Tradeweb Markets Inc.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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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.
Jun 30, 2026 · Filed Jul 30, 2026
TW$129.63+1.1%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows for the
Condensed Consolidated Statements of Cash Flows
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income | $439,853 | $343,827 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 122,196 | 125,747 |
| Stock-based compensation expense | 54,865 | 49,096 |
| Digital assets received as revenue | (5,366) | (2,058) |
| Deferred taxes | 38,417 | 14,764 |
| Other (income) loss, net | (6,122) | (16,886) |
| (Increase) decrease in operating assets: | ||
| Receivable from/payable to brokers and dealers and clearing organizations, net | 1,425 | (387) |
| Deposits with clearing organizations | 2,734 | (11,916) |
| Accounts receivable | (53,730) | (35,246) |
| Receivable and due from related parties/payable and due to related parties, net | 5,253 | 20,633 |
| Deferred tax asset as a result of transferable tax credit purchase | — | 17,646 |
| Other assets | (15,277) | (28,728) |
| Increase (decrease) in operating liabilities: | ||
| Accrued compensation | (91,877) | (67,499) |
| Deferred revenue | 9,397 | 9,505 |
| Accounts payable, accrued expenses and other liabilities | (3,832) | 50,896 |
| Net cash provided by operating activities | 497,936 | 469,394 |
| Cash flows from investing activities | ||
| Cash paid for investments | (56,878) | (20,000) |
| Purchases of furniture, equipment, software and leasehold improvements | (17,929) | (7,110) |
| Capitalized software development costs | (36,410) | (29,764) |
| Net cash used in investing activities | (111,217) | (56,874) |
| Cash flows from financing activities | ||
| Share repurchases pursuant to share repurchase programs | (240,549) | (844) |
| Proceeds from stock-based compensation exercises | 2,983 | — |
| Dividends | (59,504) | (51,179) |
| Distributions to non-controlling interests | (10,042) | (12,528) |
| Payroll taxes paid for stock-based compensation | (85,128) | (47,766) |
| Payments on tax receivable agreement liability | (19,024) | (21,437) |
| Net cash used in financing activities | (411,264) | (133,754) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,265) | 11,053 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (26,810) | 289,819 |
| Cash, cash equivalents and restricted cash | ||
| Beginning of period | 2,085,739 | 1,341,302 |
| End of period | $2,058,929 | $1,631,121 |
Condensed Consolidated Statements of Cash Flows - (Continued)
| Six Months Ended | ||
|---|---|---|
| June 30, | ||
| 2026 | 2025 | |
| Supplemental disclosure of cash flow information | ||
| Income taxes paid, net of (refunds) | $112,901 | $45,095 |
| Cash paid for interest | $1,118 | $1,736 |
| 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 | $587 | $926 |
| Unsettled share repurchases and excise tax included in other liabilities | $3,330 | $— |
| Items arising from LLC Interest ownership changes: | ||
| Establishment of liabilities under tax receivable agreement | $— | $— |
| Deferred tax asset | $39,368 | $25,478 |
| June 30, | December 31, | |
| Reconciliation of cash, cash equivalents and restricted cash | 2026 | 2025 |
| Cash and cash equivalents | $2,057,929 | $2,084,739 |
| Restricted cash | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash | $2,058,929 | $2,085,739 |
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