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Twfg (TWFG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Twfg (TWFG) Q3 2026 earnings results →
Q3 2026 Revenue up 25% year over year to $79.9M · 1¢ of every $1 of revenue kept as net profit · operating margin 11.3%
Twfg made $79.9M in Q3 2026 (+25% Y/Y): Commission income $73.4M, Contingent income $2.6M, Policy fees $1.6M. Operating margin 11.3%, net earnings $1.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $79.9M in Q3 2026, up 25% year over year and down 9% from the previous quarter. Commission income was the largest line at 92% of revenue. Commission income added $15.1M year over year (up 26%), 96% of the total change. License fees declined 41%.
Operating profit was $9.0M, a 11.3% margin (down 2.8 points year over year). Operating profit fell $5K even though revenue rose $15.8M versus Q3 2025, so costs grew faster than sales. Total costs grew 29% against revenue growth of 25%. Net earnings were $1.2M, down 32% year over year. The effective tax rate was 6.3%.
Operating cash flow was $10.6M (down 29% year over year), 118% of net income including minority interests. Non-cash charges added back $7.5M of depreciation and amortization and $682K of share-based compensation. Working capital and other items used $6.6M. After tax distribution to members, net ($2.9M) and purchase of property and equipment ($164K), adjusted free cash flow as the company reports it was $7.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $79.9M | +25% | 11.3% | $1.2M | $10.6M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $87.5M | +45% | 20.1% | $2.4M | $9.8M |
| Q1 2026 | 10-Q | May 8, 2026 | $72.8M | +35% | 17.0% | $1.8M | $22.7M |
| Q4 2025 | 10-K | Mar 10, 2026 | $70.3M | +36% | 21.1% | $2.9M | $13.3M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $64.1M | +21% | 14.1% | $1.7M | $15.0M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $60.3M | +14% | 12.2% | $2.0M | $9.6M |
| Q1 2025 | 10-Q | May 13, 2025 | $53.8M | +17% | 10.6% | $1.3M | $15.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
About Twfg
We are a leading, high-growth, independent distribution platform for personal and commercial insurance in the U.S. We are pioneers in the insurance industry, developing an agency model built on innovation and experience with what we believe is a more flexible approach than traditional distribution models. Our offerings are fulsome and flexible in that we offer all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate. Since our founding in 2001 by our Chief Executive Officer, Richard F.
In its own words, from its 10-K, filed Mar 10, 2026.
Twfg against its Insurance Agents, Brokers & Service peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +8%. Operating margin: 11.3% against the peers' median 17.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TWFG Twfg | Q3 2026 | $79.9M | +25% | 11.3% |
| MRSH Marsh & McLennan Companies | Q3 2026 | $6.9B | +8% | 17.7% |
| AON Aon | Q3 2026 | $4.1B | +3% | 19.7% |
| AJG Arthur J. Gallagher | Q3 2026 | $4.0B | +18% | 13.0% |
| EQH Equitable Holdings | Q3 2026 | $3.9B | +168% | 35.8% |
| WTW Willis Towers Watson | Q3 2026 | $2.5B | +8% | 17.4% |
| BRO Brown & Brown | Q3 FY27 | $1.7B | +7% | 18.6% |
| ERIE Erie Indemnity | Q3 2026 | $1.1B | +0.3% | 19.4% |
| RYAN Ryan Specialty Holdings | Q3 2026 | $790M | +5% | 17.8% |
Source: Twfg 10-Q on SEC EDGAR · CIK 2007596 · Insurance Agents, Brokers & Service
Guidance and outlook
13F: who owns TWFG and who is buying
More on TWFG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results