Business/Financial Results (Form 8-K)

Investor Relations Ashley Serrao + 1 646 430 6027 [email protected] Sameer Murukutla + 1 646 767 4864 [email protected]

Media Relations Daniel Noonan + 1 646 767 4677 [email protected] Savannah Steele + 1 646 767 4941 [email protected]

TRADEWEB REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS QUARTERLY CASH DIVIDEND RAISED BY 16.7% to $0.14 PER SHARE $500 MILLION SHARE REPURCHASE PROGRAM AUTHORIZED
New York, February 5, 2026 - Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the fourth quarter and full year ended December 31, 2025.
$521.2 million quarterly revenues increased 12.5% (9.9% on a constant currency basis) compared to prior year period $220.2 million quarterly international revenues, an increase of 16.8% (10.7% on a constant currency basis) compared to prior year period $2.8 trillion average daily volume ("ADV") for the quarter, an increase of 23.3% compared to prior year period; quarterly ADV records in European government bonds, swaps/swaptions ≥ 1-year, U.S. ETFs and global repurchase agreements $367.1 million net income and $207.0 million adjusted net income for the quarter, increases of 129.5% and 14.2% respectively from prior year period 53.2% adjusted EBITDA margin and $277.3 million adjusted EBITDA for the quarter, compared to 52.8% and $244.7 million respectively for prior year period $1.51 diluted earnings per share ("Diluted EPS") and $0.87 adjusted diluted earnings per share for the quarter $0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period																								Billy Hult, CEO of Tradeweb: "Tradeweb delivered strong fourth-quarter results, reporting record revenue of $521 million. This performance reflected consistent execution across our global platform and the strength of our diversified business model. We continued to invest in our core markets while shaping the future of institutional market structure and digital finance. Tradeweb completed the first on-chain electronic auction for brokered certificates of deposits, announced a collaboration with Chainlink to publish FTSE U.S. Treasury Benchmark Closing Prices on-chain, and continued to play a central role in evolving the Canton Network. Tradeweb also expanded electronic execution in Europe, with its first invoice spread trade via request-for-market, and continued to expand its emerging markets presence by launching an alternative trading system for sukuk and SAR-denominated debt instruments in Saudi Arabia. All in, Tradeweb reported its 26th consecutive year of record annual revenue in 2025, underscoring the earnings durability of our multi-asset model spanning multiple client sectors and geographies. That momentum has continued into 2026, with January average daily volume of $3.1 trillion thanks to double-digit YoY ADV growth across rates, credit and money markets. As electronification continues to advance and trading evolves with the rise of tokenization and digital-native asset classes, Tradeweb is well-positioned to build the institutional trading structure of the future - one that's more connected, transparent, and resilient than ever before."
SELECT FINANCIAL RESULTS			4Q25			4Q24			Change						Constant Currency Change (1)									ADV (US $bn) (Unaudited)
(dollars in thousands except per share amounts)(Unaudited)																								Asset Class						Product			4Q25			4Q24			YoY
GAAP Financial Measures																								Rates						Cash			$	557		$	509		9.4		%
Total revenue			$	521,183		$	463,344		12.5			%			9.9			%												Derivatives			1,117			745			50.0		%
Rates			$	279,083		$	240,192		16.2			%			12.9			%												Total			1,674			1,253			33.5		%
Credit			$	118,408		$	113,572		4.3			%			2.5			%						Credit						Cash			16			15			10.2		%
Equities			$	31,533		$	28,749		9.7			%			5.9			%												Derivatives			17			13			37.9		%
Money Markets			$	45,623		$	44,258		3.1			%			2.0			%												Total			34			27			22.9		%
Market Data			$	33,783		$	30,011		12.6			%			11.5			%						Equities						Cash			14			11			23.6		%
Other			$	12,753		$	6,562		94.3			%			94.3			%												Derivatives			13			12			7.8		%
Operating income			$	221,013		$	188,540		17.2			%																		Total			27			24			15.3		%
Net income			$	367,124		$	159,942		129.5			%												Money Markets						Cash			1,092			988			10.5		%
Net income attributable to Tradeweb Markets Inc. (2)			$	324,992		$	142,210		128.5			%																		Total			1,092			988			10.5		%
																														Total			$	2,827		$	2,292		23.3		%
Diluted EPS			$	1.51		$	0.66		128.8			%
Net income margin			70.4		%	34.5		%	+3,592			bps												(1) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures. (2) Represents net income less net income attributable to non-controlling interests.
Non-GAAP Financial Measures
Adjusted EBITDA (1)			$	277,319		$	244,743		13.3			%			11.3			%
Adjusted EBITDA margin (1)			53.2		%	52.8		%	+39			bps			+65			bps
Adjusted EBIT (1)			$	257,129		$	227,347		13.1			%			11.0			%
Adjusted EBIT margin (1)			49.3		%	49.1		%	+27			bps			+45			bps
Adjusted Net Income (1)			$	206,973		$	181,183		14.2			%			12.2			%
Adjusted Diluted EPS (1)			$	0.87		$	0.76		14.5			%			13.2			%

DISCUSSION OF RESULTS: FOURTH QUARTER 2025

Rates - Revenues of $279.1 million in the fourth quarter of 2025 increased 16.2% compared to prior year period (increased 12.9% on a constant currency basis). Rates ADV was up 33.5% from prior year period, driven by an 82.1% increase in swaps/swaptions < 1-year and record volume in swaps/swaptions ≥ 1-year. Mortgages ADV was up 9.7% from prior year period, driven by increased To-Be-Announced ("TBA") activity, which was led by heightened participation from real-money accounts and mortgage originators, alongside elevated dollar-roll trading. Tradeweb's specified pool volumes also delivered strong ADV growth supported by continued expansion in client and dealer participation. European government bonds ADV was also a record, up 29.7% from prior year period, driven by robust volume across our institutional and wholesale client channels and U.S. government bond volume remained robust.

Credit - Revenues of $118.4 million in the fourth quarter of 2025 increased 4.3% compared to prior year period (increased 2.5% on a constant currency basis). Credit ADV was up 22.9% from prior year period, driven by strong activity in credit derivatives, U.S. and European credit and municipal bond volumes. U.S. credit ADV was up 4.5% from prior year period, reflecting continued client adoption across Tradeweb products and protocols, most notably in request-for-quote ("RFQ"), Tradeweb AllTrade® and Portfolio Trading ("PT"). European Credit ADV was up 15.6% from prior year period, driven by robust activity across a wide range of protocols including Tradeweb's Automated Intelligent Execution tool ("AiEX") and PT. Municipal bond ADV was up 17.3% from prior year period. We reported 18.3% share of fully electronic U.S. high grade TRACE, which remained flat from prior year period and 8.1% share of fully electronic U.S. high yield TRACE, up 20 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 110 bps from prior year period and 10.0% total share of U.S. high yield TRACE, which remained flat from prior year period.

Equities - Revenues of $31.5 million in the fourth quarter of 2025 increased 9.7% compared to prior year period (increased 5.9% on a constant currency basis). Equities ADV was up 15.3% from prior year period driven by record volume in U.S. ETFs, which was led by strong year-over-year growth in institutional and wholesale trading.

Money Markets - Revenues of $45.6 million in the fourth quarter of 2025 increased 3.1% compared to prior year period (increased 2.0% on a constant currency basis). Money Markets ADV was up 10.5% from prior year period, primarily driven by record ADV in global repurchase agreements, which was supported by increased client participation.

Market Data - Revenues of $33.8 million in the fourth quarter of 2025 increased 12.6% compared to prior year period (increased 11.5% on a constant currency basis). The increase was derived primarily from higher fees resulting from our amended LSEG market data license agreement effective November 1, 2025 and other increases in proprietary third party market data revenue.

Other - Revenues of $12.8 million in the fourth quarter of 2025 increased 94.3% compared to prior year period (increased 94.3% on a constant currency basis) primarily due to an increase in digital asset revenue earned for performing validation services on the Canton Network.

Operating Expenses of $300.2 million in the fourth quarter of 2025 increased 9.2% compared to $274.8 million in the prior year period, primarily due to (i) an increase in general and administrative expenses as a result of a decrease in foreign exchange gains, (ii) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth and (iii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period.

Adjusted Expenses of $264.1 million in the fourth quarter of 2025 increased 11.9% (increased 9.0% on a constant currency basis) compared to prior year period primarily due to (i) an increase in employee compensation and benefits as a result of an increase in headcount to support our continued growth, (ii) an increase in technology and communication expense due to continued investment in our data strategy and infrastructure and increased clearance and data fees driven primarily by higher trading volumes from prior year period and (iii) an increase in general and administrative expenses primarily as a result of a decrease in foreign exchange gains. Please see "Non-GAAP Financial Measures" below for additional information.

Non-operating Income - Other income (loss), net of $207.1 million of income in the fourth quarter of 2025 increased $208.2 million compared to the prior year period loss of $1.1 million, primarily due to realized and unrealized gains on our Canton Coin holdings, which totaled a gain of $205.4 million in the fourth quarter of 2025 compared to $0.2 million in prior year period. In November 2025, spot trading of the Canton Coin began across several global digital asset exchanges. Other income (loss), net is excluded from all non-GAAP financial measures.

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DISCUSSION OF RESULTS: FULL-YEAR 2025

Tradeweb recorded its 26th consecutive year of record annual revenues for the year ended December 31, 2025, as total revenues increased 18.9% (increased 17.5% on a constant currency basis) to $2.1 billion compared to full year 2024. Record revenue was driven by ADV of more than $2.6 trillion and record ADV activity in each of the following: U.S. government bonds; European government bonds; mortgages; swaps and swaptions ≥ 1-year; U.S. high-grade credit traded fully electronically; U.S. high-yield credit traded fully electronically; U.S. high-yield credit that is electronically processed; European credit bonds; municipal bonds; credit swaps; U.S. ETFs; international ETFs; convertibles, swaps and options; and repurchase agreements. Operating income increased 23.2% to $835.3 million for the year ended December 31, 2025 compared to $678.0 million in 2024, while net income increased 61.7% to $921.5 million for the year ended December 31, 2025 compared to $570.0 million in 2024. Net income in 2025 includes $270.9 million in non-operating other income gains on our Canton Coin holdings. Adjusted EBITDA margin increased to 54.0% for the year ended December 31, 2025 compared to 53.3% in 2024, representing an increase of 64 bps from prior year period (+70 bps on a constant currency basis). Diluted EPS increased 62.2% from prior year period to $3.78 for the year ended December 31, 2025, including the impact of non-operating other income primarily relating to gains on Canton Coins holdings. Adjusted Diluted EPS increased 18.8% from prior year period to $3.47 for the year ended December 31, 2025.

RECENT HIGHLIGHTS

January 2026

•Participated in a third wave of pioneering transactions on the Canton Network alongside a consortium of leading financial institutions, building on the successful completion of the initial on-chain U.S. Treasury financing in July 2025.

Fourth Quarter 2025

Core Product

•Completed the first fully electronic European invoice spread trade via the request-for-market ("RFM") protocol on Tradeweb, with Nomura providing liquidity.

•Announced an expansion of Tradeweb's collaboration with the European Central Bank to provide them with repo trading services for public sector securities from major European jurisdictions.

•Completed the first-ever fully electronic RFM swaption package trade. Citadel and Barclays were counterparties on the trade, which was executed on the Tradeweb Swap Execution Facility ("TW SEF").

•Expanded Tradeweb's dealer algorithmic execution capabilities for U.S. Treasuries, providing institutional clients with access to deeper liquidity and smarter execution strategies through Tradeweb's comprehensive dealer algo suite.

•Launched Tradeweb's Alternative Trading System ("ATS") for the execution of sukuk and Saudi Riyal ("SAR")-denominated debt instruments in the Kingdom of Saudi Arabia.

Digital Assets and Blockchain Technology

•Diversified Canton Coin exposure by exchanging Canton Coin to acquire pre-funded warrants to purchase shares of common stock of Tharimmune, Inc. (Nasdaq CM: "THAR"), a publicly traded digital asset treasury (DAT) company whose goal is to advance the adoption of institutional and decentralized finance applications on the Canton Network.

•In October 2025, Securitize announced that it entered into a definitive business combination agreement through which Securitize will become a publicly listed company, subject to shareholder approval, customary closing conditions and regulatory approvals, at a $1.25 billion pre-money equity value, subject to customary valuation adjustments. If the combination is completed, Tradeweb's convertible note will convert into an equity interest in the combined public company, alongside other equity holders such as ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto and Morgan Stanley Investment Management.

•Completed the industry's first on-chain electronic auction for brokered certificates of deposit ("CDs").

•Announced a collaboration with Chainlink, a leading operator for on-chain finance, to publish the Tradeweb FTSE U.S. Treasury Benchmark Closing Prices on-chain via DataLink, an institutional-grade data publishing service powered by Chainlink.

People

•Appointed Sandra "Sandee" Buchanan as Chief People Officer and a member of the Executive Committee.

•Appointed Rich Chun as Managing Director, Head of Asia, to oversee Tradeweb's business operations, client engagement efforts and strategic initiatives in the Asia Pacific region.

Awards

•Recognized in numerous awards celebrating our company and employees, including: Outstanding Fixed Income Trading Venue, Leaders in Trading Awards (The Trade); 100 Most Influential Women in European Finance 2025 - Serene Murphy (Financial News); Excellence in Trading - Iseult Conlin, U.S. Women in Finance Awards (Markets Media); Rising Star - Casey Kenny, U.S. Women in Finance Awards (Markets Media); Excellence in Marketing - Susan Bennett, European Women in Finance Awards (Markets Media); Rising Star - Lou Ducasse, European Women in Finance Awards (Markets Media); Ascent Award - Roseann Hilway, Women in Financial Markets

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CAPITAL MANAGEMENT

•$2.1 billion in cash and cash equivalents and an undrawn $500.0 million credit facility as of December 31, 2025

•As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 million

•Free cash flow for the year ended December 31, 2025 of $1.1 billion, up 31.6% compared to prior year period. See "Non-GAAP Financial Measures" for additional information

•Cash paid for capital expenditures and capitalized software development in the fourth quarter 2025 of $34.8 million and $103.1 million in full-year 2025

•During both the quarter and year ended December 31, 2025, as part of its 2022 Share Repurchase Program, Tradeweb purchased a total of 987,379 shares of Class A common stock, at an average price of $107.29, for purchases totaling $105.9 million. During the month of January 2026, Tradeweb purchased a total of 482,621 shares of Class A common stock, at an average price of $105.10, for purchases totaling $50.7 million. As of February 5, 2026, a total of $23.2 million remained available for repurchase pursuant to the 2022 Share Repurchase Program authorization

•On February 5, 2026, the Board of Directors approved the 2026 Share Repurchase Program which authorizes the purchase of up to $500 million of the Company's Class A common stock once the 2022 Share Repurchase Program has been exhausted

•$0.5 million in shares of Class A common stock were withheld in the fourth quarter of 2025 and $49.4 million in shares of Class A common stock were withheld in the full-year 2025 to satisfy tax obligations related to the exercise of stock options and vesting of restricted stock units and performance-based restricted stock units held by employees

•The Board of Directors declared a quarterly cash dividend of $0.14 per share of Class A common stock and Class B common stock, a 16.7% per share increase from prior year. This dividend will be payable on March 16, 2026 to stockholders of record as of March 2, 2026

OTHER MATTERS

Full-Year 2026 Guidance*

•Adjusted Expenses: $1,100 - 1,160 million

•Acquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million

•Assumed non-GAAP tax rate: ~23.5% - 24.5%

•Cash capital expenditures and capitalized software development: ~$107 - 117 million

•LSEG Market Data Contract Revenue: ~$105 million

*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.

CONFERENCE CALL

Tradeweb Markets will hold a conference call to discuss fourth quarter and full year 2025 results starting at 9:30 AM EST today, February 5, 2026. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.

•To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/sewc5z3i/

•To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BI67c55c84683e4959a056498dfe6e355c

Registered participants will receive an email confirmation with a unique PIN to access the conference call.

An archived recording of the call will be available afterward at https://investors.tradeweb.com.

ABOUT TRADEWEB MARKETS

Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.6 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.

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TRADEWEB MARKETS INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
Revenues						(dollars in thousands, except per share amounts)
Transaction fees and commissions						$	428,006					$	384,128					$	1,700,427					$	1,423,547
Subscription fees						60,018						55,026						234,017						206,659
LSEG market data fees						23,169						20,552						93,197						82,145
Other						9,990						3,638						24,788						13,598
Total revenue						521,183						463,344						2,052,429						1,725,949
Expenses
Employee compensation and benefits						159,268						152,206						670,831						592,690
Depreciation and amortization						60,091						62,854						250,189						219,999
Technology and communications						35,520						28,728						128,327						98,568
General and administrative						21,786						12,291						88,402						56,317
Professional fees						15,291						13,574						53,391						60,132
Occupancy						8,214						5,151						25,951						20,215
Total expenses						300,170						274,804						1,217,091						1,047,921
Operating income						221,013						188,540						835,338						678,028
Tax receivable agreement liability adjustment						9,786						8,600						9,786						7,730
Interest income						19,238						14,803						68,407						74,037
Interest expense						(403)						(573)						(1,941)						(4,279)
Other income (loss), net						207,078						(1,124)						263,384						(1,114)
Income before taxes						456,712						210,246						1,174,974						754,402
Provision for income taxes						(89,588)						(50,304)						(253,474)						(184,439)
Net income						367,124						159,942						921,500						569,963
Less: Net income attributable to non-controlling interests						42,132						17,732						108,708						68,456
Net income attributable to Tradeweb Markets Inc.						$	324,992					$	142,210					$	812,792					$	501,507
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:
Basic						$	1.52					$	0.67					$	3.81					$	2.35
Diluted						$	1.51					$	0.66					$	3.78					$	2.33
Weighted average shares outstanding:
Basic						213,065,776						213,039,958						213,213,371						213,030,056
Diluted						214,740,747						215,043,352						214,898,240						214,924,763

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TRADEWEB MARKETS INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)

Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
						(dollars in thousands)
Net income						$	367,124					$	159,942					$	921,500					$	569,963
Merger and acquisition transaction and integration costs (1)						157						1,071						6,891						22,823
Interest income						(19,238)						(14,803)						(68,407)						(74,037)
Interest expense						403						573						1,941						4,279
Depreciation and amortization						60,091						62,854						250,189						219,999
Stock-based compensation expense (2)						525						701						2,327						6,096
Provision for income taxes						89,588						50,304						253,474						184,439
Foreign exchange (gains) / losses (3)						(4,467)						(8,423)						13,112						(6,326)
Tax receivable agreement liability adjustment (4)						(9,786)						(8,600)						(9,786)						(7,730)
Other (income) loss, net						(207,078)						1,124						(263,384)						1,114
Adjusted EBITDA						$	277,319					$	244,743					$	1,107,857					$	920,620
Less: Depreciation and amortization						(60,091)						(62,854)						(250,189)						(219,999)
Add: D&A related to acquisitions and the Refinitiv Transaction (5)						39,901						45,458						176,322						156,489
Adjusted EBIT						$	257,129					$	227,347					$	1,033,990					$	857,110
Net income margin (6)						70.4		%				34.5		%				44.9		%				33.0		%
Adjusted EBITDA margin (6)						53.2		%				52.8		%				54.0		%				53.3		%
Adjusted EBIT margin (6)						49.3		%				49.1		%				50.4		%				49.7		%

(1)			Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(2)			Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarters and years ended December 31, 2025 and 2024, this adjustment also includes $0.5 million, $2.3 million, $0.6 million and $1.0 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(3)			Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency.
(4)			Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.
(5)			Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(6)			Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period.

Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted EPS						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
						(dollars in thousands, except per share amounts)
Earnings per diluted share						$	1.51					$	0.66					$	3.78					$	2.33
Net income attributable to Tradeweb Markets Inc.						$	324,992					$	142,210					$	812,792					$	501,507
Net income attributable to non-controlling interests (1)						42,132						17,732						108,708						68,456
Net income						367,124						159,942						921,500						569,963
Provision for income taxes						89,588						50,304						253,474						184,439
Merger and acquisition transaction and integration costs (2)						157						1,071						6,891						22,823
D&A related to acquisitions and the Refinitiv Transaction (3)						39,901						45,458						176,322						156,489
Stock-based compensation expense (4)						525						701						2,327						6,096
Foreign exchange (gains) / losses (5)						(4,467)						(8,423)						13,112						(6,326)
Tax receivable agreement liability adjustment (6)						(9,786)						(8,600)						(9,786)						(7,730)
Other (income) loss, net						(207,078)						1,124						(263,384)						1,114
Adjusted Net Income before income taxes						275,964						241,577						1,100,456						926,868
Adjusted income taxes (7)						(68,991)						(60,394)						(275,114)						(231,717)
Adjusted Net Income						$	206,973					$	181,183					$	825,342					$	695,151
Adjusted Diluted EPS (8)						$	0.87					$	0.76					$	3.47					$	2.92

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(1)			Represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock.
(2)			Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(3)			Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(4)			Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarters and years ended December 31, 2025 and 2024, this adjustment also includes $0.5 million, $2.3 million, $0.6 million and $1.0 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(5)			Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency.
(6)			Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings.
(7)			Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxes for the quarters and years ended December 31, 2025 and 2024.
(8)			For a summary of the calculation of Adjusted Diluted EPS, see "Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS" below.

The following table summarizes the calculation of Adjusted Diluted EPS for the periods presented:

Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
Diluted weighted average shares of Class A and Class B common stock outstanding						214,740,747						215,043,352						214,898,240						214,924,763
Weighted average of other participating securities (1)						170,479						249,907						167,018						165,565
Assumed exchange of LLC Interests for shares of Class A or Class B common stock (2)						23,057,090						23,073,616						23,063,110						23,076,373
Adjusted diluted weighted average shares outstanding						237,968,316						238,366,875						238,128,368						238,166,701
Adjusted Net Income (in thousands)						$	206,973					$	181,183					$	825,342					$	695,151
Adjusted Diluted EPS						$	0.87					$	0.76					$	3.47					$	2.92

(1)			Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share.
(2)			Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.

Reconciliation of Operating Expenses to Adjusted Expenses						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
						(dollars in thousands)
Operating expenses						$	300,170					$	274,804					$	1,217,091					$	1,047,921
Merger and acquisition transaction and integration costs (1)						(157)						(1,071)						(6,891)						(22,823)
D&A related to acquisitions and the Refinitiv Transaction (2)						(39,901)						(45,458)						(176,322)						(156,489)
Stock-based compensation expense (3)						(525)						(701)						(2,327)						(6,096)
Foreign exchange gains / (losses) (4)						4,467						8,423						(13,112)						6,326
Adjusted Expenses						$	264,054					$	235,997					$	1,018,439					$	868,839

(1)			Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration.
(2)			Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction).
(3)			Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the quarters and years ended December 31, 2025 and 2024, this adjustment also includes $0.5 million, $2.3 million, $0.6 million and $1.0 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the quarter ended and year ended December 31, 2024, this adjustment also includes none and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President.
(4)			Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity's functional currency.

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						Year Ended December 31,
Reconciliation of Cash Flow from Operating Activities to Free Cash Flow						2025						2024
						(dollars in thousands)
Cash flow from operating activities						$	1,167,646					$	897,741
Less: Capitalization of software development costs						(62,541)						(47,909)
Less: Purchases of furniture, equipment and leasehold improvements						(40,552)						(40,960)
Free Cash Flow						$	1,064,553					$	808,872

TRADEWEB MARKETS INC.

BASIC AND DILUTED EPS CALCULATIONS (UNAUDITED)

The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc.:

EPS: Net income attributable to Tradeweb Markets Inc.						Quarter Ended December 31,												Year Ended December 31,
						2025						2024						2025						2024
						(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.						$	324,992					$	142,210					$	812,792					$	501,507
Less: Distributed and undistributed earnings allocated to participating securities (1)						(260)						(167)						(636)						(389)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted						$	324,732					$	142,043					$	812,156					$	501,118
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic						213,065,776						213,039,958						213,213,371						213,030,056
Dilutive effect of PRSUs						489,115						661,696						460,612						589,171
Dilutive effect of options						267,525						303,253						284,464						428,926
Dilutive effect of RSUs and RSAs						390,413						561,703						407,012						415,957
Dilutive effect of PSUs						527,918						476,742						532,781						460,653
Weighted average shares of Class A and Class B common stock outstanding - Diluted						214,740,747						215,043,352						214,898,240						214,924,763
Earnings per share - Basic						$	1.52					$	0.67					$	3.81					$	2.35
Earnings per share - Diluted						$	1.51					$	0.66					$	3.78					$	2.33

(1)			During the quarters ended December 31, 2025 and 2024, there was a total of 170,479 and 249,907, respectively, and during the years ended December 31, 2025 and 2024, there was a total of 167,018 and 165,565, 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.

TRADEWEB MARKETS INC.

REVENUES BY ASSET CLASS (UNAUDITED)

						Quarter Ended												Quarter Ended												Year Ended												Year Ended
						December 31, 2025												December 31, 2024												December 31, 2025												December 31, 2024
Revenues						Variable						Fixed						Variable						Fixed						Variable						Fixed						Variable						Fixed
						(dollars in thousands)
Rates						$	207,735					$	71,348					$	175,407					$	64,785					$	813,244					$	280,285					$	660,438					$	244,500
Credit						100,939						17,469						103,377						10,195						425,317						62,720						423,708						35,332
Equities						29,062						2,471						26,470						2,279						117,520						9,504						94,964						9,220
Money Markets						41,118						4,505						40,030						4,228						156,224						17,636						98,216						17,004
Market Data						99						33,684						89						29,922						415						133,309						457						117,563
Other						6,816						5,937						468						6,094						11,692						24,563						981						23,566
Total revenue						$	385,769					$	135,414					$	345,841					$	117,503					$	1,524,412					$	528,017					$	1,278,764					$	447,185

Page | 8

TRADEWEB MARKETS INC.

AVERAGE VARIABLE FEES PER MILLION DOLLARS OF VOLUME (UNAUDITED)

						Quarter Ended December 31,												YoY
						2025						2024						% Change
Rates						$	1.98					$	2.23					(11.5)		%
Rates Cash						$	2.26					$	2.37					(4.6)		%
Rates Derivatives						$	1.84					$	2.14					(14.3)		%
Rates Derivatives (≥ 1 year)						$	3.69					$	3.63					1.7		%
Other Rates Derivatives (1)						$	0.21					$	0.26					(19.9)		%
Credit						$	48.02					$	60.36					(20.4)		%
Cash Credit (2)						$	126.83					$	148.07					(14.3)		%
Credit Derivatives, China Bonds and U.S. Cash EP						$	7.34					$	7.98					(8.1)		%
Equities						$	16.71					$	17.56					(4.8)		%
Equities Cash						$	25.98					$	29.00					(10.4)		%
Equities Derivatives						$	6.98					$	7.07					(1.3)		%
Money Markets						$	0.54					$	0.57					(5.9)		%
Total						$	2.04					$	2.28					(10.2)		%
Total excluding Other Rates Derivatives (3)						$	2.51					$	2.59					(3.2)		%

(1)			Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures.
(2)			The "Cash Credit" category represents the "Credit" asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed ("EP") activity.
(3)			Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across periods presented.

Page | 9

TRADEWEB MARKETS INC.

AVERAGE DAILY VOLUME (UNAUDITED)

									2025 Q4									2024 Q4									YoY
Asset Class			Product						ADV (USD mm)			Volume (USD mm)						ADV (USD mm)			Volume (USD mm)						ADV
Rates			Cash						$	556,909		$	34,664,626					$	508,863		$	31,654,127					9.44		%
U.S. Government Bonds									233,591			14,482,640						224,928			13,945,561						3.85		%
European Government Bonds									62,299			3,987,160						48,016			3,073,052						29.75		%
Mortgages									248,701			15,419,453						226,707			14,055,856						9.70		%
Other Government Bonds									12,317			775,373						9,211			579,657						33.73		%
			Derivatives						1,117,054			70,468,872						744,591			46,914,537						50.02		%
Swaps/Swaptions ≥ 1Y									523,152			32,997,415						416,896			26,248,749						25.49		%
Swaps/Swaptions < 1Y									583,556			36,825,275						320,517			20,205,645						82.07		%
Futures									10,346			646,182						7,178			460,143						44.13		%
			Total						1,673,963			105,133,498						1,253,454			78,568,664						33.55		%
Credit			Cash						16,251			1,009,854						14,751			919,420						10.17		%
U.S. High Grade - Fully Electronic									6,929			429,586						6,487			402,207						6.81		%
U.S. High Grade - Electronically Processed									2,900			179,796						3,116			193,168						(6.92)		%
U.S. High Yield - Fully Electronic									1,019			63,198						793			49,196						28.46		%
U.S. High Yield - Electronically Processed									246			15,242						219			13,598						12.09		%
European Credit									2,636			168,734						2,280			145,902						15.65		%
Municipal Bonds									494			30,625						421			26,113						17.28		%
Chinese Bonds									1,653			99,184						1,166			72,276						41.80		%
Other Credit Bonds									374			23,488						269			16,960						38.99		%
			Derivatives						17,391			1,092,210						12,613			793,229						37.88		%
Swaps									17,391			1,092,210						12,613			793,229						37.88		%
			Total						33,642			2,102,063						27,364			1,712,648						22.94		%
Equities			Cash						13,919			890,810						11,265			720,972						23.56		%
U.S. ETFs									10,433			667,689						8,104			518,641						28.74		%
International ETFs									3,486			223,121						3,161			202,331						10.28		%
			Derivatives						13,254			848,246						12,295			786,854						7.80		%
Convertibles/Swaps/Options									9,118			583,536						8,906			570,007						2.37		%
Futures									4,136			264,710						3,388			216,847						22.07		%
			Total						27,173			1,739,056						23,560			1,507,825						15.34		%
Money Markets			Cash						1,092,105			76,306,916						988,101			69,908,118						10.53		%
Repurchase Agreements (Repo)									801,365			50,034,357						687,715			42,874,735						16.53		%
Other Money Markets									290,740			26,272,559						300,385			27,033,383						(3.21)		%
			Total						1,092,105			76,306,916						988,101			69,908,118						10.53		%
									ADV (USD mm)			Volume (USD mm)						ADV (USD mm)			Volume (USD mm)						YoY
			Total						$	2,826,883		$	185,281,533					$	2,292,479		$	151,697,256					23.31		%

To access historical traded volumes, go to https://www.tradeweb.com/newsroom/monthly-activity-reports/.

Page | 10

BASIS OF PRESENTATION

Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as "we," "our," "Tradeweb," "Tradeweb Markets" or the "Company") closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the "Reorganization Transactions") completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC ("TWM LLC") and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries.

Numerical figures included in this release have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%.

Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein.

UNAUDITED INTERIM AND FULL YEAR RESULTS

The interim and full year financial results presented herein for the quarters and years ended December 31, 2025 and 2024 are unaudited.