| Schedule of Basic and Diluted 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 Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | (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 - Basic | | 212,463,597 | | | 213,339,761 | | | 212,573,754 | | | 213,214,326 | | | Dilutive effect of PRSUs | | — | | | 450,980 | | | — | | | 442,710 | | | Dilutive effect of options | | 150,786 | | | 292,392 | | | 185,048 | | | 291,132 | | | Dilutive effect of RSUs and RSAs | | 154,020 | | | 330,102 | | | 277,543 | | | 441,924 | | | Dilutive effect of PSUs | | 26,738 | | | 558,711 | | | 22,936 | | | 544,286 | | | Weighted average shares of Class A and Class B common stock outstanding - Diluted | | 212,795,141 | | | 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.
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| Schedule of Antidilutive Shares |
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 Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | Anti-dilutive Shares: | | | | | | | | | | PRSUs | | — | | | — | | | — | | | — | | | Options | | — | | | — | | | — | | | — | | | RSUs and RSAs | | 509,097 | | | 3,460 | | | 491,178 | | | 3,460 | | | PSUs | | — | | | — | | | — | | | — | | | LLC Interests | | 23,056,868 | | | 23,063,153 | | | 23,056,868 | | | 23,066,571 | |
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