Tradeweb Markets Inc-A 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission File Number: 001-38860 (646) 430-6000(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☒No Table of Contents TRADEWEB MARKETS INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 PageINTRODUCTORY NOTE3USE OF NON-GAAP FINANCIAL MEASURES4CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS6PART I — FINANCIAL INFORMATIONItem 1.Financial Statements8Condensed Consolidated Statements of Financial Condition as ofMarch31, 2026 andDecember31, 20258Condensed Consolidated Statements of Income for thethree months ended March 31, 2026 and 20259Condensed Consolidated Statements of Comprehensive Income for thethree months ended March 31, 2026 and202510Condensed Consolidated Statements of Changes in Equity for thethree months ended March 31, 2026 and 202511Condensed Consolidated Statements of Cash Flows for thethree months ended March 31, 2026 and 202513Notes to Condensed Consolidated Financial Statements15Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations46Item 3.Quantitative and Qualitative Disclosures about Market Risk72Item 4.Controls and Procedures74PART II — OTHER INFORMATIONItem 1.Legal Proceedings75Item 1A.Risk Factors75Item 2.Unregistered Sales of Equity Securities and Use of Proceeds75Item 3.Defaults Upon Senior Securities75Item 4.Mine Safety Disclosures76Item 5.Other Information76Item 6.Exhibits77Signatures78 INTRODUCTORY NOTE The financial statements and other disclosures contained in this report include those of Tradeweb Markets Inc., which is the registrant,and those of its consolidating subsidiaries, including Tradeweb Markets LLC, which became the principal operating subsidiary ofTradeweb Markets Inc. on April 4, 2019 in a series of reorganization transactions (the “Reorganization Transactions”) that werecompleted in connection with Tradeweb Markets Inc.’s initial public offering (the “IPO”), which closed on April 8, 2019. As a result of the Reorganization Transactions completed in connection with the IPO, Tradeweb Markets Inc. became a holdingcompany whose only material assets consist of its equity interest in Tradeweb Markets LLC and related deferred tax assets. As the solemanager of Tradeweb Markets LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of Tradeweb MarketsLLC and, through Tradeweb Markets LLC and its subsidiaries, conducts its business. As a result of this control, and because TradewebMarkets Inc. has a substantial financial interest in Tradeweb Markets LLC, Tradeweb Markets Inc. consolidates the financial results ofTradeweb Markets LLC and its subsidiaries. As used in this Quarterly Report on Form10-Q, unless the context otherwise requires, references to: •“We,” “us,” “our,” the “Company,” “Tradeweb” and similar references refer: (i)on or prior to the completion of theReorganization Transactions to Tradeweb Markets LLC, which we refer to as “TWM LLC,” and, unless otherwise stated orthe context otherwise requires, all of its subsidiaries and any predecessor entities, and (ii)following the completion of theReorganization Transactions to Tradeweb Markets Inc., and, unless otherwise stated or the context otherwise requires, itssubsidiaries, including TWM LLC and all of its subsidiaries, and any predecessor entities.•“Bank Stockholders” refer c