Highlights

  • Second quarter 2026 total revenues were $87,511 thousand, and net income was $17.3 million, per the 10-Q filed August 6, 2026.
  • Adjusted EBITDA, a non-GAAP measure, was $26,601 thousand for the quarter, with an Adjusted EBITDA Margin of 30.4%.
  • Total Written Premium was $569,891 thousand in the quarter, and cash and cash equivalents were $73.7 million at June 30, 2026.
  • Management raised 2026 revenue guidance to $300 million to $320 million from $285 million to $300 million.

TWFG, Inc. (NASDAQ: TWFG) shares were trading at USD 26.81 on October 27, 2026, down 7.66%, with a relative volume at time of 2.83. The insurance distribution company filed its 10-Q for the quarter ended June 30, 2026 on August 6, 2026, completed the Fortress Insurance Services acquisition on May 1, and raised its 2026 guidance on its August earnings call.

TWFG is incorporated in Delaware and lists its principal executive offices at 10055 Grogans Mill Rd. in The Woodlands, Texas. The company describes itself as an independent distribution platform for personal and commercial insurance in the United States, founded in 2001 by Chief Executive Officer Richard F. Bunch III. Its offerings include Insurance Services, which covers Agency-in-a-Box and corporate branches, and managing general agency programs through TWFG MGA FL. Its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, total revenues were $87,511 thousand, compared with $60,308 thousand a year earlier. The company stated that total revenues increased by $27.2 million, or 45.1%. Commission income increased by $26.1 million, or 47.8%, which the 10-Q attributes to TWFG MGA FL growth, new agent onboarding, acquisitions and higher commission income rates.

Net income was $17.3 million, compared with $9,000 thousand in the second quarter of 2025. Net income attributable to TWFG, Inc. was $2,371 thousand, against $1,957 thousand. Income tax expense was $1,031 thousand. Adjusted EBITDA was $26,601 thousand, against $15,133 thousand, and Adjusted Net Income, also non-GAAP, was $20.3 million. Management cited Adjusted Diluted EPS of $0.38, compared with $0.20.

Total Written Premium was $569,891 thousand, compared with $450,288 thousand. For the six months ended June 30, 2026, total revenues were $160,352 thousand and net income was $30,330 thousand. The company reported that the MGA channel accounted for 35% of total revenues, up from 15% in the prior year quarter.

Cash, Capital and Concentration

At June 30, 2026, the company held $73.7 million in cash and cash equivalents and $19.0 million in restricted cash, compared with $155.9 million and $12.0 million at December 31, 2025. The 10-Q states that the decrease in cash was primarily attributable to $54.0 million paid for acquisitions, $42.9 million paid for Class A share repurchases and $18.6 million in member distributions, partly offset by $32.5 million of operating cash flow.

The company has access to a $50.0 million revolving facility, with zero outstanding at June 30, 2026, and stated it was in compliance with financial covenants. The Board approved a share repurchase program of up to $50.0 million of Class A common stock on February 23, 2026. Through TWFG MGA FL, Patriot Select Property & Casualty Insurance Company accounted for 19% of total revenues for the three months ended June 30, 2026.

Management Commentary and 2026 Outlook

On the August call, Richard Bunch said the company now expects 2026 total revenues of $300 million to $320 million, up from $285 million to $300 million. He gave organic revenue growth of 13% to 17%, up from 10% to 15%, and adjusted EBITDA margins of 23% to 27%, up from 22% to 25%. Management said any second half acquisitions would be incremental to this guidance.

Management also cited risks. It said the fourth quarter carries the bigger headwind to organic growth tied to the timing of Florida takeout policy renewals. It said it entered the year anticipating that loss ratio metrics of profit-sharing agreements would degrade over time, which could affect contingent income. The company also said the runoff period for the MGA Florida takeout program gives a near-term margin benefit that it expects to normalize.