TWFG, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 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.
Jun 30, 2025 · Filed Aug 13, 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 EndedJune 30, · Six Months EndedJune 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||||
| Revenues | ||||||
| Commission income (related party of $2,784 and $1,912 for the three months ended and $5,918 and $3,021 for the six months ended June 30, 2025 and 2024, respectively) | $54,562 | $48,662 | $103,347 | $91,207 | ||
| Contingent income | 2,033 | 1,258 | 3,696 | 2,334 | ||
| Fee income (related party of $893 and $561 for the three months ended and $1,727 and $915 for the six months ended June 30, 2025 and 2024, respectively) | 3,329 | 2,689 | 6,340 | 4,921 | ||
| Other income | 384 | 402 | 748 | 693 | ||
| Total revenues | 60,308 | 53,011 | 114,131 | 99,155 | ||
| Expenses | ||||||
| Commission expense | 34,151 | 31,962 | 65,965 | 58,405 | ||
| Salaries and employee benefits | 9,493 | 6,816 | 17,689 | 13,070 | ||
| Other administrative expenses (related party of $779 and $382 for the three months ended and $1,549 and $783 for the six months ended June 30, 2025 and 2024, respectively) | 5,400 | 3,744 | 10,124 | 6,874 | ||
| Depreciation and amortization | 3,901 | 2,968 | 7,260 | 5,981 | ||
| Total operating expenses | 52,945 | 45,490 | 101,038 | 84,330 | ||
| Operating income | 7,363 | 7,521 | 13,093 | 14,825 | ||
| Interest expense | 68 | 872 | 151 | 1,714 | ||
| Interest income | 1,751 | 255 | 3,614 | 424 | ||
| Other non-operating income, net | 574 | 14 | 573 | 12 | ||
| Income before tax | 9,620 | 6,918 | 17,129 | 13,547 | ||
| Income tax expense | 620 | — | 1,276 | — | ||
| Net income | 9,000 | 6,918 | 15,853 | 13,547 | ||
| Less: net income attributable to noncontrolling interests | 7,043 | 6,918 | 12,558 | 13,547 | ||
| Net income attributable to TWFG, Inc. | $1,957 | $— | $3,295 | $— | ||
| Weighted average shares of common stock outstanding (see Note 12): | ||||||
| Basic | 14,904,083 | 14,896,951 | ||||
| Diluted | 56,278,869 | 15,083,695 | ||||
| Earnings per share (see Note 12): | ||||||
| Basic | $0.13 | $0.22 | ||||
| Diluted | $0.13 | $0.22 | ||||
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