Income StatementBalance SheetCash FlowSegments
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Tradeweb Markets Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Tradeweb Markets Inc. generated $1.2B in operating cash flow over the trailing twelve months. After $48.5M in capital expenditures, free cash flow was $1.2B. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.2BNet Cash From Investing (TTM)-$189.0MNet Cash From Financing (TTM)-$396.6MCapital Expenditures (TTM)$48.5MDepreciation And Amortization Cf (TTM)$248.2MNet Change In Cash (TTM)$630.8M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$23.9B
P/E Ratio27.53
ROE13.85%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other non-cash income (expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Change in accounts payable—$26.7M$24.2M$31.2M$5.1M-$26.4M
Change in accounts receivable—$46.6M—$8.4M—$95.9M
Change in accrued liabilities$46.3M-$121.6M——$39.6M-$141.2M
Change in deferred revenue$1.4M$16.1M——-$7.3M$25.3M
Change in other assets$9.7M$18.6M$12.2M——$8.8M
Other working capital changes-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Deferred income taxes$2.0M$9.6M$5.2M$8.9M$68.7M$21.4M
Depreciation and amortization$62.9M$62.7M$63.0M$64.4M$60.1M$60.7M
Other Non-Cash Income (Expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other Non-cash Income (Expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other Non-cash Income (Expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Net cash from operating activities$282.0M$60.2M$409.2M$342.3M$355.9M$103.8M
Net income$159.9M$168.3M$175.5M$210.5M$367.1M$233.2M
Other non-cash income (expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Digital Assets Received As Revenue$166.5K$302.0K———$3.7M
Increase Decrease Due From Affiliates$8.6M-$6.6M-$14.0M-$1.4M—-$7.4M
Deferred revenue$1.4M$16.1M——-$7.3M$25.3M
Increase (Decrease) In Deferred Tax Assets$23.9M-$17.6M——-$6.2M$0.0
Increase (Decrease) in Deposit Assets—$47.2M———-$864.0K
Accrued compensation and employee benefits$46.3M-$121.6M——$39.6M-$141.2M
Increase (Decrease) in Other Operating Assets$9.7M$18.6M$12.2M——$8.8M
Other Noncash Income (Expense)-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other Non-cash Income and Expense-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other Non-Cash Adjustments-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Other Non-Cash Income and Expense-$1.1M$4.2M$12.7M$39.4M$207.1M-$1.2M
Change in Broker-Dealer Receivables-$11.7M$31.0M—$11.6M—-$4.7M
Stock-based compensation$23.4M$22.2M$26.9M$26.1M$28.3M$25.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$964.0K—$9.3M—$254.0K
Income taxes paid$81.4M$11.9M$33.2M$0.0$14.5M$78.3M
Interest paid$434.0K$1.4M$351.0K$382.0K$429.0K$475.0K
Capital expenditures incurred but not yet paid—$964.0K—$9.3M—$254.0K
Capital Expenditures Incurred but Not Yet Paid—$964.0K—$9.3M—$254.0K
Income Taxes Paid, Net$81.4M$11.9M$33.2M$0.0$14.5M$78.3M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$25.2M$1.6M$5.5M$14.0M$19.4M$9.6M
Payments for Software$12.7M$13.2M$16.6M$17.4M$15.4M$17.5M
Net cash from investing activities-$46.3M-$14.8M-$42.1M-$34.9M-$34.8M-$77.3M
Purchases of investments$8.6M$0.0$20.0M$18.4M$0.0$50.2M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$21.3M$25.6M$25.6M$25.6M$25.6M$29.8M
Payments Of Capital Distribution To Noncontrolling Interest$2.9M$7.4M$5.1M$1.6M$10.5M$7.6M
Payments of Ordinary Dividends$21.3M$25.6M$25.6M$25.6M$25.6M$29.8M
Payments on Tax Receivable Agreement, Liability$0.0$3.1M$18.4M$0.0$5.3M$719.0K
Net cash from financing activities-$60.3M-$83.0M-$50.7M-$28.5M-$145.3M-$172.1M
Payment of debt issuance costs$0.0$0.0$0.0$0.0$0.0—
Proceeds from issuance of common stock$0.0$0.0$0.0$0.0$0.0$3.0M
Repurchases of common stock$34.7M$844.0K——$103.3M$53.3M
Taxes paid for net share settlement$1.4M$46.1M$1.6M$1.2M$523.0K$83.7M
Payments of consent fees related to long-term debt$0.0$0.0$0.0$0.0$0.0—

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$256.8M$58.6M$403.7M$328.3M$336.5M$94.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$8.8M$3.8M$7.3M—$939.0K-$1.8M
Net increase (decrease) in cash—-$33.8M$323.7M$277.8M$176.8M-$147.4M
Accrued payables for capital expenditures—$964.0K—$9.3M—$254.0K
Digital asset loan receivable obtained in exchange for digital assets$0.0$6.2M$6.2M$6.2M$6.2M—
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount$586.0K$691.0K$691.0K$691.0K$691.0K—
Equity securities received upon conversion of receivables—$0.0———$39.8M
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation$133.0K$1.6M———$1.3M
Lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations$4.9M$25.4M$25.4M$25.4M$25.4M—
Unsettled share repurchases and excise tax included in other liabilities—$0.0———$231.0K