TWFG (TWFG) financial statements
TWFG reported revenue of $249M in fiscal 2025, up 17.3% a year over 3 years.
Net income was $41M and the operating margin 14.9%, against 15.4% in 2022.
Free cash flow was $53M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TWFG's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $154M | $172M | $204M | $249M |
| Operating income | $24M | $25M | $28M | $37M |
| Interest expense | $398,000 | $1M | $2M | $287,000 |
| Pre-tax income | $23M | $25M | $30M | $44M |
| Income tax | $0 | $0 | $1M | $3M |
| Net income | $0 | $0 | $3M | $41M |
| EPS (diluted) | — | — | $0.19 | $0.53 |
| Diluted shares | — | — | 15M | 15M |
| Operating margin | 15.4% | 14.8% | 13.7% | 14.9% |
| Net margin | 0.0% | 0.0% | 1.3% | 16.6% |
Balance sheet
Fiscal years, from TWFG's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $22M | $39M | $196M | $156M |
| Receivables | — | $6M | $8M | $7M |
| Total current assets | — | $75M | $242M | $226M |
| Property, plant and equipment | — | $597,000 | $3M | $3M |
| Total assets | — | $115M | $323M | $372M |
| Total current liabilities | — | $35M | $40M | $44M |
| Long-term debt | — | $48M | $4M | $2M |
| Total liabilities | — | $84M | $48M | $56M |
| Shareholders' equity | — | $31M | $74M | $83M |
| Net debt | -$22M | $11M | -$190M | -$152M |
Cash flow
Fiscal years, from TWFG's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $26M | $30M | $40M | $54M |
| Capital spending | $115,000 | $260,000 | $3M | $356,000 |
| Free cash flow | $26M | $30M | $37M | $53M |
| Stock-based compensation | $0 | $0 | $2M | $5M |
| Net borrowing | -$3M | $38M | -$43M | -$2M |
| Free cash flow margin | 16.7% | 17.4% | 18.3% | 21.4% |
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Open TWFG in InvestinglyQuestions
What was TWFG's revenue in 2025?
$249M in fiscal 2025, from its 10-K filing.
How much free cash flow does TWFG generate?
$53M in fiscal 2025 (operating cash flow minus capital spending).
From TWFG's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.