Tradeweb Markets

Money Markets ADV was up 11.9% from prior year period, driven by record activity in global repurchase agreements.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

CAPITAL MANAGEMENT $1.9 billion in cash and cash equivalents and an undrawn $500 million credit facility at September 30, 2025 Free cash flow for the trailing twelve months ended September 30, 2025 of $987.5 million, up 23.8% compared to prior year period.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

See Non-GAAP Financial Measures for additional information Cash capital expenditures and capitalized software development during the third quarter of 2025 of $31.4 million $15.0 million in cash proceeds received on sale of Canton Coins during the third quarter of 2025.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

1.7 billion of Canton Coins held and valued at $55.8 million as of September 30, 2025, with $14.9 million in realized gains on Canton Coins sold and $28.3 million in unrealized gains during the third quarter of 2025 (both included in other income on the consolidated statements of income and excluded from all non-GAAP financial measures) $179.9 million remained available for repurchase pursuant to the share repurchase program authorization as of September 30, 2025.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

No shares were repurchased during the third quarter of 2025 $1.2 million in shares of Class A common stock were withheld during the third quarter of 2025 to satisfy tax obligations related to the vesting of restricted stock units and performance-based restricted stock units held by employees The Board declared a quarterly cash dividend of $0.12 per share of Class A common stock and Class B common stock.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The dividend will be payable on December 15, 2025 to stockholders of record as of December 1, 2025 OTHER MATTERS Updated Full-Year 2025 Guidance* Adjusted Expenses $1,000 - 1,025 million Acquisition and Refinitiv Transaction related depreciation and amortization expense $176 million Assumed non-GAAP tax rate 24.5% - 25.5% Cash capital expenditures and capitalized software development $99 - 109 million LSEG Market Data Contract Revenue $92 million for the year ended December 31, 2025, including $22 million for 4Q25 The guidance has been revised to reflect a tighter adjusted expense range and an increase to the LSEG Market Data Contract Revenue given current expectations.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

These initiatives showcase the central role we play in the evolution of global markets and our commitment to working closely with clients to build a more transparent global fixed income marketplace.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

As we look ahead to 2026, we ll remain focused on leading initiatives that advance innovation and drive purposeful change.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Operating Expenses of $298.2 million in the third quarter of 2025 increased 3.0% compared to $289.6 million in prior year period, primarily due to (i) increased investment in our data strategy and infrastructure, as well as increased clearance and data fees driven primarily by higher trading volumes period-over-period, (ii) an increase in depreciation and amortization expense primarily related to the assets acquired in connection with the 2024 acquisition of ICD and other investments in our infrastructure and (iii) an increase in employee compensation and benefits primarily due to an increase in headcount associated with our continued growth.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Adjusted Expenses of $253.1 million in the third quarter of 2025 increased 12.5% (increased 11.1% on a constant currency basis) compared to prior year period primarily due to (i) increased investment in our data strategy and infrastructure, as well as increased clearance and data fees driven primarily by higher trading volumes period-over-period, (ii) an increase in employee compensation and benefits primarily due to an increase in headcount associated with our continued growth and (iii) an increase in general and administrative expenses primarily due to increases in travel and entertainment expenses and realized foreign exchange losses.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Chun will oversee Tradeweb's business operations, client engagement efforts and strategic growth initiatives in the Asia Pacific region.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Despite historically low interest-rate volatility and ongoing geopolitical uncertainty, we continued to execute on opportunities that positioned us to drive meaningful change across our markets and this commitment was reflected in our sustained momentum and strong volumes.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Legal Proceedings 85 Item 1A.

SEC original ↗Tradeweb Markets — 10-Q Quarterly report10-QOct 29, 2026

, as administrative agent, and the other lenders party thereto; our dependence on distributions from TWM LLC to fund our expected dividend payments and to pay our taxes and expenses, including payments under the tax receivable agreement (the Tax Receivable Agreement ) entered into in connection with the IPO; 6 Table of Contents our ability to realize any benefit from our organizational structure; LSEG s control of us and our status as a controlled company; and other risks and uncertainties, including those listed under Part I, Item 1A.

SEC original ↗Tradeweb Markets — 10-Q Quarterly report10-QOct 29, 2026

Revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

EPS — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Rates revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Tradeweb Markets — Earnings release (8-K exhibit)EX-99Oct 30, 2025