TWFG, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
TWFG$27.09+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Income for the
Condensed Consolidated Statements of Income
(Amounts in thousands, except share and per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Commission income (related party of $3,939 and $3,026 for the three months ended and $9,858 and $6,047 for the nine months ended September 30, 2025 and 2024, respectively) | $58,270 | $48,240 | $161,617 | $139,447 |
| Contingent income | 2,095 | 1,383 | 5,791 | 3,717 |
| Fee income (related party of $869 and $884 for the three months ended and $2,596 and $1,799 for the nine months ended September 30, 2025 and 2024, respectively) | 3,466 | 2,890 | 9,806 | 7,811 |
| Other income | 292 | 350 | 1,040 | 1,042 |
| Total revenues | 64,123 | 52,863 | 178,254 | 152,017 |
| Expenses | ||||
| Commission expense | 34,639 | 30,766 | 100,604 | 89,171 |
| Salaries and employee benefits | 9,929 | 8,331 | 27,618 | 21,401 |
| Other administrative expenses (related party of $785 and $339 for the three months ended and $2,333 and $1,122 for the nine months ended September 30, 2025 and 2024, respectively) | 5,194 | 4,813 | 15,318 | 11,687 |
| Depreciation and amortization | 5,327 | 2,985 | 12,587 | 8,966 |
| Total operating expenses | 55,089 | 46,895 | 156,127 | 131,225 |
| Operating income | 9,034 | 5,968 | 22,127 | 20,792 |
| Interest expense | 70 | 411 | 221 | 2,125 |
| Interest income | 1,574 | 1,777 | 5,188 | 2,202 |
| Other non-operating income (expense), net | 59 | (4) | 632 | 8 |
| Income before tax | 10,597 | 7,330 | 27,726 | 20,877 |
| Income tax expense | 977 | 437 | 2,253 | 437 |
| Net income | 9,620 | 6,893 | 25,473 | 20,440 |
| Less: net income attributable to noncontrolling interests | 7,898 | 5,739 | 20,456 | 19,286 |
| Net income attributable to TWFG, Inc. | $1,722 | $1,154 | $5,017 | $1,154 |
| Weighted average shares of common stock outstanding (see Note 12): | ||||
| Basic | 15,005,426 | 14,722,685 | 14,933,242 | 14,722,685 |
| Diluted | 15,100,655 | 14,890,382 | 15,088,031 | 14,890,382 |
| Earnings per share (see Note 12): | ||||
| Basic | $0.11 | $0.08 | $0.34 | $0.08 |
| Diluted | $0.11 | $0.08 | $0.34 | $0.08 |
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