v3.26.3
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 2,114,895 $ 2,084,739
Restricted cash 1,000 1,000
Receivable from brokers and dealers and clearing organizations 137,347 8,630
Deposits with clearing organizations 57,248 58,282
Accounts receivable, net of allowance for credit losses of $113 and $587 at September 30, 2026 and December 31, 2025, respectively 326,748 257,845
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization 83,065 78,193
Lease right-of-use assets 128,995 123,065
Software development costs, net of accumulated amortization 253,829 270,295
Goodwill 3,150,112 3,150,112
Intangible assets, net of accumulated amortization 1,060,765 1,148,015
Receivable and due from related parties 8,544 8,303
Deferred tax asset 561,784 568,832
Digital assets and other investments at fair value 270,476 291,997
Other assets 274,546 140,249
Total assets 8,429,354 8,189,557
Liabilities    
Payable to brokers and dealers and clearing organizations 90,989 3,363
Accrued compensation 218,194 251,169
Deferred revenue 38,118 29,030
Accounts payable, accrued expenses and other liabilities 219,866 183,970
Lease liabilities 149,295 139,168
Payable and due to related parties 12,574 7,090
Deferred tax liability 48,618 50,011
Tax receivable agreement liability 317,495 336,519
Total liabilities 1,095,149 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 4,980,559 4,895,810
Accumulated other comprehensive income (loss) (1,791) 10,899
Retained earnings 1,643,258 1,601,044
Total stockholders’ equity attributable to Tradeweb Markets Inc. 6,622,028 6,507,755
Non-controlling interests 712,177 681,482
Total equity 7,334,205 7,189,237
Total liabilities and equity 8,429,354 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