TWFG grows 22% to $248M revenue, adds 500 agencies, completes $60M in acquisitions

Filed March 10, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Revenue grew 22% to $248.5M with net income up 44% to $41.2M and Adjusted EBITDA up 47% to $66.8M, outpacing revenue growth and indicating improved operating leverage. Organic revenue growth decelerated to 11.6% from 14.5%, suggesting greater contribution from acquisitions.

  MD&A: Financial Performance verify on EDGAR →
• high

  Agency network expanded 20% from 2,500+ to 3,000+ agencies, including 550+ Branches (up from 500+) and 2,750+ MGA Agencies (up from 2,100+). Seven branch acquisitions for $51M and a 50.1% stake in TWFG MGA FL for $9.7M were completed in 2025.

  Business: Network Growth verify on EDGAR →
• high

  Average commission rate increased from 12% to 12.8%, with the upper range expanding from 22% to 30%. Homeowners rates remained firm while personal auto pricing moderated in H2 2025 after years of increases, creating mixed pricing dynamics.

  MD&A: Pricing Environment verify on EDGAR →