Tradeweb Markets reports $584.54M revenue

Cover page 3 changes

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For the quarterly period ended June September 30, 2026

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Shares Outstanding as of July 23, October 22, 2026

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FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE SEPTEMBER 30, 2026

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Exhibits 2 changes

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Bank Stockholders refer collectively to entities affiliated with the following certain dealer clients, Barclays Capital Inc., BofA Securities, Inc. (a subsidiary of Bank of America Corporation), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC, which, prior to the completion of the IPO, collectively held a 46% ownership interest in Tradeweb. Subsequent to August 2022, there were no LLC Interests (as defined below) held by Bank Stockholders.

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Investor Group refer to certain investment funds affiliated with The Blackstone Group Inc., (f/k/a The Blackstone Group L.P.), an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, which prior to the LSEG Transaction (as defined below) collectively held indirectly a 55% ownership interest in Refinitiv.

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Forward-looking statements 1 change

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act ), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act ). You can generally identify forward-looking statements by our use of forward-looking terminology such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, potential, predict, projection, seek, should, will or would, or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including our expectations about market trends, our market opportunity and the growth of our various markets, our expansion into new markets, any expansion and growth opportunities and other synergies resulting from acquisitions of companies (including with respect to Tradeweb s proposed acquisition of Trumid and the acquisition s effect on our business), investments or other strategic transactions, any potential tax savings we may realize as a result of our organizational structure, our dividend policy, our share repurchase program and our expectations, beliefs, plans, strategies, objectives, prospects or assumptions regarding future events, our performance or otherwise, contained in this Quarterly Report on Form 10-Q are forward-looking statements.

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Financial statements 173 changes

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June September 30, December 31,

Cash and cash equivalents $ 2,057,929 2,114,895 $ 2,084,739

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Receivable from brokers and dealers and clearing organizations 11,491 137,347 8,630

Deposits with clearing organizations 55,477 57,248 58,282

Accounts receivable, net of allowance for credit losses of $ 209 113 and $ 587 at June September 30, 2026 and December 31, 2025, respectively

Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization 80,742 83,065 78,193

Lease right-of-use assets 129,651 128,995 123,065

Software development costs, net of accumulated amortization 258,884 253,829 270,295

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Other assets 237,582 140,249

Intangible assets, net of accumulated amortization 1,089,848 1,060,765 1,148,015

Receivable and due from related parties 7,016 8,544 8,303

Deferred tax asset 570,156 561,784 568,832

Digital assets and other investments at fair value 291,587 270,476 291,997

Other assets 274,546 140,249

Total assets $ 8,250,843 8,429,354 $ 8,189,557

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Accrued compensation 158,766 251,169

Lease liabilities 150,337 139,168

Payable to brokers and dealers and clearing organizations $ 7,649 90,989 $ 3,363

Accrued compensation 218,194 251,169

Deferred revenue 38,368 38,118 29,030

Accounts payable, accrued expenses and other liabilities 175,244 219,866 183,970

Lease liabilities 149,295 139,168

Payable and due to related parties 11,160 12,574 7,090

Deferred tax liability 53,670 48,618 50,011

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Total liabilities 912,689 1,095,149 1,000,320

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Class A common stock, $ 0.00001 par value; 1,000,000,000 shares authorized; 114,140,240 112,142,045 and 115,502,689 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively

Class B common stock, $ 0.00001 par value; 450,000,000 shares authorized; 96,933,192 and 96,933,192 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively

Class C common stock, $ 0.00001 par value; 350,000,000 shares authorized; 18,000,000 and 18,000,000 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively

Class D common stock, $ 0.00001 par value; 300,000,000 shares authorized; 5,056,868 and 5,056,868 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 4,931,516 4,980,559 4,895,810

Accumulated other comprehensive income (loss) 15,912 ( 1,791 ) 10,899

Retained earnings 1,687,101 1,643,258 1,601,044

Total stockholders equity attributable to Tradeweb Markets Inc. 6,634,531 6,622,028 6,507,755

Non-controlling interests 703,623 712,177 681,482

Total equity 7,338,154 7,334,205 7,189,237

Total liabilities and equity $ 8,250,843 8,429,354 $ 8,189,557

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Transaction fees and commissions $ 465,335 $ 429,768 $ 989,168 $ 851,112

Subscription fees 61,724 57,392 121,997 113,169

LSEG market data fees 26,496 20,569 53,238 49,494

Other 5,391 5,242 12,307 8,873

Total revenue 558,946 512,971 1,176,710 1,022,648

Employee compensation and benefits 172,462 169,693 370,255 346,570

Depreciation and amortization 61,487 63,048 122,196 125,747

Technology and communications 41,976 30,212 81,525 58,940

General and administrative 16,616 29,984 28,560 49,724

Professional fees 12,765 14,159 25,089 26,617

Occupancy 8,378 6,022 16,570 11,096

Total expenses 313,684 313,118 644,195 618,694

Operating income 245,262 199,853 532,515 403,954

Interest income 18,151 14,972 35,602 28,821

Interest expense ( 505 ) ( 429 ) ( 1,129 ) ( 1,016 )

Other income (loss), net 7,278 12,665 6,122 16,886

Income before taxes 270,186 227,061 573,110 448,645

Provision for income taxes ( 63,500 ) ( 51,539 ) ( 133,257 ) ( 104,818 )

Net income 206,686 175,522 439,853 343,827

Net income attributable to Tradeweb Markets Inc. $ 181,318 $ 153,782 $ 386,602 $ 302,164

Three Months Ended Six Nine Months Ended

September 30, September 30,

Transaction fees and commissions $ 491,797 $ 421,309 $ 1,480,965 $ 1,272,421

Subscription fees 61,410 60,830 183,407 173,999

LSEG market data fees 26,539 20,534 79,777 70,028

Other 4,799 5,925 17,106 14,798

Total revenue 584,545 508,598 1,761,255 1,531,246

Employee compensation and benefits 178,927 164,993 549,182 511,563

Depreciation and amortization 62,319 64,351 184,515 190,098

Technology and communications 44,623 33,867 126,148 92,807

General and administrative 17,324 16,892 45,884 66,616

Professional fees 19,757 11,483 44,846 38,100

Occupancy 8,165 6,641 24,735 17,737

Total expenses 331,115 298,227 975,310 916,921

Operating income 253,430 210,371 785,945 614,325

Interest income 18,353 20,348 53,955 49,169

Interest expense ( 522 ) ( 522 ) ( 1,651 ) ( 1,538 )

Other income (loss), net 18,742 39,420 24,864 56,306

Income before taxes 290,003 269,617 863,113 718,262

Provision for income taxes ( 65,098 ) ( 59,068 ) ( 198,355 ) ( 163,886 )

Net income 224,905 210,549 664,758 554,376

Less: Net income attributable to non-controlling interests 25,368 21,740 53,251 41,663 27,448 24,913 80,699 66,576

Net income attributable to Tradeweb Markets Inc. $ 197,457 $ 185,636 $ 584,059 $ 487,800

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Basic $ 0.85 $ 0.72 $ 1.82 $ 1.42

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and 93 more changes in the filing

Note 1: Organization 6 changes

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On January 29, 2021, London Stock Exchange Group plc ( LSEG ) completed its acquisition of the Refinitiv business from a consortium, including certain investment funds affiliated with The Blackstone Group Inc. (f/k/a The Blackstone Group L.P.) ( Blackstone ) as well as Thomson Reuters Corporation ( TR ), in an all share transaction (the LSEG Transaction ).

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The Corporation is a holding company whose principal asset is LLC Interests (as defined below) of TWM LLC. As the sole manager of TWM LLC, the Corporation operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts the Corporation s business. As a result of this control, and because the Corporation has a substantial financial interest in TWM LLC, the Corporation consolidates the financial results of TWM LLC and reports a non-controlling interest in the Corporation s condensed consolidated financial statements. As of both June September 30, 2026 and December 31, 2025, Tradeweb Markets Inc. owned 90.1 % and 90.2 %, respectively, of TWM LLC and the non-controlling interest holders owned the remaining 9.9 % and 9.8 %, respectively, of TWM LLC. References to LLC Interests held by Tradeweb Markets Inc. and comparable terminology refer to LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly-owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations).

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As of June September 30, 2026:

The public investors collectively owned 114,140,240 112,142,045 shares of Class A common stock, representing 9.9 9.8 % of the combined voting power of Tradeweb Markets Inc. s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 48.7 48.3 % of the economic interest in TWM LLC;

LSEG indirectly owned 96,933,192 shares of Class B common stock, 18,000,000 shares of Class C common stock and 4,988,329 shares of Class D common stock, collectively representing 90.0 90.2 % of the combined voting power of Tradeweb Markets Inc. s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 51.2 51.7 % of the economic interest in TWM LLC; and

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In addition, the Company s basic and diluted earnings per share calculations for the three and six nine months ended June September 30, 2026 were impacted by 51,400 77,847 and 64,857 76,448 , respectively, of weighted average shares resulting from unvested or unsettled vested stock awards that were considered participating securities for purposes of calculating earnings per share in accordance with the two - class method. The Company s diluted earnings per share calculations for the three and six nine months ended June September 30, 2026 also include 331,544 493,942 and 485,527 488,333 , respectively, of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 13 Earnings Per Share for additional details.

Note 2: Significant Accounting Policies 14 changes

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As of June September 30, 2026 and December 31, 2025, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $ 104.3 109.5 million and $ 96.7 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements was $ 7.2 7.3 million and $ 5.9 6.4 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 14.4 21.8 million and $ 12.0 18.5 million for the six nine months ended June September 30, 2026 and 2025, respectively.

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As of June September 30, 2026 and December 31, 2025, accumulated amortization related to software development costs totaled $ 436.6 462.6 million and $ 387.1 million, respectively. Amortization expense for software development costs was $ 25.2 25.9 million and $ 22.6 23.3 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 49.6 75.5 million and $ 44.5 67.8 million for the six nine months ended June September 30, 2026 and 2025, respectively.

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As of June September 30, 2026 and December 31, 2025, accumulated amortization related to intangible assets totaled $ 857.9 887.0 million and $ 799.7 million, respectively. Amortization expense for definite-lived intangible assets was $ 29.1 million and $ 34.6 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 58.2 87.3 million and $ 69.2 103.8 million for the six nine months ended June September 30, 2026 and 2025, respectively.

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The Company performs services as a Super Validator and Validator on the Global Synchronizer, the Canton Network s decentralized interoperability infrastructure. The Canton Network is a public-permissioned blockchain network designed with privacy and controls to facilitate the exchange of regulated financial assets. The Canton Network s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin. As a Super Validator and Validator on the network, the Company verifies network transactions and contributes to the consensus mechanism of the network. For these validation services, the Company earns Canton Coins and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. The cost basis of the Canton Coins received throughout each day is initially recorded at its fair value on the date of receipt as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition. The Canton Coins are then remeasured to fair market value at the end of each reporting period through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on in the condensed consolidated statements of income. The Company employs the first-in-first-out ( FIFO ) method to determine the cost basis of its Canton Coins for the computation of gains and losses on any disposal or sale of Canton Coins. Realized gain/(loss) on any disposal or sale of Canton Coins are also included as a component of other income (loss), net in the condensed consolidated statements of income.

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Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive income (loss) in the condensed consolidated statements of financial condition until the available-for-sale debt security is derecognized. When an available-for-sale debt security is derecognized, the accumulated other comprehensive income (loss) balance for that security, as of the end of the preceding reporting period, is reclassified into earnings.

Investments in available-for-sale debt securities are carried at fair value with unrealized gains or losses excluded from earnings and reported in accumulated other comprehensive loss in the condensed consolidated statements of financial condition until realized. On a quarterly basis, the Company assesses whether an impairment loss on its available-for-sale debt securities has occurred due to declines in fair value or other market conditions. When the amortized cost basis of an available-for-sale debt security exceeds its fair value, the security is deemed to be impaired. The portion of an impairment related to credit losses is determined by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security and is recorded as a charge in the condensed consolidated statements of income. The remainder of an impairment is recognized in accumulated other comprehensive loss if the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security prior to recovery. Investments in available-for-sale debt securities are included as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition.

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Minority investments in equity securities with a readily determinable fair value that are not accounted for under the equity method are remeasured to fair market value at the end of each reporting period through an adjustment to unrealized gain/(loss) included as a component of other income (loss), net on in the condensed consolidated statements of income. These investments are included as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition.

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The Company generally accounts for equity investments under the equity method of accounting when it has the ability to exercise significant influence over the entity s operating and financial policies but does not have a controlling financial interest. For equity investments in corporations, the equity method applies only to investments in common stock or in-substance common stock.

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Equity method investments and investments in equity securities without a readily determinable fair value are included as a component of other assets on in the condensed consolidated statements of financial condition.

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Revenues, expenses, assets and liabilities denominated in non-functional currencies are recorded in the appropriate functional currency for the legal entity at the rate of exchange prevailing at the transaction date. Monetary assets and liabilities that are denominated in non-functional currencies are then remeasured at the end of each reporting period at the exchange rate prevailing at the end of the reporting period. Foreign currency remeasurement gains or losses on monetary assets and liabilities in nonfunctional currencies are recognized in the condensed consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a loss of $ 0.3 0.4 million and a gain of $ 1.7 2.1 million during the three months ended June September 30, 2026 and 2025, respectively, and a loss of $ 1.8 2.2 million and a gain of $ 2.6 4.7 million during the six nine months ended June September 30, 2026 and 2025, respectively. Since the condensed consolidated financial statements are presented in U.S. dollars, the Company also translates all non-U.S. dollar functional currency revenues, expenses, assets and liabilities into U.S. dollars. All non-U.S. dollar functional currency revenue and expense amounts are translated into U.S. dollars monthly at the average exchange rate for the month. All non-U.S. dollar functional currency assets and liabilities are translated at the rate prevailing at the end of the reporting period. Gains or losses on translation in the financial statements, when the functional currency is other than the U.S. dollar, are included as a component of other comprehensive income.

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The Company s foreign exchange derivative contracts are not designated as hedges for accounting purposes. Changes in the fair value during the period of foreign currency forward contracts, which were entered into for foreign exchange risk management purposes relating to operating activities, are recognized in the condensed consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. The Company does not use derivative instruments for trading or speculative purposes. Realized and unrealized gains/losses on foreign currency forward contracts totaled a gain of $ 4.7 4.0 million and a loss of $ 14.5 1.8 million during the three months ended June September 30, 2026 and 2025, respectively, and a gain of $ 10.2 14.2 million and a loss of $ 20.8 22.6 million during the six nine months ended June September 30, 2026 and 2025, respectively. As of June September 30, 2026 and December 31, 2025, the counterparty o n each of the foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from related parties or payable and due to related parties, respectively, on in the accompanying condensed consolidated statements of financial condition. See Note 10 Fair Value of Financial Instruments and Other Assets for additional details on the Company s derivative instruments.

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On July 4, 2025, the One Big Beautiful Bill Act ( OBBBA ) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026. The Company will continue to evaluate the implications of this legislation on future periods.

On August 16, 2022, the Inflation Reduction Act of 2022 ( IRA ) was signed into law. The IRA established a 15% corporate alternative minimum tax ( CAMT ) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026 or 2025. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company s effective tax rate for the three and six nine months ended June September 30, 2026 or 2025.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the Two Pillar Plan. On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026 or 2025. The Company continues to monitor developments related to the G7 s discussions on global tax reform and is awaiting further legislative updates.

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Note 3: Restricted Cash 1 change

Cash has been segregated in a special reserve bank account for the benefit of brokers and dealers under SEC Rule 15c3-3. The Company computes the proprietary accounts of broker-dealers ( PAB ) reserve, which requires the Company to maintain minimum segregated cash in the amount of excess total credits per the reserve computation. As of both June September 30, 2026 and December 31, 2025, cash in the amount of $ 1.0 million, has been segregated in the PAB reserve account, exceeding the requirements pursuant to SEC Rule 15c3-3.

Note 4: Revenue 31 changes

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The Company also earns revenue for performing services as a Super Validator and Validator on the Canton Network, (collectively, Validator Revenue ), included as a component of other revenue on in the condensed consolidated statements of income . As a Super Validator and Validator, the Company verifies network transactions and contributes to the consensus mechanism of the network. For these services, the Company earns Canton Coins and the number of Canton Coins earned in a particular period is variable based on the Canton Network s minting curve and burn-mint equilibrium, the amount of time that the Company s nodes are active during any given minting cycle (with new rounds beginning at regular 10 minute intervals throughout each day) in comparison to other network participants, the network designated weight of each of the Company s validators and, beginning in the second quarter of 2026, the Company s elected tier within the long-term locking commitment framework for Super Validators. Since the Canton Network is not an entity, it may not meet the definition of a customer in accordance with ASC 606, Revenue From Contracts with Customers ( ASC 606 ) . As a result, the Company has determined that, in the absence of a contract with a customer, it applies ASC 606, by analogy to its Validator Revenue, considering the Canton Network s protocol as a contract-like arrangement. Each block creation or validation round is considered a separate performance obligation and the Validator Revenue is recognized at the point in time when the validation round is complete and the Canton Coins are transferred into the Company s digital wallet at the end of the round. Validator Revenue is recognized based on the fair value of each Canton Coin at contract inception, which has been deemed to be the start of each validation round, and therefore Validator Revenue will also vary based on any changes in the fair value of the Canton Coin, which may be highly volatile.

Some revenues earned by the Company have fixed fee components, such as monthly minimums or fixed monthly fees, and variable components, such as transaction - based fees and commissions. The breakdown of revenues between fixed and variable revenues for the three and six nine months ended June September 30, 2026 and 2025 is as follows:

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June September 30, 2026 June September 30, 2025

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Transaction fees and commissions $ 414,226 $ 51,109 $ 380,148 $ 49,620

Subscription fees 500 61,224 440 56,952

Total revenue $ 417,160 $ 141,786 $ 382,863 $ 130,108

Six Months Ended Six Months Ended

Transaction fees and commissions $ 439,493 $ 52,304 $ 372,380 $ 48,929

Subscription fees 515 60,895 452 60,378

LSEG market data fees 26,496 20,569 26,539 20,534

Total revenue $ 441,967 $ 142,578 $ 375,771 $ 132,827

(1) Amounts include Validator Revenue totaling $ 1.7 1.4 million and $ 1.8 2.3 million for the three months ended June September 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.

Nine Months Ended Nine Months Ended

June September 30, 2026 June September 30, 2025

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Transaction fees and commissions $ 887,324 $ 101,844 $ 758,905 $ 92,207

Subscription fees 1,000 120,997 900 112,269

LSEG market data fees 53,238 49,494

Total revenue $ 894,852 $ 281,858 $ 762,872 $ 259,776

Transaction fees and commissions $ 1,326,817 $ 154,148 $ 1,131,285 $ 141,136

Subscription fees 1,515 181,892 1,352 172,647

LSEG market data fees 79,777 70,028

Total revenue $ 1,336,819 $ 424,436 $ 1,138,643 $ 392,603

(1) Amounts include Validator Revenue totaling $ 5.4 6.8 million and $ 2.1 4.4 million for the six nine months ended June September 30, 2026 and 2025, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.

Fees received by the Company which are not yet earned are included in deferred revenue on in the condensed consolidated statements of financial condition until the revenue recognition criteria have been met. The revenue recognized and the remaining deferred revenue balances are shown below:

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New billings 133,936

Revenue recognized ( 124,496 )

New billings 179,252

Revenue recognized ( 170,063 )

Effect of foreign currency exchange rate changes ( 102 101 )

Deferred revenue balance - June September 30, 2026 $ 38,368 38,118

During the six nine months ended June September 30, 2026, the Company recognized into revenue $ 22.1 27.4 million in deferred revenue that was deferred as of December 31, 2025. During the six nine months ended June September 30, 2025, the Company recognized into revenue $ 25.6 29.9 million in deferred revenue that was deferred as of December 31, 2024.

Note 5: Income Taxes 3 changes

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The Company s effective tax rate for the three months ended June September 30, 2026 and 2025 was approximately 23.5 22.4 % and 22.7 21.9 %, respectively. The effective tax rate for the three months ended June September 30, 2026 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the Foreign-Derived Deduction Eligible Income ( FDDEI ) deduction and benefits associated with purchasing transferable tax credits at a discount. return-to-provision adjustment. The effective tax rate for the three months ended June September 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the FDDEI deduction.

The Company s effective tax rate for the six nine months ended June September 30, 2026 and 2025 was approximately 23.3 23.0 % and 23.4 22.8 %, respectively. The effective tax rate for the six nine months ended June September 30, 2026 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the FDDEI deduction and benefits associated with purchasing transferable tax credits at a discount. return-to-provision adjustment. The effective tax rate for the six nine months ended June September 30, 2025 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign taxes and the disallowance of compensation expense tax deductions, partially offset by the effect of non-controlling interests, the dividends received deduction and the FDDEI deduction.

The Company has obtained, and expects to obtain, an increase in its share of the tax basis of the assets of TWM LLC when LLC Interests are redeemed or exchanged by Continuing LLC Owners and in connection with certain other qualifying transactions. This increase in tax basis has had, and may in the future have, the effect of reducing the amounts that the Corporation would otherwise pay in the future to various tax authorities. Pursuant to the Tax Receivable Agreement, the Corporation is required to make cash payments to the Continuing LLC Owners equal to 50 % of the amount of U.S. federal, state and local income or franchise tax savings, if any, that the Corporation actually realizes (or in some circumstances are deemed to realize) as a result of certain future tax benefits to which the Corporation may become entitled. The Corporation expects to benefit from the remaining 50 % of tax benefits, if any, that the Corporation may actually realize. See Note 6 Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on in the condensed consolidated statements of financial condition.

Note 6: Tax Receivable Agreement 1 change

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The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact the Corporation s actual tax savings realized, are reflected in income before taxes on in the condensed consolidated statements of income in the period in which the change occurs. As of June September 30, 2026 and December 31, 2025, the tax receivable agreement liability on in the condensed consolidated statements of financial condition totaled $ 317.5 million and $ 336.5 million, respectively. During each of the three and six nine months ended June September 30, 2026 and 2025, no tax receivable agreement liability adjustment was recognized in the condensed consolidated statements of income.

Note 7: Non-Controlling Interests 13 changes

In connection with the Reorganization Transactions, Tradeweb Markets Inc. became the sole manager of TWM LLC and, as a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, consolidates the financial results of TWM LLC into its condensed consolidated financial statements. The non-controlling interests balance reported on in the condensed consolidated statements of financial condition represents the economic interests of TWM LLC held by Continuing LLC Owners. Income or loss is attributed to the non-controlling interests based on the relative ownership percentages of LLC Interests held during the period by Tradeweb Markets Inc. and the Continuing LLC Owners.

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Total LLC Interests outstanding 234,088,595 100.0 % 236,407,709 100.0 %

June September 30, 2026 June September 30, 2025

Number of LLC Interests held by Tradeweb Markets Inc. 211,031,727 90.2 209,075,237 90.1 % 213,345,171 213,373,468 90.2 %

Number of LLC Interests held by non-controlling interests 23,056,868 9.8 9.9 % 23,062,538 23,057,268 9.8 %

Total LLC Interests outstanding 232,132,105 100.0 % 236,430,736 100.0 %

2 unchanged paragraphs

Net income attributable to Tradeweb Markets Inc. $ 181,318 $ 153,782 $ 386,602 $ 302,164

Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests Three Months Ended Six Nine Months Ended (dollars in thousands)

Net income attributable to Tradeweb Markets Inc. $ 197,457 $ 185,636 $ 584,059 $ 487,800

1 unchanged paragraph

Net transfers (to) from non-controlling interests 9,920 ( 2,544 ) 21,957 1,251

Increase/(decrease) in Tradeweb Markets Inc. s additional paid-in capital as a result of ownership changes in TWM LLC 9,920 12,215 ( 2,544 2,254 ) 21,957 1,251 34,172 ( 1,003 )

Net transfers (to) from non-controlling interests 12,215 ( 2,254 ) 34,172 ( 1,003 )

Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests $ 191,238 209,672 $ 151,238 183,382 $ 408,559 618,231 $ 303,415 486,797

Note 8: Stockholders Equity and Stock-Based Compensation Plans 20 changes

The rights and privileges of the Company s stockholders equity and LLC Interests are described in the audited consolidated financial statements included in the Company s Annual Report on Form 10-K for the year ended December 31, 2025 and there have been no changes to those rights and privileges during the six nine months ended June September 30, 2026.

9 unchanged paragraphs

Activities related to exchanges of LLC Interests

Issuance of common stock from equity incentive plans 22,360 22,360

Share repurchases pursuant to share repurchase programs ( 2,020,555 ) ( 2,020,555 )

Balance at September 30, 2026 112,142,045 96,933,192 18,000,000 5,056,868 232,132,105

8 unchanged paragraphs

Activities related to exchanges of LLC Interests 5,270 ( 5,270 )

Issuance of common stock from equity incentive plans 23,027 23,027

Balance at September 30, 2025 116,481,981 96,933,192 18,000,000 5,057,268 236,472,441

1 unchanged paragraph

Under the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan, the Company is authorized to issue up to 8,841,864 new shares of Class A common stock to employees, officers and non-employee directors. Under this plan, the Company may grant awards in respect of shares of Class A common stock, including restricted stock units ( RSUs ) and restricted stock awards ( RSAs ) with only time-based vesting conditions, performance-based restricted stock units with both time and performance-based vesting conditions, stock options and dividend equivalent rights. The Company refers to performance-based restricted stock units that vest based on the financial performance of the Company as PRSUs and performance-based restricted stock units that vest based on market conditions, such as total shareholder return, as PSUs . RSUs, PRSUs and PSUs each represent promises to issue actual shares of Class A common stock at the end of a vesting period. RSAs are were issued shares of restricted Class A common stock that are were released to an employee on August 1, 2026, at the end of a two-year vesting period. Stock options have a maximum contractual term of 10 years.

During the three months ended June September 30, 2026, the Company granted 13,295 4,828 RSUs at a weighted-average grant-date fair value per share of $ 111.98 100.41 . No PRSUs or PSUs were granted during the three months ended June September 30, 2026. During the six nine months ended June September 30, 2026, the Company granted 469,654 474,482 RSUs, 230,632 PRSUs and 113,428 PSUs at a weighted-average grant-date fair value per share of $ 123.52 123.29 , $ 124.42 and $ 175.62 , respectively.

9 unchanged paragraphs

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Total stock-based compensation expense $ 29,805 $ 26,909 $ 54,865 $ 49,096

Total stock-based compensation expense $ 26,377 $ 26,136 $ 81,242 $ 75,232

The stock-based compensation expense above excludes $ 1.0 million and $ 0.8 0.7 million of stock-based compensation expense capitalized to software development costs during the three months ended June September 30, 2026 and 2025, respectively, and $ 1.8 2.8 million and $ 1.2 2.0 million during the six nine months ended June September 30, 2026 and 2025, respectively.

2 unchanged paragraphs

On December 5, 2022, the board of directors authorized a share repurchase program for the purchase of up to $ 300.0 million of the Company s Class A common stock (the 2022 Share Repurchase Program ), after completing in October 2022, the $ 150.0 million of total repurchases of the Company s Class A common stock authorized under its previous share repurchase program. During the three and six months ended June 30, 2026, the Company acquired a total of 223,407 and 706,028 shares, respectively, of Class A common stock at an average price of $ 104.01 and $ 104.76 , respectively, for purchases totaling $ 23.2 million and $ 74.0 million, respectively, pursuant to the 2022 Share Repurchase Program. As of June 30, 2026, no shares remained available for repurchase pursuant to the 2022 Share Repurchase Program.

On February 5, 2026, the board of directors authorized a new share repurchase program for the purchase of up to $ 500.0 million of the Company s Class A common stock (the 2026 Share Repurchase Program ), which became available once the 2022 Share Repurchase Program was exhausted. During both the three and six months ended June 30, beginning in May 2026, after completing the Company acquired a total $ 300.0 million of 1,684,901 shares total repurchases of the Company s Class A common stock at an average price of $ 98.35 , for purchases totaling $ 165.7 million, pursuant to the 2026 Share Repurchase Program. As of June 30, 2026, a total of $ 334.3 million remained available for repurchase pursuant to authorized under the 2026 2022 Share Repurchase Program.

During the three and nine months ended September 30, 2026, the Company acquired a total of 2,020,555 and 4,411,484 shares, respectively, of Class A common stock at an average price of $ 103.83 and $ 101.88 , respectively, for purchases totaling $ 209.8 million and $ 449.5 million, respectively, pursuant to the Company s share repurchase programs. As of September 30, 2026, $ 124.5 million remained available for repurchase pursuant to the 2026 Share Repurchase Program.

During both the three and six nine months ended June September 30, 2026, the Company incurred $ 1.4 2.1 million and $ 3.5 million, respectively, in excise tax associated with share repurchases during the period. There were no share repurchases during the three or six nine months ended June September 30, 2025.

1 unchanged paragraph

During the three months ended June September 30, 2026 and 2025, the Company withheld 1,499 8,976 and 309 8,630 shares, respectively, of Class A common stock from employee stock option, PRSU, PSU and RSU awards, at an average price per share of $ 100.34 100.61 and $ 141.55 141.05 , respectively, and an aggregate value of approximately $ 150,000 0.9 million and $ 44,000 , 1.2 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. During the six nine months ended June September 30, 2026 and 2025, the Company withheld 766,629 775,605 and 346,528 355,158 shares, respectively, of Class A common stock from employee stock option, PRSU, PSU and RSU awards, at an average price per share of $ 111.04 110.92 and $ 137.46 137.55 , respectively, and an aggregate value of $ 85.1 86.0 million and $ 47.6 48.9 million, respectively, based on the price of the Class A common stock on the date the relevant withholding occurred. These shares are withheld in order for the Company to cover the employee payroll tax withholding obligations upon the exercise of stock options and settlement of PRSUs, PSUs and RSUs and such shares were not withheld in connection with the share repurchase programs discussed above.

Note 9: Related Party Transactions 21 changes

From time to time, the Company enters into transactions with its related parties which are considered to be related party transactions. As of June September 30, 2026 and December 31, 2025, the following balances relating to transactions with such related parties were included in the condensed consolidated statements of financial condition in the following line items:

June September 30, December 31,

1 unchanged paragraph

Accounts receivable $ 20 $ 56

Accounts receivable $ 21 $ 56

Receivable and due from related parties 7,016 8,544 8,303

1 unchanged paragraph

Payable and due to related parties 11,160 12,574 7,090

(1) As of June September 30, 2026 and December 31, 2025, other assets included an equity method investment of $ 3.6 3.0 million and $ 4.5 million, respectively, representing a 50 % equity interest in iAltA Capital Markets, LLC ( iAltA Capital ), in which an entity affiliated with a member of the Company s board of directors is the other 50 % investor ( iAltA Holdings ) and the Company s director is also the Chief Executive Officer of both iAltA Capital and iAltA Holdings. As of June September 30, 2026, other assets also included other equity investments totaling $ 40.2 million, through which the Company is able to exert significant influence over the investee s operating and financial policies and are therefore also considered related parties.

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Subscription fees $ 364 $ 239 $ 656 $ 565

Subscription fees $ 199 $ 224 $ 855 $ 789

1 unchanged paragraph

Other fees 255 156 381 303

Other 177 155 558 458

1 unchanged paragraph

Technology and communications 7,124 1,884 14,131 4,024

Professional fees 205 281

Occupancy 19 16 39 39

Technology and communications 7,393 4,293 21,524 8,317

General and administrative 3 5 2 7

Professional fees 82 363

Occupancy 20 20 59 59

6 unchanged paragraphs

In addition to the above, the Company also periodically does business with certain entities with which its directors are affiliated. During the three and six nine months ended June September 30, 2026 and 2025, such transactions have not had, and are not currently expected to have, a material impact on the Company s condensed consolidated financial statements.

Note 10: Fair Value of Financial Instruments and Other Assets 66 changes

1 unchanged paragraph

The Company s financial instruments and other assets measured at fair value on in the condensed consolidated statements of financial condition as of June September 30, 2026 and December 31, 2025 have been categorized based upon the fair value hierarchy as follows:

4 unchanged paragraphs

As of September 30, 2026

Cash equivalents Money market funds and other highly liquid investments $ 1,846,688 1,900,091 $ $ $ 1,846,688 1,900,091

4 unchanged paragraphs

Total assets measured at fair value $ 2,085,125 2,158,326 $ 60,007 20,659 $ $ 2,145,132 2,178,985

7 unchanged paragraphs

Total liabilities measured at fair value $ $ 6,657 $ $ 6,657 (1) Included as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition.

1 unchanged paragraph

Investments in Available-for-Sale Debt Securities

Investment in Securitize

In April 2024, the Company made a strategic investment in a convertible note issued by Securitize, Inc. ( Securitize ) with a principal amount and original amortized cost basis of $ 10.0 million. The investment was made as part of the Company s broader initiative to support the digitization of capital markets through the adoption of blockchain technology. The convertible note accrued interest at a rate of 5 % per annum, compounded annually, and was scheduled to mature on the earliest to occur of January 19, 2027, an event of default or a change in control as each term was defined in the convertible note. In the fourth quarter of 2025, the issuer announced that it entered into On July 1, 2026, Securitize completed a definitive business combination agreement through which the issuer would become it became a publicly-listed company (the Merger Transaction ), subject to customary closing conditions and regulatory approvals, at a $ 1.25 billion pre-money equity value, subject to customary valuation adjustments. The Merger Transaction closed on July 1 , 2026. The completion of the Merger Transaction on July 1, 2026, which triggered the conversion of the convertible note and accrued interest, which and resulted in the Company receiving 2.9 million s hares shares of common stock in the post-merger public company Securitize Corp. (ticker symbol SECZ ) and a contingent right to receive up to 0.1 million additional shares of SECZ common stock based on the performance of SECZ common stock over the five-year period following the closing of the Merger Transaction. The Company s shares of SECZ common stock are subject to a lock-up agreement with certain restrictions on the Company s ability to transfer, dispose or otherwise transact through December 2026, subject to certain exceptions.

Prior to conversion, and as of June 30, 2026, the convertible note was accounted for as an available-for-sale debt security and the convertible note and accrued interest was included within digital assets and other investments at fair value on in the accompanying condensed consolidated statements of financial condition at a fair va lue of $ 38.6 million and $ 24.9 million as o f June 30, 2026 and December 31, 2025, respectively . The convertible note, including accrued interest, had an amortized cost basis of $ 11.1 million and $ 10.9 million as of June 30, 2026 and December 31, 2025, respectively . There were no credit losses recorded on the convertible note during the three or six months ended June 30, 2026 and 2025. During each of the three and six nine months ended June September 30, 2026 and 2025. the Company recorded unrealized gains of $ 12.4 million, $ 0.4 million, $ 13.5 million and $ 3.5 million, respectively, as a component of other comprehensive income related to an increase in fair value of the convertible note during the periods. During the second quarter of 2026, the convertible note was reclassified from Level 3 to Level 2 of the fair value hierarchy as the valuation as of June 30, 2026 was based primarily on observable inputs from a comparable security. Previously, the convertible note was valued based on a probability-weighted expected return model that required assumptions that were both significant and unobservable.

Upon the July 1, 2026 conversion, the Company derecognized the $ 38.6 million convertible note, recorded an investment in the 2.9 million shares of SECZ common stock and the $ 20.8 million accumulated other comprehensive income balance was reclassified into earnings, including $ 27.5 million of unrealized gains, included as a component of other income, and $ 6.7 million of deferred tax expense, during both the three and nine months ended September 30, 2026.

The Company s investment in shares of SECZ common stock is accounted for as an investment in an equity security with a readily determinable fair value, included as a component of digital assets and other investments at fair value in the condensed consolidated financial statements. As of September 30, 2026, the Company s investment in Securitize had a fair value of $ 43.7 million. During both the three and nine months ended September 30, 2026, the Company recognized an unrealized gain totaling $ 5.0 million, included as a component of other income (loss), net in the condensed consolidated statements of income, related to changes in the fair value of the Company s investment in Securitize subsequent to its conversion. The publicly traded shares of SECZ common stock are classified within Level 1 of the fair value hierarchy as of September 30, 2026.

During the three and nine months ended September 30, 2026 and 2025, the Company recorded unrealized gains of none , $ 5.9 million, $ 13.5 million and $ 9.5 million, respectively, as a component of other comprehensive income related to an increase in fair value of the convertible note prior to conversion.

The Canton Network s Global Synchronizer includes a utility token, which is a digital asset called the Canton Coin. Beginning in the third quarter of 2024, the Company began earning and continues to earn Canton Coins for its function as a Super Validator and Validator on the Global Synchronizer, and then generally holds the Canton Coins on its balance sheet for investment purposes and may use Canton Coins to pay fees associated with its own Canton Network activity. During the second quarter of 2026, the Canton Network implemented a long-term locking and commitment framework for Super Validators (the Locking Commitment ) designed to align Super Validator incentives with the long-term success of the Canton Network and create visible, on-chain commitment of the Super Validators to the Canton Network. To continue earning Canton Coins for its function as a Super Validator, the Locking Commitment requires Super Validators, including the Company, to lock a defined percentage of its aggregate lifetime Canton Coins earned for its function as a Super Validator (the Lifetime Super Validator Coins ). Beginning in the second quarter of 2026, the amount of Super Validator weight assigned to the Company is based in part on the tiered percentage Locking Commitment elected by the Company. The Locking Commitment percentages step down over time and are scheduled to end in mid-2029. While Canton Coins are locked, they may not be transferred to third parties and once an election to unlock is made, 1/365 of the requested unlock amount becomes liquid each day (the Canton Coin Lockup Restrictions ). As of June September 30, 2026, the Company has elected Tier 1 of the Locking Commitment framework which allows it to retain 100% of its current Super Validator weight, and, as a result, 70% of its Lifetime Super Validator Coins are subject to the Canton Coin Lockup Restrictions.

During the three and six nine months ended June September 30, 2026 and 2025, the Company recognized $ 1.7 1.4 million, $ 1.8 2.3 million, $ 5.4 6.8 million and $ 2.1 4.4 million, respectively, in other revenue relating to Canton Coins earned in exchange for providing services as a Super Validator and Validator on the Canton Network.

The following table presents the Company s Canton Coin holdings as of June September 30, 2026 and December 31, 2025 :

June September 30, 2026 December 31, 2025

1 unchanged paragraph

1.6 billion $ 16,827 18,273 $ 230,046 207,515 1.6 billion $ 11,461 $ 242,729 (1) As of June September 30, 2026, the Company was restricted from transferring to third parties a total of 1.3 billion of its Canton Coins valued at $ 181.6 163.7 million as a result of its election under the Canton Coin Lockup Restrictions described ab ove, which could affect the Company s ability to sell these assets, including during periods of price volatility or reduced liquidity. The Company had no restrictions on its ability to transfer any of its Canton Coins as of December 31, 2025.

In November 2025, the Canton Coin began spot trading across several global digital asset exchanges and therefore its valuation was transferred from Level 3 to Level 1 of the fair value hierarchy as a result of the increase in observable pricing available from active markets. As of June September 30, 2026 and December 31, 2025, the Company s Canton Coin holdings were measured at fair value using quoted prices from the Company s principal market for the sale of Canton Coins at the time of measurement.

During the three and six nine months ended June September 30, 2026 and 2025, the Company recognized an unrealized loss of $ 15.1 million, an unrealized gain of $ 18.1 million, an unrealized loss sold a portion of its Canton Coin holdings for cash proceeds totaling $ 18.0 15.0 million and an unrealized recognized a realized gain of on the sale totaling $ 22.3 14.9 million, respectively, related to changes in the fair value of Canton Coins included as a component of other income (loss), net on in the condensed consolidated statements of income. There were no material realized gains or realized losses recorded on the disposition of Canton Coins during each of the three and six or nine months ended June September 30, 2026. and 2025.

Total unrealized gains/losses on Canton Coins total an unrealized loss of $ 24.0 million and an unrealized gain of $ 28.3 million during three months ended September 30, 2026 and 2025, respectively, and an unrealized loss of $ 42.0 million and an unrealized gain of $ 50.6 million, during the nine months ended September 30, 2026 and 2025, respectively, included as a component of other income (loss), net in the condensed consolidated statements of income.

2 unchanged paragraphs

Until the approval of CNTN s shareholders was obtained, the PFWs were accounted for as a digital asset loan receivable. On the November 2025 date of exchange, the Company derecognized the 161 million Canton Coins, recognized a $ 24.9 million realized gain on the transfer of the Canton Coins during the fourth quarter of 2025 and recorded a $ 25.0 million digital asset loan receivable, included as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition as of December 31, 2025. Until shareholder approval was obtained, the digital asset loan receivable was remeasured on a recurring basis to the fair market value of the Canton Coins, through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on in the condensed consolidated statements of income. As of December 31, 2025, the digital asset loan receivable was classified within Level 2 of the fair value hierarchy. Its carrying value was determined based on the fair value of the Canton Coin, as adjusted for an allowance for credit loss. As of December 31, 2025, the fair value of the Canton Coin was an observable valuation input.

On January 30, 2026, CNTN s shareholders approved the issuance of the PFWs and the Company derecognized the digital asset loan receivable which had a carrying value as of December 31, 2025 totaling $ 24.4 million, including the reversal of the allowance for credit loss of $ 0.2 million and previously unrealized losses totaling $ 0.4 million, recorded a $ 39.8 million investment in the PFWs and recognized a $ 14.8 million realized gain, included as a component of other income (loss), net on in the condensed consolidated statements of income.

During both the three and six nine months ended June September 30, 2026, the Company exercised none and 3.0 million of its PFWs into an equivalent number of shares of CNTN common stock.

Subsequent to the January 30, 2026 approval of CNTN s shareholders, the PFWs and any shares of CNTN common stock held are both accounted for as an equity security with a readily determinable fair value and included as a component of digital assets and other investments at fair value on in the condensed consolidated statements of financial condition. The publicly traded shares of CNTN common stock are classified within Level 1 of the fair value hierarchy while the PFWs are measured at fair value based on the quoted public share price of CNTN common stock and are therefore classified within Level 2 of the fair value hierarchy as of June September 30, 2026. During the three and six nine months ended June September 30, 2026, the Company recognized unrealized losses totaling $ 3.7 3.6 million and $ 16.8 20.4 million, respectively, related to changes in the fair value of the PFWs and shares of CNTN common stock, included as a component of other income (loss), net on in the condensed consolidated statements of income.

As of June September 30, 2026, the PFWs are not able to be sold or transferred by the Company.

1 unchanged paragraph

The following table presents a summary of the changes in fair value for Level 3 assets during the three months ended September 30, 2025 and six nine months ended June September 30, 2026 and 2025. : There were no Level 3 assets held and no activity during the three months ended September 30, 2026.

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Investments in Available for Sale Debt Securities - Securitize

Beginning balance $ 26,076 $ 13,627 14,132 $ 24,857 $ 10,354

1 unchanged paragraph

Ending balance $ $ 14,132 $ $ 14,132

Total realized and unrealized gains included in other comprehensive income (loss) 375 3,525 5,933 9,458

Ending balance $ 20,197 $ $ 20,197

1 unchanged paragraph

Beginning balance $ 5,375 $ 852

Additions 1,756 2,058

Ending Beginning balance $ 25,196 $ 25,196 852

Additions 2,314 4,372

Dispositions ( 15,000 ) ( 15,000 )

Total realized and unrealized gains included in other income (loss), net 18,065 22,286 43,249 65,535

Ending balance $ 55,759 $ 55,759

(1) Transfers between levels of the fair value hierarchy occur when there are changes in the observability of significant valuation inputs and/or the significance of valuation inputs and are reported at the beginning of the reporting period in which they occur. During the second quarter of 2026, the Company s investment in the Securitize convertible note was reclassified from Level 3 to Level 2 of the fair value hierarchy as the valuation as of June 30, 2026 was based primarily on observable inputs from a comparable security. Previously, the convertible note was valued based on a probability-weighted expected return model that required assumptions that were both significant and unobservable.

During the three and six nine months ended June September 30, 2025, the Company recognized unrealized gains relating to Level 3 assets held at June September 30, 2025 totaling $ 18.1 29.8 million and $ 22.3 50.6 million, respectively, included as a component of other income (loss), net on in the accompanying condensed consolidated statements of income and $ 0.4 5.9 million and $ 3.5 9.5 million, respectively, included as a component of other comprehensive income on in the accompanying condensed consolidated statements of comprehensive income.

1 unchanged paragraph

The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than 12 months. The valuations for the Company s foreign currency forward contracts are primarily based on the difference between the exchange rate associated with the contract and the exchange rate at the current period end for the tenor of the contract. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. As of June September 30, 2026 and December 31, 2025, the counterparty on each of these foreign exchange derivative contracts was an affiliate of LSEG and therefore the corresponding assets or liabilities on such contracts were included in receivable and due from related parties or payable and due to related parties, respectively, on in the accompanying condensed consolidated statements of financial condition.

1 unchanged paragraph

June September 30, December 31,

1 unchanged paragraph

Foreign currency forward contracts Gross notional amount $ 357,502 369,446 $ 339,794

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Foreign currency forward contracts not designated in accounting hedge relationship General and administrative (expenses)/income $ 4,672 3,995 $ ( 14,488 1,815 ) $ 10,203 14,198 $ ( 20,808 22,623 )

1 unchanged paragraph

The Company s financial instruments not measured at fair value on in the condensed consolidated statements of financial condition as of June September 30, 2026 and December 31, 2025 have been categorized based upon the fair value hierarchy as follows:

4 unchanged paragraphs

Accounts receivable 309,368 309,368 309,368

As of September 30, 2026

Cash and restricted cash $ 212,241 215,804 $ 212,241 215,804 $ $ $ 212,241 215,804

Receivable from brokers and dealers and clearing organizations 11,491 11,491 11,491 137,347 137,347 137,347

Deposits with clearing organizations 55,477 55,477 55,477 57,248 57,248 57,248

Accounts receivable 326,748 326,748 326,748

1 unchanged paragraph

Total $ 591,846 $ 267,718 $ 320,859 $ 3,269 $ 591,846

Total $ 7,649 $ $ 7,649 $ $ 7,649

Total $ 740,413 $ 273,052 $ 464,095 $ 3,266 $ 740,413

Payable to brokers and dealers and clearing organizations $ 7,649 90,989 $ $ 7,649 90,989 $ $ 7,649 90,989

Total $ 90,989 $ $ 90,989 $ $ 90,989

13 unchanged paragraphs

The carrying value of financial instruments not measured at fair value classified within Level 1 or Level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on in the condensed consolidated statements of financial condition, are classified within Level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.

2 unchanged paragraphs

As of June September 30, 2026 and December 31, 2025, the Company held equity method investments totaling $ 23.7 23.1 million and $ 4.5 million, respectively, included as a component of other assets on in the condensed consolidated statements of financial condition. As of both June September 30, 2026 and December 31, 2025, the Company also had $ 5.0 million in unfunded capital commitments related to its equity method investments. During the three and six nine months ended June September 30, 2026, the Company recognized an equity pickup loss of $ 0.5 0.6 million and $ 0.9 1.5 million, respectively, included in other income (loss), net in the condensed consolidated statements of income, relating to its pro rata share of operating performance of its equity method investments. No income or loss from equity method investments was recognized during the three or six nine months ended June September 30, 2025. There were no impairments recorded on equity method investments during the three or six nine months ended June September 30, 2026 and 2025.

As of June September 30, 2026 and December 31, 2025, the Company held minority equity investments in various companies without readily determinable fair values totaling $ 108.1 142.6 million and $ 44.8 million, respectively, included as a component of other assets on in the condensed consolidated statements of financial condition.

During the three and six nine months ended June September 30, 2026, and as of September 2026 and May 2026, the Company recorded unrealized gains totaling $ 26.6 14.4 million and $ 41.0 million, respectively, on its minority equity investments based on the price from observable transactions of similar investments of the same issuers. The unrealized gains are included in other income (loss) in the consolidated statements of income. There were no impairments on minority equity investments during the three or six months ended June 30, 2026. During the three and six nine months ended June 30, 2025, and as of June 30, 2025, the Company recorded an impairment totaling $ 5.4 million on a minority equity investment, as the investment s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the condensed consolidated statements of income. The investment s fair value was determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs included a discount rate of 25.0 % and a perpetual growth rate of 3.0 %. Cumulative impairments on minority equity investments held as of June 30, 2026 totaled $ 22.7 million. Cumulative unrealized gains on minority equity investments held as of June September 30, 2026. totaled $ 30.9 million.

During the three and nine months ended September 30, 2025, the Company recorded impairments totaling $ 3.8 million and $ 9.2 million, respectively, on its minority equity investments, as the investments carrying amounts exceeded their fair values. The investment impairments are included in other income (loss) in the condensed consolidated statements of income. Of these, impairments of $ 3.3 million and $ 5.4 million were recorded during the nine months ended September 30, 2025 based on the respective investment s fair value as of September 30, 2025 and June 30, 2025, respectively, determined using a discounted cash flow model, using primarily Level 3 inputs. Significant unobservable inputs for these investments included discount rates ranging from 13.5 % to 25.0 % (weighted average: 16.9 %) and perpetual growth rates ranging from 2.0 % to 3.0 % (weighted average: 2.3 %), weighted based on the relative fair value of the investment. In September 2025, the Company also determined one of its investments was not likely recoverable and the investment balance was reduced to zero , resulting in the additional $ 0.5 million impairment recorded during the three and nine months ended September 30, 2025.

Cumulative impairments on minority equity investments held as of September 30, 2026 totaled $ 22.7 million. Cumulative unrealized gains on minority equity investments held as of September 30, 2026 totaled $ 45.3 million.

1 unchanged paragraph

Note 11: Credit Risk 3 changes

2 unchanged paragraphs

The Company self-clears wholesale U.S. Treasury trades executed on its platform by non-FICC members. The number of self-cleared trades that settle over the fed wire, instead of FICC clearing, may impact the number of U.S. Treasury failed settlement transactions. As of June September 30, 2026, the Company recorded an $ 11.5 137.3 million receivable and a $ 7.6 91.0 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $ 3.8 46.4 million difference between the fail to deliver and fail to receive. All of the failed settlement transactions outstanding as of June September 30, 2026 were fully settled during July October 2026.

7 unchanged paragraphs

An allowance for credit losses is also recognized for any credit impairment of the Company s digital asset loan receivable and available-for-sale debt securities. As of December 31, 2025, the Company maintained an allowance for credit loss with regards to its digital asset loan receivable totaling $ 0.2 million, based on a review of the credit risk of the counterparty and the characteristics of the arrangement. As further described in Note 10 Fair Value of Financial Instruments and Other Assets, in January 2026, upon CNTN shareholder approval for the issuance of the PFWs, the digital asset loan receivable and the related allowance for credit loss were reversed, resulting in a reversal of credit loss expense totaling $ 0.2 million during the six nine months ended June September 30, 2026. There was no allowance for credit losses recorded on available-for-sale debt securities as of June 30, 2026 and December 31, 2025 and there was no credit loss expense recognized during each of the three and six nine months ended June September 30, 2026 and 2025. As further described in Note 10 Fair Value of Financial Instruments and Other Assets, in July 2026, the Company s available-for-sale debt security was converted into equity securities.

1 unchanged paragraph

As of June September 30, 2026 and December 31, 2025, the Company maintained an allowance for credit losses with regard to its receivables of $ 0.2 0.1 million and $ 0.6 million, respectively. During the three months ended June September 30, 2026, recoveries resulted in a reversal of credit loss expense relating to receivables totaling $ 0.2 0.1 million and during the three months ended June September 30, 2025, credit loss expense was $ 2,000 3,000 . During the six nine months ended June September 30, 2026 and 2025, recoveries resulted in a reversal of credit loss expense relating to receivables totaling $ 0.3 0.4 million and $ 0.2 million, respectively.

Note 12: Commitments and Contingencies 7 changes

8 unchanged paragraphs

As of both June September 30, 2026 and December 31, 2025, there were $ 0.5 million in letters of credit issued and no borrowings outstanding under the 2023 Revolving Credit Facility.

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 16 years. The following table presents the future minimum lease payments and the maturity of lease liabilities as of June September 30, 2026:

1 unchanged paragraph

Lease liability $ 150,337

Remainder of 2026 $ 11,952 6,059

Total future lease payments 205,829 203,077

Less imputed interest ( 55,492 53,782 )

Lease liability $ 149,295

Note 13: Earnings Per Share 25 changes

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Net income attributable to Tradeweb Markets Inc. $ 181,318 $ 153,782 $ 386,602 $ 302,164

Net income attributable to Tradeweb Markets Inc. $ 197,457 $ 185,636 $ 584,059 $ 487,800

1 unchanged paragraph

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

Earnings per share - Basic $ 0.85 $ 0.72 $ 1.82 $ 1.42

Earnings per share - Diluted $ 0.85 $ 0.71 $ 1.81 $ 1.40

Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted $ 181,274 197,384 $ 153,665 185,498 $ 386,484 583,848 $ 301,939 487,421

Weighted average shares of Class A and Class B common stock outstanding - Basic 212,463,597 213,339,761 212,573,754 213,214,326 210,409,905 213,359,090 211,844,545 213,263,111

Dilutive effect of PRSUs 124,246 467,912 41,415 451,111

Dilutive effect of options 148,809 288,067 172,969 290,111

Dilutive effect of RSUs and RSAs 185,598 353,785 246,895 412,545

Dilutive effect of PSUs 35,289 514,632 27,054 534,401

Weighted average shares of Class A and Class B common stock outstanding - Diluted 212,795,141 214,971,946 213,059,281 214,934,378 210,903,847 214,983,486 212,332,878 214,951,279

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 June September 30, 2026 and 2025, there was a total of 51,400 77,847 and 162,433 159,088 , respectively, and during the six nine months ended June September 30, 2026 and 2025, there was a total of 64,857 76,448 and 173,894 165,713 , 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.

2 unchanged paragraphs

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

RSUs and RSAs 509,097 3,460 491,178 3,460

RSUs and RSAs 437,271 197,101 411,080 4,361

LLC Interests 23,056,868 23,063,153 23,062,320 23,056,868 23,066,571 23,065,139

1 unchanged paragraph

Note 14: Regulatory Capital Requirements 30 changes

TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act and certain of the Company's foreign subsidiaries are subject to financial resource requirements from their local regulators. At June September 30, 2026 and December 31, 2025, the regulatory capital requirements and regulatory capital for these entities are as follows:

June September 30, 2026 December 31, 2025

1 unchanged paragraph

TWL $ 86,497 $ 3,933 $ 82,564 $ 65,479 $ 5,296 $ 60,183

TWD 53,243 1,285 51,958 54,479 1,458 53,021

TWJ 9,282 3,079 6,203 10,619 2,705 7,914

TWEU 11,681 6,535 5,146 8,253 7,483 770

TESL 6,983 992 5,991 6,889 1,177 5,712

TDIFC 712 30 682 283 30 253

ICDLC 11,662 799 10,863 10,349 766 9,583

TWSA 152 62 90 735 63 672

TAPL 115 39 76 148 39 109

TWL $ 69,459 $ 5,056 $ 64,403 $ 65,479 $ 5,296 $ 60,183

TWD 74,579 1,425 73,154 54,479 1,458 53,021

TEL 133,128 32,541 100,587 133,140 35,756 97,384 94,572 33,184 61,388

TWJ 12,657 3,123 9,534 10,619 2,705 7,914

TWEU 11,619 7,730 3,889 8,253 7,483 770

TESL 7,059 992 6,067 6,889 1,177 5,712

TESBV 8,596 3,990 4,606 8,550 3,211 5,339 8,527 4,028 4,499

TDIFC 786 30 756 283 30 253

ICDLC 13,554 893 12,661 10,349 766 9,583

ICDLT 9,143 4,539 4,604 9,144 4,667 4,477 7,992 4,126 3,866

TWSA 568 62 506 735 63 672

TAPL 93 39 54 148 39 109

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at June September 30, 2026 and December 31, 2025 are as follows:

June September 30, 2026 December 31, 2025

1 unchanged paragraph

TW SEF $ 89,299 191,996 $ 19,000 $ 70,299 172,996 $ 68,063 $ 18,000 $ 50,063

DW SEF 16,060 8,787 7,273 17,234 8,914 8,320 15,027 8,511 6,516

June September 30, 2026 December 31, 2025

1 unchanged paragraph

TW SEF $ 41,534 134,104 $ 4,750 $ 36,784 129,354 $ 34,190 $ 4,500 $ 29,690

DW SEF 11,769 2,197 9,572 12,705 2,229 10,476 10,664 2,128 8,536

Note 15: Business Segment and Geographic Information 39 changes

1 unchanged paragraph

Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant expense categories included in consolidated net income that are regularly provided to the CODM include employee compensation and benefits, technology and communications, general and administrative, professional fees and occupancy, each as presented on in the accompanying condensed consolidated statements of income.

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

Institutional $ 355,355 $ 321,943 $ 760,280 $ 630,014

Wholesale 109,609 101,242 225,196 203,529

Retail 33,064 37,584 66,499 73,479

Corporates 23,630 21,785 50,520 46,502

Market Data 37,288 30,417 74,215 69,124

Total revenue 558,946 512,971 1,176,710 1,022,648

Employee compensation and benefits 172,462 169,693 370,255 346,570

Technology and communications 41,976 30,212 81,525 58,940

General and administrative 16,616 29,984 28,560 49,724

Professional fees 12,765 14,159 25,089 26,617

Occupancy 8,378 6,022 16,570 11,096

Institutional $ 374,600 $ 317,148 $ 1,134,880 $ 947,162

Wholesale 110,514 99,365 335,710 302,894

Retail 39,080 38,025 105,579 111,504

Corporates 23,479 23,243 73,999 69,745

Market Data 36,872 30,817 111,087 99,941

Total revenue 584,545 508,598 1,761,255 1,531,246

Employee compensation and benefits 178,927 164,993 549,182 511,563

Technology and communications 44,623 33,867 126,148 92,807

General and administrative 17,324 16,892 45,884 66,616

Professional fees 19,757 11,483 44,846 38,100

Occupancy 8,165 6,641 24,735 17,737

1 unchanged paragraph

Net income $ 206,686 $ 175,522 $ 439,853 $ 343,827

Net income $ 224,905 $ 210,549 $ 664,758 $ 554,376

(1) Other segment items include depreciation and amortization, the tax receivable agreement liability adjustment (as applicable), interest income, interest expense, other (income) loss, net and provision for income taxes, each as presented on in the accompanying condensed consolidated statements of income.

1 unchanged paragraph

The measure of segment assets is reported on in the accompanying condensed consolidated statements of financial condition as total consolidated assets. Total expenditures for additions to long-lived assets are as reported on in the accompanying condensed consolidated statements of cash flows. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

1 unchanged paragraph

International 245,070 215,168 519,182 426,964

Total revenue $ 558,946 $ 512,971 $ 1,176,710 $ 1,022,648

International 258,507 211,163 777,689 638,127

Total revenue $ 584,545 $ 508,598 $ 1,761,255 $ 1,531,246

1 unchanged paragraph

June September 30, December 31,

1 unchanged paragraph

International 33,456 31,746

International 39,243 31,746

Total $ 4,709,237 4,676,766 $ 4,769,680

Note 16: Subsequent Events 8 changes

Dividends and Distributions

On July 30, October 29, 2026, the board of directors of Tradeweb Markets Inc. declared a cash dividend of $ 0.14 per share of Class A common stock and Class B common stock for the third fourth quarter of 2026. This dividend will be payable on September December 15, 2026 to stockholders of record as of September December 1, 2026.

On July 30, October 29, 2026, Tradeweb Markets Inc., as the sole manager, approved a distribution distributions to be made during the fourth quarter of 2026 by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $ 41.3 162.0 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date. of September 1, 2026 payable on September 11, 2026.

Acquisition of Trumid

On October 19, 2026, the Company entered into a definitive agreement (the Trumid Transaction Agreement ) for Tradeweb Markets LLC to acquire directly and indirectly all of the outstanding equity interests of Trumid Holdings, LLC ( Trumid ). Trumid is a financial technology company and electronic trading platform focused on U.S dollar-denominated investment grade, high yield, distressed and emerging market bonds. Trumid s platform supports trading in bonds prior to their issuance (referred to as grey market trading ) and early market trading and includes trading protocols, such as RFQ, Attributed Trading and Swarms, a protocol which is designed to bring a group of participants together on the same bond at particular times throughout the day.

Pursuant to the terms of the Trumid Transaction Agreement, the total purchase price is $ 1.97 billion, which will consist of $ 1.89 billion payable in cash, subject to customary adjustments for cash acquired, indebtedness, net working capital and transaction expenses, and 773,900 LLC Interests (the Trumid LLC Interests ) and corresponding shares of the Class C common stock, representing per the Trumid Transaction Agreement, $ 82.0 million in equity based on the volume-weighted average price of the Class A common stock over the five trading days prior to the date of the Trumid Transaction Agreement. The closing of the acquisition is subject to the satisfaction of regulatory approvals as well as other customary closing conditions.

The Trumid LLC Interests will be redeemable or exchangeable on a one -for-one basis for shares of the Class A common stock, or at the Company s option, in cash.

The Trumid Transaction Agreement contains certain termination rights for Tradeweb Markets LLC and Trumid and, subject to certain limitations set forth therein, may be terminated by either Tradeweb Markets LLC or Trumid if the acquisition closing has not occurred on or before October 19, 2027 (as such date may be extended in accordance with the terms of the Trumid Transaction Agreement to a maximum of twenty-four ( 24 ) months after the date of the Trumid Transaction Agreement). The acquisition is currently targeted to close in the first half 2027, although no assurance can be given in that regard. In addition, if the Trumid Transaction Agreement is terminated under certain circumstances, Tradeweb Markets LLC will be obligated to pay Trumid a termination fee of $ 105.0 million.

MD&A 309 changes

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We earn revenues, pay expenses, hold assets and incur liabilities in currencies other than the U.S. dollar. Accordingly, fluctuations in foreign currency exchange rates can affect our results of operations from period to period. In particular, fluctuations in exchange rates for non-U.S. dollar currencies may reduce the U.S. dollar value of revenues, earnings and cash flows we receive from non-U.S. markets, increase our operating expenses (as measured in U.S. dollars) in those markets, negatively impact our competitiveness in those markets or otherwise adversely impact our results of operations or financial condition. Future fluctuations of foreign currency exchange rates and their impact on our results of operations and financial condition are inherently uncertain. As we continue to grow the size of our global operations, these fluctuations may be material. See Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk Foreign Currency and Derivative Risk elsewhere in this Quarterly Report on Form 10-Q, for the change in revenue and operating income caused by fluctuations in foreign currency rates used in translation and realized and unrealized gains/losses from foreign currency remeasurement of transactions in nonfunctional currencies during the three and six nine months ended June September 30, 2026 and 2025.

Acquisition of Trumid

On October 19, 2026, Tradeweb Markets LLC entered into a definitive agreement (the Trumid Transaction Agreement ) for Tradeweb Markets LLC to acquire directly and indirectly all of the outstanding equity interests of Trumid Holdings, LLC ( Trumid ). See Note 16 Subsequent Events to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on this pending acquisition.

1 unchanged paragraph

On July 4, 2025, the One Big Beautiful Bill Act ( OBBBA ) was enacted in the U.S. The OBBBA contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026. The Company will continue to evaluate the implications of this legislation on future periods.

On August 16, 2022, the Inflation Reduction Act of 2022 ( IRA ) was signed into law. The IRA established a 15% corporate alternative minimum tax ( CAMT ) effective for taxable years beginning after December 31, 2022, and imposed a 1% excise tax on the repurchase after December 31, 2022 of stock by publicly traded U.S. corporations. The 1% excise tax did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026 or 2025. The Company is subject to the current 15% CAMT, however, it did not have an impact on the Company s effective tax rate for the three and six nine months ended June September 30, 2026 or 2025. The IRA also has not had an impact to our non-GAAP adjusted effective tax rate used for purposes of calculating our non-GAAP measure of Adjusted Net Income for the three and six nine months ended June September 30, 2026 or 2025.

On October 8, 2021, the Organization for Economic Cooperation and Development announced an accord endorsing and providing an implementation plan focused on global profit allocation, and implementing a global minimum tax rate of at least 15% for large multinational corporations on a jurisdiction-by-jurisdiction basis, known as the Two Pillar Plan. On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan which became effective for the Company beginning on January 1, 2024. The Company falls under the provisions of the Two Pillar Plan and related tax impacts per local country adoption as it is a consolidating subsidiary of LSEG. The Two Pillar Plan did not have a material impact on the Company s condensed consolidated statements of financial condition as of June September 30, 2026 or December 31, 2025 or the Company s condensed consolidated statements of income or cash flows for the three and six nine months ended June September 30, 2026 or 2025. The Company continues to monitor developments related to the G7 s discussions on global tax reform and is awaiting further legislative updates.

15 unchanged paragraphs

Technology and communications expense consists of costs relating to software and hardware maintenance, including software subscription and usage fees, including for generative artificial intelligence ( AI ) tools, our internal network connections, data center costs, clearance and other trading platform related transaction costs and data feeds provided by third-party service providers, including LSEG. Factors that influence technology and communications expense include trading volumes and our investments in innovation, AI, data strategy and cybersecurity.

3 unchanged paragraphs

The tax receivable agreement liability adjustment reflects changes in the tax receivable agreement liability recorded in our condensed consolidated statements of financial condition as a result of changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our estimated future tax savings. There was no tax receivable agreement liability adjustment during each of the three and six nine months ended June September 30, 2026 and 2025.

Interest income consists primarily of interest earned from our cash deposited with large commercial banks and money market funds, as well as interest earned from our any investments in available-for-sale debt securities.

6 unchanged paragraphs

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for newly issued shares of Class A common stock or Class B common stock, as the case may be, on a one-for-one basis. In the event of such election by a Continuing LLC Owner, we may, at our option, effect a direct exchange of Class A common stock or Class B common stock for such LLC Interests of such Continuing LLC Owner in lieu of such redemption. In connection with any redemption or exchange, we will receive a corresponding number of LLC Interests, increasing our total ownership interest in TWM LLC. As of June September 30, 2026, we owned 90.2% 90.1% of TWM LLC and Continuing LLC Owners owned the remaining 9.8% 9.9% of TWM LLC.

1 unchanged paragraph

For the Three Months Ended June September 30, 2026 and June September 30, 2025

The following table sets forth a summary of our statements of income for the three months ended June September 30, 2026 and 2025:

1 unchanged paragraph

Total revenue $ 558,946 $ 512,971 $ 45,975 9.0 %

Total expenses 313,684 313,118 566 0.2 %

Operating income 245,262 199,853 45,409 22.7 %

Interest income 18,151 14,972 3,179 21.2 %

Interest expense (505) (429) (76) 17.7 %

Other income (loss), net 7,278 12,665 (5,387) (42.5) %

Income before taxes 270,186 227,061 43,125 19.0 %

Provision for income taxes (63,500) (51,539) (11,961) 23.2 %

Net income 206,686 175,522 31,164 17.8 %

Net income attributable to Tradeweb Markets Inc. $ 181,318 $ 153,782 $ 27,536 17.9 %

Total revenue $ 584,545 $ 508,598 $ 75,947 14.9 %

Total expenses 331,115 298,227 32,888 11.0 %

Operating income 253,430 210,371 43,059 20.5 %

Interest income 18,353 20,348 (1,995) (9.8) %

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and 283 more changes in the filing

Dividend policy 80 changes

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Market risk 31 changes

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and 31 more changes in the filing

Controls and procedures 1 change

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and 1 more change in the filing

Unregistered sales of stock 12 changes

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Other information 7 changes

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and 7 more changes in the filing