TWFG (TWFG) Q2 2026 earnings summary

Executive summary

• Total revenues for Q2 2026 rose 45.1% to $87.5 million, driven by 37% organic growth and acquisitions.

• Adjusted EBITDA grew 75.8% to $26.6 million, with margin expansion of 530 basis points to 30.4%.

• Net income increased to $17.3 million, up from $9 million, with margin improving to 19.7%.

• Growth was broad-based across Agency-in-a-Box, Corporate Stores, and MGA programs, with recent acquisitions contributing significantly.

• Completed acquisition of Fortress Insurance Services, supporting Midwest expansion.

Financial highlights

• Commission income grew 47.8% to $80.6 million; total written premium increased 26.6% to $569.9 million.

• Adjusted net income expanded 76.1% to $20.3 million, with margin up to 23.2%.

• Adjusted diluted EPS increased to $0.38 from $0.20.

• Operating cash flow for H1 2026 was $32.5 million, up 29% year-over-year.

• Unrestricted cash at quarter-end was $73.7 million, with total liquidity of $142.7 million.

Outlook and guidance

• Full-year 2026 guidance raised: total revenues $300–$320 million (was $285–$300 million), organic revenue growth 13%–17% (was 10%–15%), adjusted EBITDA margin 23%–27% (was 22%–25%).

• Upward revision reflects stronger-than-expected core business and acquisition performance.

• MGA platform scaling through proprietary programs and renewal tail.

• Fourth quarter organic growth expected to be flat due to prior period takeout policy timing.