Filing Flows › Twfg (TWFG) › Q3 2025
Twfg (TWFG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Twfg (TWFG) reported revenue of $64.1M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before. Operating margin was 14.1%, net earnings $1.7M (2.7% of revenue).
Twfg, Q3 2025: revenue $64.1M (+21% year over year), operating margin 14.1%, net earnings $1.7M, operating cash flow $15.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $64.1M | +6% | +21% |
| Operating profit | $9.0M | +23% | +51% |
| Net earnings | $1.7M | -12% | +49% |
| Operating cash flow | $15.0M | +56% | +28% |
| Free cash flow | $12.3M | — | — |
What changed
Revenue was $64.1M in Q3 2025, up 21% year over year and up 6% from the previous quarter. Commission income was the largest line at 91% of revenue. Commission income added $10.0M year over year (up 21%), 89% of the total change. TPA fees declined 27%.
Operating profit was $9.0M, a 14.1% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 11% margin then. Total costs grew 17% against revenue growth of 21%. Net earnings were $1.7M, up 49% year over year. The effective tax rate was 9.2%.
Operating cash flow was $15.0M (up 28% year over year), 155% of net income including minority interests. Non-cash charges added back $5.3M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $1.0M. After tax distribution to members, net ($2.6M) and purchase of property and equipment ($69K), adjusted free cash flow as the company reports it was $12.3M.
Questions
What was Twfg's revenue in the third quarter 2025?
Twfg (TWFG) reported revenue of $64.1M for the third quarter 2025 (Q3 2025), +21% from a year earlier and +6% from the quarter before.
Was Twfg profitable in the third quarter 2025?
Operating profit was $9.0M (14.1% of revenue) and net earnings $1.7M.
Source: Twfg 10-Q on SEC EDGAR.