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$129.63+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows for the
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income | $664,758 | $554,376 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 184,515 | 190,098 |
| Stock-based compensation expense | 81,242 | 75,232 |
| Digital assets received as revenue | (6,812) | (4,372) |
| Deferred taxes | 58,852 | 23,619 |
| Other (income) loss, net | (24,864) | (56,306) |
| (Increase) decrease in operating assets: | ||
| Receivable from/payable to brokers and dealers and clearing organizations, net | (41,091) | (11,989) |
| Deposits with clearing organizations | 964 | (10,002) |
| Accounts receivable | (71,042) | (43,672) |
| Receivable and due from related parties/payable and due to related parties, net | 5,230 | 22,081 |
| Deferred tax asset as a result of transferable tax credit purchase | — | 17,646 |
| Other assets | (18,339) | (17,377) |
| Increase (decrease) in operating liabilities: | ||
| Accrued compensation | (32,359) | (14,946) |
| Deferred revenue | 9,126 | 5,233 |
| Accounts payable, accrued expenses and other liabilities | 35,075 | 82,076 |
| Net cash provided by operating activities | 845,255 | 811,697 |
| Cash flows from investing activities | ||
| Cash paid for investments | (76,891) | (38,440) |
| Cash received from sale of digital assets | — | 15,000 |
| Purchases of furniture, equipment, software and leasehold improvements | (27,235) | (21,141) |
| Capitalized software development costs | (56,278) | (47,144) |
| Net cash used in investing activities | (160,404) | (91,725) |
| Cash flows from financing activities | ||
| Share repurchases pursuant to share repurchase programs | (447,305) | (844) |
| Proceeds from stock-based compensation exercises | 2,983 | — |
| Dividends | (88,924) | (76,788) |
| Distributions to non-controlling interests | (14,109) | (14,158) |
| Payroll taxes paid for stock-based compensation | (86,031) | (48,985) |
| Payments on tax receivable agreement liability | (19,024) | (21,437) |
| Net cash used in financing activities | (652,410) | (162,212) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,285) | 9,860 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 30,156 | 567,620 |
| Cash, cash equivalents and restricted cash | ||
| Beginning of period | 2,085,739 | 1,341,302 |
| End of period | $2,115,895 | $1,908,922 |
Condensed Consolidated Statements of Cash Flows - (Continued)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Supplemental disclosure of cash flow information | ||
| Income taxes paid, net of (refunds) | $135,922 | $43,517 |
| Cash paid for interest | $1,203 | $2,118 |
| Non-cash investing and financing activities | ||
| Equity securities received upon conversion of receivables | $78,370 | $— |
| Furniture, equipment, software and leasehold improvement additions included in accounts payable | $790 | $10,189 |
| Leasehold improvements obtained in exchange for lease liabilities | $— | $11,374 |
| Unsettled share repurchases and excise tax included in other liabilities | $8,454 | $— |
| Items arising from LLC Interest ownership changes: | ||
| Establishment of liabilities under tax receivable agreement | $— | $— |
| Deferred tax asset | $49,772 | $24,268 |
| September 30, | December 31, | |
| Reconciliation of cash, cash equivalents and restricted cash | 2026 | 2025 |
| Cash and cash equivalents | $2,114,895 | $2,084,739 |
| Restricted cash | 1,000 | 1,000 |
| Cash, cash equivalents and restricted cash | $2,115,895 | $2,085,739 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.