TWFG, Inc.

Listed Company

TWFGCIK 0002007596NasdaqEmerging GrowthInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$248.51M

Net Income

$41.17M

Total Assets

$372.33M

Equity

$83.38M

Shares Out

—

Op. Cash Flow

$53.50M

Business

TWFG, Inc. is a leading independent distribution platform that facilitates placement of personal and commercial property and casualty insurance across the United States. It distributes a broad range of insurance products and provides agency services including agency management technology, proprietary virtual assistants, premium financing, M&A support, training, marketing and third‑party administration and brokerage services. TWFG operates through two primary offerings: an Insurance Services “Agency‑in‑a‑Box” model (including Corporate Branches) and a TWFG MGA wholesale/managing‑general‑agent offering. The company serves clients, independent agencies and insurance carriers nationwide via digital platforms, branch offices and extensive carrier relationships.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenues	249	204	172	154
Commission expense	134	118	117	105
Salaries and employee benefits	38	29	14	12
Other administrative expenses (related party: 2025- $3,122, 2024- $1,478 and 2023- $415)	22	17	11	10
Depreciation and amortization	18	12	5	3
Total operating expenses	212	176	147	130
Operating income	37	28	25	24
Interest expense	−287,000	−2	−1	398,000
Interest income	7	4	891,000	46,000
Other non-operating income (expense), net	1	9,000	−17,000	−18,000
Income before tax	44	30	25	23
Income tax expense	3	1	0	0
Net income from continuing operations	41	29	25	23
Net income from discontinued operation, net of tax	0	0	834,000	−3
Net income	41	29	26	21
Less: net income attributable to noncontrolling interests	33	26	26	21
Net income attributable to TWFG, Inc.	—	3	0	0
Basic (in shares)	15	15	—	—
Diluted (in shares)	15	15	—	—
Basic (us dollars per share)	0.53	0.19	—	—
Diluted (us dollar per share)	0.53	0.19	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	156	—	—	—	196
Restricted cash	12	—	—	—	10
Commissions receivable, net	37	—	—	—	27
Accounts receivable	7	—	—	—	8
Other current assets, net	13	—	—	—	2
Total current assets	226	—	—	—	242
Intangible assets, net	139	—	—	—	73
Property and equipment, net	3	—	—	—	3
Lease right-of-use assets, net	4	—	—	—	4
Other non-current assets	689,000	—	—	—	610,000
Total assets	372	—	—	—	323
Commissions payable	15	—	—	—	14
Carrier liabilities	14	—	—	—	12
Operating lease liabilities	1	—	—	—	1
Short-term bank debt	2	—	—	—	2
Deferred acquisition payables	2	—	—	—	601,000
Other current liabilities	10	—	—	—	10
Total current liabilities	44	—	—	—	40
Operating lease liabilities	3	—	—	—	3
Long-term bank debt	2	—	—	—	4
Deferred acquisition payables	7	—	—	—	1
Other non-current liabilities	0	—	—	—	24,000
Total liabilities	56	—	—	—	48
Commitment and contingencies (see Note 17)	—	—	—	—	—
Redeemable noncontrolling interest	18	11	10	0	0
Additional paid-in capital	60	—	—	—	58
Retained earnings	23	—	—	—	15
Accumulated other comprehensive income	30,000	—	—	—	83,000
Total stockholders' equity attributable to TWFG, Inc.	83	—	—	—	74
Noncontrolling interests	215	—	—	—	201
Total stockholders' equity	299	—	—	—	275
Total liabilities, redeemable noncontrolling interest, and equity	372	—	—	—	323

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	18	12	5	3
Net gain on sales of intangible assets and property and equipment	−1	0	−84,000	−890,000
Stock-based compensation expense	5	2	0	0
Non-cash lease expense	1	1	704,000	556,000
Other non-cash items	−14,000	9,000	12,000	15,000
Commissions receivable, net	−10	−8	−4	−7
Accounts receivable	370,000	−2	−383,000	−2
Other current and non-current assets	−1	12,000	−362,000	40,000
Commissions payable	1	1	3	5
Operating lease liabilities	−1	−1	−755,000	−609,000
Other current liabilities	433,000	6	1	−217,000
Net cash provided by operating activities from continuing operations	54	40	29	22
Net cash provided by operating activities from discontinued operation	0	0	839,000	4
Net cash provided by operating activities	54	40	30	26
Proceeds from sale of books of business	2	0	928,000	2
Proceeds from sale of property and equipment	49,000	0	0	40,000
Purchase of intangible assets	−62	−22	−15	−12
Purchase of property and equipment	−356,000	−3	−260,000	−115,000
Other investment	−10	0	0	−88,000
Net cash (used in) investing activities from continuing operations	−70	−25	−15	−15
Net cash provided by investing activities from discontinued operation	0	0	64,000	422,000
Net cash (used in) investing activities	−70	−25	−15	−15
Proceeds from borrowings	0	0	41	0
Repayment of borrowings	−2	−43	−3	−3
Distributions to members	−16	−9	−33	−21
Cash derecognized upon distribution of EVO to members	0	0	−2	0
Net proceeds from IPO, net of underwriting costs	0	194	0	0
Payment of shelf registration costs	−445,000	0	0	—
Payment of deferred offering costs	0	0	−796,000	0
Payment of equity issuance costs	0	−38,000	0	0
Tax withholding on vesting of equity awards	−3	0	0	—
Increase in carrier liabilities	3	5	209,000	3
Decrease in carrier liabilities	−1	−1	−511,000	−40,000
Payment of deferred acquisition payable	−600,000	−1	−14,000	0
Net cash (used in) provided by financing activities from continuing operations	−21	143	2	−20
Net cash (used in) financing activities from discontinued operation	0	0	−11	5
Net cash (used in) provided by financing activities	−21	143	−10	−15
Net change in cash, cash equivalents and restricted cash from continuing operations	−37	159	16	−13
Net change in cash, cash equivalents and restricted cash from discontinued operation	0	0	−10	9
Net change in cash, cash equivalents and restricted cash	−37	159	6	−4
Net change in cash and cash equivalents	−40	156	7	−6
Net change in restricted cash	2	2	−761,000	2
Cash paid for interest	194,000	2	832,000	404,000
Cash paid for taxes	3	0	0	—
Additions to intangible assets and offsetting additions to deferred acquisition payable	7	840,000	6	1
Additions to intangible assets and offsetting additions to members' equity	599,000	26	0	0
Additions to intangible assets and offsetting additions to other current liabilities	0	8,000	0	0
Additions to intangible assets and offsetting to redeemable noncontrolling interest	15	0	0	—
Settlement of deferred acquisition payable through the issuance of Class A common units	0	5	0	0
Distribution to members	0	0	6	0
Unpaid deferred offering costs	0	0	1	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro