Tradeweb Markets Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
View on SEC.govAbout 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.
Sep 30, 2026 · Filed Oct 29, 2026
TW$127.73+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001758730-26-000133
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001758730-26-000144
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 270 previous paragraphs and 274 current paragraphs.
170 unchanged; 88 reworded; 16 added; 12 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Recent Developments
Current report
Acquisition of Trumid
Current report
On October 19, 2026, Tradeweb Markets LLC entered into a definitive agreement (the “Trumid Transaction Agreement”) for Tradeweb Markets LLC to acquire directly and indirectly all of the outstanding equity interests of Trumid Holdings, LLC (“Trumid”). See Note 16 – Subsequent Events to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on this pending acquisition.
Current report
Average variable fees per million for rates decreased primarily due to a decrease in average variable fees per million for rates derivatives driven primarily by shifts in the mix and duration of derivative products traded.
Current report
Credit. Revenues from our credit asset class increased by $11.7 million or 9.6% to $133.0 million for the three months ended September 30, 2026 compared to $121.3 million for the three months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. corporate bonds, credit derivatives products, municipals and other credit bonds.
Current report
Money Markets. Revenues from our money markets asset class were relatively flat at $44.2 million for the three months ended September 30, 2026 an increase of $1.3 million or 3.0% compared to $42.9 million for the three months ended September 30, 2025.
Current report
Other. Revenues from our other asset class decreased by $1.6 million or 17.3% to $7.6 million for the three months ended September 30, 2026 compared to $9.2 million for the three months ended September 30, 2025 primarily due to lower digital asset revenue earned for performing validation services on the Canton Network, driven by scheduled changes in the Canton Network’s minting curve and its allocation of rewards to Super Validators and lower software development and implementation revenue on behalf of certain clients.
Current report
Corporates. Revenues from our corporates client sector were relatively flat at $23.5 million for the three months ended September 30, 2026 an increase of $0.2 million or 1.0% compared to $23.2 million for the three months ended September 30, 2025.
Current report
Depreciation and Amortization. Expenses related to depreciation and amortization decreased by $2.0 million or 3.2% to $62.3 million for the three months ended September 30, 2026 compared to $64.4 million for the three months ended September 30, 2025. The decrease was primarily due to content and data intangible assets recognized in connection with the 2018 Refinitiv Transaction that were fully amortized as of the end of the third quarter of 2025, partially offset by an increase in amortization of software development costs driven by increases in investment in our infrastructure and the relocation of our New York City corporate headquarters during September 2025.
Current report
For the Nine Months Ended September 30, 2026 and September 30, 2025
Current report
Our total revenue by asset class for the nine months ended September 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Current report
Wholesale. Revenues from our wholesale client sector increased by $32.8 million or 10.8% to $335.7 million for the nine months ended September 30, 2026 compared to $302.9 million for the nine months ended September 30, 2025. The increase was derived primarily from higher revenues for U.S. corporate bonds, U.S. government bonds, European corporate bonds, repurchase agreements and equity derivative products.
Current report
Depreciation and Amortization. Expenses related to depreciation and amortization decreased $5.6 million or 2.9% to $184.5 million for the nine months ended September 30, 2026 compared to $190.1 million for the nine months ended September 30, 2025. The decrease was primarily due to content and data intangible assets recognized in connection with the 2018 Refinitiv Transaction that were fully amortized as of the end of the third quarter of 2025, partially offset by an increase in amortization of software development costs driven by increases in investment in our infrastructure and the relocation of our New York City corporate headquarters during September 2025.
Current report
On October 19, 2026, Tradeweb Markets LLC entered into the Trumid Transaction Agreement for Tradeweb Markets LLC to acquire directly and indirectly all of the outstanding equity interests of Trumid for $1.97 billion, which will consist of $1.89 billion payable in cash, subject to customary adjustments, and $82.0 million in equity. The closing of the acquisition is subject to the satisfaction of regulatory approvals as well as other customary closing conditions, and currently targeted to close in the first half 2027, although no assurance can be given in that regard. The cash portion of the purchase consideration is expected to be funded primarily through cash on hand.
Current report
Current liabilities increased to $624.5 million as of September 30, 2026 from $521.4 million as of December 31, 2025 primarily due to an increase in payable to brokers and dealers and clearing organizations resulting from an increase in unsettled wholesale transactions and a higher value of fails to receive, all of which settled in October 2026.
Current report
Our cash flows for the nine months ended September 30, 2026 and 2025 were as follows:
Removed paragraphs (12)
Previous report
Average variable fees per million for rates decreased primarily due to a mix shift towards swaps and swaptions with tenors of less than one year, which have a lower variable fee capture compared to overall rates.
Previous report
Credit. Revenues from our credit asset class increased by $4.1 million or 3.3% to $128.4 million for the three months ended June 30, 2026 compared to $124.3 million for the three months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and European corporate bonds and credit derivatives products, partially offset by lower trading volumes and revenues for municipal bonds.
Previous report
Other. Revenues from our other asset class remained relatively flat at $7.9 million for both the three months ended June 30, 2026 and 2025.
Previous report
Wholesale. Revenues from our wholesale client sector increased by $8.4 million or 8.3% to $109.6 million for the three months ended June 30, 2026 compared to $101.2 million for the three months ended June 30, 2025. The increase was derived primarily from higher revenues for U.S. and European corporate bonds, mortgages and repurchase agreements.
Previous report
Depreciation and Amortization. Expenses related to depreciation and amortization were relatively flat at $61.5 million for the three months ended June 30, 2026, a decrease of $1.6 million or 2.5% compared to $63.0 million for the three months ended June 30, 2025.
Previous report
For the Six Months Ended June 30, 2026 and June 30, 2025
Previous report
Our total revenue by asset class for the six months ended June 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Previous report
Money Markets. Revenues from our money markets asset class increased by $5.7 million or 6.7% to $91.1 million for the six months ended June 30, 2026 compared to $85.3 million for the six months ended June 30, 2025 primarily due to the 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 report
Corporates. Revenues from our corporates client sector increased by $4.0 million or 8.6% to $50.5 million for the six months ended June 30, 2026 compared to $46.5 million for the six 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 report
Depreciation and Amortization. Expenses related to depreciation and amortization were relatively flat at $122.2 million for the six months ended June 30, 2026, a decrease of $3.6 million or 2.8% compared to $125.7 million for the six months ended June 30, 2025.
Previous report
Current liabilities decreased to $435.1 million as of June 30, 2026 from $521.4 million as of December 31, 2025 primarily due to a decrease in accrued compensation as a result of annual bonus payments, which occurred during the six months ended June 30, 2026, as well as a decrease in taxes payable as a result of the purchase of transferable tax credits and other tax payments during the six months ended June 30, 2026.
Previous report
Our cash flows for the six months ended June 30, 2026 and 2025 were as follows:
Reworded paragraphs (88)
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 and six months ended June 30, 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 nine months ended September 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 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.
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 September 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and nine months ended September 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 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.
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 September 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and nine months ended September 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 nine months ended September 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 nine months ended September 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 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.
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 September 30, 2026 or December 31, 2025 or the Company’s condensed consolidated statements of income or cash flows for the three and nine months ended September 30, 2026 or 2025. The Company continues to monitor developments related to the global tax reform and is awaiting further legislative updates.
Previous wording
Technology and communications expense consists of costs relating to software and hardware maintenance, our internal network connections, data center costs, clearance and other trading platform related transaction costs and data feeds provided by third-party service providers, including LSEG. Factors that influence technology and communications expense include trading volumes and our investments in innovation, data strategy and cybersecurity.
Current wording
Technology and communications expense consists of costs relating to software and hardware maintenance, including software subscription and usage fees, including for generative artificial intelligence (“AI”) tools, our internal network connections, data center costs, clearance and other trading platform related transaction costs and data feeds provided by third-party service providers, including LSEG. Factors that influence technology and communications expense include trading volumes and our investments in innovation, AI, data strategy and cybersecurity.
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. There was no tax receivable agreement liability adjustment during each of the three and six months ended June 30, 2026 and 2025.
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 nine months ended September 30, 2026 and 2025.
Previous wording
Interest income consists primarily of interest earned from our cash deposited with large commercial banks and money market funds, as well as interest earned from our investments in available-for-sale debt securities.
Current wording
Interest income consists primarily of interest earned from our cash deposited with large commercial banks and money market funds, as well as interest earned from any investments in available-for-sale debt securities.
Previous wording
LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis. In the event of such election by a Continuing LLC Owner, we may, at our option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In connection with any redemption or exchange, we will receive a corresponding number of LLC Interests, increasing our total ownership interest in TWM LLC. As of June 30, 2026, we owned 90.2% of TWM LLC and Continuing LLC Owners owned the remaining 9.8% of TWM LLC.
Current wording
LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis. In the event of such election by a Continuing LLC Owner, we may, at our option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In connection with any redemption or exchange, we will receive a corresponding number of LLC Interests, increasing our total ownership interest in TWM LLC. As of September 30, 2026, we owned 90.1% of TWM LLC and Continuing LLC Owners owned the remaining 9.9% of TWM LLC.
Previous 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.
Current wording
(1)Subscription fees for the three months ended September 30, 2026 and 2025 include $26.5 million and $20.5 million, respectively, of LSEG market data fees.
Previous wording
Our strong second quarter 2026 results reflected broad-based momentum across our global business despite a more normalized market volatility backdrop. The primary driver of the $46.0 million increase in revenue was related to a $35.6 million increase in transaction fees and commissions to $465.3 million for the three months ended June 30, 2026 from $429.8 million for the three months ended June 30, 2025, primarily due to higher revenues for rates derivatives products, mortgages, U.S. and European corporate bonds, equity derivative products, international and U.S. exchange traded funds (“ ETFs”), as well as higher commissions on higher average daily balances of money market fund investments made through the ICD Portal.
Current wording
Our third quarter 2026 results reflected growing momentum across our global business, against a backdrop of rising yields, shifting interest rate expectations and elevated issuance. As investors navigate a rapidly changing fixed income landscape, they are increasingly looking to technology and a broader range of trading protocols to execute efficiently and manage risk. The primary driver of the $75.9 million increase in revenue was related to a $70.5 million increase in transaction fees and commissions to $491.8 million for the three months ended September 30, 2026 from $421.3 million for the three months ended September 30, 2025, primarily due to higher revenues for rates derivatives products, U.S. government bonds, U.S. corporate bonds, U.S. exchange traded funds (“ ETFs”), credit and equity derivative products and European government bonds.
Previous 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.
Current wording
Rates. Revenues from our rates asset class increased by $50.0 million or 18.2% to $324.5 million for the three months ended September 30, 2026 compared to $274.5 million for the three months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products and U.S. government bonds.
Previous 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.
Current wording
Average variable fees per million for credit decreased primarily due to a mix shift away from European corporate bonds and municipal bonds, which both 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 $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.
Current wording
Equities. Revenues from our equities asset class increased by $8.6 million or 28.8% to $38.4 million for the three months ended September 30, 2026 compared to $29.8 million for the three months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and international ETFs and equity derivative products.
Previous wording
Average variable fees per million for equities decreased primarily due to a mix shift towards U.S. ETFs and away from international ETFs. U.S. ETFs have a lower variable fee capture compared to international ETFs.
Current wording
Average variable fees per million for equities increased primarily due to a mix shift towards cash equities, which have a higher variable fee capture compared to overall equities and away from equity derivatives, which have a lower variable fee capture compared to overall equities.
Previous wording
Market Data. Revenues from our market data asset class increased by $6.9 million or 22.6% to $37.3 million for the three months ended June 30, 2026 compared to $30.4 million for the three 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 and 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 increase in revenue during the second quarter of 2026.
Current wording
Market Data. Revenues from our market data asset class increased by $6.1 million or 19.6% to $36.9 million for the three months ended September 30, 2026 compared to $30.8 million for the three months ended September 30, 2025. The increase was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025. The amended market data license agreement included higher overall fees and 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 increase in revenue during the third quarter of 2026.
Previous wording
Institutional. Revenues from our institutional client sector increased by $33.4 million or 10.4% to $355.4 million for the three months ended June 30, 2026 compared to $321.9 million for the three months ended June 30, 2025. The increase was derived primarily from higher revenues for rates derivatives products, U.S., European and other government bonds, mortgages, U.S. and international ETFs and equity derivative products.
Current wording
Institutional. Revenues from our institutional client sector increased by $57.5 million or 18.1% to $374.6 million for the three months ended September 30, 2026 compared to $317.1 million for the three months ended September 30, 2025. The increase was derived primarily from higher revenues for rates derivatives products, U.S. and international ETFs, credit derivatives products and U.S., European and other government bonds.
Previous 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.
Current wording
Wholesale. Revenues from our wholesale client sector increased by $11.1 million or 11.2% to $110.5 million for the three months ended September 30, 2026 compared to $99.4 million for the three months ended September 30, 2025. The increase was derived primarily from higher revenues for U.S. government bonds, U.S. corporate bonds, equity and rates derivatives products and repurchase agreements.
Previous 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.
Current wording
Retail. Revenues from our retail client sector increased by $1.1 million or 2.8% to $39.1 million for the three months ended September 30, 2026 compared to $38.0 million for the three months ended September 30, 2025. The increase was derived primarily from higher revenues for municipals.
Previous wording
Market Data. Revenues from our market data client sector increased by $6.9 million or 22.6% to $37.3 million for the three months ended June 30, 2026 compared to $30.4 million for the three 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 and 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 increase in revenue during the second quarter of 2026.
Current wording
Market Data. Revenues from our market data client sector increased by $6.1 million or 19.6% to $36.9 million for the three months ended September 30, 2026 compared to $30.8 million for the three months ended September 30, 2025. The increase was primarily due to amendments to our LSEG market data license agreement which were effective in November 2025. The amended market data license agreement included higher overall fees and 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 increase in revenue during the third quarter of 2026.
Previous wording
U.S. Revenues from U.S. clients increased by $16.1 million or 5.4% to $313.9 million for the three months ended June 30, 2026 compared to $297.8 million for the three months ended June 30, 2025 primarily due to higher revenues for LSEG market data fees, mortgages, U.S. government bonds, rates derivatives products, U.S. corporate bonds and higher commissions earned on higher average daily balances of money market fund investments made through the ICD Portal, partially offset by lower revenues for municipals.
Current wording
U.S. Revenues from U.S. clients increased by $28.6 million or 9.6% to $326.0 million for the three months ended September 30, 2026 compared to $297.4 million for the three months ended September 30, 2025 primarily due to higher revenues for U.S. government bonds, U.S. ETFs, U.S. corporate bonds, LSEG market data fees and rates and credit derivatives products.
Previous wording
International. Revenues from international clients increased by $29.9 million or 13.9% to $245.1 million for the three months ended June 30, 2026 compared to $215.2 million for the three months ended June 30, 2025 primarily due to higher revenues for rates derivatives products, European corporate bonds, LSEG market data fees, European and other government bonds, international ETFs and equity derivative products.
Current wording
International. Revenues from international clients increased by $47.3 million or 22.4% to $258.5 million for the three months ended September 30, 2026 compared to $211.2 million for the three months ended September 30, 2025 primarily due to higher revenues for rates derivatives products, LSEG market data fees, U.S. and other government bonds, credit derivatives products and international ETFs.
Previous 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.
Current wording
Employee Compensation and Benefits. Expenses related to employee compensation and benefits increased by $13.9 million or 8.4% to $178.9 million for the three months ended September 30, 2026 compared to $165.0 million for the three months ended September 30, 2025. The increase was primarily due to an increase in incentive compensation expense tied to our financial performance and an increase in headcount and related salaries, benefits and stock-based compensation associated with our continued growth. As of September 30, 2026, December 31, 2025 and September 30, 2025, we had 1,661, 1,569 and 1,566 employees globally, respectively.
Previous 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.
Current wording
Technology and Communications. Expenses related to technology and communications increased by $10.8 million or 31.8% to $44.6 million for the three months ended September 30, 2026 compared to $33.9 million for the three months ended September 30, 2025. The increase was primarily due to increased investment in our AI and data strategy and infrastructure, as well as higher data and clearance fees, which were driven primarily by higher trading volumes period-over-period.
Previous wording
General and Administrative. Expenses related to general and administrative costs decreased by $21.2 million or 42.6% to $28.6 million for the six months ended June 30, 2026 compared to $49.7 million for the six months ended June 30, 2025. The decrease was primarily due to a $26.6 million decrease in foreign exchange losses during the six months ended June 30, 2026 compared to the prior year period. Realized and unrealized foreign currency gains totaled $8.4 million during the six months ended June 30, 2026 as compared to $18.2 million in losses during the six 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.
Current wording
General and Administrative. Expenses related to general and administrative costs were relatively flat at $17.3 million for the three months ended September 30, 2026, an increase of $0.4 million or 2.6% compared to $16.9 million for the three months ended September 30, 2025. The increase was primarily due to an increase in travel and entertainment and other costs to support our continued growth which was offset by a $3.3 million increase in foreign exchange gains during the three months ended September 30, 2026 compared to the prior year period. Realized and unrealized foreign currency gains totaled $3.6 million during the three months ended September 30, 2026 as compared to $0.3 million in gains during the three months ended September 30, 2025.
Previous 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.
Current wording
Professional Fees. Expenses related to professional fees increased by $8.3 million or 72.1% to $19.8 million for the three months ended September 30, 2026 compared to $11.5 million for the three months ended September 30, 2025, primarily due to higher technology consulting expenses and an increase in professional fees primarily related to mergers and acquisitions and other strategic investing activities.
Previous 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.
Current wording
Occupancy. Expenses related to occupancy costs increased by $1.5 million or 22.9% to $8.2 million for the three months ended September 30, 2026 compared to $6.6 million for the three months ended September 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 $3.2 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.
Current wording
Interest income decreased by $2.0 million or 9.8% to $18.4 million for the three months ended September 30, 2026 compared to $20.3 million for the three months ended September 30, 2025 primarily due to interest earned on a federal income tax refund received during the three months ended September 30, 2025 and a decrease in the average interest rates earned period-over-period, partially offset by an increase in our average invested cash balance.
Previous 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.
Current wording
Interest expense remained flat at $0.5 million for the three months ended September 30, 2026 and 2025.
Previous wording
Other income was $7.3 million for the three months ended June 30, 2026, primarily due to $26.6 million in unrealized gains on minority equity investments without a readily determinable fair value, based on the price from observable transactions of similar investments of the same issuers, partially offset by a $15.1 million unrealized loss relating to a decrease in fair value of our Canton Coin holdings, a $3.7 million decrease in fair value of our investment in CNTN and a $0.5 million loss from our equity method investments. Other income was $12.7 million for the three months ended June 30, 2025 due to an $18.1 million unrealized gain relating to the increase in fair value of our Canton Coin holdings, partially offset by a $5.4 million loss due to the impairment on a minority equity investment.
Current wording
Other income was $18.7 million for the three months ended September 30, 2026, primarily due to the reclassification of $27.5 million of unrealized gains from accumulated other comprehensive income into other income upon the July 1, 2026 conversion of the Company’s convertible note into publicly traded common shares of SECZ and $14.4 million in unrealized gains on a minority equity investment without a readily determinable fair value, based on the price from observable transactions of similar investments of the same issuers, partially offset by a $24.0 million unrealized loss relating to a decrease in fair value of our Canton Coin holdings. Other income was $39.4 million for the three months ended September 30, 2025, primarily due to realized and unrealized gains on Canton Coin holdings, which totaled $43.2 million, partially offset by a $3.8 million loss due to impairments of minority equity investments.
Previous 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.
Current wording
Income tax expense increased by $6.0 million or 10.2% to $65.1 million for the three months ended September 30, 2026 compared to $59.1 million for the three months ended September 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 September 30, 2026 was approximately 22.4%, compared with 21.9% for the three months ended September 30, 2025. The effective tax rate for the three months ended September 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 a return-to-provision adjustment. The effective tax rate for the three months ended September 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
The following table sets forth a summary of our statements of income for the six months ended June 30, 2026 and 2025:
Current wording
The following table sets forth a summary of our statements of income for the nine months ended September 30, 2026 and 2025:
Previous wording
Our revenues for the six months ended June 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Current wording
Our revenues for the nine months ended September 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Previous wording
(1)Subscription fees for the six months ended June 30, 2026 and 2025 include $53.2 million and $49.5 million, respectively, of LSEG market data fees.
Current wording
(1)Subscription fees for the nine months ended September 30, 2026 and 2025 include $79.8 million and $70.0 million, respectively, of LSEG market data fees.
Previous wording
The primary driver of the $154.1 million increase in revenue related to a $138.1 million increase in transaction fees and commissions to $989.2 million for the six months ended June 30, 2026 from $851.1 million for the six months ended June 30, 2025, primarily due to higher revenues for rates derivatives products, mortgages, credit derivative products, U.S. and international ETFs, U.S. government bonds, U.S. and European corporate bonds, as well as higher commissions earned on higher average daily balances of money market fund investments made through the ICD Portal.
Current wording
The primary driver of the $230.0 million increase in revenue related to a $208.5 million increase in transaction fees and commissions to $1.5 billion for the nine months ended September 30, 2026 from $1.3 billion for the nine months ended September 30, 2025, primarily due to higher revenues for rates derivatives products, U.S. government bonds, credit derivatives products, U.S. corporate bonds, U.S. and international ETFs, mortgages and equity derivatives products.
Previous wording
Our variable and fixed revenues by asset class for thesix months ended June 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Current wording
Our variable and fixed revenues by asset class for thenine months ended September 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
Previous wording
Rates. Revenues from our rates asset class increased by $106.7 million or 19.8% to $646.7 million for the six months ended June 30, 2026 compared to $539.9 million for the six months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products, mortgages and U.S. and other government bonds.
Current wording
Rates. Revenues from our rates asset class increased by $156.7 million or 19.2% to $971.1 million for the nine months ended September 30, 2026 compared to $814.4 million for the nine months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for rates derivatives products, U.S., European and other government bonds and mortgages.
Previous 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.
Current wording
Credit. Revenues from our credit asset class increased by $30.0 million or 8.1% to $399.6 million for the nine months ended September 30, 2026 compared to $369.6 million for the nine months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for credit derivatives products and U.S. and European corporate bonds and other credit bonds. 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
Equities. Revenues from our equities asset class increased by $14.5 million or 22.1% to $80.2 million for the six months ended June 30, 2026 compared to $65.7 million for the six months ended June 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and international ETFs and equity derivatives products.
Current wording
Equities. Revenues from our equities asset class increased by $23.1 million or 24.2% to $118.6 million for the nine months ended September 30, 2026 compared to $95.5 million for the nine months ended September 30, 2025 primarily due to higher variable transaction fees and commissions on higher trading volumes for U.S. and international ETFs and equity derivatives products.
Previous 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.
Current wording
Money Markets. Revenues from our money markets asset class increased by $7.0 million or 5.5% to $135.3 million for the nine months ended September 30, 2026 compared to $128.2 million for the nine months ended September 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
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.
Current wording
Market Data. Revenues from our market data asset class increased by $11.1 million or 11.2% to $111.1 million for the nine months ended September 30, 2026 compared to $99.9 million for the nine months ended September 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 nine months ended September 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 $6.7 million of revenue recognized during the nine months ended September 30, 2026.
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