NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported financial results for the quarter ended June 30, 2026.
$558.9 million quarterly revenues, an increase of 9.0% (8.3% on a constant currency basis) compared to prior year period
$245.1 million quarterly international revenues, an increase of 13.9% (12.3% on a constant current basis) compared to prior year period
$3.0 trillion average daily volume (“ADV”) for the quarter, an increase of 18.2% compared to prior year period; quarterly ADV records in rates futures, fully electronic U.S. high yield credit, convertibles/swaps/options and repurchase agreements
$206.7 million net income and $228.1 million adjusted net income for the quarter, increases of 17.8% and 10.7%, respectively, from prior year period
54.4% adjusted EBITDA margin and $304.1 million adjusted EBITDA for the quarter, compared to 54.2% and $277.9 million, respectively, for prior year period
$0.85 diluted earnings per share (“Diluted EPS”) and $0.97 adjusted diluted earnings per share for the quarter
$0.14 per share quarterly cash dividend declared, a 16.7% per share increase from prior year period
Billy Hult, CEO of Tradeweb:
"Our second quarter results reflect the resilience and diversification of our global, multi-asset platform, with strong volume growth across the business despite more normalized volatility compared to the first quarter of 2026. International revenue continued to accelerate, and client adoption of Tradeweb AiEX continued to increase as clients further embedded automation into their trading workflows — a trend that continues to reinforce the long-term structural shift toward electronic trading.
In our core markets, we advanced our credit offering with the launch of TARA, our first generative AI-powered research assistant for institutional credit trading, and the introduction of spread trading for European credit portfolios, enabling clients to execute at the portfolio level within a single, integrated workflow. We also announced the adoption of Tradeweb's iNAV by Xtrackers across its European-listed ETFs, highlighting our commitment to supporting more efficient ETF trading and building confidence across the broader market.
In frontier markets, we deepened our partnership with Kalshi, integrating prediction market data and a dedicated pricing index into institutional trading workflows, while continuing to invest in our digital asset capabilities on the Canton Network. Together, these initiatives reflect our commitment to investing in the technologies and partnerships that we believe will define the next phase of electronic trading.
With a strong foundation across our core and emerging products, we remain focused on delivering for our clients and driving durable, long-term growth."
SELECT FINANCIAL RESULTS |
| 2Q26 |
|
| 2Q25 |
| Change | Constant Currency Change(1) | ||
(dollars in thousands, except per share amounts)(Unaudited) | ||||||||||
GAAP Financial Measures | ||||||||||
Total revenue | $ | 558,946 |
| $ | 512,971 |
| 9.0 | % | 8.3 | % |
Rates | $ | 302,490 |
| $ | 274,517 |
| 10.2 | % | 9.5 | % |
Credit | $ | 128,392 |
| $ | 124,295 |
| 3.3 | % | 2.7 | % |
Equities | $ | 38,891 |
| $ | 34,252 |
| 13.5 | % | 12.1 | % |
Money Markets | $ | 43,976 |
| $ | 41,636 |
| 5.6 | % | 5.2 | % |
Market Data | $ | 37,288 |
| $ | 30,417 |
| 22.6 | % | 22.7 | % |
Other | $ | 7,909 |
| $ | 7,854 |
| 0.7 | % | 0.7 | % |
Operating Income | $ | 245,262 |
| $ | 199,853 |
| 22.7 | % |
|
|
Net income | $ | 206,686 |
| $ | 175,522 |
| 17.8 | % |
|
|
| Net income attributable to Tradeweb Markets Inc. (2) | $ | 181,318 |
| $ | 153,782 |
| 17.9 | % | ||
Diluted EPS | $ | 0.85 |
| $ | 0.71 |
| 19.7 | % |
|
|
Net income margin |
| 37.0 | % |
| 34.2 | % | +276 | bps |
|
|
Non-GAAP Financial Measures | ||||||||||
Adjusted EBITDA (1) | $ | 304,135 |
| $ | 277,896 |
| 9.4 | % | 7.8 | % |
Adjusted EBITDA margin (1) |
| 54.4 | % |
| 54.2 | % | +24 | bps | -27 | bps |
Adjusted EBIT (1) | $ | 282,550 |
| $ | 260,322 |
| 8.5 | % | 6.7 | % |
Adjusted EBIT margin (1) |
| 50.6 | % |
| 50.7 | % | -20 | bps | -74 | bps |
Adjusted Net Income (1) | $ | 228,149 |
| $ | 206,149 |
| 10.7 | % | 8.9 | % |
Adjusted Diluted EPS (1) | $ | 0.97 |
| $ | 0.87 |
| 11.5 | % | 10.3 | % |
(1) | Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted Net Income, Adjusted Diluted EPS and constant currency change are non-GAAP financial measures. See "Non-GAAP Financial Measures" below and the attached schedules for additional information and reconciliations of such non-GAAP financial measures. |
(2) | Represents net income less net income attributable to non-controlling interests. |
ADV (US $bn) (Unaudited) | |||||||
Asset Class | Product |
| 2Q26 |
| 2Q25 | YoY | |
Rates | Cash | $ | 596 | $ | 546 | 9.0 | % |
| Derivatives |
| 1,180 |
| 897 | 31.6 | % |
| Total |
| 1,776 |
| 1,443 | 23.1 | % |
Credit | Cash |
| 19 |
| 18 | 6.5 | % |
| Derivatives |
| 23 |
| 20 | 19.6 | % |
| Total |
| 43 |
| 38 | 13.3 | % |
Equities | Cash |
| 16 |
| 14 | 16.9 | % |
| Derivatives |
| 16 |
| 14 | 17.8 | % |
| Total |
| 32 |
| 28 | 17.3 | % |
Money Markets | Cash |
| 1,161 |
| 1,040 | 11.7 | % |
| Total |
| 1,161 |
| 1,040 | 11.7 | % |
| Total | $ | 3,013 | $ | 2,548 | 18.2 | % |
DISCUSSION OF RESULTS
Rates – Revenues of $302.5 million in the second quarter of 2026 increased 10.2% compared to prior year period (increased 9.5% on a constant currency basis). Rates ADV was up 23.1% from prior year period, including record ADV in rates futures. U.S. government bond ADV was up 5.3% from prior year period, driven by strong institutional and wholesale activity, with institutional volumes reaching their second highest month on record in May 2026. Swaps/swaptions ≥ 1-year ADV was up 26.5% from prior year period, driven by fluctuating global central bank policy expectations and evolving geopolitical uncertainty. European government bonds ADV was up 17.3% from prior year period, led by strong volumes across our institutional client channel. Mortgages ADV was up 10.7% from prior year period, including strong To-Be-Announced ("TBA") activity, which was primarily driven by increased trading year-over-year ("YoY") from asset managers and hedge funds. Tradeweb's specified pool platform saw higher trading activity YoY, supported by continued momentum in client adoption and an expanding dealer roster. The 10.3% decline in rates derivatives ≥ 1-year average variable fees per million in the second quarter of 2026 compared to prior year period was primarily driven by a mix shift within currencies, which carry a relatively lower fee per million as well as lower duration.
Credit – Revenues of $128.4 million in the second quarter of 2026 increased 3.3% compared to prior year period (increased 2.7% on a constant currency basis). U.S. credit ADV was up 10.3% from prior year period, including record ADV in fully electronic U.S. high yield credit, as well as continued client adoption of trading protocols, including in Portfolio Trading ("PT"), Request-for-Quote ("RFQ") and Tradeweb AllTrade®. European credit ADV was up 23.4% from prior year period, driven by a diverse set of protocols, particularly PT and Tradeweb Automated Intelligent Execution ("AiEX"). Credit derivatives ADV was up 19.6% from prior year period, driven by increased hedge fund and systematic account activity YoY which led to increased swap execution facility ("SEF") and multilateral trading facility ("MTF") credit default swaps activity. Municipal bond ADV was down 12.2% from prior year period, outperforming the market which was down 16% from prior year period (based on MSRB). We reported 19.0% share of fully electronic U.S. high grade TRACE, up 101 basis points (bps) from prior year period and 8.5% share of fully electronic U.S. high yield TRACE, up 32 bps from prior year period. We also reported 25.7% total share of U.S. high grade TRACE, down 29 bps from prior year period and 11.1% total share of U.S. high yield TRACE, up 44 bps from prior year period. The 11.4% decline in cash credit average variable fees per million in the second quarter of 2026 compared to prior year period was primarily driven by a mix shift away from municipal bonds and retail U.S. credit, which carry a relatively higher fee per million, as well as a mix shift towards European credit and portfolio trading, which carry a relatively lower fee per million.
Equities – Revenues of $38.9 million in the second quarter of 2026 increased 13.5% compared to prior year period (increased 12.1% on a constant currency basis). Equities ADV was up 17.3% from prior year period, with record ADV in convertibles/swaps/options. Volumes were driven by strong activity in U.S. and international exchange traded funds ("ETFs"), with robust activity in our institutional and wholesale channels, as the client base grew and clients' adoption of our automated trading functionality continued to grow YoY.
Money Markets – Revenues of $44.0 million in the second quarter of 2026 increased 5.6% compared to prior year period (increased 5.2% on a constant currency basis). Money Markets ADV was up 11.7% from prior year period, driven by record ADV in global repurchase agreements as a result of increased client participation across the platform, as well as Tradeweb ICD Portal activity, which was driven by both existing clients and new client additions.
Market Data – Revenues of $37.3 million in the second quarter of 2026 increased 22.6% compared to prior year period (increased 22.7% on a constant currency basis), primarily due to amendments to our LSEG market data license agreement which were effective as of November 2025, as well as growth in our proprietary market data revenues. The amended market data license agreement included higher overall fees and a change in the timing of the delivery of periodic historical data sets, with more frequent deliveries scheduled under the amended agreement and a corresponding increase in revenue during the second quarter of 2026.
Other – Revenues of $7.9 million in the second quarter of 2026 remained relatively flat compared to prior year period.
Operating Expenses of $313.7 million in the second quarter of 2026 remained relatively flat compared to $313.1 million in prior year period as the increase in technology and communication expense due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period was partially offset by a decrease in general and administrative expenses primarily due to a decrease in foreign exchange losses.
Adjusted Expenses of $276.4 million in the second quarter of 2026 increased 9.4% (increased 9.9% on a constant currency basis) compared to prior year period primarily due to (i) an increase in technology and communication expense due to increased investment in our data strategy and infrastructure and increased data fees driven primarily by higher trading volumes period-over-period and (ii) an increase in depreciation and amortization expense primarily relating to capitalized internally developed software and technology hardware. Please see "Non-GAAP Financial Measures" below for additional information.
Non-operating Income – Other income (loss), net of $7.3 million of income in the second quarter of 2026 compared to the prior year period income of $12.7 million, primarily included $26.6 million in unrealized gains on minority equity investments during the second quarter of 2026, partially offset by a $15.1 million unrealized loss related to our Canton Coin holdings and a $3.7 million decrease in fair value of our investment in Canton Strategic Holdings. Other income in the second quarter of 2025 included $18.1 million in unrealized gains relating our Canton Coin holdings, partially offset by a $5.4 million loss due to the impairment of a minority equity investment. Other income (loss), net is excluded from all non-GAAP financial measures.
RECENT HIGHLIGHTS
July 2026
- Announced the completion of a landmark real-time transaction involving tokenized U.S. Treasuries on Tradeweb with the Canton Network.
- Announced our multi-year partnership with professional golfer James Nicholas.
- Participated in the Depository Trust & Clearing Corporation (DTCC)'s successful processing of U.S. Treasury transactions using tokenized assets held at The Depository Trust Company (DTC) - the largest tokenization production initiative to date.
- Extended the distribution of our licensed Tradeweb FTSE Benchmark Closing Prices through Pyth Network's Data Marketplace, alongside pricing derived from our electronic fixed income marketplaces.
- Recognized in numerous awards, including: Most Influential in European Finance - Enrico Bruni (Financial News); Best Fixed Income Trading Solution - Tradeweb (Capital Markets Technology Awards APAC 2026).
Second Quarter 2026
Core Markets
- Announced that Xtrackers, the ETF and ETC platform of DWS, has adopted Tradeweb’s iNAVs across its European-listed ETFs, adding an independent, real time intraday pricing reference for market participants.
- Contributed Tradeweb’s iNAV data to the new Pyth Data Marketplace from Pyth Network, expanding access to our high-quality, intraday ETF valuations via on-chain infrastructure.
- Introduced TARA, an AI-powered research assistant for institutional credit trading, designed to help institutional U.S. credit market participants transform trading data into actionable real-time market intelligence and trading insights.
- Launched spread trading for European credit portfolios, enabling portfolio-level execution on a spread within a single, integrated workflow.
- Selected by the European Central Bank to facilitate the lending of French, German, Italian and Spanish public sector securities against cash collateral.
- Announced the first Swap Exchange for Physical (EFP) Unwind transaction executed on Tradeweb, with Ardea Investment Management and Deutsche Bank Investment Bank providing liquidity.
- Published the annual 2026 Tradeweb ICD Portal Client Survey.
Frontier Markets
- Expanded our Kalshi partnership, integrating Kalshi prediction market data and a dedicated pricing index into institutional trading workflows on Tradeweb.
Awards
- Recognized in numerous awards, including: Rising Stars of European Finance 2026 - Melanie Hazan (Financial News); Most Effective Platform for Trading Rates - Tradeweb (Markets Media Bond Market Awards 2026); Rising Star - Nicole Hasbrouck (Women’s Bond Club Awards); Excellence in Talent Management - Isabella Teixeira (Women in Finance Asia Awards); Best in Fixed Income - Tradeweb (Global Markets Choice Awards 2026); Top Innovator - Tradeweb (TabbFORUM NOVA Awards 2026).
CAPITAL MANAGEMENT
- $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of June 30, 2026
- As of June 30, 2026, we held 1.6 billion Canton Coins, valued at $230.0 million of which we are restricted in our ability to transfer 1.3 billion Canton Coins, valued at $181.6 million
- Free cash flow for the trailing twelve months ended June 30, 2026 of $1.1 billion, up 13.0% compared to prior year period. See “Non-GAAP Financial Measures” for additional information
- Cash paid for capital expenditures and capitalized software development during the second quarter of 2026 of $27.2 million
- Cash paid for investments during the second quarter of 2026 of $6.7 million
- During the second quarter of 2026, Tradeweb purchased a total of 1,908,308 shares of Class A common stock, at an average price of $99.01, for purchases totaling $188.9 million. As of June 30, 2026, $334.3 million in share repurchase authorization remained
- $0.2 million in shares of Class A common stock were withheld during the second quarter of 2026 to satisfy tax obligations related to the vesting or exercise of employee stock-based compensation awards
- The Board declared a quarterly cash dividend of $0.14 per share of Class A common stock and Class B common stock. The dividend will be payable on September 15, 2026 to stockholders of record as of September 1, 2026
OTHER MATTERS
Unchanged Full-Year 2026 Guidance*
- Adjusted Expenses: $1,100 - 1,160 million (trending towards the top half of the range)
- Acquisition and Refinitiv Transaction related depreciation and amortization expense: $160 million
- Assumed non-GAAP tax rate: ~23.5% - 24.5%
- Cash capital expenditures and capitalized software development: ~$107 - 117 million
- LSEG Market Data Contract Revenue: ~$105 million
*GAAP operating expenses and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement of foreign currency rates. Expense guidance assumes an average 2026 Sterling/US$ foreign exchange rate of 1.32.
CONFERENCE CALL
Tradeweb Markets will hold a conference call to discuss second quarter 2026 results starting at 9:30 AM EDT today, July 30, 2026. A live, audio webcast of the conference call along with related presentation materials will be available at https://investors.tradeweb.com/events-and-presentations.
- To join the call via audio webcast, click here: https://edge.media-server.com/mmc/p/u6hiogc8/
- To join the call via phone, please register in advance here: https://register-conf.media-server.com/register/BIda35a925fa59455aa4d9fa6446e4f6c5. Registered participants will receive an email confirmation with a unique PIN to access the conference call.
An archived recording of the call will be available afterward at https://investors.tradeweb.com.
ABOUT TRADEWEB MARKETS
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.9 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
TRADEWEB MARKETS INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
|
| Three Months Ended |
| Six Months Ended | ||||||||||||
|
| June 30, |
| June 30, | ||||||||||||
|
| 2026 |
| 2025 |
| 2026 |
| 2025 | ||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||
Revenues |
| |||||||||||||||
Transaction fees and commissions |
| $ | 465,335 |
|
| $ | 429,768 |
|
| $ | 989,168 |
|
| $ | 851,112 |
|
Subscription fees |
|
| 61,724 |
|
|
| 57,392 |
|
|
| 121,997 |
|
|
| 113,169 |
|
LSEG market data fees |
|
| 26,496 |
|
|
| 20,569 |
|
|
| 53,238 |
|
|
| 49,494 |
|
Other |
|
| 5,391 |
|
|
| 5,242 |
|
|
| 12,307 |
|
|
| 8,873 |
|
Total revenue |
|
| 558,946 |
|
|
| 512,971 |
|
|
| 1,176,710 |
|
|
| 1,022,648 |
|
|
|
|
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
|
|
|
|
| ||||||||
Employee compensation and benefits |
|
| 172,462 |
|
|
| 169,693 |
|
|
| 370,255 |
|
|
| 346,570 |
|
Depreciation and amortization |
|
| 61,487 |
|
|
| 63,048 |
|
|
| 122,196 |
|
|
| 125,747 |
|
Technology and communications |
|
| 41,976 |
|
|
| 30,212 |
|
|
| 81,525 |
|
|
| 58,940 |
|
General and administrative |
|
| 16,616 |
|
|
| 29,984 |
|
|
| 28,560 |
|
|
| 49,724 |
|
Professional fees |
|
| 12,765 |
|
|
| 14,159 |
|
|
| 25,089 |
|
|
| 26,617 |
|
Occupancy |
|
| 8,378 |
|
|
| 6,022 |
|
|
| 16,570 |
|
|
| 11,096 |
|
Total expenses |
|
| 313,684 |
|
|
| 313,118 |
|
|
| 644,195 |
|
|
| 618,694 |
|
Operating income |
|
| 245,262 |
|
|
| 199,853 |
|
|
| 532,515 |
|
|
| 403,954 |
|
Interest income |
|
| 18,151 |
|
|
| 14,972 |
|
|
| 35,602 |
|
|
| 28,821 |
|
Interest expense |
|
| (505 | ) |
|
| (429 | ) |
|
| (1,129 | ) |
|
| (1,016 | ) |
Other income (loss), net |
|
| 7,278 |
|
|
| 12,665 |
|
|
| 6,122 |
|
|
| 16,886 |
|
Income before taxes |
|
| 270,186 |
|
|
| 227,061 |
|
|
| 573,110 |
|
|
| 448,645 |
|
Provision for income taxes |
|
| (63,500 | ) |
|
| (51,539 | ) |
|
| (133,257 | ) |
|
| (104,818 | ) |
Net income |
|
| 206,686 |
|
|
| 175,522 |
|
|
| 439,853 |
|
|
| 343,827 |
|
Less: Net income attributable to non-controlling interests |
|
| 25,368 |
|
|
| 21,740 |
|
|
| 53,251 |
|
|
| 41,663 |
|
Net income attributable to Tradeweb Markets Inc. |
| $ | 181,318 |
|
| $ | 153,782 |
|
| $ | 386,602 |
|
| $ | 302,164 |
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders: |
|
|
|
|
|
|
|
| ||||||||
Basic |
| $ | 0.85 |
|
| $ | 0.72 |
|
| $ | 1.82 |
|
| $ | 1.42 |
|
Diluted |
| $ | 0.85 |
|
| $ | 0.71 |
|
| $ | 1.81 |
|
| $ | 1.40 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
| ||||||||
Basic |
|
| 212,463,597 |
|
|
| 213,339,761 |
|
|
| 212,573,754 |
|
|
| 213,214,326 |
|
Diluted |
|
| 212,795,141 |
|
|
| 214,971,946 |
|
|
| 213,059,281 |
|
|
| 214,934,378 |
|
TRADEWEB MARKETS INC. | ||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||||||||
|
| Three Months Ended |
| Six Months Ended | ||||||||||||
Reconciliation of Net Income to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT and Adjusted EBIT Margin |
| June 30, |
| June 30, | ||||||||||||
| 2026 |
| 2025 |
| 2026 |
| 2025 | |||||||||
|
|
|
|
|
|
|
|
| ||||||||
|
| (dollars in thousands) | ||||||||||||||
Net income |
| $ | 206,686 |
|
| $ | 175,522 |
|
| $ | 439,853 |
|
| $ | 343,827 |
|
Merger and acquisition transaction and integration costs (1) |
|
| 305 |
|
|
| 3,772 |
|
|
| 482 |
|
|
| 6,268 |
|
Interest income |
|
| (18,151 | ) |
|
| (14,972 | ) |
|
| (35,602 | ) |
|
| (28,821 | ) |
Interest expense |
|
| 505 |
|
|
| 429 |
|
|
| 1,129 |
|
|
| 1,016 |
|
Depreciation and amortization |
|
| 61,487 |
|
|
| 63,048 |
|
|
| 122,196 |
|
|
| 125,747 |
|
Stock-based compensation expense (2) |
|
| 778 |
|
|
| 601 |
|
|
| 1,434 |
|
|
| 1,195 |
|
Provision for income taxes |
|
| 63,500 |
|
|
| 51,539 |
|
|
| 133,257 |
|
|
| 104,818 |
|
Foreign exchange (gains) / losses (3) |
|
| (3,697 | ) |
|
| 10,622 |
|
|
| (12,809 | ) |
|
| 18,951 |
|
Tax receivable agreement liability adjustment (4) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Other (income) loss, net |
|
| (7,278 | ) |
|
| (12,665 | ) |
|
| (6,122 | ) |
|
| (16,886 | ) |
Adjusted EBITDA |
| $ | 304,135 |
|
| $ | 277,896 |
|
| $ | 643,818 |
|
| $ | 556,115 |
|
Less: Depreciation and amortization |
|
| (61,487 | ) |
|
| (63,048 | ) |
|
| (122,196 | ) |
|
| (125,747 | ) |
Add: D&A related to acquisitions and the Refinitiv Transaction (5) |
|
| 39,902 |
|
|
| 45,474 |
|
|
| 79,804 |
|
|
| 90,947 |
|
Adjusted EBIT |
| $ | 282,550 |
|
| $ | 260,322 |
|
| $ | 601,426 |
|
| $ | 521,315 |
|
Net income margin (6) |
|
| 37.0 | % |
|
| 34.2 | % |
|
| 37.4 | % |
|
| 33.6 | % |
Adjusted EBITDA margin (6) |
|
| 54.4 | % |
|
| 54.2 | % |
|
| 54.7 | % |
|
| 54.4 | % |
Adjusted EBIT margin (6) |
|
| 50.6 | % |
|
| 50.7 | % |
|
| 51.1 | % |
|
| 51.0 | % |
(1) | 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. |
(2) | Represents certain non-cash stock-based compensation expense and related payroll taxes, the composition of which may vary each period based on applicable activity. During the three and six months ended June 30, 2026 and 2025, this adjustment includes $0.8 million, $0.6 million, $1.3 million and $1.2 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 the 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 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. |
(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 Refinitiv Transaction). |
(6) | Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EBIT, respectively, divided by revenue for the applicable period. |
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