TW Stock Cash Flow Statements

Tradeweb Markets Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Tradeweb Markets Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2019-10-01	2019-03-31

cash flows from operating activities
net income	175,522,000	168,305,000	159,942,000	130,223,000	136,416,000	143,382,000	103,741,000	111,630,000	101,939,000	102,193,000	99,002,000	81,566,000	81,600,000	97,445,000	60,005,000	65,305,000	66,233,000	81,565,000	66,449,000	47,048,000	57,278,000	42,352,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	63,048,000	62,699,000	62,854,000	57,872,000	49,936,000	49,337,000	47,500,000	46,559,000	45,887,000	45,404,000	44,881,000	44,778,000	44,770,000	44,450,000	43,652,000	44,823,000	41,867,000	40,966,000	39,837,000	38,857,000	36,402,000	33,503,000
stock-based compensation expense	26,909,000	22,187,000	23,363,000	26,169,000	23,715,000	16,402,000	20,458,000	17,347,000	15,713,000	11,610,000	17,212,000	14,757,000	20,963,000	13,712,000	15,000,000	13,776,000	12,407,000	10,760,000	11,212,000	9,757,000	8,732,000
deferred taxes	5,154,000	9,610,000		13,326,000	8,890,000	8,118,000	19,825,000	20,807,000	25,041,000	24,223,000	3,785,000	18,527,000	18,911,000	11,640,000	38,329,000	18,331,000	12,752,000	15,997,000	30,454,000	12,527,000	24,042,000
other (income) loss	-12,665,000	-4,221,000	1,124,000				11,100,000	1,907,000	456,000	-341,000
increase in operating assets:
receivable from/payable to brokers and dealers and clearing organizations	30,585,000	-30,972,000	11,675,000	-4,377,000	22,182,000	-155,000	-29,314,000	6,000	-5,000	367,000	-367,000	2,000	20,570,000	-20,573,000	123,000	702,000	-608,000	-101,000	429,000	-420,000
deposits with clearing organizations	35,330,000	-47,246,000	10,340,000	-1,790,000	51,909,000	-77,811,000	-10,297,000	-2,552,000	10,290,000	-10,240,000	1,477,000	592,000	9,330,000	-14,996,000	3,860,000	-2,633,000	7,140,000	906,000	-1,437,000	846,000	2,468,000	2,570,000
accounts receivable	11,386,000	-46,632,000	21,327,000	-599,000	-40,292,000	-24,657,000	1,249,000	-4,091,000	9,072,000	-27,311,000	12,710,000	700,000	5,799,000	-36,437,000	3,468,000	7,345,000	5,649,000	-38,831,000	-5,663,000	5,205,000	5,138,000
receivable and due from affiliates/payable and due to affiliates	14,029,000	6,604,000	-8,600,000	4,418,000	-863,000	-3,493,000	3,830,000	-2,794,000	-7,064,000	1,787,000
deferred tax asset as a result of transferable tax credit purchase	0	17,646,000
other assets	-11,877,000	-18,909,000	-10,350,000	-5,311,000	2,077,000	1,477,000	-1,029,000	-4,224,000	4,228,000	-2,894,000	2,313,000	3,630,000	-6,984,000	-1,079,000	1,262,000	5,008,000	-7,480,000	7,226,000	-17,647,000	-6,871,000	2,593,000
increase in operating liabilities:
securities sold under agreements to repurchase			0	0	0	-21,612,000								20,511,000
accrued compensation	54,145,000	-121,644,000	46,268,000	54,639,000	40,882,000	-85,330,000	41,778,000	33,160,000	21,909,000	-88,883,000	25,603,000	35,764,000	19,106,000	-81,025,000	42,155,000	27,954,000	13,955,000	-59,275,000	26,499,000	28,831,000	23,359,000
deferred revenue	-6,559,000	16,064,000	1,358,000	993,000	688,000	1,538,000	-5,714,000	3,955,000	-3,174,000	7,729,000	-5,845,000	4,822,000	-3,732,000	2,766,000	-4,853,000	1,756,000	245,000	3,995,000	-6,675,000	2,411,000	-4,587,000	602,000
accounts payable, accrued expenses and other liabilities	24,180,000	26,716,000	-6,799,000	15,709,000	-9,870,000	30,718,000	10,505,000	-4,321,000	-11,193,000	7,196,000	11,580,000	-2,392,000	-7,130,000	8,137,000	650,000	-313,000	-4,587,000	770,000	7,172,000	-2,236,000	-10,159,000
net cash from operating activities	409,187,000	60,207,000	282,025,000	292,132,000	285,670,000	37,914,000	244,761,000	217,389,000	213,099,000	70,840,000	208,000,000	201,507,000	178,072,000	45,243,000	191,651,000	182,364,000	148,434,000	55,572,000	139,702,000	138,979,000	120,538,000
capex	-22,057,000	-14,817,000	-37,958,000	-17,016,000	-16,628,000	-17,267,000	-12,192,000	-17,901,000	-14,957,000	-16,714,000	-14,667,000	-12,342,000	-15,047,000	-18,040,000	-15,821,000	-8,846,000	-8,701,000	-8,266,000	-8,182,000	-8,066,000	-7,481,000
free cash flows	387,130,000	45,390,000	244,067,000	275,116,000	269,042,000	20,647,000	232,569,000	199,488,000	198,142,000	54,126,000	193,333,000	189,165,000	163,025,000	27,203,000	175,830,000	173,518,000	139,733,000	47,306,000	131,520,000	130,913,000	113,057,000
cash flows from investing activities
cash paid for acquisitions, net of cash acquired			281,000	-771,183,000	0	-89,224,000	-64,000								1,095,000	0
cash paid for investments			-8,610,000	0	-11,085,000	-500,000
purchases of furniture, equipment, software and leasehold improvements	-5,465,000	-1,645,000	-25,231,000	-4,312,000	-4,828,000	-6,589,000	-1,062,000	-6,301,000	-4,287,000	-6,879,000	-5,255,000	-3,136,000	-5,762,000	-9,061,000	-7,164,000
capitalized software development costs	-16,592,000	-13,172,000	-12,727,000	-12,704,000	-11,800,000	-10,678,000	-11,130,000	-11,600,000	-10,670,000	-9,835,000	-9,412,000	-9,206,000	-9,285,000	-8,979,000	-8,657,000	-8,846,000	-8,701,000	-8,266,000	-8,182,000	-8,066,000	-7,481,000
net cash from investing activities	-42,057,000	-14,817,000	-46,287,000	-788,199,000	-27,713,000	-106,991,000	-12,256,000	-86,449,000	-17,346,000	-16,714,000	-14,667,000	-12,342,000	-15,047,000	-18,040,000	-14,726,000	-10,017,000	-221,742,000	-12,625,000	-33,188,000	-10,168,000
cash flows from financing activities
share repurchases pursuant to share repurchase programs	0	-844,000	-34,661,000				-2,331,000	-2,818,000	-9,245,000	-20,811,000
proceeds from stock-based compensation exercises			0	1,915,000	2,021,000	2,807,000	7,244,000	412,000	3,190,000	4,392,000	515,000	2,059,000	6,924,000	692,000	21,127,000	4,441,000	21,139,000	46,397,000	31,296,000	6,915,000
dividends	-25,606,000	-25,573,000	-21,305,000	-21,320,000	-21,321,000	-21,286,000	-19,079,000	-19,049,000	-19,048,000	-18,733,000	-16,643,000	-16,653,000	-16,360,000	-16,350,000	-16,214,000	-16,184,000	-16,142,000	-16,030,000	-15,180,000	-15,025,000	-13,067,000
distributions to non-controlling interests	-5,112,000	-7,416,000	-2,941,000	-8,768,000	-9,963,000	-6,095,000	-4,907,000	-1,963,000	-3,286,000	-2,283,000	-3,291,000	-2,857,000	-2,568,000	-2,178,000	-4,162,000
payroll taxes paid for stock-based compensation	-1,639,000	-46,127,000	-1,439,000	-2,101,000	-3,804,000	-40,653,000	-2,157,000	-7,436,000	-4,451,000	-37,297,000	-1,427,000	-2,272,000	-4,049,000	-93,927,000	-14,451,000	-3,139,000	-7,970,000	-45,464,000
payments on tax receivable agreement liability	-18,371,000	-3,066,000	0	-370,000	-51,043,000	-25,543,000	0	0	0	-5,724,000	0	0	0	-8,995,000	44,000	0	0	-6,849,000
net cash from financing activities	-50,728,000	-83,026,000	-60,346,000	-55,035,000	-84,110,000	-90,770,000	-24,024,000	-30,854,000	-32,840,000	-80,456,000	-54,846,000	-28,723,000	-25,053,000	-168,081,000	-25,656,000	-29,931,000	-56,063,000	-24,450,000	3,370,000	-13,894,000
effect of exchange rate changes on cash, cash equivalents and restricted cash	7,264,000	3,789,000	-8,824,000	6,606,000	-498,000	-1,740,000	4,577,000	-3,077,000	813,000	1,776,000	8,515,000	-9,934,000	-6,314,000	-3,109,000	-1,126,000	-1,736,000	658,000	161,000
net increase in cash, cash equivalents and restricted cash	323,666,000	-33,847,000	166,568,000	-544,496,000	173,349,000	-161,587,000	213,058,000	97,009,000	163,726,000	-24,554,000	147,002,000	150,508,000	131,658,000	-143,987,000	150,143,000	140,680,000	-128,713,000	18,658,000
cash, cash equivalents and restricted cash
beginning of period	0	1,341,302,000	0	0	0	1,707,468,000	0	0	0	1,258,229,000	0	0	0	973,048,000	0	0	0	792,280,000	0	0	0	411,304,000
end of period	323,666,000	1,307,455,000	166,568,000	-544,496,000	173,349,000	1,545,881,000	213,058,000	97,009,000	163,726,000	1,233,675,000	147,002,000	150,508,000	131,658,000	829,061,000	150,143,000	140,680,000	-128,713,000	810,938,000	113,928,000	117,463,000	70,581,000	362,808,000
deferred tax expense
tax receivable agreement liability adjustment			-8,600,000
cash paid for foreign currency call option, net of sale proceeds							0
deferred financing costs
cash paid for foreign currency call option
employee equity compensation payable															0	15,000	0	-1,915,000	387,000	-117,000	334,000
(income) income from investments
receivable from/payable to affiliates											8,302,000	-1,239,000	-4,620,000	692,000	745,000	295,000	861,000	-6,491,000	110,000	3,141,000
purchase of equity investments
proceeds from issuance of class a common stock in follow-on offering, net of underwriting discounts
purchase of llc interests																			0	0
offering costs from issuance of class a common stock in follow-on offering
share repurchases pursuant to the share repurchase program												-9,000,000	-9,000,000	-47,323,000	-12,000,000	-12,555,000
supplemental disclosure of cash flow information
income taxes paid, net of												5,666,000	2,562,000	2,764,000		1,308,000	3,971,000	-4,175,000
non-cash investing and financing activities
furniture, equipment, software and leasehold improvement additions included in accounts payable
other - see note 9
items arising from llc interest ownership changes:
establishment of liabilities under tax receivable agreement												30,195,000	40,000	5,659,000	0	0	0	27,666,000	42,804,000	0	102,525,000
deferred tax asset												57,935,000	7,489,000	44,335,000	12,130,000	1,481,000	10,465,000	99,260,000	96,770,000	3,786,000	176,375,000
reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:												0	0	2,022,000		0
cash and cash equivalents												150,508,000	131,658,000	828,061,000		140,680,000	-128,713,000	809,938,000	113,928,000	117,463,000	70,781,000
restricted cash												0	0	1,000,000		0	0	1,000,000	0	0	-200,000
cash, cash equivalents and restricted cash shown in the statement of cash flows												150,508,000	131,658,000	829,061,000		140,680,000	-128,713,000	810,938,000	113,928,000	117,463,000	70,581,000
non-cash financing activities
unsettled share repurchases included in other liabilities
withholding taxes payable relating to stock-based compensation settlements included in accrued compensation														1,831,000
pre-ipo capital distributions																					0
proceeds from issuance of class a common stock in the ipo and follow-on offerings, net of underwriting discounts																			0	0
offering costs from issuance of class a common stock in the ipo and follow-on offerings																			-105,000	-766,000
income taxes paid, net of refunds
lease right-of-use assets obtained in exchange for lease liabilities, net of modifications and terminations
items arising from the ipo, follow-on offerings and other llc interest ownership changes:
other - see note 14
other - see note 10
purchase of furniture, equipment, software and leasehold improvements																	-4,184,000	-4,359,000	-5,006,000	-2,102,000	-7,214,000
capital distributions to non-controlling interests																	-1,969,000	-2,504,000	-8,309,000	-4,838,000
contingent consideration
vesting of p-1 (c) shares
effect of exchange rate changes on cash and cash equivalents																			4,044,000	2,546,000	4,024,000	866,000
net increase in cash and cash equivalents																			113,928,000	117,463,000
cash and cash equivalents and restricted cash
income taxes paid																			2,071,000	12,064,000	13,555,000
items arising from the reorganization transactions, ipo, follow-on offering and other llc interest ownership changes:
vesting of contingent consideration
conversion of certain cash-settled prsus to equity-settled prsus
payroll taxes paid for stock-based compensation exercises																				-180,000
items arising from llc interest ownership changes
offering costs from follow-on offering
net decrease in cash and cash equivalents
interest paid
business acquisitions
purchase of investments
mezzanine capital contributions
mezzanine capital distributions
proceeds from issuance of class a common stock in the ipo, net of underwriting discounts																					0
purchase of llc interests in connection with the ipo
proceeds from issuance of class a common stock in the follow-on offering
purchase of llc interests and class a common stock in connection with the follow-on offering
offering costs from ipo and follow-on offering
conversion of convertible term note payable to thomson reuters to class a shares
receivable from brokers and dealers and clearing organizations																						86,169,000
receivable from affiliates																						217,000
payable to brokers and dealers and clearing organizations
payable to affiliates																						950,000
net cash (used in) investing activities
offering costs from issuance of class a common stock in the ipo
net cash (used in) financing activities
items arising from the reorganization transactions and ipo:
share-based compensation expense																						4,674,000
capital distributions

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