TWFG, Inc.
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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FY2025 · Filed Mar 10, 2026
TWFG$26.79-4.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.