10-K · March 10, 2026
TWFG reported strong 2025 operating results with revenue of $248.5 million (up 22.0% YoY) and $1.7 billion of Total Written Premium, driven by organic growth and acquisitions. The company generated $41.2 million of net…
Earnings analysis · 10-Q
TWFG earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
TWFG reported an impressive Q1 2026 with revenues of $72.8 million, marking a 35.3% increase year-over-year, and exceeding estimates by 8.83%. The diluted EPS of $0.29 also surpassed the forecast of $0.20, reflecting…
Read full summary
TWFG reported an impressive Q1 2026 with revenues of $72.8 million, marking a 35.3% increase year-over-year, and exceeding estimates by 8.83%. The diluted EPS of $0.29 also surpassed the forecast of $0.20, reflecting strong performance across its segments, particularly from commission income driven by the acquisition of TWFG MGA FL, LLC. Management reiterated its full-year revenue growth guidance of 15%-20%.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.29
What stood out
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Revenue Growth of 35.3% YoY
Total revenues rose to $72.8 million in Q1 2026, up $19.0 million from $53.8 million in Q1 2025.
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Diluted EPS Beats Estimates
Diluted EPS increased to $0.29, surpassing the consensus estimate of $0.20 by 45%.
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Strong Commission Income Increase
Commission income surged by 37.4%, reaching $67.1 million, driven by growth in the MGA segment.
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Improved Operating Income
Operating income rose to $12.4 million, a strong increase from $5.7 million in the prior year.
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Solid Operating Cash Flow Growth
Operating cash flow for the quarter stood at $22.7 million, up from $15.6 million in the previous year.
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Reduction in Cash Balances
Cash and cash equivalents decreased to $124.8 million from $155.9 million as of December 31, 2025.
What to watch
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High Commission Concentration
Contingent income represented only 3% of total revenue, indicating potential vulnerability in revenue streams.
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Rising Operational Costs
Administrative expenses soared 56.4%, totaling $7.4 million in Q1 2026, a consequence of business expansion.
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Increased Debt Obligations
Debt obligation includes $3.5 million under the Term Loan, with potential for increased interest exposure.
Management's outlook
Management affirms revenue growth guidance of 15% to 20% for full year 2026.
Earlier filings 3
10-K · March 27, 2025
TWFG reports continued multi-year growth with 2024 revenue of $203.8 million, up 18.4% from $172.0 million in 2023, and Organic Revenue Growth of 14.5%. The company remains profitable (net income $28.6 million; Adjusted…
10-Q · November 13, 2024
Revenue rose to $54.64M in Q3 (three months ended September 30, 2024) from $47.71M a year earlier, while operating income was roughly flat at $7.745M. The company materially strengthened liquidity via IPO proceeds…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.