$TWFG

TWFG, Inc.

CIK:0002007596|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 87,511	$ 60,308	$ 160,352	$ 114,131
Expenses
Commission expense	42,491	34,151	79,521	65,965
Salaries and employee benefits	11,781	9,493	21,682	17,689
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)	8,587	5,400	15,977	10,124
Depreciation and amortization	7,065	3,901	13,234	7,260
Total operating expenses	69,924	52,945	130,414	101,038
Operating income	17,587	7,363	29,938	13,093
Interest expense	(57)	(68)	(119)	(151)
Interest income	759	1,751	1,973	3,614
Other non-operating income (expense), net	(7)	574	702	573
Income before tax	18,282	9,620	32,494	17,129
Income tax expense	1,031	620	2,164	1,276
Net income	17,251	9,000	30,330	15,853
Less: net income attributable to noncontrolling interests	14,880	7,043	26,202	12,558
Net income attributable to TWFG, Inc.	$ 2,371	$ 1,957	$ 4,128	$ 3,295
Weighted average shares of common stock outstanding (see Note 13):
Basic (in shares)	13,096,390	14,904,083	14,001,518	14,896,951
Diluted (in shares)	13,096,390	56,278,869	14,001,518	15,083,695
Earnings per share (see Note 13):
Basic (in dollars per share)	$ 0.18	$ 0.13	$ 0.29	$ 0.22
Diluted (in dollars per share)	$ 0.18	$ 0.13	$ 0.29	$ 0.22
Commission income
Revenues
Total revenues	$ 80,643	$ 54,562	$ 147,694	$ 103,347
Contingent income
Revenues
Total revenues	2,167	2,033	4,102	3,696
Fee income
Revenues
Total revenues	4,165	3,329	7,513	6,340
Other income
Revenues
Total revenues	$ 536	$ 384	$ 1,043	$ 748

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash Flows from Operating Activities
Net income	$ 17,251	$ 9,000	$ 30,330	$ 15,853
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization			13,234	7,260
Net gain on sales of intangible assets and property and equipment			(701)	(573)
Stock-based compensation expense			2,022	2,719
Non-cash lease expense			801	636
Other non-cash items			(16)	3
Change in:
Commissions receivable, net			(9,504)	1,833
Accounts receivable			(6,772)	(1,514)
Other current and non-current assets			(3,859)	(1,606)
Commissions payable			5,561	2,375
Operating lease liabilities			(848)	(546)
Other current liabilities			2,289	(1,180)
Net cash provided by operating activities			32,537	25,260
Cash Flows from Investing Activities
Proceeds from sale of books of business			700	573
Proceeds from sale of property and equipment			1	0
Disposal of fixed assets			0	6
Purchase of intangible assets			(53,234)	(47,226)
Purchase of property and equipment			(797)	(59)
Net cash used in investing activities			(53,330)	(46,706)
Cash Flows from Financing Activities
Repayment of borrowings			(979)	(949)
Distributions to members			(18,564)	(13,263)
Repurchase of Class A common stock			(42,857)	0
Tax withholding on vesting of equity awards			(86)	(1,195)
Increase in carrier liabilities			10,971	5,623
Decrease in carrier liabilities			(1,945)	(2,790)
Payment of deferred acquisition payable			(896)	(302)
Net cash used in financing activities			(54,356)	(12,876)
Net change in cash, cash equivalents and restricted cash			(75,149)	(34,322)
Cash, cash equivalents and restricted cash-beginning balance			167,900	205,323	$ 205,323
Cash, cash equivalents and restricted cash-ending balance	$ 92,751	$ 171,001	92,751	171,001	$ 167,900
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Net change in cash and cash equivalents			(82,181)	(35,945)
Net change in restricted cash			7,032	1,623
Net change in cash, cash equivalents and restricted cash			(75,149)	(34,322)
Supplemental disclosures of cash flow information:
Cash paid for interest			71	105
Cash paid for taxes			3,060	0
Non-cash investing activities:
Additions to intangible assets and offsetting additions to deferred acquisition payable			(186)	2,980
Additions to intangible assets and offsetting to redeemable noncontrolling interest			0	9,688
Repurchase of Class A common stock and offsetting additions to other liabilities			$ 429	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 73,745	$ 155,926
Restricted cash	19,006	11,974
Commissions receivable, net	46,826	37,322
Accounts receivable	14,241	7,469
Other current assets, net	16,703	12,827
Total current assets	170,521	225,518
Non-current assets
Intangible assets, net	178,744	138,632
Property and equipment, net	3,806	3,307
Lease right-of-use assets, net	4,648	4,189
Other non-current assets	635	689
Total assets	358,354	372,335
Current liabilities
Commissions payable	20,729	15,168
Carrier liabilities	22,837	13,811
Operating lease liabilities	1,225	1,320
Short-term bank debt	2,003	1,972
Deferred acquisition payables	6,749	1,505
Other current liabilities	13,026	10,308
Total current liabilities	66,569	44,084
Non-current liabilities
Operating lease liabilities	3,388	2,897
Long-term bank debt	1,025	2,035
Deferred acquisition payables	343	6,669
Total liabilities	71,325	55,685
Commitments and contingencies (see Note 14)
Redeemable noncontrolling interest	23,194	17,901
Stockholders' Equity
Additional paid-in capital	18,623	59,951
Retained earnings	27,379	23,251
Accumulated other comprehensive income	21	30
Total stockholders' equity attributable to TWFG, Inc.	46,151	83,382
Noncontrolling interests	217,684	215,367
Total stockholders' equity	263,835	298,749
Total liabilities, redeemable noncontrolling interest, and equity	358,354	372,335
Class A Common Stock
Stockholders' Equity
Common stock	128	150
Class B Common Stock
Stockholders' Equity
Common stock	0	0
Class C Common Stock
Stockholders' Equity
Common stock	$ 0	$ 0