0001758730-26-000015 | 10-K | XBRL Viewer

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Software Development Costs - Schedule of Components of Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible assets that are subject to amortization
Cost	$ 657,346	$ 592,024
Accumulated Amortization	(387,051)	(295,303)
Net Carrying Amount	270,295	296,721
Software development costs
Intangible assets that are subject to amortization
Cost	488,846	423,524
Accumulated Amortization	(251,315)	(178,289)
Net Carrying Amount	237,531	245,235
Refinitiv \| Software development costs
Intangible assets that are subject to amortization
Cost	168,500	168,500
Accumulated Amortization	(135,736)	(117,014)
Net Carrying Amount	$ 32,764	$ 51,486

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Significant Accounting Policies - Goodwill (Details)		12 Months Ended
Significant Accounting Policies - Goodwill (Details)	Oct. 01, 2025 USD ($)	Dec. 31, 2025 reporting_unit
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit		1
Impairment of goodwill \| $	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 5, 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 first quarter of 2026. This dividend will be payable on March 16, 2026 to stockholders of record as of March 2, 2026. On February 5, 2026, Tradeweb Markets Inc., as the sole manager, approved a distribution by TWM LLC to its equityholders, including Tradeweb Markets Inc., in an aggregate amount of $78.1 million, as adjusted by required state and local tax withholdings that will be determined prior to the record date of March 2, 2026, payable on March 12, 2026. On February 5, 2026, the board of directors of Tradeweb Markets Inc. approved a share repurchase program with an indefinite term under which the Company may purchase up to $500 million of its Class A common stock (the “2026 Share Repurchase Program”) once the 2022 Share Repurchase Program has been exhausted. As of February 5, 2026, $23.2 million remained available for repurchase pursuant to the 2022 Share Repurchase Program. Pursuant to the 2026 Share Repurchase Program, the Company may repurchase its Class A common stock from time to time, in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations. The Company may make repurchases in the open market, through privately negotiated transactions, through accelerated repurchase programs (including through the use of derivatives), pursuant to Rule 10b5-1 plans or through enhanced open-market repurchases (eOMR). The 2026 Share Repurchase Program will be conducted in compliance with applicable legal requirements and shall be subject to market conditions and other factors. The manner, timing and amount of any purchase will be based on an evaluation of market conditions, stock price and other factors. The 2026 Share Repurchase Program has no termination date, may be suspended, amended or discontinued at any time and does not obligate the Company to acquire any amount of Class A common stock.

Significant Accounting Policies - Furniture, Equipment, Purchased Software, Leasehold Improvements and Software Development Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 01, 2024	Jan. 19, 2024
Software development costs
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	3 years
Amortization of pushdown accounting allocation	9 years
Software development costs \| ICD Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets				8 years
Software development costs \| R8Fin Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets					7 years
Software development costs \| NFI Acquisition
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year
Software development costs \| YB
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	1 year
Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	4 years
Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life of intangible assets	15 years
Furniture, Equipment, Purchased Software and Leasehold Improvements
Furniture, Equipment, Purchased Software and Leasehold Improvements
Accumulated depreciation and amortization	$ 96.7	$ 92.0
Depreciation expense	$ 25.6	$ 22.7	$ 21.3
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Minimum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	3 years
Furniture, Equipment, Purchased Software and Leasehold Improvements \| Maximum
Furniture, Equipment, Purchased Software and Leasehold Improvements
Useful life	7 years

Stockholders' Equity - Narrative (Details)		1 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	Aug. 01, 2024 shares	Aug. 31, 2024 shares	Dec. 31, 2025 vote shares
Tradeweb Markets LLC
Class of Stock [Line Items]
Threshold percentage of economic interest for conversion			10.00%
Cancellation ratio			1
Class A common stock
Class of Stock [Line Items]
Number of votes per common stock			1
Conversion ratio			1
Conversion of common stock (in shares) \| shares			1
Class A common stock \| Restricted Stock \| ICD Acquisition
Class of Stock [Line Items]
Common stock shares issued by corporation (in shares) \| shares	41,705	41,705
Class C Common Stock, par value $0.00001 per share
Class of Stock [Line Items]
Number of votes per common stock			1
Conversion ratio			1
Conversion of common stock (in shares) \| shares			1
Class B Common Stock, par value $0.00001 per share
Class of Stock [Line Items]
Number of votes per common stock			10
Conversion ratio			1
Class D Common Stock, par value $0.00001 per share
Class of Stock [Line Items]
Number of votes per common stock			10
Conversion ratio			1

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Settled PRSUs Issued

A summary of the Company’s outstanding PRSUs is presented below:


	PRSUs	Weighted Average Grant-Date Fair Value
PRSUs outstanding at December 31, 2024	1,041,538	$	80.03
Granted	147,733	$	135.80
Vested	(295,890)	$	83.74
Performance adjustment	—	$	—
Forfeited	(18,291)	$	91.29
PRSUs outstanding at December 31, 2025	875,090	$	87.96

A summary of the Company’s outstanding PSUs is presented below:


	PSUs	Weighted Average Grant-Date Fair Value
PSUs outstanding at December 31, 2024	312,058	$	110.69
Granted	65,532	$	216.02
Vested	—	$	—
Performance adjustment	353,866	$	98.33
Forfeited	—	$	—
PSUs outstanding at December 31, 2025	731,456	$	114.15

Schedule of Unrecognized Compensation Expense

The following table summarizes information about PRSU awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
PRSU compensation expense	$	37,665	$	35,707	$	26,506
Income tax benefit	$	(12,323)	$	(9,960)	$	(10,767)

The following table summarizes information about PSU awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
PSU compensation expense	$	15,374	$	12,213	$	7,043
Income tax benefit	$	(3,750)	$	(2,999)	$	(1,714)

The following table summarizes information about option awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Options compensation expense	$	—	$	133	$	1,264
Income tax benefit	$	(227)	$	(11,984)	$	(18,073)

As of December 31, 2025, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	PRSUs		PSUs		RSUs and RSAs

	(dollars in thousands)
Total unrecognized compensation cost	$	40,595	$	14,030	$	58,105
Weighted-average recognition period (in years)	1.6		1.7		1.4

Schedule of Significant Assumptions Used To Estimate The Fair Value of PSUs

The significant assumptions used to estimate the fair value of PSUs using the Monte Carlo simulation model were as follows:


	March 17, 2025 PSU Grant		March 15, 2024 PSU Grant		March 15, 2023 PSU Grant
Maturity (years)	2.8		2.8		2.8
Annualized volatility	25.04	%	26.63	%	28.81	%
Risk-free interest rate	3.95	%	4.44	%	3.77	%

Schedule of Options Issued

A summary of the Company’s outstanding options is presented below:


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2024	343,011	$	1.93	$	20.59
Granted	—	$	—	$	—
Exercised	(12,000)	$	1.80	$	20.59
Forfeited	—	$	—	$	—
Expired	—	$	—	$	—
Options outstanding at December 31, 2025	331,011	$	1.93	$	20.59

Schedule of Outstanding RSUs

A summary of the Company’s outstanding RSUs and RSAs is presented below:


	RSUs and RSAs	Weighted Average Grant-Date Fair Value
RSUs and RSAs outstanding at December 31, 2024 (1)	1,163,899	$	90.21
Granted	397,771	$	134.36
Vested	(545,909)	$	86.36
Forfeited	(10,275)	$	109.21
RSUs and RSAs outstanding at December 31, 2025	1,005,486	$	109.57

(1)In connection with the closing of the ICD Acquisition, on August 1, 2024, the Corporation issued and sold 41,705 RSAs with a grant date fair value of $111.68 per share. The RSAs issued will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

Schedule of RSU Activity

The following table summarizes information about RSU and RSA awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
RSU and RSA compensation expense	$	50,498	$	41,596	$	30,315
Income tax benefit	$	(18,546)	$	(12,781)	$	(7,952)

Schedule of Total Stock-based Compensation Expense

A summary of the Company’s total stock-based compensation expense relating to its PRSUs, PSUs, RSUs, RSAs and options, including the accelerated stock-based compensation expense discussed above, is presented below:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Total stock-based compensation expense	$	103,537	$	89,649	$	65,128

Consolidated Statements of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues

Total revenue

$ 2,052,429

$ 1,725,949

$ 1,338,219

Expenses

Employee compensation and benefits

670,831

592,690

460,305

Depreciation and amortization

250,189

219,999

185,350

Technology and communications

128,327

98,568

77,506

General and administrative

88,402

56,317

51,495

Professional fees

53,391

60,132

42,364

Occupancy

25,951

20,215

15,930

Total expenses

1,217,091

1,047,921

832,950

Other income (loss), net (3)

835,338

678,028

505,269

Tax receivable agreement liability adjustment

^[1]

9,786

7,730

(9,517)

Interest income

68,407

74,037

67,397

Interest expense

(1,941)

(4,279)

(2,047)

Other income (loss), net

263,384

(1,114)

(13,122)

Income before taxes

1,174,974

754,402

547,980

Provision for income taxes

(253,474)

(184,439)

(128,477)

Net income

921,500

569,963

419,503

Less: Net income attributable to non-controlling interests

108,708

68,456

54,637

Net income attributable to Tradeweb Markets Inc.

$ 812,792

$ 501,507

$ 364,866

Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:

Basic (in dollars per share)

$ 3.81

$ 2.35

$ 1.73

Diluted (in dollars per share)

$ 3.78

$ 2.33

$ 1.71

Weighted average shares outstanding:

Basic (in shares)

213,213,371

213,030,056

210,796,802

Diluted (in shares)

214,898,240

214,924,763

212,668,808

Transaction fees and commissions

Revenues

Total revenue

$ 1,700,427

$ 1,423,547

$ 1,078,344

Subscription fees

Revenues

Total revenue

234,017

206,659

183,972

LSEG market data fees

Revenues

Total revenue

93,197

82,145

64,336

Other

Revenues

Total revenue

$ 24,788

$ 13,598

$ 11,567

[1]	See Note 10 – Tax Receivable Agreement.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies: Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements. Reclassifications Certain reclassifications have been made to the December 31, 2024 consolidated statement of financial condition, and related financial information, to conform to the current period presentation. These primarily include reclassifying approximately $11.2 million of digital assets and other investments recorded at fair value as of December 31, 2024 from other assets to digital assets and other investments at fair value. These reclassifications had no impact on total assets, total liabilities or total equity on the consolidated statement of financial condition, nor did they have any impact on the consolidated statements of income, comprehensive income, changes in equity or cash flows. Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the consolidated statements of income. Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs. Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less. Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. An analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses relating to receivables are charged to credit loss expense, included as a component of general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. 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, with the credit loss included as a component of other income (loss), net in the consolidated statements of income. See Note 16 – Credit Risk for additional information. Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from wholesale transactions executed on the Company’s platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction. Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits. Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable. As of December 31, 2025 and 2024, accumulated depreciation related to furniture, equipment, purchased software and leasehold improvements totaled $96.7 million and $92.0 million, respectively. Depreciation expense for furniture, equipment, purchased software and leasehold improvements for the years ended December 31, 2025, 2024 and 2023 was $25.6 million, $22.7 million and $21.3 million, respectively. Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred. Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition, which were all accounted for as business combinations. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. Goodwill was last tested for impairment on October 1, 2025 and no impairment of goodwill was identified. Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value. Investments in Digital Assets - Canton Coins 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 the 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 the 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 included as a component of other income (loss), net in the consolidated statements of income. Investments in Available-for-Sale Debt Securities 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 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 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 the consolidated statements of financial condition. Equity Investments When the Company does not have a controlling financial interest in an entity but is able to exercise significant influence over the entity’s operating and financial policies, the equity investment is accounted under the equity method of accounting. The Company records its estimated pro rata share of earnings or losses each reporting period as a component of other income (loss) in the consolidated statements of income and records any dividends as a reduction of the investment balance. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income as an impairment in the period the impairment occurs. For minority investments in equity securities without a readily determinable fair value that are not accounted for under the equity method, the Company applies the measurement alternative. Under the measurement alternative, these investments are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss in net income equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity method investments and investments in equity securities without a readily determinable fair value are included as a component of other assets on the consolidated statements of financial condition. Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition. Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income. Revenue Recognition The Company’s classification of revenues in the consolidated statements of income primarily represents revenues from contracts with customers disaggregated by type of revenue. See Note 8 – Revenue for additional details regarding revenue types and the Company’s policies regarding revenue recognition. Translation of Foreign Currency and Foreign Exchange Derivative Contracts 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 consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a gain of $3.9 million, a loss of $4.5 million and a loss of $1.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Since the 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. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 15 – Fair Value of Financial Instruments and Other Assets for additional details. 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 consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. Changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing 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 loss of $21.0 million, a gain of $15.0 million and a gain of $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. Realized losses on the foreign currency call option on the Australian dollar during the year ended December 31, 2023 totaled $1.3 million. As of December 31, 2025 and 2024, the counterparty on 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 the accompanying consolidated statements of financial condition. See Note 15 – Fair Value of Financial Instruments and Other Assets for additional details on the Company’s derivative instruments. Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. 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 consolidated statements of financial condition, income or cash flows as of or for the year ended December 31, 2025. 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 consolidated statements of financial condition, income or cash flows as of or for the years ended December 31, 2025, 2024 and 2023. 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 years ended December 31, 2025, 2024 or 2023. 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 consolidated statements of financial condition, income or cash flows as of or for the years ended December 31, 2025 and 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates. Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. The grant-date fair value of stock-based awards with only time-based vesting requirements and stock-based awards that also vest based on the financial performance of the Company are determined based on the price of the Company’s Class A common stock on the grant date. For performance-based restricted stock units that vest based on the financial performance of the Company, the number of shares included in the stock-based compensation expense calculation each period is based on management’s estimate of the probable number of shares expected to be issued at settlement. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation expense based on the estimated grant-date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. If the service condition applicable for such award is met, expense is recognized based on the grant-date fair value of the award even if the market condition is not achieved. Forfeitures of stock-based awards related to service conditions not being met are recognized as they occur. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The non-cash stock-based compensation expense associated with the Special Option Award was expensed beginning in the second quarter of 2019 and ended during the first quarter of 2024 when all previously awarded options were fully vested. Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase shares of Class A common stock at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based stock awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share. Fair Value Measurement Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies interim disclosure requirements and the applicability of Topic 270. The amendments in this ASU result in a comprehensive list of interim disclosures that are required by GAAP and include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that had a material impact on the entity. ASU 2025-11 also clarifies the types of interim reporting and the form and content of interim financial statements prepared in accordance with GAAP. ASU 2025-11 is effective for the Company’s interim reporting periods beginning on January 1, 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 adds a new scope exception to derivative accounting guidance for non-exchange traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. However, this scope exception does not apply to (1) variables based on a market rate, market price or market index, (2) variables based on the price or performance (including default) of a financial asset or financial liability of one of the parties to the contract, (3) contracts (or features) involving the issuer’s own equity and (4) call and put options on debt instruments. The ASU also clarifies that an entity should apply the guidance from revenue from contracts with customers, including the non-cash consideration guidance therein, to a contract with share-based non-cash consideration from a customer for the transfer of goods or services unless and until the entity’s right to receive or retain the share-based non-cash consideration is unconditional. ASU 2025-07 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2027. The guidance may be applied on a prospective or modified retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-07 on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which amends certain aspects of the accounting for and disclosure of internal-use software development costs. To address that software is not always developed in a linear manner, ASU 2025-06 removes the previous references to project development stages and enhances the guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2028. The guidance may be applied on a prospective, retrospective or modified prospective transition basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 introduces a practical expedient for measuring expected credit losses that permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets arising from revenue from contracts with customers. ASU 2025-05 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2026. The guidance is to be applied on a prospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2025-05 to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands income tax disclosure requirements and requires the Company disclose (i) an income tax rate reconciliation using both percentages and reporting currency amounts; (ii) specific categories within the income tax rate reconciliation; (iii) additional information for reconciling items that meet a quantitative threshold; (iv) the composition of state and local income taxes by jurisdiction; and (v) the amount of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, and was applied retrospectively to all periods presented. The additional required disclosures are included in Note 9 – Income Taxes.

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2025 investment_provider $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock split ratio, common stock	1
Number of investment providers \| investment_provider	40
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	167,018	165,565	270,249
Dilutive effect (in shares)	1,684,869
Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Class B Common Stock, par value $0.00001 per share
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	0.00001	0.00001
Class C Common Stock, par value $0.00001 per share
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	0.00001	0.00001
Class D Common Stock, par value $0.00001 per share
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Tradeweb Markets LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	90.20%	90.20%
Ownership percentage, continuing LLC Owners	9.80%	9.80%
Tradeweb Markets LLC \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	50.90%
Tradeweb Markets LLC \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	49.00%
Tradeweb Markets LLC \| Class D Common Stock, par value $0.00001 per share \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership percentage, continuing LLC Owners	0.10%
Tradeweb Markets Inc \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest	89.90%
Tradeweb Markets Inc \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting power percentage	10.00%
Tradeweb Markets Inc \| Class A common stock \| Public Investors
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	115,502,689
Tradeweb Markets Inc \| Class B Common Stock, par value $0.00001 per share \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	96,933,192
Tradeweb Markets Inc \| Class C Common Stock, par value $0.00001 per share \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	18,000,000
Tradeweb Markets Inc \| Class D Common Stock, par value $0.00001 per share \| Refinitiv
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	4,988,329
Tradeweb Markets Inc \| Class D Common Stock, par value $0.00001 per share \| Other Stockholders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of share owned (in shares)	68,539
Voting power percentage	0.10%

Stockholders' Equity - Share Repurchase (Details)	12 Months Ended
Stockholders' Equity - Share Repurchase (Details)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 05, 2022 USD ($)	Oct. 31, 2022 USD ($)
Class of Stock [Line Items]
Average price per share (in dollars per share) \| $ / shares	$ 137.13	$ 98.72	$ 72.02
Number of shares withheld (in shares) \| shares	360,041	485,745	715,101
Share-based payment arrangement, decrease for tax withholding obligation	$ 49,375,000	$ 47,952,000	$ 51,519,000
Class A common stock
Class of Stock [Line Items]
Conversion ratio	1
Class A common stock \| 2021 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized					$ 150,000,000
Class A common stock \| 2022 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, amount authorized				$ 300,000,000
Common stock repurchased (in shares) \| shares	987,379	478,915	485,730
Average price per share (in dollars per share) \| $ / shares	$ 107.29	$ 125.07	$ 72.48
Aggregate value of share repurchase	$ 105,900,000	$ 59,900,000	$ 35,200,000
Excise tax	200,000	$ 0	$ 0
Stock repurchase program, remaining authorized repurchase amount	$ 74,000,000.0
Class B Common Stock, par value $0.00001 per share
Class of Stock [Line Items]
Conversion ratio	1

Related Party Transactions - Balances (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Related Party Transactions
Accounts receivable	$ 257,845,000	$ 222,268,000
Receivable and due from related parties	8,303,000	8,094,000
Other assets	140,249,000	96,165,000
Accounts payable, accrued expenses and other liabilities	183,970,000	95,290,000
Deferred revenue	29,030,000	30,800,000
Payable and due to related parties	7,090,000	763,000
Other assets	$ 4,500,000	0
iAltaA Capital Markets, LLC
Related Party Transactions
Equity method investment, ownership percentage	50.00%
Affiliated Entity
Related Party Transactions
Accounts receivable	$ 56,000	786,000
Receivable and due from related parties	8,303,000	8,094,000
Other assets	4,472,000	7,000
Accounts payable, accrued expenses and other liabilities	0	1,469,000
Deferred revenue	0	6,459,000
Payable and due to related parties	$ 7,090,000	$ 763,000

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, allowance for credit losses	$ 587	$ 447
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	115,502,689	115,977,551
Common stock, shares outstanding (in shares)	115,502,689	115,977,551
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	96,933,192	96,933,192
Common stock, shares outstanding (in shares)	96,933,192	96,933,192
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	18,000,000	18,000,000
Common stock, shares outstanding (in shares)	18,000,000	18,000,000
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,056,868	5,073,538
Common stock, shares outstanding (in shares)	5,056,868	5,073,538

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

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 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. Stock options have a maximum contractual term of 10 years.

In connection with organizational changes, on June 17, 2024, the Company determined that the employment of Thomas Pluta, former President of the Company, would terminate effective September 30, 2024. As of June 17, 2024, there was approximately $4.4 million in total unamortized stock-based compensation associated with equity awards previously granted to Mr. Pluta that was accelerated and amortized into expense over a revised estimated service period ending on September 30, 2024. Of this amount, $1.7 million represented regularly scheduled amortization that would have been recognized from June 17, 2024 through September 30, 2024 if Mr. Pluta’s employment was not terminated and $2.7 million represented accelerated stock-based compensation expense.

PRSU

Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on the financial performance of the Company are referred to as “PRSUs.” PRSUs generally cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the financial performance of the Company. For PRSU awards granted during 2024 and thereafter, the financial performance of the Company will be determined based on the compound annual growth rate over a three-year performance period beginning on January 1 in the year of grant. For PRSU awards granted during 2023, the financial performance of the Company was determined based on the financial performance of the Company in the grant year, and any earned awards that remain outstanding are subject to time-based vesting conditions. For all PRSU awards granted, the performance modifier can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. Compensation expense for PRSUs that cliff vest is recognized on a straight-line basis over the vesting period for the entire award.

A summary of the Company’s outstanding PRSUs is presented below:


	PRSUs	Weighted Average Grant-Date Fair Value
PRSUs outstanding at December 31, 2024	1,041,538	$	80.03
Granted	147,733	$	135.80
Vested	(295,890)	$	83.74
Performance adjustment	—	$	—
Forfeited	(18,291)	$	91.29
PRSUs outstanding at December 31, 2025	875,090	$	87.96

The following table summarizes information about PRSU awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
PRSU compensation expense	$	37,665	$	35,707	$	26,506
Income tax benefit	$	(12,323)	$	(9,960)	$	(10,767)

The weighted-average grant-date fair value of PRSUs granted during the years ended December 31, 2024 and 2023 was $104.66 and $69.56, respectively.

The total fair value of PRSUs vested during the years ended December 31, 2025, 2024 and 2023 was $38.9 million, $35.4 million and $46.2 million, respectively.

PSU

Performance-based restricted stock units that are promises to issue actual shares of Class A common stock based on market conditions are referred to as “PSUs.” PSUs cliff vest on January 1 of the third calendar year from the calendar year of the date of grant and the number of shares a participant will receive upon vesting is determined by a performance modifier, which is adjusted as a result of the Company’s total shareholder return over a three-year performance period. The performance modifier for PSUs can vary between 0% (minimum) and 250% (maximum) of the target (100%) award amount. The grant date fair value of the PSUs is recognized as compensation expense on a straight-line basis over the vesting period for the entire award, regardless of the number of shares received by the participant at vesting.

A summary of the Company’s outstanding PSUs is presented below:


	PSUs	Weighted Average Grant-Date Fair Value
PSUs outstanding at December 31, 2024	312,058	$	110.69
Granted	65,532	$	216.02
Vested	—	$	—
Performance adjustment	353,866	$	98.33
Forfeited	—	$	—
PSUs outstanding at December 31, 2025	731,456	$	114.15

The following table summarizes information about PSU awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
PSU compensation expense	$	15,374	$	12,213	$	7,043
Income tax benefit	$	(3,750)	$	(2,999)	$	(1,714)

The weighted-average grant-date fair value of PSUs granted during the years ended December 31, 2024 and 2023 was $149.00 and $98.33, respectively.

There were no PSUs vested during the years ended December 31, 2024 and 2023.

The significant assumptions used to estimate the fair value of PSUs using the Monte Carlo simulation model were as follows:


	March 17, 2025 PSU Grant		March 15, 2024 PSU Grant		March 15, 2023 PSU Grant
Maturity (years)	2.8		2.8		2.8
Annualized volatility	25.04	%	26.63	%	28.81	%
Risk-free interest rate	3.95	%	4.44	%	3.77	%

Options

Prior to the IPO, the Company granted the Special Option Award to management and other employees and granted additional options subsequent to the IPO in July 2019 and December 2019, in each case under the Option Plan. Each option award was scheduled to vest one half based solely on the passage of time and one half only if the Company achieved certain performance targets. The options had a four-year graded vesting schedule, with accelerated vesting for the time-based Special Option Award options originally scheduled to vest in years three and four that were accelerated upon completion of the IPO. The option stock-based compensation expense recognition commenced upon the completion of the IPO during the second quarter of 2019 and were fully vested and fully expensed by the first quarter of 2024.

The Company can elect to net-settle exercised options by reducing the shares of Class A common stock to be issued upon such exercise by the number of shares of Class A common stock having a fair market value on the date of exercise equal to the aggregate option price and withholding taxes payable in respect of the number of options exercised. The Company may then pay these employee payroll taxes from the Company’s cash.

A summary of the Company’s outstanding options is presented below:


	Options	Weighted Average Grant-Date Fair Value		Weighted Average Exercise Price
Options outstanding at December 31, 2024	343,011	$	1.93	$	20.59
Granted	—	$	—	$	—
Exercised	(12,000)	$	1.80	$	20.59
Forfeited	—	$	—	$	—
Expired	—	$	—	$	—
Options outstanding at December 31, 2025	331,011	$	1.93	$	20.59

All options outstanding as of December 31, 2025 were fully vested and exercisable.

The following table summarizes information about option awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Options compensation expense	$	—	$	133	$	1,264
Income tax benefit	$	(227)	$	(11,984)	$	(18,073)

There were no options granted during the years ended December 31, 2024 and 2023.

The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $1.0 million, $53.3 million and $77.4 million, respectively.

The total intrinsic value of all options outstanding as of December 31, 2025 was $28.8 million. The weighted average remaining contractual life of all options outstanding as of December 31, 2025 was 2.8 years.

RSUs and RSAs

RSUs are promises to issue shares of Class A common stock at the end of a vesting period. RSAs are issued shares of restricted Class A common stock that are released to an employee at the end of a vesting period. RSUs granted to employees generally vest one-third each year over a three-year period. RSAs vest at the end of a two-year period. RSUs granted to non-employee directors generally vest after one year. The grant-date fair value of RSUs and RSAs is amortized into expense on a straight-line basis over the requisite service period for the entire award, with compensation cost recognized to date at least equal to the measured cost of vested tranches.

A summary of the Company’s outstanding RSUs and RSAs is presented below:


	RSUs and RSAs	Weighted Average Grant-Date Fair Value
RSUs and RSAs outstanding at December 31, 2024 (1)	1,163,899	$	90.21
Granted	397,771	$	134.36
Vested	(545,909)	$	86.36
Forfeited	(10,275)	$	109.21
RSUs and RSAs outstanding at December 31, 2025	1,005,486	$	109.57

The following table summarizes information about RSU and RSA awards:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
RSU and RSA compensation expense	$	50,498	$	41,596	$	30,315
Income tax benefit	$	(18,546)	$	(12,781)	$	(7,952)

The weighted-average grant-date fair value of RSUs and RSAs granted during the years ended December 31, 2024 and 2023 was $106.45 and $69.70, respectively.

The total fair value of RSUs vested during the years ended December 31, 2025, 2024 and 2023 was $76.8 million, $48.2 million and $30.7 million, respectively. There were no RSAs vested during the years ended December 31, 2025, 2024 and 2023.

Compensation Expense

The Company records stock-based compensation expense for employees and directors in the consolidated statements of income, as a component of employee compensation and benefits. A summary of the Company’s total stock-based compensation expense relating to its PRSUs, PSUs, RSUs, RSAs and options, including the accelerated stock-based compensation expense discussed above, is presented below:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Total stock-based compensation expense	$	103,537	$	89,649	$	65,128

The stock-based compensation expense above excludes $2.8 million, $2.3 million and $1.5 million of stock-based compensation expense capitalized to software development costs during the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, total unrecognized compensation expense related to unvested stock-based compensation arrangements and the expected recognition period are as follows:


	PRSUs		PSUs		RSUs and RSAs

	(dollars in thousands)
Total unrecognized compensation cost	$	40,595	$	14,030	$	58,105
Weighted-average recognition period (in years)	1.6		1.7		1.4

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A common stock	Common Stock Class B common stock	Common Stock Class C common stock	Common Stock Class D common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non- Controlling Interests
Beginning balance at Dec. 31, 2022	$ 5,546,316	$ 1	$ 1	$ 0	$ 0	$ 4,577,270	$ (10,113)	$ 386,632	$ 592,525
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	15,238					15,238
Share repurchases pursuant to share repurchase programs	(35,205)							(35,205)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	53,395					53,395
Adjustments to non-controlling interests	0					77,767	(126)		(77,641)
Distributions to non-controlling interests	(12,439)								(12,439)
Dividends	(75,909)							(75,909)
Stock-based compensation expense	66,607					66,607
Payroll taxes paid for stock-based compensation	(51,519)					(51,519)
Net income	419,503							364,866	54,637
Other comprehensive income (loss)	5,419						4,850		569
Ending balance at Dec. 31, 2023	5,931,406	1	1	0	0	4,738,758	(5,389)	640,384	557,651
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from equity incentive plans	6,743					6,743
Issuance of common stock for business acquisitions	40,025					40,025
Share repurchases pursuant to share repurchase programs	(59,896)							(59,896)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	(15,326)					(15,326)
Adjustments to non-controlling interests	0					(849)	(2)		851
Distributions to non-controlling interests	(27,767)								(27,767)
Dividends	(85,232)							(85,232)
Stock-based compensation expense	92,009					92,009
Payroll taxes paid for stock-based compensation	(47,952)					(47,952)
Net income	569,963							501,507	68,456
Other comprehensive income (loss)	(5,088)						(4,590)		(498)
Ending balance at Dec. 31, 2024	6,398,885	1	1	0	0	4,813,408	(9,981)	996,763	598,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases pursuant to share repurchase programs	(106,167)							(106,167)
Tax receivable agreement liability and deferred taxes arising from LLC Interest ownership exchanges and the issuance of common stock from equity incentive plans	21,459					21,459
Adjustments to non-controlling interests	0					3,821	(7)		(3,814)
Distributions to non-controlling interests	(24,705)								(24,705)
Dividends	(102,344)							(102,344)
Stock-based compensation expense	106,497					106,497
Payroll taxes paid for stock-based compensation	(49,375)					(49,375)
Net income	921,500							812,792	108,708
Other comprehensive income (loss)	23,487						20,887		2,600
Ending balance at Dec. 31, 2025	$ 7,189,237	$ 1	$ 1	$ 0	$ 0	$ 4,895,810	$ 10,899	$ 1,601,044	$ 681,482

Credit Risk (Details) - USD ($)	12 Months Ended
Credit Risk (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Receivable from brokers and dealers and clearing organizations	$ 8,630,000	$ 67,805,000
Payable to brokers and dealers and clearing organizations	3,363,000	67,816,000
Broker-dealer, self-funded remaining difference between the fail to deliver and fail to receive	5,300,000
Allowance for credit losses	0	0
Fair value adjustments or credit losses	0	0
Accounts receivable, allowance for credit losses	587,000	447,000
Credit loss expense	$ 200,000	$ 200,000	$ 200,000

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 921,500	$ 569,963	$ 419,503
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, with no tax benefit for each of the years ended December 31, 2025, 2024 and 2023	12,889	(5,088)	5,419
Unrealized gain on available-for-sale debt security, net of tax expense of $3,387 for the year ended December 31, 2025	10,598	0	0
Other comprehensive income (loss), net of tax	23,487	(5,088)	5,419
Comprehensive income	944,987	564,875	424,922
Less: Net income attributable to non-controlling interests	108,708	68,456	54,637
Less: Other comprehensive income (loss) attributable to non-controlling interests	2,600	(498)	569
Comprehensive income attributable to Tradeweb Markets Inc.	$ 833,679	$ 496,917	$ 369,716

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Taxes

The components of income before taxes were attributable to the following regions:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Domestic	$	1,137,412	$	720,570	$	533,677
Foreign	37,562		33,832		14,303
Income before taxes	$	1,174,974	$	754,402	$	547,980

Schedule of Components of Provisions for Income Taxes

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Current:
Federal	$	103,039	$	95,266	$	15,168
State and local	45,679		42,453		20,748
Foreign	12,438		14,406		2,665
Total current tax expense	$	161,156	$	152,125	$	38,581

Deferred:
Federal	$	69,265	$	20,225	$	79,264
State and local	24,902		9,852		9,707
Foreign	(1,849)		2,237		925
Total deferred tax expense	$	92,318	$	32,314	$	89,896

Total federal – Current and deferred tax expense	$	172,304	$	115,491	$	94,432
Total state and local – Current and deferred tax expense	70,581		52,305		30,455
Total foreign – Current and deferred tax expense	10,589		16,643		3,590
Total provision for income taxes	$	253,474	$	184,439	$	128,477

Schedule of Reconciliation of the Statutory Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the effective rate using both dollars and percentages is as follows:


	Year Ended
	December 31,
	2025				2024				2023

	(dollars in thousands)
Statutory U.S. federal tax rate	$	246,745	21.0	%	$	158,424	21.0	%	$	115,076	21.0	%
Effect of cross-border tax laws
Foreign-derived intangible income	(19,137)		(1.6)		(7,300)		(1.0)		(3,175)		(0.6)
Other	—		—		7		—		2,505		0.5
Tax credits
Other	(7,869)		(0.6)		(7,421)		(1.0)		(2,727)		(0.5)
Nontaxable or nondeductible items
Non-controlling Interest	(21,368)		(1.8)		(13,056)		(1.7)		(10,452)		(1.9)
Other	1,355		0.1		(624)		(0.1)		3,526		0.6
Other	(6,648)		(0.6)		(1,436)		(0.2)		(2,525)		(0.4)
State and local income taxes, net of federal income tax effect (1)	45,449		3.9		37,033		4.9		22,821		4.0
Foreign tax effects	2,770		0.2		9,605		1.3		627		0.1
Changes in unrecognized tax benefits	12,177		1.0		9,207		1.2		2,801		0.6
Effective income tax rate	$	253,474	21.6	%	$	184,439	24.4	%	$	128,477	23.4	%

(1)State taxes in New York and California made up the majority (greater than 50%) of the tax effect in this category.

Schedule of Components of Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax asset (liability) are as follows:


	December 31,
	2025		2024

	(dollars in thousands)
Deferred tax assets
Investment in partnership	$	414,967	$	516,665
Net operating losses	930		2,311
Tax Receivable Agreement – Interest	15,167		16,939
Employee compensation	106,907		74,465
Transferable tax credits	—		23,857
Other tax credits	5,868		4,743
Other	614		5,950
Deferred tax assets, gross	544,453		644,930
Valuation allowance	(3,022)		(1,654)
Total deferred tax assets, net of valuation allowance	541,431		643,276

Deferred tax liabilities
Goodwill and intangibles	(22,610)		(26,966)
Total deferred tax liabilities	(22,610)		(26,966)

Total net deferred tax asset (liability)	$	518,821	$	616,310

Schedule of Components of Uncertain Tax Positions

The gross activity during the year in the Company’s unrecognized tax benefits relating to its uncertain tax positions are as follows:


	Amount
	(dollars in thousands)
Gross unrecognized tax benefits – January 1, 2025	$	19,616
Increase in current year tax positions	11,267
Increase in prior year tax positions	657
Decrease in prior year tax positions	(1,598)
Acquired tax positions	—
Settlements	—
Gross unrecognized tax benefits – December 31, 2025	$	29,942

Schedule of Cash Paid for Income Taxes, Net of Refunds

Cash paid for income taxes, net of refunds consists of the following:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Federal	$	1,410	$	115,786	$	11,441
State and local jurisdictions
New York City	23,749		16,224		12,936
New York State (1)	3,664		—		—
Illinois (1)	3,129		—		—
Other	8,673		9,013		1,795
Total state and local	39,215		25,237		14,731
Foreign
UK (2)	14,784		9,326		—
Other	2,652		1,663		2,469
Total foreign	17,436		10,989		2,469
Total income taxes paid, net of refunds	$	58,061	$	152,012	$	28,641

(1)The amount of income taxes paid during the years ended December 31, 2024 and 2023 did not meet the five percent disaggregation threshold.

(2)The amount of income taxes paid during the year ended December 31, 2023 did not meet the five percent disaggregation threshold.

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible assets with indefinite useful lives
Total	$ 323,100	$ 323,100
Refinitiv \| Licenses – Refinitiv Transaction
Intangible assets with indefinite useful lives
Total	168,800	168,800
Refinitiv \| Tradename – Refinitiv Transaction
Intangible assets with indefinite useful lives
Total	$ 154,300	$ 154,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Business Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segment and Geographic Information

Operating segments are defined as components of an entity for which separate discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer.

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. Through its electronic marketplaces, the Company facilitates trading by clients across the institutional, wholesale, retail and corporates client sectors and builds comprehensive market data sets that it is able to separately sell to clients, primarily LSEG, as incremental market data revenue. The Company’s client sectors continue to become more interwoven and the Company benefits from these cross-marketplace network effects. For example, many of the Company’s asset manager, hedge fund, insurance, central bank/sovereign entity and regional dealer clients actively trade multiple products on its platform. In addition, many of the global commercial banks and dealers providing liquidity for institutional trades are also active traders on the Company’s wholesale offering and provide odd-lot inventory for the Company’s retail client sector. Because of the highly integrated nature of these marketplaces and services and the global financial markets in which the Company competes, the CODM reviews financial information on a global consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined it operates as one operating segment and one reportable segment.

The CODM uses Adjusted EBITDA and consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits into the business, pursue acquisitions, pay dividends and/or engage in other capital management transactions. 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 the accompanying consolidated statements of income.

Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenues
Institutional	$	1,275,547	$	1,035,775	$	797,038
Wholesale	400,753		385,673		312,586
Retail	146,510		143,247		134,521
Corporates	95,895		43,234		—
Market Data	133,724		118,020		94,074
Total revenue	2,052,429		1,725,949		1,338,219
Less:
Employee compensation and benefits	670,831		592,690		460,305
Technology and communications	128,327		98,568		77,506
General and administrative	88,402		56,317		51,495
Professional fees	53,391		60,132		42,364
Occupancy	25,951		20,215		15,930
Other segment items (1)	164,027		328,064		271,116
Net income	$	921,500	$	569,963	$	419,503

(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 the accompanying consolidated statements of income.

The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia regions. Variable revenues are generally attributed to geographic area based on the jurisdiction where the underlying transactions take place. The attribution of fixed revenues may vary by revenue and contract type. Given the global nature of the financial markets in which we operate and our clients’ worldwide businesses and contracts, the results by geographic region and allocation of revenues to individual countries are not necessarily meaningful in understanding the Company’s business.

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

The following table provides revenue by geographic area:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenues
U.S.	$	1,194,062	$	1,060,697	$	850,338
International	858,367		665,252		487,881
Total revenue	$	2,052,429	$	1,725,949	$	1,338,219

The following table provides information on the attribution of long-lived assets by geographic area:


	December 31,
	2025		2024		2023

	(dollars in thousands)
Long-lived assets
U.S.	$	4,737,934	$	4,777,770	$	3,990,070
International	31,746		29,478		20,348
Total	$	4,769,680	$	4,807,248	$	4,010,418

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Business Segment and Geographic Information - Revenue and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Segment and Geographic Information
Total revenue	$ 2,052,429	$ 1,725,949	$ 1,338,219
Long-lived assets	4,769,680	4,807,248	4,010,418
U.S.
Business Segment and Geographic Information
Total revenue	1,194,062	1,060,697	850,338
Long-lived assets	4,737,934	4,777,770	3,990,070
International
Business Segment and Geographic Information
Total revenue	858,367	665,252	487,881
Long-lived assets	$ 31,746	$ 29,478	$ 20,348

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 103,537	$ 89,649	$ 65,128

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As discussed in Note 1 – Organization, as a result of the Reorganization Transactions, Tradeweb Markets Inc. consolidates TWM LLC and its subsidiaries and TWM LLC is considered to be the predecessor to Tradeweb Markets Inc. for financial reporting purposes. Tradeweb Markets Inc. had no business transactions or activities and no substantial assets or liabilities prior to the Reorganization Transactions. The consolidated financial statements represent the financial condition and results of operations of the Company and report a non-controlling interest related to the LLC Interests held by Continuing LLC Owners.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the difference may be material to the consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the December 31, 2024 consolidated statement of financial condition, and related financial information, to conform to the current period presentation. These primarily include reclassifying approximately $11.2 million of digital assets and other investments recorded at fair value as of December 31, 2024 from other assets to digital assets and other investments at fair value. These reclassifications had no impact on total assets, total liabilities or total equity on the consolidated statement of financial condition, nor did they have any impact on the consolidated statements of income, comprehensive income, changes in equity or cash flows.
Business Combinations	Business Combinations Business combinations are accounted for under the purchase method of accounting pursuant to Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). The total cost of an acquisition is allocated to the underlying net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The fair value of assets acquired and liabilities assumed is determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, growth rates, customer attrition rates and asset lives. Transaction costs incurred to effect a business combination are expensed as incurred and are included as a component of professional fees or general and administrative expenses in the consolidated statements of income.
Pushdown Accounting	Pushdown Accounting In connection with the Refinitiv Transaction, a majority interest of Refinitiv was acquired by BCP on October 1, 2018 from TR. The Refinitiv Transaction was accounted for by Refinitiv in accordance with the acquisition method of accounting pursuant to ASC 805, and pushdown accounting was applied to Refinitiv to record the fair value of the assets and liabilities of Refinitiv as of October 1, 2018, the date of the Refinitiv Transaction. The Company, as a consolidating subsidiary of Refinitiv, also accounted for the Refinitiv Transaction using pushdown accounting which resulted in a new fair value basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. Under the pushdown accounting applied, the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as of October 1, 2018 was recorded as goodwill. The fair value of assets acquired and liabilities assumed was determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market for the asset or liability. The adjusted valuations primarily affected the values of the Company’s long-lived and indefinite-lived intangible assets, including software development costs.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and highly liquid investments with remaining maturities at the time of purchase of three months or less.
Allowance for Credit Losses	Allowance for Credit Losses The Company continually monitors collections and payments from its clients and maintains an allowance for credit losses. The allowance for credit losses is based on an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. An analysis of the financial condition of the Company’s counterparties is also performed. Additions to the allowance for credit losses relating to receivables are charged to credit loss expense, included as a component of general and administrative expenses in the consolidated statements of income. Aged balances that are determined to be uncollectible are written off against the allowance for credit losses. 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, with the credit loss included as a component of other income (loss), net in the consolidated statements of income.
Receivable from and Payable to Brokers and Dealers and Clearing Organizations	Receivable from and Payable to Brokers and Dealers and Clearing Organizations Receivable from and payable to brokers and dealers and clearing organizations consists of proceeds from wholesale transactions executed on the Company’s platform which failed to settle due to the inability of a transaction party to deliver or receive the transacted security. These securities transactions are generally collateralized by those securities. Until the failed transaction settles, a receivable from (and a matching payable to) brokers and dealers and clearing organizations is recognized for the proceeds from the unsettled transaction.
Deposits with Clearing Organizations	Deposits with Clearing Organizations Deposits with clearing organizations are comprised of cash deposits.
Furniture, Equipment, Purchased Software and Leasehold Improvements	Furniture, Equipment, Purchased Software and Leasehold Improvements Furniture, equipment, purchased software and leasehold improvements are carried at cost less accumulated depreciation. Depreciation for furniture, equipment and purchased software is computed on a straight-line basis over the estimated useful lives of the related assets, ranging from three to seven years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the leasehold improvements or the remaining term of the lease for office space. Furniture, equipment, purchased software and leasehold improvements are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Software Development Costs	Software Development Costs The Company capitalizes costs associated with the development of internal use software at the point at which the conceptual formulation, design and testing of possible software project alternatives have been completed. The Company capitalizes employee compensation and related benefits and third party consulting costs incurred during the application development stage which directly contribute to such development. Such costs are amortized on a straight-line basis over three years. Software development costs acquired as part of the ICD Acquisition are amortized over eight years, software development costs acquired as part of the r8fin Acquisition are amortized over seven years and software development costs acquired as part of the Yieldbroker Acquisition and NFI Acquisition were both amortized over one year. Costs capitalized as part of the Refinitiv Transaction pushdown accounting allocation are amortized over nine years. The Company reviews the amounts capitalized for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable, or that their useful lives are shorter than originally expected. Non-capitalized software costs and routine maintenance costs are expensed as incurred.
Goodwill	Goodwill Goodwill includes the excess of the fair value of the Company above the fair value accounting basis of the net assets and liabilities of the Company as previously applied under pushdown accounting in connection with the Refinitiv Transaction. Goodwill also includes the cost of acquired companies in excess of the fair value of identifiable net assets at the acquisition date, including the ICD Acquisition, the r8fin Acquisition, the Yieldbroker Acquisition and the NFI Acquisition, which were all accounted for as business combinations. Goodwill is not amortized, but is tested for impairment annually on October 1st and between annual tests, whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company consists of one reporting unit for goodwill impairment testing purposes. An impairment loss is recognized if the estimated fair value of a reporting unit is less than its net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized over the estimated lives, ranging from four to fifteen years. These intangible assets subject to amortization are tested for impairment whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Intangible assets with an indefinite useful life are tested for impairment at least annually. An impairment loss is recognized if the sum of the estimated discounted cash flows relating to the asset or asset group is less than the corresponding book value.
Investments in Digital Assets - Canton Coins	Investments in Digital Assets - Canton Coins 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 the 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 the 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 included as a component of other income (loss), net in the consolidated statements of income.
Investments in Available-for-Sale Debt Securities	Investments in Available-for-Sale Debt Securities 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 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 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 the consolidated statements of financial condition.
Equity Investments	Equity Investments When the Company does not have a controlling financial interest in an entity but is able to exercise significant influence over the entity’s operating and financial policies, the equity investment is accounted under the equity method of accounting. The Company records its estimated pro rata share of earnings or losses each reporting period as a component of other income (loss) in the consolidated statements of income and records any dividends as a reduction of the investment balance. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income as an impairment in the period the impairment occurs. For minority investments in equity securities without a readily determinable fair value that are not accounted for under the equity method, the Company applies the measurement alternative. Under the measurement alternative, these investments are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss in net income equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity method investments and investments in equity securities without a readily determinable fair value are included as a component of other assets on the consolidated statements of financial condition.
Equity Investments	Equity Investments When the Company does not have a controlling financial interest in an entity but is able to exercise significant influence over the entity’s operating and financial policies, the equity investment is accounted under the equity method of accounting. The Company records its estimated pro rata share of earnings or losses each reporting period as a component of other income (loss) in the consolidated statements of income and records any dividends as a reduction of the investment balance. Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income as an impairment in the period the impairment occurs. For minority investments in equity securities without a readily determinable fair value that are not accounted for under the equity method, the Company applies the measurement alternative. Under the measurement alternative, these investments are measured at cost, less impairment, plus or minus observable price changes (in orderly transactions) of an identical or similar investment of the same issuer. On a quarterly basis, the Company performs a qualitative assessment to evaluate whether the equity investment is impaired and if the Company determines that the equity investment is impaired on the basis of a qualitative assessment, the Company will recognize an impairment loss in net income equal to the amount by which the investment’s carrying amount exceeds its fair value. Equity method investments and investments in equity securities without a readily determinable fair value are included as a component of other assets on the consolidated statements of financial condition.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, the Company sells securities under agreements to repurchase in order to facilitate the clearance of securities. Securities sold under agreements to repurchase are treated as collateralized financings and are presented in the consolidated statements of financial condition at the amounts of cash received. Receivables and payables arising from these agreements are not offset in the consolidated statements of financial condition.
Leases	Leases At lease commencement, a right-of-use asset and a lease liability are recognized for all leases with an initial term in excess of 12 months based on the initial present value of the fixed lease payments over the lease term. The lease right-of-use asset also reflects the present value of any initial direct costs, prepaid lease payments and lease incentives. The Company’s leases do not provide a readily determinable implicit discount rate. Therefore, management estimates the Company’s incremental borrowing rate used to discount the lease payments based on the information available at lease commencement. The Company includes the term covered by an option to extend a lease when the option is reasonably certain to be exercised. The Company has elected not to separate non-lease components from lease components for all leases. Significant assumptions and judgments in calculating the lease right-of-use assets and lease liabilities include the determination of the applicable borrowing rate for each lease. Operating lease expense is recognized on a straight-line basis over the lease term and included as a component of occupancy expense in the consolidated statements of income.
Revenue Recognition	Revenue Recognition The Company’s classification of revenues in the consolidated statements of income primarily represents revenues from contracts with customers disaggregated by type of revenue.
Translation of Foreign Currency and Foreign Exchange Derivative Contracts	Translation of Foreign Currency and Foreign Exchange Derivative Contracts 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 consolidated statements of income within general and administrative expenses. The realized and unrealized gains/losses totaled a gain of $3.9 million, a loss of $4.5 million and a loss of $1.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. Since the 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. In June 2023, the Company also entered into a foreign currency call option on Australian dollars, see Note 15 – Fair Value of Financial Instruments and Other Assets for additional details. 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 consolidated statements of income within general and administrative expenses and related cash flows are included in cash flows from operating activities. Changes in the fair value during the period of the foreign currency call option on Australian dollars, which was entered into for foreign exchange risk management purposes relating to investing activities, are recognized in the consolidated statements of income within other income/loss and related cash flows are included in cash flows from investing activities. The Company does not use derivative instruments for trading or speculative purposes.
Income Tax	Income Tax The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. TWM LLC is a multiple member limited liability company taxed as a partnership and accordingly any taxable income generated by TWM LLC is passed through to and included in the taxable income of its members, including the Corporation. Income taxes also include unincorporated business taxes on income earned or losses incurred for conducting business in certain state and local jurisdictions, income taxes on income earned or losses incurred in foreign jurisdictions on certain operations and federal and state income taxes on income earned or losses incurred, both current and deferred, on subsidiaries that are taxed as corporations for U.S. tax purposes. The Company records deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities. The Company measures deferred taxes using the enacted tax rates and laws that will be in effect when such temporary differences are expected to reverse. The Company evaluates the need for valuation allowances based on the weight of positive and negative evidence. The Company records valuation allowances wherever management believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the foreseeable future. The Company records uncertain tax positions on the basis of a two-step process whereby (i) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The Company has elected to treat taxes due on future U.S. inclusions in taxable income under the global intangible low-taxed income (“GILTI”) provision of the Tax Cuts and Jobs Act of 2017 as a current period expense when incurred. 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 consolidated statements of financial condition, income or cash flows as of or for the year ended December 31, 2025. 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 consolidated statements of financial condition, income or cash flows as of or for the years ended December 31, 2025, 2024 and 2023. 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 years ended December 31, 2025, 2024 or 2023. 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 consolidated statements of financial condition, income or cash flows as of or for the years ended December 31, 2025 and 2024. The Company continues to monitor developments related to the G7’s discussions on global tax reform and is awaiting legislative updates.
Stock-Based Compensation	Stock-Based Compensation The stock-based payments received by the employees of the Company are accounted for as equity awards. The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on their estimated fair values measured as of the grant date. These costs are recognized as an expense over the requisite service period, with an offsetting increase to additional paid-in capital. The grant-date fair value of stock-based awards that do not require future service (i.e., vested awards) are expensed immediately. The grant-date fair value of stock-based awards with only time-based vesting requirements and stock-based awards that also vest based on the financial performance of the Company are determined based on the price of the Company’s Class A common stock on the grant date. For performance-based restricted stock units that vest based on the financial performance of the Company, the number of shares included in the stock-based compensation expense calculation each period is based on management’s estimate of the probable number of shares expected to be issued at settlement. For performance-based restricted stock units that vest based on market conditions, the Company recognizes stock-based compensation expense based on the estimated grant-date fair value of the awards computed with the assistance of a valuation specialist using a Monte Carlo simulation on a binomial model. The significant assumptions used to estimate the fair value of the performance-based restricted stock units that vest based on market conditions are years of maturity, annualized volatility and the risk-free interest rate. The maturity period represents the period of time that the award granted was modeled into the future, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the maturity period of the award and the expected volatility is based upon historical volatility of the Company’s Class A common stock. If the service condition applicable for such award is met, expense is recognized based on the grant-date fair value of the award even if the market condition is not achieved. Forfeitures of stock-based awards related to service conditions not being met are recognized as they occur. Prior to the IPO, the Company awarded options to management and other employees (collectively, the “Special Option Award”) under the Amended and Restated Tradeweb Markets Inc. Option Plan (the “Option Plan”). The non-cash stock-based compensation expense associated with the Special Option Award was expensed beginning in the second quarter of 2019 and ended during the first quarter of 2024 when all previously awarded options were fully vested.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are computed in accordance with the two-class method as unvested or unsettled vested stock awards issued to certain retired or terminated employees are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. Basic earnings per share is computed by dividing the net income attributable to the Company’s outstanding shares of Class A and Class B common stock by the weighted-average number of the Company’s shares outstanding during the period. For purposes of computing diluted earnings per share, the weighted-average number of the Company’s shares reflects the dilutive effect that could occur if all potentially dilutive securities were converted into or exchanged or exercised for the Company’s Class A or Class B common stock. The dilutive effect of stock options and other stock-based payment awards is calculated using the treasury stock method, which assumes the proceeds from the exercise of these instruments are used to purchase shares of Class A common stock at the average market price for the period. The dilutive effect of LLC Interests held by non-controlling interests is evaluated under the if-converted method, where the securities are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted earnings per share calculation for the entire period presented. Performance-based stock awards are considered contingently issuable shares and their dilutive effect is included in the denominator of the diluted earnings per share calculation for the entire period, if those shares would be issuable as of the end of the reporting period, assuming the end of the reporting period was also the end of the contingency period. Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share.
Fair Value Measurement	Fair Value Measurement Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial instruments that the Company owns (long positions) are marked to bid prices, and instruments that the Company has sold, but not yet purchased (short positions) are marked to offer prices. Fair value measurements do not include transaction costs. The fair value hierarchy under ASC 820, Fair Value Measurement (“ASC 820”), prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. Basis of Fair Value Measurement An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly; •Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies interim disclosure requirements and the applicability of Topic 270. The amendments in this ASU result in a comprehensive list of interim disclosures that are required by GAAP and include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that had a material impact on the entity. ASU 2025-11 also clarifies the types of interim reporting and the form and content of interim financial statements prepared in accordance with GAAP. ASU 2025-11 is effective for the Company’s interim reporting periods beginning on January 1, 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07 adds a new scope exception to derivative accounting guidance for non-exchange traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. However, this scope exception does not apply to (1) variables based on a market rate, market price or market index, (2) variables based on the price or performance (including default) of a financial asset or financial liability of one of the parties to the contract, (3) contracts (or features) involving the issuer’s own equity and (4) call and put options on debt instruments. The ASU also clarifies that an entity should apply the guidance from revenue from contracts with customers, including the non-cash consideration guidance therein, to a contract with share-based non-cash consideration from a customer for the transfer of goods or services unless and until the entity’s right to receive or retain the share-based non-cash consideration is unconditional. ASU 2025-07 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2027. The guidance may be applied on a prospective or modified retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-07 on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which amends certain aspects of the accounting for and disclosure of internal-use software development costs. To address that software is not always developed in a linear manner, ASU 2025-06 removes the previous references to project development stages and enhances the guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2028. The guidance may be applied on a prospective, retrospective or modified prospective transition basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 introduces a practical expedient for measuring expected credit losses that permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets arising from revenue from contracts with customers. ASU 2025-05 is effective for the Company’s interim and annual reporting periods beginning on January 1, 2026. The guidance is to be applied on a prospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2025-05 to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disaggregation of certain costs and expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027 and for interim periods beginning in 2028. The guidance may be applied on a prospective or retrospective basis and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands income tax disclosure requirements and requires the Company disclose (i) an income tax rate reconciliation using both percentages and reporting currency amounts; (ii) specific categories within the income tax rate reconciliation; (iii) additional information for reconciling items that meet a quantitative threshold; (iv) the composition of state and local income taxes by jurisdiction; and (v) the amount of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective beginning with this Annual Report on Form 10-K for the year ended December 31, 2025, and was applied retrospectively to all periods presented. The additional required disclosures are included in Note 9 – Income Taxes.

Non-Controlling Interests - Schedule of Equity Changes Due to Changes in Corporation Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Net income attributable to Tradeweb Markets Inc.	$ 812,792	$ 501,507	$ 364,866
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	3,821	(849)
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC			77,767
Net transfers (to) from non-controlling interests	3,821	(849)	77,767
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$ 816,613	$ 500,658	$ 442,633

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Jan. 29, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38860
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456358
Entity Address, Address Line One	245 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10167
City Area Code	646
Local Phone Number	430-6000
Title of 12(b) Security	Class A common stock, par value $0.00001
Trading Symbol	TW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 16.9
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference portions of the Registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001758730
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Registrant Name	Tradeweb Markets Inc.
Class A Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		115,657,833
Class B Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		96,933,192
Class C Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		18,000,000
Class D Common Stock, par value $0.00001 per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		5,056,868

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 123,065	$ 33,550
Operating lease liabilities	139,168	35,748
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	17,411	13,941	$ 11,768
Cash paid for amounts included in the measurement of operating lease liability	$ 14,211	$ 14,145	$ 12,548
Weighted average borrowing rate	5.30%	4.90%
Weighted average remaining lease term (years)	12 years 4 months 24 days	3 years 6 months

Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2025
Minimum
Intangible Assets
Useful life of intangible assets	4 years
Maximum
Intangible Assets
Useful life of intangible assets	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Restricted Cash	12 Months Ended
Restricted Cash	Dec. 31, 2025
Restricted Cash Equivalent [Abstract]
Restricted Cash	Restricted Cash 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 December 31, 2025 and 2024, 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.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Corporation is subject to U.S. federal, state and local income taxes with respect to its taxable income, including its allocable share of any taxable income of TWM LLC, and is taxed at prevailing corporate tax rates. The Company’s actual effective tax rate is impacted by the Corporation’s ownership share of TWM LLC, which will continue to increase as Continuing LLC Owners that continue to hold LLC Interests redeem or exchange their LLC Interests for shares of Class A common stock or Class B common stock, as applicable, or the Corporation purchases LLC Interests from such Continuing LLC Owners. The Company’s consolidated effective tax rate also varies from period to period depending on changes in the mix of earnings, tax legislation and tax rates in various jurisdictions. The Company’s provision for income taxes includes U.S., federal, state, local and foreign taxes.

The components of income before taxes were attributable to the following regions:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Domestic	$	1,137,412	$	720,570	$	533,677
Foreign	37,562		33,832		14,303
Income before taxes	$	1,174,974	$	754,402	$	547,980

The provision for income taxes consists of the following:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Current:
Federal	$	103,039	$	95,266	$	15,168
State and local	45,679		42,453		20,748
Foreign	12,438		14,406		2,665
Total current tax expense	$	161,156	$	152,125	$	38,581

Deferred:
Federal	$	69,265	$	20,225	$	79,264
State and local	24,902		9,852		9,707
Foreign	(1,849)		2,237		925
Total deferred tax expense	$	92,318	$	32,314	$	89,896

Total federal – Current and deferred tax expense	$	172,304	$	115,491	$	94,432
Total state and local – Current and deferred tax expense	70,581		52,305		30,455
Total foreign – Current and deferred tax expense	10,589		16,643		3,590
Total provision for income taxes	$	253,474	$	184,439	$	128,477

A reconciliation of the U.S. federal statutory tax rate to the effective rate using both dollars and percentages is as follows:


	Year Ended
	December 31,
	2025				2024				2023

	(dollars in thousands)
Statutory U.S. federal tax rate	$	246,745	21.0	%	$	158,424	21.0	%	$	115,076	21.0	%
Effect of cross-border tax laws
Foreign-derived intangible income	(19,137)		(1.6)		(7,300)		(1.0)		(3,175)		(0.6)
Other	—		—		7		—		2,505		0.5
Tax credits
Other	(7,869)		(0.6)		(7,421)		(1.0)		(2,727)		(0.5)
Nontaxable or nondeductible items
Non-controlling Interest	(21,368)		(1.8)		(13,056)		(1.7)		(10,452)		(1.9)
Other	1,355		0.1		(624)		(0.1)		3,526		0.6
Other	(6,648)		(0.6)		(1,436)		(0.2)		(2,525)		(0.4)
State and local income taxes, net of federal income tax effect (1)	45,449		3.9		37,033		4.9		22,821		4.0
Foreign tax effects	2,770		0.2		9,605		1.3		627		0.1
Changes in unrecognized tax benefits	12,177		1.0		9,207		1.2		2,801		0.6
Effective income tax rate	$	253,474	21.6	%	$	184,439	24.4	%	$	128,477	23.4	%

(1)State taxes in New York and California made up the majority (greater than 50%) of the tax effect in this category.

The effective tax rate for the year ended December 31, 2025 was approximately 21.6%, compared with 24.4% for the year ended December 31, 2024 and 23.4% for the year ended December 31, 2023. The effective tax rate for the years ended December 31, 2025, 2024 and 2023 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local taxes net of the benefit related to the effect of non-controlling interests and foreign-derived intangible income.

The components of the Company’s net deferred tax asset (liability) are as follows:


	December 31,
	2025		2024

	(dollars in thousands)
Deferred tax assets
Investment in partnership	$	414,967	$	516,665
Net operating losses	930		2,311
Tax Receivable Agreement – Interest	15,167		16,939
Employee compensation	106,907		74,465
Transferable tax credits	—		23,857
Other tax credits	5,868		4,743
Other	614		5,950
Deferred tax assets, gross	544,453		644,930
Valuation allowance	(3,022)		(1,654)
Total deferred tax assets, net of valuation allowance	541,431		643,276

Deferred tax liabilities
Goodwill and intangibles	(22,610)		(26,966)
Total deferred tax liabilities	(22,610)		(26,966)

Total net deferred tax asset (liability)	$	518,821	$	616,310

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 10 – Tax Receivable Agreement for further details. The tax benefit has been recognized in deferred tax assets on the consolidated statements of financial condition.

As of December 31, 2025, the Company had no tax effected U.S. federal net operating loss carryforwards for income tax purposes, state and local net operating loss carryforwards of $0.8 million and foreign net operating loss carryforwards of $0.1 million. If not utilized, the state and local net operating loss carryforwards will begin to expire in 2035. The foreign net operating loss carryforwards can be carried forward indefinitely.

The gross activity during the year in the Company’s unrecognized tax benefits relating to its uncertain tax positions are as follows:


	Amount
	(dollars in thousands)
Gross unrecognized tax benefits – January 1, 2025	$	19,616
Increase in current year tax positions	11,267
Increase in prior year tax positions	657
Decrease in prior year tax positions	(1,598)
Acquired tax positions	—
Settlements	—
Gross unrecognized tax benefits – December 31, 2025	$	29,942

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income. Accrued interest and penalties are included within accounts payable, accrued expenses and other liabilities in the consolidated statements of financial condition. The total amount of interest and penalties payable as of December 31, 2025 was $2.6 million and $0.2 million, respectively.

Cash paid for income taxes, net of refunds consists of the following:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Federal	$	1,410	$	115,786	$	11,441
State and local jurisdictions
New York City	23,749		16,224		12,936
New York State (1)	3,664		—		—
Illinois (1)	3,129		—		—
Other	8,673		9,013		1,795
Total state and local	39,215		25,237		14,731
Foreign
UK (2)	14,784		9,326		—
Other	2,652		1,663		2,469
Total foreign	17,436		10,989		2,469
Total income taxes paid, net of refunds	$	58,061	$	152,012	$	28,641

(1)The amount of income taxes paid during the years ended December 31, 2024 and 2023 did not meet the five percent disaggregation threshold.

(2)The amount of income taxes paid during the year ended December 31, 2023 did not meet the five percent disaggregation threshold.

- Definition

The entire disclosure for income tax.

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-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash Equivalent [Abstract]
Restricted cash	$ 1,000	$ 1,000	$ 1,000

Fair Value of Financial Instruments and Other Assets - Changes in Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains included in other comprehensive income (loss)	$ 14,000,000.0	$ 0
Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,354,000	0
Additions	518,000	10,354,000
Dispositions	0	0
Total realized and unrealized gains included in other comprehensive income (loss)	13,985,000	0
Ending balance	24,857,000	10,354,000
Digital Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	852,000	0
Additions	0	666,000
Dispositions	0	0
Total realized and unrealized gains included in other income (loss), net	0	186,000
Transfer out of Level 3	(852,000)	0
Ending balance	0	852,000
Canton coins
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	852,000	0
Additions	10,947,000	666,000
Dispositions	(15,000,000)	0
Origination of digital asset loan receivable	(24,999,000)	0
Total realized and unrealized gains included in other income (loss), net	$ 270,929,000	186,000
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (loss), net
Ending balance	$ 242,729,000	852,000
Realized gains	39,800,000
Unrealized gains	$ 231,100,000	$ 200,000

Revenue - Breakdown of Revenues Between Fixed and Variable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenue	$ 2,052,429,000	$ 1,725,949,000	$ 1,338,219,000
Transaction fees and commissions
Revenues
Total revenue	1,700,427,000	1,423,547,000	1,078,344,000
LSEG market data fees
Revenues
Total revenue	93,197,000	82,145,000	64,336,000
Other
Revenues
Total revenue	24,788,000	13,598,000	11,567,000
Other \| Canton coins
Revenues
Total revenue	10,900,000	700,000	0
Variable
Revenues
Total revenue	1,524,412,000	1,278,764,000	933,214,000
Variable \| Transaction fees and commissions
Revenues
Total revenue	1,509,405,000	1,274,636,000	930,247,000
Variable \| Subscription fees
Revenues
Total revenue	1,837,000	1,762,000	1,855,000
Variable \| LSEG market data fees
Revenues
Total revenue	0	0	0
Variable \| Other
Revenues
Total revenue	13,170,000	2,366,000	1,112,000
Fixed
Revenues
Total revenue	528,017,000	447,185,000	405,005,000
Fixed \| Transaction fees and commissions
Revenues
Total revenue	191,022,000	148,911,000	148,097,000
Fixed \| Subscription fees
Revenues
Total revenue	232,180,000	204,897,000	182,117,000
Fixed \| LSEG market data fees
Revenues
Total revenue	93,197,000	82,145,000	64,336,000
Fixed \| Other
Revenues
Total revenue	$ 11,618,000	$ 11,232,000	$ 10,455,000

- Definition

+ References

+ Details

Stockholders' Equity - Schedule of Company’s Outstanding Shares of Common Stock (Details) - shares			1 Months Ended	12 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Aug. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				235,984,281	235,101,952	234,023,679
Activities related to exchanges of LLC Interests (in shares)				0	0	0
Issuance of common stock from equity incentive plans (in shares)				495,847	944,938	1,564,003
Issuance of common stock for business acquisitions (in shares)					416,306
Share repurchases pursuant to the share repurchase programs (in shares)				(987,379)	(478,915)	(485,730)
Ending balance (in shares)				235,492,749	235,984,281	235,101,952
Common stock shares issued by corporation (in shares)					416,306
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				115,977,551
Ending balance (in shares)				115,502,689	115,977,551
Class A common stock \| R8Fin Acquisition
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)		374,601
Common stock shares issued by corporation (in shares)		374,601
Class A common stock \| ICD Acquisition \| Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for business acquisitions (in shares)	41,705		41,705
Common stock shares issued by corporation (in shares)	41,705		41,705
Award requisite service period	2 years
Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				115,977,551	115,090,787	110,746,606
Activities related to exchanges of LLC Interests (in shares)				16,670	4,435	3,265,908
Issuance of common stock from equity incentive plans (in shares)				495,847	944,938	1,564,003
Issuance of common stock for business acquisitions (in shares)					416,306
Share repurchases pursuant to the share repurchase programs (in shares)				(987,379)	(478,915)	(485,730)
Ending balance (in shares)				115,502,689	115,977,551	115,090,787
Common stock shares issued by corporation (in shares)					416,306
Class B common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				96,933,192
Ending balance (in shares)				96,933,192	96,933,192
Class B common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				96,933,192	96,933,192	96,933,192
Activities related to exchanges of LLC Interests (in shares)				0	0	0
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)					0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				96,933,192	96,933,192	96,933,192
Common stock shares issued by corporation (in shares)					0
Class C common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				18,000,000
Ending balance (in shares)				18,000,000	18,000,000
Class C common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				18,000,000	18,000,000	3,251,177
Activities related to exchanges of LLC Interests (in shares)				0	0	14,748,823
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)					0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				18,000,000	18,000,000	18,000,000
Common stock shares issued by corporation (in shares)					0
Class D common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				5,073,538
Ending balance (in shares)				5,056,868	5,073,538
Class D common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance ( in shares)				5,073,538	5,077,973	23,092,704
Activities related to exchanges of LLC Interests (in shares)				(16,670)	(4,435)	(18,014,731)
Issuance of common stock from equity incentive plans (in shares)				0	0	0
Issuance of common stock for business acquisitions (in shares)					0
Share repurchases pursuant to the share repurchase programs (in shares)				0	0	0
Ending balance (in shares)				5,056,868	5,073,538	5,077,973
Common stock shares issued by corporation (in shares)					0

Business Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 segment
Revenue from Contract with Customer [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies (Details) - Revolving Credit Facility - USD ($)	Nov. 21, 2023	Dec. 31, 2025	Dec. 31, 2024	Apr. 08, 2019
Commitments and Contingencies
Revolving credit facility, term	5 years
Maximum borrowing capacity	$ 500,000,000.0			$ 500,000,000
Accordion feature	$ 250,000,000.0
Commitment fee, percentage	0.25%
Letters of credit outstanding		$ 500,000	$ 500,000
Borrowings outstanding		$ 0	$ 0
Fed Funds Effective Rate
Commitments and Contingencies
Spread	0.50%
One Month Secured Overnight Financing Rate
Commitments and Contingencies
Spread	1.00%
Credit adjustment spread	0.10%
One Month Secured Overnight Financing Rate \| Minimum
Commitments and Contingencies
Additional adjustment	0.25%
One Month Secured Overnight Financing Rate \| Maximum
Commitments and Contingencies
Additional adjustment	0.75%
Secured Overnight Financing Rate (SOFR)
Commitments and Contingencies
Credit adjustment spread	0.10%
Debt instrument floor rate	0.00%
EURIBOR
Commitments and Contingencies
Debt instrument floor rate	0.00%
EURIBOR \| Minimum
Commitments and Contingencies
Additional adjustment	1.25%
EURIBOR \| Maximum
Commitments and Contingencies
Additional adjustment	1.75%
Letter of Credit
Commitments and Contingencies
Maximum borrowing capacity	$ 5,000,000.0
Bridge Loan
Commitments and Contingencies
Maximum borrowing capacity	$ 50,000,000.0

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Class of Common Stock Par Value, Votes and Economic Rights

These attributes are summarized in the following table:


Class of Common Stock	Par Value		Votes	Economic Rights
Class A common stock	$	0.00001	1	Yes
Class B common stock	$	0.00001	10	Yes
Class C common stock	$	0.00001	1	No
Class D common stock	$	0.00001	10	No

Schedule of Company’s Outstanding Shares of Common Stock

The following table details the movement in the Company’s outstanding shares of common stock during the period:


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2022	110,746,606	96,933,192	3,251,177	23,092,704	234,023,679
Activities related to exchanges of LLC Interests	3,265,908	—	14,748,823	(18,014,731)	—
Issuance of common stock from equity incentive plans	1,564,003	—	—	—	1,564,003
Share repurchases pursuant to share repurchase programs	(485,730)	—	—	—	(485,730)
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952
Activities related to exchanges of LLC Interests	4,435	—	—	(4,435)	—
Issuance of common stock from equity incentive plans	944,938	—	—	—	944,938
Issuance of common stock for business acquisitions (1)(2)	416,306	—	—	—	416,306
Share repurchases pursuant to share repurchase programs	(478,915)	—	—	—	(478,915)
Balance at December 31, 2024	115,977,551	96,933,192	18,000,000	5,073,538	235,984,281
Activities related to exchanges of LLC Interests	16,670	—	—	(16,670)	—
Issuance of common stock from equity incentive plans	495,847	—	—	—	495,847

Share repurchases pursuant to share repurchase programs	(987,379)	—	—	—	(987,379)
Balance at December 31, 2025	115,502,689	96,933,192	18,000,000	5,056,868	235,492,749

(1)On January 19, 2024, the Corporation issued 374,601 unregistered shares of Class A common stock as partial consideration for the r8fin Acquisition (the “r8fin Acquisition Shares”), in reliance on Section 4(a)(2) of the Securities Act. The r8fin Acquisition Shares are considered issued and outstanding subsequent to their January 19, 2024 issuance, but remained subject to a lock-up that restricted the sale, transfer or disposal of these shares for the two year period following the January 19, 2024 acquisition date of the r8fin Acquisition. See Note 4 – Acquisitions for additional details on this acquisition.

(2)On August 1, 2024, the Corporation issued and sold 41,705 unregistered shares of Class A common stock in connection with the closing of the ICD Acquisition, in reliance on Section 4(a)(2) of the Securities Act. These shares of Class A common stock (or “RSAs”) were issued and sold as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. Although the RSAs and dividends payable on the RSAs during the vesting period are subject to a two-year cliff vesting service requirement and forfeiture terms, they are considered issued and outstanding shares of Class A common stock subsequent to their August 1, 2024 issuance. TWM LLC will issue corresponding LLC Interests to the Corporation only if, when and to the extent the RSAs vest. See Note 4 – Acquisitions for additional details on this acquisition.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
RSUs and RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	4,361	0	0
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,063,110	23,076,373	23,902,379

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2025

Broker-Dealer [Abstract]

Regulatory Capital Requirements

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 December 31, 2025 and 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:


	December 31, 2025						December 31, 2024
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	65,479	$	5,296	$	60,183	$	63,532	$	3,646	$	59,886
DW	260,326		3,131		257,195		204,134		4,359		199,775
TWD	54,479		1,458		53,021		52,808		1,208		51,600
TEL	94,572		33,184		61,388		56,152		32,499		23,653
TWJ	10,619		2,705		7,914		3,589		2,841		748
TWEU	8,253		7,483		770		8,073		6,838		1,235
TESL	6,889		1,177		5,712		5,755		942		4,813
TESBV	8,527		4,028		4,499		1,591		1,377		214
YB	9,932		—		9,932		11,677		—		11,677
TDIFC	283		30		253		250		30		220
ICDLC	10,349		766		9,583		20,845		594		20,251
ICDLT	7,992		4,126		3,866		6,504		2,997		3,507
ICDEU	—		—		—		523		150		373
TWSA	735		63		672		—		—		—
TAPL	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 December 31, 2025 and 2024 are as follows:


	December 31, 2025						December 31, 2024
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	68,063	$	18,000	$	50,063	$	50,974	$	16,500	$	34,474
DW SEF	15,027		8,511		6,516		14,083		9,062		5,021


	December 31, 2025						December 31, 2024
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	34,190	$	4,500	$	29,690	$	28,163	$	4,125	$	24,038
DW SEF	10,664		2,128		8,536		9,956		2,266		7,690

Fair Value of Financial Instruments and Other Assets

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Other Assets

Financial Instruments and Other Assets Measured at Fair Value

The Company’s financial instruments and other assets measured at fair value on the consolidated statements of financial condition as of December 31, 2025 and 2024 have been categorized based upon the fair value hierarchy as follows:


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

As of December 31, 2025	(dollars in thousands)
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,810,560	$	—	$	—	$	1,810,560
Investment in available for sale debt securities (1)	—		—		24,857		24,857
Digital asset loan receivable (1)	—		24,411		—		24,411
Digital assets – Canton Coins (1)	242,729		—		—		242,729

Total assets measured at fair value	$	2,053,289	$	24,411	$	24,857	$	2,102,557

Liabilities
Payable and due to related parties – Foreign exchange derivative contracts	$	—	$	6,657	$	—	$	6,657
Total liabilities measured at fair value	$	—	$	6,657	$	—	$	6,657

As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,117,133	$	—	$	—	$	1,117,133
Investment in available for sale debt securities (1)	—		—		10,354		10,354
Digital Assets – Canton Coins (1)	—		—		852		852
Receivable and due from related parties – Foreign exchange derivative contracts	—		7,844		—		7,844
Total assets measured at fair value	$	1,117,133	$	7,844	$	11,206	$	1,136,183

(1)Included as a component of digital assets and other investments at fair value on the consolidated statements of financial condition.

Cash Equivalents

The Company’s cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Investments in Available-for-Sale Debt Securities

In April 2024, the Company made a strategic investment in a convertible note 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 accrues interest at a rate of 5% per annum, compounded annually, and matures on the earliest to occur of January 19, 2027, an event of default or a change in control as each term is defined in the convertible note. The note and accrued interest will convert to equity securities of the issuer on January 19, 2027, if not previously repaid or converted upon certain defined financing events. In the fourth quarter of 2025, the issuer announced that it entered into a definitive business combination agreement through which the issuer will become a publicly-listed company (the “Merger Transaction”), subject to issuer shareholder approval, customary closing conditions and regulatory approvals, at a $1.25 billion pre-money equity value, subject to customary valuation adjustments. If completed, the Merger Transaction would trigger the conversion of the convertible note and accrued interest.

The convertible note is accounted for as an available-for-sale debt security and the convertible note and accrued interest is included within digital assets and other investments at fair value on the accompanying consolidated statements of financial condition at a fair value of $24.9 million and $10.4 million as of December 31, 2025 and 2024, respectively. The convertible note, including accrued interest, had an amortized cost basis of $10.9 million and $10.4 million as of December 31, 2025 and 2024, respectively. There were no credit losses recorded on the convertible note during the year ended December 31, 2025. During the year ended December 31, 2025, there were $14.0 million of unrealized gains, recorded as a component of other comprehensive income related to an increase in fair value of the convertible note during the period. There were no fair value adjustments or credit losses recorded on the convertible note during the year ended December 31, 2024. The convertible note is classified within Level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable. The primary method used to estimate the fair value of the convertible note was a probability-weighted expected return model which incorporated the credit risk of the issuer and scenarios in which the note would convert into equity, the estimated equity value of the issuer and the conversion terms outlined in the convertible note agreement. Significant unobservable inputs included a discount rate of 12% and management’s assessment of the probability of the issuer obtaining shareholder approval for the Merger Transaction and the corresponding expected realization of value to the Company if the Merger Transaction closes at the expected valuation. Any increase in the discount rate used, any decrease in the probability of shareholder approval, the closing of the merger at a lower valuation and/or any increase in the estimated time to close would result in a lower fair value measurement. Similarly, any decrease in the discount rate used, any increase in the probability of shareholder approval, the closing of the Merger Transaction at a higher valuation and/or any decrease in the estimated time to close would result in a higher fair value measurement.

Canton Coins and Digital Asset Loan Receivable

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 years ended December 31, 2025 and 2024, the Company recognized $10.9 million and $0.7 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 December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value

	(dollars in thousands)
Canton coins	1.6 billion	$	11,461	$	242,729	1.2 billion	$	666	$	852

During the year ended December 31, 2024, the Company’s Canton Coin holdings were classified within Level 3 of the fair value hierarchy because the valuation required assumptions that were both significant and unobservable. The Company utilized the assistance of a third-party valuation specialist to determine the fair value of its Canton Coins as of December 31, 2024. Because of the lack of a public market during 2024, the fair value of the Canton Coins was determined using a combination of a development cost approach and a market approach and then applying a discount for lack of marketability determined using a Black-Scholes option-pricing model. 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 during the year ended December 31, 2025. As of 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 year ended December 31, 2025, the Company sold a portion of its Canton Coin holdings for cash proceeds totaling $15.0 million and recognized a realized gain on the sale totaling $14.9 million, included as a component of other income (loss), net on the accompanying consolidated statements of income.

In November 2025, the Company exchanged approximately 161 million Canton Coins for approximately 8 million pre-funded warrants (“PFWs”), which upon exercise, entitle the Company the right to receive an equivalent number of shares of common stock of Tharimmune, Inc. (“THAR”). The exercisability of the PFWs is contingent on the approval of THAR’s shareholders and if shareholder approval is not obtained by May 13, 2026, the PFWs will be terminated and the Company will be entitled to the receipt of the 161 million Canton Coins originally pre-funded. On the date of the exchange, both the 161 million Canton Coins and the 8 million PFWs were valued at approximately $25.0 million. The PFWs are not able to be sold or transferred by the Company and the ultimate sale of any shares of common stock acquired through any exercise of the PFWs are also subject to lock-up restrictions through May 5, 2026.

Until the approval of THAR’s shareholders is obtained, the PFWs will be 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 and recorded a $25.0 million digital asset loan receivable, included as a component of digital assets and other investments at fair value on the consolidated statements of financial condition. The digital asset loan receivable is remeasured to the fair market value of the Canton Coins at the end of each reporting period through an adjustment to unrealized gain/(loss), included as a component of other income (loss), net on the consolidated statements of income. During the year ended December 31, 2025, the Company recognized an unrealized loss totaling $0.4 million and credit loss expense totaling $0.2 million on its digital asset loan receivable.

The digital asset loan receivable is classified within Level 2 of the fair value hierarchy. Its fair value is determined based on the fair value of the Canton Coin and as adjusted for an allowance for credit loss. As of December 31, 2025, the fair value of the Canton Coin is an observable valuation input.

THAR’s shareholders approved the PFWs in January 2026.

There were no material realized gains or realized losses recorded on the disposition of digital assets during the year ended December 31, 2024.

The following table presents a summary of the changes in the Company’s Canton Coin holdings during the years ended December 31, 2025 and 2024:


	Year Ended
	December 31,
	2025		2024

	(dollars in thousands)
Beginning balance	$	852	$	—
Additions – Validator Revenue	10,947		666
Dispositions	(15,000)		—
Origination of digital asset loan receivable	(24,999)		—
Total realized and unrealized gains included in other income (loss), net (1)	270,929		186
Ending balance	$	242,729	852

(1)Includes realized gains totaling $39.8 million during the year ended December 31, 2025 and unrealized gains totaling $231.1 million and $0.2 million during the years ended December 31, 2025 and 2024, respectively.

Level 3 Roll forward

The following table presents a summary of the changes in fair value for Level 3 assets during the years ended December 31, 2025 and 2024:


	Year Ended
	December 31,
	2025		2024

	(dollars in thousands)
Investments in Available for Sale Debt Securities
Beginning balance	$	10,354	$	—
Additions	518		10,354
Dispositions	—		—

Total realized and unrealized gains included in other comprehensive income (loss)	13,985		—
Ending balance	$	24,857	$	10,354

Digital Assets – Canton Coins
Beginning balance	$	852	$	—
Transfer out of Level 3 (1)	(852)		—
Additions	—		666
Dispositions	—		—
Total realized and unrealized gains included in other income (loss), net	—		186
Ending balance	$	—	$	852

(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 year ended December 31, 2025, the Company recognized unrealized gains totaling $14.0 million relating to Level 3 assets held at December 31, 2025, included as a component of other comprehensive income on the accompanying consolidated statements of comprehensive income. During the year ended December 31, 2024, there were no unrealized gains or losses included as a component of other comprehensive income.

During the year ended December 31, 2024, the Company recognized unrealized gains totaling $0.2 million relating to Canton Coins classified as Level 3 assets and held at December 31, 2024, included as a component of other income (loss), net on the accompanying consolidated statements of income.

Foreign Exchange Derivative Contracts

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 December 31, 2025 and 2024, 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 the accompanying consolidated statements of financial condition.

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:


	December 31,
	2025		2024

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	339,794	$	238,182

The Company’s foreign exchange derivative contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the consolidated statements of income. The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the consolidated statements of income are as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(21,015)	$	14,966	$	792
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	—	$	—	$	(1,289)

(1)On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, giving the Company an option to buy A$120.7 million, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. The counterparty on the foreign currency call option contract was an affiliate of LSEG. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million from an affiliate of LSEG.

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2025 and 2024 have been categorized based upon the fair value hierarchy as follows:


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value

As of December 31, 2025	(dollars in thousands)
Assets
Cash and restricted cash	$	275,179	$	275,179	$	—	$	—	$	275,179
Receivable from brokers and dealers and clearing organizations	8,630		—		8,630		—		8,630
Deposits with clearing organizations	58,282		58,282		—		—		58,282
Accounts receivable	257,845		—		257,845		—		257,845
Other assets – Memberships in clearing organizations	3,127		—		—		3,127		3,127
Total	$	603,063	$	333,461	$	266,475	$	3,127	$	603,063

Liabilities

Payable to brokers and dealers and clearing organizations	$	3,363	$	—	$	3,363	$	—	$	3,363
Total	$	3,363	$	—	$	3,363	$	—	$	3,363

As of December 31, 2024
Assets
Cash and restricted cash	$	224,169	$	224,169	$	—	$	—	$	224,169
Receivable from brokers and dealers and clearing organizations	67,805		—		67,805		—		67,805
Deposits with clearing organizations	54,702		54,702		—		—		54,702
Accounts receivable	222,268		—		222,268		—		222,268
Other assets – Memberships in clearing organizations	2,918		—		—		2,918		2,918
Total	$	571,862	$	278,871	$	290,073	$	2,918	$	571,862

Liabilities

Payable to brokers and dealers and clearing organizations	$	67,816	$	—	$	67,816	$	—	$	67,816
Total	$	67,816	$	—	$	67,816	$	—	$	67,816

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 the 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.

Non-recurring Fair Value Measurements

The Company measures certain assets and liabilities at fair value on a non-recurring basis, such as assets acquired in a business combination, intangible assets, equity method investments and equity investments without readily determinable fair values for which the measurement alternative has been elected.

Included in other assets on the consolidated statements of financial condition is an equity method investment of $4.5 million and none as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company also had $5.0 million in unfunded capital commitments related to its equity method investment. During the years ended December 31, 2025, 2024 and 2023, the Company recognized an equity pickup loss of $0.5 million, none and none, respectively, included in other income (loss) in the consolidated statements of income, relating to its pro rata share of the investment’s operating performance during the year.

Included in other assets on the consolidated statements of financial condition are minority equity investments in various companies without readily determinable fair values of $44.8 million and $17.8 million as of December 31, 2025 and 2024, respectively. The Company’s equity investments are subject to general contractual sale restrictions that prohibit the transfer or sale of the investment without prior consent of the investee and/or other investors.

During the year ended December 31, 2025, and as of November 14, 2025, the Company recorded an unrealized gain totaling $4.3 million on a minority equity investment based on a Level 1 observable price change of a similar investment of the same issuer that occurred on that date. The unrealized gain is included in other income (loss) in the consolidated statements of income.

During the year ended December 31, 2025, the Company recorded impairments totaling $10.8 million on its minority equity investments, as the investments’ carrying amounts exceeded their fair value. The investment impairments are included in other income (loss) in the consolidated statements of income. Of these, impairments of $4.9 million and $5.4 million were recorded based on the respective investment’s fair value as of November 10, 2025 and June 30, 2025, respectively, determined using a discounted cash flow model, utilizing primarily Level 3 inputs. Significant unobservable inputs for these investments included discount rates ranging from 13.5% to 25.0% (weighted average: 17.8%) and perpetual growth rates ranging from 2.0% to 3.0% (weighted average: 2.4%), 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 year ended December 31, 2025.

During the year ended December 31, 2024, and as of December 31, 2024, the Company recorded an impairment on a minority equity investment totaling $1.3 million, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the 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 20% and a perpetual growth rate of 3.0%.

During the year ended December 31, 2023, and as of December 31, 2023, the Company recorded an impairment on a minority equity investment totaling $11.1 million, as the investment’s carrying amount exceeded its fair value. The investment impairment is included in other income (loss) in the 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 20% and a perpetual growth rate of 3.0%.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 17, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense		$ 103,537	$ 89,649	$ 65,128
Granted (in shares)		0	0	0
Intrinsic value of options exercised during the year		$ 1,000	$ 53,300	$ 77,400
Options outstanding intrinsic value		$ 28,800
Award, options, outstanding, weighted average remaining contractual term		2 years 9 months 18 days
Stock-based compensation expense capitalized to software development costs		$ 2,764	2,344	1,474
President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost					$ 4,400
PRSU compensation expense	$ 1,700
Share-based payment arrangement, accelerated cost	$ 2,700
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		8,841,864
Maximum contractual term		10 years
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		$ 40,595
PRSU compensation expense		$ 37,665	$ 35,707	$ 26,506
Performance period		3 years
Minimum performance modifier, percent		0.00%
Maximum performance modifier, percent		250.00%
Target performance modifier, percent		100.00%
Granted (in dollars per share)		$ 135.80	$ 104.66	$ 69.56
Fair value of vested		$ 38,900	$ 35,400	$ 46,200
Vested (in shares)		295,890
Granted (in shares)		147,733
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense		$ 15,374	$ 12,213	$ 7,043
Performance period		3 years
Minimum performance modifier, percent		0.00%
Maximum performance modifier, percent		250.00%
Target performance modifier, percent		100.00%
Granted (in dollars per share)		$ 216.02	$ 149.00	$ 98.33
Vested (in shares)		0	0	0
Granted (in shares)		65,532
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		4 years
Total unrecognized compensation cost		$ 14,030
PRSU compensation expense		$ 0	$ 133	$ 1,264
Options \| Passage of time
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Options \| Achievement of certain performance targets
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		3 years
Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		4 years
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		2 years
PRSU compensation expense		$ 50,498	$ 41,596	$ 30,315
Granted (in dollars per share)			$ 106.45	$ 69.70
Fair value of vested		$ 76,800	$ 48,200	$ 30,700
Vesting percentage		33.00%
RSUs and RSAs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		3 years
RSUs and RSAs \| Non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term		1 year
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)		0	0	0

Business Segment and Geographic Information - Revenue from External Customers by Client Sector (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Segment and Geographic Information
Total revenue	$ 2,052,429	$ 1,725,949	$ 1,338,219
Employee compensation and benefits	670,831	592,690	460,305
Technology and communications	128,327	98,568	77,506
General and administrative	88,402	56,317	51,495
Professional fees	53,391	60,132	42,364
Occupancy	25,951	20,215	15,930
Net income	921,500	569,963	419,503
Reportable Segment
Business Segment and Geographic Information
Total revenue	2,052,429	1,725,949	1,338,219
Employee compensation and benefits	670,831	592,690	460,305
Technology and communications	128,327	98,568	77,506
General and administrative	88,402	56,317	51,495
Professional fees	53,391	60,132	42,364
Occupancy	25,951	20,215	15,930
Other segment items	164,027	328,064	271,116
Net income	921,500	569,963	419,503
Institutional \| Reportable Segment
Business Segment and Geographic Information
Total revenue	1,275,547	1,035,775	797,038
Wholesale \| Reportable Segment
Business Segment and Geographic Information
Total revenue	400,753	385,673	312,586
Retail \| Reportable Segment
Business Segment and Geographic Information
Total revenue	146,510	143,247	134,521
Corporates \| Reportable Segment
Business Segment and Geographic Information
Total revenue	95,895	43,234	0
Market Data \| Reportable Segment
Business Segment and Geographic Information
Total revenue	$ 133,724	$ 118,020	$ 94,074

Fair Value of Financial Instruments and Other Assets - Unrealized Gains (Losses) on Foreign Currency Forwards (Details) $ in Thousands, $ in Millions		12 Months Ended
	Aug. 25, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 01, 2023 AUD ($)
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income		$ (21,015)	$ 14,966	$ 792
Foreign currency call option
Derivative [Line Items]
Gross notional amount					$ 120.7
Proceeds from unwinding of out-of-the-money derivative	$ 1,100
Foreign currency call option \| Other Operating Income (Expense)
Derivative [Line Items]
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income		$ 0	$ 0	$ (1,289)

Stock-Based Compensation Plans - Unrecognized Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 40,595
Weighted-average recognition period (in years)	1 year 7 months 6 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 14,030
Weighted-average recognition period (in years)	1 year 8 months 12 days
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 58,105
Weighted-average recognition period (in years)	1 year 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stockholders' Equity - Schedule of Class of Common Stock Par Value, Votes and Economic Rights (Details)	12 Months Ended
	Dec. 31, 2025 vote $ / shares	Dec. 31, 2024 $ / shares
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	1
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	0.00001
Number of votes per common stock \| vote	10
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	0.00001
Number of votes per common stock \| vote	1
Class D common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Number of votes per common stock \| vote	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Stock-Based Compensation Plans - PRSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PRSUs
PRSUs
Balance outstanding at beginning of period (in shares)	1,041,538
Granted (in shares)	147,733
Vested (in shares)	(295,890)
Performance adjustment (in shares)	0
Forfeited (in shares)	(18,291)
Balance options outstanding at end of period (in shares)	875,090	1,041,538
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 87.96	$ 80.03
Granted (in dollars per share)	135.80	$ 104.66	$ 69.56
Vested (in dollars per share)	83.74
Performance adjustment (in dollars per share)	0
Forfeited (in dollars per share)	91.29
Balance outstanding at beginning of period (in dollars per share)	$ 80.03
PSUs
PRSUs
Balance outstanding at beginning of period (in shares)	312,058
Granted (in shares)	65,532
Vested (in shares)	0	0	0
Performance adjustment (in shares)	353,866
Forfeited (in shares)	0
Balance options outstanding at end of period (in shares)	731,456	312,058
Weighted Average Grant-Date Fair Value
Balance outstanding at end of period (in dollars per share)	$ 114.15	$ 110.69
Granted (in dollars per share)	216.02	$ 149.00	$ 98.33
Vested (in dollars per share)	0
Performance adjustment (in dollars per share)	98.33
Forfeited (in dollars per share)	0
Balance outstanding at beginning of period (in dollars per share)	$ 110.69

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Net income

$ 921,500

$ 569,963

$ 419,503

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

250,189

219,999

185,350

Stock-based compensation expense

103,537

89,649

65,128

Digital assets received as revenue

(10,947)

(666)

Deferred tax expense

92,318

32,314

89,896

Tax receivable agreement liability adjustment

^[1]

(9,786)

(7,730)

9,517

Other (income) loss, net

(263,384)

1,114

13,122

(Increase) decrease in operating assets:

Receivable from/payable to brokers and dealers and clearing organizations, net

(5,278)

29,325

(28,946)

Deposits with clearing organizations

(3,331)

(17,352)

(12,799)

Accounts receivable

(30,059)

(44,221)

(21,081)

Receivable and due from related parties/payable and due to related parties, net

5,732

(8,538)

(4,241)

Deferred tax asset as a result of transferable tax credit purchase

23,857

(23,857)

Other assets

(16,501)

(11,441)

(3,919)

Increase (decrease) in operating liabilities:

Securities sold under agreements to repurchase

(21,612)

21,612

Accrued compensation

24,689

56,459

7,964

Deferred revenue

(2,032)

4,577

2,796

Accounts payable, accrued expenses and other liabilities

87,142

29,758

2,187

Net cash provided by operating activities

1,167,646

897,741

746,089

Cash flows from investing activities

Cash paid for acquisitions, net of cash acquired

(860,126)

(69,712)

Cash paid for foreign currency call option, net of sale proceeds

(1,289)

Cash paid for investments

(38,440)

(20,195)

Cash received from sale of digital assets

15,000

Purchases of furniture, equipment, software and leasehold improvements

(40,552)

(40,960)

(18,529)

Capitalized software development costs

(62,541)

(47,909)

(43,235)

Net cash used in investing activities

(126,533)

(969,190)

(132,765)

Cash flows from financing activities

Share repurchases pursuant to share repurchase programs

(104,173)

(59,052)

(35,205)

Proceeds from stock-based compensation exercises

6,743

15,238

Deferred financing costs

(2,794)

Dividends

(102,344)

(85,232)

(75,909)

Distributions to non-controlling interests

(24,705)

(27,767)

(12,439)

Payroll taxes paid for stock-based compensation

(49,508)

(47,997)

(51,341)

Payments on tax receivable agreement liability

(26,745)

(76,956)

(5,724)

Net cash used in financing activities

(307,475)

(290,261)

(168,174)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

10,799

(4,456)

4,089

Net increase (decrease) in cash, cash equivalents and restricted cash

744,437

(366,166)

449,239

Cash, cash equivalents and restricted cash

Beginning of period

1,341,302

1,707,468

1,258,229

End of period

2,085,739

1,341,302

1,707,468

Supplemental disclosure of cash flow information:

Income taxes paid, net of (refunds)

58,061

152,012

28,641

Cash paid for interest

2,547

2,574

1,305

Non-cash investing and financing activities:

Issuance of common stock for business acquisitions

40,025

Digital asset loan receivable obtained in exchange for digital assets

24,999

Furniture, equipment, software and leasehold improvement additions included in accounts payable

1,104

162

1,834

Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations

101,660

19,718

10,395

Leasehold improvements obtained in exchange for lease liabilities

11,374

Unsettled share repurchases and excise tax included in other liabilities

2,838

844

Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation

133

178

Stock-based compensation expense capitalized to software development costs

2,764

2,344

1,474

Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:

Cash and cash equivalents

2,084,739

1,340,302

1,706,468

Restricted cash

1,000

Cash, cash equivalents and restricted cash shown in the statement of cash flows

2,085,739

1,341,302

1,707,468

Adjusted For Refinitiv Transaction

Non-cash investing and financing activities:

Establishment of liabilities under tax receivable agreement

211

28,006

Deferred tax asset

$ 21,670

$ (15,323)

$ 81,401

[1]	See Note 10 – Tax Receivable Agreement.

Software Development Costs

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

Software Development Costs

The components of total software development costs, net of accumulated amortization are as follows:


	December 31, 2025						December 31, 2024
	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

	(dollars in thousands)
Software development costs – Refinitiv Transaction	$	168,500	$	(135,736)	$	32,764	$	168,500	$	(117,014)	$	51,486
Software development costs – Other	488,846		(251,315)		237,531		423,524		(178,289)		245,235
Total software development costs	$	657,346	$	(387,051)	$	270,295	$	592,024	$	(295,303)	$	296,721

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Software development costs capitalized (1)	$	65,305	$	50,236	$	44,720
Amortization expense related to capitalized software development costs	$	91,742	$	72,848	$	55,810

(1)Software development costs capitalized does not include the $188.0 million in software development costs acquired in connection with the ICD and r8fin acquisitions during the year ended December 31, 2024 and the $0.6 million in software development costs acquired in connection with the Yieldbroker acquisition during the year ended December 31, 2023. See Note 4 – Acquisitions.

Non-capitalized software costs and routine maintenance costs are expensed as incurred and are included in employee compensation and benefits and professional fees on the consolidated statements of income.

The estimated annual future amortization for software development costs as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	88,245
2027	$	67,835
2028	$	34,377
2029	$	24,000
2030	$	24,000

Software Development Costs (Tables)

12 Months Ended

Dec. 31, 2025

Research and Development [Abstract]

Schedule of Components of Software Development Costs

The components of total software development costs, net of accumulated amortization are as follows:


	December 31, 2025						December 31, 2024
	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

	(dollars in thousands)
Software development costs – Refinitiv Transaction	$	168,500	$	(135,736)	$	32,764	$	168,500	$	(117,014)	$	51,486
Software development costs – Other	488,846		(251,315)		237,531		423,524		(178,289)		245,235
Total software development costs	$	657,346	$	(387,051)	$	270,295	$	592,024	$	(295,303)	$	296,721

Schedule of Non-capitalized Software Costs and Routine Maintenance Costs

Capitalized software development costs and amortization expense are as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Software development costs capitalized (1)	$	65,305	$	50,236	$	44,720
Amortization expense related to capitalized software development costs	$	91,742	$	72,848	$	55,810

Schedule of Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	88,245
2027	$	67,835
2028	$	34,377
2029	$	24,000
2030	$	24,000

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	116,334
2027	$	116,293
2028	$	115,795
2029	$	115,211
2030	$	95,874

Revenue - Recognized Revenue and Remaining Balances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Change in Contract with Customer
Deferred revenue balance - beginning of period	$ 30,800
New billings	192,781
Revenue recognized	(194,820)
Effect of foreign currency exchange rate changes	269
Deferred revenue balance - end of period	$ 29,030

Goodwill and Intangible Assets - Components of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible assets that are subject to amortization
Total	$ 3,150,112	$ 3,150,112	$ 2,815,524
Refinitiv
Intangible assets that are subject to amortization
Total	2,694,797	2,694,797
Acquisitions and Other
Intangible assets that are subject to amortization
Total	$ 455,315	$ 455,315

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and data centers with initial lease terms ranging from one to 16 years.

In June 2024, the Company entered into a non-cancellable operating lease for its new corporate headquarters in New York City. The lease commenced in September 2025, with an initial lease term through May 2041 and either a five or a ten-year extension option available. The Company is not reasonably certain to exercise these options, and they are excluded from the lease term and measurement. Upon lease commencement, the Company recognized an operating lease right-of-use asset and corresponding lease liability of $92.9 million and $103.5 million, respectively, measured using an incremental borrowing rate of 5.3% determined based on a collateralized rate with a term commensurate with the lease term at the commencement date and recorded $11.4 million in leasehold improvements. The Company’s prior New York City office lease expired on September 30, 2025.

The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2025 and 2024:


	December 31,
	2025		2024

	(dollars in thousands)
Operating lease right-of-use assets	$	123,065	$	33,550
Operating lease liabilities	$	139,168	$	35,748

Activity related to the Company’s leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	17,411	$	13,941	$	11,768
Cash paid for amounts included in the measurement of operating lease liability	$	14,211	$	14,145	$	12,548

At December 31, 2025 and 2024, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2025		2024

Weighted average borrowing rate	5.3	%	4.9	%
Weighted average remaining lease term (years)	12.4		3.5

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2025:


	Amount
	(dollars in thousands)
2026	$	18,274
2027	22,349
2028	16,037
2029	14,160
2030	10,087
Thereafter	114,053
Total future lease payments	194,960
Less imputed interest	(55,792)
Lease liability	$	139,168

As of both December 31, 2025 and 2024, one U.S. lease was secured by a $0.5 million letter of credit issued under the Company’s 2023 Revolving Credit Facility (as defined in Note 17 – Commitments and Contingencies).

Fair Value of Financial Instruments and Other Assets - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Receivable from brokers and dealers and clearing organizations	$ 8,630	$ 67,805
Deposits with clearing organizations	58,282	54,702
Accounts receivable	257,845	222,268
Total assets measured at fair value	2,102,557	1,136,183
Liabilities
Payable to brokers and dealers and clearing organizations	3,363	67,816
Total liabilities measured at fair value	6,657
Fair Value, Nonrecurring
Assets
Cash and restricted cash	275,179	224,169
Receivable from brokers and dealers and clearing organizations	8,630	67,805
Deposits with clearing organizations	58,282	54,702
Accounts receivable	257,845	222,268
Other assets – Memberships in clearing organizations	3,127	2,918
Total assets measured at fair value	603,063	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	3,363	67,816
Total liabilities measured at fair value	3,363	67,816
Total Fair Value \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	275,179	224,169
Receivable from brokers and dealers and clearing organizations	8,630	67,805
Deposits with clearing organizations	58,282	54,702
Accounts receivable	257,845	222,268
Other assets – Memberships in clearing organizations	3,127	2,918
Total assets measured at fair value	603,063	571,862
Liabilities
Payable to brokers and dealers and clearing organizations	3,363	67,816
Total liabilities measured at fair value	3,363	67,816
Quoted Prices in active Markets for Identical Assets (Level 1)
Assets
Total assets measured at fair value	2,053,289	1,117,133
Liabilities
Total liabilities measured at fair value	0
Quoted Prices in active Markets for Identical Assets (Level 1) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	275,179	224,169
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	58,282	54,702
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	333,461	278,871
Liabilities
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities measured at fair value	0	0
Significant Observable Inputs (Level 2)
Assets
Total assets measured at fair value	24,411	7,844
Liabilities
Total liabilities measured at fair value	6,657
Significant Observable Inputs (Level 2) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	8,630	67,805
Deposits with clearing organizations	0	0
Accounts receivable	257,845	222,268
Other assets – Memberships in clearing organizations	0	0
Total assets measured at fair value	266,475	290,073
Liabilities
Payable to brokers and dealers and clearing organizations	3,363	67,816
Total liabilities measured at fair value	3,363	67,816
Significant Unobservable Inputs (Level 3)
Assets
Total assets measured at fair value	24,857	11,206
Liabilities
Total liabilities measured at fair value	0
Significant Unobservable Inputs (Level 3) \| Fair Value, Nonrecurring
Assets
Cash and restricted cash	0	0
Receivable from brokers and dealers and clearing organizations	0	0
Deposits with clearing organizations	0	0
Accounts receivable	0	0
Other assets – Memberships in clearing organizations	3,127	2,918
Total assets measured at fair value	3,127	2,918
Liabilities
Payable to brokers and dealers and clearing organizations	0	0
Total liabilities measured at fair value	$ 0	$ 0

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of the Ownership Interest in Noncontrolling Interest

The following table summarizes the ownership interest in Tradeweb Markets LLC:


	December 31, 2025			December 31, 2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	212,394,176	90.2	%	212,869,038	90.2	%
Number of LLC Interests held by non-controlling interests	23,056,868	9.8	%	23,073,538	9.8	%
Total LLC Interests outstanding	235,451,044	100.0	%	235,942,576	100.0	%

Schedule of the Impact on Equity Due to Changes in the Company’s Ownership Interest in Noncontrolling Interest

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	812,792	$	501,507	$	364,866
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	3,821		(849)		77,767
Net transfers (to) from non-controlling interests	3,821		(849)		77,767
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	816,613	$	500,658	$	442,633

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Tax Receivable Agreement	12 Months Ended
Tax Receivable Agreement	Dec. 31, 2025
Tax Receivable Agreement
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Reorganization Transactions, the Corporation entered into a tax receivable agreement (the “Tax Receivable Agreement”) with TWM LLC and the Continuing LLC Owners, which provides for the payment by the Corporation to a Continuing LLC Owner of 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 is deemed to realize) as a result of (i) increases in the tax basis of TWM LLC’s assets resulting from (a) the purchase of LLC Interests from such Continuing LLC Owner, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing LLC Owner of LLC Interests for shares of Class A common stock or Class B common stock or for cash, as applicable, and (ii) certain other tax benefits related to the Corporation making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within 150 days after the filing of the tax return based on the actual tax savings realized by the Corporation, and estimated payments may be made in advance. The first payment of the Tax Receivable Agreement was made in January 2021. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC Interests from Continuing LLC Owners or redemption or exchanges by Continuing LLC Owners of LLC Interests. The Corporation accounts for the income tax effects resulting from taxable redemptions or exchanges of LLC Interests by Continuing LLC Owners for shares of Class A common stock or Class B common stock or cash, as the case may be, and purchases by the Corporation of LLC Interests from Continuing LLC Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, the Corporation evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the Corporation estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. 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 the consolidated statements of income in the period in which the change occurs. During the years ended December 31, 2025, 2024 and 2023, the Company recognized a tax receivable agreement liability adjustment of $9.8 million of income, $7.7 million of income and $9.5 million of expense, respectively, in the consolidated statements of income. As of December 31, 2025 and 2024, the tax receivable agreement liability on the consolidated statements of financial condition totaled $336.5 million and $372.8 million, respectively.

Credit Risk	12 Months Ended
Credit Risk	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Credit Risk	Credit Risk Cash and cash equivalents includes cash and highly liquid investments held by a limited number of global financial institutions, including cash amounts in excess of federally insured limits. To mitigate this concentration of credit risk, the Company invests through high-credit-quality financial institutions, monitors the concentration of credit exposure of investments with any single obligor and diversifies as determined appropriate. In the normal course of business the Company, as agent, executes transactions with, and on behalf of, other brokers and dealers. If the agency transactions do not settle because of failure to perform by either counterparty, the Company will recognize a receivable from (and a matching payable to) brokers and dealers and clearing organizations for the proceeds from the unsettled transaction, until the failed transaction settles. The Company may be obligated to discharge the obligation of the non-performing party and, as a result, may incur a loss if the market value of the security is different from the contract amount of the transaction. However, from time to time, the Company enters into repurchase and/or reverse repurchase agreements to facilitate the clearance of securities relating to fails to deliver or receive. The Company seeks to manage credit exposure related to these agreements to repurchase (or reverse repurchase), including the risk related to a decline in market value of collateral (pledged or received), by entering into agreements to repurchase with overnight or short-term maturity dates and only entering into repurchase transactions with netting members of the Fixed Income Clearing Corporation (“FICC”). The FICC operates a continuous net settlement system, whereby as trades are submitted and compared, the FICC becomes the counterparty. 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 December 31, 2025, the Company recorded an $8.6 million receivable and a $3.4 million payable from/to brokers and dealers and clearing organizations related to failed settlement transactions and the Company self-funded the remaining $5.3 million difference between the fail to deliver and fail to receive. All of the failed settlement transactions outstanding as of December 31, 2025 were fully settled during January 2026. As of December 31, 2024, the Company recorded a $67.8 million receivable and payable from/to brokers and dealers and clearing organizations related to failed settlement transactions. All of the failed settlement transactions outstanding as of December 31, 2024 were fully settled during January 2025. Additionally, in the normal course of business, the Company, as an introducing broker, executes transactions on behalf of or with clients of the Company, which are cleared by a clearing broker. Under the arrangement between the Company and the clearing broker, the Company is responsible for losses that may result from the clearing broker’s rejection, reversal or cancellation of a transaction. If there are temporary errors or delays in the processing or settlement of transactions, the clearing broker may require, usually with two business days notice, that the Company provide cash deposits until the errors are resolved. A substantial number of the Company’s transactions are collateralized and executed with, and on behalf of, a limited number of broker-dealers. The Company’s exposure to credit risk associated with the nonperformance of these clients in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile trading markets which may impair the clients’ ability to satisfy their obligations to the Company. The Company does not expect nonperformance by counterparties in the above situations. However, the Company’s policy is to monitor its market exposure and counterparty risk. In addition, the Company has a policy of reviewing, as considered necessary, the credit standing of each counterparty with which it conducts business. Allowance for Credit Losses The Company may be exposed to credit risk regarding its receivables, which are primarily receivables from financial institutions, including investment managers and broker-dealers. The Company maintains an allowance for credit losses based upon an estimate of the amount of potential credit losses in existing accounts receivable, as determined from a review of aging schedules, past due balances, historical collection experience and other specific account data. Careful analysis of the financial condition of the Company’s counterparties is also performed. Account balances are pooled based on the following risk characteristics: •Geographic location •Transaction fee type (billing type) •Legal entity 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 and during the year ended December 31, 2025, the Company maintained an allowance and recorded credit loss expense 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. There was no allowance for credit losses and no credit loss expense recorded on available-for-sale debt securities as of or for the years ended December 31, 2025 and 2024. Write-Offs Once determined uncollectible, aged balances are written off against the allowance for credit losses. This determination is based on careful analysis of individual receivables and aging schedules, which are disaggregated based on the risk characteristics described above. Based on current policy, this generally occurs when the receivable is 360 days past due. As of December 31, 2025 and 2024, the Company maintained an allowance for credit losses with regard to its receivables of $0.6 million and $0.4 million, respectively. For each of the years ended December 31, 2025, 2024 and 2023, credit loss expense relating to receivables was $0.2 million.

Tax Receivable Agreement (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Tax Receivable Agreement

Percentage of amount of U.S. federal, state and local income or franchise tax savings

50.00%

Tax receivable agreement, payment term

15 years

Tax receivable agreement liability adjustment

^[1]

$ 9,786

$ 7,730

$ (9,517)

Tax receivable agreement liability

$ 336,519

$ 372,839

[1]	See Note 10 – Tax Receivable Agreement.

Non-Controlling Interests - Narrative (Details)	12 Months Ended
Non-Controlling Interests - Narrative (Details)	Dec. 31, 2025
Class A common stock
Non-Controlling Interests
Conversion ratio	1
Class B common stock
Non-Controlling Interests
Conversion ratio	1

Income Taxes - Components of Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 103,039	$ 95,266	$ 15,168
State and local	45,679	42,453	20,748
Foreign	12,438	14,406	2,665
Total current tax expense	161,156	152,125	38,581
Deferred:
Federal	69,265	20,225	79,264
State and local	24,902	9,852	9,707
Foreign	(1,849)	2,237	925
Total deferred tax expense	92,318	32,314	89,896
Total federal – Current and deferred tax expense	172,304	115,491	94,432
Total state and local – Current and deferred tax expense	70,581	52,305	30,455
Total foreign – Current and deferred tax expense	10,589	16,643	3,590
Total provision for income taxes	$ 253,474	$ 184,439	$ 128,477

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill includes the following activity during the years ended December 31, 2025 and 2024:


	December 31,
	2025		2024

	(dollars in thousands)
Balance at beginning of period	$	3,150,112	$	2,815,524
Goodwill recognized in connection with acquisitions	—		334,588
Balance at end of period	$	3,150,112	$	3,150,112

The components of goodwill are as follows:


	December 31,
	2025		2024

	(dollars in thousands)
Goodwill – Refinitiv Transaction	$	2,694,797	$	2,694,797
Goodwill – Acquisitions and other	455,315		455,315
Total	$	3,150,112	$	3,150,112

Schedule of Intangible Assets Which Have an Indefinite Useful Life

Intangible assets with an indefinite useful life consisted of the following:


	December 31,
	2025		2024

	(dollars in thousands)
Licenses – Refinitiv Transaction	$	168,800	$	168,800
Tradename – Refinitiv Transaction	154,300		154,300
Total	$	323,100	$	323,100

Schedule of Intangible Assets That are Subject to Amortization

Intangible assets that are subject to amortization consisted of the following:


	Amortization Period	December 31, 2025						December 31, 2024
		Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(dollars in thousands)
Customer relationships – Refinitiv Transaction	12 years	$	928,200	$	(560,788)	$	367,412	$	928,200	$	(483,438)	$	444,762
Customer relationships – Acquisitions	13-15 years	537,531		(82,816)		454,715		537,531		(44,955)		492,576
Content and data – Refinitiv Transaction	7 years	154,400		(154,400)		—		154,400		(137,857)		16,543
Tradename – Acquisitions	4 years	4,492		(1,704)		2,788		4,492		(581)		3,911
Total		$	1,624,623	$	(799,708)	$	824,915	$	1,624,623	$	(666,831)	$	957,792

Schedule of Estimated Annual Future Amortization for Existing Intangible Assets

The estimated annual future amortization for software development costs as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	88,245
2027	$	67,835
2028	$	34,377
2029	$	24,000
2030	$	24,000

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	116,334
2027	$	116,293
2028	$	115,795
2029	$	115,211
2030	$	95,874

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Income Taxes - Components of Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 1,137,412	$ 720,570	$ 533,677
Foreign	37,562	33,832	14,303
Income before taxes	$ 1,174,974	$ 754,402	$ 547,980

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Balance at beginning of period	$ 3,150,112	$ 2,815,524
Goodwill recognized in connection with acquisitions	0	334,588
Balance at end of period	$ 3,150,112	$ 3,150,112

- Definition

+ References

+ Details

Goodwill and Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Estimated annual future amortization for existing intangibles assets
2026	$ 116,334
2027	116,293
2028	115,795
2029	115,211
2030	$ 95,874

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Final Purchase Price Allocations

The final purchase price allocations for ICD and r8fin were as follows:


	Year Ended December 31, 2024
	ICD Purchase Price Allocation		r8fin Purchase Price Allocation		Total 2024 Business Combinations

	(dollars in thousands)
Cash and cash equivalents	$	23,321	$	1,397	$	24,718
Deposits with clearing organizations	596		—		596
Accounts receivable	10,625		139		10,764
Equipment	360		—		360
Lease right-of-use assets	316		—		316
Software development costs	160,000		28,000		188,000
Goodwill	292,399		42,189		334,588
Intangible assets – Customer relationships	340,000		56,500		396,500
Intangible assets – Tradename	4,000		—		4,000
Deferred tax asset	—		—		—
Other assets	1,445		179		1,624
Accrued compensation	(3,390)		—		(3,390)
Deferred revenue	(311)		(219)		(530)
Accounts payable, accrued expenses and other liabilities	(6,579)		(886)		(7,465)
Lease liabilities	(340)		—		(340)
Deferred tax liabilities	(24,872)		—		(24,872)
Total purchase consideration – Cash paid and stock issued	797,570		127,299		924,869
Less: Cash acquired	(23,321)		(1,397)		(24,718)
Purchase consideration, net of cash acquired	$	774,249	$	125,902	$	900,151

Schedule Of Unaudited Supplemental Pro Forma Financial Information

The unaudited supplemental pro forma financial information for periods presented herein are as follows:


	Year Ended
	December 31,
	2024		2023

	(dollars in thousands)
Revenue	$	1,780,366	$	1,423,362
Operating income	$	689,203	$	478,629
Net income attributable to Tradeweb Markets Inc.	$	508,042	$	346,494

Non-Controlling Interests

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interests

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 consolidated financial statements. The non-controlling interests balance reported on the 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.

The following table summarizes the ownership interest in Tradeweb Markets LLC:


	December 31, 2025			December 31, 2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests held by Tradeweb Markets Inc.	212,394,176	90.2	%	212,869,038	90.2	%
Number of LLC Interests held by non-controlling interests	23,056,868	9.8	%	23,073,538	9.8	%
Total LLC Interests outstanding	235,451,044	100.0	%	235,942,576	100.0	%

LLC Interests held by the Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A common stock or Class B common stock, as applicable, on a one-for-one basis or, at the Company’s option, a cash payment in accordance with the terms of the TWM LLC Agreement.

The following table summarizes the impact on Tradeweb Market Inc.’s equity due to changes in the Corporation’s ownership interest in TWM LLC:


Net Income Attributable to Tradeweb Markets Inc. and Transfers (to) from the Non-Controlling Interests	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Net income attributable to Tradeweb Markets Inc.	$	812,792	$	501,507	$	364,866
Transfers (to) from non-controlling interests:
Increase/(decrease) in Tradeweb Markets Inc.’s additional paid-in capital as a result of ownership changes in TWM LLC	3,821		(849)		77,767
Net transfers (to) from non-controlling interests	3,821		(849)		77,767
Change from net income attributable to Tradeweb Markets Inc. and transfers (to) from non-controlling interests	$	816,613	$	500,658	$	442,633

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	812,792	$	501,507	$	364,866
Less: Distributed and undistributed earnings allocated to participating securities (1)	(636)		(389)		(467)
Net income attributable to outstanding shares of Class A and Class B common stock – Basic and Diluted	812,156		501,118		364,399

Denominator:
Weighted average shares of Class A and Class B common stock outstanding – Basic	213,213,371		213,030,056		210,796,802
Dilutive effect of PRSUs	460,612		589,171		458,343
Dilutive effect of options	284,464		428,926		1,150,159
Dilutive effect of RSUs and RSAs	407,012		415,957		257,076
Dilutive effect of PSUs	532,781		460,653		6,428
Weighted average shares of Class A and Class B common stock outstanding – Diluted	214,898,240		214,924,763		212,668,808

Earnings per share – Basic	$	3.81	$	2.35	$	1.73
Earnings per share – Diluted	$	3.78	$	2.33	$	1.71

(1)During the years ended December 31, 2025, 2024 and 2023, there was a total of 167,018, 165,565 and 270,249, 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.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the PRSUs, shares underlying options, RSUs, RSAs, PSUs and weighted-average LLC Interests held by Continuing LLC Owners that were anti-dilutive for the periods indicated. As a result, these shares, which were outstanding, were excluded from the computation of diluted earnings per share for the periods indicated:


	Year Ended
	December 31,
	2025	2024	2023

Anti-dilutive Shares:
PRSUs	—	—	—
Options	—	—	—
RSUs and RSAs	4,361	—	—
PSUs	—	—	—
LLC Interests	23,063,110	23,076,373	23,902,379

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We operate in an environment where cybersecurity risk is dynamic and evolving. We are committed to appropriately managing and minimizing the impact of cybersecurity risk on the achievement of our business objectives. We view cybersecurity risk management as a fundamental business process essential to our overall success. As such, we have integrated our cybersecurity program into our comprehensive Risk Framework, which is in place to support the management and oversight of risk across our organization. The Risk Framework establishes a consistent approach for identifying, assessing, measuring, mitigating and reporting on material risks, including cybersecurity risks. The Risk Framework is composed of process components such as risk governance, risk identification and assessment, risk measurement, risk response and remediation and risk analysis and reporting. The general objectives for our cybersecurity program are to protect our information systems from cyber threats and to protect the confidentiality, integrity and availability of systems and information used, owned or managed by Tradeweb and our clients. This involves a comprehensive and ongoing effort to protect against, detect and respond to cybersecurity threats and vulnerabilities. Our cybersecurity program includes a number of components, such as: •conducting regular risk assessments to identify potential vulnerabilities and threats; •implementing strong cybersecurity frameworks by adopting policies, standards and guidelines derived from a combination of ISO/IEC 27001 principles, the National Institute of Standards and Technology Cybersecurity Framework and industry best practices; •enforcing strict access control policies as appropriate; •implementing strong encryption protocols; •utilizing advanced threat detection systems; •conducting regular security audits and penetration testing; •conducting thorough security assessments of third-party vendors and service providers on an ongoing basis; and •continuous monitoring of our and third-party systems. As part of our cybersecurity program, we have robust incident response and business continuity plans designed to provide a framework for quick and effective remediation of cyber issues, which are tested periodically throughout the year. Additionally, we have worked to create a culture of security by providing regular cybersecurity training to employees to raise awareness about various cyber threats like phishing, social engineering and insider threats. We provide additional targeted training to individuals responsible for managing our information systems. We also maintain cyber insurance coverage intended to mitigate certain costs associated with certain cybersecurity events. In addition, each year, we undergo System and Organization Controls (“SOC”) 1 and SOC 2 audit reviews performed by an independent third-party firm to test our information technology systems internal controls. We also regularly engage additional assessors, auditors and service providers in connection with the implementation, assessment, enhancement and evaluation of our cybersecurity program, including our risk management processes. We have not been a victim of a cyber attack or other cybersecurity incident that has had a material impact on us, our business strategy, results of operations or financial condition; however, we have from time to time experienced non-significant cybersecurity events, including attempted denial of service attacks, malware infections, phishing, subversion of internal security controls and other information technology events that are typical for an electronic financial services company of our size. An actual, threatened or perceived cyber attack or breach of our security could materially affect us, including our business strategy, results of operations and financial condition in many ways, including through the loss of clients or client confidence, expenditure of significant costs to repair system, network or infrastructure damages as well as to protect against future cyber attacks, security breaches or harm and potential litigation or other claims or actions, including from regulatory agencies. These risks extend to the third parties we rely on to provide certain services, including technology services, to us. Please see Part I, Item 1A. —“Risk Factors—Risks Relating to the Operation and Performance of Our Business—We rely on third parties to perform certain key functions, and their failure to perform those functions could result in the interruption of our operations and systems and could result in significant costs and reputational damage to us.” For additional information regarding risks related to cybersecurity threats, see also Part I, Item 1A. – “Risk Factors — Risks Relating to Cybersecurity and Intellectual Property — Actual or perceived security vulnerabilities in our systems, networks and infrastructure, breaches of security controls, unauthorized access to confidential or personal information or cyber attacks could harm our business, reputation and results of operations” and “— Systems failures, interruptions, delays in service, catastrophic events and resulting interruptions in the availability of our platform or solutions could materially harm our business and reputation.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We are committed to appropriately managing and minimizing the impact of cybersecurity risk on the achievement of our business objectives. We view cybersecurity risk management as a fundamental business process essential to our overall success. As such, we have integrated our cybersecurity program into our comprehensive Risk Framework, which is in place to support the management and oversight of risk across our organization.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Role of our Board of Directors The Board of Directors of Tradeweb Markets Inc. exercises direct oversight of the strategic risks to the Company. The Audit and Risk Committee of the Board reviews guidelines and policies governing the process by which senior management assesses and manages our exposure to risk, including our major financial and operational risk exposures including those derived from cybersecurity risk, and the steps management takes to monitor and control such exposures. Our Board and our Audit and Risk Committee each receive periodic reports from our Chief Information Security Officer and Chief Administrative Officer and Chief Risk Officer to assess key cybersecurity risks for the Company and the measures implemented to mitigate them, as well as updates regarding changes to our cybersecurity risk profile or newly identified significant risks. In addition, the Audit and Risk Committee reports to the Board on these matters at each regularly scheduled Board meeting. The Board and Audit and Risk Committee provide feedback and recommendations accordingly.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee of the Board reviews guidelines and policies governing the process by which senior management assesses and manages our exposure to risk, including our major financial and operational risk exposures including those derived from cybersecurity risk, and the steps management takes to monitor and control such exposures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors of Tradeweb Markets Inc. exercises direct oversight of the strategic risks to the Company. The Audit and Risk Committee of the Board reviews guidelines and policies governing the process by which senior management assesses and manages our exposure to risk, including our major financial and operational risk exposures including those derived from cybersecurity risk, and the steps management takes to monitor and control such exposures. Our Board and our Audit and Risk Committee each receive periodic reports from our Chief Information Security Officer and Chief Administrative Officer and Chief Risk Officer to assess key cybersecurity risks for the Company and the measures implemented to mitigate them, as well as updates regarding changes to our cybersecurity risk profile or newly identified significant risks. In addition, the Audit and Risk Committee reports to the Board on these matters at each regularly scheduled Board meeting. The Board and Audit and Risk Committee provide feedback and recommendations accordingly.
Cybersecurity Risk Role of Management [Text Block]	Role of Management We operate on a “three lines of defense” risk governance model, with partnership and communication across the three lines. The first line of defense is comprised of the business and technology managers, the second line of defense is comprised of the Compliance, Risk and Information Security teams and the third line of defense is comprised of the Internal Audit function. The second and third lines of defense focus on providing the first line of defense with advisory and assurance functions for informed and actionable risk-based decisions. The Enterprise Risk Committee (the “ERC”) is chaired by our Chief Administrative Officer and Chief Risk Officer and includes our Chief Technology Officer, Chief Legal Officer, Global Head of Enterprise Risk, Chief Information Security Officer, Head of Global Compliance, Chief People Officer, Chief Audit Executive and various global heads of business lines and corporate functions. The ERC is responsible for the governance and oversight of our Risk Framework, which includes cybersecurity risks. Its responsibilities include supervising risk mitigation strategies and their implementation, overseeing compliance and regulatory aspects, managing crises, approving risk tolerance, reviewing and approving material policy changes and evaluating the effectiveness of the organization’s risk management practices. The ERC regularly obtains reports from the Chief Information Security Officer who maintains the primary responsibility for assessing and managing the cybersecurity risks to evaluate the principal cybersecurity risks for the Company and review strategies in place to mitigate them. The ERC meets quarterly and reports to senior management, including the Chief Executive Officer and Chief Financial Officer. Senior management provides oversight and support in aligning cyber risk management with the Company’s strategic decisions, fostering a culture of risk awareness across the organization and allocating adequate resources to support the initiatives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer leads a highly qualified cybersecurity team in assessing, managing and reducing material risks from cybersecurity threats to protect critical operations and delivery of service.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer has over 25 years of industry experience, with more than a decade of CISO experience at various financial institutions.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board and our Audit and Risk Committee each receive periodic reports from our Chief Information Security Officer and Chief Administrative Officer and Chief Risk Officer to assess key cybersecurity risks for the Company and the measures implemented to mitigate them, as well as updates regarding changes to our cybersecurity risk profile or newly identified significant risks. In addition, the Audit and Risk Committee reports to the Board on these matters at each regularly scheduled Board meeting. The Board and Audit and Risk Committee provide feedback and recommendations accordingly.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Non-Controlling Interests - Schedule of Ownership Interest (Details) - Tradeweb Markets LLC - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Non-Controlling Interests
Number of LLC Interests held by Tradeweb Markets Inc. (in shares)	212,394,176	212,869,038
Number of LLC Interests held by non-controlling interests (in shares)	23,056,868	23,073,538
Total LLC Interests outstanding (in shares)	235,451,044	235,942,576
Number of LLC Interests held by Tradeweb Markets Inc.	90.20%	90.20%
Number of LLC Interests held by non-controlling interests	9.80%	9.80%
Total LLC Interests outstanding	100.00%	100.00%

Stock-Based Compensation Plans - Schedule of Outstanding RSUs and RSAs (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 01, 2024	Aug. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Grant-Date Fair Value
Fair market value				$ 40,025
RSUs and RSAs
RSUs and RSAs
Balance outstanding at beginning of period (in shares)			1,163,899
Granted (in shares)			397,771
Vested (in shares)			(545,909)
Forfeited (in shares)			(10,275)
Balance options outstanding at end of period (in shares)			1,005,486	1,163,899
Weighted Average Grant-Date Fair Value
Balance outstanding at beginning of period (in dollars per share)			$ 90.21
Granted (in dollars per share)			134.36
Vested (in dollars per share)			86.36
Forfeited (in dollars per share)			109.21
Balance outstanding at end of period (in dollars per share)			$ 109.57	$ 90.21
Restricted Stock
RSUs and RSAs
Vested (in shares)			0	0	0
Restricted Stock \| ICD Acquisition \| Class A common stock
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 111.68
Common stock shares issued by corporation (in shares)	41,705	41,705
Award requisite service period	2 years
Fair market value	$ 4,700
Issuance, allocated to consideration transferred for the business combination	3,300
Issuance, amortized into stock-based compensation expense	$ 1,300

Fair Value of Financial Instruments and Other Assets - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,810,560	$ 1,117,133
Investment in available for sale debt securities	24,857	10,354
Digital asset loan receivable	24,411
Digital assets – Canton Coins	242,729	852
Receivable and due from related parties – Foreign exchange derivative contracts		7,844
Total assets measured at fair value	2,102,557	$ 1,136,183
Payable and due to related parties – Foreign exchange derivative contracts	6,657
Total liabilities measured at fair value	$ 6,657
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Receivables
Quoted Prices in active Markets for Identical Assets (Level 1)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	$ 1,810,560	$ 1,117,133
Investment in available for sale debt securities	0	0
Digital asset loan receivable	0
Digital assets – Canton Coins	242,729	0
Receivable and due from related parties – Foreign exchange derivative contracts		0
Total assets measured at fair value	2,053,289	1,117,133
Payable and due to related parties – Foreign exchange derivative contracts	0
Total liabilities measured at fair value	0
Significant Observable Inputs (Level 2)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Investment in available for sale debt securities	0	0
Digital asset loan receivable	24,411
Digital assets – Canton Coins	0	0
Receivable and due from related parties – Foreign exchange derivative contracts		7,844
Total assets measured at fair value	24,411	7,844
Payable and due to related parties – Foreign exchange derivative contracts	6,657
Total liabilities measured at fair value	6,657
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Cash equivalents – Money market funds and other highly liquid investments	0	0
Investment in available for sale debt securities	24,857	10,354
Digital asset loan receivable	0
Digital assets – Canton Coins	0	852
Receivable and due from related parties – Foreign exchange derivative contracts		0
Total assets measured at fair value	24,857	$ 11,206
Payable and due to related parties – Foreign exchange derivative contracts	0
Total liabilities measured at fair value	$ 0

Leases - Maturity of Lease Liabilities and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 18,274
2027	22,349
2028	16,037
2029	14,160
2030	10,087
Thereafter	114,053
Total future lease payments	194,960
Less imputed interest	(55,792)
Lease liability	$ 139,168	$ 35,748

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Activity Related to the Company's Leases

The following is a summary of lease right-of-use assets and lease liabilities related to operating leases as of December 31, 2025 and 2024:


	December 31,
	2025		2024

	(dollars in thousands)
Operating lease right-of-use assets	$	123,065	$	33,550
Operating lease liabilities	$	139,168	$	35,748

Activity related to the Company’s leases for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Operating lease expense included as a component of occupancy expense on the accompanying consolidated statements of income	$	17,411	$	13,941	$	11,768
Cash paid for amounts included in the measurement of operating lease liability	$	14,211	$	14,145	$	12,548

At December 31, 2025 and 2024, the weighted average borrowing rate and weighted average remaining lease term are as follows:


	December 31,
	2025		2024

Weighted average borrowing rate	5.3	%	4.9	%
Weighted average remaining lease term (years)	12.4		3.5

Schedule of Maturity of Lease Liabilities and Future Minimum Lease Payments

The following table presents the future minimum lease payments and the maturity of lease liabilities as of December 31, 2025:


	Amount
	(dollars in thousands)
2026	$	18,274
2027	22,349
2028	16,037
2029	14,160
2030	10,087
Thereafter	114,053
Total future lease payments	194,960
Less imputed interest	(55,792)
Lease liability	$	139,168

Fair Value of Financial Instruments and Other Assets - Narrative (Details) shares in Millions, canton_coin in Millions				3 Months Ended	12 Months Ended
	Nov. 30, 2025 USD ($) canton_coin shares	Nov. 10, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) canton_coin	Dec. 31, 2025 USD ($) canton_coin	Dec. 31, 2024 USD ($) canton_coin	Dec. 31, 2023 USD ($)	Apr. 30, 2024 USD ($)
Fair Value of Financial Instruments
Amortized cost				$ 10,900,000	$ 10,900,000	$ 10,400,000		$ 10,000,000
Pre-money equity value				1,250,000,000
Investment in available for sale debt securities				24,857,000	24,857,000	10,354,000
Fair value adjustments or credit losses					0	0
Total realized and unrealized gains included in other comprehensive income (loss)					$ 14,000,000.0	0
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag					other comprehensive income
Total revenue					$ 2,052,429,000	1,725,949,000	$ 1,338,219,000
Cash received from sale of digital assets					15,000,000	0	0
Credit loss expense					200,000	200,000	200,000
Equity method investments				4,500,000	4,500,000	0
Unfunded capital commitment				5,000,000	5,000,000
Equity pickup loss					500,000	0	0
Equity investment without readily determinable fair value				44,800,000	44,800,000	17,800,000
Unrealized gain on a minority equity investment					4,300,000
Equity investment impairment					10,800,000	1,300,000	11,100,000
Impaired Investment One
Fair Value of Financial Instruments
Equity impairment		$ 4,900,000
Impaired Investment Two
Fair Value of Financial Instruments
Equity impairment			$ 5,400,000
Impaired Investment Three
Fair Value of Financial Instruments
Equity investment without readily determinable fair value				0	0
Equity impairment					500,000
Pre Funded Warrants
Fair Value of Financial Instruments
Class of warrant or right, outstanding \| shares	8
Warrants and rights outstanding	$ 25,000,000
Other
Fair Value of Financial Instruments
Total revenue					24,788,000	$ 13,598,000	11,567,000
Canton coins
Fair Value of Financial Instruments
Cash received from sale of digital assets					15,000,000
Realized gain from sale of canton coins				$ 14,900,000	$ 14,900,000
Crypto asset, sale, number of units \| canton_coin	161
Crypto asset, number of units \| canton_coin	161			1,600	1,600	1,200
Crypto asset, realized gain	$ 24,900,000
Crypto asset, loan receivable	$ 25,000,000.0
Unrealized loss					$ (231,100,000)	$ (200,000)
Canton coins \| Other
Fair Value of Financial Instruments
Total revenue					10,900,000	700,000	$ 0
Digital Asset Loan Receivable
Fair Value of Financial Instruments
Unrealized loss					400,000
Credit loss expense					200,000
Measurement Input, Discount Rate
Fair Value of Financial Instruments
Significant unobservable input								0.12
Debt Securities
Fair Value of Financial Instruments
Total realized and unrealized gains included in other comprehensive income (loss)					13,985,000	0
Canton coins
Fair Value of Financial Instruments
Total realized and unrealized gains included in other comprehensive income (loss)						200,000
Significant Unobservable Inputs (Level 3)
Fair Value of Financial Instruments
Investment in available for sale debt securities				$ 24,857,000	$ 24,857,000	$ 10,354,000
Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input						20.00%	20.00%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Minimum
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				13.50%	13.50%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Maximum
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				25.00%	25.00%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Discount Rate \| Weighted Average
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				17.80%	17.80%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Perpetual Growth Rate
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input						3.00%	3.00%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Perpetual Growth Rate \| Minimum
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				2.00%	2.00%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Perpetual Growth Rate \| Maximum
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				3.00%	3.00%
Significant Unobservable Inputs (Level 3) \| Measurement Input, Perpetual Growth Rate \| Weighted Average
Fair Value of Financial Instruments
Equity securities without readily determinable fair value, measurement input				2.40%	2.40%
Convertible Notes Payable
Fair Value of Financial Instruments
Interest rate								5.00%

Fair Value of Financial Instruments and Other Assets - Canton Coin (Details) $ in Thousands, canton_coin in Millions	Dec. 31, 2025 USD ($) canton_coin	Nov. 30, 2025 canton_coin	Dec. 31, 2024 USD ($) canton_coin
Crypto Asset, Holding [Line Items]
Fair Value	$ 242,729		$ 852
Canton coins
Crypto Asset, Holding [Line Items]
Quantity (canton coins) \| canton_coin	1,600	161	1,200
Cost Basis	$ 11,461		$ 666
Fair Value	$ 242,729		$ 852

Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Digital assets and other investments at fair value	$ 291,997	$ 11,206
Other assets	$ (140,249)	(96,165)
Revision of Prior Period, Reclassification, Adjustment
Derivative [Line Items]
Digital assets and other investments at fair value		11,200
Other assets		$ 11,200

Acquisitions - Unaudited Supplemental Pro Forma Financial Information (Details) - ICD Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Revenue	$ 1,780,366	$ 1,423,362
Operating income	689,203	478,629
Net income attributable to Tradeweb Markets Inc.	$ 508,042	$ 346,494

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

ICD

On August 1, 2024, the Company completed its acquisition of ICD in exchange for total purchase consideration of $774.2 million.

In connection with the acquisition closing, the Corporation was required to issue and sell $4.5 million of shares of its Class A common stock in reliance on Section 4(a)(2) of the Securities Act, to an equityholder of the ICD seller, who was also an employee of ICD and is currently an employee of the Company. These shares of Class A common stock were issued and sold as restricted stock (“RSAs”), subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. The 41,705 RSAs issued at closing, had a fair market value of $4.7 million as of the acquisition date, and will cliff vest at the end of a two-year service period. Of the $4.7 million in RSAs issued, $3.3 million was allocated to consideration transferred for the business combination, relating to the pre-combination service period completed before the acquisition date, and $1.3 million will be amortized into stock-based compensation expense over the two-year service period required subsequent to the acquisition date.

Cash paid at closing, net of $23.3 million in cash acquired and net of $4.5 million in proceeds from the sale of RSAs, totaled $773.8 million. Of this amount, $770.9 million was determined to be the net cash consideration transferred for the business combination, $1.4 million was recorded as compensation expense during the year ended December 31, 2024, related to the acceleration of vesting on the acquisition date of previously unvested stock awards issued by the ICD seller, and $1.4 million was recorded as a prepaid asset, to be recognized as compensation expense over a two-year required service period, relating to sale proceeds held in escrow for certain key executives, who are required to remain employed by the Company during that service period in order to receive the escrow portion of their sale proceeds.

ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments and with the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients.

r8fin

On January 19, 2024, the Company completed its acquisition of r8fin in exchange for total purchase consideration of $125.9 million, consisting of $89.2 million in cash paid at closing (net of cash acquired) and the issuance of 374,601 shares of Class A common stock of the Corporation valued as of the acquisition date at $36.7 million. r8fin provides a suite of algorithmic-based tools as well as a thin-client EMS trading application to facilitate futures and cash trades.

Business Combinations

The ICD and r8fin acquisitions were accounted for as business combinations and the Company utilized the assistance of a third-party valuation specialist to determine the fair value of the assets acquired and liabilities assumed at the date of the closing of each respective acquisition. The fair values were determined based on assumptions that reasonable market participants would use in the principal (or most advantageous) market and primarily included significant unobservable inputs (Level 3).

Customer relationships were valued using the income approach, specifically a multi-period excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then examines the excess return that is attributable to the intangible asset being valued. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, the Company estimated a weighted-average cost of capital for the overall business and employed an intangible asset risk premium to this rate when discounting the excess earnings related to customer relationships. The resulting discounted cash flows were then tax-affected at the applicable statutory rate.

The acquired developed technology, included in the consolidated balance sheet as software development costs, was valued using the income approach, specifically the relief-from-royalty method (“RFRM”). The RFRM is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The royalty rate is applied to the projected revenue over the expected remaining life of the intangible asset to estimate royalty savings. The net after-tax royalty savings are calculated for each year in the remaining economic life of the technology and discounted to present value. The discount rate used reflects the amount of risk associated with the hypothetical cash flows for the developed technology relative to the overall business as discussed above relating to the customer relationships.

The final purchase price allocations for ICD and r8fin were as follows:


	Year Ended December 31, 2024
	ICD Purchase Price Allocation		r8fin Purchase Price Allocation		Total 2024 Business Combinations

	(dollars in thousands)
Cash and cash equivalents	$	23,321	$	1,397	$	24,718
Deposits with clearing organizations	596		—		596
Accounts receivable	10,625		139		10,764
Equipment	360		—		360
Lease right-of-use assets	316		—		316
Software development costs	160,000		28,000		188,000
Goodwill	292,399		42,189		334,588
Intangible assets – Customer relationships	340,000		56,500		396,500
Intangible assets – Tradename	4,000		—		4,000
Deferred tax asset	—		—		—
Other assets	1,445		179		1,624
Accrued compensation	(3,390)		—		(3,390)
Deferred revenue	(311)		(219)		(530)
Accounts payable, accrued expenses and other liabilities	(6,579)		(886)		(7,465)
Lease liabilities	(340)		—		(340)
Deferred tax liabilities	(24,872)		—		(24,872)
Total purchase consideration – Cash paid and stock issued	797,570		127,299		924,869
Less: Cash acquired	(23,321)		(1,397)		(24,718)
Purchase consideration, net of cash acquired	$	774,249	$	125,902	$	900,151

The acquired software development costs will be amortized over a useful life of eight years for ICD and seven years for r8fin. The acquired trade name of ICD will be amortized over a useful life of four years. Customer relationships will be amortized over a useful life of 15 years for ICD and 13 years for r8fin. The goodwill recognized in connection with the ICD and r8fin acquisitions is primarily attributable to the acquisition of an assembled workforce and expected future customers, future technology and synergies from the integration of the operations of the acquisitions into the Company's operations and its single business segment. Approximately $238 million of the goodwill recognized in connection with the ICD Acquisition and all of the goodwill recognized in connection with the r8fin Acquisition is expected to be deductible for income tax purposes.

During the years ended December 31, 2024 and 2023, the Company recognized $16.9 million and $4.6 million, respectively, in transaction costs incurred to effect the ICD, r8fin and Yieldbroker acquisitions, which are included as a component of professional fees in the accompanying consolidated statements of income. During the years ended December 31, 2024 and 2023, the Company recognized $2.2 million and $0.9 million, respectively, in transaction costs incurred to effect the ICD, r8fin and Yieldbroker acquisitions, which are included as a component of general and administrative expenses in the accompanying consolidated statements of income. There were no acquisitions completed during the year ended December 31, 2025.

From the date of the ICD Acquisition through December 31, 2024, ICD revenues of $43.2 million and operating income of $2.1 million, including $18.4 million of depreciation and amortization from acquired assets, were included in the Company’s consolidated statements of income for the year ended December 31, 2024. The r8fin Acquisition was not material to the Company's consolidated financial statements and therefore pro forma and actual results of this acquisition have not been presented.

Supplemental Pro Forma Information (Unaudited)

The financial information in the table below summarizes the combined results of operations of Tradeweb Markets Inc. and ICD, on a pro forma basis, as though the companies had been combined as of January 1, 2023. The unaudited supplemental pro forma information is presented for informational purposes only and is not indicative of the actual results of operations that would have been achieved if the ICD Acquisition had taken place on January 1, 2023 or of future results. Such unaudited pro forma financial information is based on the historical financial statements of Tradeweb Markets Inc. and ICD. The unaudited pro forma financial information is based on estimates and assumptions that have been made solely for the purpose of developing such unaudited pro forma financial information, including, without limitation, purchase accounting adjustments, acquisition related transaction costs, the removal of historical ICD interest expense and intangible asset amortization and the addition of intangible asset amortization and incremental stock-based compensation expense related to this acquisition, together with their consequential tax effects. The pro forma adjustments were based upon information available at the time they were prepared and certain assumptions that the Company believes are reasonable under the circumstances. The unaudited pro forma financial information does not reflect any anticipated synergies or operating cost reductions that may be achieved from integrating ICD into the rest of the Company.

The unaudited supplemental pro forma financial information for periods presented herein are as follows:


	Year Ended
	December 31,
	2024		2023

	(dollars in thousands)
Revenue	$	1,780,366	$	1,423,362
Operating income	$	689,203	$	478,629
Net income attributable to Tradeweb Markets Inc.	$	508,042	$	346,494

- Definition

The entire disclosure for business combination.

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+ Details

Business Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Information Regarding Revenue from External Customers by Client Sector

Information regarding revenue from external clients by client sector, significant segment expenses and consolidated net income is as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenues
Institutional	$	1,275,547	$	1,035,775	$	797,038
Wholesale	400,753		385,673		312,586
Retail	146,510		143,247		134,521
Corporates	95,895		43,234		—
Market Data	133,724		118,020		94,074
Total revenue	2,052,429		1,725,949		1,338,219
Less:
Employee compensation and benefits	670,831		592,690		460,305
Technology and communications	128,327		98,568		77,506
General and administrative	88,402		56,317		51,495
Professional fees	53,391		60,132		42,364
Occupancy	25,951		20,215		15,930
Other segment items (1)	164,027		328,064		271,116
Net income	$	921,500	$	569,963	$	419,503

Schedule of Revenue and Long-Lived Assets by Geographic Location

The following table provides revenue by geographic area:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenues
U.S.	$	1,194,062	$	1,060,697	$	850,338
International	858,367		665,252		487,881
Total revenue	$	2,052,429	$	1,725,949	$	1,338,219

The following table provides information on the attribution of long-lived assets by geographic area:


	December 31,
	2025		2024		2023

	(dollars in thousands)
Long-lived assets
U.S.	$	4,737,934	$	4,777,770	$	3,990,070
International	31,746		29,478		20,348
Total	$	4,769,680	$	4,807,248	$	4,010,418

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously deferred	$ 30.8	$ 25.7

Stock-Based Compensation Plans - Schedule of RSU Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 103,537	$ 89,649	$ 65,128
RSUs and RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	50,498	41,596	30,315
Income tax benefit	$ (18,546)	$ (12,781)	$ (7,952)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation Plans - Schedule PSRU and PSU Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	$ 103,537	$ 89,649	$ 65,128
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	37,665	35,707	26,506
Income tax benefit	$ (12,323)	$ (9,960)	(10,767)
Weighted-average grant-date fair value (in dollars per share)	$ 87.96	$ 80.03
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSU compensation expense	$ 15,374	$ 12,213	7,043
Income tax benefit	$ (3,750)	$ (2,999)	$ (1,714)
Weighted-average grant-date fair value (in dollars per share)	$ 114.15	$ 110.69

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
TWL
Regulatory Capital Requirements
Regulatory Capital	$ 65,479	$ 63,532
Regulatory Capital Requirement	5,296	3,646
Excess Regulatory Capital	60,183	59,886
DW
Regulatory Capital Requirements
Regulatory Capital	260,326	204,134
Regulatory Capital Requirement	3,131	4,359
Excess Regulatory Capital	257,195	199,775
TWD
Regulatory Capital Requirements
Regulatory Capital	54,479	52,808
Regulatory Capital Requirement	1,458	1,208
Excess Regulatory Capital	53,021	51,600
TEL
Regulatory Capital Requirements
Regulatory Capital	94,572	56,152
Regulatory Capital Requirement	33,184	32,499
Excess Regulatory Capital	61,388	23,653
TWJ
Regulatory Capital Requirements
Regulatory Capital	10,619	3,589
Regulatory Capital Requirement	2,705	2,841
Excess Regulatory Capital	7,914	748
TWEU
Regulatory Capital Requirements
Regulatory Capital	8,253	8,073
Regulatory Capital Requirement	7,483	6,838
Excess Regulatory Capital	770	1,235
TESL
Regulatory Capital Requirements
Regulatory Capital	6,889	5,755
Regulatory Capital Requirement	1,177	942
Excess Regulatory Capital	5,712	4,813
TESBV
Regulatory Capital Requirements
Regulatory Capital	8,527	1,591
Regulatory Capital Requirement	4,028	1,377
Excess Regulatory Capital	4,499	214
YB
Regulatory Capital Requirements
Regulatory Capital	9,932	11,677
Regulatory Capital Requirement	0	0
Excess Regulatory Capital	9,932	11,677
TDIFC
Regulatory Capital Requirements
Regulatory Capital	283	250
Regulatory Capital Requirement	30	30
Excess Regulatory Capital	253	220
ICDLC
Regulatory Capital Requirements
Regulatory Capital	10,349	20,845
Regulatory Capital Requirement	766	594
Excess Regulatory Capital	9,583	20,251
ICDLT
Regulatory Capital Requirements
Regulatory Capital	7,992	6,504
Regulatory Capital Requirement	4,126	2,997
Excess Regulatory Capital	3,866	3,507
ICDEU
Regulatory Capital Requirements
Regulatory Capital	0	523
Regulatory Capital Requirement	0	150
Excess Regulatory Capital	0	373
TW SEF
Regulatory Capital Requirements
Financial Resources	68,063	50,974
Required Financial Resources	18,000	16,500
Excess Financial Resources	50,063	34,474
Liquid Financial Assets	34,190	28,163
Required Liquid Financial Assets	4,500	4,125
Excess Liquid Financial Assets	29,690	24,038
DW SEF
Regulatory Capital Requirements
Financial Resources	15,027	14,083
Required Financial Resources	8,511	9,062
Excess Financial Resources	6,516	5,021
Liquid Financial Assets	10,664	9,956
Required Liquid Financial Assets	2,128	2,266
Excess Liquid Financial Assets	8,536	7,690
TWSA
Regulatory Capital Requirements
Regulatory Capital	735	0
Regulatory Capital Requirement	63	0
Excess Regulatory Capital	672	0
TAPL
Regulatory Capital Requirements
Regulatory Capital	148	0
Regulatory Capital Requirement	39	0
Excess Regulatory Capital	$ 109	$ 0

Related Party Transactions - Consolidated Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue	$ 2,052,429	$ 1,725,949	$ 1,338,219
Expenses
Employee compensation and benefits	670,831	592,690	460,305
Technology and communications	128,327	98,568	77,506
General and administrative	88,402	56,317	51,495
Professional fees	53,391	60,132	42,364
Occupancy	25,951	20,215	15,930
Other income (loss), net	263,384	(1,114)	(13,122)
Affiliated Entity
Expenses
Employee compensation and benefits	0	0	17
Technology and communications	14,005	6,386	5,747
General and administrative	8	10	7
Professional fees	427	95	30
Occupancy	78	72	67
Other income (loss), net	(528)	0	0
Subscription fees
Revenue:
Total revenue	234,017	206,659	183,972
Subscription fees \| Affiliated Entity
Revenue:
Total revenue	1,380	1,180	2,380
LSEG market data fees
Revenue:
Total revenue	93,197	82,145	64,336
LSEG market data fees \| Affiliated Entity
Revenue:
Total revenue	93,197	82,145	64,336
Other fees
Revenue:
Total revenue	24,788	13,598	11,567
Other fees \| Affiliated Entity
Revenue:
Total revenue	$ 583	$ 677	$ 601

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

The Company enters into contracts with its clients to provide a stand-ready connection to its electronic marketplaces, which facilitates the execution of trades by its clients. The access to the Company’s electronic marketplaces includes market data, continuous pricing data refreshes and the processing and reporting of trades thereon, which are highly interrelated services. The stand-ready connection to the electronic marketplaces is considered a single performance obligation satisfied over time as the client simultaneously receives and consumes the benefit from the Company’s performance as access is provided. This performance obligation constitutes a series of services that are substantially the same in nature and are provided over time using the same measure of progress.

For its services, the Company may earn subscription fees for granting access to its electronic marketplaces. Subscription fees, which are generally fixed fees, are recognized as revenue on a monthly basis, in the period that access is provided. The frequency of subscription fee billings varies from monthly to annually, depending on contract terms.

The Company also earns transaction fees and/or commissions from transactions executed on the Company’s electronic marketplaces, including the basis point commissions earned on the monthly average daily balance (“ADB”) of money market fund investments made through its ICD Portal, and commission revenue from its electronic and voice brokerage services on a riskless principal basis. Riskless principal revenues are derived on matched principal transactions where revenues are earned on the spread between the buy and sell price of the transacted product.

Transaction fees and commissions are generated both on a variable and fixed price basis and vary by geographic region, product type and trade size. Fixed monthly transaction fees and commissions, or monthly transaction fees and commission minimums, are earned on a monthly basis in the period the stand-ready trading services are provided and are generally billed monthly. For variable transaction fees and commissions, the Company charges its clients amounts calculated based on the mix of products traded and the volume of transactions executed. Variable transaction fee and commission revenue associated with a particular trade is recognized and recorded on a trade-date basis when the individual trade occurs and is generally billed when the trade settles or is billed monthly. Variable commission revenue based upon a client’s ADB invested in money market funds during a calendar month is recorded monthly and the rates billed may vary by money market fund and by the total level of funds invested. Variable discounts or rebates on transaction fees and commissions are earned and applied monthly or quarterly, are generally resolved within the same reporting period and are recorded as a reduction to revenue in the period the relevant trades occur.

The Company also earns fees from an affiliate of LSEG relating to the sale of market data to LSEG, which distributes that data. Included in these fees, which are billed quarterly, are real-time market data fees which are recognized monthly on a straight-line basis, as LSEG receives and consumes the benefit evenly over the contract period, as the data is provided. Also included in these fees are fees for historical data sets, which are recognized when the historical data set is provided to LSEG.

Significant judgments used in accounting for the Company’s market data agreement with LSEG include the following determinations:

•The provision of real-time market data feeds and historical data sets are distinct performance obligations.

•The performance obligations under this contract are recognized over time from the initial delivery of the data feeds until the end of the contract term or at a point in time upon delivery of each historical data set.

•The transaction prices for the performance obligations were determined by using an adjusted market assessment analysis. Inputs in this analysis included publicly available price lists for data sets provided by other companies, planned internal pricing strategies and other market data points and adjustments obtained through consultations with market data industry experts regarding estimating a standalone selling price for each performance obligation.

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 the 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 and 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. 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 years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023

	(dollars in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	1,509,405	$	191,022	$	1,274,636	$	148,911	$	930,247	$	148,097
Subscription fees	1,837		232,180		1,762		204,897		1,855		182,117
LSEG market data fees	—		93,197		—		82,145		—		64,336
Other (1)	13,170		11,618		2,366		11,232		1,112		10,455
Total revenue	$	1,524,412	$	528,017	$	1,278,764	$	447,185	$	933,214	$	405,005

(1)Amounts include Validator Revenue totaling $10.9 million, $0.7 million and none for the years ended December 31, 2025, 2024 and 2023, respectively. The Company applies ASC 606 by analogy to its Validator Revenue.

Deferred Revenue

Fees received by the Company which are not yet earned are included in deferred revenue on the 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:


	Amount

	(dollars in thousands)
Deferred revenue balance – December 31, 2024	$	30,800
New billings	192,781
Revenue recognized	(194,820)

Effect of foreign currency exchange rate changes	269
Deferred revenue balance – December 31, 2025	$	29,030

During the year ended December 31, 2025, the Company recognized into revenue $30.8 million in deferred revenue that was deferred as of December 31, 2024. During the year ended December 31, 2024, the Company recognized into revenue $25.7 million in deferred revenue that was deferred as of December 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value of Financial Instruments and Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements


	Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

As of December 31, 2025	(dollars in thousands)
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,810,560	$	—	$	—	$	1,810,560
Investment in available for sale debt securities (1)	—		—		24,857		24,857
Digital asset loan receivable (1)	—		24,411		—		24,411
Digital assets – Canton Coins (1)	242,729		—		—		242,729

Total assets measured at fair value	$	2,053,289	$	24,411	$	24,857	$	2,102,557

Liabilities
Payable and due to related parties – Foreign exchange derivative contracts	$	—	$	6,657	$	—	$	6,657
Total liabilities measured at fair value	$	—	$	6,657	$	—	$	6,657

As of December 31, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments	$	1,117,133	$	—	$	—	$	1,117,133
Investment in available for sale debt securities (1)	—		—		10,354		10,354
Digital Assets – Canton Coins (1)	—		—		852		852
Receivable and due from related parties – Foreign exchange derivative contracts	—		7,844		—		7,844
Total assets measured at fair value	$	1,117,133	$	7,844	$	11,206	$	1,136,183

(1)Included as a component of digital assets and other investments at fair value on the consolidated statements of financial condition.

Schedule of Canton Coin

The following table presents the Company’s Canton Coin holdings as of December 31, 2025 and 2024:


	December 31, 2025					December 31, 2024
	Quantity of Coins	Cost Basis		Fair Value		Quantity of Coins	Cost Basis		Fair Value

	(dollars in thousands)
Canton coins	1.6 billion	$	11,461	$	242,729	1.2 billion	$	666	$	852

Schedule of Changes in Fair Value

The following table presents a summary of the changes in the Company’s Canton Coin holdings during the years ended December 31, 2025 and 2024:


	Year Ended
	December 31,
	2025		2024

	(dollars in thousands)
Beginning balance	$	852	$	—
Additions – Validator Revenue	10,947		666
Dispositions	(15,000)		—
Origination of digital asset loan receivable	(24,999)		—
Total realized and unrealized gains included in other income (loss), net (1)	270,929		186
Ending balance	$	242,729	852

The following table presents a summary of the changes in fair value for Level 3 assets during the years ended December 31, 2025 and 2024:


	Year Ended
	December 31,
	2025		2024

	(dollars in thousands)
Investments in Available for Sale Debt Securities
Beginning balance	$	10,354	$	—
Additions	518		10,354
Dispositions	—		—

Total realized and unrealized gains included in other comprehensive income (loss)	13,985		—
Ending balance	$	24,857	$	10,354

Digital Assets – Canton Coins
Beginning balance	$	852	$	—
Transfer out of Level 3 (1)	(852)		—
Additions	—		666
Dispositions	—		—
Total realized and unrealized gains included in other income (loss), net	—		186
Ending balance	$	—	$	852

Schedule of Derivative Values

The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:


	December 31,
	2025		2024

	(dollars in thousands)
Foreign currency forward contracts – Gross notional amount	$	339,794	$	238,182

The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the consolidated statements of income are as follows:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income	$	(21,015)	$	14,966	$	792
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)	$	—	$	—	$	(1,289)

Schedule of Financial Instruments Not Measured at Fair Value


	Carrying Value		Quoted Prices in active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value

As of December 31, 2025	(dollars in thousands)
Assets
Cash and restricted cash	$	275,179	$	275,179	$	—	$	—	$	275,179
Receivable from brokers and dealers and clearing organizations	8,630		—		8,630		—		8,630
Deposits with clearing organizations	58,282		58,282		—		—		58,282
Accounts receivable	257,845		—		257,845		—		257,845
Other assets – Memberships in clearing organizations	3,127		—		—		3,127		3,127
Total	$	603,063	$	333,461	$	266,475	$	3,127	$	603,063

Liabilities

Payable to brokers and dealers and clearing organizations	$	3,363	$	—	$	3,363	$	—	$	3,363
Total	$	3,363	$	—	$	3,363	$	—	$	3,363

As of December 31, 2024
Assets
Cash and restricted cash	$	224,169	$	224,169	$	—	$	—	$	224,169
Receivable from brokers and dealers and clearing organizations	67,805		—		67,805		—		67,805
Deposits with clearing organizations	54,702		54,702		—		—		54,702
Accounts receivable	222,268		—		222,268		—		222,268
Other assets – Memberships in clearing organizations	2,918		—		—		2,918		2,918
Total	$	571,862	$	278,871	$	290,073	$	2,918	$	571,862

Liabilities

Payable to brokers and dealers and clearing organizations	$	67,816	$	—	$	67,816	$	—	$	67,816
Total	$	67,816	$	—	$	67,816	$	—	$	67,816

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Income Taxes - Reconciliation of the Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory U.S. federal tax rate	$ 246,745	$ 158,424	$ 115,076
Foreign-derived intangible income	(19,137)	(7,300)	(3,175)
Other	0	7	2,505
Tax credits
Other	(7,869)	(7,421)	(2,727)
Nontaxable or nondeductible items
Non-controlling Interest	(21,368)	(13,056)	(10,452)
Other	1,355	(624)	3,526
Other	(6,648)	(1,436)	(2,525)
State and local income taxes, net of federal income tax effect	45,449	37,033	22,821
Foreign tax effects	2,770	9,605	627
Changes in unrecognized tax benefits	12,177	9,207	2,801
Total provision for income taxes	$ 253,474	$ 184,439	$ 128,477
Reconciliation of the statutory tax rate
U.S. Federal Statutory Tax Rate (in percent)	21.00%	21.00%	21.00%
Foreign-derived intangible income	(1.60%)	(1.00%)	(0.60%)
Other (in percent)	0.00%	0.00%	0.50%
Tax credits
Other (in percent)	(0.60%)	(1.00%)	(0.50%)
Nontaxable or nondeductible items
Other	(1.80%)	(1.70%)	(1.90%)
Other (in percent)	0.10%	(0.10%)	0.60%
Other (in percent)	(0.60%)	(0.20%)	(0.40%)
State and local income taxes, net of federal income tax effect (in percent)	3.90%	4.90%	4.00%
Foreign tax effects (in percent)	0.20%	1.30%	0.10%
Changes in unrecognized tax benefits (in percent)	1.00%	1.20%	0.60%
Effective income tax rate	21.60%	24.40%	23.40%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Effective tax rate	21.60%	24.40%	23.40%
Remaining percentage of tax benefits	50.00%
Interest payable	$ 2,600,000
Penalties payable	200,000
Domestic
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	0
State and local jurisdictions
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	800,000
Foreign
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 100,000

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during the three months ended December 31, 2025.

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Steven Berns

Director

Adoption

November 3, 2025

Sale of up to 425 shares of Class A common stock to be issued upon the vesting on May 20, 2026 of previously awarded restricted stock units.

November 25, 2026

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Amy Clack

Chief Administrative Officer and Chief Risk Officer

Adoption

November 3, 2025

Sale of an amount equal to up to: (A) 3,356 shares of Class A common stock, plus (B) (i) 5,349 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 5,349 shares subject to the restricted stock units that accrued during the award’s vesting period of September 1, 2024 - January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C) (i) 2,209 shares of Class A common stock to be issued upon vesting on March 17, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 17, 2026 in settlement of dividend equivalent rights in respect of the 2,209 shares subject to the restricted stock units that accrued during the award’s vesting period of March 17, 2025 - March 17, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

September 30, 2026

Troy Dixon

Managing Director, Co-Head of Global Markets

Adoption

December 15, 2025

Sale of amount equal to up to: (i) 5,254 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 5,254 shares subject to the restricted stock units that accrued during the award’s vesting period of February 3, 2025 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

December 14, 2026

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Douglas Friedman

Chief Legal Officer

Adoption

November 3, 2025

Sale of an amount equal to up to: (A)(i) 13,682 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 13,682 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of January 1, 2023 -January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B)(i) 45,465 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 45,465 shares subject to the performance-based stock units that accrued during the award’s vesting period of January 1, 2023 -January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C)(i) 2,516 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 2,516 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2023 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (D)(i) 1,991 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 1,991 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2024 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (E)(i) 1,210 shares of Class A common stock to be issued upon vesting on March 17, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 17, 2026 in settlement of dividend equivalent rights in respect of the 1,210 shares subject to the restricted stock units that accrued during the award’s vesting period of March 17, 2025 - March 17, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

September 30, 2026

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Sara Furber

Chief Financial Officer

Adoption

November 3, 2025

Sale of an amount equal to up to: (A)(i) 33,881 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 33,881 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of January 1, 2023 -January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B)(i) 90,932 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 90,932 shares subject to the performance-based stock units that accrued during the award’s vesting period of January 1, 2023 - January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C)(i) 6,229 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 6,229 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2023 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (D)(i) 3,715 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 3,715 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2024 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (E)(i) 3,287 shares of Class A common stock to be issued upon vesting on March 17, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 17, 2026 in settlement of dividend equivalent rights in respect of the 3,287 shares subject to the restricted stock units that accrued during the award’s vesting period of March 17, 2025 - March 17, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

September 30, 2026

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

William Hult

Chief Executive Officer

Adoption

November 3, 2025

Sale of an amount equal to up to: (A) 144,900 shares of Class A common stock to be issued upon the exercise of options in accordance with the terms of the Rule 10b5-1 trading arrangement, (B)(i) 104,922 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 104,922 shares subject to the performance-based stock units that accrued during the award’s vesting period of January 1, 2023 - January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C)(i) 78,191 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 78,191 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of January 1, 2023 -January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

February 2, 2027

Name and Title

Action

Date

Aggregate Number of Securities to be Purchased or Sold

Scheduled Expiration Date (1)

Justin Peterson

Chief Technology Officer

Adoption

November 3, 2025

Sale of an amount equal to up to: (A)(i) 24,890 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 24,890 shares subject to the performance-based restricted stock units that accrued during the award’s vesting period of January 1, 2023 -January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (B)(i) 90,932 shares of Class A common stock to be issued upon vesting on January 1, 2026 of previously awarded performance-based stock units, plus (ii) the number of shares issued upon vesting on January 1, 2026 in settlement of dividend equivalent rights in respect of the 90,932 shares subject to the performance-based stock units that accrued during the award’s vesting period of January 1, 2023 - January 1, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (C)(i) 4,576 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 4,576 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2023 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (D)(i) 2,547 shares of Class A common stock to be issued upon vesting on March 15, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 15, 2026 in settlement of dividend equivalent rights in respect of the 2,547 shares subject to the restricted stock units that accrued during the award’s vesting period of March 15, 2024 - March 15, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date, plus (E)(i) 2,243 shares of Class A common stock to be issued upon vesting on March 17, 2026 of previously awarded restricted stock units, plus (ii) the number of shares issued upon vesting on March 17, 2026 in settlement of dividend equivalent rights in respect of the 2,243 shares subject to the restricted stock units that accrued during the award’s vesting period of March 17, 2025 - March 17, 2026, pursuant to the terms of the award agreement and determined on the vesting date, less (iii) the number of shares withheld for taxes, to be determined on the vesting date.

November 1, 2026

(1) The Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Steven Berns [Member]

Trading Arrangements, by Individual

Name

Steven Berns

Title

Director

Rule 10b5-1 Arrangement Adopted

true

November 3, 2025

November 25, 2026

388 days

425

Trading Arrangements, by Individual

Name

Amy Clack

Title

Chief Administrative Officer and Chief Risk Officer

Rule 10b5-1 Arrangement Adopted

true

November 3, 2025

September 30, 2026

332 days

Trading Arrangements, by Individual

Name

Troy Dixon

Title

Managing Director, Co-Head of Global Markets

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 15, 2025

Expiration Date

December 14, 2026

Arrangement Duration

365 days

Douglas Friedman [Member]

Trading Arrangements, by Individual

Name

Douglas Friedman

Title

Chief Legal Officer

Rule 10b5-1 Arrangement Adopted

true

November 3, 2025

September 30, 2026

332 days

Trading Arrangements, by Individual

Name

Sara Furber

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 3, 2025

Expiration Date

September 30, 2026

Arrangement Duration

332 days

William Hult [Member]

Trading Arrangements, by Individual

Name

William Hult

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 3, 2025

Expiration Date

February 2, 2027

Arrangement Duration

457 days

Justin Peterson [Member]

Trading Arrangements, by Individual

Name

Justin Peterson

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 3, 2025

Expiration Date

November 1, 2026

Arrangement Duration

364 days

Amy Clack Trading Arrangement, Class A Common Stock [Member] | Amy Clack [Member]

Trading Arrangements, by Individual

Aggregate Available

3,356

Amy Clack Trading Arrangement, Class A Common Stock, Upon Vested January 1, 2026 [Member] | Amy Clack [Member]

Trading Arrangements, by Individual

Aggregate Available

5,349

Amy Clack Trading Arrangement, Restricted Stock Units, Vesting Period of September 1, 2024 - January 1, 2026 [Member] | Amy Clack [Member]

Trading Arrangements, by Individual

Aggregate Available

5,349

Amy Clack Trading Arrangement, Class A Common Stock, Upon Vested March 17, 2026 [Member] | Amy Clack [Member]

Trading Arrangements, by Individual

Aggregate Available

2,209

Amy Clack Trading Arrangement, Restricted Stock Units, Vesting Period of March 17, 2025 - March 17, 2026 [Member] | Amy Clack [Member]

Trading Arrangements, by Individual

Aggregate Available

2,209

Douglas Friedman Trading Arrangement, Class A Common Stock [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

13,682

Douglas Friedman Trading Arrangement, Performance-based Restricted Stock Units, Accrued During Period of January 1, 2023 -January 1, 2026, Pursuant Award Agreement, Determined Vesting Date [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

13,682

Douglas Friedman Trading Arrangement, Class A Common Stock, Upon Vesting on January 1, 2026 of Previously Awarded Performance-based Stock Units [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

45,465

Douglas Friedman Trading Arrangement, Performance-based Stock Units During the Award’s Vesting Period of January 1, 2023 -January 1, 2026 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

45,465

Douglas Friedman Trading Arrangement, Class A Common Stock to be Issued Upon Vesting on March 15, 2026 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

2,516

Douglas Friedman Trading Arrangement, Restricted Stock Units [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

2,516

Douglas Friedman Trading Arrangement, Class A Common Stock, Upon Vesting on March 15, 2026 of Previously Awarded Performance-based Stock Units [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

1,991

Douglas Friedman Trading Arrangement, Restricted Stock Units, During the Award's Vesting Period of March 15, 2024 - March 15, 2026 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

1,991

Douglas Friedman Trading Arrangement, Class A Common Stock, Upon Vesting on March 17, 2026 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

1,210

Douglas Friedman Trading Arrangement, Restricted Stock Units, During the Award's Vesting Period of March 17, 2024 - March 17, 2026 [Member] | Douglas Friedman [Member]

Trading Arrangements, by Individual

Aggregate Available

1,210

Sara Furber Trading Arrangement, Class A Common Stock [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

33,881

Sara Furber Trading Arrangement, Performance-based Restricted Stock Units, Accrued During Award’s Vesting Period of January 1, 2023 -January 1, 2026, Pursuant Award Agreement, Determined Vesting Date [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

33,881

Sara Furber Trading Arrangement, Class A Common Stock, Upon Vesting on January 1, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

90,932

Sara Furber Trading Arrangement, Performance-based Stock Units, During the Award's Vesting Period of January 1, 2023 - January 1, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

90,932

Sara Furber Trading Arrangement, Class A Common Stock, Upon Vesting on March 15, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

6,229

Sara Furber Trading Arrangement, Restricted Stock Units, Accrued During Award’s Vesting Period of March 15, 2023 - March 15, 2026, Pursuant Award Agreement and Determined on Vesting Date [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

6,229

Sara Furber Trading Arrangement, Class A Common Stock, Upon Vesting on March 15, 2026 Previously Awarded Restricted Stock Units [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,715

Sara Furber Trading Arrangement, Restricted Stock Units, Vesting Period of March 15, 2024 - March 15, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,715

Sara Furber Trading Arrangement, Class A Common Stock, Upon Vesting on March 17, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,287

Sara Furber Trading Arrangement, Restricted Stock Units, During the Award's Vesting Period of March 17, 2025 - March 17, 2026 [Member] | Sara Furber [Member]

Trading Arrangements, by Individual

Aggregate Available

3,287

William Hult Trading Arrangement, Class A Common Stock [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

144,900

William Hult Trading Arrangement, Class A Common Stock, Upon Vesting on January 1, 2026 [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

104,922

William Hult Trading Arrangement, Performance- based Stock Units, During the Award's Vesting Period of Januray 1, 2023 - Januray 1, 2026 [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

104,922

William Hult Trading Arrangement, Class A Common Stock, Upon Vesting on January 1, 2026 of Previously Awarded Performance-based Restricted Stock Units [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

78,191

William Hult Trading Arrangement, Performance-based Restricted Stock Units, During the Award's Vesting Period of January 1, 2023 - January 1, 2026 [Member] | William Hult [Member]

Trading Arrangements, by Individual

Aggregate Available

78,191

Justin Peterson Trading Arrangement, Class A Common Stock [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

24,890

Justin Peterson Trading Arrangement, Performance-based Restricted Stock Units, During the Award's Vesting Period of January 1, 2023 - January 1, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

24,890

Justin Peterson Trading Arrangement, Class A Common Stock, Upon Vesting on January 1, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

90,932

Justin Peterson Trading Arrangement, Performance-based Stock Units, During the Award's Vesting Period of January 1, 2023 - January 1, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

90,932

Justin Peterson Trading Arrangement, Class A Common Stock, Upon Vesting On March 15, 2026 of Previously Awarded Restricted Stock Units [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

4,576

Justin Peterson Trading Arrangement, Restricted Stock Units During the Award's Vesting Period Of March 15, 2023 - March 15, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

4,576

Justin Peterson Trading Arrangement, Class A Common Stock Upon Vesting on March 15, 2026 of Previously Awarded Restricted Stock Units, Plus [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

2,547

Justin Peterson Trading Arrangement, Restricted Stock Units During the Award's Vesting Period of March 15, 2024 - March 15, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

2,547

Justin Peterson Trading Arrangement, Class A Common Stock Upon Vesting on March 17, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

2,243

Justin Peterson Trading Arrangement, Restricted Stock Units During the Award's Vesting Priod of March 17, 2025 - March 17, 2026 [Member] | Justin Peterson [Member]

Trading Arrangements, by Individual

Aggregate Available

2,243

Income Taxes - Uncertain Tax Position (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized tax benefits – January 1, 2025	$ 19,616
Increase in current year tax positions	11,267
Increase in prior year tax positions	657
Decrease in prior year tax positions	(1,598)
Acquired tax positions	0
Settlements	0
Gross unrecognized tax benefits – December 31, 2025	$ 29,942

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues Between Fixed and Variable Revenues

The breakdown of revenues between fixed and variable revenues for the years ended December 31, 2025, 2024 and 2023 is as follows:


	Year Ended				Year Ended				Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023

	(dollars in thousands)
	Variable		Fixed		Variable		Fixed		Variable		Fixed
Revenues
Transaction fees and commissions	$	1,509,405	$	191,022	$	1,274,636	$	148,911	$	930,247	$	148,097
Subscription fees	1,837		232,180		1,762		204,897		1,855		182,117
LSEG market data fees	—		93,197		—		82,145		—		64,336
Other (1)	13,170		11,618		2,366		11,232		1,112		10,455
Total revenue	$	1,524,412	$	528,017	$	1,278,764	$	447,185	$	933,214	$	405,005

Schedule of Recognized Revenue and Remaining Deferred Revenue Balance

The revenue recognized and the remaining deferred revenue balances are shown below:


	Amount

	(dollars in thousands)
Deferred revenue balance – December 31, 2024	$	30,800
New billings	192,781
Revenue recognized	(194,820)

Effect of foreign currency exchange rate changes	269
Deferred revenue balance – December 31, 2025	$	29,030

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 0	$ 0	$ 0
Unrealized gain on available-for-sale security, tax expense	$ 3,387,000

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.48	$ 0.40	$ 0.36

Stock-Based Compensation Plans - Outstanding Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options
Options outstanding at beginning of period (in shares)	343,011
Granted (in shares)	0	0	0
Exercised (in shares)	(12,000)
Forfeited (in shares)	0
Expired (in shares)	0
Options outstanding at end of period (in shares)	331,011	343,011
Weighted Average Grant-Date Fair Value
Options outstanding at beginning of period (in dollars per share)	$ 1.93
Granted (in dollars per share)	0
Exercised (in dollars per share)	1.80
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	1.93	$ 1.93
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share)	20.59
Grants (in dollars per share)	0
Exercises (in dollars per share)	20.59
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Options outstanding at end of period (in dollars per share)	$ 20.59	$ 20.59

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 2,084,739	$ 1,340,302
Restricted cash	1,000	1,000
Receivable from brokers and dealers and clearing organizations	8,630	67,805
Deposits with clearing organizations	58,282	54,702
Accounts receivable, net of allowance for credit losses of $587 and $447 at December 31, 2025 and 2024, respectively	257,845	222,268
Furniture, equipment, purchased software and leasehold improvements, net of accumulated depreciation and amortization	78,193	45,973
Lease right-of-use assets	123,065	33,550
Software development costs, net of accumulated amortization	270,295	296,721
Goodwill	3,150,112	3,150,112
Intangible assets, net of accumulated amortization	1,148,015	1,280,892
Receivable and due from related parties	8,303	8,094
Deferred tax asset	568,832	659,203
Digital assets and other investments at fair value	291,997	11,206
Other assets	140,249	96,165
Total assets	8,189,557	7,267,993
Liabilities
Payable to brokers and dealers and clearing organizations	3,363	67,816
Accrued compensation	251,169	222,959
Deferred revenue	29,030	30,800
Accounts payable, accrued expenses and other liabilities	183,970	95,290
Lease liabilities	139,168	35,748
Payable and due to related parties	7,090	763
Deferred tax liability	50,011	42,893
Tax receivable agreement liability	336,519	372,839
Total liabilities	1,000,320	869,108
Commitments and contingencies (Note 17)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding	0	0
Additional paid-in capital	4,895,810	4,813,408
Accumulated other comprehensive income (loss)	10,899	(9,981)
Retained earnings	1,601,044	996,763
Total stockholders’ equity attributable to Tradeweb Markets Inc.	6,507,755	5,800,192
Non-controlling interests	681,482	598,693
Total equity	7,189,237	6,398,885
Total liabilities and equity	8,189,557	7,267,993
Class A common stock
Equity
Common stock	1	1
Class B common stock
Equity
Common stock	1	1
Class C common stock
Equity
Common stock	0	0
Class D common stock
Equity
Common stock	$ 0	$ 0

Stock-Based Compensation Plans - Option Award Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	$ 103,537	$ 89,649	$ 65,128
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options compensation expense	0	133	1,264
Income tax benefit	$ (227)	$ (11,984)	$ (18,073)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Software Development Costs - Estimated Annual Future Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Estimated annual future amortization for existing intangibles assets
2026	$ 116,334
2027	116,293
2028	115,795
2029	115,211
2030	95,874
Software development costs
Estimated annual future amortization for existing intangibles assets
2026	88,245
2027	67,835
2028	34,377
2029	24,000
2030	$ 24,000

Fair Value of Financial Instruments and Other Assets - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Foreign currency forward contracts – Gross notional amount \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gross notional amount	$ 339,794	$ 238,182

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

Each share of Class A common stock and Class C common stock entitles its holder to one vote on all matters presented to the Corporation’s stockholders generally. Each share of Class B common stock and Class D common stock entitles its holder to ten votes on all matters presented to the Corporation’s stockholders generally. The holders of Class C common stock and Class D common stock have no economic interests in the Corporation (where “economic interests” means the right to receive any dividends or distributions, whether cash or stock, in connection with common stock). These attributes are summarized in the following table:


Class of Common Stock	Par Value		Votes	Economic Rights
Class A common stock	$	0.00001	1	Yes
Class B common stock	$	0.00001	10	Yes
Class C common stock	$	0.00001	1	No
Class D common stock	$	0.00001	10	No

Holders of outstanding shares of Class A common stock, Class B common stock, Class C common stock and Class D common stock will vote together as a single class on all matters presented to the Corporation’s stockholders for their vote or approval, except as otherwise required by applicable law.

Holders of Class B common stock may from time to time exchange all or a portion of their shares of Class B common stock for newly issued shares of Class A common stock on a one-for-one basis (in which case their shares of Class B common stock will be cancelled on a one-for-one basis upon any such issuance). Continuing LLC Owners that hold shares of Class D common stock may from time to time exchange all or a portion of their shares of Class D common stock for newly issued shares of Class C common stock on a one-for-one basis (in which case their shares of Class D common stock will be cancelled on a one-for-one basis upon such issuance).

Each share of Class B common stock will automatically convert into one share of Class A common stock and each share of Class D common stock will automatically convert into one share of Class C common stock (i) immediately prior to any sale or other transfer of such share by a holder or its permitted transferees to a non-permitted transferee or (ii) once Refinitiv no longer beneficially owns a number of shares of common stock and LLC Interests that together entitle them to at least 10% of TWM LLC’s economic interest. Holders of LLC Interests that receive shares of Class C common stock upon any such conversion may continue to elect to have their LLC Interests redeemed for newly issued shares of Class A common stock as described below (in which case their shares of Class C common stock will be cancelled on a one-for-one basis upon such issuance).

In addition, the Corporation’s board of directors adopted the Omnibus Equity Plan, under which equity awards may be made in respect of shares of Class A common stock. It also assumed sponsorship of the Option Plan and a PRSU plan formerly sponsored by TWM LLC. See Note 13 – Stock-Based Compensation Plans for further details.

The following table details the movement in the Company’s outstanding shares of common stock during the period:


	Class A	Class B	Class C	Class D	Total

Balance at December 31, 2022	110,746,606	96,933,192	3,251,177	23,092,704	234,023,679
Activities related to exchanges of LLC Interests	3,265,908	—	14,748,823	(18,014,731)	—
Issuance of common stock from equity incentive plans	1,564,003	—	—	—	1,564,003
Share repurchases pursuant to share repurchase programs	(485,730)	—	—	—	(485,730)
Balance at December 31, 2023	115,090,787	96,933,192	18,000,000	5,077,973	235,101,952
Activities related to exchanges of LLC Interests	4,435	—	—	(4,435)	—
Issuance of common stock from equity incentive plans	944,938	—	—	—	944,938
Issuance of common stock for business acquisitions (1)(2)	416,306	—	—	—	416,306
Share repurchases pursuant to share repurchase programs	(478,915)	—	—	—	(478,915)
Balance at December 31, 2024	115,977,551	96,933,192	18,000,000	5,073,538	235,984,281
Activities related to exchanges of LLC Interests	16,670	—	—	(16,670)	—
Issuance of common stock from equity incentive plans	495,847	—	—	—	495,847

Share repurchases pursuant to share repurchase programs	(987,379)	—	—	—	(987,379)
Balance at December 31, 2025	115,502,689	96,933,192	18,000,000	5,056,868	235,492,749

LLC Interests

The TWM LLC Agreement requires that TWM LLC at all times maintain (i) a one-to-one ratio between the number of shares of Class A common stock and Class B common stock issued by the Corporation and the number of LLC Interests owned by the Corporation (subject to certain exceptions contained in the TWM LLC Agreement) and (ii) a one-to-one ratio between the number of shares of Class C common stock and Class D common stock issued by the Corporation and the number of LLC Interests owned by the holders of such Class C common stock and Class D common stock. In August 2024, the Corporation issued 41,705 shares of Class A common stock as restricted stock, subject to vesting and forfeiture terms, pursuant to the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan. TWM LLC will issue corresponding LLC Interests to the Corporation only if, when and to the extent the restricted shares of Class A common stock vest. See Note 4 – Acquisitions.

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 (and such holders’ shares of Class C common stock or Class D common stock, as the case may be, will be cancelled on a one-for-one basis upon any such issuance). In the event of such election by a Continuing LLC Owner, the Corporation may, at its 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 addition, the Corporation’s board of directors may, at its option, instead of the foregoing redemptions or exchanges of LLC Interests, cause the Corporation to make a cash payment equal to the volume weighted average market price of one share of Class A common stock for each LLC Interest redeemed or exchanged (subject to customary adjustments, including for stock splits, stock dividends and reclassifications) in accordance with the terms of the TWM LLC Agreement.

Redemptions and Exchanges of LLC Interests

Continuing LLC Owners may, from time to time, exercise their redemption rights under the TWM LLC Agreement, pursuant to which LLC Interests are exchanged for newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, shares of Class C and/or Class D common stock are surrendered by Continuing LLC Owners and cancelled. In connection with these exchanges, Tradeweb Markets Inc. receives LLC Interests, increasing its total ownership interest in TWM LLC.

Share Repurchase Programs

On December 5, 2022, the Company announced that its board of directors authorized a new share repurchase program (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. The 2022 Share Repurchase Program was authorized to continue to offset annual dilution from stock-based compensation plans, as well as to opportunistically repurchase the Company’s Class A common stock. The 2022 Share Repurchase Program authorizes the purchase of up to $300.0 million of the Company’s Class A common stock at the Company’s discretion and has no termination date. The 2022 Share Repurchase Program can be effected through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b-18 or Rule 10b5-1), through privately negotiated transactions or through accelerated share repurchases, each in accordance with applicable securities laws and other restrictions. The amounts, timing and manner of the repurchases will be subject to general market conditions, the prevailing price and trading volumes of the Company’s Class A common stock and other factors. The 2022 Share Repurchase Program does not require the Company to acquire a specific number of shares and may be suspended, amended or discontinued at any time. During the years ended December 31, 2025, 2024 and 2023, the Company acquired a total of 987,379, 478,915 and 485,730 shares of Class A common stock, at an average price of $107.29, $125.07 and $72.48, respectively, for purchases totaling $105.9 million, $59.9 million and $35.2 million, respectively, pursuant to the 2022 Share Repurchase Program. In addition, during the years ended December 31, 2025, 2024 and 2023 the Company incurred $0.2 million, none and none, respectively, in excise tax associated with share repurchases during the respective years.

Each share of Class A common stock repurchased pursuant to the 2022 Share Repurchase Program was funded with the proceeds, on a dollar-for-dollar basis, from the repurchase by Tradeweb Markets LLC of an LLC Interest directly from the Corporation in order to maintain (subject to certain exceptions) the one-to-one ratio between outstanding shares of the Class A common stock and Class B common stock and the LLC Interests owned by the Corporation. Subsequent to their repurchase, the shares of Class A common stock and the LLC Interests were all cancelled and retired. As of December 31, 2025, a total of $74.0 million remained available for repurchase pursuant to the 2022 Share Repurchase Program.

For shares repurchased pursuant to the 2022 Share Repurchase Program, the excess of the repurchase price paid over the par value of the Class A common stock, including any excise tax payable on such share repurchase, is recorded as a reduction to retained earnings.

Other Share Repurchases

During the years ended December 31, 2025, 2024 and 2023, the Company withheld 360,041, 485,745 and 715,101 shares, respectively, of Class A common stock from employee stock option, PRSU and RSU awards, at an average price per share of $137.13, $98.72 and $72.02, respectively, and an aggregate value of $49.4 million, $48.0 million and $51.5 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 RSUs and PRSUs and such shares were not withheld in connection with the share repurchase program discussed above.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2025

Broker-Dealer [Abstract]

Schedule of Regulatory Capital Requirements

At December 31, 2025 and 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:


	December 31, 2025						December 31, 2024
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	65,479	$	5,296	$	60,183	$	63,532	$	3,646	$	59,886
DW	260,326		3,131		257,195		204,134		4,359		199,775
TWD	54,479		1,458		53,021		52,808		1,208		51,600
TEL	94,572		33,184		61,388		56,152		32,499		23,653
TWJ	10,619		2,705		7,914		3,589		2,841		748
TWEU	8,253		7,483		770		8,073		6,838		1,235
TESL	6,889		1,177		5,712		5,755		942		4,813
TESBV	8,527		4,028		4,499		1,591		1,377		214
YB	9,932		—		9,932		11,677		—		11,677
TDIFC	283		30		253		250		30		220
ICDLC	10,349		766		9,583		20,845		594		20,251
ICDLT	7,992		4,126		3,866		6,504		2,997		3,507
ICDEU	—		—		—		523		150		373
TWSA	735		63		672		—		—		—
TAPL	148		39		109		—		—		—

Schedule of Financial Resources and Liquid Financial Resources

The required and maintained financial resources and liquid financial assets at December 31, 2025 and 2024 are as follows:


	December 31, 2025						December 31, 2024
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	68,063	$	18,000	$	50,063	$	50,974	$	16,500	$	34,474
DW SEF	15,027		8,511		6,516		14,083		9,062		5,021


	December 31, 2025						December 31, 2024
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	34,190	$	4,500	$	29,690	$	28,163	$	4,125	$	24,038
DW SEF	10,664		2,128		8,536		9,956		2,266		7,690

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 132.9	$ 124.4	$ 108.3

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

From time to time, the Company enters into transactions with its related parties which are considered to be related party transactions. As of December 31, 2025 and 2024, the following balances relating to transactions with such related parties were included in the consolidated statements of financial condition in the following line items:


	December 31,
	2025		2024

	(dollars in thousands)
Accounts receivable	$	56	$	786
Receivable and due from related parties	8,303		8,094
Other assets (1)	4,472		7
Accounts payable, accrued expenses and other liabilities	—		1,469
Deferred revenue	—		6,459
Payable and due to related parties	7,090		763

(1)As of December 31, 2025, other assets includes a $4.5 million equity method investment 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.

The following amounts relating to transactions with such related parties were included in the consolidated statements of income in the following line items:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenue:
Subscription fees	$	1,380	$	1,180	$	2,380
LSEG market data fees (1)	93,197		82,145		64,336
Other fees	583		677		601
Expenses: (2)
Employee compensation and benefits	—		—		17
Technology and communications	14,005		6,386		5,747
General and administrative	8		10		7
Professional fees	427		95		30
Occupancy	78		72		67
Non-operating income:
Other income (loss), net (3)	(528)		—		—

(1)The Company maintains a market data license agreement with an affiliate of LSEG. Under the agreement, the Company delivers to LSEG certain market data feeds which LSEG distributes to its customers. The Company earns license fees and royalties for these feeds.

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

(3)Represents the Company’s estimated pro rata share of losses from its equity method investment in iAltA Capital during the year.

In addition to the above, the Company also periodically does business with certain entities with which its directors are affiliated. During the years ended December 31, 2025, 2024 and 2023, such transactions have not had, and are not currently expected to have, a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is subject to various claims, lawsuits and other legal proceedings, including reviews, investigations and proceedings by governmental and self-regulatory agencies regarding its business. While the ultimate resolution of these matters cannot presently be determined, the Company does not believe that, taking into account any applicable insurance coverage, any of the pending legal proceedings could reasonably be expected to have a material adverse effect on its business, financial condition or results of operations. In the normal course of business, the Company enters into agreements with its clients which provide the clients with indemnification rights, including in the event that the electronic marketplaces of the Company infringe upon the intellectual property or other proprietary right of a third party. The Company’s exposure under these agreements is unknown as this would involve estimating future claims against the Company which have not yet occurred. However, based on its experience, the Company expects the risk of a material loss to be remote. Although the Company was dismissed from a lawsuit relating to interest rate swaps in 2017, the claims brought by certain swap execution facilities against the remaining defendant financial institutions continues and could still be appealed as to the Company. The Company records its best estimate of a loss, including estimated defense costs, when the loss is considered probable and the amount of such loss can be reasonably estimated. Based on its experience, the Company believes that the amount of damages claimed in a legal proceeding is not a meaningful indicator of the potential liability. At this time, the Company cannot reasonably predict the timing or outcomes of, or estimate the amount of loss, or range of loss, if any, related to its pending legal proceedings and therefore does not have any contingency reserves established for any of these matters. Revolving Credit Facility On November 21, 2023, the Company entered into a five year, $500.0 million unsecured revolving credit facility (the “2023 Revolving Credit Facility”) with a syndicate of banks, which replaced its $500.0 million secured credit facility entered into on April 8, 2019. The 2023 Revolving Credit Facility provides borrowing capacity to be used to fund ongoing working capital needs, letters of credit and for general corporate purposes, including potential future acquisitions and expansions. Subject to the satisfaction of certain conditions, the Company is able to increase the 2023 Revolving Credit Facility by $250.0 million with the consent of the lenders participating in the increase. Borrowings under the 2023 Revolving Credit Facility may be, at the option of the Company, in U.S. dollars, Euros or Sterling. The 2023 Revolving Credit Facility also provides for the issuance of up to $5.0 million of letters of credit as well as borrowings on same-day notice, referred to as swingline loans, in an amount of up to $50.0 million. The 2023 Revolving Credit Facility will mature on November 21, 2028. Borrowings under the 2023 Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (a) a base rate equal to the greatest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus ½ of 1.00% and (iii) one month Term SOFR plus 1.00% plus a credit adjustment spread of 0.10%, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 0.25% to 0.75%, or (b) a rate equal to (i) in the case of borrowings in U.S. dollars, Term SOFR plus a credit adjustment spread of 0.10%, subject to a 0.00% floor, (ii) in the case of borrowings in Sterling, SONIA subject to a 0.00% floor, and (iii) in the case of borrowings in Euros, EURIBOR, subject to a 0.00% floor, in each case plus a margin based on the Company’s consolidated net leverage ratio ranging from 1.25% to 1.75%. The agreement that governs the 2023 Revolving Credit Facility also includes a commitment fee of 0.25% for available but unborrowed amounts and other administrative fees that are payable quarterly. Financial covenant requirements include maintaining minimum ratios related to interest coverage and leverage. As of both December 31, 2025 and 2024, there were $0.5 million in letters of credit issued and no borrowings outstanding under the 2023 Revolving Credit Facility.

Acquisitions - Schedule of Final Purchase Price (Details) - USD ($) $ in Thousands			12 Months Ended
	Aug. 01, 2024	Jan. 19, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2023
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Goodwill			$ 3,150,112	$ 3,150,112	$ 2,815,524
Total 2024 Business Combinations
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents			24,718
Deposits with clearing organizations			596
Accounts receivable			10,764
Equipment			360
Lease right-of-use assets			316
Goodwill			334,588
Deferred tax asset			0
Other assets			1,624
Accrued compensation			(3,390)
Deferred revenue			(530)
Accounts payable, accrued expenses and other liabilities			(7,465)
Lease liabilities			(340)
Deferred tax liabilities			(24,872)
Total purchase consideration – Cash paid and stock issued			924,869
Less: Cash acquired			(24,718)
Purchase consideration, net of cash acquired			900,151
Total 2024 Business Combinations \| Software development costs
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Software development costs			188,000
Total 2024 Business Combinations \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			396,500
Total 2024 Business Combinations \| Tradename – Acquisitions
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			4,000
ICD Acquisition
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents			23,321
Deposits with clearing organizations			596
Accounts receivable			10,625
Equipment			360
Lease right-of-use assets			316
Goodwill			292,399
Deferred tax asset			0
Other assets			1,445
Accrued compensation			(3,390)
Deferred revenue			(311)
Accounts payable, accrued expenses and other liabilities			(6,579)
Lease liabilities			(340)
Deferred tax liabilities			(24,872)
Total purchase consideration – Cash paid and stock issued			797,570
Less: Cash acquired			(23,321)
Purchase consideration, net of cash acquired	$ 774,200		774,249
ICD Acquisition \| Software development costs
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Software development costs			160,000
ICD Acquisition \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			340,000
ICD Acquisition \| Tradename – Acquisitions
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			4,000
R8Fin Acquisition
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Cash and cash equivalents			1,397
Deposits with clearing organizations			0
Accounts receivable			139
Equipment			0
Lease right-of-use assets			0
Goodwill			42,189
Deferred tax asset			0
Other assets			179
Accrued compensation			0
Deferred revenue			(219)
Accounts payable, accrued expenses and other liabilities			(886)
Lease liabilities			0
Deferred tax liabilities			0
Total purchase consideration – Cash paid and stock issued			127,299
Less: Cash acquired			(1,397)
Purchase consideration, net of cash acquired		$ 125,900	125,902
R8Fin Acquisition \| Software development costs
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Software development costs			28,000
R8Fin Acquisition \| Customer relationships
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			56,500
R8Fin Acquisition \| Tradename – Acquisitions
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill [Abstract]
Intangible assets			$ 0

Goodwill and Intangible Assets - Finite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible assets that are subject to amortization
Cost	$ 1,624,623	$ 1,624,623
Accumulated Amortization	(799,708)	(666,831)
Net Carrying Amount	$ 824,915	$ 957,792
Minimum
Intangible assets that are subject to amortization
Amortization Period	4 years
Maximum
Intangible assets that are subject to amortization
Amortization Period	15 years
Refinitiv
Intangible assets that are subject to amortization
Amortization Period		7 years
Customer relationships
Intangible assets that are subject to amortization
Cost	$ 537,531	$ 537,531
Accumulated Amortization	(82,816)	(44,955)
Net Carrying Amount	$ 454,715	$ 492,576
Customer relationships \| Minimum
Intangible assets that are subject to amortization
Amortization Period	13 years	13 years
Customer relationships \| Maximum
Intangible assets that are subject to amortization
Amortization Period	15 years	15 years
Customer relationships \| Refinitiv
Intangible assets that are subject to amortization
Amortization Period	12 years	12 years
Cost	$ 928,200	$ 928,200
Accumulated Amortization	(560,788)	(483,438)
Net Carrying Amount	$ 367,412	444,762
Content and data – Refinitiv Transaction
Intangible assets that are subject to amortization
Amortization Period	7 years
Content and data – Refinitiv Transaction \| Refinitiv
Intangible assets that are subject to amortization
Cost	$ 154,400	154,400
Accumulated Amortization	(154,400)	(137,857)
Net Carrying Amount	$ 0	$ 16,543
Tradename – Acquisitions
Intangible assets that are subject to amortization
Amortization Period	4 years	4 years
Cost	$ 4,492	$ 4,492
Accumulated Amortization	(1,704)	(581)
Net Carrying Amount	$ 2,788	$ 3,911

Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Lease right-of-use assets	$ 123,065		$ 33,550
Lease liabilities	139,168		35,748
September 2025 Through May 2041
Lessee, Lease, Description [Line Items]
Lease right-of-use assets		$ 92,900
Lease liabilities		$ 103,500
Incremental borrowing rate		5.30%
Leasehold improvements		$ 11,400
Revolving Credit Facility
Lessee, Lease, Description [Line Items]
Letters of credit outstanding	$ 500		$ 500
Minimum
Lessee, Lease, Description [Line Items]
Initial term of lease	1 year
Minimum \| September 2025 Through May 2041
Lessee, Lease, Description [Line Items]
Operating lease, renewal term		5 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term of lease	16 years
Maximum \| September 2025 Through May 2041
Lessee, Lease, Description [Line Items]
Operating lease, renewal term		10 years

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Balances From Transactions with Affiliates Included in the Consolidated Statements

As of December 31, 2025 and 2024, the following balances relating to transactions with such related parties were included in the consolidated statements of financial condition in the following line items:


	December 31,
	2025		2024

	(dollars in thousands)
Accounts receivable	$	56	$	786
Receivable and due from related parties	8,303		8,094
Other assets (1)	4,472		7
Accounts payable, accrued expenses and other liabilities	—		1,469
Deferred revenue	—		6,459
Payable and due to related parties	7,090		763

The following amounts relating to transactions with such related parties were included in the consolidated statements of income in the following line items:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands)
Revenue:
Subscription fees	$	1,380	$	1,180	$	2,380
LSEG market data fees (1)	93,197		82,145		64,336
Other fees	583		677		601
Expenses: (2)
Employee compensation and benefits	—		—		17
Technology and communications	14,005		6,386		5,747
General and administrative	8		10		7
Professional fees	427		95		30
Occupancy	78		72		67
Non-operating income:
Other income (loss), net (3)	(528)		—		—

(2)The Company maintains agreements with LSEG to provide the Company with certain market data, office space, finance, human resources and other administrative services.

(3)Represents the Company’s estimated pro rata share of losses from its equity method investment in iAltA Capital during the year.

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table summarizes the calculations of basic and diluted earnings per share of Class A and Class B common stock for Tradeweb Markets Inc.:


	Year Ended
	December 31,
	2025		2024		2023

	(dollars in thousands, except per share amounts)
Numerator:
Net income attributable to Tradeweb Markets Inc.	$	812,792	$	501,507	$	364,866
Less: Distributed and undistributed earnings allocated to participating securities (1)	(636)		(389)		(467)
Net income attributable to outstanding shares of Class A and Class B common stock – Basic and Diluted	812,156		501,118		364,399

Denominator:
Weighted average shares of Class A and Class B common stock outstanding – Basic	213,213,371		213,030,056		210,796,802
Dilutive effect of PRSUs	460,612		589,171		458,343
Dilutive effect of options	284,464		428,926		1,150,159
Dilutive effect of RSUs and RSAs	407,012		415,957		257,076
Dilutive effect of PSUs	532,781		460,653		6,428
Weighted average shares of Class A and Class B common stock outstanding – Diluted	214,898,240		214,924,763		212,668,808

Earnings per share – Basic	$	3.81	$	2.35	$	1.73
Earnings per share – Diluted	$	3.78	$	2.33	$	1.71

LLC Interests held by Continuing LLC Owners are redeemable in accordance with the TWM LLC Agreement, at the election of such holders, for shares of Class A or Class B common stock, as applicable, of Tradeweb Markets Inc. The potential dilutive effect of LLC Interests held by Continuing LLC Owners are evaluated under the if-converted method. The potential dilutive effect of PRSUs, shares underlying options, RSUs, RSAs and PSUs are evaluated under the treasury stock method.


	Year Ended
	December 31,
	2025	2024	2023

Anti-dilutive Shares:
PRSUs	—	—	—
Options	—	—	—
RSUs and RSAs	4,361	—	—
PSUs	—	—	—
LLC Interests	23,063,110	23,076,373	23,902,379

Shares of Class C and Class D common stock do not have economic rights in Tradeweb Markets Inc. and, therefore, are not included in the calculation of basic earnings per share and are not participating securities for purposes of the computation of diluted earnings per share.

Significant Accounting Policies - Translation of Foreign Currency and Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Realized and unrealized (losses) gains	$ 3,900	$ (4,500)	$ (1,600)
Foreign currency forward contracts – Gross notional amount \| Selling, General and Administrative Expenses
Derivative [Line Items]
Realized and unrealized gains (losses) on foreign currency forward contracts	(21,015)	14,966	792
Foreign currency call option \| Other Operating Income (Expense)
Derivative [Line Items]
Realized and unrealized gains (losses) on foreign currency forward contracts	$ 0	$ 0	$ (1,289)

Acquisitions - Narrative (Details) $ in Thousands			1 Months Ended	5 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Aug. 01, 2024 USD ($) shares	Jan. 19, 2024 USD ($) shares	Aug. 31, 2024 shares	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) business	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Fair market value						$ 40,025
Cash paid for acquisition, net of cash acquired					$ 0	$ 860,126	$ 69,712
Number of businesses acquired \| business					0
Software development costs
Business Combination [Line Items]
Useful life of intangible assets					3 years
Tradename – Acquisitions
Business Combination [Line Items]
Useful life of intangible assets				4 years	4 years	4 years
ICD Acquisition
Business Combination [Line Items]
Purchase consideration, net of cash acquired	$ 774,200					$ 774,249
Cash acquired from acquisition	23,300
Consideration transferred, net of equity issued	773,800
Cash paid for acquisition, net of cash acquired	770,900
Share-based payment arrangement, accelerated cost						1,400
Prepaid expense	1,400
Goodwill recognized expected to be tax deductible	$ 238,000
Revenues				$ 43,200
Operating income				2,100
Business acquisition depreciation and amortization				$ 18,400
ICD Acquisition \| Software development costs
Business Combination [Line Items]
Useful life of intangible assets	8 years
ICD Acquisition \| Tradename – Acquisitions
Business Combination [Line Items]
Useful life of intangible assets	4 years
ICD Acquisition \| Customer relationships
Business Combination [Line Items]
Useful life of intangible assets	15 years
ICD Acquisition \| Class A common stock
Business Combination [Line Items]
Equity interests issued and issuable	$ 4,500
ICD Acquisition \| Class A common stock \| Restricted Stock
Business Combination [Line Items]
Common stock shares issued by corporation (in shares) \| shares	41,705		41,705
Fair market value	$ 4,700
Award requisite service period	2 years
Issuance, allocated to consideration transferred for the business combination	$ 3,300
Issuance, amortized into stock-based compensation expense	$ 1,300
R8Fin Acquisition
Business Combination [Line Items]
Purchase consideration, net of cash acquired		$ 125,900				125,902
Cash paid for acquisition, net of cash acquired		$ 89,200
R8Fin Acquisition \| Software development costs
Business Combination [Line Items]
Useful life of intangible assets		7 years
R8Fin Acquisition \| Customer relationships
Business Combination [Line Items]
Useful life of intangible assets		13 years
R8Fin Acquisition \| Class A common stock
Business Combination [Line Items]
Equity interests issued and issuable		$ 36,700
Common stock shares issued by corporation (in shares) \| shares		374,601
ICD, r8fin, and Yieldbroker Acquisitions \| Professional Fees
Business Combination [Line Items]
Transaction costs						16,900	4,600
ICD, r8fin, and Yieldbroker Acquisitions \| General and Administrative Expense
Business Combination [Line Items]
Transaction costs						$ 2,200	$ 900

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Tradeweb Markets Inc. (the “Corporation”) was incorporated as a Delaware corporation on November 7, 2018 to carry on the business of Tradeweb Markets LLC (“TWM LLC”) following the completion of a series of reorganization transactions on April 4, 2019 (the “Reorganization Transactions”), in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. Following the Reorganization Transactions, Refinitiv (as defined below) owned an indirect majority ownership interest in the Company (as defined below). 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”). In connection with the LSEG Transaction, the Corporation became a consolidating subsidiary of LSEG. Prior to the LSEG Transaction, the Corporation was a consolidating subsidiary of BCP York Holdings (“BCP”), a company owned by certain investment funds affiliated with Blackstone, through BCP’s previous majority ownership interest in Refinitiv. As used herein, “Refinitiv,” prior to the LSEG Transaction, means Refinitiv Holdings Limited, and unless otherwise stated or the context otherwise requires, all of its direct and indirect subsidiaries, and subsequent to the LSEG Transaction, refers to Refinitiv Parent Limited, and unless otherwise stated or the context otherwise requires, all of its subsidiaries. Refinitiv owns substantially all of the former financial and risk business of Thomson Reuters (as defined below), including, prior to and following the completion of the Reorganization Transactions, an indirect majority ownership interest in the Company. The Refinitiv business was rebranded by LSEG as LSEG Data & Analytics during the fourth quarter of 2023. 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 consolidated financial statements. As of both December 31, 2025 and 2024, Tradeweb Markets Inc. owned 90.2% of TWM LLC and the non-controlling interest holders owned the remaining 9.8% 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). Unless the context otherwise requires, references to the “Company” refer to Tradeweb Markets Inc. and its consolidated subsidiaries, including TWM LLC, following the completion of the Reorganization Transactions, and TWM LLC and its consolidated subsidiaries prior to the completion of the Reorganization Transactions. A majority interest of Refinitiv (formerly the Thomson Reuters Financial & Risk Business) was acquired by BCP on October 1, 2018 (the “Refinitiv Transaction”) from TR. The Refinitiv Transaction resulted in a new basis of accounting for certain of the Company’s assets and liabilities beginning on October 1, 2018. See Note 2 – Significant Accounting Policies for a description of pushdown accounting applied as a result of the Refinitiv Transaction. In connection with the Reorganization Transactions, TWM LLC’s limited liability company agreement (the “TWM LLC Agreement”) was amended and restated to, among other things, (i) provide for a new single class of common membership interests in TWM LLC (the “LLC Interests”), (ii) exchange all of the then existing membership interests in TWM LLC for LLC Interests and (iii) appoint the Corporation as the sole manager of TWM LLC. LLC Interests, other than those held by the Corporation, are redeemable or exchangeable in accordance with the TWM LLC Agreement for shares of Class A common stock, par value $0.00001 per share, of the Corporation (the “Class A common stock”) or Class B common stock, par value $0.00001 per share, of the Corporation (the “Class B common stock”), as the case may be, on a one-for-one basis. As used herein, references to “Continuing LLC Owners” refer collectively to (i) those owners of TWM LLC prior to the Reorganization Transactions (the “Original LLC Owners”), including an indirect subsidiary of Refinitiv, certain investment and commercial banks (collectively, the “Bank Stockholders”), and members of management, that continued to own LLC Interests after the completion of the IPO and Reorganization Transactions and that received shares of Class C common stock, par value $0.00001 per share, of the Corporation (the “Class C common stock”), shares of Class D common stock, par value $0.00001 per share, of the Corporation (the “Class D common stock”) or a combination of both, as the case may be, in connection with the completion of the Reorganization Transactions, (ii) any subsequent transferee of any Original LLC Owner that has executed a joinder agreement to the TWM LLC Agreement and (iii) solely with respect to the Tax Receivable Agreement (as defined in Note 10 – Tax Receivable Agreement), (x) those Original LLC Owners, including certain of the Bank Stockholders, that disposed of all of their LLC Interests for cash in connection with the IPO and (y) any party that has executed a joinder agreement to the Tax Receivable Agreement in accordance with the Tax Receivable Agreement. The Company is a leader in building and operating electronic marketplaces for a global network of clients across the institutional, wholesale, retail and corporates client sectors. The Company’s principal subsidiaries include: •Tradeweb LLC (“TWL”), a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member of the Financial Industry Regulatory Authority (“FINRA”), a member of the Municipal Securities Rulemaking Board (“MSRB”), a registered independent introducing broker with the Commodities Future Trading Commission (“CFTC”) and a member of the National Futures Association (“NFA”). •Dealerweb LLC (“DW”) (formerly known as Hilliard Farber & Co., Inc. and Dealerweb Inc.), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. DW is also registered as an introducing broker with the CFTC and a member of the NFA. •Tradeweb Direct LLC (“TWD”) (formerly known as BondDesk Trading LLC), a registered broker-dealer under the Exchange Act and a member of FINRA and MSRB. •Institutional Cash Distributors LLC (“ICDLC”), acquired on August 1, 2024, a registered broker-dealer under the Exchange Act and a member of FINRA. •Tradeweb Europe Limited (“TEL”), a MiFID Investment Firm regulated by the Financial Conduct Authority (the “FCA”) in the UK and certain other global regulators and that maintains branches in Hong Kong and Singapore. •TW SEF LLC (“TW SEF”), a Swap Execution Facility (“SEF”) regulated by the CFTC and certain other global regulators and a registered security-based swap execution facility (“SBSEF”) under the Exchange Act. •DW SEF LLC (“DW SEF”), a SEF regulated by the CFTC and certain other global regulators. •Tradeweb Japan K.K. (“TWJ”), a security house regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). •Tradeweb EU B.V. (“TWEU”), a MiFID Investment Firm regulated by the Netherlands Authority for the Financial Markets (“AFM”), the De Nederlandsche Bank (“DNB”) and certain other global regulators and that maintains branches in France and Italy. •Tradeweb Execution Services Limited (“TESL”), an Investment Firm (“BIPRU Firm”) regulated by the FCA in the UK with an exemption from the Australian Securities & Investments Commission (“ASIC”) from having to hold an Australian financial services license. •Tradeweb Information Technology Services (Shanghai) Co., Ltd is a wholly-owned foreign enterprise (“WOFE”) in China. Its business scope includes information, data and technology related services including development, sales, import and export and consulting. The Tradeweb offshore electronic trading platform is recognized by the People’s Bank of China (“PBOC”) for the provision of Bond Connect, CIBM Direct RFQ and Swap Connect. •Tradeweb Execution Services B.V. (“TESBV”), a MiFID Investment Firm authorized and regulated by the AFM, with permission to trade on a matched principal basis. •Tradeweb Australia Pty Ltd (formerly Yieldbroker Pty Limited) (“YB” or “Yieldbroker”), acquired in August 2023, a Tier 1 Australian Markets Licensee in Australia, regulated by ASIC. •Tradeweb (DIFC) Limited (“TDIFC”), an Authorized Firm regulated by the Dubai Financial Services Authority (“DFSA”) with a license for “arranging deals in investments” for users to access the Company’s various trading venues that are also separately recognized by the DFSA. •TW Technology and Trading Private Limited (“TTTL”), a private limited company incorporated in Mumbai, India. Its business scope includes providing a sales relationship support function for Tradeweb’s offshore trading platform into India. •Tradeweb Brasil Ltda (“TWB”), a limited liability company incorporated in Sao Paulo, Brazil. •Institutional Cash Distributors Limited (“ICDLT”), acquired on August 1, 2024, a firm engaged in the provision of intermediary services authorized and regulated by the FCA in the UK. •ICD Europa - Empresa de Investimento, S.A. (“ICDEU”), acquired on August 1, 2024, was an investment firm regulated by the Comissão do Mercado de Valores Mobiliários (“CMVM”) in Portugal. ICDEU was dissolved and liquidated on June 17, 2025. •Tradeweb Company, a Joint Stock Company incorporated in the Kingdom of Saudi Arabia (“TWSA”), authorized and regulated by the Capital Markets Authority (“CMA”) to operate an Alternative Trading System (“ATS”). •Tradeweb Asia Pte. Ltd. (“TAPL”), a Singapore based company which received a Capital Markets Services License from the Monetary Authority of Singapore (“MAS”) on October 31, 2025. •TW Global Capability Centre Private Limited (India) (“TWGC”), a private limited company based in Bangalore, India, operates as a support center for various administrative functions. In August 2024, the Company acquired Institutional Cash Distributors (“ICD”) by purchasing all of the outstanding equity interests of each of ICD Intermediate Holdco 1, LLC, SCIC - ICD Blocker 1, Inc. and Parthenon Investors V ICD Blocker, Inc. (the “ICD Acquisition”). ICD is an institutional investment technology provider for corporate treasury organizations trading short-term investments. ICD’s flagship products include ICD Portal and ICD Portfolio Analytics. The portal is a one-stop shop to research, trade, analyze and report on investments across more than 40 available investment providers primarily offering money market funds and access to other short term products including deposits, fixed term funds and separately managed accounts (“SMAs”) (collectively referred to herein as “money market funds”). Portfolio Analytics is an AI-driven cloud solution for aggregating positions across a corporate treasury’s entire portfolio for analysis and reporting. With the 2024 acquisition of ICD and its proprietary technology, the Company added “corporates” as a client channel, serving corporate treasury professionals, complementing the Company’s previously existing focus on institutional, wholesale and retail clients. See Note 4 – Acquisitions for additional details on this acquisition. In January 2024, the Company acquired R8FIN Holdings LP (together with its subsidiaries, “r8fin”) (the “r8fin Acquisition”). r8fin provides a suite of algorithmic-based tools as well as a thin-client execution management system (“EMS”) trading application to facilitate futures and cash trades. The solutions complement Tradeweb’s existing Dealerweb Active Streams, Dealerweb Central Limit Order Book (“CLOB”), Tradeweb Request-for-Quote (“RFQ”) and Tradeweb Automated Intelligent Execution (“AiEX”) offerings. See Note 4 – Acquisitions for additional details on this acquisition. In August 2023, the Company acquired Yieldbroker, a leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives, covering the institutional and wholesale client sector (the “Yieldbroker Acquisition”). This acquisition combined Australia and New Zealand’s highly attractive, fast-growing markets with Tradeweb’s international reach and scale. In June 2021, the Company acquired Nasdaq’s U.S. fixed income electronic trading platform, formerly known as eSpeed (the “NFI Acquisition”), which is a fully executable CLOB for electronic trading in on-the-run (“OTR”) U.S. government bonds. As of December 31, 2025: •The public investors collectively owned 115,502,689 shares of Class A common stock, representing 10.0% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and indirectly, through Tradeweb Markets Inc., owned 49.0% of the economic interest in TWM LLC; •Refinitiv collectively 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, representing 89.9% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock and directly and indirectly, through Tradeweb Markets Inc., owned 50.9% of the economic interest in TWM LLC; and •Other stockholders that continued to own LLC Interests also collectively owned 68,539 shares of Class D common stock, representing less than 0.1% of the combined voting power of Tradeweb Markets Inc.’s issued and outstanding common stock. Collectively, these stockholders directly owned less than 0.1% of the economic interest in TWM LLC. In addition, the Company’s basic and diluted earnings per share calculations for year ended December 31, 2025 were impacted by 167,018 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 calculation for year ended December 31, 2025 also includes 1,684,869 of weighted average shares resulting from the dilutive effect of its equity incentive plans. See Note 18 – Earnings Per Share for additional details.

Software Development Costs - Schedule of Non-capitalized Software Costs and Routine Maintenance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible assets that are subject to amortization
Software development costs capitalized	$ 65,305	$ 50,236	$ 44,720
Amortization expense related to capitalized software development costs	$ 91,742	72,848	55,810
ICD and R8Fin \| Software development costs
Intangible assets that are subject to amortization
Software development costs		$ 188,000
Yieldbroker \| Software development costs
Intangible assets that are subject to amortization
Software development costs			$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events (Details) - USD ($)		12 Months Ended
Subsequent Events (Details) - USD ($)	Feb. 05, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends (in dollars per share)		$ 0.48	$ 0.40	$ 0.36
Subsequent Event \| TWM LLC
Subsequent Event [Line Items]
Dividends payable	$ 78,100,000
Class A common stock \| 2022 Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 74,000,000.0
Class A common stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.14
Class A common stock \| Subsequent Event \| 2026 Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 500,000,000
Class A common stock \| Subsequent Event \| 2022 Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 23,200,000
Class B Common Stock, par value $0.00001 per share \| Subsequent Event
Subsequent Event [Line Items]
Dividends (in dollars per share)	$ 0.14

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill includes the following activity during the years ended December 31, 2025 and 2024:


	December 31,
	2025		2024

	(dollars in thousands)
Balance at beginning of period	$	3,150,112	$	2,815,524
Goodwill recognized in connection with acquisitions	—		334,588
Balance at end of period	$	3,150,112	$	3,150,112

The components of goodwill are as follows:


	December 31,
	2025		2024

	(dollars in thousands)
Goodwill – Refinitiv Transaction	$	2,694,797	$	2,694,797
Goodwill – Acquisitions and other	455,315		455,315
Total	$	3,150,112	$	3,150,112

Intangible Assets

Intangible assets with an indefinite useful life consisted of the following:


	December 31,
	2025		2024

	(dollars in thousands)
Licenses – Refinitiv Transaction	$	168,800	$	168,800
Tradename – Refinitiv Transaction	154,300		154,300
Total	$	323,100	$	323,100

Intangible assets that are subject to amortization consisted of the following:


	Amortization Period	December 31, 2025						December 31, 2024
		Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount

		(dollars in thousands)
Customer relationships – Refinitiv Transaction	12 years	$	928,200	$	(560,788)	$	367,412	$	928,200	$	(483,438)	$	444,762
Customer relationships – Acquisitions	13-15 years	537,531		(82,816)		454,715		537,531		(44,955)		492,576
Content and data – Refinitiv Transaction	7 years	154,400		(154,400)		—		154,400		(137,857)		16,543
Tradename – Acquisitions	4 years	4,492		(1,704)		2,788		4,492		(581)		3,911
Total		$	1,624,623	$	(799,708)	$	824,915	$	1,624,623	$	(666,831)	$	957,792

Amortization expense for definite-lived intangible assets during the years ended December 31, 2025, 2024 and 2023 was $132.9 million, $124.4 million and $108.3 million, respectively.

The estimated annual future amortization for definite-lived intangible assets as of December 31, 2025 through December 31, 2030 is as follows:


	Amount

	(dollars in thousands)
2026	$	116,334
2027	$	116,293
2028	$	115,795
2029	$	115,211
2030	$	95,874

Stock-Based Compensation Plans - Schedule of Significant Assumptions Used to Estimate the Fair Value of PSUs (Details) - PSUs	Mar. 17, 2025	Mar. 15, 2024	Mar. 15, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maturity (years)	2 years 9 months 18 days	2 years 9 months 18 days	2 years 9 months 18 days
Annualized volatility	25.04%	26.63%	28.81%
Risk-free interest rate	3.95%	4.44%	3.77%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Federal	$ 1,410	$ 115,786	$ 11,441
State and local jurisdictions
Total state and local	39,215	25,237	14,731
Foreign
Total foreign	17,436	10,989	2,469
Total income taxes paid, net of refunds	58,061	152,012	28,641
New York City
State and local jurisdictions
Total state and local	23,749	16,224	12,936
New York State
State and local jurisdictions
Total state and local	3,664	0	0
Illinois
State and local jurisdictions
Total state and local	3,129	0	0
Other
State and local jurisdictions
Total state and local	8,673	9,013	1,795
UK
Foreign
Total foreign	14,784	9,326	0
Other
Foreign
Total foreign	$ 2,652	$ 1,663	$ 2,469

Income Taxes - Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Investment in partnership	$ 414,967	$ 516,665
Net operating losses	930	2,311
Tax Receivable Agreement – Interest	15,167	16,939
Employee compensation	106,907	74,465
Transferable tax credits	0	23,857
Other tax credits	5,868	4,743
Other	614	5,950
Deferred tax assets, gross	544,453	644,930
Valuation allowance	(3,022)	(1,654)
Total deferred tax assets, net of valuation allowance	541,431	643,276
Deferred tax liabilities
Goodwill and intangibles	(22,610)	(26,966)
Total deferred tax liabilities	(22,610)	(26,966)
Total net deferred tax asset (liability)	$ 518,821	$ 616,310

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income attributable to Tradeweb Markets Inc.	$ 812,792	$ 501,507	$ 364,866
Less: Distributed and undistributed earnings allocated to participating securities	(636)	(389)	(467)
Net income attributable to outstanding shares of Class A and Class B common stock - Basic	812,156	501,118	364,399
Net income attributable to outstanding shares of Class A and Class B common stock - Diluted	$ 812,156	$ 501,118	$ 364,399
Denominator:
Weighted average shares of Class A and Class B common stock outstanding - Basic (in shares)	213,213,371	213,030,056	210,796,802
Dilutive effect (in shares)	1,684,869
Weighted average shares of Class A and Class B common stock outstanding - Diluted (in shares)	214,898,240	214,924,763	212,668,808
Earnings per share - Basic (in dollars per share)	$ 3.81	$ 2.35	$ 1.73
Earnings per share - Diluted (in dollars per share)	$ 3.78	$ 2.33	$ 1.71
Weighted average unvested RSUs and unsettled vested PRSUs that were considered participating securities (in shares)	167,018	165,565	270,249
PRSUs
Denominator:
Dilutive effect (in shares)	460,612	589,171	458,343
Options
Denominator:
Dilutive effect (in shares)	284,464	428,926	1,150,159
RSUs and RSAs
Denominator:
Dilutive effect (in shares)	407,012	415,957	257,076
PSUs
Denominator:
Dilutive effect (in shares)	532,781	460,653	6,428