TWFG, Inc.

twfg.com

What Do They Do?

Runs an insurance distribution platform that places personal and commercial coverage for individuals and businesses through independent agencies.

How Do They Make Money?

Most revenue comes from insurance carriers’ commissions when TWFG places insurance contracts between carriers and clients; commission amounts are based on carrier-set premiums, which may change at renewal.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Commission income Sold outright	89% FY2022: 91%	Sold outright
Contingent income	5.3% FY2022: 3.0%
Fee Income	5.2% FY2022: 5.4%
Other income	0.6% FY2022: 1.0%

Who Are Their Customers?

Individuals and businesses obtain personal and commercial coverage through TWFG-branded branches. Independent agencies contract through the TWFG MGA network to access carriers and programs; insurance carriers pay commissions on policies placed through the platform.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 10% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.

Operating income, FY2025

15% of revenue

▲ +32% vs FY2024 ($27.9M, 14%)

Net income, FY2025

17% of revenue

▲ +1400% vs FY2024 ($2.7M, 1%)

Free cash flow, FY2025

21% of revenue

▲ +43% vs FY2024 ($37.3M, 18%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +45%; vs $60.3M in Q2 FY2025
Net income: ▲ +92%; vs $9M in Q2 FY2025

Commission income share of revenue vs 90.5% in Q2 FY2025

Aug 5, 2026 Raised full-year 2026 guidance

Growing. Revenue grew 62% in 3 years, from $153.9M in FY2022 to $248.5M in FY2025, about 17% a year.

Revenue over time

Commission income Contingent income Fee Income Other income

$250M$125M$0

FY2022 FY2023 FY2024 FY2025

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