v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.$181,318 $153,782 $386,602 $302,164 
Less: Distributed and undistributed earnings allocated to participating securities (1)
(44)(117)(118)(225)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted$181,274 $153,665 $386,484 $301,939 
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic212,463,597 213,339,761 212,573,754 213,214,326 
Dilutive effect of PRSUs— 450,980 — 442,710 
Dilutive effect of options150,786 292,392 185,048 291,132 
Dilutive effect of RSUs and RSAs154,020 330,102 277,543 441,924 
Dilutive effect of PSUs26,738 558,711 22,936 544,286 
Weighted average shares of Class A and Class B common stock outstanding - Diluted212,795,141 214,971,946 213,059,281 214,934,378 
Earnings per share - Basic$0.85 $0.72 $1.82 $1.42 
Earnings per share - Diluted$0.85 $0.71 $1.81 $1.40 
(1)During the three months ended June 30, 2026 and 2025, there was a total of 51,400 and 162,433, respectively, and during the six months ended June 30, 2026 and 2025, there was a total of 64,857 and 173,894, 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:
Three Months EndedSix Months Ended
June 30, June 30,
2026202520262025
Anti-dilutive Shares:
PRSUs— — — — 
Options— — — — 
RSUs and RSAs509,097 3,460 491,178 3,460 
PSUs— — — — 
LLC Interests23,056,868 23,063,153 23,056,868 23,066,571 
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.