v3.26.1
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 1,937,301 $ 2,084,739
Restricted cash 1,000 1,000
Receivable from brokers and dealers and clearing organizations 131,252 8,630
Deposits with clearing organizations 57,346 58,282
Accounts receivable, net of allowance for credit losses of $366 and $587 at March 31, 2026 and December 31, 2025, respectively 351,009 257,845
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization 79,409 78,193
Lease right-of-use assets 124,426 123,065
Software development costs, net of accumulated amortization 264,114 270,295
Goodwill 3,150,112 3,150,112
Intangible assets, net of accumulated amortization 1,118,932 1,148,015
Receivable and due from related parties 3,228 8,303
Deferred tax asset 582,980 568,832
Digital assets and other investments at fair value 296,159 291,997
Other assets 198,481 140,249
Total assets 8,295,749 8,189,557
Liabilities    
Payable to brokers and dealers and clearing organizations 130,651 3,363
Accrued compensation 110,899 251,169
Deferred revenue 54,242 29,030
Accounts payable, accrued expenses and other liabilities 151,629 183,970
Lease liabilities 142,826 139,168
Payable and due to related parties 9,106 7,090
Deferred tax liability 50,958 50,011
Tax receivable agreement liability 335,800 336,519
Total liabilities 986,111 1,000,320
Commitments and contingencies (Note 12)
Equity    
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding 0 0
Additional paid-in capital 4,886,485 4,895,810
Accumulated other comprehensive income (loss) 7,933 10,899
Retained earnings 1,725,834 1,601,044
Total stockholders’ equity attributable to Tradeweb Markets Inc. 6,620,254 6,507,755
Non-controlling interests 689,384 681,482
Total equity 7,309,638 7,189,237
Total liabilities and equity 8,295,749 8,189,557
Class A Common Stock    
Equity    
Common stock, value 1 1
Class B Common Stock    
Equity    
Common stock, value 1 1
Class C Common Stock    
Equity    
Common stock, value 0 0
Class D Common Stock    
Equity    
Common stock, value $ 0 $ 0