TWFG, Inc.

For the period ended Dec 31, 2025. Filed Mar 10, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 10, 2026

TWFG$28.11-2.9%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Consolidated Statementsof Income

(Amounts in thousands, except share and per share data)

	Years Ended December 31,
	2025	2024	2023
Revenues
Commission income (related party: 2025- $13,986, 2024- $9,609 and 2023- $4,203)	$220,968	$183,158	$158,679
Contingent income	13,111	8,722	4,085
Fee income (related party: 2025- $3,397, 2024- $2,704 and 2023- $1,593)	12,992	10,562	8,311
Other income	1,441	1,318	968
Total revenues	248,512	203,760	172,043
Expenses
Commission expense	133,518	118,086	116,847
Salaries and employee benefits	37,636	29,064	13,970
Other administrative expenses (related party: 2025- $3,122, 2024- $1,478 and 2023- $415)	22,020	16,665	10,973
Depreciation and amortization	18,353	12,020	4,862
Total operating expenses	211,527	175,835	146,652
Operating income	36,985	27,925	25,391
Interest expense	(287)	(2,223)	(1,003)
Interest income	6,607	4,376	891
Other non-operating income (expense), net	1,140	9	(17)
Income before tax	44,445	30,087	25,262
Income tax expense	3,279	1,495	—
Net income from continuing operations	41,166	28,592	25,262
Net income from discontinued operation, net of tax	—	—	834
Net income	41,166	28,592	26,096
Less: net income attributable to noncontrolling interests	33,203	25,847	26,096
Net income attributable to TWFG, Inc.	$7,963	$2,745	$—
Weighted average shares of common stock outstanding (see Note 15):
Basic	14,914,346	14,772,115
Diluted	15,100,190	14,982,409
Earnings per share (see Note 15):
Basic	$0.53	$0.19
Diluted	$0.53	$0.19

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.