TWFG, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | $248.5M | $203.8M | $172.0M | $153.9M |
| Operating expenses | $211.5M | $175.8M | $146.7M | $130.2M |
| Operating income | $37.0M | $27.9M | $25.4M | $23.7M |
| Interest expense | $287,000 | $2.2M | $1.0M | $398,000 |
| Pretax income | $44.4M | $30.1M | $25.3M | $23.3M |
| Income tax expense | $3.3M | $1.5M | $0 | $0 |
| Net income | $41.2M | $2.7M | $0 | $0 |
| Balance Sheet | ||||
| Cash and equivalents | $155.9M | $195.8M | $39.3M | $22.3M |
| Current assets | $225.5M | $241.8M | $75.1M | — |
| Total assets | $372.3M | $323.4M | $115.4M | — |
| Current liabilities | $44.1M | $39.6M | $34.9M | — |
| Total liabilities | $55.7M | $48.1M | $84.4M | — |
| Total debt | $4.0M | $5.9M | $50.7M | — |
| Stockholders' equity | $83.4M | $73.9M | $31.1M | — |
| Cash Flow Statement | ||||
| Cash from operations | $53.5M | $40.5M | $30.2M | $25.8M |
| Depreciation and amortization | $18.4M | $12.0M | $4.9M | $3.3M |
| Stock-based compensation | $4.6M | $2.2M | $0 | $0 |
| Capital expenditure | $356,000 | $3.2M | $260,000 | $115,000 |
| Free cash flow | $53.1M | $37.3M | $29.9M | $25.6M |
| Impairments | $0 | $0 | $0 | — |
Shares outstanding 54.2M
Annual filing data through FY ended December 31, 2025; float as of July 2, 2026.