
	Three Months Ended
	March 31,
	2026		2025

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	205,284	$	148,382
Less: Distributed and undistributed earnings allocated to participating securities (1)	(76)		(129)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted	$	205,208	$	148,253

Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic	212,685,136		213,087,496
Dilutive effect of PRSUs	—		434,441
Dilutive effect of options	219,311		289,873
Dilutive effect of RSUs and RSAs	401,067		553,747
Dilutive effect of PSUs	19,134		529,861
Weighted average shares of Class A and Class B common stock outstanding - Diluted	213,324,648		214,895,418

Earnings per share - Basic	$	0.96	$	0.70
Earnings per share - Diluted	$	0.96	$	0.69

(1)During the three months ended March 31, 2026 and 2025, there was a total of 78,389 and 185,309, respectively, weighted average unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method.

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.