TWFG, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 2026
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 Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities | ||
| Net income | $39,330 | $25,473 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Depreciation and amortization | 20,728 | 12,587 |
| Net gain on sales of intangible assets and property and equipment | (969) | (616) |
| Stock-based compensation expense | 2,704 | 3,706 |
| Non-cash lease expense | 1,164 | 988 |
| Other non-cash items | 222 | (8) |
| Change in: | ||
| Commissions receivable, net | (13,037) | (462) |
| Accounts receivable | (6,641) | (330) |
| Other current and non-current assets | (3,984) | (1,751) |
| Commissions payable | 4,151 | 2,049 |
| Operating lease liabilities | (1,156) | (857) |
| Other current liabilities | 602 | (566) |
| Net cash provided by operating activities | 43,114 | 40,213 |
| Cash Flows from Investing Activities | ||
| Proceeds from sale of books of business | 969 | 573 |
| Proceeds from sale of property and equipment | — | 49 |
| Purchase of intangible assets | (55,694) | (54,239) |
| Purchase of property and equipment | (961) | (128) |
| Other investment | — | (10,000) |
| Net cash used in investing activities | (55,686) | (63,745) |
| Cash Flows from Financing Activities | ||
| Repayment of borrowings | (1,473) | (1,428) |
| Distributions to members | (21,458) | (15,850) |
| Payment of shelf registration costs | — | (445) |
| Repurchase of Class A common stock | (42,857) | — |
| Tax withholding on vesting of equity awards | (1,399) | (2,757) |
| Increase in carrier liabilities | 10,992 | 3,372 |
| Decrease in carrier liabilities | (2,422) | (1,690) |
| Payment of deferred acquisition payable | (1,045) | (451) |
| Net cash used in financing activities | (59,662) | (19,249) |
Condensed Consolidated Statements of Cash Flows (continued)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Net change in cash, cash equivalents and restricted cash | (72,234) | (42,781) |
| Cash, cash equivalents and restricted cash-beginning balance | 167,900 | 205,323 |
| Cash, cash equivalents and restricted cash-ending balance | $95,666 | $162,542 |
| Reconciliation of cash, cash equivalents and restricted cash, end of period: | ||
| Cash and cash equivalents | $77,841 | $150,985 |
| Restricted cash | 17,825 | 11,557 |
| Cash, cash equivalents and restricted cash, end of period | $95,666 | $162,542 |
| Net change in cash and cash equivalents | $(78,085) | $(44,787) |
| Net change in restricted cash | 5,851 | 2,006 |
| Net change in cash, cash equivalents and restricted cash | $(72,234) | $(42,781) |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $177 | $152 |
| Cash paid for taxes | $4,357 | $2,584 |
| Non-cash investing activities: | ||
| (Reductions) additions to intangible assets and offsetting (reductions) additions to deferred acquisition payable | $(133) | $3,856 |
| Additions to intangible assets and offsetting additions to members' equity | $737 | $— |
| Additions to intangible assets and offsetting to redeemable noncontrolling interest | $— | $10,489 |
| Non-cash financing activities: | ||
| Repurchase of Class A common stock and offsetting additions to other liabilities | $429 | $— |
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