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©2026 Tradeweb Markets LLC. All rights reserved. 2Q26 Earnings Conference Call July 30, 2026
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2 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. The inform ation in this presentation is current only as of its date and may have changed. We undertake no obligation to updat e this information in light of new information, fut ure events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherw ise requires, together wit h its subsidiaries, referred to as “we,” “our,” “Tr adeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization t ransaction s (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, t hrough TWM LLC and its subsidiar ies, conduct s its business. As a result of this control, and because Tradeweb Markets I nc. has a subst antial financial interest in TWM LLC, Tradew eb Markets Inc. consolidates the financial results of TWM LLC and it s subsidiaries. The historical financial inform ation 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 June 30, 2026, which we ref er to as the “post-IPO period,” pertain to Tradeweb M arkets I nc. The pre-IPO period exclude s, 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 H oldings Ltd. (“Refinitiv”), w hich was controlled by certain invest ment funds affiliated with T he 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 t he Refinit iv 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 f or the period beg inning on October 1, 2018, and through and including June 30, 2026, or the “successor” period, and the financial informat ion for the periods prior to, and incl uding, September 30, 2018, or the “predecessor” period, are not comparable. H owever, the change in basis resulting from the R efinitiv Transaction did not m aterially impact certain financial information. Accordingly, we present certain financial inf ormation for the year ended Decem ber 31, 2 018 on a combined basis as the change in basis resulting from the Refinitiv Transaction did not materially impact such financial information and we believe it provides a meaningful met hod of comparison to other periods. The combined f inancial inf ormation is being presented for informational p urposes 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 w e 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 perform ance and therefore is the revenue measure we ut ilize 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 present ation have been subject to rounding adjustm en ts and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percen tages may not total 100%. Please ref er to the C ompany's previously filed Quarterly Reports on Form 10 -Q and Annual Report on Form 10 -K for capitalized terms not otherw ise defined herein. Unaudited Interim R esults The interim financial results presented herein for the three and six months ended June 30, 2026 and 2025 are unaudited. Opera ting results for interim periods are not necessarily indicative of the result s that may be expected for the full year. Forward-Looking Statements This presentation contains f orward -looking st atements within the meaning of the federal securities laws. Stat em ents related to, among other things, our guidance, including full -year 2026 guidance and full -year 2026 revenue guidance related to the LSEG mark et data license agreement, any acquisitions, investments, partnerships and collaborations, future performance, the industry and market s in which w e operate, our expectations, beliefs, plans, strategies, object ives, prospects and assumpt ions and future events are f orward -looking st atements. We have based these forward -looking st atements on our current expectations, assumptions, estimates and projections. While we bel ieve these expectations, assumptions, estimates and project ions are reasonable, such f orward -looking st atements are only predict ions and involve know n and unknown risks and uncertainties, many of which are beyond our control. These and other im portant factors, including those discussed under the heading “R isk Fact ors” in the documents of Tradew eb Markets Inc. on f ile with or furnished to the SEC, may cause our actual results, perf ormance or achievements to differ materially from those expressed or implied by these forward -looking st atements. Given thes e risks and uncertainties, you are cautioned not to place undue reliance on such forward -looking st atements. The forw ard-looking statements contained in this presentation are not guarantees of future events or performance and future events, our actual results of operations, financia l condition or liquidity, and the development of the industry and market s in which w e operate, may differ materially from the fo rw ard-looking st atements contained in this presentat ion. In addition, even if future events, our results of operations, financial condition or liquidit y, and event s in the industry and markets in w hich we operat e, are consistent with the forward -looking st atements contained in t his presentatio n, they may not be predictive of events, results or developments in future periods. Any forward -looking st atement 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 st atements, whether as a result of new information, future events or otherwise, aft er the date of this presentation. Non-GAAP Financial Measures This presentation contains “non -GAAP financial measures, ” including Adjusted EBITDA, Adjusted EBITD A margin, Adjusted EBIT, Adju sted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted N et Incom e per diluted share (“Adjust ed Diluted EPS”), Adjusted Expenses, Free Cash Flow and constant currency change, w hich 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 perform ance across reporting period s on a consistent basis by excluding items t hat we do not believe are indicative of our core operating perform ance. We present certain changes on a “constant currency” basis. Since our consolidated financial statements are present ed 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 f inancial measure, is defined as change excluding the effects of foreign currency fluctuations. Const ant 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 curre ncy change as a supplement al metric to evaluate our underlying performance between periods by removing t he impact of foreign currency fluctuations. We present ce rt ain constant currency change information because we believe it provides investors and analysts a useful comparison of our resu lts and trends betw een periods. This information should be considered in addition to, not as a subst itute 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 GA AP 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 att ributable to Tradeweb M arkets Inc., net income, net income m argin, earnings per share, operating income, operating expenses, cash flow from operating activities or any ot her financial measure prepared or der ived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addit ion, in evaluating Adjusted EBITDA, Adjus ted EBITDA margin, Adjusted EBI T, Adjusted EBIT m argin, Adjusted EBT, Adjusted N et 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 m easures. Our presentation of non -GAAP financial measures should not be construed as an inference t hat our future result s will be unaffect ed by unusual or non -recurring items. In addition, the non -GAAP financial measures contained in this presentation may not be com parable to similarly titled measures used by other com panies in our industry or across different industries. Market and Industry D ata This presentation includes estimates regarding market and industry data that we prepared based on our management’s know ledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly av ailable information, industry reports and publicat ions, surveys, our clients, trade and business organizations and ot her contacts in the markets in which w e operate. In presenting this inf ormation, we have made certain assumptions t hat 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 w e operate. While such information is believed to be re liable for the purposes used herein, no representations are m ade as to t he accuracy or complet eness thereof and we take no respo nsibility f or such information. Tradeweb Social Media Investors and others should note that Tradeweb announces material financial and operational inf ormation using its investor re lations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, it s business and its results of operations may also be announced by posts on the C ompany’s accounts on the following social media channels: Instagram, LinkedIn and X. The i nform ation that w e post through these social media channels may be deemed material. As a result, w e encourage investors, the med ia, and others interested in Tradeweb to monitor these social media channels in addit ion to following our investor relations website, press releases, SEC filings and public conference calls and webcasts. These social m edia channels may be updated from time to time on our investor r elations w ebsite. Disclaimers
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. FINANCIAL REVIEW WELCOME / INTRODUCTION Call Participants STRATEGIC REVIEW & GROWTH INITIATIVES 2Q26 EARNINGS CONFERENCE CALL 3 Sara Furber Chief Financial Officer Billy Hult Chief Executive Officer Ashley Serrao Head of Treasury, FP&A and Investor Relations
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4 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. 2Q26 Summary Revenue $558.9M +9.0% y/y* +8.3% y/y (CC**) 1 Adjusted EBITDA Margin 2 54.4% +24 bps y/y -27 bps y/y (CC) 1 Adjusted Net Income 2 $228.1M +10.7% y/y +8.9% y/y (CC) 1 International Revenues $245.1M +13.9% y/y +12.3% y/y (CC) 1 OPERATING PERFORMANCE HIGHLIGHTS Adjusted EBIT Margin 2 50.6% -20 bps y/y -74 bps y/y (CC) 1 *y/y = year over year comparison **CC = constant currency Adjusted Diluted EPS 2 $0.97 +11.5% y/y +10.3% y/y (CC) 1 1. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluctuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 2. Adjusted Net Income, Adjusted EBITDA margin, Adjusted EBIT margin and Adjusted Diluted EPS are non -GAAP financial measures. See “Appendix” for reconciliations to their most comparable GAAP financial measures.
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5 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. 2Q26 Revenue Results ($ 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. 2Q26 Revenue Growth of 9.0% Y/Y (CC 8.3%) 1 2Q26 y/y growth % 10.2% 3.3% 13.5% 5.6% 22.6% 0.7% 9.0% 2Q26 y/y constant currency growth %1 9.5% 2.7% 12.1% 5.2% 22.7% 0.7% 8.3% YTD y/y growth % 19.8% 7.4% 22.1% 6.7% 7.4% 25.7% 15.1% YTD y/y constant currency growth %1 17.2% 5.7% 18.5% 5.6% 6.8% 25.6% 12.9%
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Key Growth Initiatives Global IRS (ADV and Share1) ($ in billions) 2Q26 EARNINGS CONFERENCE CALL 6 U.S. Treasuries (ADV and Share2) ($ in billions) 1. Share and volumes reflect total TW interest rates swaps (“IRS”) volumes across institutional, wholesale and retail client sec tors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non -U.S. entities. 2. Share and volumes reflect T W U.S. Treasuries volume across institutional, wholesale and retail client sectors, divided by SIF MA volume. 3. Share reflects TW investment grade and high yield volume across institutional, wholesale and retail client sectors, divided b y TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. ‘EP’ defined as Electronically Processed 467 440 417 511 504 477 523 706 637 311 353 321 365 384 436 584 693 530 $778 $792 $737 $876 $887 $913 $1,107 $1,399 $1,167 23.6% 22.4% 20.8% 21.0% 22.5% 21.2% 23.3% 23.8% 24.1% 0% 5% 10% 15% 20% 25% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Swaps/Swaptions≥ 1Y Swaps/Swaptions< 1Y Overall Share (%) 2Q26 Y/Y Growth Total: +32% $202 $222 $225 $244 $250 $221 $234 $283 $264 23.0% 23.0% 24.3% 23.3% 21.5% 22.0% 23.2% 22.1% 22.5% 0% 5% 10% 15% 20% 25% $0 $50 $100 $150 $200 $250 $300 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 ADV Share (%) 2Q26 Y/Y Growth Total: +5% U.S. Cash Credit (Share3) Global ETFs (Institutional ADV) ($ in billions) 2Q26 Y/Y Growth Total: +16%INVESTMENT GRADE 2Q26 Y/Y ADV Growth Total: +10% Electronic: +18% E-P: -7% 18.9% 17.7% 18.3% 18.0% 18.0% 18.6% 18.3% 17.7% 19.0% 8.2% 7.0% 8.5% 7.9% 8.1% 7.7% 7.4% 7.3% 6.7% 27.1% 24.7% 26.8% 25.9% 26.0% 26.2% 25.7% 25.0% 25.7% 0% 5% 10% 15% 20% 25% 30% 7.6% 7.7% 7.9% 7.5% 8.2% 7.5% 8.1% 7.4% 8.5% 2.4% 2.7% 2.1% 2.6% 2.5% 2.3% 1.9% 2.4% 2.6% 10.0% 10.5% 10.0% 10.1% 10.7% 9.8% 10.0% 9.8% 11.1% 0% 2% 4% 6% 8% 10% 12% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Fully Electronic Electronically Processed HIGH YIELD 2Q26 Y/Y ADV Growth Total: +8% Electronic: +8% E-P: +10% $4.9 $5.5 $6.0 $7.1 $8.0 $6.4 $7.2 $10.5 $9.2 $0 $2 $4 $6 $8 $10 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Equity Fixed Income Commodity & Other Note: Totals may not foot due to rounding. 2Q26 Regional Mix US ETFs: International ETFs: 52% 48%
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. 12.9% 14.9% 18.9% 18.0% 19.0%9.9% 9.7% 8.2% 8.1% 6.7%22.7% $6.1 24.6% $6.8 27.1% $9.6 26.0% $10.9 25.7% $12.0 2Q22 2Q23 2Q24 2Q25 2Q26 U.S. INVESTMENT GRADE Fully Electronic Electronically Processed 6.2% 6.2% 7.6% 8.2% 8.5%3.3% 3.4% 2.4% 2.5% 2.6% 9.5% $1.0 9.6% $0.9 10.0% $1.0 10.7% $1.5 11.1% $1.6 2Q22 2Q23 2Q24 2Q25 2Q26 U.S. HIGH YIELD Credit Growth Initiatives Expanding Share1,2 (Share of TRACE $ in billions, ADV) 2Q26 EARNINGS CONFERENCE CALL 7 Growing Foundational U.S. RFQ Protocols ($ in millions, ADV) 1. Totals may not foot due to rounding. 2. Share reflects TW high grade and high yield volume, divided by TRAC E volume, adjusted by Tradeweb management to exclude emerg ing market and convertible bond volumes. Global Portfolio Trading ADV1 ($ in millions, ADV) Solidifying Our U.S. Differentiators1 ($ in millions, ADV) Institutional Client Count 800 892 948 1,109 1,222 $1,458 $1,702 $2,215 $3,055 $3,514 $1,458 $1,702 $2,215 $3,055 $3,514 2Q22 2Q23 2Q24 2Q25 2Q26 1,291 1,815 2,742 2,981 3,253 231 238 267 271 423 $1,522 $2,053 $3,009 $3,253 $3,676 2Q22 2Q23 2Q24 2Q25 2Q26 U.S. Investment Grade U.S. High Yield $1,696 $2,063 $3,349 $3,541 $4,466 2Q22 2Q23 2Q24 2Q25 2Q26 1,108 1,182 2,454 2,810 3,719 449 261 437 513 634 $1,556 $1,443 $2,890 $3,323 $4,354 2Q22 2Q23 2Q24 2Q25 2Q26 U.S. International AllTrade Net Spotting
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. IRS Growth Initiatives Global Industry Interest Rates Swaps ADV and Risk Market Share1,2 ($ in trillions) 2Q26 EARNINGS CONFERENCE CALL 8 Tradeweb Market Share by Currency1,3,4 1. Share and volumes reflect T W 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. 2. TW Risk Market Share excludes Compression activity. 3. Total TW Market Share includes Compression activity. 4. EM is defined as Emerging Markets. Growing TW EM Swaps4 ($ in millions) Growing TW Swaps RFM ADV ($ in millions) 21.6% 29.6% 17.1% 23.4% 18.2% 17.4% 23.9% 31.6% 17.9% 26.2% 23.3% 20.9% Overall USD EUR GBP Other G11 EM 6M25 6M26 $7,916 $11,021 $24,685 $47,053 $98,169 6M22 6M23 6M24 6M25 6M26 $2.7 $2.3 $2.0 $2.4 $2.9 $3.5 $4.3 $5.4 0% 2% 4% 6% 8% 10% 12% 14% $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 2019 2020 2021 2022 2023 2024 2025 6M26 Industry IRS ADV TW Risk Market Share $8,674 $15,581 $27,927 $43,599 $74,393 6M22 6M23 6M24 6M25 6M26
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Structural Tailwinds Behind Durable Swaps Growth Greater Risk Outstanding and Higher Turnover Have Compounded Into ~14%¹˒² Average Annual Industry Volume Growth Open Interest Has Doubled to a Record… Global Swaps Industry Open Interest1 $64T $49T $21T $32T $5T $84T $115T $30T $71T $25T USD EUR GBP Oth G11 EM 2015 2025 …And Now Trades Twice as Actively Global Swaps Industry Turnover1 0.5x 0.5x 0.5x 0.2x 0.3x 0.9x 0.8x 1.4x 0.7x 0.6x USD EUR GBP Oth G11 EM 2015 2025 A Growing Pool of Global Debt and Meaningful Room for Electronic Adoption Point to Continued Growth From Here A Growing Global Pool of Debt to Hedge General Government Gross Debt3 $19T $13T $10T $3T $38T $20T $11T $7T $52T $25T $12T $9T US Euro + UK APAC EM 2015 2025 2030E Strong Underlying Electronification Trends Global Swaps Industry Electronification1 Total 10Y Growth +2.2x Total 10Y Growth +1.9x 0% 20% 40% 60% 80% 100% APAC EM USD EUR/GBP 2019 Current Voice 1 Source: CLARU S and management estimates. 2 2015-2025 time period. 3 Source: IMF. 9 2Q26 EARNINGS CONFERENCE CALL 2025
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. 0.3% 0.5% 0.8% 1.5% 3.4% 4.9% 5.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2014 2016 2018 2020 2022 2024 6M26 10 AiEX1: Compounding Automation Into an AI Advantage A Proven Automation Framework That Continues to Show Broad-Based Growth… …Lays the Groundwork for Future AI Driven Execution Opportunities TODAY Rules-Based Execution AiEX automates order flow against pre -set protocol rules: ◦ Size ◦ Spread ◦ Time of day Its dynamic mode customizes rules to real -time liquidity and each client’s execution objectives. NEAR-TERM Hybrid Intelligence Trader and LLM-based AI to optimize execution rules to determine: • Best time to execute • Best protocol — RFM vs RFQ vs CTT / PT • Optimal counterparty panel — who and how many • Contingent execution automated across markets FUTURE True ML Optimization Agentic AI on Tradeweb’s unique proprietary dataset to assess, present and automate the optimal strategy — including the “what” to trade: • Will extend near-term tools across a wider product set • Will move AiEX and Tradeweb up the value chain 107 117 137 139 68 113 153 194 2020 2022 2024 6M26 Top 200 clients Other Clients 6,234 12,516 26,687 41,24725% 32% 41% 45% 0% 10% 20% 30% 40% 0 10,000 20,000 30,000 40,000 50,000 2020 2022 2024 6M26 Average Daily AiEX Trades % of Institutional Trades Growing AiEX Penetration Robust AiEX Client Trends Penetration in Smaller Trade Sizes Today Leave Ample Opportunity for AI to Unlock Further Value 2 Average AiEX Trade Size: ~$0.7mm 3 AiEX % of Institutional Volume (notional) 1 Automated Intelligent Execution is an innovative automated trading technology that allows clients to execute large volumes of tr ade tickets at a high speed using pre -programmed execution rules that are tailored to the client’s trading strategy. 2 AiEX % of notional excludes repo and swaps/swaptions. 3 As of 6M26. 2Q26 EARNINGS CONFERENCE CALL
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11 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. %∆ %∆ Constant Currency 2Q26 2Q25 2Q26 vs 2Q25 2Q26 vs 2Q252 Trading Revenues 3 Fixed $ 98,630 $ 93,821 5.1 % 4.1 % Variable 415,119 380,879 9.0 % 8.4 % Total Trading Revenues 513,749 474,700 8.2 % 7.5 % LSEG Market Data Fees 26,496 20,569 28.8 % 28.8 % Other Information Services 10,792 9,848 9.6 % 9.6 % Other Revenue 7,909 7,854 0.7 % 0.7 % Total Revenue 558,946 512,971 9.0 % 8.3 % Adj. Expenses 4 276,396 252,649 9.4 % 9.9 % Adj. EBIT 282,550 260,322 8.5 % 6.7 % Net interest income (expense) 17,646 14,543 21.3 % 21.3 % Adj. EBT 300,196 274,865 9.2 % 7.5 % Adj. Income Taxes 5 (72,047) (68,716) 4.8 % 3.2 % Adj. Net Income $ 228,149 $ 206,149 10.7 % 8.9 % Adj. EBIT Margin 6 50.6 % 50.7 % -20 bps -74 bps Adj. EBITDA $ 304,135 $ 277,896 9.4 % 7.8 % Adj. EBITDA Margin 6 54.4 % 54.2 % +24 bps -27 bps Adj. Diluted EPS $ 0.97 $ 0.87 11.5 % 10.3 % Adj. Diluted Share Count 7 235,903,409 238,197,532 (1.0)% 2Q26 Financial Performance1 ($ in thousands, except per share amounts) Revenue Growth of 9.0% Y/Y (8.3% CC) 2 with 2Q26 Adjusted EBITDA Margin of 54.4% 6M26 Adjusted EBITDA Margin Expansion of +74 bps to 54.7% vs. FY 2025 of 54.0% 1. Adj. Expenses, Adj. EBIT, Adj. EBT, Adj. Net Income, Adj. EBIT Margin, Adj. EBITDA, Adj. EBITDA Margin and Adj. D iluted EPS ( including Adj. D iluted 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 24.0% and 25.0% applied to Adjusted Net Income before i ncome taxes for the three months ended June 30, 2026 and 2025, respectively. 6. Adj. EBIT Margin and Adj. EBITDA Margin are defined as Adjusted EBIT and Adjusted EBITDA, respectively, divided by revenue fo r 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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12 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. Fees per Million1 Detail 1. “Fees per million” or “FPM” means average variable fees per million dollars of volume traded on our trading platform. 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/Sw aptions of tenor less than 1 year and Rates Futures. 3. The “C ash 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 R ates Futures on blended fees per million across all p eriods presented. %∆ %∆ 2Q26 1Q26 2Q25 2Q26 vs 1Q26 2Q26 vs 2Q25 Rates $ 2.07 $ 2.12 $ 2.29 (2.2)% (9.4)% Rates Cash $ 2.30 $ 2.30 $ 2.36 0.2 % (2.6)% Rates Derivatives $ 1.96 $ 2.04 $ 2.24 (3.9)% (12.7)% Rates Derivatives ≥ 1 Year $ 3.40 $ 3.85 $ 3.79 (11.7)% (10.3)% Other Rates Derivatives 2 $ 0.26 $ 0.23 $ 0.26 17.2 % 2.3 % Credit $ 42.00 $ 28.42 $ 45.82 47.8 % (8.3)% Cash Credit 3 $ 114.03 $ 114.51 $ 128.76 (0.4)% (11.4)% Credit Derivatives, China Bonds and U.S. Cash EP $ 7.11 $ 5.88 $ 7.84 21.0 % (9.3)% Equities $ 18.19 $ 19.43 $ 18.68 (6.4)% (2.6)% Equities Cash $ 29.00 $ 29.94 $ 30.54 (3.1)% (5.1)% Equities Derivatives $ 7.60 $ 7.57 $ 6.97 0.4 % 9.1 % Money Markets $ 0.50 $ 0.53 $ 0.52 (6.9)% (4.4)% Total $ 2.14 $ 2.21 $ 2.30 (3.3)% (7.2)% Total w/o Other Rates Derivatives 4 $ 2.53 $ 2.72 $ 2.66 (6.9)% (4.8)%
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13 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. %∆ %∆ Constant Currency 2Q26 2Q25 2Q26 vs 2Q25 2Q26 vs 2Q25 2 Adjusted Expenses Employee compensation and benefits a, d $ 171,506 $ 168,761 1.6 % 1.3 % Depreciation and amortization b 21,585 17,574 22.8 % 23.1 % Technology and communications 41,976 30,212 38.9 % 39.2 % General and administrative c, d 20,313 19,362 4.9 % 15.1 % Professional fees d 12,638 10,718 17.9 % 17.5 % Occupancy 8,378 6,022 39.1 % 39.6 % Total adjusted non-compensation expenses 104,890 83,888 25.0 % 27.7 % Total Adjusted Expenses $ 276,396 $ 252,649 9.4 % 9.9 % Adjusted Expenses1 Detail ($ in thousands) 1. Adjusted Expenses is a non -GAAP financial measure. See “Appendix” for additional information, including a reconciliation to its most comparable GAAP financial measure. a. Adjusted to exclude: Certain non -cash stock -based compensation expense and related payroll taxes, the composition of which may v ary each period based on applicable activity. Excludes, 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 IC D. As applicable, also excludes any payroll tax expense associated with the exercise of stock options. b. Adjusted to exclude acquisition and Refinitiv Transaction related depreciation and amortization. c. Adjusted to exclude unrealized gains/losses from outstanding foreign exchange forward contracts and gains and losses from the revaluation of foreign denominated cash. d. Adjusted to exclude incremental direct costs associated with the acquisition and integration of completed and potential merge rs and acquisitions. 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. 2Q26 Adjusted Expenses Increased 9.4% Y/Y (9.9% CC) 2
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14 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. Capital Management & FY Guidance • $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of June30, 2026 • As of June 30, 2026, we held 1.6billion Canton Coins, valued at $230.0million1 of which we are restricted in our ability to transfer 1.3billion Canton Coins, valued at $181.6million • TTM ended June 30, 2026 FCF: $1.1 billion2 (+13.0% yr/yr) • Q2 2026 cash paid for capex & cap software development: $27.2million (+23.4% yr/yr)6 • Q2 2026 cash paid for investments: $6.7million • $188.9 million in share buybacks in Q2 2026 (1.9 million shares); $334.3million of share repurchase authorization remains as ofJune 30, 2026 • $0.2 million in shares withheld in Q2 2026 to satisfy tax obligations related to vesting or exercise of employee stock-based compensation awards • Board of Directors declared a quarterly dividend of $0.14 per Class A and Class B share payable in September 2026 (+16.7% pershare yr/yr) 1. Please see our 2025 Form 10 -K and 2026 Form 10-Qs, including in the notes to the financial statements, MD&A and Risk Factors, for important information regarding our Canton C oin activity. 2. Free C ash Flow ("FCF") and Adjusted Net Income are non -GAAP financial measures. See “Appendix” for a reconciliation to the most comparable GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicable period. 3. GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. 4. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32. 5. 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 an d “Appendix” for additional reconciliations. 6. Excludes amounts paid at closing for acquisitions. 2026 FY Guidance (UNCHANGED) 3,4 ($ in millions) Strong Free Cash Flow Growth and Conversion2 ($ in millions) Adjusted Expenses $1,100 - 1,160M (trending towards top half of range) Acquisition & Refinitiv related D&A $160M Assumed non-GAAP tax rate ~23.5% - 24.5% Capex & Cap software development (Cash) 6 ~$107 - 117M LSEG Market Data Contract Revenue ~$105M Capital Management Key Highlights 5
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15 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. 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 co uld 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 Interest s of Tradeweb Markets LLC held by non -controlling interests w ere 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 adjus ted fully diluted weighted average shares outstanding only and does not necessarily reflect the amount of exchanges that may occur in the future. Assumed Average Share Price Q3 2026 $90.00 234,381,177 $100.00 234,414,686 $110.00 234,444,182 $120.00 234,470,937 $130.00 234,505,737 PRO FORMA ADJUSTED FULLY DILUTED WEIGHTED AVERAGE SHARES
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Appendix 16
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Quarterly ADV 2Q26 EARNINGS CONFERENCE CALL 17 1. Totals may not foot due to rounding. 3 2Q26 ADV of $3,013BN (Y/Y, +14.7% ex Swaps <1 year) Rates1 ($ in billions) Credit1 ($ in billions) 2Q26 Y/Y Growth Total: +23% Cash: +9%; Derivatives: +32% 2Q26 Y/Y Growth Total: +13% Cash: +6%; Derivatives: +20% Equities1 ($ in billions) Money Markets ($ in billions) 2Q26 Y/Y Growth Total: +17% Cash: +17%; Derivatives: +18% 2Q26 Y/Y Growth Total: +12% $622 $940 $988 $1,029 $1,040 $1,052 $1,092 $1,165 $1,161 $0 $200 $400 $600 $800 $1,000 $1,200 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 16.9 15.3 14.8 18.3 18.2 16.2 16.3 20.4 19.4 12.9 27.3 12.6 30.4 19.5 25.9 17.4 48.5 23.4 $29.7 $42.6 $27.4 $48.7 $37.7 $42.0 $33.6 $68.9 $42.7 $0 $10 $20 $30 $40 $50 $60 $70 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 462 497 509 559 546 535 557 670 596 787 802 745 884 897 921 1,117 1,411 1,180 $1,249 $1,298 $1,253 $1,443 $1,443 $1,456 $1,674 $2,081 $1,776 $0 $500 $1,000 $1,500 $2,000 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 9.9 10.3 11.3 12.4 13.7 11.8 13.9 17.2 16.0 11.3 12.5 12.3 14.1 13.9 14.2 13.3 15.3 16.3 $21.3 $22.8 $23.6 $26.6 $27.5 $26.1 $27.2 $32.5 $32.3 $0 $5 $10 $15 $20 $25 $30 $35 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 KEY Cash Derivatives
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Money Markets • Lower FPM was primarily due to a mix shift away from retail CDs, which carry a comparatively higher FPM. Equities Cash Equities: -5% • Lower FPM due to lower FPM in US ETFs given an increase in notional per share traded. Recall in the U.S., we charge per share and not for notional value traded. Equity Derivatives: +9% • Higher FPM due to mix shift away from lower FPM Equity derivatives and towards higher FPM Equity Futures. Fee Per Million (FPM) Commentary (Y/Y) 2Q26 EARNINGS CONFERENCE CALL 18 Rates Cash Rates: -3% • Lower FPM primarily due to a mix shift away from retail and wholesale U.S. Government Bonds, which carries a comparatively higher FPM. Swaps/Swaptions ≥ 1Yr: -10% • Lower FPM was primarily due to a mix shift between currencies and lower duration. Other Rates Derivatives: +2% • Higher FPM due to a decrease in compression activity which carries a comparatively lower FPM and higher duration. Avg FPM: -4% Credit Cash Credit: -11% • Lower FPM due to mix shift away from higher FPM municipal bonds and retail US credit and towards European Credit and portfolio trading which carries a relatively lower FPM. Credit Derivatives, China Bonds and U.S. Cash EP: -9% • Lower FPM due to mix shift towards Credit derivatives which carries a relatively lower FPM and away from Chinese Bonds which carries a relatively higher FPM. Avg FPM: -8% Avg FPM: -3% Avg FPM: -9%
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19 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. 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 certain non -cash stock -based compensation expense and related payroll taxes, the composition of which may vary each p eriod based on applicable activity. During the three and six months ended June 30, 2026, the three months ended June 30, 2025 and the year ended December 31, 2025, this adjustment includes $0.8 million, $1.3 million, $0.6 million and $2.3 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. As applicable, this adjustment also includes any payroll tax expense associated with the exercise of stock options. 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 (w here all assets were marked to fair value as of the closing date of the Re finitiv T ransaction). 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 “2Q26 Financial Performance” for 2Q26 and 2Q25 revenue. Revenue for the six months ended June 30, 2026 totaled $1.2 billion. FY 2025 revenues totaled $2.1 billion. Reconciliation of Cash Flow from Operating Activities to Free Cash Flow Successor Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor 2Q26 TTM 2Q25 TTM FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 Cash flow from operating activities $1,196,188 $1,043,551 $1,167,646 $ 897,741 $ 746,089 $ 632,822 $ 578,021 $ 443,234 $ 311,003 $ 112,556 $ 164,828 $ 224,580 Less: Capitalization of software development costs (69,187) (55,195) (62,541) (47,909) (43,235) (36,882) (34,470) (31,046) (28,681) (7,156) (19,523) (27,157) Less: Purchases of furniture, equipment and leasehold improvements (51,371) (36,653) (40,552) (40,960) (18,529) (23,214) (16,878) (11,490) (15,781) (9,090) (6,327) (13,461) Free Cash Flow $1,075,630 $ 951,703 $1,064,553 $ 808,872 $ 684,325 $ 572,726 $ 526,673 $ 400,698 $ 266,541 $ 96,310 $ 138,978 $ 183,962 Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 2Q26 2Q25 6M26 FY25 Net income $ 206,686 $ 175,522 $ 439,853 $ 921,500 Merger and acquisition transaction and integration costs 1 305 3,772 482 6,891 Interest income (18,151) (14,972) (35,602) (68,407) Interest expense 505 429 1,129 1,941 Depreciation and amortization 61,487 63,048 122,196 250,189 Stock-based compensation expense 2 778 601 1,434 2,327 Provision for income taxes 63,500 51,539 133,257 253,474 Foreign exchange (gains) / losses 3 (3,697) 10,622 (12,809) 13,112 Tax receivable agreement liability adjustment 4 — — — (9,786) Other (income) loss, net (7,278) (12,665) (6,122) (263,384) Adjusted EBITDA $ 304,135 $ 277,896 $ 643,818 $ 1,107,857 Less: Depreciation and amortization (61,487) (63,048) (122,196) (250,189) Add: D&A related to acquisitions and the Refinitiv Transaction 5 39,902 45,474 79,804 176,322 Adjusted EBIT $ 282,550 $ 260,322 $ 601,426 $ 1,033,990 Add: Net interest income (expense) 17,646 14,543 34,473 66,466 Adjusted EBT $ 300,196 $ 274,865 $ 635,899 $ 1,100,456 Net income margin 6 37.0% 34.2% 37.4% 44.9% Adjusted EBITDA margin 6 54.4% 54.2% 54.7% 54.0% Adjusted EBIT margin 6 50.6% 50.7% 51.1% 50.4% Reconciliation of Non-GAAP Financial Measures ($ in thousands)
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20 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. 1. During the three months ended June 30, 2026 and 2025, there was a total of 51,400 and 162,433, respectively, weighted average 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. EPS: Net inco me attributable to Tradeweb Markets Inc. 2Q26 2Q25 Numerator: Net income attributable to Tradew eb Markets Inc. $ 181,318 $ 153,782 Less: Distributed and undistributed earnings allocated to participating securities 1 (44) (117) Net income attributable to outstanding shares of Class A and Class B common stock - Basic and Diluted $ 181,274 $ 153,665 Denominator: Weighted average shares of Class A and Class B common stock outstanding - Basic 212,463,597 213,339,761 Dilutive effect of PRSUs — 450,980 Dilutive effect of options 150,786 292,392 Dilutive effect of RSUs and RSAs 154,020 330,102 Dilutive effect of PSUs 26,738 558,711 Weighted average shares of Class A and Class B common stock outstanding - Diluted 212,795,141 214,971,946 Earnings per share - Basic $ 0.85 $ 0.72 Earnings per share - Diluted $ 0.85 $ 0.71 Recon ciliation of Operating Expenses to Adjusted Expenses 2Q26 2Q25 Operating expenses $ 313,684 $ 313,118 Merger and acquisition transaction and integration costs 1 (305) (3,772) D&A related to acquisitions and the Refinitiv Transaction 2 (39,902) (45,474) Stock-based compensation expense 3 (778) (601) Foreign exchange gains / (losses) 4 3,697 (10,622) Adjusted Expenses $ 276,396 $ 252,649 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 certain non -cash stock -based compensation expense and related payroll taxes, the composition of which may vary each p eriod based on applicable activity. During the three months ended June 30, 2026 and 2025, this adjustment includes $0.8 million and $0.6 million, respectively, of non -cash stock -based compensation expense and related payrol l taxes associated with RSAs and RSU s issued to help retain key ICD employees during the integration of ICD. As applicable, this adjustment also includes any payroll tax expense associated w ith the exercise of stock options. 4. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from th e revaluation of cash denominated in a different currency than the entity’s functional currency. The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc: Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts)
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21 2Q26 EARNINGS CONFERENCE CALL ©2026 Tradeweb Markets LLC. All rights reserved. Recon ciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted N et In come and Adjusted Diluted EPS Successor Successor Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor 2Q26 2Q25 FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 Earnings per diluted share 1 $0.85 a $0.71 a Pre-IPO net income attributable to Tradeweb Markets LLC 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 42,352 b $ 29,307 b $ 130,160 b $ 83,648 b Net income attributable to Tradew eb Markets Inc. 1 181,318 a 153,782 a 812,792 a 501,507 a 364,866 a 309,338 a 226,828 a 166,296 a 83,769 a — — — Net income attributable to non -controlling interests 1,2 25,368 a 21,740 a 108,708 a 68,456 a 54,637 a 50,275 a 46,280 a 52,094 a 46,903 a — — — Net income 206,686 a 175,522 a 921,500 a 569,963 a 419,503 a 359,613 a 273,108 a 218,390 a 173,024 a,b 29,307 b 130,160 b 83,648 b Provision for income taxes 63,500 51,539 253,474 184,439 128,477 77,520 96,875 56,074 52,302 3,415 11,900 6,129 Contingent consideration — — — — — — — — — — 26,830 58,520 Merger and acquisition transaction and integration costs 3 305 3,772 6,891 22,823 8,042 1,069 5,073 — — — — — D&A related to acquisitions and the Refinitiv Transaction 4 39,902 45,474 176,322 156,489 127,731 126,659 124,580 110,187 97,565 22,413 19,576 31,236 Stock-based compensation expense 5 778 601 2,327 6,096 2,947 20,409 16,509 13,025 25,098 — — — Foreign exchange (gains) / losses 6 (3,697) 10,622 13,112 (6,326) (47) 4,409 (4,702) 6,279 (1,085) 353 (1,881) (1,042) Tax receivable agreement liability adjustment 7 — — (9,786) (7,730) 9,517 (13,653) (12,745) (11,425) (33,134) — — — Other (income) loss, net (7,278) (12,665) (263,384) 1,114 13,122 1,000 — — — — — — Adjusted Net Income before income taxes 300,196 274,865 1,100,456 926,868 709,292 577,026 498,698 392,530 313,770 55,488 186,585 178,491 Adjusted income taxes 8 (72,047) (68,716) (275,114) (231,717) (173,777) (126,946) (109,713) (86,357) (82,835) (14,649) (49,258) (47,122) Adjusted Net Income $ 228,149 $ 206,149 $ 825,342 $ 695,151 $ 535,515 $ 450,080 $ 388,985 $ 306,173 $ 230,935 $ 40,839 $ 137,327 $ 131,369 Adjusted Diluted EPS 1,9 $0.97 a $0.87 a 1. As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being pre sented 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 excha nge 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 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. 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 T ransaction). 5. Represents certain non -cash stock -based compensation expense and related payroll taxes, the composition of which may vary each p eriod based on applicable activity. During the three months ended June 30, 2026 and 2025 and the years ended December 31, 2025 and 2024, this adjustment includes $0.8 million, $0.6 million, $2.3 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 integration of ICD. During the years ended December 31, 2024, 2022 and 2021, this adjustment also includes $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. As applicable, this adjustment al so includes non -cash stock -based compensation expense associated with the Special Option Aw ard and post -IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. 6. 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. 7. 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 legislat ion and tax rates in various jurisdictions which impacted our tax savings. 8. Represents corporate income taxes at an assumed effective tax rate of 24.0%, 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 June 30, 2026 and 2025 and the years ended December 31, 2025, 2024, 2023, 2022, 2021 and 2020, respectively and an effective tax rate of 26.4% applied to Adjusted Ne t Income before income taxes 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. Recon ciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adj usted Diluted EPS 2Q26 2Q25 Diluted weighted average shares of Class A and Class B common stock outstanding 212,795,141 214,971,946 Weighted average of other participating securities 1 51,400 162,433 Assumed exchange of LLC Interests for shares of Class A or Class B common stock 2 23,056,868 23,063,153 Adjusted diluted weighted average shares outstanding 235,903,409 238,197,532 Adjusted Net Income (in thousands) $ 228,149 $ 206,149 Adjusted Diluted EPS $ 0.97 $ 0.87 1. Represents the weighted average of unvested stock aw ards and unsettled vested stock awards issued to certain retired or termi nated 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 excha nge 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. Reconciliation of Non-GAAP Financial Measures cont. ($ in thousands, except per share amounts)
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. Quarterly Volumes 2Q26 EARNINGS CONFERENCE CALL 22 Asset Class Q2 2026 Q1 2026 Q2 2025 QoQ YoY Product ADV (USDmm) Volume (USDmm) ADV (USDmm) Volume (USDmm) ADV (USDmm) Volume (USDmm) ADV ADV Rates Cash 595,662 36,926,094 670,125 41,021,925 546,388 33,874,564 -11.11% 9.02% U.S. Government Bonds 263,700 16,349,369 283,205 17,275,514 250,448 15,527,787 -6.89% 5.29% European Government Bonds 64,514 3,999,848 79,206 4,989,957 55,015 3,410,960 -18.55% 17.26% Mortgages 254,244 15,763,150 293,179 17,883,923 229,669 14,239,470 -13.28% 10.70% Other Government Bonds 13,204 813,727 14,535 872,532 11,256 696,347 -9.16% 17.31% Derivatives 1,180,310 73,082,748 1,410,838 87,143,673 896,661 55,620,692 -16.34% 31.63% Swaps/Swaptions ≥ 1Y 637,213 39,447,851 706,375 43,554,189 503,630 31,235,081 -9.79% 26.52% Swaps/Swaptions < 1Y 529,727 32,805,931 692,836 42,875,415 383,575 23,782,432 -23.54% 38.10% Futures 13,370 828,965 11,627 714,069 9,456 603,178 15.00% 41.40% Total 1,775,972 110,008,842 2,080,963 128,165,598 1,443,050 89,495,255 -14.66% 23.07% Credit Cash 19,394 1,198,520 20,401 1,241,920 18,218 1,124,069 -4.93% 6.46% U.S. High Grade – Fully Electronic 8,672 537,687 8,869 541,012 7,299 452,530 -2.22% 18.82% U.S. High Grade – Electr onically Processed 3,118 193,339 3,744 228,360 3,369 208,852 -16.70% -7.43% U.S. High Yield – Fully Electronic 1,202 74,519 1,120 68,302 1,112 68,952 7.34% 8.07% U.S. High Yield – Electr onically Processed 374 23,196 373 22,768 339 21,026 0.24% 10.32% European Credit 3,163 196,107 3,393 213,729 2,563 158,887 -6.76% 23.43% Municipal Bonds 450 27,926 434 26,504 513 31,822 3.67% -12.24% Chinese Bonds 1,971 118,272 1,963 109,921 2,683 160,994 0.42% -26.54% Other Credit Bonds 443 27,472 505 31,324 340 21,006 -12.36% 30.32% Derivatives 23,355 1,447,941 48,523 3,002,545 19,522 1,210,363 -51.87% 19.63% Swaps 23,355 1,447,941 48,523 3,002,545 19,522 1,210,363 -51.87% 19.63% Total 42,749 2,646,460 68,924 4,244,465 37,740 2,334,432 -37.98% 13.27% Equities Cash 15,996 991,753 17,202 1,059,883 13,686 848,517 -7.01% 16.88% U.S. ETFs 11,458 710,427 11,929 727,663 9,750 604,519 -3.94% 17.52% International ETFs 4,538 281,327 5,273 332,220 3,935 243,998 -13.95% 15.30% Derivatives 16,327 1,012,258 15,338 938,652 13,863 859,486 6.45% 17.77% Convertibles/Swaps/O ptions 11,177 692,971 10,482 641,452 9,785 606,661 6.63% 14.23% Futures 5,150 319,286 4,856 297,200 4,078 252,825 6.05% 26.29% Total 32,323 2,004,011 32,540 1,998,535 27,548 1,708,003 -0.67% 17.33% Money Markets Cash 1,161,469 79,538,143 1,165,159 79,862,415 1,039,973 71,669,216 -0.32% 11.68% Repurchase Agreements (Repo) 884,866 54,861,664 861,006 52,921,062 768,630 47,655,045 2.77% 15.12% Other Money Markets 276,604 24,676,479 304,152 26,941,353 271,343 24,014,171 -9.06% 1.94% Total 1,161,469 79,538,143 1,165,159 79,862,415 1,039,973 71,669,216 -0.32% 11.68% PRODUCT CATEGORIES INCLUDE U.S. Government Bond s : U .S. Tr e as u ry bills , notes and bonds, and Tr e asury In flation-protected Securities, including w hen-issued securities. Mortga ges: To-be-anno unced mortgage-backed s e c urities, specified pools , collate ralized m ortgage obligations, com mercial mortga ge-backed s e c urities, other m o r tgage derivatives a nd other ass e t-backed s e c urities. Other Government Bon ds : J ap anese, Cana dian, Austr a lian and New Zealand governm e nt bonds, covered bonds (including Pfa ndbriefe), other g ov e rnm en t-guaran teed securities, supranational, s ub-sovereign and agency b onds/de bentu r e s . Rates Futu res : Government bon d futu res leg of exchange for ph y sicals (“E FPs ”). U.S. High Grad e and High Yie ld: All TRACE-reported c orp orates, excluding convertible s (see “Footnotes” for segmenta tion meth odology). Chinese Bonds: Ch inese Interbank B on d Market (“CIB M”) instrum e nts – government an d corporate – tr a nsac ted via Bon d Co nnect and CIB M Direct. Other Credit Bon ds : Other de v e loped m a rk et ( including non-TR A C E-reported bonds, preferreds and structured note s ), de v eloping and emerging mark e t c o r p orate and government bon ds . Credit S w aps: Ind ex and single name cr e dit default swa ps . ETFs: E xchang e traded fun ds (“ETFs ”), ETF leg of EFPs, and net asset value trades. Convertibles/Swaps/Options: Convertible bonds, e quity swaps, call and put str a tegies, and othe r equity d erivativ es exc luding futures. Equities Futures: Equity futures includin g the futures leg o f EFPs. Other M o ney Markets: Agency discount notes, com mercial pape r , c ertificate s of dep os its ( including structured CDs), and. institu tion al funds with money mark et and other short-term investments (collec tively referred to as “m on ey market fun ds” ). VOLUMES Repo r ted volumes in c lude tradin g activity across our institutional, wholesale, reta il, and corporates clien t channels. Both side s of a tr a de a r e inclu ded in volum e totals where the trade is fully-anon y mous and a Tradeweb broker d ealer is the matched principal counterparty. In wholesale markets, U.S. Trea s uries and Mortga ges volumes are sing le-sided, a nd ris kless principal and intermediated trades on Tradew eb Direct are sing le-count. All volumes are notional par values, unles s otherwise s tated, converted to U .S. Dollars. Volumes for M ortgages represent current face valu e at time of tra de. Volumes for R epo r e present notional value of po s ted collateral. Volumes for othe r money markets includ es cash inv e s ted in fund s th rough the ICD Portal, with volumes de termined based on the sum of the daily dolla r amount o f c a s h bala nces invested in the fund s on each d ate within th e respective month, inclu ding any cash amounts invested b y Trad eweb v ia the ICD Portal. The ADV for volumes relatin g to ICD represents the a v era ge da ily ba lance (“ADB”) of cash invested through the ICD P ortal, a v erag ed o v er each c a lendar day in the period. Volumes can reflect cancellations, corrections an d settle m en t of NAV trades o n ETFs that occur after p r ior po s tings; his torical volumes a r e perio dically updated. ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) ADV (USD mm) Volume (USD mm) QoQ YoY Total 3,012,513 194,197,456 3,347,586 214,271,013 2,548,311 165,206,907 -10.01% 18.22%
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ON TRADEWEB ©2026 Tradeweb Markets LLC. All rights reserved. U.S. Corporate Bonds 2Q26 EARNINGS CONFERENCE CALL 23 FOO TNOTES Numbers include all trading activity across our institutional, wholesale, and retail client channels. 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 the Tradeweb platform. Day counts generally reflect all SIFMA trading days, where applicable. As recommended by SIFMA, Good Friday, April 3, 2026 was an official trading day for U.S. Fixed Income markets. However, due to holiday abbreviated hours (markets closed at 12:00 PM EDT) and limited trading activity, we have excluded April 3, 2026 as a trading day for all U.S. products. All trading volume from that day is included in April 2026 monthly totals. 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 the real-time TRACE dissemination feeds; accordingly, T radeweb has made no adjustments to its methodology for calculating U.S. High G rade and U.S. High Yield reported market volumes or trades. Further, F INRA’s methodology adjustment to its monthly reporting does not materially change Tradeweb volumes using market reporting standards. T radeweb’s monthly volume reporting therefore remains consistent with prior reported volumes. Using Market Reporting Standards Q2 2026 Q1 2026 Q2 2025 QoQ YoY Volume (USD mm) Tr ades Volume (USD mm) Tr ades Volume (USD mm) Tr ades Volume (USD mm) Volume (USD mm) 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 11,980 742,789 25.7 % 27,213 1,687,220 23.9 % 12,801 780,835 25.0 % 26,344 1,607,011 22.1 % 10,890 675,207 26.0 % 27,055 1,677,426 24.4 % -6.41% 69bp 10.01 % -32bp Fully Electr onic 8,862 549,449 19.0 % 26,850 1,664,687 23.6 % 9,057 552,476 17.7 % 25,913 1,580,712 21.7 % 7,522 466,355 18.0 % 26,629 1,650,971 24.0 % -2.15% 132bp 17.82 % 104bp Electronically Processed 3,118 193,339 6.7 % 363 22,533 0.3 % 3,744 228,360 7.3 % 431 26,299 0.4 % 3,369 208,852 8.1 % 427 26,455 0.4 % -16.70% -62bp (7.43)% -136bp U.S.High Yield Total 1,593 98,789 11.1 % 4,146 257,078 23.9 % 1,519 92,644 9.8 % 4,372 266,716 24.3 % 1,471 91,192 10.7 % 4,262 264,269 22.8 % 4.91% 136bp 8.33 % 44bp Fully Electr onic 1,219 75,592 8.5 % 4,047 250,923 23.4 % 1,146 69,877 7.4 % 4,273 260,665 23.8 % 1,132 70,166 8.2 % 4,163 258,131 22.3 % 6.43% 115bp 7.73 % 29bp Electronically Processed 374 23,196 2.6 % 99 6,155 0.6 % 373 22,768 2.4 % 99 6,051 0.6 % 339 21,026 2.5 % 99 6,138 0.5 % 0.24% 21bp 10.32 % 15bp Product Q2 2026 Q1 2026 Q2 2025 QoQ YoY Volume (USD mm) Tr ades Volume (USD mm) Tr ades Volume (USD mm) Tr ades ADV Total ADT Total ADV Total ADT Total ADV Total ADT Total ADV ADT ADV ADT U.S. High Grade (TRACE) 46,607 2,889,636 113,991 7,067,446 51,181 3,122,020 119,427 7,285,026 41,841 2,594,134 110,750 6,866,525 -8.94% -4.55% 11.39% 2.93% U.S. High Yield (TRACE) 14,309 887,139 17,314 1,073,475 15,536 947,712 17,972 1,096,279 13,757 852,928 18,709 1,159,986 -7.90% -3.66% 4.01% -7.46% TRADEWEB MARKETS REPORTED MARKET 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 HY. – 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).
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RATES CREDIT EQUITIES MONEY MARKETS EMERGING MARKETS DATA AND ANALYTICS ©2026 Tradeweb Markets LLC. All rights reserved. 24 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 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 Global Offices New York Jersey City Garden City Golden Dubai Paris Mumbai Riyadh London Amsterdam Sydney Miami Tokyo Hong Kong Singapore Shanghai