v3.26.3
Earnings Per Share
 9 Months Ended
Sep. 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 EndedNine Months Ended
September 30, September 30,
2026202520262025
(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.$197,457 $185,636 $584,059 $487,800 
Less: Distributed and undistributed earnings allocated to participating securities (1)
(73)(138)(211)(379)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted$197,384 $185,498 $583,848 $487,421 
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic210,409,905 213,359,090 211,844,545 213,263,111 
Dilutive effect of PRSUs124,246 467,912 41,415 451,111 
Dilutive effect of options148,809 288,067 172,969 290,111 
Dilutive effect of RSUs and RSAs185,598 353,785 246,895 412,545 
Dilutive effect of PSUs35,289 514,632 27,054 534,401 
Weighted average shares of Class A and Class B common stock outstanding - Diluted210,903,847 214,983,486 212,332,878 214,951,279 
Earnings per share - Basic$0.94 $0.87 $2.76 $2.29 
Earnings per share - Diluted$0.94 $0.86 $2.75 $2.27 
(1)During the three months ended September 30, 2026 and 2025, there was a total of 77,847 and 159,088, respectively, and during the nine months ended September 30, 2026 and 2025, there was a total of 76,448 and 165,713, 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 EndedNine Months Ended
September 30, September 30,
2026202520262025
Anti-dilutive Shares:
PRSUs— — — — 
Options— — — — 
RSUs and RSAs437,271 197,101 411,080 4,361 
PSUs— — — — 
LLC Interests23,056,868 23,062,320 23,056,868 23,065,139 
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.