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113 112 115 239 178 30 167 101 115 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 © 2025 Tradeweb Markets LLC. All rights reserved. OCTOBER 30, 2025 3Q25 EARNINGS CONFERENCE CALL
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©2025 Tradeweb Markets LLC. All rights reserved. The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries. The historical financial information and other disclosures contained in this presentation relating to periods prior to and in cluding March 31, 2019, which we refer to as the “pre-IPO period,” pertain to TWM LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes. The historical financial information contained in this presentation relating to periods beginning on April 1, 2019, and through a nd including September 30, 2025, which we refer to as the “post-IPO period,” pertain to Tradeweb Markets Inc. The pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material. On October 1, 2018, Refinitiv Holdings Ltd. (“Refinitiv”), which was controlled by certain investment funds affiliated with The Blackstone Group L.P., an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd. and certain co-investors, indirectly acquired substantially all of the financial and risk business of Thomson Reuters Corporation and Thomson Reuters Corporation indirectly acquired a non-controlling ownership interest in Refinitiv (collectively, the “Refinitiv Transaction”). As a result of the Refinitiv Transaction, as a consolidating subsidiary of Refinitiv, we accounted for the Refinitiv Transaction using pushdown accounting. Due to the chang e in the basis of accounting resulting from the application of pushdown accounting, the financial information for the period beg inning on October 1, 2018, and through and including September 30, 2025, or the “successor” period, and the financial information for the periods prior to, and including, September 30, 2018, or the “predecessor” period, are not comparable. However, the change in basis resulting from the Refinitiv Transaction did not materially impact certain financial information. Accordingly, we present certain financial information for the year ended Dec ember 31, 2018 on a combined basis as the change in basis resulting from the Refinitiv Transaction did not materially impact suc h financial information and we believe it provides a meaningful method of comparison to other periods. The combined financial information is being presented for informational purposes only and (i) has not been prepared on a pro forma basis as if the Refinitiv Transaction occurred on the first day of the period, (ii) may not reflect the actual results we would have achieved absent the Refinitiv Transaction, (iii) may not be predictive of future results of operations and (iv) should not be viewed as a substitute for the financial results of the separate periods presented in accordance with GAAP. We believe that gross revenue is the key driver of our operating performance and therefore is the revenue measure we utilize to assess our business on a period by period basis. Subsequent to September 30, 2018, there is no difference between references to "gross revenue" and "total revenue," "net revenue" or "revenue". Numerical figures included in this presentation have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%. Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein. Unaudited Interim Results The interim financial results presented herein for the three and nine months ended September 30, 2025 and 2024 are unaudited. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2025 guidance and full-year 2025 revenue guidance related to the LSEG market data license agreement, pending and completed acquisitions, partnerships and collaborations, future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward -looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward -looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the fo rward-looking statements contained in this presentation. In addition, even if future events, our results of operations, financial condition or liquidity, and event s in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this presentation, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this presentation speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Non-GAAP Financial Measures This presentation contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Net Income per diluted share (“Adjusted Diluted EPS”), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accorda nce with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting period s on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency change, which is a non-GAAP financial measure, is defined as change excluding the effects of foreign currency fluctuations. Constant currency information is calculated by translating the current period and prior period’s results using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency change information because we believe it provides investors and analysts a useful comparison of our resu lts and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. See “Appendix” for reconciliations of the non-GAAP financial measures contained in this presentation to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, Adjus ted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Expense s and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentations of these non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffect ed by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this presentation may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Market and Industry Data This presentation includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly av ailable information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets in which w e operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information. Tradeweb Social Media Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X. The i nformation that we post through these social media channels may be deemed material. As a result, we encourage investors, the med ia, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, S EC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investo r relations website. Disclaimers 2
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©2025 Tradeweb Markets LLC. All rights reserved. 3 STRATEGIC REVIEW & GROWTH INTIATIVES Billy Hult CHIEF EXECUTIVE OFFICER FINANCIAL REVIEW Sara Furber CHIEF FINANCIAL OFFICER 3Q25 Earnings Call Participants WELCOME/ INTRODUCTION Ashley Serrao HEAD OF TREASURY, FP&A & IR
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©2025 Tradeweb Markets LLC. All rights reserved. 3Q25 Summary 4 REVENUE $508.6M +13.3% y/y* +11.3% y/y (CC**)1 ADJUSTED EBITDA MARGIN2 54.0% +54 bps y/y +30 bps y/y (CC)1 ADJUSTED NET INCOME2 $206.5M +15.2% y/y +12.7% y/y (CC)1 INTERNATIONAL REVENUES $211.2M +24.8% y/y +19.7% y/y (CC)1 OPERATING PERFORMANCE HIGHLIGHTS ADJUSTED EBIT MARGIN2 50.2% +37 bps y/y +8 bps y/y (CC)1 *y/y = year over year comparison **CC = constant currency ADJUSTED DILUTED EPS2 $0.87 +16.0% y/y +12.0% y/y (CC)1 1. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluc tuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 2. Adjusted Net Income, Adjusted EBITDA margin, Adjusted EBIT margin and Adjusted Diluted EPS are non-GAAP financial measures. See “Appendix” for reconciliations to their most comparable GAAP financial measures.
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©2025 Tradeweb Markets LLC. All rights reserved. 3Q25 Revenue Results ($ in millions) 1. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluc tuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 3Q25 REVENUE GROWTH OF 13.3% (CC 11.3% Y/Y)1 5 3Q25 y/y growth % 17.7% 2.6% 16.9% 18.7% 3.6% 51.6% 13.3% 3Q25 y/y constant currency growth % 1 15.3% 1.2% 13.6% 17.7% 3.0% 51.5% 11.3% YTD y/y growth % 22.5% 7.0% 26.6% 80.7% 13.6% 30.7% 21.3% YTD y/y constant currency growth % 1 21.3% 6.4% 25.1% 80.0% 13.0% 30.6% 20.3%
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©2025 Tradeweb Markets LLC. All rights reserved. $4.4 $5.6 $6.0 $4.9 $5.5 $6.0 $7.1 $8.0 $6.4 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Equity Fixed Income Commodity & Other $143 $162 $200 $202 $222 $225 $244 $250 $221 19.5% 20.5% 22.5% 23.0% 23.0% 24.3% 23.3% 21.6% 22.0% 0% 3% 6% 9% 12% 15% 18% 21% 24% 27% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ADV Share (%) 3Q25 Y/Y Growth Total: +15% 3Q25 Y/Y ADV Growth IG: Total +7%, Electronic +6%, E-P +10% 3Q25 Y/Y Growth Total: +0% 3Q25 Y/Y Growth Total: +17% 3Q25 Y/Y ADV Growth HY: Total +16%, Electronic +19%, E-P +5% Key Growth Initiatives GLOBAL IRS (ADV AND SHARE1) ($ in billions) GLOBAL ETFs (INSTITUTIONAL ADV) ($ in billions) U.S. TREASURIES (ADV AND SHARE2) ($ in billions) U.S. CASH CREDIT (SHARE3) Investment Grade High Yield 2. Share and volumes reflect TW U.S. Treasuries volume across institutional, wholesale and retail client sectors, divided by SIFMA volume. 3. Share reflects TW investment grade and high yield volumes across institutional, wholesale and retail client sectors, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. Note: Totals may not foot due to rounding. 16.6% 17.3% 17.6% 18.9% 17.7% 18.3% 18.0% 18.0% 18.6% 8.8% 8.0% 8.6% 8.2% 7.0% 8.5% 7.9% 8.1% 7.7% 25.4% 25.3% 26.2% 27.1% 24.7% 26.8% 25.9% 26.0% 26.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 7.8% 6.7% 6.7% 7.6% 7.7% 7.9% 7.5% 8.2% 7.5% 2.7% 3.0% 2.8% 2.4% 2.7% 2.1% 2.6% 2.5% 2.3% 10.5% 9.7% 9.5% 10.0% 10.4% 10.0% 10.1% 10.7% 9.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Fully Electronic Electronically Processed 1. Share and volumes reflect TW interest rates swaps (“IRS”) volumes across institutional, wholesale and retail client sectors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non-U.S. entities. 325 460 502 467 440 417 511 504 477 164 226 289 311 353 321 365 384 436 $490 $686 $791 $778 $792 $737 $876 $887 $913 18.2% 23.6% 22.0% 23.6% 22.4% 20.8% 21.0% 22.5% 21.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0 $250 $500 $750 $1,000 $1,250 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) 6 3Q25 Regional Mix U.S. ETFs: International ETFs: 51% 49%
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©2025 Tradeweb Markets LLC. All rights reserved. 49% 41% 10% 9M2025 Revenue Mix 61% 35% 4% FY2019 Revenue Mix U.S. Europe/UK Asia/EM/Others Global & Diversified Rates Business Well Positioned for Growth 7 Global Govt. BondsGlobal Swaps Mortgages Initiatives: Packaged Trades (UST/EUGV) Roll Volumes (UST) Increase Adoption of Portfolio Trading (EUGV) Revenue TAM: $85M+ Initiatives: Bilateral Swaps (Swaptions and Cross Currency Swaps) Multi Asset Package Launch New EM Currencies Revenue TAM⁴: $300M+ Initiatives: TBA Protocol Innovation Spec Pools Mortgage Origination Adoption Revenue TAM: $100M+ Rates Revenue Growth is Diversified by Both Product and Geography Capitalizing on Leading Rates Platform with Multiple Initiatives to Augment the Next Leg of Growth 3 1 ~42% of Revenue Mix² 1. Daily Avg Revenue calculated as total revenue divided by trading days. EM Swaps Avg Revenue CAGR from 2020 through 9M25, due to start of offering. 2. Revenue Mix calculated from 2019-9M25. 3. Calculated as a % of Total Rates Revenues 4. TAM defined as Total Addressable Market. Global Swaps Global Govt. Bonds Mortgages ~40% of Revenue Mix ~18% of Revenue Mix 123% 48% 22% 21% 24% 17% 9% 21% 2% 74% 75% 35% 30% 9% 7% 10% 21% 9% EM APAC EUR/ GBP USD APAC UST EUGV Spec Pools TBAs 2019-9M25 Daily Avg Revenue CAGR 9M25 vs 9M24 Revenue Growth
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©2025 Tradeweb Markets LLC. All rights reserved. 0% 20% 40% 60% 80% 100% APAC EM USD EUR/GBP 2019 Current Voice ~20% ~15% 25%+ North American Clients EU/UK Clients Asian Clients 50%+ 35%+ 80%+ North American Clients EU/UK Clients Asian Clients ~14% 15%+ 25%+ North American Clients EU/UK Clients Asian Clients $145M $168M $220M $246M $290M $419M $422M 2019 2020 2021 2022 2023 2024 9M25 EUR/GBP Swaps USD Swaps EM/APAC Swaps Other -2% 0% 2% 4% 6% 8% 10% 12% -1% 0% 1% 2% 3% 4% 5% 6% 2019 2020 2021 2022 2023 2024 9M25 Tradeweb Risk Market Share Fed Funds/ECB Rate Risk Share Fed Funds Rate ECB Rates 8 Global Swaps Franchise Led by Client & Product Expansion 9M25 Y/Y Growth +40% Diversifying Tradeweb Swaps Revenue by Region Consistent Swaps Risk Market Share³ Growth Across Changing Rate Environments An Increasingly Diverse Revenue Base With Positive Client Trends Contribute To A Robust Growth Profile 1. CAGR calculated from 2019-2024 2. Global Swaps Industry ADV sourced from Clarus. Market electronification estimates are sourced from CLARUS CCP/SEF DV01 and management estimates. 3. Risk Market Share excludes Compression Volumes 4. CAGR calculated from 2020-9M25. Active User defined as a user who has traded at least once over the 5 year period. Global Swaps Industry² ADV Y/Y Growth +15% -15% -12% +19% +21% +21% +19% Strong Underlying Electronification Trends with Meaningful Room to Run Scaling User Network by Currency and Region EUR/GBP SwapsUSD Swaps EM/APAC Swaps 50%+15%+ 15%+ Industry Electronification by Currency² 5Y Active User CAGR by Currency/Region⁴ TBA Mortgage Electronification 0%
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©2025 Tradeweb Markets LLC. All rights reserved. 1,134 1,387 1,959 2,713 2,910253 172 221 233 291 $1,386 $1,559 $2,180 $2,945 $3,201 3Q21 3Q22 3Q23 3Q24 3Q25 U.S. Investment Grade U.S. High Yield $1,328 $1,706 $2,012 $3,237 $3,430 3Q21 3Q22 3Q23 3Q24 3Q25 12.7% 13.9% 16.6% 17.7% 18.6%8.3% 9.9% 8.8% 7.0% 7.7%21.0% 4.5 23.9% 6.0 25.4% 6.8 24.7% 9.3 26.2% 10.0 3Q21 3Q22 3Q23 3Q24 3Q25 U.S. Investment Grade Fully Electronic Electronically Processed 6.2% 5.4% 7.8% 7.7% 7.5%3.3% 4.0% 2.7% 2.7% 2.3% 9.6% 0.8 9.4% 0.8 10.5% 0.8 10.5% 1.1 9.8% 1.2 3Q21 3Q22 3Q23 3Q24 3Q25 U.S. High Yield Credit Growth Initiatives GLOBAL PORTFOLIO TRADING ADV1 ($ in millions, ADV) SOLIDIFYING OUR U.S. DIFFERENTIATORS1 ($ in millions, ADV) EXPANDING SHARE1,2 GROWING FOUNDATIONAL U.S. RFQ PROTOCOL ($ in millions, ADV) 1. Totals may not foot due to rounding. 2. Share reflects Tradeweb high grade and high yield volume, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. (Share of TRACE $ in billions, ADV) AllTrade NET SPOTTING 746 824 894 978 1,151 Inst. Client Count 859 1,098 1,402 2,320 2,492 386 311 332 378 494 $1,245 $1,409 $1,734 $2,698 $2,986 0 500 1,000 1,500 2,000 2,500 3,000 3,500 3Q21 3Q22 3Q23 3Q24 3Q25 U.S. International $1,090 $1,241 $1,599 $2,341 $2,646 $1,090 $1,241 $1,599 $2,341 $2,646 3Q21 3Q22 3Q23 3Q24 3Q25 9
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©2025 Tradeweb Markets LLC. All rights reserved. $20M $40M $60M $80M $100M 2019 2020 2021 2022 2023 2024 9M25 $278 $323 $403 $428 $488 $665 $638 2019 2020 2021 2022 2023 2024 9M25 10 Meaningful Room to Expand Our International Business EM IRS 42% 36% of Total Revenue 9M25 Y/Y Growth +34% Growing International Revenues¹… ($ in millions) 9M25 Y/Y Growth +33% …with Strong Cross-Sell of U.S. Products² ($ in millions), U.S. Product Revenue from International Clients 37% of Revenue Growth⁴ 60% of Revenue Growth⁴ 1. International revenue defined as revenue from international clients based on client location 2. Excludes ICD. Representative of major U.S. products traded by international clients 42% of Total Revenue $15M $10M $16M $34M $62M $75M 2020 2021 2022 2023 2024 9M25 9M25 Y/Y Growth +68%Rapidly Growing EM Revenue EM Traders trade 5+ products on average on our platform, including: An Established Global Presence Lays The Groundwork for The Next Leg of International Growth: Emerging Markets Multi-Product Offering Enhances the EM Value Proposition EM TOTAL ADDRESSABLE MARKET (REVENUES)⁵: $1.5Bn+ EM IRS EM Cash Credit EM CDS EM Traders USD Swaps EU Govt Bonds U.S. Credit U.S. Govt Bonds EU Swaps 3. International CAGR calculated from 2019- 2024. EM CAGR calculated from 2020-2024 4. Represents contribution to Y/Y total revenue growth 5. EM TAM includes EM IRS, EM Cash Credit, EM CDS
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©2025 Tradeweb Markets LLC. All rights reserved. %∆ %∆ Constant Currency 3Q25 3Q24 3Q25 vs 3Q24 3Q25 vs 3Q242 Trading Revenues 3 Fixed $ 95,477 $ 74,705 27.8 % 25.6 % Variable 373,072 338,362 10.3 % 8.2 % Total Trading Revenues 468,549 413,067 13.4 % 11.3 % LSEG Market Data Fees 20,534 20,512 0.1 % 0.1 % Other Information Services 10,283 9,248 11.2 % 9.5 % Other Revenue 9,232 6,088 51.6 % 51.5 % Total Revenue 508,598 448,915 13.3 % 11.3 % Adj. Expenses 4 253,052 225,022 12.5 % 11.1 % Adj. EBIT 255,546 223,893 14.1 % 11.5 % Net interest income (expense) 19,826 15,217 30.3 % 30.3 % Adj. EBT 275,372 239,110 15.2 % 12.7 % Adj. Income Taxes 5 (68,843) (59,778) 15.2 % 12.7 % Adj. Net Income $ 206,529 $ 179,332 15.2 % 12.7 % Adj. EBIT Margin 6 50.2 % 49.9 % +37 bps +8 bps Adj. EBITDA $ 274,423 $ 239,816 14.4 % 12.0 % Adj. EBITDA Margin 6 54.0 % 53.4 % +54 bps +30 bps Adj. Diluted EPS $ 0.87 $ 0.75 16.0 % 12.0 % Adj. Diluted Share Count 7 238,204,894 238,300,112 (0.04)% 3Q25 Financial Performance1 11 REVENUE GROWTH OF 13.3% (11.3% CC)2 WITH 3Q25 ADJ. EBITDA MARGIN OF 54.0% 9M25 ADJ. EBITDA MARGIN EXPANSION OF +90 bps to 54.2% vs. FY 2024 OF 53.3% ($ in thousands, except per share amounts) 1. Adj. Expenses, Adj. EBIT, Adj. EBT, Adj. Net Income, Adj. EBIT Margin, Adj. EBITDA, Adj. EBITDA Margin and Adj. Diluted EPS (including Adj. Diluted Share Count) are non-GAAP financial measures. See “Appendix” for reconciliations to their most comparable GAAP financial measures. 2. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluc tuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 3. Trading revenues include revenues from our four major asset classes. 4. Represents adjusted operating expenses. See “Adjusted Expenses Detail” for more information. 5. Represents corporate income taxes at an assumed effective tax rate of 25.0% applied to Adjusted Net Income before income taxe s for both the three months ended September 30, 2025 and 2024. 6. Adj. EBIT Margin and Adj. EBITDA Margin are defined as Adjusted EBIT and Adjusted EBITDA, respectively, divided by revenue for the applicable period. 7. Represents the diluted weighted average number of shares of Class A common stock and Class B common stock outstanding for the applicable period (including the effect of potentially dilutive securities determined using the treasury stock method), plus the weighted average number of other participating securities reflected in earnings per share using the two -class method, plus the assumed full exchange of all outstanding LLC Interests held by non -controlling interests for shares of Class A common stock or Class B common stock. See “Reconciliation of Non-GAAP Financial Measures” for more information.
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©2025 Tradeweb Markets LLC. All rights reserved. Fees per Million1 Detail 12 1. “Fees per million” or “FPM” means average variable fees per million dollars of volume traded on our trading platforms. Average variable fees per million should be reviewed in conjunction with our trading volumes and revenue by asset class. See "Appendix" for additional commentary regarding fees per million. 2. Includes Swaps/Swaptions of tenor less than 1 year and Rates Futures. 3. The “Cash Credit” category represents the “Credit” asset class excluding (1) Credit Derivatives (2) China Bonds and (3) U.S. High Grade and High Yield electronically processed (“EP”) activity. 4. Included to contextualize the impact of short-tenored Swaps/Swaptions and Rates Futures on blended fees per million across all p eriods presented. %∆ %∆ 3Q25 2Q25 3Q24 3Q25 vs 2Q25 3Q25 vs 3Q24 Rates $ 2.17 $ 2.29 $ 2.07 (5.2)% 4.5 % Rates Cash $ 2.28 $ 2.36 $ 2.45 (3.6)% (6.8)% Rates Derivatives $ 2.10 $ 2.24 $ 1.85 (6.1)% 14.0 % Rates Derivatives >= 1 Yr $ 3.83 $ 3.79 $ 3.17 1.0 % 21.0 % Other Rates Derivatives 2 $ 0.25 $ 0.26 $ 0.25 (1.7)% 3.3 % Credit $ 38.19 $ 45.82 $ 39.76 (16.7)% (4.0)% Cash Credit 3 $ 128.48 $ 128.76 $ 151.91 (0.2)% (15.4)% Credit Derivatives, China Bonds and U.S. Cash EP $ 5.59 $ 7.84 $ 5.71 (28.7)% (2.1)% Equities $ 16.31 $ 18.67 $ 15.82 (12.6)% 3.1 % Equities Cash $ 27.98 $ 30.53 $ 27.68 (8.4)% 1.1 % Equities Derivatives $ 6.56 $ 6.97 $ 5.99 (5.8)% 9.6 % Money Markets $ 0.51 $ 0.52 $ 0.54 (1.0)% (3.9)% Total $ 2.16 $ 2.31 $ 2.29 (6.4)% (5.9)% Total w/o Other Rates Derivatives 4 $ 2.54 $ 2.66 $ 2.68 (4.6)% (5.3)%
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©2025 Tradeweb Markets LLC. All rights reserved. %∆ %∆ Constant Currency 3Q25 3Q24 3Q25 vs 3Q24 3Q25 vs 3Q24 2 Adjusted Expenses Employee compensation and benefits a, d $ 164,133 $ 154,674 6.1 % 5.3 % Depreciation and amortization b 18,877 15,923 18.6 % 18.2 % Technology and communications 33,867 24,300 39.4 % 39.2 % General and administrative c, d 18,264 14,069 29.8 % 18.8 % Professional fees d 11,270 10,641 5.9 % 5.4 % Occupancy 6,641 5,415 22.6 % 21.6 % Total adjusted non-compensation expenses 88,919 70,348 26.4 % 23.9 % Total Adjusted Expenses $ 253,052 $ 225,022 12.5 % 11.1 % Adjusted Expenses1 Detail 13 ($ in thousands) 1. Adjusted Expenses is a non-GAAP financial measure. See “Appendix” for a reconciliation to its most comparable GAAP financial measure. a. Adjusted to exclude: Non-cash stock-based compensation expense associated with the Special Option Award and post -IPO options awarded in 2019 and payroll taxes associated with exercises of such options during the applicable period; Non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President; Non -cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. See “Appendix” for additional information. b. Adjusted to exclude acquisition and Refinitiv Transaction related depreciation and amortization. See “Appendix” for additiona l information. c. Adjusted to exclude unrealized gains/losses from outstanding foreign exchange forward contracts and gains and losses from the revaluation of foreign denominated cash. See “Appendix” for additional information. d. Adjusted to exclude incremental direct costs associated with the acquisition and integration of completed and potential merge rs and acquisitions. See “Appendix” for additional information. 2. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluc tuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 3Q25 ADJUSTED EXPENSES INCREASED 12.5% (11.1% CC y/y)2
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©2025 Tradeweb Markets LLC. All rights reserved. Capital Management & FY Guidance 14 ▪ $1.9 billion in cash and cash equivalents (September 30th, 2025) and undrawn $500 million credit facility ▪ TTM ended September 30th, 2025 FCF: $987.5 million1 (+23.8% yr/yr) ▪ Q3 2025 cash paid for capex & cap software development: $31.4 million (+84.6% yr/yr)5 ▪ $15.0 million in cash proceeds received on sale of Canton Coins in Q3 2025. 1.7 billion of Canton Coins held and valued at $55.8 million as of September 30th, 2025, with $14.9 million in realized gains on Canton Coins sold and $28.3 million in unrealized gains during Q3 2025 (both included in other income on the consolidated statements of income and excluded from all non-GAAP financial measures) ▪ No share buybacks in Q3 2025; $179.9 million of share repurchase authorization remains as of September 30th, 2025 ▪ $1.2 million in shares withheld in Q3 2025 to satisfy tax obligations related to the vesting of restricted stock units and performance-based restricted stock units held by employees ▪ Board of Directors declared a quarterly dividend of $0.12 per Class A and Class B share payable in December 2025 (+20.0% per share yr/yr) 1. Free Cash Flow ("FCF") is a non-GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicable period. See “Appendix” for a reconciliation to its most comparable GAAP financial measure. 2. GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. 3. Expense guidance assumes an average 2025 Sterling/US$ foreign exchange rate of 1.28. 4. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See “Disclaimers” for additional information and “Appendix” for additional reconciliations. 5. Excludes amounts paid at closing for acquisitions. Capital Management Key Highlights Updated 2025 FY Guidance 2,3 ($ in millions) Strong Free Cash Flow Growth and Conversion1 ($ in millions) Previous Current Adjusted Expenses $1,000 - 1,050M $1,000 - 1,025M (trending toward middle of range) Acquisition & Refinitiv related D&A $176M $176M Assumed non-GAAP tax rate ~24.5% - 25.5% ~24.5% - 25.5% Capex & Cap software development (Cash) 5 ~$99 - 109M ~$99 - 109M LSEG Market Data Contract Revenue ~$90M ~$92M FY25 (including ~$22M 4Q25) 4
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©2025 Tradeweb Markets LLC. All rights reserved. 15 Share Count Sensitivity The pro forma adjusted fully diluted weighted average shares outstanding and assumed share prices provided in the table above are being provided for illustrative purposes only and do not purport to represent what fully diluted weighted averages shares outstanding or our share price may be for any future period. The trading price of our Class A common stock could be volatile, and there can be no guarantee that actual trading prices will be at or above the assumed prices provided in the table above. Pro forma adjusted fully diluted weighted average shares outstanding is computed by adjusting the weighted average shares of Class A and Class B common stock outstanding to give effect to potentially dilutive securities, including certain shares of Class A common stock underlying outstanding options, RSA, RSU, PRSU and PSU awards using the treasury stock method, plus the weighted average number of other participating securities reflected in earnings per share using the two -class method and certain other adjustments. The weighted average share calculation also assumes outstanding LLC Interests of Tradeweb Mark ets LLC held by non-controlling interests were exchanged for shares of Class A or Class B common stock at the beginning of the applicable period. This adjustment is made for purposes of calculating pro forma adjusted fully diluted weighted avera ge shares outstanding only and does not necessarily reflect the amount of exchanges that may occur in the future. PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES Assumed Average Share Price Q4 2025 $100.00 238,245,924 $110.00 238,278,188 $120.00 238,311,523 $130.00 238,341,086 $140.00 238,373,223
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©2025 Tradeweb Markets LLC. All rights reserved. APPENDIX 16
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©2025 Tradeweb Markets LLC. All rights reserved. IRS Growth Initiatives GLOBAL INDUSTRY INTEREST RATE SWAPS ADV 1 ($ in trillions) TRADEWEB MARKET SHARE BY CURRENCY1 1. Share and volumes reflect TW IRS volumes across institutional and wholesale client sectors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non-U.S. entities. 17 GROWING TW EM SWAPS ADV ($ in millions) GROWING TW SWAPS RFM ADV ($ in millions) 22.6% 32.0% 18.8% 22.0% 14.2% 13.0% 21.5% 28.9% 16.5% 22.4% 18.6% 17.7% Overall USD EUR GBP Other G11 EM 9M24 9M25 $3,893 $7,321 $12,064 $28,256 $55,381 9M21 9M22 9M23 9M24 9M25 $1.9 $2.3 $2.7 $2.3 $2.0 $2.4 $2.9 $3.5 $3.5 $4.1 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 2017 2018 2019 2020 2021 2022 2023 2024 9M24 9M25 $5,192 $8,120 $16,318 $29,540 $44,256 9M21 9M22 9M23 9M24 9M25
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©2025 Tradeweb Markets LLC. All rights reserved. $522 $541 $577 $622 $940 $988 $1,029 $1,040 $1,052 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 13.0 14.3 17.4 16.9 15.3 14.8 18.3 18.2 16.2 17.0 9.9 17.5 12.9 27.3 12.6 30.4 19.5 25.9 $29.9 $24.2 $34.9 $29.7 $42.6 $27.4 $48.7 $37.7 $42.0 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 361 398 466 462 497 509 559 546 535 492 690 800 787 802 745 884 897 921 $853 $1,087 $1,266 $1,249 $1,298 $1,253 $1,443 $1,443 $1,456 $0 $250 $500 $750 $1,000 $1,250 $1,500 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3Q25 Y/Y GROWTH Total: +12% Cash: +8% Derivatives: +15% 3Q25 Y/Y GROWTH Total: -1% Cash: +6% Derivatives: -5% 3Q25 Y/Y GROWTH Total: +14% Cash: +15% Derivatives: +14% 3Q25 Y/Y GROWTH Total: +12% Quarterly ADV 18 3Q25 ADV of $2,575BN (+11.8% y/y, +9.7% ex Swaps <1 year) KEY RATES1 ($ in billions) CREDIT1 ($ in billions) EQUITIES1 ($ in billions) MONEY MARKETS ($ in billions) 9.5 11.1 12.6 9.9 10.3 11.3 12.4 13.7 11.8 9.5 12.5 14.8 11.3 12.5 12.3 14.1 13.9 14.2 $18.9 $23.5 $27.5 $21.3 $22.8 $23.6 $26.6 $27.5 $26.1 $0 $5 $10 $15 $20 $25 $30 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 1. Totals may not foot due to rounding.
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©2025 Tradeweb Markets LLC. All rights reserved. Fee Per Million (FPM) Commentary 19 Cash Rates: -7% • Lower FPM primarily due to a mix shift away from U.S. Government Bonds, which carries a comparatively higher fee per million, and a shift towards Mortgages which carry a lower fee per million Swaps/Swaptions ≥ 1Yr: +21% • Higher FPM primarily due to a decline in compression activity which carries a comparatively lower FPM. Other Rates Derivatives: +3% • Higher FPM due to a decline in compression activity, which carries a comparatively lower FPM. Cash Credit: -15% • Lower FPM was driven by the migration of certain dealers from fully variable plans to fixed plans across the institutional and wholesale U.S. Credit business, and a mix shift away from retail within U.S. Credit, which carries a higher FPM. Credit Derivatives, China Bonds and U.S. Cash EP: -2% • Lower FPM due to a mix shift away from China Bonds which carry a higher FPM. Cash Equities: +1% • Higher FPM primarily due to higher FPM in EU ETFs and a mix shift towards Asian ETFs, which carry a relatively higher fee per million. Equity Derivatives: +10% • Higher FPM due to a mix shift towards U.S. convertibles, which have a higher FPM. • Lower FPM primarily due to a mix shift away from retail CDs, which carry a comparatively higher FPM. RATES CREDIT EQUITIES MONEY MARKETS Avg FPM: +5% Avg FPM: -4% Avg FPM: +3% Avg FPM: -4%
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©2025 Tradeweb Markets LLC. All rights reserved. Reconciliation of Non-GAAP Financial Measures ($ in thousands) 20 1. Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and ac quisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. 2. Represents non-cash stock-based compensation expense associated with the Special Option Award and post -IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three and nine months ended September 30, 2025, the three months ended September 30, 2024 and the year ended December 31, 2024, this adjustment also incl udes $0.6 million, $1.8 million, $0.4 million and $1.0 million, respectively of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integratio n of ICD. During the three months ended September 30, 2024 and the year ended December 31, 2024, this adjustment also includes $2.4 million and $2.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President. 3. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from th e revaluation of cash denominated in a different currency than the entity’s functional currency. 4. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded i n the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. 5. Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Re finitiv Transaction). 6. Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EB IT, respectively, divided by revenue for the applicable period. See “3Q25 Financial Performance” for 3Q25 and 3Q24 revenue. Revenue for the nine months ended September 30, 2025 totaled $1.5 billion. FY 2024 revenues totaled $1.7 billio n. Reconciliation of Cash Flow from Operating Activities to Free Cash Flow Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor 3Q25 TTM 3Q24 TTM FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Cash flow from operating activities $1,093,722 $ 860,477 $ 897,741 $ 746,089 $ 632,822 $ 578,021 $ 443,234 $ 311,003 $ 112,556 $ 164,828 $ 224,580 $ 171,845 Less: Capitalization of software development costs (59,871) (46,312) (47,909) (43,235) (36,882) (34,470) (31,046) (28,681) (7,156) (19,523) (27,157) (25,351) Less: Purchases of furniture, equipment and leasehold improvements (46,372) (16,791) (40,960) (18,529) (23,214) (16,878) (11,490) (15,781) (9,090) (6,327) (13,461) (9,998) Free Cash Flow $ 987,479 $ 797,374 $ 808,872 $ 684,325 $ 572,726 $ 526,673 $ 400,698 $ 266,541 $ 96,310 $ 138,978 $ 183,962 $ 136,496 Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 3Q25 3Q24 9M25 FY24 Net income $ 210,549 $ 130,223 $ 554,376 $ 569,963 Merger and acquisition transaction and integration costs 1 466 14,488 6,734 22,823 Interest income (20,348) (16,663) (49,169) (74,037) Interest expense 522 1,446 1,538 4,279 Depreciation and amortization 64,351 57,872 190,098 219,999 Stock-based compensation expense 2 607 3,681 1,802 6,096 Provision for income taxes 59,068 43,450 163,886 184,439 Foreign exchange (gains) / losses 3 (1,372) 4,459 17,579 (6,326) Tax receivable agreement liability adjustment 4 — 870 — (7,730) Other (income) loss, net (39,420) (10) (56,306) 1,114 Adjusted EBITDA $ 274,423 $ 239,816 $ 830,538 $ 920,620 Less: Depreciation and amortization (64,351) (57,872) (190,098) (219,999) Add: D&A related to acquisitions and the Refinitiv Transaction 5 45,474 41,949 136,421 156,489 Adjusted EBIT $ 255,546 $ 223,893 $ 776,861 $ 857,110 Add: Net interest income (expense) 19,826 15,217 47,631 69,758 Adjusted EBT $ 275,372 $ 239,110 $ 824,492 $ 926,868 Net income margin 6 41.4 % 29.0 % 36.2 % 33.0 % Adjusted EBITDA margin 6 54.0 % 53.4 % 54.2 % 53.3 % Adjusted EBIT margin 6 50.2 % 49.9 % 50.7 % 49.7 %
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©2025 Tradeweb Markets LLC. All rights reserved. Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) 21 EPS: Net income attributable to Tradeweb Markets Inc. 3Q25 3Q24 Numerator: Net income attributable to Tradeweb Markets Inc. $ 185,636 $ 113,916 Less: Distributed and undistributed earnings allocated to participating securities 1 (138) (68) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted $ 185,498 $ 113,848 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 213,359,090 213,206,193 Dilutive effect of PRSUs 467,912 625,822 Dilutive effect of options 288,067 363,623 Dilutive effect of RSUs and RSAs 353,785 405,562 Dilutive effect of PSUs 514,632 495,774 Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,983,486 215,096,974 Earnings per share - Basic $ 0.87 $ 0.53 Earnings per share - Diluted $ 0.86 $ 0.53 1. During the three months ended September 30, 2025 and 2024, there was a total of 159,088 and 126,903, respectively, weighted a verage unvested or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two -class method. Reconciliation of Operating Expenses to Adjusted Expenses 3Q25 3Q24 Operating expenses $ 298,227 $ 289,599 Merger and acquisition transaction and integration costs 1 (466) (14,488) D&A related to acquisitions and the Refinitiv Transaction 2 (45,474) (41,949) Stock-based compensation expense 3 (607) (3,681) Foreign exchange gains / (losses) 4 1,372 (4,459) Adjusted Expenses $ 253,052 $ 225,022 1. Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and ac quisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. 2. Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). 3. Represents non-cash stock-based compensation expense associated with the Special Option Award and post -IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended September 30, 2025 and 2024, this adjustment also includes $0.6 million and $0.4 million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three months ended September 30, 2024, this adjustment also includes $2.4 million of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President. 4. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from th e revaluation of cash denominated in a different currency than the entity’s functional currency. The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc:
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©2025 Tradeweb Markets LLC. All rights reserved. Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts) 22 1. As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being presented separately for Tradeweb Markets LLC and Tradeweb Markets Inc. a. Presents information for Tradeweb Markets Inc. (post-IPO period). b. Presents information for Tradeweb Markets LLC (pre-IPO period). 2. For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. 3. Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and acquisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. 4. Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv Transaction). 5. Represents non-cash stock-based compensation expense associated with the Special Option Award and post-IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the three months ended September 30, 2025, 2024 andthe year ended December 31, 2024, this adjustment also includes $0.6million, $0.4 million, and $1.0million, respectively, of non-cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the three months ended September 30, 2024 and the years ended December31, 2024, 2022 and 2021, this adjustment also includes $2.4million, $2.7 million, $15.0 million and $1.7 million, respectively, of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President, retired CEO and former CFO. 6. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. 7. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded in the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislation and tax rates in various jurisdictions which impacted our tax savings. 8. Represents corporate income taxes at an assumed effective tax rate of 25.0%, 25.0%, 25.0%, 24.5%, 22.0%, 22.0% and 22.0% applied to Adjusted Net Income before income taxes for the three months ended September 30, 2025 and 2024 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively and an effective tax rate of 26.4% applied to Adjusted Net Income before incometaxes for all other periods presented. For pre-IPO periods, this adjustment assumes Tradeweb Markets LLC was subject to a corporate tax rate for the periods presented. 9. For a summary of the calculation of Adjusted Diluted EPS, see “Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS” below. Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Adjusted Diluted EPS Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor 3Q25 3Q24 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Earnings per diluted share1 $0.86a $0.53a Pre-IPO net income attributable to Tradeweb Markets LLC 1 $ — $ — $ — $ — $ — $ — $ — $ 42,352b $ 29,307b $ 130,160b $ 83,648b $ 93,161b Net income attributable to Tradeweb Markets Inc. 1 185,636a 113,916a 501,507a 364,866a 309,338a 226,828a 166,296a 83,769a — — — — Net income attributable to non-controlling interests 1,2 24,913a 16,307a 68,456a 54,637a 50,275a 46,280a 52,094a 46,903a — — — — Net income 210,549a 130,223a 569,963a 419,503a 359,613a 273,108a 218,390a 173,024a,b 29,307b 130,160b 83,648b 93,161b Provision for income taxes 59,068 43,450 184,439 128,477 77,520 96,875 56,074 52,302 3,415 11,900 6,129 (725) Contingent consideration — — — — — — — — — 26,830 58,520 26,224 Merger and acquisition transaction and integration costs 3 466 14,488 22,823 8,042 1,069 5,073 — — — — — — D&A related to acquisitions and the Refinitiv Transaction 4 45,474 41,949 156,489 127,731 126,659 124,580 110,187 97,565 22,413 19,576 31,236 41,125 Stock-based compensation expense 5 607 3,681 6,096 2,947 20,409 16,509 13,025 25,098 — — — — Foreign exchange (gains) / losses 6 (1,372) 4,459 (6,326) (47) 4,409 (4,702) 6,279 (1,085) 353 (1,881) (1,042) 557 Tax receivable agreement liability adjustment 7 — 870 (7,730) 9,517 (13,653) (12,745) (11,425) (33,134) — — — — Other (income) loss, net (39,420) (10) 1,114 13,122 1,000 — — — — — — — Adjusted Net Income before income taxes 275,372 239,110 926,868 709,292 577,026 498,698 392,530 313,770 55,488 186,585 178,491 160,342 Adjusted income taxes 8 (68,843) (59,778) (231,717) (173,777) (126,946) (109,713) (86,357) (82,835) (14,649) (49,258) (47,122) (42,330) Adjusted Net Income $ 206,529 $ 179,332 $ 695,151 $ 535,515 $ 450,080 $ 388,985 $ 306,173 $ 230,935 $ 40,839 $ 137,327 $ 131,369 $ 118,012 Adjusted Diluted EPS 1,9 $0.87a $0.75a Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adj usted Diluted EPS 3Q25 3Q24 Diluted weighted average shares of Class A and Class B common stock outstanding 214,983,486 215,096,974 Weighted average of other participating securities 1 159,088 126,903 Assumed exchange of LLC Interests for shares of Class A or Class B common stock 2 23,062,320 23,076,235 Adjusted diluted weighted average shares outstanding 238,204,894 238,300,112 Adjusted Net Income (in thousands) $ 206,529 $ 179,332 Adjusted Diluted EPS $ 0.87 $ 0.75 1. Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or terminated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two-class method used for purposes of calculating earnings per share. 2. Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests.
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©2025 Tradeweb Markets LLC. All rights reserved. Quarterly Volumes 23 PRODUCT CATEGORIES INCLUDE U.S. Government Bonds: U.S. Treasury bills, notes and bonds, and Treasury Inflation-protected Securities, including when-issued securities. Mortgages: To-be-announced mortgage-backed securities, specified pools, collateralized mortgage obligations, commercial mortgage-backed securities, other mortgage derivatives and other asset-backed securities. Other Government Bonds: Japanese, Canadian, Australian and New Zealand government bonds, covered bonds (including Pfandbriefe), other government-guaranteed securities, supranational, sub-sovereign and agency bonds/debentures. Rates Futures: Government bond futures leg of exchange for physicals (EFPs). U.S. High Grade and High Yield: All TRACE-reported corporates, excluding convertibles (see “footnotes” for segmentation methodology). Chinese Bonds: Chinese Interbank Bond Market (CIBM) instruments – government and corporate – transacted via Bond Connect Company Limited (BCCL) and CIBM Direct. Other Credit Bonds: Other developed market (including non-TRACE-reported bonds, preferreds and structured notes), developing and emerging market corporate and government bonds. Credit Swaps: Index and single name credit default swaps. ETFs: Exchange traded funds (ETFs), ETF leg of EFPs, and net asset value trades. Convertibles/Swaps/Options: Convertible bonds, equity swaps, call and put strategies, and other equity derivatives excluding futures. Equities Futures: Equity futures including the futures leg of EFPs. Other Money Markets: Agency discount notes, commercial paper, certificates of deposits (including structured CDs), and institutional funds with money market and other short-term investments (collectively referred to as “money market funds”). VOLUMES Volumes include Tradeweb, Dealerweb, Tradeweb Direct and Institutional Cash Distributors (ICD). Both sides of a trade are included in volume totals where the trade is fully-anonymous and a Tradeweb broker dealer is the matched principal counterparty. Note that, in wholesale markets, U.S. Treasuries and Mortgages volumes are single-sided, and riskless principal and intermediated trades on Tradeweb Direct are single-count. Tradeweb acquired ICD on August 1, 2024. Total volume reported includes volumes from the acquired business subsequent to the date of its acquisition. All volumes are notional par values, unless otherwise stated, converted to U.S. Dollars. Volumes for Mortgages represent current face value at time of trade. Volumes for Repo represent notional value of posted collateral. Volumes for other money markets includes cash invested in funds through the ICD Portal, with volumes determined based on the sum of the daily dollar amount of cash balances invested in the funds on each date within the respective month, including any cash amounts invested by Tradeweb via the ICD Portal. The ADV for volumes relating to ICD represents the average daily balance (ADB) of cash invested through the ICD Portal, averaged over each calendar day in the period. Volumes can reflect cancellations, corrections and settlement of NAV trades on ETFs that occur after prior postings; historical volumes are periodically updated. Asset Class Q3 2025 Q2 2025 Q3 2024 QoQ YoY Product ADV (USDmm) Volume (USDmm) ADV (USDmm) Volume (USDmm) ADV (USDmm) Volume (USDmm) ADV ADV Rates Cash 534,513 34,306,862 546,388 33,874,564 496,603 31,860,817 -2.17% 7.63% U.S. Government Bonds 221,103 14,150,594 250,448 15,527,787 221,864 14,199,306 -11.72% -0.34% European Government Bonds 52,816 3,485,878 55,015 3,410,960 42,964 2,835,614 -4.00% 22.93% Mortgages 249,254 15,952,288 229,669 14,239,470 221,999 14,207,954 8.53% 12.28% Other Government Bonds 11,339 718,102 11,256 696,347 9,775 617,943 0.74% 15.99% Derivatives 921,043 59,502,286 896,661 55,620,692 801,534 51,882,416 2.72% 14.91% Swaps/Swaptions ≥ 1Y 476,891 30,811,252 503,630 31,235,081 439,683 28,436,368 -5.31% 8.46% Swaps/Swaptions < 1Y 435,966 28,164,223 383,575 23,782,432 352,589 22,850,905 13.66% 23.65% Futures 8,186 526,811 9,456 603,178 9,261 595,143 -13.43% -11.61% Total 1,455,555 93,809,148 1,443,050 89,495,255 1,298,137 83,743,234 0.87% 12.13% Credit Cash 16,161 1,043,193 18,218 1,124,069 15,251 980,571 -11.29% 5.96% U.S. High Grade – Fully Electronic 6,870 439,657 7,299 452,530 6,443 412,321 -5.88% 6.63% U.S. High Grade – Electronically Processed 2,922 186,986 3,369 208,852 2,649 169,509 -13.27% 10.31% U.S. High Yield – Fully Electronic 925 59,175 1,112 68,952 773 49,500 -16.86% 19.55% U.S. High Yield – Electronically Processed 290 18,547 339 21,026 276 17,679 -14.55% 4.91% European Credit 2,507 165,431 2,563 158,887 2,092 138,095 -2.19% 19.80% Municipal Bonds 517 33,095 513 31,822 380 24,303 0.75% 36.18% Chinese Bonds 1,758 116,044 2,683 160,994 2,372 151,777 -34.47% -25.86% Other Credit Bonds 373 24,258 340 21,006 267 17,386 9.83% 39.78% Derivatives 25,863 1,676,981 19,522 1,210,363 27,338 1,773,907 32.48% -5.39% Swaps 25,863 1,676,981 19,522 1,210,363 27,338 1,773,907 32.48% -5.39% Total 42,024 2,720,174 37,740 2,334,432 42,590 2,754,477 11.35% -1.33% Equities Cash 11,836 763,746 13,686 848,517 10,308 665,127 -13.51% 14.82% U.S. ETFs 8,725 558,399 9,750 604,519 7,608 486,896 -10.52% 14.69% International ETFs 3,111 205,346 3,935 243,998 2,700 178,231 -20.94% 15.21% Derivatives 14,225 913,262 13,863 859,486 12,507 802,103 2.61% 13.74% Convertibles/Swaps/Options 10,746 690,277 9,785 606,661 9,279 595,271 9.82% 15.81% Futures 3,479 222,984 4,078 252,825 3,228 206,832 -14.69% 7.77% Total 26,061 1,677,007 27,548 1,708,003 22,815 1,467,230 -5.40% 14.23% Money Markets Cash 1,051,611 74,615,475 1,039,973 71,669,216 939,622 59,556,275 1.12% 11.92% Repurchase Agreements (Repo) 779,853 50,260,266 768,630 47,655,045 647,745 41,687,516 1.46% 20.40% Other Money Markets 271,758 24,355,209 271,343 24,014,171 291,877 17,868,759 0.15% -6.89% Total 1,051,611 74,615,475 1,039,973 71,669,216 939,622 59,556,275 1.12% 11.92% ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) QoQ YoY Total 2,575,251 172,821,805 2,548,311 165,206,907 2,303,164 147,521,215 1.06% 11.81%
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©2025 Tradeweb Markets LLC. All rights reserved. U.S. Corporate Bonds 24 FOOTNOTES Numbers include all activity on Tradeweb, Dealerweb and Tradeweb Direct. Corporate bond volume and trade count numbers reflect all trades reported to TRACE, excluding emerging market and convertible bonds. Monthly average capped volumes for HG and HY applied to capped trades based on TRACE reporting standards. Electronically Processed include voice trades processed electronically on Tradeweb. Day counts for corporate bonds reflect all SIFMA trading days. On July 12, 2021, FINRA announced changes to its methodology for aggregation of its monthly TRACE Volume Reports. FINRA has confirmed that adjustments were made to address the double reporting of certain ATS trades, but these changes do not affect t he real-time TRACE dissemination feeds; accordingly, Tradeweb has made no adjustments to its methodology for calculating U.S. High Grade a nd U.S. High Yield reported market volumes or trades. Further, FINRA’s methodology adjustment to its monthly reporting does not mater ially change Tradeweb volumes using market reporting standards. Tradeweb’s monthly volume reporting therefore remains consistent with prior reported volumes. USING MARKET REPORTING STANDARDS Segmentation between HG and HY determined using the following methodology and ratings from Standards & Poor’s (S&P), Moody’s Investor Services and Fitch Ratings: – If 2 of 3 of the bond’s ratings are equal to or worse than BB+/Ba1/BB+ (but not including “other ratings”) then the bond is H Y. – If 1 of 3 of the bond’s ratings is equal to or worse than BB+/Ba1/BB+, and none are better, then the bond is HY. – If the bond is not rated by any agency then the bond is HY. – If 3 of 3 of the bond’s ratings are better than BB+/Ba1/BB+ (but not including “other ratings”) then the bond is HG. – If 2 of 3 of the bond’s ratings are better than BB+/Ba1/BB+ then the bond is HG. – If 1 of 3 of the bond’s ratings is better than BB+/Ba1/BB+, and none are equal or worse, then the bond is HG. – If 1 of 3 of the bond’s ratings is better than BB+/Ba1/BB+ and 1 of 3 is equal or worse, then the bond is HG. (i.e. The bond is split rated: 1 HG, 1 HY). TRADEWEB MARKETS REPORTED MARKET Q3 2025 Q2 2025 Q3 2024 QoQ YoY Volume (USDmm) Trades Volume (USDmm) Trades Volume (USDmm) Trades Volume (USDmm) Volume (USDmm) Product Type ADV Total % of TRACE ADT Total % of TRACE ADV Total % of TRACE ADT Total % of TRACE ADV Total % of TRACE ADT Total % of TRACE ADV % of TRACE ADV % of TRACE U.S.High Grade Total 9,988 639,208 26.2% 24,844 1,590,016 23.4% 10,890 675,207 26.0% 27,055 1,677,426 24.4% 9,334 597,400 24.7% 27,554 1,763,478 25.4% -8.29% 20bp 7.00% 150bp Fully Electronic 7,066 452,222 18.6% 24,499 1,567,925 23.1% 7,522 466,355 18.0% 26,629 1,650,971 24.0% 6,686 427,891 17.7% 27,186 1,739,884 25.1% -6.06% 58bp 5.69% 85bp Electronically Processed 2,922 186,986 7.7% 345 22,091 0.3% 3,369 208,852 8.1% 427 26,455 0.4% 2,649 169,509 7.0% 369 23,594 0.3% -13.27% -38bp 10.31% 66bp U.S.High Yield Total 1,233 78,898 9.8% 3,840 245,781 21.5% 1,471 91,192 10.7% 4,262 264,269 22.8% 1,066 68,216 10.5% 3,039 194,513 20.6% -16.19% -91bp 15.66% -67bp Fully Electronic 943 60,351 7.5% 3,759 240,567 21.1% 1,132 70,166 8.2% 4,163 258,131 22.3% 790 50,537 7.7% 2,949 188,710 19.9% -16.68% -75bp 19.42% -26bp Electronically Processed 290 18,547 2.3% 81 5,214 0.5% 339 21,026 2.5% 99 6,138 0.5% 276 17,679 2.7% 91 5,803 0.6% -14.55% -17bp 4.91% -41bp Product Q3 2025 Q2 2025 Q3 2024 QoQ YoY Volume (USDmm) Trades Volume (USDmm) Trades Volume (USDmm) Trades ADV Total ADT Total ADV Total ADT Total ADV Total ADT Total ADV ADT ADV ADT U.S. High Grade(TRACE) 38,074 2,436,739 106,162 6,794,365 41,841 2,594,134 110,750 6,376,059 37,749 2,415,929 108,305 6,931,539 -9.00% -4.14% 0.86% -1.98% U.S. High Yield(TRACE) 12,599 806,347 17,827 1,140,933 13,757 852,928 18,709 1,159,986 10,198 652,659 14,784 946,176 -8.42% -4.72% 23.55% 20.58%
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© 2025 Tradeweb Markets LLC. All rights reserved. Sameer Murukutla, CFA Managing Director, Investor Relations Tel: 646-767-4864 Email: sameer.murukutla@tradeweb.com Isha Rao AVP, Investor Relations Tel: 646-560-7232 Email: isha.rao@tradeweb.com Contacts 25 Global Offices New York Jersey City Garden City Golden London Amsterdam Sydney Miami Tokyo Hong Kong Singapore Shanghai Dubai Paris Mumbai Riyadh Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 www.tradeweb.com Ashley Serrao, CMA, CFA Head of Treasury, FP&A & Investor Relations Tel: 646-430-6027 Email: ashley.serrao@tradeweb.com Sheriq Sumar, CFA Director, Investor Relations Tel: 646-767-4929 Email: sheriq.sumar@tradeweb.com