For the year ending 2025-12-31, TW had $744,437K increase in cash & cash equivalents over the period. $1,127,094K in free cash flow.
| Cash Flow | 2025-12-31 |
|---|---|
| Total revenue | 2,052,429 |
| Employee compensation and benefits | 670,831 |
| Technology and communications | 128,327 |
| General and administrative | 88,402 |
| Professional fees | 53,391 |
| Occupancy | 25,951 |
| Other segment items | 164,027 |
| Net income | 921,500 |
| Depreciation and amortization | 250,189 |
| Stock-based compensation expense | 103,537 |
| Digital assets received as revenue | 10,947 |
| Deferred tax expense | 92,318 |
| Tax receivable agreement liability adjustment | 9,786 |
| Other (income) loss, net | 263,384 |
| Receivable from/payable to brokers and dealers and clearing organizations, net | 5,278 |
| Deposits with clearing organizations | 3,331 |
| Accounts receivable | 30,059 |
| Receivable and due from related parties/payable and due to related parties, net | -5,732 |
| Deferred tax asset as a result of transferable tax credit purchase | -23,857 |
| Other assets | 16,501 |
| Securities sold under agreements to repurchase | 0 |
| Accrued compensation | 24,689 |
| Deferred revenue | -2,032 |
| Accounts payable, accrued expenses and other liabilities | 87,142 |
| Net cash provided by operating activities | 1,167,646 |
| Cash paid for acquisitions, net of cash acquired | 0 |
| Cash paid for foreign currency call option, net of sale proceeds | 0 |
| Cash paid for investments | 38,440 |
| Cash received from sale of digital assets | 15,000 |
| Purchases of furniture, equipment, software and leasehold improvements | 40,552 |
| Capitalized software development costs | 62,541 |
| Net cash used in investing activities | -126,533 |
| Share repurchases pursuant to share repurchase programs | 104,173 |
| Proceeds from stock-based compensation exercises | 0 |
| Deferred financing costs | 0 |
| Dividends | 102,344 |
| Distributions to non-controlling interests | 24,705 |
| Payroll taxes paid for stock-based compensation | 49,508 |
| Payments on tax receivable agreement liability | 26,745 |
| Net cash used in financing activities | -307,475 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 10,799 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 744,437 |
| Cash and cash equivalents at beginning of period | 1,341,302 |
| Cash and cash equivalents at end of period | 2,085,739 |
Tradeweb Markets Inc. (TW)
Tradeweb Markets Inc. (TW)