Tradeweb Markets Inc. (TW) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 103.83M | 355.95M | 342.3M | 409.19M | 60.21M | 282.02M | 292.13M | 285.67M | 37.91M | 244.76M | 217.39M | 213.1M | 70.84M | 208M | 201.51M | 198.58M | 24.73M | 191.65M | 182.36M | 148.43M |
| Operating CF Margin % | 16.81% | 68.3% | 67.3% | 79.77% | 11.81% | 60.87% | 65.08% | 70.54% | 9.28% | 66.15% | 66.21% | 68.61% | 21.52% | 70.98% | 70.18% | 66.83% | 7.94% | 69.22% | 68.73% | 56.91% |
| Operating CF Growth % | 72.45% | 26.21% | 17.17% | 43.24% | 58.8% | 15.22% | 34.38% | 34.06% | -46.48% | 17.67% | 7.88% | 7.31% | 186.43% | 8.53% | 10.5% | 33.79% | -55.5% | 37.19% | 31.22% | -20.33% |
| Net Income | 205.28M | 324.74M | 210.55M | 175.52M | 168.31M | 159.94M | 130.22M | 136.42M | 126.05M | 103.74M | 111.63M | 101.94M | 102.19M | 99M | 81.57M | 68.34M | 82.97M | 60.01M | 65.31M | 55.32M |
| Depreciation & Amortization | 60.71M | 60.09M | 64.35M | 63.05M | 62.7M | 62.85M | 57.87M | 49.94M | 49.34M | 47.5M | 46.56M | 45.89M | 45.4M | 44.88M | 44.78M | 44.77M | 44.45M | 43.65M | 44.82M | 41.87M |
| Stock-Based Compensation | 25.06M | 0 | 26.14M | 26.91M | 22.19M | 23.36M | 26.17M | 23.71M | 16.4M | 20.46M | 17.35M | 15.71M | 11.61M | 17.21M | 14.76M | 0 | 0 | 15M | 13.78M | 0 |
| Deferred Taxes | 21.41M | 68.7M | 8.86M | -12.49M | 27.26M | -6.62M | 13.33M | 8.89M | 8.12M | 29.34M | 20.81M | 25.04M | 24.22M | -9.87M | 18.53M | 18.91M | 11.64M | 25.58M | 18.33M | 12.75M |
| Other Non-Cash Items | 25.37M | -157.12M | -39.42M | 4.98M | -21.87M | 1.12M | 860K | 0 | 17.34M | 11.1M | 1.91M | 456K | -341K | 1M | 0 | 34.22M | 28.19M | 0 | 0 | 23.32M |
| Working Capital Changes | -234M | 59.54M | 71.83M | 151.22M | -198.37M | 41.36M | 63.68M | 66.71M | -179.32M | 32.62M | 19.14M | 24.06M | -112.25M | 55.77M | 41.88M | 32.34M | -142.51M | 47.41M | 40.13M | 15.18M |
| Change in Receivables | -83.77M | -1.76M | -8.43M | 11.39M | -71M | 3.66M | -599K | -40.29M | -28.3M | 1.25M | -4.09M | 9.07M | -27.31M | 12.71M | 700K | 26.37M | -57.01M | 3.48M | 7.34M | 5.04M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.29M | -6.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -26.38M | 5.07M | 31.18M | 24.18M | 26.72M | -6.8M | 15.71M | -9.87M | 30.72M | 10.51M | -4.32M | -11.19M | 7.2M | 11.58M | -2.39M | -7.13M | 8.14M | 650K | -313K | -4.59M |
| Cash from Investing | -77.3M | -34.81M | -34.85M | -42.06M | -14.82M | -46.29M | -788.2M | -27.71M | -106.99M | -12.26M | -86.45M | -17.35M | -16.71M | -14.67M | -12.34M | -15.05M | -18.04M | -14.73M | -10.02M | -221.74M |
| Capital Expenditures | -9.6M | -34.81M | -14.03M | -5.46M | -1.65M | -25.23M | -17.02M | -4.83M | -17.27M | -12.19M | -17.9M | -4.29M | -6.88M | -5.25M | -3.14M | -15.05M | -18.04M | -7.16M | -1.17M | -12.88M |
| CapEx % of Revenue | 1.55% | 6.68% | 2.76% | 1.07% | 0.32% | 5.45% | 3.79% | 1.19% | 4.22% | 3.3% | 5.45% | 1.38% | 2.09% | 1.79% | 1.09% | 5.06% | 5.79% | 2.59% | 0.44% | 4.94% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 296.16M | 292M | 47.55M | 33.14M | 18.9M | 25.89M | 10.6M | 13.48M | 11.94M | 9.09M | 23.16M | 24.44M | 3.86M | 20.01M | 8.89M | 5.81M | 2.44M | 3.31M | 2.81M | 2.8M |
| Other Investing | -17.51M | 0 | -2.38M | -16.59M | -13.17M | -12.73M | 0 | -11.8M | 0 | 70.75M | -69.65M | -10.67M | -9.84M | -9.41M | -9.21M | 0 | 0 | -8.66M | -8.85M | 0 |
| Cash from Financing | -172.14M | -145.26M | -28.46M | -50.73M | -83.03M | -60.35M | -55.03M | -84.11M | -90.77M | -24.02M | -30.85M | -32.84M | -80.46M | -54.85M | -28.72M | -45.56M | -147.57M | -25.66M | -29.93M | -56.06M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -50.35M | -103.33M | 0 | -1.64M | -844K | -34.66M | -24.39M | 0 | 2.81M | -2.33M | -2.41M | -9.24M | -20.81M | -34M | -9M | -2.08M | -46.63M | -12M | -12.55M | -29.98M |
| Dividends Paid | -29.77M | -25.56M | -25.61M | -25.61M | -25.57M | -21.3M | -21.32M | -21.32M | -21.29M | -19.08M | -19.05M | -19.05M | -18.73M | -16.64M | -16.65M | -16.36M | -16.35M | -16.21M | -16.18M | -16.14M |
| Share Repurchases | -53.33M | -103.33M | 0 | -1.64M | -844K | -34.66M | -24.39M | 0 | 0 | -2.33M | -2.82M | -9.24M | -20.81M | -34M | -9M | -9M | -47.32M | -12M | -12.55M | -51.12M |
| Other Financing | -92.02M | -16.38M | -2.85M | -23.48M | -56.61M | -4.38M | -9.32M | -62.79M | -72.29M | -2.61M | -9.4M | -4.55M | -40.91M | -4.2M | -3.07M | -6.62M | -105.1M | 2.56M | -1.19M | -9.94M |
| Net Change in Cash | -147.44M | 176.82M | 277.8M | 323.67M | -33.85M | 166.57M | -544.5M | 173.35M | -161.59M | 213.06M | 97.01M | 163.73M | -24.55M | 147M | 150.51M | 131.66M | -143.99M | 150.14M | 140.68M | -128.71M |
| Free Cash Flow | 94.23M | 336.54M | 310.89M | 403.72M | 58.56M | 244.07M | 275.12M | 269.04M | 20.65M | 232.57M | 199.49M | 198.14M | 54.13M | 193.33M | 189.16M | 192.82M | 15.67M | 175.83M | 172.35M | 144.25M |
| FCF Margin % | 15.25% | 64.57% | 61.13% | 78.7% | 11.49% | 52.68% | 61.28% | 66.44% | 5.05% | 62.86% | 60.75% | 63.79% | 16.44% | 65.97% | 65.88% | 64.89% | 5.03% | 63.5% | 64.96% | 55.3% |
| FCF Growth % | 60.91% | 37.89% | 13% | 50.06% | 183.63% | 4.94% | 37.91% | 35.78% | -61.85% | 20.29% | 5.46% | 2.76% | 245.39% | 9.95% | 9.76% | 33.67% | -69.4% | 30.54% | 25.91% | -21.27% |
| FCF per Share | 0.44 | 1.57 | 1.45 | 1.88 | 0.27 | 1.14 | 1.28 | 1.25 | 0.10 | 1.09 | 0.93 | 0.93 | 0.26 | 0.92 | 0.91 | 0.93 | 0.08 | 0.84 | 0.83 | 0.70 |
| FCF Conversion (FCF/Net Income) | 0.51x | 1.10x | 1.84x | 2.66x | 0.41x | 1.98x | 2.56x | 2.40x | 0.30x | 2.74x | 2.20x | 2.39x | 0.81x | 2.34x | 2.92x | 2.91x | 0.30x | 3.92x | 3.33x | 2.68x |
| Interest Paid | 475K | 0 | 382K | 351K | 1.39M | 434K | 383K | 515K | 0 | 557K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 78.29M | 0 | -1.58M | 33.23M | 11.86M | -9.18M | 9.18M | 56.96M | 0 | 4.02M | 5.6M | 0 | 0 | 2.21M | 5.67M | 0 | 0 | 2.78M | 0 | 0 |