TW — what changed in the latest 10-Q
A section-by-section comparison of TW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −26 | ~98 | 106 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~11 | 9 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −4 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
On October 19, 2026, Tradeweb Markets LLC entered into a definitive agreement (the “Trumid Transaction Agreement”) for Tradeweb Markets LLC to acquire directly and indirectly all of the outstanding equity interests of Trumid Holdings, LLC (“Trumid”). See Note 16 – Subsequent Events to our unaudited …
For the Three Months Ended September 30, 2026 and September 30, 2025
The following table sets forth a summary of our statements of income for the three months ended September 30, 2026 and 2025:
Our revenues for the three months ended September 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
(1)Subscription fees for the three months ended September 30, 2026 and 2025 include $26.5 million and $20.5 million, respectively, of LSEG market data fees.
Text removed vs the prior filing · source: 10-Q · 2026-07-30
The following table sets forth a summary of our statements of income for the three months ended June 30, 2026 and 2025:
Our revenues for the three months ended June 30, 2026 and 2025, and the resulting dollar and percentage changes, were as follows:
(1)Subscription fees for the three months ended June 30, 2026 and 2025 include $26.5 million and $20.6 million, respectively, of LSEG market data fees.
Our strong second quarter 2026 results reflected broad-based momentum across our global business despite a more normalized market volatility backdrop. The primary driver of the $46.0 million increase in revenue was related to a $35.6 million increase in transaction fees and commissions to $465.3 mil…
Average variable fees per million for rates decreased primarily due to a mix shift towards swaps and swaptions with tenors of less than one year, which have a lower variable fee capture compared to overall rates.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-29
During the three months ended September 30, 2026, none of our directors or executive officers adopted, modified or terminated a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
The following table describes trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, as defined in Item 408 of Regulation S-K (“Rule 10b5-1 trading arrangements”), adopted, modified or terminated by our executive officers and directors during t…
Sale of an amount equal to up to (A) (i) 5,971 shares of Class A common stock to be issued upon the vesting on January 1, 2027 of previously awarded performance-based restricted stock units, plus (ii) the number of shares issued upon vesting on January 1, 2027 in settlement of dividend equivalent ri…
(1)In each case, the Rule 10b5-1 trading arrangement may also expire on such earlier date as all such transactions under the trading arrangement are completed or at such time as such trading arrangement is otherwise terminated in accordance with its terms.
During the three months ended June 30, 2026, none of our directors or executive officers adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice