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 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, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues | ||||
| Commission income (related party of $4,018 and $3,939 for the three months ended and $12,366 and $9,858 for the nine months ended September 30, 2026 and 2025, respectively) | $73,379 | $58,270 | $221,073 | $161,617 |
| Contingent income (related party of $125 and $375 for the three and nine months ended September 30, 2026 and none for the three and nine months ended September 30, 2025, respectively) | 2,571 | 2,095 | 6,673 | 5,791 |
| Fee income (related party of $887 and $869 for the three months ended and $2,730 and $2,596 for the nine months ended September 30, 2026 and 2025, respectively) | 3,553 | 3,466 | 11,066 | 9,806 |
| Other income | 413 | 292 | 1,456 | 1,040 |
| Total revenues | 79,916 | 64,123 | 240,268 | 178,254 |
| Expenses | ||||
| Commission expense | 41,894 | 34,639 | 121,415 | 100,604 |
| Salaries and employee benefits | 11,847 | 9,929 | 33,529 | 27,618 |
| Other administrative expenses (related party of $817 and $785 for the three months ended and $2,509 and $2,333 for the nine months ended September 30, 2026 and 2025, respectively) | 9,652 | 5,194 | 25,629 | 15,318 |
| Depreciation and amortization | 7,494 | 5,327 | 20,728 | 12,587 |
| Total operating expenses | 70,887 | 55,089 | 201,301 | 156,127 |
| Operating income | 9,029 | 9,034 | 38,967 | 22,127 |
| Interest expense | (75) | (70) | (194) | (221) |
| Interest income | 531 | 1,574 | 2,504 | 5,188 |
| Other non-operating income (expense), net | 116 | 59 | 818 | 632 |
| Income before tax | 9,601 | 10,597 | 42,095 | 27,726 |
| Income tax expense | 601 | 977 | 2,765 | 2,253 |
| Net income | 9,000 | 9,620 | 39,330 | 25,473 |
| Less: net income attributable to noncontrolling interests | 7,827 | 7,898 | 34,029 | 20,456 |
| Net income attributable to TWFG, Inc. | $1,173 | $1,722 | $5,301 | $5,017 |
| Weighted average shares of common stock outstanding (see Note 13): | ||||
| Basic | 12,870,343 | 15,005,426 | 13,620,316 | 14,933,242 |
| Diluted | 12,997,664 | 15,100,655 | 13,620,316 | 15,088,031 |
| Earnings per share (see Note 13): | ||||
| Basic | $0.09 | $0.11 | $0.39 | $0.34 |
| Diluted | $0.09 | $0.11 | $0.39 | $0.34 |
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