower variable transaction fees and commissions on lower trading volumes for municipals. There was also an increase in fixed revenues primarily driven by certain market participants for U.S corporate bonds switching during 2025 from fully variable pricing plans to pricing plans that include minimum fee floors or subscription fees, resulting in a shift of a portion of revenues from variable to fixed revenue.

Previous wording

Market Data. Revenues from our market data asset class decreased by $1.8 million or 4.6% to $36.9 million for the three months ended March 31, 2026 compared to $38.7 million for the three months ended March 31, 2025. The decrease was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025 and was partially offset by growth in our proprietary market data revenues. The amended market data license agreement resulted in a change in the timing of delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the first quarter of 2026 that was partially offset by higher overall fees under the amended agreement. During the three months ended March 31, 2025, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026 and totaling $2.2 million of revenue during the three months ended March 31, 2026.

Current wording

Market Data. Revenues from our market data asset class increased by $5.1 million or 7.4% to $74.2 million for the six months ended June 30, 2026 compared to $69.1 million for the six months ended June 30, 2025. The increase was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025, as well as growth in our proprietary market data revenues. The amended market data license agreement included higher overall fees that were partially offset by a change in the timing of the delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the six months ended June 30, 2026. Under the previous agreement, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026, resulting in $4.5 million of revenue recognized during the six months ended June 30, 2026.

Previous wording

Other. Revenues from our other asset class increased by $3.6 million or 56.2% to $10.0 million for the three months ended March 31, 2026 compared to $6.4 million for the three months ended March 31, 2025 primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.

Current wording

Other. Revenues from our other asset class increased by $3.7 million or 25.7% to $17.9 million for the six months ended June 30, 2026 compared to $14.3 million for the six months ended June 30, 2025 primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.

Previous wording

Institutional. Revenues from our institutional client sector increased by $96.9 million or 31.4% to $404.9 million for the three months ended March 31, 2026 compared to $308.1 million for the three months ended March 31, 2025. The increase was derived primarily from higher revenues for rates and credit derivatives products, U.S. and international ETFs, U.S. and European government bonds and mortgages, as well as an increase in digital asset revenue earned for performing validation services on the Canton Network.

Current wording

Institutional. Revenues from our institutional client sector increased by $130.3 million or 20.7% to $760.3 million for the six months ended June 30, 2026 compared to $630.0 million for the six months ended June 30, 2025. The increase was derived primarily from higher revenues for rates and credit derivatives products, U.S. and European government bonds, mortgages and U.S. and international ETFs.

Previous wording

Wholesale. Revenues from our wholesale client sector increased by $13.3 million or 13.0% to $115.6 million for the three months ended March 31, 2026, compared to $102.3 million for the three months ended March 31, 2025. The increase was derived primarily from higher revenues for U.S. and European corporate bonds, U.S. government bonds, mortgages and repurchase agreements.

Current wording

Wholesale. Revenues from our wholesale client sector increased by $21.7 million or 10.6% to $225.2 million for the six months ended June 30, 2026 compared to $203.5 million for the six months ended June 30, 2025. The increase was derived primarily from higher revenues for U.S. and European corporate bonds, U.S. government bonds, mortgages and repurchase agreements.

Previous wording

Market Data. Revenues from our market data client sector decreased by $1.8 million or 4.6% to $36.9 million for the three months ended March 31, 2026 compared to $38.7 million for the three months ended March 31, 2025. The decrease was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025 and was partially offset by growth in our proprietary market data revenues. The amended market data license agreement resulted in a change in the timing of delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the first quarter of 2026 that was partially offset by higher overall fees under the amended agreement. During the three months ended March 31, 2025, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026 and totaling $2.2 million of revenue during the three months ended March 31, 2026.

Current wording

Market Data. Revenues from our market data client sector increased by $5.1 million or 7.4% to $74.2 million for the six months ended June 30, 2026 compared to $69.1 million for the six months ended June 30, 2025. The increase was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025, as well as growth in our proprietary market data revenues. The amended market data license agreement included higher overall fees that were partially offset by a change in the timing of the delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding decrease in revenue during the six months ended June 30, 2026. Under the previous agreement, $8.4 million of revenue was recognized from the periodic delivery of historical data sets delivered and recognized all in January 2025, as compared to quarterly delivery of historical data sets under the amended agreement beginning in the first quarter of 2026, resulting in $4.5 million of revenue recognized during the six months ended June 30, 2026.

Previous wording

U.S. Revenues from U.S. clients increased by $45.8 million or 15.4% to $343.7 million for the three months ended March 31, 2026 compared to $297.9 million for the three months ended March 31, 2025 primarily due to higher revenues for rates derivatives products, U.S. government bonds, mortgages, U.S. ETFs and U.S. corporate bonds as well as higher digital asset revenue earned for performing validation services on the Canton Network.

Current wording

U.S. Revenues from U.S. clients increased by $61.8 million or 10.4% to $657.5 million for the six months ended June 30, 2026 compared to $595.7 million for the six months ended June 30, 2025 primarily due to higher revenues for rates derivatives products, mortgages, U.S. government bonds, U.S. corporate bonds, U.S. ETFs and higher commissions earned on higher average daily balances of money market fund investments made through the ICD Portal.

Previous wording

International. Revenues from international clients increased by $62.3 million or 29.4% to $274.1 million for the three months ended March 31, 2026 compared to $211.8 million for the three months ended March 31, 2025 primarily due to higher revenues for rates and credit derivatives products, international ETFs, European and other government bonds and European corporate bonds.

Current wording

International. Revenues from international clients increased by $92.2 million or 21.6% to $519.2 million for the six months ended June 30, 2026 compared to $427.0 million for the six months ended June 30, 2025 primarily due to higher revenues for rates and credit derivatives products, international ETFs, European corporate bonds and European and other government bonds.

Previous wording

While inflation may impact our revenues and operating expenses, we believe the effects of inflation, if any, on our results of operations and financial condition have not been significant during each of the three months ended March 31, 2026 and 2025. However, there can be no assurance that our results of operations and financial condition will not be materially impacted by inflation in the future. See “— Trends and Other Factors Impacting Our Performance —Economic Environment” above.

Current wording

While inflation may impact our revenues and operating expenses, we believe the effects of inflation, if any, on our results of operations and financial condition have not been significant during each of the three and six months ended June 30, 2026 and 2025. However, there can be no assurance that our results of operations and financial condition will not be materially impacted by inflation in the future. See “— Trends and Other Factors Impacting Our Performance —Economic Environment” above.

Previous wording

As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $1.9 billion and $2.1 billion, respectively. All cash and cash equivalents were held in accounts with financial institutions or money market funds such that the funds are immediately available or in fixed term deposits or investments with a maximum maturity of three months. See Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Credit Risk.”

Current wording

As of both June 30, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $2.1 billion. All cash and cash equivalents were held in accounts with financial institutions or money market funds such that the funds are immediately available or in fixed term deposits or investments with a maximum maturity of three months. See Item 3. “Quantitative and Qualitative Disclosures About Market Risk — Credit Risk.”

Previous wording

On April 29, 2026, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.14 per share of Class A common stock and Class B common stock for the second quarter of 2026. This dividend will be payable on June 15, 2026 to stockholders of record as of June 1, 2026.

Current wording

On July 30, 2026, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $0.14 per share of Class A common stock and Class B common stock for the third quarter of 2026. This dividend will be payable on September 15, 2026 to stockholders of record as of September 1, 2026.

Previous wording

In March 2026, Tradeweb Markets Inc. paid quarterly cash dividends to holders of Class A common stock and Class B common stock in an aggregate amount totaling $29.8 million during the three months ended March 31, 2026.

Current wording

In March and June 2026, Tradeweb Markets Inc. paid quarterly cash dividends to holders of Class A common stock and Class B common stock in an aggregate amount totaling $59.5 million during the six months ended June 30, 2026.

Previous wording

On April 29, 2026, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $24.5 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of June 1, 2026 payable on June 11, 2026.

Current wording

On July 30, 2026, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $41.3 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of September 1, 2026 payable on September 11, 2026.

Previous wording

In March 2026, TWM LLC made quarterly cash distributions to its equityholders in an aggregate amount of $78.1 million during the three months ended March 31, 2026, including distributions to Tradeweb Markets Inc. of $70.4 million and distributions to non-controlling interests of $7.6 million. The proceeds of the cash distributions were used by Tradeweb Markets Inc. to fund dividend payments, taxes and expenses.

Current wording

In March and June 2026, TWM LLC made quarterly cash distributions to its equityholders in an aggregate amount of $102.6 million during the six months ended June 30, 2026, including distributions to Tradeweb Markets Inc. of $92.6 million and distributions to non-controlling interests of $10.0 million. The proceeds of the cash distributions were used by Tradeweb Markets Inc. to fund dividend payments, taxes and expenses.

Previous wording

On December 5, 2022, the board of directors authorized a share repurchase program for the purchase of up to $300.0 million of our Class A common stock (the “2022 Share Repurchase Program”). During the three months ended March 31, 2026, the Company acquired a total of 482,621 shares of Class A common stock at an average price of $105.10, for purchases totaling $50.7 million, pursuant to the 2022 Share Repurchase Program. As of March 31, 2026, a total of $23.2 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

Current wording

On December 5, 2022, the board of directors authorized a share repurchase program for the purchase of up to $300.0 million of our Class A common stock (the “2022 Share Repurchase Program”). During the six months ended June 30, 2026, the Company acquired a total of 706,028 shares of Class A common stock at an average price of $104.76, for purchases totaling $74.0 million, pursuant to the 2022 Share Repurchase Program. As of June 30, 2026, no shares remained available for repurchase pursuant to the 2022 Share Repurchase Program.

Previous wording

On February 5, 2026, the board of directors authorized a new share repurchase program for the purchase of up to $500.0 million of our Class A common stock (the “2026 Share Repurchase Program”) once the 2022 Share Repurchase Program has been exhausted. As of March 31, 2026, a total of $500.0 million remained available for repurchase pursuant to the 2026 Share Repurchase Program.

Current wording

On February 5, 2026, the board of directors authorized a new share repurchase program for the purchase of up to $500.0 million of our Class A common stock (the “2026 Share Repurchase Program”), which became available once the 2022 Share Repurchase Program was exhausted. During the six months ended June 30, 2026, the Company acquired a total of 1,684,901 shares of Class A common stock at an average price of $98.35, for purchases totaling $165.7 million, pursuant to the 2026 Share Repurchase Program. As of June 30, 2026, a total of $334.3 million remained available for repurchase pursuant to the 2026 Share Repurchase Program.

Previous wording

During the three months ended March 31, 2026, the Company withheld 765,130 shares of common stock from employee stock option, PRSU, PSU and RSU awards, at an average price per share of $111.06 and an aggregate value of $85.0 million, based on the price of the Class A common stock on the date the relevant withholding occurred.

Current wording

During the six months ended June 30, 2026, the Company withheld 766,629 shares of common stock from employee stock option, PRSU, PSU and RSU awards, at an average price per share of $111.04 and an aggregate value of $85.1 million, based on the price of the Class A common stock on the date the relevant withholding occurred.

Previous wording

We are obligated to make payments under the Tax Receivable Agreement. See Note 6 – Tax Receivable Agreement to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding the requirements for these payments. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect the payments required will be significant. Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flows that might have otherwise been available to us or to TWM LLC. These payments will offset some of the tax benefits that we expect to realize as a result of the ownership structure of TWM LLC. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us. The first payment of the Tax Receivable Agreement was made in January 2021. As of March 31, 2026, total amounts due to Continuing LLC Owners under the Tax Receivable Agreement were $335.8 million, substantially all due to be paid over 15 years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. As of March 31, 2026, we expect to make tax receivable agreement liability payments of approximately $22.9 million within the next 12 months and approximately $312.9 million thereafter.

Current wording

We are obligated to make payments under the Tax Receivable Agreement. See Note 6 – Tax Receivable Agreement to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding the requirements for these payments. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect the payments required will be significant. Any payments made by us under the Tax Receivable Agreement will generally reduce the amount of overall cash flows that might have otherwise been available to us or to TWM LLC. These payments will offset some of the tax benefits that we expect to realize as a result of the ownership structure of TWM LLC. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us. The first payment of the Tax Receivable Agreement was made in January 2021. As of June 30, 2026, total amounts due to Continuing LLC Owners under the Tax Receivable Agreement were $317.5 million, substantially all due to be paid over 15 years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. As of June 30, 2026, we expect to make tax receivable agreement liability payments of approximately $29.0 million within the next 12 months and approximately $288.5 million thereafter.

Previous wording

As of March 31, 2026, our operating lease liabilities totaled $142.8 million, with payments pursuant to these obligations due within the next 12 months and thereafter totaling $22.0 million and $175.3 million, respectively.

Current wording

As of June 30, 2026, our operating lease liabilities totaled $150.3 million, with payments pursuant to these obligations due within the next 12 months and thereafter totaling $23.6 million and $182.2 million, respectively.