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Tradeweb Markets Inc. TW Tax receivable agreement liability

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Other financials

Income statement

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Revenue$558.9M+9.0%
Operating income$245.3M+22.7%
Net income$181.3M+17.9%
EPS (diluted)$0.85+19.7%

Balance sheet

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Cash & equivalents$2.1B+26.2%
Total debt$150.3M+365%
Total equity$6.6B+8.8%
Total assets$8.3B+2.4%

Cash flow

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Operating cash flow$394.1M-3.7%
CapEx$8.3M+52.5%
Free cash flow$385.8M-4.4%

Valuation

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Market cap$21.8B-25.5%
Enterprise value$19.89B-28.1%
P/E24.3×-28.1×
P/S9.9×-5.2×

Profitability

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Operating margin43.7%+4.8pp
Net margin40.7%+11.8pp
FCF margin51.9%-0.2pp

Returns & leverage

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Return on equity14.1%+4.6pp
Debt / equity0.0×

Where this comes from

Reported directly by Tradeweb Markets Inc. in its filing.

Tagged under the XBRL concept tw:TaxReceivableAgreementLiability.

The source filing: Tradeweb Markets Inc.’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 7:04 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001758730-26-000133
Line itemJune 30, 2026December 31, 2025
Lease liabilities150,337139,168
Payable and due to related parties11,1607,090
Deferred tax liability53,67050,011
Tax receivable agreement liability317,495336,519
Total liabilities912,6891,000,320
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.00001 par value; 250,000,000 shares authorized; none issued or outstanding

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Tradeweb Markets Inc.'s tax receivable agreement liability?
Tradeweb Markets Inc. (TW) reported tax receivable agreement liability of $317.5M in Q2 2026.
How has Tradeweb Markets Inc.'s tax receivable agreement liability changed year-over-year?
Tradeweb Markets Inc.'s tax receivable agreement liability decreased by 9.6% year-over-year, from $351.4M to $317.5M.
What is the long-term trend for Tradeweb Markets Inc.'s tax receivable agreement liability?
Over 5 years (2020 to 2025), Tradeweb Markets Inc.'s tax receivable agreement liability has grown at a -3.6% compound annual growth rate (CAGR), from $404.33M to $336.52M.
What does tax receivable agreement liability mean?
The Tax Receivable Agreement (TRA) liability represents the company's obligation to pay out a portion of realized tax savings to pre-IPO shareholders. This is a common feature in companies that went public via an Up-C structure. It represents a long-term financial commitment tied to future tax benefits.

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