TWFG, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TWFG, Inc. reported revenue of $248.5M (+22.0% year on year) and net income of $41.2M (+44.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Total revenues | $248.5M | $203.8M |
| Commission expense | $133.5M | $118.1M |
| Salaries and employee benefits | $37.6M | $29.1M |
| Other administrative expenses (related party: 2025- $3,122, 2024- $1,478 and 2023- $415) | $22.0M | $16.7M |
| Depreciation and amortization | $18.4M | $12.0M |
| Total operating expenses | $211.5M | $175.8M |
| Operating income | $37.0M | $27.9M |
| Interest expense | ($287.0K) | $2.2M |
| Interest income | $6.6M | $4.4M |
| Other non-operating income (expense), net | $1.1M | $9.0K |
| Income before tax | $44.4M | $30.1M |
| Income tax expense | $3.3M | $1.5M |
| Net income from continuing operations | $41.2M | $28.6M |
| Net income from discontinued operation, net of tax | $0 | $0 |
| Net income | $41.2M | $28.6M |
| Less: net income attributable to noncontrolling interests | $33.2M | $25.8M |
| Basic (in shares) | 14.9M | 14.8M |
| Diluted (in shares) | 15.1M | 15.0M |
| Basic (us dollars per share) | $0.53 | $0.19 |
| Diluted (us dollar per share) | $0.53 | $0.19 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $87.5M | $72.8M | $64.1M | $60.3M |
| Commission expense | $42.5M | $37.0M | $34.6M | $34.2M |
| Salaries and employee benefits | $11.8M | $9.9M | $9.9M | $9.5M |
| Other administrative expenses (related party of $851 and $779 for the three months ended and $1,692 and $1,549 for the six months ended June 30, 2026 and 2025, respectively) | $8.6M | $7.4M | $5.2M | $5.4M |
| Depreciation and amortization | $7.1M | $6.2M | $5.3M | $3.9M |
| Total operating expenses | $69.9M | $60.5M | $55.1M | $52.9M |
| Operating income | $17.6M | $12.4M | $9.0M | $7.4M |
| Interest expense | ($57.0K) | ($62.0K) | $70.0K | $68.0K |
| Interest income | $759.0K | $1.2M | $1.6M | $1.8M |
| Other non-operating income (expense), net | ($7.0K) | $709.0K | $59.0K | $574.0K |
| Income before tax | $18.3M | $14.2M | $10.6M | $9.6M |
| Income tax expense | $1.0M | $1.1M | $977.0K | $620.0K |
| Net income | $17.3M | $13.1M | $9.6M | $9.0M |
| Less: net income attributable to noncontrolling interests | $14.9M | $11.3M | $7.9M | $7.0M |
| Net income attributable to TWFG, Inc. | $2.4M | $1.8M | $1.7M | $2.0M |
| Basic (in shares) | 13.1M | 14.8M | 15.0M | 14.9M |
| Diluted (in shares) | 13.1M | 14.9M | 15.1M | 56.3M |
| Basic (in dollars per share) | $0.18 | $0.12 | $0.11 | $0.13 |
| Diluted (in dollars per share) | $0.18 | $0.12 | $0.11 | $0.13 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Cash and cash equivalents | $155.9M | $195.8M |
| Restricted cash | $12.0M | $9.6M |
| Commissions receivable, net | $37.3M | $27.1M |
| Accounts receivable | $7.5M | $7.8M |
| Other current assets, net | $12.8M | $1.6M |
| Total current assets | $225.5M | $241.8M |
| Intangible assets, net | $138.6M | $73.0M |
| Property and equipment, net | $3.3M | $3.5M |
| Lease right-of-use assets, net | $4.2M | $4.5M |
| Other non-current assets | $689.0K | $610.0K |
| Total assets | $372.3M | $323.4M |
| Commissions payable | $15.2M | $13.8M |
| Carrier liabilities | $13.8M | $12.4M |
| Operating lease liabilities | $1.3M | $1.0M |
| Short-term bank debt | $2.0M | $1.9M |
| Deferred acquisition payables | $1.5M | $601.0K |
| Other current liabilities | $10.3M | $9.9M |
| Total current liabilities | $44.1M | $39.6M |
| Operating lease liabilities | $2.9M | $3.4M |
| Long-term bank debt | $2.0M | $4.0M |
| Deferred acquisition payables | $6.7M | $1.1M |
| Other non-current liabilities | $0 | $24.0K |
| Total liabilities | $55.7M | $48.1M |
| Redeemable noncontrolling interest | $17.9M | — |
| Common stock | $150.0K | $148.0K |
| Additional paid-in capital | $60.0M | $58.4M |
| Retained earnings | $23.3M | $15.3M |
| Accumulated other comprehensive income | $30.0K | $83.0K |
| Total stockholders' equity attributable to TWFG, Inc. | $83.4M | $73.9M |
| Noncontrolling interests | $215.4M | $201.4M |
| Total stockholders' equity | $298.7M | $275.3M |
| Total liabilities, redeemable noncontrolling interest, and equity | $372.3M | $323.4M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $73.7M | $124.8M | $151.0M | $159.8M |
| Restricted cash | $19.0M | $18.8M | $11.6M | $11.2M |
| Commissions receivable, net | $46.8M | $36.5M | $27.5M | $25.2M |
| Accounts receivable | $14.2M | $8.1M | $8.2M | $9.4M |
| Other current assets, net | $16.7M | $13.2M | $13.1M | $2.9M |
| Total current assets | $170.5M | $201.4M | $211.3M | $208.5M |
| Intangible assets, net | $178.7M | $161.6M | $129.4M | $125.9M |
| Property and equipment, net | $3.8M | $3.5M | $3.2M | $3.3M |
| Lease right-of-use assets, net | $4.6M | $4.1M | $4.5M | $4.4M |
| Other non-current assets | $635.0K | $664.0K | $734.0K | $779.0K |
| Total assets | $358.4M | $371.2M | $349.2M | $342.8M |
| Commissions payable | $20.7M | $18.8M | $15.9M | $16.2M |
| Carrier liabilities | $22.8M | $20.1M | $14.1M | $15.2M |
| Operating lease liabilities | $1.2M | $1.2M | $1.4M | $1.4M |
| Short-term bank debt | $2.0M | $2.0M | $2.0M | $1.9M |
| Deferred acquisition payables | $6.7M | $6.4M | $2.5M | $2.0M |
| Other current liabilities | $13.0M | $10.3M | $9.3M | $8.7M |
| Total current liabilities | $66.6M | $58.9M | $45.1M | $45.4M |
| Operating lease liabilities | $3.4M | $2.8M | $3.1M | $3.0M |
| Long-term bank debt | $1.0M | $1.5M | $2.5M | $3.0M |
| Deferred acquisition payables | $343.0K | $1.5M | $2.6M | $2.4M |
| Total liabilities | $71.3M | $64.7M | $53.4M | $53.9M |
| Redeemable noncontrolling interest | $23.2M | $21.4M | $11.4M | $9.8M |
| Common stock | $128.0K | $142.0K | $150.0K | $149.0K |
| Additional paid-in capital | $18.6M | $44.0M | $58.9M | $59.9M |
| Retained earnings | $27.4M | $25.0M | $20.3M | $18.6M |
| Accumulated other comprehensive income | $21.0K | $26.0K | $40.0K | $52.0K |
| Total stockholders' equity attributable to TWFG, Inc. | $46.2M | $69.2M | $79.4M | $78.7M |
| Noncontrolling interests | $217.7M | $215.8M | $205.0M | $200.5M |
| Total stockholders' equity | $263.8M | $285.0M | $284.3M | $279.2M |
| Total liabilities, redeemable noncontrolling interest, and equity | $358.4M | $371.2M | $349.2M | $342.8M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Net income | $41.2M | $28.6M |
| Less: Net income from discontinued operation, net of tax | $0 | $0 |
| Net income from continuing operations | $41.2M | $28.6M |
| Depreciation and amortization | $18.4M | $12.0M |
| Net gain on sales of intangible assets and property and equipment | ($1.1M) | $0 |
| Stock-based compensation expense | $4.6M | $2.2M |
| Non-cash lease expense | $1.4M | $1.0M |
| Other non-cash items | ($14.0K) | $9.0K |
| Commissions receivable, net | ($10.3M) | ($8.0M) |
| Accounts receivable | $370.0K | ($1.8M) |
| Other current and non-current assets | ($1.5M) | $12.0K |
| Commissions payable | $1.3M | $1.4M |
| Operating lease liabilities | ($1.2M) | ($1.1M) |
| Other current liabilities | $433.0K | $6.1M |
| Net cash provided by operating activities from continuing operations | $53.5M | $40.5M |
| Net cash provided by operating activities from discontinued operation | $0 | $0 |
| Net cash provided by operating activities | $53.5M | $40.5M |
| Proceeds from sale of books of business | $1.8M | $0 |
| Proceeds from sale of property and equipment | $49.0K | $0 |
| Purchase of intangible assets | ($61.9M) | ($21.9M) |
| Purchase of property and equipment | ($356.0K) | ($3.2M) |
| Other investment | ($10.0M) | $0 |
| Net cash (used in) investing activities from continuing operations | ($70.4M) | ($25.1M) |
| Net cash provided by investing activities from discontinued operation | $0 | $0 |
| Net cash (used in) investing activities | ($70.4M) | ($25.1M) |
| Proceeds from borrowings | $0 | $0 |
| Repayment of borrowings | ($1.9M) | ($43.4M) |
| Distributions to members | ($15.9M) | ($9.3M) |
| Cash derecognized upon distribution of EVO to members | $0 | $0 |
| Net proceeds from IPO, net of underwriting costs | $0 | $193.6M |
| Payment of shelf registration costs | ($445.0K) | — |
| Payment of deferred offering costs | $0 | $0 |
| Payment of equity issuance costs | $0 | ($38.0K) |
| Tax withholding on vesting of equity awards | ($3.1M) | — |
| Increase in carrier liabilities | $2.9M | $4.8M |
| Decrease in carrier liabilities | ($1.5M) | ($1.1M) |
| Payment of deferred acquisition payable | ($600.0K) | ($1.0M) |
| Net cash (used in) provided by financing activities from continuing operations | ($20.5M) | $143.4M |
| Net cash (used in) financing activities from discontinued operation | $0 | $0 |
| Net cash (used in) provided by financing activities | ($20.5M) | $143.4M |
| Net change in cash, cash equivalents and restricted cash from continuing operations | ($37.4M) | $158.9M |
| Net change in cash, cash equivalents and restricted cash from discontinued operation | $0 | $0 |
| Cash, cash equivalents and restricted cash from continuing operations - beginning balance | $205.3M | $46.5M |
| Cash, cash equivalents and restricted cash from discontinued operation - beginning balance | $0 | $0 |
| Cash, cash equivalents and restricted cash - beginning balance | $205.3M | $46.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $30.3M | $13.1M | $25.5M | $15.9M |
| Depreciation and amortization | $13.2M | $6.2M | $12.6M | $7.3M |
| Net gain on sales of intangible assets and property and equipment | ($701.0K) | ($700.0K) | ($616.0K) | ($573.0K) |
| Stock-based compensation expense | $2.0M | $856.0K | $3.7M | $2.7M |
| Non-cash lease expense | $801.0K | $379.0K | $988.0K | $636.0K |
| Other non-cash items | ($16.0K) | ($11.0K) | ($8.0K) | $3.0K |
| Commissions receivable, net | ($9.5M) | $831.0K | ($462.0K) | $1.8M |
| Accounts receivable | ($6.8M) | ($585.0K) | ($330.0K) | ($1.5M) |
| Other current and non-current assets | ($3.9M) | ($367.0K) | ($1.8M) | ($1.6M) |
| Commissions payable | $5.6M | $3.7M | $2.0M | $2.4M |
| Operating lease liabilities | ($848.0K) | ($409.0K) | ($857.0K) | ($546.0K) |
| Other current liabilities | $2.3M | ($196.0K) | — | — |
| Net cash provided by operating activities | $32.5M | $22.7M | $40.2M | $25.3M |
| Proceeds from sale of books of business | $700.0K | $700.0K | $573.0K | $573.0K |
| Proceeds from sale of property and equipment | $1.0K | — | $49.0K | $0 |
| Disposal of fixed assets | $0 | — | — | $6.0K |
| Purchase of intangible assets | ($53.2M) | ($28.7M) | ($54.2M) | ($47.2M) |
| Purchase of property and equipment | ($797.0K) | ($292.0K) | ($128.0K) | ($59.0K) |
| Net cash used in investing activities | ($53.3M) | ($28.3M) | ($63.7M) | ($46.7M) |
| Repayment of borrowings | ($979.0K) | ($488.0K) | ($1.4M) | ($949.0K) |
| Distributions to members | ($18.6M) | ($7.3M) | ($15.8M) | ($13.3M) |
| Repurchase of Class A common stock | ($42.9M) | ($16.6M) | — | — |
| Tax withholding on vesting of equity awards | ($86.0K) | ($86.0K) | ($2.8M) | ($1.2M) |
| Increase in carrier liabilities | $11.0M | $6.9M | — | — |
| Decrease in carrier liabilities | ($1.9M) | ($591.0K) | — | — |
| Payment of deferred acquisition payable | ($896.0K) | ($506.0K) | ($451.0K) | ($302.0K) |
| Net cash used in financing activities | ($54.4M) | ($18.6M) | ($19.2M) | ($12.9M) |
| Cash, cash equivalents and restricted cash-beginning balance | $167.9M | $167.9M | $205.3M | $205.3M |
| Cash, cash equivalents and restricted cash-ending balance | $92.8M | $143.6M | $162.5M | $171.0M |
| Net change in cash and cash equivalents | ($82.2M) | ($31.1M) | ($44.8M) | ($35.9M) |
| Net change in restricted cash | $7.0M | $6.8M | $2.0M | $1.6M |
| Net change in cash, cash equivalents and restricted cash | ($75.1M) | ($24.3M) | ($42.8M) | ($34.3M) |
| Cash paid for interest | $71.0K | $38.0K | $152.0K | $105.0K |
| Cash paid for taxes | $3.1M | $152.0K | $2.6M | — |
| Additions to intangible assets and offsetting additions to deferred acquisition payable | ($186.0K) | $258.0K | $3.9M | $3.0M |
| Additions to intangible assets and offsetting to redeemable noncontrolling interest | $0 | — | $10.5M | $9.7M |
| Repurchase of Class A common stock and offsetting additions to other liabilities | $429.0K | $166.0K | — | — |
TWFG, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.