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Tradeweb Markets cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$338M in Q3 2026 · $1.2B over twelve months

Operating cash flow$347M
Capital spending−$9.3M
Free cash flow+$338M
Cash / net income1.5×

Analysis

In Q3 2026, Tradeweb Markets generated $347M of operating cash flow and spent $9.3M on capital projects, leaving free cash flow of $338M. That is $9.7M more than in Q3 2025 ($328M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were buybacks ($551M), other investing ($149M), dividends ($114M); besides operations, cash came from shares issued ($3.0M); the cash balance rose by $207M.

Operating cash flow was $347M against net income of $225M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$62.3M, employee-related liabilities +$59.5M, payables +$38.9M.

Free cash flow

Tradeweb Markets: free cash flow by quarterTradeweb Markets: free cash flow by quarter$257MQ4 2024$58.6MQ1 2025$404MQ2 2025$328MQ3 2025$337MQ4 2025$94.2MQ1 2026$386MQ2 2026$338MQ3 2026
Operating cash flow less capital spending.
Tradeweb Markets: operating cash flow against capital spendingTradeweb Markets: operating cash flow against capital spendingOperating cash flowCapital spending$282M$25.2MQ4 2024$60.2M$1.6MQ1 2025$409M$5.5MQ2 2025$342M$14.0MQ3 2025$356M$19.4MQ4 2025$104M$9.6MQ1 2026$394M$8.3MQ2 2026$347M$9.3MQ3 2026
Latest (Q3 2026): Operating cash flow $347M, Capital spending $9.3M.

Capital allocation, year by year

Tradeweb Markets: where the cash came from (up) and went (down), by fiscal yearTradeweb Markets: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $578MFY2021: Shares issued $93.1MFY2021: Capital spending −$16.9MFY2021: Acquisitions −$208MFY2021: Buybacks −$75.7MFY2021: Dividends −$64.6M$671MFY2021FY2022: Operating cash flow $633MFY2022: Shares issued $10.2MFY2022: Capital spending −$23.2MFY2022: Buybacks −$99.3MFY2022: Dividends −$66.0M$643MFY2022FY2023: Operating cash flow $746MFY2023: Shares issued $15.2MFY2023: Capital spending −$18.5MFY2023: Acquisitions −$69.7MFY2023: Buybacks −$35.2MFY2023: Dividends −$75.9M$761MFY2023FY2024: Operating cash flow $898MFY2024: Shares issued $6.7MFY2024: Capital spending −$41.0MFY2024: Acquisitions −$860MFY2024: Buybacks −$59.1MFY2024: Dividends −$85.2M$904MFY2024FY2025: Operating cash flow $1.2BFY2025: Capital spending −$40.6MFY2025: Buybacks −$104MFY2025: Dividends −$102M$1.2BFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were acquisitions ($1.1B) and dividends ($394M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debtnone
Net cash$2.1B

Tradeweb Markets funds itself: free cash flow was $1.2B over the last twelve months, with $2.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Tradeweb Markets: sources (+) and uses (−) of cash, Q3 2026Tradeweb Markets: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$347MBuybacks−$207MCash drawn (+) / kept (−)−$57.0MOther investing−$39.9MDividends−$29.4MCapital spending−$9.3MOther financing−$4.1MTaxes on employees’ shares−$903KExchange rates−$20K
Tradeweb Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Tradeweb Markets: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BBuybacks−$551MCash drawn (+) / kept (−)−$207MOther investing−$149MDividends−$114MTaxes on employees’ shares−$86.6MOther financing−$49.0MCapital spending−$46.6MShares issued$3.0MExchange rates−$1.3M

From profit to cash

Tradeweb Markets: net income to operating cash flow, Q3 2026Tradeweb Markets: net income to operating cash flow, Q3 2026Net income$225MDepreciation & amortization$62.3MStock-based pay$26.4MDeferred taxes$20.4MOther non-cash−$18.7MReceivables−$17.3MPayables$38.9MEmployee-related liabilities$59.5MDeferred revenue−$271KPrepaid and other assets−$3.1MOperating cash flow$347M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$347M−$9.3M—−$207M−$29.4M—−$57.0M$338M
Q2 2026$394M−$8.3M—−$187M−$29.7M—−$121M$386M
Q1 2026$104M−$9.6M—−$53.3M−$29.8M$3.0M$147M$94.2M
Q4 2025$356M−$19.4M—−$103M−$25.6M—−$177M$337M
Q3 2025$342M−$14.0M——−$25.6M—−$278M$328M
Q2 2025$409M−$5.5M——−$25.6M—−$324M$404M
Q1 2025$60.2M−$1.6M—−$844K−$25.6M—$33.8M$58.6M
Q4 2024$282M−$25.2M$281K−$34.7M−$21.3M—−$167M$257M

Tradeweb Markets: income statement and cash flow

Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%. The chart follows the revenue to costs, profit and cash.

Tradeweb Markets: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.