TW FINANCIAL STATEMENTS

Tradeweb Markets Inc — balance sheet, income statement and cash flow trends

TWTradeweb Markets Inc

🇺🇸 USA · NASDAQ · Financial Services · Capital Markets

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue2.2 B $+18.3%

Gross Profit1.5 B $+22.4%

Operating Income928.3 M $+29.9%

EBITDA1.5 B $+46.9%

Net Income869.7 M $+66.1%

Peer Comparison· Capital Markets

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TW	—	—	—	40.3%
SOL	—	—	—	—
CPU	—	—	—	18.8%
MQG	—	—	—	13.4%
HUB	—	—	—	23.2%
TERA	—	—	—	10.8%
Industry median	—	—	—	9.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity6.6 B $87%
Current Liabilities681.4 M $9%
Long-term Liabilities304.7 M $4%

Key Figures

YoY change

Total Assets8.3 B $+12.6%

Total Liabilities986.1 M $+19.9%

Total Equity6.6 B $+11.5%

Cash & ST Investments1.9 B $+48.2%

Total Debt142.8 M $+342.6%

Net Debt-1.8 B $—

Peer Comparison· Capital Markets

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TW	3.64	2.2%	-1.19	79.8%
SOL	4.83	9.6%	—	88.2%
CPU	2.78	73.6%	0.47	44.0%
MQG	1.70	485.6%	3.51	6.7%
HUB	5.89	17.0%	0.21	79.5%
TERA	1.55	26.2%	-1.37	32.1%
Industry median	1.61	67.0%	-0.02	31.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TW	3.64	2.2%	-1.19	79.8%
LPLA	24.24	138.8%	2.17	30.2%
EVR	7.85	61.6%	-0.75	41.3%
IBKR	16,927.92	0.2%	-6.21	2.6%
JEF	—	—	—	13.3%
SNEX	0.88	715.7%	6.90	5.0%
Industry median	1.61	67.0%	-0.02	31.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow1.2 B $+31.7%

Capital Expenditures81.3 M $+11.0%

Free Cash Flow1.1 B $+33.4%

Dividends Paid-106.5 M $-219.0%

Peer Comparison· Capital Markets

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TW	56.1%	52.3%	3.8%	139.3%
SOL	—	—	—	—
CPU	32.8%	24.9%	0.9%	174.4%
MQG	-24.1%	-25.7%	1.6%	-179.4%
HUB	35.1%	34.6%	0.5%	151.5%
TERA	2.7%	2.6%	0.0%	24.9%
Industry median	7.7%	6.9%	1.3%	123.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TW	56.1%	52.3%	3.8%	139.3%
LPLA	-3.1%	-6.5%	3.4%	-63.7%
EVR	34.5%	33.2%	1.3%	211.6%
IBKR	158.5%	157.8%	0.7%	1,622.2%
JEF	9.3%	7.8%	1.5%	123.3%
SNEX	5.2%	5.2%	0.0%	1,723.9%
Industry median	7.7%	6.9%	1.3%	123.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TW	—	—	—	40.3%
LPLA	—	—	—	4.9%
EVR	—	—	—	16.3%
IBKR	—	—	—	9.8%
JEF	—	—	—	7.6%
SNEX	—	—	—	0.3%
Industry median	—	—	—	9.1%