TWFG (TWFG) Q1 2026 earnings summary

Executive summary

• Total revenues rose 35.3% year-over-year to $72.8 million for Q1 2026, driven by double-digit organic growth and recent acquisitions.

• Net income increased to $13.1 million, up from $6.9 million, with a net income margin of 18.0%, reflecting strong operating leverage.

• Margin expansion of 650 basis points, with Adjusted EBITDA up 73.9% to $21.2 million and margin expanding to 29.1%.

• Completed three acquisitions: Lofton Wells Insurance, Asset Protection Insurance Associates (APIA), and Fortress Insurance Services, expanding MGA capabilities.

• Share repurchases totaled $40 million under a $50 million authorized plan, with $16.7 million spent in Q1.

Financial highlights

• Commission income grew 37.4% to $67.1 million; total written premium up 23.5% to $458.2 million.

• Adjusted Net Income rose 75.2% to $16.2 million (22.2% margin); Adjusted Diluted EPS was $0.29.

• Adjusted EBITDA reached $21.2 million (29.1% margin), up from $12.2 million (22.6%).

• Cash flow from operations was $22.7 million; adjusted free cash flow $15.2 million.

• Written premium retention consolidated at 92%.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: total revenue growth of 15–20% ($285–300 million), organic revenue growth of 10–15%, and Adjusted EBITDA margin of 22–25%.

• Management expects continued growth from organic initiatives, further M&A activity, and high double-digit organic growth in Q2.

• Margin benefits from Florida MGA takeouts expected to decline gradually through the year as policies renew.